Author: Ajay Vaishnav

REC to extend ₹1,869 crore loan for Kiru hydro project in Jammu and Kashmir

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Rural Electrification Corporation (REC) Ltd said on Wednesday it will provide a term loan of ₹1,869 crore for the 624 MW Kiru Hydro Electric Project in Kishtwar, Jammu and Kashmir. The term loan will be used for the development, construction and operation of the project on River Chenab, the state-owned company said in a statement.

REC has signed an agreement with Chenab Valley Power Project Private Ltd (CVPPPL), under which REC will provide CVPPPL with financial assistance of ₹1,869.265 crore as a term loan, the statement added. The project envisages the construction of a 135-metre high dam and an underground powerhouse with four units of 156 MW each.

Incorporated in 2011, the CVPPPL is a joint venture between NHPC (51%) and JKSPDC (49%). REC finances the entire power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, pumped storage projects, green hydrogen and green ammonia projects.

REC posted a 13.5% rise in its consolidated net profit to ₹3,308.42 crore for the December 2023 quarter, mainly on the back of higher revenues. The total income rose to ₹12,071.54 crore in the quarter from ₹9,795.47 crore in the same period a year ago.

An NBFC (non-banking finance company) under the Ministry of Power, the loan book of REC stands at ₹4.97 lakh crore and net worth at ₹64,787 crore as on December 31, 2023.

REC plans to borrow ₹1.6 lakh crore for financial year 2025, it said in late March last month. It had announced a ₹1.2 lakh crore borrowing plan for financial year 2024, a number that was revised higher to ₹1.5 lakh crore in November last year.

REC share price settled at ₹439.80, almost a percent up today. So far this year, REC stock price has gained 6.5%, while the one year return on the stock is 255%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

LTIMindtree declares 4500% final dividend; net profit, revenue comes below Street estimates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Board of LTIMindtree has declared a dividend of 4500%, or ₹45 per share, for its shareholders. The large cap IT firm will announce its record date after the conclusion of its AGM.

“Board of Directors have recommended a final dividend of ₹45/- per equity share of ₹1 each, for approval of shareholders at the ensuing Annual General Meeting (‘AGM’). Subject to approval of shareholders, the final dividend will be paid within 10 days from the conclusion of the AGM. Record Date for the purpose of determining shareholders eligible to receive dividend and the date of AGM, shall be intimated in due course,” the company said in an exchange filing.

LTIMindtree dividend history

LTIMindtree has a good dividend track record and has consistently given dividends for the last five years. For the year ending March 2023, LTIMindtree declared an equity dividend of 6000.00% amounting to ₹60 per share.

LTIMindtree Q4 results

LTIMindtree reported a net profit of ₹1,100.7 crore for the January-March 2024 quarter, as India’s fifth largest IT services company declared its quarterly financial results on Wednesday, April 24. The net profit came in below a CNBC-TV18 poll estimate of ₹1,130 crore. LTIMindtree’s consolidated revenue came in at ₹8,892 crore, growing 2.3% YoY and declining by 1.4% sequentially. The CNBC-TV18 poll projected a revenue of ₹8,950 crore for the quarter under review.

LTIMindtree share price performance

LTI Mindtree share price settled at ₹4,732.55, with marginal gains on the BSE. The stock has corrected over 24% so far this year, while the one-year return on the stock is more than 13%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exclusive | Coal India to face demand shortfall over next two years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Maharatna public sector undertaking (PSU) Coal India Ltd (CIL) faces a challenging demand environment over the next two years, according to a CNBC-Awaaz report on Thursday, April 24.

The demand for coal from CIL’s existing buyers may drop as much as 58% in the next two years as the captive coal blocks with buyers begin production, according to CNBC-Awaaz basis an internal assessment by the Coal Ministry.

