The Automall facility spread across a sprawling 2 lakh sq ft space is the first-of-its kind initiative, which will give access to the country’s large community of truck-owners to trade their vehicles in a hassle-free manner.
Shriram Transport Finance Company Limited, India’s largest asset financing company, launched Shriram Automall in Aurangabad. The Automall brings to the city, the country’s first single- window destination for trade of pre-owned trucks. U G Revankar, deputy managing director, who graced the occasion, inaugurated Shriram Automall in Aurangabad.
The facility spread across a sprawling 2 lakh sq ft space, is the first-of-its kind initiative, which will give access to the country’s large community of truck-owners to trade their vehicles in a hassle-free manner. Apart from trading of trucks, Automall also facilitates the owners to seek financing and insurance options, as well as provides major and minor repair facilities. As an add-on facility, Rest rooms for travel fatigued truck drivers and cleaners are also provided. The company plans to have a pan-India network of 50 such Automall strategically located on important highways of the country.
“The Automall is a one stop which facilitates the buying and selling of used commercial vehicle and will assist in the registration of individual buyers’ requirements. Road transport is the lifeline of India’s growing economy. Automall will benefit truckers by promptly replacing their vehicles leading to modernization of the country’s trucking fleet. The facility will house hundreds of pre-owned vehicles both in as-is-where-is and refurbished condition and truckers will be able to trade in a transparent manner. This is the first Automall in Aurangabad and we hope that it brings progress and eases life of the truckers” said Mr.Revankar.
The Automall also houses Shriram One Stop, a computerized touch screen kiosk, which is a virtual Truck Bazaar, providing real time information about used commercial vehicles available for sale and simultaneously facilitate registration of individual buyer’s requirements. One Stop will bring more transparency in the process of buying and selling used commercial vehicles.
The Automall includes Shriram New Look, wherein refurbished pre-owned commercial vehicles are put on display for buying with inbuilt financing options.
In the late afternoon, Shriram Transport Finance Co Ltd was trading at around Rs596.90 per share on the Bombay Stock Exchange, 2.29% up from the previous close.
The acquisition by Aanjaneya Lifecare was valued at Rs250 crore; with debt of Rs185 crore and equity dilution of Rs65 crore.
Mumbai-based Aanjaneya Lifecare Limited, a leading manufacturer of bulk drugs, has announced that the company has acquired Apex Drugs and Intermediates Ltd (ADIL), an integrated API and pharma intermediates manufacturing company based in Hyderabad. The acquisition was valued at Rs250 crore; with debt of Rs185 crore and equity dilution of Rs65 crore.
Aanjaneya Lifecare has acquired ADIL’s assets, businesses, clients, licensees, employees and has merged both the companies’ operations, becoming a fully integrated formulation company. The company will also leverage the strong relations of ADIL developed in Asia, Europe, UAE and Latin America for exports. The acquisition also gives Aanjaneya an entry in Hyderabad market.
Post-acquisition Aanjaneya Lifecare will have approximate sales of Rs700 crore with EBITDA of Rs130 crore and total long term debt in books of about Rs220 crore against networth of Rs365 crore. The company’s debt to equity ratio would be less than one. In monetary terms, Aanjaneya Lifecare can sell 40% of the APIs into formulations and formulation sales would be three times the API sales.
The acquisition would widen the footprints of the company through its easy access to the product portfolio of ADIL and enable it to cross–sell the products to ADIL’s customer base. The product portfolio of Aanjaneya Lifecare will be widened by ADIL’s API business of Aids, HIV, Diabetes, Ace inhibitors and CNS. The acquisition has saved time that would have taken 3-4 years time to secure clearances.
Aanjaneya Lifecare with its strong presence in API and formulation business, the company in future also plans to expand its product portfolio to lifestyle segment. This will enable the company to have diversified product portfolio which will help it to become a fully integrated formulation company.
Commenting on the acquisition of Apex Drugs and Intermediates, Dr. Kannan Vishwanath, vice chairman and managing director of Aanjaneya Lifecare said,” We are very pleased to announce the acquisition of Apex Drugs and Intermediates Ltd (ADIL). It will reduce the company’s dependence on third parties for pricing and supply to a large extent. Going further the company also plans to enter into lifestyle segment. The acquisition will not only strengthen Aanjaneya Lifecare’s presence in the Hyderabad market but would also expand its stronger growth footprint in their market”.
