Tata Motors hits over 5-year low; stock falls 41% in 2018 on JLR concerns

The stock dipped 5% to Rs 253 in intra-day trade after the CEO of JLR reportedly warned that a hard Brexit would cost 1.2 billion pounds.

Shares of Tata Motors hit an over five-year low of Rs 253 per share, down 5% in intra-day trade, after the CEO of company owned Jaguar Land Rover (JLR), Britain’s biggest carmaker, reportedly warned that a hard Brexit would cost 1.2 billion pounds a year. The stock was trading at its lowest level since April 8, 2013 on the BSE.

“Extra costs and delays in parts deliveries coming from outside the U.K. would cut profit by 1.2 billion pounds a year, Ralf Speth, chief executive officer of the manufacturer owned by Tata Motors Ltd., said late Wednesday in an emailed statement,” the Bloomberg report suggested. 

Thus far in the calendar year 2018, Tata Motors underperformed the market by falling 41%, has seen market capitalisation erosion of Rs 547 billion at Rs 822 billion. On comparison, the S&P BSE Sensex was up 4.7% during the period.

Analysts at Prabhudas Lilladher expect volumes for JLR to be subdued over the next few quarters due to global headwinds and uncertainty over diesel engines, however the brokerage firm believe the management’s aggressive cost reduction efforts would enable JLR to achieve its stated near term EBIT margins of 4-7% over FY19-21.

Overall it seems capex will remain elevated for the next 3 years and hence free cash flow at JLR will remain weak hence constraining valuations. Tata Motor’s more immediate investment case then rests on a faster than- expected turnaround in India business on the back of growth and market share gains in CV business and net debt reduction, according to analysts at JP Morgan.

JLR faces challenging operating conditions given negative sentiment on Diesel in the UK/EU, higher incentives and elevated investment spending partly offset by higher growth in China. The India business (50% of SOTP) is clearly showing signs of improvement but reflation here may not be enough to offset the profitability drag from JLR. While absolute downside on the stock may be limited, a case for reflation may not be there until JLR starts closing the margin gap with luxury OEs. JLR’s model cycle remains exciting, in our view, and higher-than-expected volume could be a positive surprise, it added.

At 10:36 am; Tata Motors was trading 3% lower at Rs 259 on the BSE, as compared to 0.14% decline in the S&P BSE Sensex. A combined 9.48 million equity shares changed hands on the counter on the BSE and NSE so far.

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Nano, which was unveiled in January 2008 at the Auto Expo with much expectations of being the people’s car, could not live up to the billing

 

Tata Motors’ small car Nano is inching closer towards the end of its journey with just one unit produced in June, although the company maintained that no decision has been taken yet on stopping its production.

The entry level car, brainchild of Ratan Tata who envisaged giving a safer and affordable alternative to families riding on two-wheelers, sold just three units last month in the domestic market.

In a regulatory filing, Tata Motors said there was no export of Nano in June this year. It had shipped 25 units in the same month last year.

In terms of production, only one unit was produced last month as against 275 units in June 2017.

Domestic sales were at three units in June as against 167 units in the year-ago month.

When contacted for comments on whether the company has taken a decision to stop Nano production, a Tata Motors spokesperson said, “We are well aware that the Nano in its present form cannot continue beyond 2019 and may need fresh investments to survive. No decision has been made yet in this regard.”

The spokesperson further said, “Meanwhile, we continue to produce Nano catering to customer demand in key markets.”

Nano, which was unveiled in January 2008 at the Auto Expo with much expectations of being the people’s car, could not live up to the billing.

The car was launched in the market in March 2009 with an initial price of close to Rs 100,000 for the basic model despite cost escalations, with Ratan Tata insisting that “a promise is a promise”.

However, from the beginning, Nano courted trouble. It was originally planned to be rolled out from Tata Motors‘ proposed plant at Singur in West Bengal, where it faced intense political and farmer protests against land acquisition.

The company had to shift its production to a new plant at Sanand in Gujarat.

Instances of the car catching fire initially after it was launched didn’t help its cause either.

Ratan Tata had admitted that the company made the mistake of promoting the Nano as ‘the cheapest car’.

It become a loss-making model for Tata Motors with ex-Tata Sons chairman Mistry, who was abruptly removed from the post, even went on to claim that the Nano “consistently lost value, peaking at Rs 10 billion”.