#CoalMinistry in its internal report has raised concerns related to #demand. Sources tell @RoyLakshman, demand from existing buyers is seen falling by more than 58% over next 2 years pic.twitter.com/xOn1dzvjKN

— CNBC-TV18 (@CNBCTV18Live) April 24, 2024

CIL’s top 50 power and non-power buyers are expected to reduce their coal purchases from 20 to 58 percent over two years, according to CNBC-Awaaz.

Earlier this month, CNBC-TV18 reported that India’s Coal Ministry intends to get 20 new mines operational by the end of this year.

The ministry wants to expand its Coal output by 100 MT via these 20 mines. 10 out of these 20 mines were allocated to Coal India.

Sources said that this move is to ensure coal is available to meet the country’s rising power demand and reduce imports.

As of February 2024, India’s thermal capacity is now at 260 GW. Analysts expect the country’s thermal capacity to cross 300 GW this year.

India’s peak power demand this summer is estimated at 384 GW.

Global brokerage Jefferies recently gave a ‘Buy’ rating on the PSU stock setting a price target of Rs 550 per share. For the year so far, Coal India shares are higher by 16%, and up by 91% over the last one year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

TIDE’s Global CEO Oliver Prill foresees India as largest growth market

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oliver Prill, the global CEO of business financial company TIDE, highlighted the significant opportunity in India’s SME market, attributing it to the digitisation and formalisation efforts driven by Aadhaar and UPI. Tide is a nine-year-old startup, headquartered in London, offering mobile-first banking services for small businesses. In an interview with CNBC-TV18, Prill expressed confidence in India becoming TIDE’s largest growth market.

TIDE, which made its foray into the Indian market in 2021, has made remarkable progress, with membership from Micro, Small, and Medium Enterprises (MSMEs) skyrocketing in the past two years.

Currently boasting a membership base of 2,25,000 MSMEs in India, TIDE is poised to reach the half-million mark by the year’s end. Prill emphasised the company’s commitment to empowering small businesses, particularly in tier 2 and 3 towns across India, where 90% of TIDE’s members are located.

Prill highlighted India’s evolving business landscape, noting the increasing formalisation aided by government initiatives like UPI and Aadhaar. TIDE has pledged over 100 million pounds in investments, recognising India’s immense potential within the global MSME market, estimated to be around 9–10%.

Prill underlined the TIDE’s role in catalysing the formalisation process, anticipating MSMEs to constitute a significant portion of India’s total population in the coming years.

Furthermore, TIDE’s recent report revealed that 78% of women entrepreneurs in India receive crucial support from their families, showcasing the untapped potential of female entrepreneurship in the country.

With plans to support half a million women entrepreneurs and the recent launch of credit services in India mirroring its UK operations, TIDE is primed to capitalize on India’s burgeoning market. Prill also highlighted the potential for the India-UK Free Trade Agreement to strengthen ties between the two countries, further solidifying India’s position as TIDE’s primary growth frontier.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

JPMorgan’s JP Dimon says US needs someone like Modi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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JPMorgan Chase & Co. chief executive Jamie Dimon praised Prime Minister Narendra Modi for doing “an unbelievable job in India”, adding that the “liberal press in the US beats the hell out him, when he has taken 400 million people out of poverty”.

“Modi has done an unbelievable job in India…He has taken 400 million people out of poverty. We go and lecture Modi when they want to trade with us… he has 400 million people without toilets. We are lecturing them how to do things.”

During an event organised by the Economic Club of New York, the largest US bank’s CEO also said the Modi government has undertaken several reform initiatives and that India has an “unbelievable infrastructure and educational system”.

He also complimented the PM for being ‘tough’ and untangling the country’s bureaucratic system, adding that “a little bit more of that” is needed in the US.

“They (India) have got an unbelievable education system. Unbelievable infrastructure. They are lifting their whole country because this one man (PM Modi) is tough.”

“They have 29 states or something like that… and the tax system is complicated.. it’s like Europe. It leads to enormous corruption. He is breaking it down.. And so yeah there are these people who have turned things around.. And we need a little bit of that here as well”

The banker also said 700 million people have opened bank accounts in the country and the transferred payments are going through.

