Forex reserves up $500 million to $310 billion

Foreign exchange reserves shot up by USD 499.8 million to USD 309.913 billion in the week to April 25 on an increase in the currency assets. Last week, after rising for seven consecutive weeks, the total reserves had marginally declined by USD 31.6 million to USD 309.413 billion. 

Foreign currency assets (FCAs), a major part of the overall reserves, surged USD 493.2 million to USD 282.029 billion for the period under review, RBI said today. FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in its reserves.

 The gold reserves remained unchanged at USD 21.566 billion, as per the RBI data. The special drawing rights increased USD 4.6 million to USD 4.477 billion, and the country's reserve position with the IMF rose USD 2 million to USD 1.839 billion, the data showed.

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Vikram Akula no more promoter of SKS Microfinance

SKS Microfinance  today said it will cease to treat a few entities, including Vikram Akula and Sequoia Capital India Growth Investments, as its promoters. Mauritius Unitus Corporation and Mutual Benefit Trusts are the other entities that have been removed from the promoters list.

" ... taking cognisance of their (entities) requests and instructions, the company shall cease to treat them as its promoters with immediate effect," SKS Microfinance, the only listed microfinance company, said in a filing to the BSE. The micro-lender said that Mauritius Unitus Corporation and Sequoia Capital India Growth Investments have entirely divested their shareholding in the company and do not currently hold any equity shares.

Akula was previously the executive chairman of the board of directors of the company. He resigned as a director of the company on November 23, 2011 and currently holds only 10 equity shares, the filing said, adding that he does not have any special rights in the company through formal or informal arrangements.

"Akula has informed the company through an e-mail dated April 24 2014, that he is not a promoter of the company," the filing said. The company's Mutual Benefit Trusts include SKS Mutual Benefit Trust Medak, Sangareddy, Jogipet, Narayankhed and Sadasivapet.

"The Mutual Benefit Trusts do not have any special rights in the company through formal or informal arrangements, except such rights that are available to every public shareholder of the company," the company said. Shares of the company closed at Rs 233.25, down 2.41 percent on the BSE.

SKS Microfin stock price 

On April 17, 2014, SKS Microfinance closed at Rs 259.55, up Rs 9.05, or 3.61 percent. The 52-week high of the share was Rs 266.95 and the 52-week low was Rs 95.60. The company's trailing 12-month (TTM) EPS was at Rs 6.45 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 40.24. The latest book value of the company is Rs 42.53 per share. At current value, the price-to-book value of the company is 6.10.

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Ashok Leyland sales decline 21% in April

Hinduja Group flagship company  Ashok Leyland today reported a 21 percent decline in its total sales at 5,897 units in April. The company had sold 7,487 units during the same month of previous year, Ashok Leyland said in filing to the BSE.
                    
 Ashok Leyland shares Sales of medium and heavy commercial vehicle in April went down by 14 percent to 4,523 units from 5,251 units sold during the same month of previous year. Sales of light commercial vehicles in April, 2014 declined by 39 percent to 1,374 units from 2,236 units sold in the same month of previous year. Shares of Ashok Leyland closed at Rs 22.45 apiece, up 0.90 percent from their previous close on the BSE.


Ashok Leyland stock price 

On May 02, 2014, Ashok Leyland closed at Rs 22.45, up Rs 0.20, or 0.90 percent. The 52-week high of the share was Rs 25.20 and the 52-week low was Rs 11.82. The latest book value of the company is Rs 16.74 per share. At current value, the price-to-book value of the company was 1.34.

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Indian Bank revises interest rates

Public sector lender Indian Bank  has revised the term deposit interest rates on foreign currency non-resident (banking) with immediate effect. The Chennai-based bank, in a statement said the interest rates for FCNR(B) deposits, in USD terms, has been fixed at 2.55 percent for deposits of one year and above but less than two years, compared to the existing 2.56 percent. 
                      Interest rates have been revised to 2.56 percent for deposits of two years and above but less than three years, compared to the existing 2.59 percent, it said. For deposits of three years and above but less than four years, the interest rates have been decreased to 4.02 percent from the existing 4.05 percent, it said. Interest rates have been revised to 4.45 percent for deposits of four years and above but less five years from the existing 4.48 percent. 
                    
                         For deposits of up to five years, the interest rates have been revised to 4.81 percent from the existing 4.85 percent, the statement added.

Indian Bank stock price 
On May 02, 2014, Indian Bank closed at Rs 127.10, down Rs 1.75, or 1.36 percent. The 52-week high of the share was Rs 174.75 and the 52-week low was Rs 60.50. The company's trailing 12-month (TTM) EPS was at Rs 25.38 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.01. The latest book value of the company is Rs 249.71 per share. At current value, the price-to-book value of the company is 0.51.

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Suzlon bags 370 MW orders in first three months of 2014

The Suzlon  Group bagged contracts for wind energy capacity of 370 MW in the first three months of this year, with projects spread across Europe and India.
               The wind power major will supply turbines for wind farms in Germany, the UK, India, Belgium and other European nations. In the fourth quarter of 2013-14, the company signed contracts for 370 MW, it said in a statement today.
            "The orders represent not only the rapid globalisation of our business, but also the value proposition Suzlon has to offer to its clients," Suzlon Group Head (Corporate Finance) Kirti Vagadia said.
            Group firm Senvion SE's CEO Andreas Nauen said it has suitable turbines for each individual site in the product portfolio. "That's why we are optimistic to extend our market share in Senvion's key markets," Nauen noted. Suzlon has an order book worth about USD 7.7 billion.
               On April 25, 2014, Suzlon Energy closed at Rs 14.41, up Rs 0.10, or 0.70 percent. The 52-week high of the share was Rs 15.55 and the 52-week low was Rs 5.72. The latest book value of the company is Rs 9.72 per share. At current value, the price-to-book value of the company was 1.48.
              

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Poll: Idea Q4 revenue seen up 5%, RPM likely to be flat

Idea Cellular  will announce January-March quarter earnings on April 28. According to CNBC-TV18 poll, the telecom operator is likely to see net profit grow 10.3 percent to Rs 516 crore from Rs 467.7 crore quarter-on-quarter. Analysts expect its fourth quarter revenue to rise 5.2 percent at Rs 6955 crore versus Rs 6613.1 crore sequentially, driven by volume growth and flat revenue per minute (RPM).
                                During the period, margins are seen to be flat as higher selling, general and administrative Expense (SG&A) and network operating expense may limit any improvement in EBITDA margin. Minutes of usage (MOUs) could also increase 2.65 percent since tariffs are largely flat in fourth quarter. 
                         Also, fourth quarter interest expense will have one month impact of the debt it has taken to acquire 1800 MHz spectrum.  The stock closed at Rs 140.50, up Rs 2.20, or 1.59 percent on Friday.

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Wonderla Holidays IPO finally subscribed 38.06 times

The Initial Public Offer of Wonderla Holidays finally subscribed 38.06 times on it's closing day. Wonderla Holidays IPO was open on Apr 21, 2014 and closed today on Apr 23, 2014 for subscription. Wonderla Holidays has received bids for 46,90,78,000 shares as against issue size of 1,23,25,000 shares.
Category wise subscription figures:
Qualified Institutional Buyers (QIBs): 16.71 Times
Non Institutional Investors: 159.04 Times
Retail Individual Investors (RIIs): 7.55 Times

Total: 38.06 Times

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