Mistry also termed the Nano as one of the “legacy hotspots” and there was “no line of sight to profitability for the Nano, any turnaround strategy”.

He had also claimed that Tata Motors did not stop producing the car due to “emotional reasons”.

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With on-time delivery, L&T stakes claim to build warships and submarines

Industry analysts say L&T is demonstrating its capability in order to position itself for the coming multi-billion dollar Project 75-I contract to build six new submarines

 

Underlining its capability of building complex warships and delivering them faster than other private shipyards, and even the four defence public sector undertaking (DPSU) yards, Larsen & Toubro Shipbuilding on Tuesday laid the keels of two “new generation offshore patrol vessels” (NG-OPVs) ahead of its contracted schedule.

This is part of an Indian Coast Guard (ICG) order for seven OPVs that L&T won in 2015. It stipulates delivery between 2018-2021, but L&T is determined to deliver all of them early, breaking with defence shipyards’ long tradition of late delivery.

“The first OPV [named ICGS Vikram]… was delivered in April 2018, ahead of schedule. The second OPV, launched in January 2018, is being readied for sea trials and is planned to be delivered ahead of schedule shortly,” said an L&T press release on Tuesday.

Industry analysts say L&T is demonstrating its capability in order to position itself for the coming multi-billion dollar Project 75-I contract to build six new submarines. The defence ministry plans to entrust this to the private sector under the “strategic partner” (SP) programme.

For several years, L&T told the defence ministry it would build the six Project 75-I submarines in its Hazira shipyard, where it built hull sections for the navy’s Arihant-class indigenous nuclear submarines. When the ministry argued that Hazira was too shallow, L&T spent Rs 50 billion on building a spanking new, 900-acre shipyard at Kathupalli, near Chennai, to pursue its warship building ambitions.

“With a long term commitment to the defence sector, we have made huge investments in Kattupalli shipyard and seven other dedicated defence production units to serve the nation,” said L&T chief, SN Subrahmanyan, on Tuesday.

L&T does not face serious competition from India’s 22 other private shipyards, most of which are small shipyards that cannot build large vessels. Just four have the capacity and capability to build warships, but two of those — Bharti and ABG – are insolvent. The other two – L&T and Reliance Defence’s Pipavav shipyard – run at a loss, but are kept afloat by their parent companies’ deep pockets.

Meanwhile, the defence ministry channels most major warship orders to four DPSU shipyards – Mazagon Dock Ltd, Mumbai, Garden Reach Shipbuilders & Engineers, Kolkata, Goa Shipyard Ltd, Hindustan Shipyard Ltd – and to Kerala state PSU, Cochin Shipyard Ltd, which has a dock large enough to build aircraft carriers.

L&T, however, intends to challenge this established order. It is building a ICG order for 54 fast interceptor boats. Earlier this month, it delivered the 39th and 40th of these boats, two years ahead of schedule. In March, L&T delivered to the navy India’s first indigenously designed and built “floating dock” which is used for repairing warships and submarines of upto 8,000 tons displacement..Click Here : Larsen & Turbo Share Price

Shriram Transport Finance posts sharpest fall in 19-months; stock tanks 18%

The stock tanked 18% to Rs 1,066, its sharpest intra-day fall since November 9, 2016.

 

Shriram Transport Finance has tanked 18% to Rs 1,066, its sharpest fall in past 19-months on the BSE on concerns of a possible default in payment of interest on its non-convertible debentures (NCDs).

The management, however, has clarified regarding the issue.

The stock has underperformed the market by falling 31% from its recent high of Rs 1,543 on May 28, 2018, as compared to 0.51% rise in the S&P BSE Sensex.

As per financial year 2017-18 (FY18) annual report released recently, Shriram Transport Finance has provided a guarantee of Rs 8.7 billion in FY16 in favour of SVL (erstwhile Shriram Industrial Holdings Ltd), unlisted Holding Co of non financial businesses of Shriram Group.

SVL had issued Rs 6.5 billion of zero coupon NCDs in June 2015 (11.25% IRR), maturing on 28 June 19 (redemption value Rs 9.9 billion at maturity). The bond had a put/ call option on 28th June 18, which was likely exercised and refinanced. Outstanding guarantee of Rs 8.7 billion as on March 18 includes accrued interest. Shriram Transport Finance’s prior years’ annual reports do not include disclosure around the guarantee, analysts at Jefferies said in company note.