“Every citizen by hand or eyeball or by finger is recognised. They’ve bank account for 700 million people. Their transferred payments are going through,” Dimon said.

Meanwhile, the CEO expressed confidence in the performance of the US economy over strong employment and healthy consumer finances. During the event, he said the US economic boom is ‘unbelievable’ and even if the country goes into recession, “the consumer’s still in good shape”.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Medical education costs may double in the next decade—are you prepared?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Over 2 million students in India apply for the National Eligibility-cum-Entrance Test (NEET) and only 56% of them qualify.

It’s not enough to score well to secure a seat; there’s immense pressure on the NEET applicants to be closer to the top to be eligible for a pocket-friendly government college.

The cost of medical education in India outside the 108 functional government-owned medical colleges is prohibitively high.

What’s worse, the cost is likely to double in the coming years, according to a February 2024 report by analysts at Anand Rathi, a Mumbai-based financial services firm.

An MBBS (Bachelor of Medicine and Bachelor of Surgery) course costs, on average, ₹5 lakh and a postgraduate course costs ₹15 lakh. This could rise to ₹11 lakh and ₹15 lakh, respectively, by 2035.

Despite a 110% increase in MBBS seats in the country over the last decade, analysts say the education cost in India has increased by 11–12% in the previous ten years, at about twice the rate of overall inflation.

If the annual increase continues at 12%, the cost will double in six years. “In today’s day and age, a general MBBS degree does not fulfil the professional aspirations of students. A postgraduate degree costs another set of lakhs. A student spends close to a crore to become a specialised doctor,” says Atul Thakkar, the author of the Anand Rathi report.

The four-year MBBS degree at Dr. D. Y. Patil Medical College, Hospital & Research Centre in Pune costs approximately ₹2 crore, according to Dr Pravin Shingare, former Director of Medical Education and Research, Govt of Maharashtra.

The skewed demand-supply scenario inevitably drives the cost of medical education higher in private universities.

As of December 2023, there were 1,08,848 MBBS seats in government colleges and over a million applicants. Over 2 lakh applicants line up for just 68,000 postgraduate seats.

“The government itself spends nearly ₹35 lakh per student every year,” Shingare added.

Those who don’t make it to the government colleges must opt for 598 private outfits where student fees subsidise treatment facilities. Medical colleges in India are mandated to have hospitals on campus where patients get treated at a subsidised rate.

The high cost drives many medical students to other countries, such as Russia, Ukraine, Kyrgyzstan, China, Germany and Gulf countries where the courses are cheaper. Over 30,000 Indian students went abroad for medical studies in the last year.

While the government of India is trying to bring down the cost of medical education by increasing the number of seats in new colleges—tax incentives are also under consideration—the number of applicants will only go up given the country’s young population, whose aspirations grow with the economy.

“The best possible way to start planning for kids’ future education is when they are born,” Suresh Sadagopan, founder of ladder7 wealth planners, told CNBC-TV18.

The Sukanya Samriddhi Yojana, started by the government in 2015, is a debt investment plan with tax rebates where investors can expect about 8% returns. The saved amount goes to the child tax-free.

There are many mutual fund plans tailored for this goal with a track record to beat inflation.

Sadagopan says, “If there are plans to study abroad, investing in international funds can protect the funds against rupee depreciation”.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Worst performing Tata group company announces its best ever dividend for FY24

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Tata Elxsi may have corrected more than 30% from their record highs, but the dividend declared for FY24 has surpassed its previous records. For the latest financial year, the company has declared its highest-ever dividend per share (DPS) of ₹70, translating to a dividend outgo of ₹436 crore. That’s more than half of its full-year net profit, which stood at ₹792 crore.

Interestingly, the DPS of Tata Elxsi has seen a ten-fold jump over the last eight years, whereas its revenue and profit have recorded three- and five-fold jumps during the same period. Between FY20-FY24, the dividend payout has increased at an annualised rate of 39% to ₹436 crore. In comparison, the revenue increased at a compounded rate of 17% to ₹3,552 crore and profit at 22% to ₹792 crore.

