Godrej Industries aims to garner Rs.4.05bn through QIP
Godrej Industries announced on Monday that it was expecting its rights issue to institutional players to raise up to Rs.4.05bn, reports said.
The price band for the proposed issue has been fixed at Rs. 210 to Rs. 235 per equity share, the company said in a filing to the BSE.
The proposed issue opens on July 24 and closes on the same day, the filing said.
Godrej Industries will issue up to 1,56,66,734 equity shares of Rs. 1 each with a right, besides an additional allotment of up to 15,66,673 equity shares in case of over subscription.
Last week, the company had said it would issue the shares to “qualified institutional buyers by way of an Institutional Placement Programme.”
IIFL recommends 'Buy' on Oberoi
IIFL Institutional Equities, a part of the IIFL Group, one of the leading players in the Indian financial services space, recommends “Buy” Oberoi.
Oberoi's 1QFY13 revenue and PAT came in below estimates on 28% QoQ decline in contracted sales volume. Average realisation has moved up 35% YoY on theback of two price increases since October 2011, possibly slowing sales.
Esquire, with contracted sales of Rs9.5bn, will start contributing to revenue from 2HFY13, likely resulting in step-jump in revenue and profit, report stated.
New launches in Worli and Mulund should consolidate operating cash flows in FY13.
IIFL said, “Oberoi generating net cash of Rs. 30bn over FY13-15 (including Rs. 13bn net cash currently), enough to add meaningfully to its land bank and drive NAV accretion. We maintain BUY with target price of Rs. 305.”
The report was published by IIFL’s Institutional Equities Research desk.
Bata India Q2 net profit up 29%
Bata India Limited, India’s leading footwear retailer and manufacturer, announced its excellent financial results for the second quarter ended June 30, 2012.
The Company’s Net Profit grew by 29% at Rs. 5265.2 lacs as against Rs. 4098.9 lacs in the same period last year. The Sales of the Company grew by 18% at Rs. 51084.7 as against Rs. 43450.9 lacs in the same period last year.
Announcing the results, Rajeev Gopalakrishnan, Group Managing Director, Bata India Limited said, “All of us here at Bata would like to thank our esteemed and loyal customers, it’s because of our customers that we have received outstanding results this quarter with remarkable increase in sales and profit yet again.
Our focus to expand the retail outlets and our constant endeavor to improve the merchandise with newer & better designs will continue. In fact such great response from our customers for the ever improving product range is very encouraging”.
Further adding Gopalakrishnan said, “We launched our new campaign ‘Discover New’ focusing on new and younger audiences, with an attempt to gain more footfalls. Through this unique initiative we wanted to connect better with our customers offering them freshness in all aspects, especially the renewed vibrancy and fervor that can be experienced at our stores, new merchandise and great services”.
Bata India has continued the strategy of expanding its retail stores and has opened 35 new Bata stores this quarter. These new stores are based on the new large format and are above 3,000 sq ft. and are spread across metros, tier 1 and tier 2 cities. Hush Puppies brand also saw expansion with the opening of 7 exclusive new stores and 2 shop-in shops in leading department stores in the same period. The company also opened 4 new Footin stores across the country. In first half of year 2012 the company opened a total of 119 new stores: 96 Bata retail stores, 10 Hush Puppies exclusive outlets and 5 shop in shop stores, Footin opened 8 new stores. Read more…
Arvind Q1 net profit at Rs320mn
Samsung invites fans to share Olympic spirit
Samsung Electronics, a global leader in digital media and digital convergence technologies, has kicked off a major marketing campaign across platforms to unite fans and provide them an opportunity to share the Olympic spirit. The campaign is uniquely designed to inspire and excite the fans to feel the passion of the games and support their favourite players as they prepare to bring home glory.
Samsung India is the Official Sponsor of the Indian team to the London 2012 Olympic Games and is also supporting eight high potential Indian sportsmen and women through its Samsung Olympic Ratna program. “Samsung is a worldwide partner of Olympics and in India we run several programs and initiatives to encourage and promote our sporting talent. Our high decibel marketing campaign across digital, print, TV and at the retail level will help the Olympics enthusiasts to remain connected to their favourite sports and players”, states Mr. Rahul Saighal, Chief Marketing Officer, Samsung India.