“With SVL /subsidiaries likely under financial stress, NCD repayment may be an issue. Other group companies could aid in repayment, but if guarantee is invoked & liability devolves on Shriram Transport Finance, its book value (BV) may be hit by 4-5%. Additional provision may be needed under IndAS, but we await clarity,” the brokerage firm said in a note.

Cash flows at SVL, subsidiaries may be inadequate to service the NCD, but other companies within Shriram group may potentially refinance/aid in repayment. However, if SVL defaults on the NCDs and the guarantee is invoked, potential hit to Shriram Transport Finance’s BV could be around 4% post tax (Rs 29/ share), added note.

At 10:24 am; the stock was down 15% at Rs 1,108 on the BSE, as compared to 0.11% decline in the S&P BSE Sensex. The trading volumes on the counter more than 9-folds with a combined 5.72 million shares changed hands on the BSE and NSE so far. Earlier, on November 9, 2016, the stock had tanked 20% in intra-day trade, finally settled 2% lower at end of the day.

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DR REDDYS LABORATORIES LTD. (DRREDDY) – COMPANY HISTORY

Dr Reddy’s Laboratories Ltd (DRL) is an integrated global pharmaceutical company committed to providing affordable and innovative medicines for healthier lives.

Through its three businesses – Pharmaceutical Services &Active Ingredients Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including Active Pharmaceutical Ingredients (APIs) custom pharmaceutical services generics biosimilars and differentiated formulations. The company’s major therapeutic areas of focus are gastrointestinal cardiovascular diabetology oncology pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Its major markets include – USA India Russia & CIS countries and Europe.Dr Reddy’s Laboratories was incorporated in the year 1984 in Hyderabad. The company was established by Dr Anji Reddy with an initial capital outlay of Rs 25 lakh.

The company made their beginning with the manufacture of Active Pharmaceutical Ingredients and Intermediates (API) and commenced operations with a single drug in a 60-tonne facility near Hyderabad India. In the year 1986 the company shares were listed on the Bombay Stock Exchange. Also they entered international market with exports of Methyldopa.In the year 1987 the company obtained first USFDA approval for Ibuprofen API. In the year 1988 they acquired Benzex Laboratories Pvt Ltd to expand their Bulk Actives business. In the year 1990 they exported Norfloxacin and Ciprofloxacin to Europe and Far East. In the year 1991 they commenced formulation exports to Russia.In the year 1993 the company established Dr. Reddy’s Research Foundation and initiated drug discovery programme. In the year 1994 they finished dosages facility established to cater to highly regulated markets such as the US. In the year 1995 the company set up joint venture in Russia. In the year 1997 they filled first ANDA with the United States Food and Drug Administration for Ranitidine. In the year 1999 the company acquired American Remedies Ltd a pharmaceutical company based in India. In the year 2000 Cheminor Drugs Ltd a group company merged with the company and thus the company became India’s third largest pharma company.

In the year 2001 the company launched Fluoxetine capsules. They became the first Indian company to win 180-day exclusivity for a generic drug in the US. Also they launched their first generic product Ranitidine in the US market.In the year 2002 the company made their first overseas acquisition of BMS Laboratories Limited and Meridian Healthcare in UK. In the year 2003 they launched Ibuprofen first generic product to be marketed under the ‘Dr. Reddy’s’ label in the US. In the year 2005 they acquired Roche’s API Business at its manufacturing site in Mexico. In the year 2006 the company acquired Betapharm the fourth largest generics company in Germany for a total enterprise value of Rs 480 million. In the year 2007 the company launched Reditux – the world’s first biosimilar MAb – for the treatment of Non Hodgkins Lymphoma.

Read more : Dr Reddys Laboratories share price

NCLT to pronounce order on Tata-Mistry battle today: All you need to know

Business Standard reflects on the 18-month-old battle

The Mumbai Bench of the National Company Law Tribunal (NCLT) will pronounce its order on the Tata-Mistry battle on Wednesday.

The legal feud has been replete with war of words, both sides exchanging barbs through defamation suits, hundreds of affidavits and references to past emails and letters, unprecedented in the Tata Group’s 150-year-old history and in the history of corporate India. The judge’s order will set a landmark precedence for corporate feuds particularly, for promoter-led firms. Business Standard reflects on the 18-month-old battle.