In the late afternoon, Aanjaneya Lifecare was trading at around Rs538.45 per share on the Bombay Stock Exchange, 3.82% down from the previous close.
Nifty will move between 5,360 and 5,190
Positive opening on the Asian bourses and an overnight rally in the US ensured that domestic markets opened in the positive and hit the highest intra day high since 9 November 2011. The positive move is on the back of news of growth in the manufacturing activity the US, India and China, thus fuelling optimism the global recovery. In yesterday’s closing report we mentioned that the Nifty may oscillate between 5,130 and 5,290, with a downward bias. The index reached exactly the upper end of the range today. The benchmark will have to sustain above today’s high to reach the level of 5,360; else we may see it going down to level of 5,190. The National Stock Exchange (NSE) saw its highest volume since beginning of January 2012 of 113.29 crore shares.
Today’s upmove was dented with the Supreme Court’s verdict in 2G telecom scam, when the Court ordered the Department of Telecommunications (DoT) to cancel all the 122 mobile telecom services licenses it allotted after January 2008. However, the index recovered smartly from this, proving that big buyers are eager to buy the dips.
The Sensex opened at 17,438 and the Nifty opened at 5,272. They immediately hit the intra day high at 17,504 and 5,290. After the Supreme Court verdict, the indices hit their intraday low at 17,308 and 5,226, close to yesterday’s closing. The Sensex closed at 17,432, 131 points up (0.76%) while the Nifty closed at 5,270, 34 points up (0.65%), their highest close since 8 November 2011. The advance-decline ratio on the NSE was 1008:753.
Among the broader indices, the BSE Mid-cap index surged 0.55% and the BSE Small-cap index climbed 0.54%.
Except for BSE Healthcare (down 0.62%), BSE Consumer durable (down 0.38%), BSE FMCG index (down 0.26%); all other BSE sectoral indices ended in positive, with the major gain in BSE TECk index which surged 2.08%. Other top five sectoral indices include, BSE IT (up 1.53%), BSE Metal (up 1.40%), BSE Capital goods (up 1.35%) and BSE Realty (up 1.25%).
The top five positive performers in the Sensex pack were, Bharti Airtel (up 6.88%); DLF (up 4.05%); Sterlite Industries (up 3.90%); Wipro (up 3.46%); GAIL (up 3.15%). Cipla, which fell 2.53% was at the bottom of the pack. ITC (fell 1.36%), Jindal Steel (fell 1.05%), Tata Motors (fell 0.99%) and Sun Pharmaceutical (fell 0.86%) were among the bottom five negative performers. Sensex had 21 stocks in the positive, while 9 stocks which fell in negative
Essar Ports posted over five-fold jump in consolidated net profit to Rs44.98 crore for the quarter ended December 31, 2011, largely due to increased realisations from its operations. The company reported a net profit of Rs8.21 crore during the corresponding quarter of 2010-11. Net operating income of the company increased by 48% to Rs271.94 crore vis-a-vis Rs183.51 crore reported in the Q3 of last fiscal. Essar Ports rose 2.41% to close at Rs65.80 on the BSE.
NTPC said that it is in talks with GAIL (India) for signing a long-term pact for sourcing imported gas for its plants, provided it finds buyers for the electricity produced from those plants. NTPC rose 0.53% to close at Rs171.65 on the BSE while GAIL rose 3.15% to close at Rs388.35 on the BSE.
The FIIs are pouring money into India again. They had invested Rs1676.49 crore on Tueday, 1 February 2012. US indices ended in positive on Wednesday after manufacturing data showed growth. Except for Strait Times (fell 0.13%) all the Asian indices ended in positive. Hang Seng rose 2% followed by Shanghai Composite (1.96%), Taiwan Weighted (1.37%), Jakarta Composite (1.31%) and Seoul Composite (1.28%). However on the flip side, ratings agency Moody's Investors Service expects negative ratings trend for Asian corporates, indicating there will likely be more ratings downgrades than upgrades this year. They expect defaults by Asian companies are likely to rise this year as the economic environment deteriorates and credit becomes tighter with European lenders reducing their exposure to the region.
However for some positive news, discussions between Greece and its creditors continue to progress. The Greek government is “one step from closing” a debt-swap deal with private bondholders, Finance Minister Evangelos Venizelos told reporters in Athens yesterday. The US index futures were trading in the positive.