The Company has also kicked off a Massive digital campaign to rally support for the Indian Olympic team. As part of its endeavour to make this year’s Olympics one that everyone can truly be part off, Samsung has set up a special page on Facebook with a ‘Fans Speak’ application that allows fans to send their best wishes to the Indian team members. All they have to do is visit www.facebook.com/samsungIN and put in their wish and they also stand a chance to win exciting gifts from Samsung.
Consumers can also wish the Indian team by accessing this application from their mobile phones by logging onto m.samsungolympics2012.in .Samsung is also setting up more than 500 kiosks at its mobile retail channel and Smartphone cafes with Samsung Galaxy SIII, its Olympic phone, from where consumers can send their wishes to the team. Read more…
‘Relaxo’ signs Salman Khan as brand ambassador for its slipper brand ‘Hawaii’
Comic Con launches line of merchadise in India
Tribhovandas Bhimji Zaveri unveils 'Surprises' gifting collection
Samsung clocks record profit on smartphones, TV panels
Govt won’t reverse stance on retail FDI, says Sharma
Marvel in association with CREDAI and PMC organize Free Health Campaign
Reliance Footprint opens new outlet at Kannur Mall in Kerala
LG’s global “World Record Campaign” to jump - start in India
GlacialLight announces new GLDL10 LED down light
Samsung launches India’s largest capacity Refrigerator
GUNNAR Optiks to launch nationwide in India
V Link Group launches Meru Plus in Delhi NCR
MTR Foods launches Rasoi Magic
Billabong receives fresh bid from TPG...Shares surge
Videocon conferred ICAI Award for Excellence in Cost Management
Cookie Man launches no-added-sugar cookies
John Abraham and Philips unveils Indian men to Personal Grooming 2.0
Retail shares down as ally SP opposes FDI in multi-brand retail
Malaysia Retail Giant Eyes India After Investing in Sri Lanka
Malaysia’s Parkson will be investing in Sri Lanka’s giant retail garment company, Odel. Starting out as a single company, focusing on the retail garment trade, Odel has over the years developed and become the first department store in Sri Lanka.
Odel PLC was quoted in Colombo Stock Exchange (CSE) in 2010 through the issue of fresh shares amounting to 11% of the capital to the public. Subsequent to that Otara Gunewardene and her two brothers held 83.6% of the shares in Odel PLC. Ms.Gunewardene and her brothers, who are shareholders of the company will sell 50% of their shares to Parkson Retail Asia Limited. Thereafter, family shareholders and Parksons will hold 41.8% each of the issued shares of Odel PLC. There will be a mandatory offer following this purchase by Parksons as per CSE rules and their final shareholding will be determined only after that is concluded. A rights issue of 1:1 will follow the mandatory offer which will infuse SLRs 2.899 bn to the company. This rights issue will be fully subscribed to by both Parksons and family shareholders. These funds will be utilized for the future expansion plans of the company.
Commenting on the acquisition, Managing Director of PRA, Datuk Alfred Cheng, said, “Sri Lanka has always been an attractive proposition, as an emerging market with its rising income per capita and growing middle class. As an established retail brand in Sri Lanka, Odel is already very well-positioned to tap into the fast-growing middle class population. With Parkson’s investment, experience and network, Odel is well poised to harness the growth of the retail industry in Sri Lanka. This could set the stage for us to work together for expansion into the neighbouring countries of Bangladesh, Pakistan and India over time.”
Parkson Retail Asia Limited operates department stores in Malaysia, Vietnam and Indonesia. Its stores offer fashion and lifestyle products under various categories, including fashion and apparel; cosmetics and accessories; household, electrical goods, and others; and groceries and perishables to consumers in the middle and upper middle income segment. The company operates 50 stores comprising 36 department stores in Malaysia and 7 department stores in Vietnam under the Parkson brand name; and 6 department stores under the Centro brand name and 1 gourmet supermarket under the Kem Chicks brand name in Indonesia. It also engages in the retail and operation of a shopping centre; upgrade and leasing of retail space for the establishment of a department store; and provision of management and consulting services on real estate, as well as marketing services in relation to department stores. The company was founded in 1987 and is headquartered in Singapore. Parkson Retail Asia Limited operates as a subsidiary of East Crest International Limited. Read more…
Wal-Mart against interchange fee settlement