Mistry firms’ allegations against Tata Sons at NCLT

• Mismanagement at Tata Sons and oppression of minority shareholders
• Corporate governance breakdown and excessive interference by Tata Trusts
• Illegal removal of Cyrus Mistry
• Abuse of Articles of Association
• Violation of insider trading norms

Tata Sons’ response.(Company)

• Mistry’s removal not illegal
• Mistry was acquainted with the affairs of Tata Sons
• Mistry was quite about the alleged mismanagement during his tenure as chairman
• Allegations against Ratan Tata misconceived
• Flawed business decisions do not tantamount to oppression

Allegations against Ratan Tata

• The chairman who never retired
• It was on the behest and influence of Ratan Tata that Tata Sons’ board removed Mistry
• Tata was seeking to control through abuse and misuse of the Articles of Association
• Was responsible for aviation misadventure, Nano project and flawed global acquisition strategy.

Click here : Tata-Mistry battle

Flipkart set for financial services foray; to lend to consumers and sellers

E-commerce firm in process of getting NBFC licence, to lend to consumers and sellers initially

In a move that could disrupt the consumer lending segment, e-commerce giant Flipkart is set to enter the financial services space, offering credit and insurance products to consumers and sellers on its platform.

The Bengaluru-headquartered firm has begun the process of applying for a non-banking financial company (NBFC) licence, which will allow it to open lines of credit to its 100 million-odd customers and over 100,000 sellers. In time, the company will offer these services beyond its platform, taking on firms like Paytm and Bajaj Finserv.

It is also partnering insurance companies to co-create micro-insurance products that will align with a customer’s e-commerce journey, according to the company. “Our vision for fintech at Flipkart is to create highly differentiated financial solutions for our customers, both consumers and sellers, leveraging data and technology to make it very inclusive, simple and transparent,” said Ravi Garikipati, senior vice-president and head of financial services at Flipkart. “A strong understanding of customers helps us arrive at credit-risk profiles very differently and will play a big role in underwriting.”

Currently, over 60 per cent of the consumers shopping on Flipkart do not have any access to formal credit. This deters them from making large purchases on the platform, which, the company says, hinders its growth. While Flipkart has for some time partnered banks and NBFCs to offer customers EMIs on making big purchases, it says a gap still exists.

On the seller front, Flipkart scrapped its lending programme after it witnessed gaps in the speed at which credit could be delivered to them. Garikipati says the new products will reduce the time taken for sellers to access credit from a few days to a few minutes or even seconds. The company is also looking at lending to sellers from its own balance sheet.

“Be it consumer lending or seller lending, we have a hybrid strategy. We are planning to apply for an NBFC licence on our own and when we have that in place, we would like to drive most of the loans using our own balance sheet. It is not exactly a marketplace, but a curated set of partners who will work with us,” added Garikipati, who in his previous stint served as the CTO and head of engineering at Flipkart.

Click Here : Flipkart

Ranbir Kapoor-starrer ‘Sanju’ collects Rs 1.2 billion in the first weekend

The movie, directed and co-produced by Rajkumar Hirani, raked in Rs 386 million on Saturday and followed it up with a record setting collection of Rs 467.1 million on Sunday

After a better than anticipated opening of Rs 347.5 million on Friday, Ranbir Kapoor starrer ‘Sanju’ continued to attract footfalls throughout the weekend, ending up with a Rs 1.2 billion haul by the end of its first weekend.

The movie, directed and co-produced by Rajkumar Hirani, raked in Rs 386 million on Saturday and followed it up with a record setting collection of Rs 467.1 million on Sunday, bringing the film’s three day collection to Rs 1.2 billion. This makes it the most successful opening of the year, and among the top opening weekend collections of all time.

Some of the records broken by the film include ‘Baahubali 2: The Conclusion’ that recorded first Sunday haul of Rs 461 million and ‘Tiger Zinda Hai’s opening weekend haul of Rs 1.14 billion. It has also beaten ‘Padmaavat’ (Rs 1.14 billion) and ‘Race 3’ (1.06 billion) to be the highest opening weekend earner of the year so far. At Rs 1.2 billion in three days, ‘Sanju’ is now expected to cross the Rs 2.5 billion mark at the domestic box office with certainty.

Starring Kapoor in the titular role, along with actors like Vicky Kaushal, Dia Mirza, Sonam Kapoor, Paresh Rawal and Anushka Sharma among others, the film opened to mostly positive reviews. It was released in close to 4000 screens across the country, and another 1300 screens abroad (traditional territories like UK, US and Middle East). It is among the widest distributed films of the year, second only to Salman Khan’s Eid release ‘Race 3’ (4300 screens).

