The IPO which has opened today sets price range of $1.09-$1.32
Anil Ambani-controlled Reliance Communications (RCom) has set an indicative price range for the Singapore initial public offering of its undersea cable unit-Flag Telecom-that could raise as much as $1 billion and help the parent reduce its debt load, according to a Reuters report.
RCom is looking at listing Flag Telecom through a Singapore business trust, Global Telecommunications Infrastructure Trust (GTIT) on the Singapore Stock Exchange.
RCom is hoping its debt, which stood around $7 billion as of March 2012, through the overseas listing. The company's earlier attempts to raise funds by offloading some assets were unsuccessful.
On 12 June 2012, the Singapore Exchange Securities Trading had granted an "eligibility to list" to GTIT, subject to requisite conditions being satisfied. The IPO is expected to raise about Rs5,000-Rs6,000 crore for the company.
RCom has appointed Deutsche Bank, DBS Singapore, Standard Chartered and Industrial and Commercial Bank of China as bankers to the issue.
The IPO which has opened today will close on 16th July. The listing is set for 3rd July and the listing currency is US dollars.
The leading kitchen utensils manufacturer has announced its first quarter results which were in line with its historical results
TTK Prestige, a kitchen appliance maker, has reported a 21.07% year-on-year rise in net profit for the first quarter of the 2012-13 fiscal, from Rs25.34 crore to Rs30.68 crore. Its sales were up 29.76% and grew to Rs302.53 crore. However, its expenses grew at a slightly higher rate than sales, at 30.31% over the corresponding period last year. It grew from Rs197.03 crore to Rs256.75 crore.
Its sales growth (30%) has been in line with the historical three quarter y-o-y sales growth (33%). Similarly, its operating profit has grown at 29%, which is also in line with the three quarter y-o-y growth rates (29%). Its valuation factors in high growth situation continuing in the future too. Its market cap-to-operating profit at almost 20 times. This is due to the value premium most investors seem to be attaching to this company, which has grown tremendously over the ten years. Its return on equity (ROE) is stunningly high at 42% (annualised - over the last four quarters).
According to the chairman, TT Jagannathan, the company has completed the expansion of facilities for manufacture of pressure cookers in Roorki, Coimbatore and Hosur, taking the overall capacity of pressure cookers is in excess of 8 million pieces. The establishment of new facility in Gujarat is expected to be commissioned during the fourth quarter of the current fiscal. The overall capital expenditure for augmentation of existing facilities is pegged at Rs300 crore, of which Rs215 crore has been spent till date and balance will be spent by the end of the current financial year. TTK will continue to resort to transient debt funding in the near term which will be repaid out of free cash flows during the 2012-13 and 2013-14 fiscal. The total capacity for coated and bonded cookware is around 12 million.
The company had sold close to 4.5 million pressure cookers, 5 million pieces of non-stick cookware and 1 million induction cook tops during the 2011-12 fiscal. In addition to this, the company covers 21 states and 179 towns. During the first quarter of current financial year the company commenced distribution of the Corelle range of tableware. Other ranges namely, Corningware, Pyrex, Vision and Snapware will be launched during the course of the current financial year.
TTK Prestige is one of the world's largest manufacturers of pressure cookers and it has been forefront in introducing several innovations like Gasket Release System (GRS), Gasket Offset Device (GOD) and Double Locking System, all firsts in India.
The apex court also asked the Gujarat government to quantify the amount needed for building and repairing those sites that were affected by the riots in 2002
New Delhi: The Supreme Court on Monday directed the Gujarat government to file a survey report of the religious sites which were damaged and destroyed during the 2002 riots in the state, reports PTI.
A bench of justices KS Radhakrishnan and Dipak Misra also asked the state government to quantify the amount needed for building and repairing those sites that were affected by the riots.
The court gave the directions on an appeal filed by the Gujarat government challenging a Gujarat High Court order directing it to pay compensation for damage and destruction of the religious sites.
At the very start of the proceedings, the Gujarat government said that the state exchequer could not be used for building and repairing religious sites.
The bench, however, said it would look into the issue whether public funds could be used for restoring the damaged sites.
"You compensate if a house is washed away in a flood or if it is damaged in an earthquake. Then why not in case of a religious place?" the bench asked.
The court directed the state government to file an affidavit with regard to the religious sites affected by the riots and posted the matter for further hearing on 30th July.
On 8th February, the Gujarat government was pulled up by the Gujarat High Court for "inaction and negligence" on its part during the 2002 post-Godhra riots that led to large-scale damage or destruction of religious structures.
A high court division bench of Acting Chief Justice Bhaskar Bhattacharya and Justice JB Pardiwala had ordered compensation for over 500 places of worships in the state on a plea by Islamic Relief Committee of Gujarat (IRCG), an NGO.
The NGO had contended that 535 religious places were affected, out which 37 remain to be repaired.
Challenging the high court's order, advocate Tushar Mehta, appearing for the state government, contended that Sikh religious groups were also seeking compensation for damage to the religious places during 1984 anti-Sikh riots.
The plea by IRCG in 2003 had sought the court's direction to the government to pay compensation for damage to religious places during the riots on the ground that the National Human Rights Commission, too, had recommended it and the state government had in principle accepted the suggestion.
The high court had observed that inadequacy, inaction and negligence on the part of the state government to prevent the riots had resulted in religious structures being affected across the state.
It had said when the government could pay compensation for destruction of houses and commercial establishments, it should also pay compensation for religious structures.
If the structures have been already restored by now, the government should reimburse the amount spent on their restoration, the court had said.