While the movie opened to mixed to positive reviews, Kapoor’s acting has been universally lauded by critics and moviegoers which is helping it attract footfalls. Also, ‘Sanju‘ has little to no competition at the movie halls right now, with the only other films being ‘Race 3’ and ‘Incredibles 2’. While the animated Disney flick continues to do well in its second week, it does not pose a challenge to a mainstream Bollywood flick like ‘Sanju’. Race 3 was expected to peter out in its second week in any case, given the panning the movie got from the critics, and the split word of mouth.

Sanju is also set to give Fox Star Studios its second big hit of the year after ‘Baaghi 2’ collected Rs 1.12 billion earlier this year.

Click Here : Entertainment 

Reliance Jio postpaid users can get JioFi 4G router for Rs 499: Here is how

The JioFi cashback offer is valid only for new Jio postpaid subscribers on the purchase of JioFi 4G router. The cashback offer is applicable from today onwards i.e. July 3

 

Reliance Jio, a Mukesh Ambani-owned telecommunication service provider, on July 2 announced Rs 500 cashback offer on its JioFi 4G wireless portable dongle, which brings down the effective cost of ownership from Rs 999 to Rs 499. However, the JioFi cashback offer is valid only for new Jio postpaid subscribers on the purchase of JioFi 4G router. The cashback offer is applicable from today onwards i.e. July 3.

Here are the steps to avail JioFi cashback offer:

Step 1: Purchase JioFi 4G router and Jio postpaid connection by paying the device’s full amount and refundable deposit for the connection

Step 2: Use the device with Jio postpaid connection for 12 months

Step 3: After successful completion of 12 months billing cycles, the cashback of Rs 500 would be credited to user’s account that can then be adjusted in future bills

Currently, Jio only has Rs 199 postpaid plan in which the company offers 25GB of 4G data, along with free voice calls, SMS, national roaming and free access to Jio app suite, which includes Jio music, Jio movies, JioTV, Jio newspaper, etc.

The Rs 199 postpaid plan also offers international roaming in select countries at Rs 2 per minute for voice, Rs 2 per megabyte (MB) for data and Rs 2 per SMS. It also comes with an add-on roaming pack of Rs 500 a day for unlimited voice, data and SMS.

Click here : Jio postpaid offers

Andheri foot overbridge collapse: 5 injured; train services hit in Mumbai

An official said that it seems that incessant rain caused cracks in the FOB, which later resulted in the collapse

 

Part of a Road Over Bridge (ROB) collapsed in Mumbai’s Andheri West during early morning hours on Tuesday, injuring two people in the incident.

The Gokhale bridge, that connects Andheri East and Andheri West, collapsed on the tracks near Andheri Station.

Overhead Equipment (OHE) have been damaged and a team of engineers have swung into action to restore it, chief PRO of Western Railway Ravinder Bhakar told PTI.

“A part of the FOB has collapsed which resulted the halt in all our up and down services of Western Railway. Our officers have reached to the spot and accessing the situation,” he said.

Overhead Equipment (OHE) have been damaged and a team of engineers have swung into action to restore it, chief PRO of Western Railway Ravinder Bhakar told PTI.

“A part of the FOB has collapsed which resulted the halt in all our up and down services of Western Railway. Our officers have reached to the spot and accessing the situation,” he said.

Mumbai bridge collapse An official from Disaster Management Unit said that fire brigade jawans and other agencies have been mobilised to clear the debris.
“Around 7.30 am, the part of East Western Railway FOB fell down towards Andheri east station. Fire brigade, Mumbai police and ward staff have rushed to the spot,” said the official adding no casualty was reported so far.

He also said that it seems that incessant rain caused cracks in the FOB, which later resulted in the collapse.

Thankfully, no train was passing beneath the track,” he added.

Meanwhile, the stoppage of the Western Railway suburban services have paralysed the city.

Prashant Ghag, who works in media house at Fort said, “When I reached Borivili to board a Churchgate bound train, I came to know that all the lines of Western Railway have come to halt. Therefore, finding no alternate means of commute in such a rainy season, I had to return at my home.” Dabbawalas, who supply Tiffin boxes to the working professionals, have also expressed their inability to work today, as the all the four lines of the Western Railway suburban services have come to halt.

Read More : Mumbai Bridge collapse

COMPANY HISTORY – ICRA LTD. (ICRA)

ICRA Ltd is one of the most experienced Credit Rating Agencies in India. The company rates rupee-denominated debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings and municipalities. They also rates structured obligations and sector-specific debt obligations such as instruments issued by Power, Telecom and Infrastructure companies. The other services offered by them include Corporate Governance Rating, Stakeholder Value and Governance Rating, Credit Risk Rating of Debt Mutual Funds, Rating of Claims Paying Ability of Insurance Companies, Project Finance Rating, and Line of Credit Rating. They are operating their business from their offices located in Delhi, Gurgaon, Mumbai, Kolkata, Chennai, Ahmedabad, Bangalore and Pune.

ICRA Ltd was incorporated on January 16, 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional Investment Information and Credit Rating Agency with the name Investment Information and Credit Rating Agency of India Ltd. The company launched Credit Rating Service on September 1, 1991.

In the year 1993, the company launched Investment Information Service and Research Publications and in the year 1995, they launched the services of Credit Assessment for small and medium scale industries and Earning Prospects and Risk Analysis for Equity Investor. In the year 1996, they signed an agreement with Moody’s Risk Management Services to provide credit education, risk management software, credit research and consulting services to commercial banks, financial and investment institutions, financial services companies and mutual funds in India.

In the year 1997, the company launched ICRA Bulletin and in the year 1998, they introduced a Rating Methodology for the Claims Paying Ability of General Insurance companies in India. In the year 1999, the company became the first Indian Rating Agency to rate all Non-Life Insurance companies in the country. Also, they launched Rating service for Debt Fund Scheme and Grading Service for entities involved in construction projects.

In the year 2001, Moody’s Investment Company India (Pvt) Ltd became the largest shareholder in the company. In the same year, the company launched their Corporate Governance Ratings for the Indian Market. Also, they joined with National Real Estate Development Council and launched the ICRA-NAREDCO Grading System for real estate developers and projects.

In the year 2002, the company launched Grading scheme for Healthcare institutions in India and in the year 2003, they launched Project Finance Assessment/ Rating Service. Also, the company entered into a shareholder and subscription agreement with Online IndiaCapital.com.

In the year 2004, the company launched the services of Grading of Mutual Fund Management Quality and Maritime Training Institutes in India. In the year 2005, they launched NSIC-ICRA Performance and Credit Rating Scheme for Small Scale Enterprises in India.

In the year 2006, the company demerged their Consulting Division and transferred to ICRA Management Consulting Services Ltd with effect form April 1, 2005. Also they acquired ICRA Online Ltd and Computer Exchange Pvt Ltd which was renamed as ICRA Techno Analytics Ltd. During the year 2006-07, the company acquired the balance shares of ICRA Online Ltd and converting ICRA Online Ltd to a wholly-owned subsidiary company.

During the year 2007-08, ICRA Techno Analytics Ltd, a wholly owned subsidiary company incorporated ICRA Techno Analytics, Inc in US and also acquired a Kolkata based software services company namely, Axiom Technologies Pvt Ltd. ICRA Management Consulting Services Ltd, a wholly owned subsidiary company signed a MoU with Dun & Bradstreet Philippines Inc. and Virtus Global Partners Inc for offering advisory/consulting services in Philippines and USA respectively.

Read More :- ICRA Share Price 

COMPANY HISTORY : MOTILAL OSWAL FINANCIAL SERVICES LTD.

Motilal Oswal Financial Services Ltd is a well-diversified financial services company focused on wealth creation for all customers, such as institutional, corporate, HNI and retail.

The company’s services and product offerings include wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity and commodity broking. They distribute these products through 1,289 business locations spread across 548 cities and the online medium to over 541,372 registered customers.

The company has strong research capabilities, which enables to identify market trends and stocks with high growth potential, helping clients to take well-informed and timely decisions. The company is headquartered in Mumbai.

The company’s subsidiaries include Motilal Oswal Securities Ltd (MOSL), which is engaged in stock broking, wealth management and distribution of financial products; Motilal Oswal Capital Markets Pvt Ltd, which is engaged in stock broking; Motilal Oswal Commodities Broker Pvt Ltd, which is engaged in commodities broking; Motilal Oswal Private Equity Advisors Pvt Ltd, which is engage in private equity management and advisory, Motilal Oswal Investment Advisors Pvt Ltd, which is engaged in investment banking, and Antop Trader Pvt Ltd, which is engaged in lease rental.

Motilal Oswal Financial Services Ltd was incorporated on May 18, 2005 and received the certificate of commencement of business on June 3, 2005. The company was established to offer financial services and products.

In the year 2006, Motilal Oswal Securities Ltd became a subsidiary of the company upon shares of MOSL from the promoters Motilal Oswal and Raamdeo Agrawal and some members of promoter group. Also, Motilal Oswal Commodities Broker Pvt Ltd became a subsidiary of the company upon acquisition of shares from promoter,

During the year, the company acquired Motilal Oswal Venture Capital Advisors Pvt Ltd and Motilal Oswal Investment Advisors Pvt Ltd from promoters Motilal Oswal and Raamdeo Agrawal and thus those companies became the subsidiaries of the company. Also, Motilal Oswal Securities Ltd acquired customer rights and other assets of Peninsular Capital Markets Limited, broking entity based in Kerala. During the year 2007-08, the company implemented a fully automated web-based back office application for mutual fund distribution, which can be accessed across the country. Also, Motilal Oswal Capital Markets Pvt Ltd became the subsidiary of Motilal Oswal Securities Ltd and, in turn of the company.

During the year, the company made an Initial Public Offer (IPO) of 2,982,710 equity shares of Rs 5 each in the price band of Rs 725 – Rs 825 per share. The issue constituted 10.50% of the paid-up share capital of the company. The Shares were allotted on September 5, 2007 and got listed on Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd on September 11, 2007.

During the year 2008-09, Antop Traders Pvt Ltd became the subsidiary of Motilal Oswal Securities Ltd and, in turn subsidiary of the company. Subsequent to the year-end, Motilal Oswal Insurance Brokers Pvt Ltd and Motilal Oswal Asset Management Company Ltd became the subsidiaries of the company.

During the year, the company and Passionate Investment Management Pvt Ltd received in-principle approval from the Securities Exchange Board of India (SEBI) for setting up a mutual fund business in India.

During the year 2009-10, the company, jointly with their subsidiary Motilal Oswal Securities Ltd, acquired an office building at Prabhadevi in Mumbai for a consideration of Rs 164.58 crore. Also, Motilal Oswal Asset Management Company became 100% subsidiary of Motilal Oswal Securities Ltd, which is a subsidiary of the company.

Click Here : Motilal Oswal share price

OnePlus 6 Red edition announced at Rs 39,999; sale starts from July 16

The OnePlus 6 Red edition will be available only in 8GB RAM and 128GB internal storage configuration. It will go on sale on Amazon India starting from July 16

 

Chinese smartphone manufacturer OnePlus on June 2 introduced the OnePlus 6 red colour edition. Although, the phone comes in three RAM and storage configurations – 6GB/64GB, 8GB/128GB and 8GB/256GB – the red edition will be available only in 8GB RAM and 128GB internal storage configuration. Priced at Rs 39,999, the phone will go on sale at Amazon India from July 16.

“We believe power and attitude can be both elegant and humble, and we have strived to achieve this with the OnePlus 6 Red Edition. We worked to avoid an overly bright red colour, while still capturing a sense of self-confidence and positivity. Achieving the amber-like effect took several months to refine and perfect,” said OnePlus CEO Pete Lau in a statement.

The OnePlus 6 sports a 6.28-inch 19:9 aspect ratio notch-based screen. Just like its predecessor, the phone’s screen is of AMOLED breed with fullHD+ resolution. The phone boots Android Oreo-based OxygenOS 5.1 operating system, which also supports gesture-based on-screen navigation. The phone is powered by Qualcomm Snapdragon 845 system-on-chip (SoC), which is an octacore processor paired with Adreno graphic processing unit.

In terms of imaging, the phone sports dual camera set-up on the back featuring a 16-megapixel primary sensor, paired with 20MP sensors. The primary sensor is assisted with optical image stabilisation and electronic image stabilisation. Both the sensors feature bright f/1.7 aperture for low-light photography.

Click Here : Technology News 

Shark pulls woman overboard by biting finger in Australia

A woman who was pulled into crocodile-infested waters in northwestern Australia when a shark bit her finger as she attempted to feed it has described the terrifying moment which nearly cost her a digit.

Melissa Brunning said she was on a yacht in the remote Kimberley region some 2,500 kilometres (1,553 miles) north of Perth when she tried to hand-feed up to four Tawny nurse sharks hanging around the back of the boat.

The two-metre (6.6-foot) creature — which has strong jaws and rows of sharp teeth — sucked at her right index finger “like a Hoover (vacuum cleaner)”, she told The West Australian late yesterday.

“I think the shark was in shock as much as I was… the only way I can describe it is this immense pressure and it felt like it was shredding it off the bone,” the 34-year-old said.

“I came up and I was like, ‘I’ve lost my finger, my finger’s gone’.” Mobile phone footage of the incident at Dugong Bay in late May, aired by commercial broadcaster Channel Seven yesterday, showed Brunning screaming as she was dragged into the water before the boat’s crew and friends quickly pulled her out.

She sustained cuts, a fracture, a torn ligament and a bad infection on her finger as a result of the encounter, but miraculously did not lose the digit.

“It’s not the shark’s fault at all, but it could have been a lot worse,” Brunning said, adding that she had learnt to “respect marine life, and look at it in awe, but just leave them alone”.

Brunning said she did not realise that she should have left the piece of fish in front of her and watch the shark suck it up, instead of trying to hand-feed it.

“This is not a shark attack, this is just a blonde doing a stupid thing…. When you’re in the water, they’re top of the food chain, it’s their domain. We’re not meant to be in the water, if we were we’d have gills,” she added.

Apart from sharks, saltwater crocodiles — which can grow up to seven metres long and weigh more than a tonne — are also found at the bay.

ARTICLE SOURCE : BUSINESS STANDARD

Milk, Mercedes can’t be taxed at single GST rate, says PM Narendra Modi

To criticism that the GST was ‘hurriedly implemented’, the PM said the government had been responsive, with issues identified and redressed in real time

 

Prime Minister (PM) Narendra Modi on Sunday ruled out a single slab for the goods and services tax (GST), stating that milk and the Mercedes could not have the same rate.

The GST regime was rolled out on July 1 last year. The central government on Sunday marked its first anniversary with an event in New Delhi, while Modi took to social media to showcase its advantages.

In an interview to Swarajya, a news website, Modi responded to criticism of his government’s version of the GST. He ruled out a single tax slab, pointed at the gains of the past one year, and admitted to teething troubles having plagued the regime in its first year.

To the Congress party’s criticism that there should be a single tax rate, he said: “It would have been very simple to have just one slab but it would have meant we could not have food items at 0 per cent tax rate. Can we have milk and Mercedes at the same rate?”

“So, when our friends in the Congress say that they will have just one GST rate, they are effectively saying they will tax food items and commodities, which are currently at 0 or 5 per cent, at 18 per cent,” Modi said.

To criticism that the GST was “hurriedly implemented”, the PM said the government had been responsive, with issues identified and redressed in real time.

The PM did not rule out the possibility that tax rates could come down further on some items. He said the government had reduced taxes on nearly 400 groups of items, and around 150 groups have a 0 per cent tax rate.

Modi also responded to the Opposition’s charge that the GST was “anti-people” by sharing on Twitter and the NaMo app the advantages the tax reform had brought for the common people. With the assembly elections scheduled in three key North Indian states in the next five months, and the Lok Sabha elections due in less than nine months, the PM tweeted that “decreasing prices”, because of the GST, were “helping poor and middle class”.

He also reached out to small businesses, a key support base of the Bharatiya Janata Party (BJP), and said the tax reform had provided “increasing opportunities for small and medium entrepreneurs”. With the hashtag “GST for New India”, the PM tweeted that the GST had brought growth, simplicity, and transparency. He said it had boosted formalisation, enhanced productivity, and furthered “ease of doing business”.

The PM said the GST had been designed to “eliminate inspector raj with the help of information technology”, and suggested that the GST roll-out was consistent with his vision of “minimum governance”.

The PM in his last radio broadcast had said the tax reform was an example of cooperative federalism with decisions in all 27 GST Council meetings having been reached by consensus.

Modi said the number of enterprises registered since Independence until June 30, 2017, was 6.6 million. He said in just one year after the introduction of the GST, the number of new enterprises registered was 4.8 million. He said around 3.5 billion invoices were processed, 110 million returns were filed, and 100 million e-way bills generated. “Would we be looking at such numbers, if GST were indeed very complex?” Modi asked.

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