However, Tata Elxsi—the 11th most valuable firm from the Tata Group has a lower equity base compared to other group companies like Tata Consultancy Services (TCS), Tata Motors, Tata Steel etc. While Tata Steel has a higher number of outstanding shares among the group companies, the equity base of Tata Elxsi stood at just 6.2 crore as of March 2024. That compares with 1,248 crore outstanding shares for Tata Steel and 362 crore for TCS.

With a drop of 15.5% so far in 2024, Tata Elxsi stock emerges as the worst performer in the group. Additionally, of the 10 analysts who track the stock on Bloomberg, 60% have a “Sell” recommendation on the stock, while the remaining suggest a “Buy”.

Moreover, the stock has been ending in the red for the last ten sessions, barring one. Shares of Tata Elxsi have cumulatively lost 8% during the latest losing streak. Tata Elxsi manufactures computers and workstations, besides providing system design, software development and integration services.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Q4 results: Tata Elxsi net profit, revenue drop sequentially; Tata Group firm announces ₹70 dividend per share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Elxsi Q4FY24 results: The Tata Group firm’s net profit dropped 4.6% to ₹196.9 crore on a sequential basis, the company informed in an exchange filing on Tuesday, April 23. Tata Elxsi reported a net profit of ₹206.4 crore in the preceding October-December quarter.

Tata Elxsi revenue also dropped by a percent on a quarter-on-quarter (QoQ) basis to ₹905.9 crore. The company’s October-December period revenue came in at ₹914.2 crore.

Tata Elxsi EBIT also fell 4.5% to ₹233.7 crore in Q4FY24, compared to ₹244.7 crore reported in Q3FY24. The Tata Group firm’s margin also contracted on a sequential basis, dropping to 25.8% in the January-March quarter compared to 26.8% it reported in the third quarter.

For the year ended March 31, 2024, Tata Elxsi revenue from operations jumped 13% on a year-on-year (YoY) basis to ₹3,552.1 crore, while profit before tax grew 11.9% to ₹1,048.7 crore. The EBITDA margin for the full year came in at 29.5%, while the PBT margin came in at 28.5%.

Commenting on the company’s performance in the financial year 2023–24, Manoj Raghavan, CEO and Managing Director, Tata Elxsi, said: “Financial year 2024 has been a year of consistent operational performance with a revenue growth of 13% despite global macroeconomic uncertainties, and volatility in the media and communications industry over the last few quarters. We have done well to maintain industry leading EBITDA margin at 29.5% for the year,
even while we continued to invest in expanding our talent base through all four quarters, with a net addition of 1535 Elxsians through the year…We are entering the new financial year with a commitment for growth, and the continued confidence in our differentiated design-led engineering capabilities.”

Tata Elxsi to pay the highest-ever dividend

Design and technology services firm Tata Elxsi Ltd declared a dividend of ₹70 per share for its shareholders along with its fourth-quarter earnings for the financial year 2023–24.

“Further, we are pleased to inform you that the Board of Directors has recommended a dividend of 700% at ₹70/-, per equity share of ₹10 each, for the financial year 2023-24, subject to tax, which shall be paid/dispatched on or after the seventh day from the conclusion of the 35th Annual General Meeting, subject to the approval of the shareholders of the Company,” the Tata Group firm informed in an exchange filing.

#4QWithCNBCTV18 | Tata Elxsi reports #Q4 earnings👇

➡️Net Profit down 4.6% at ₹196.9 cr vs ₹206.4 cr (QoQ)
➡️Revenue down 1% at ₹905.9 cr vs ₹914.2 cr (QoQ)
➡️EBIT down 4.5% at ₹233.7 cr vs ₹244.7 cr (QoQ)
➡️Margin at 25.8% vs 26.8% (QoQ)
➡️Board recommends dividend of… pic.twitter.com/siJVbhFwWl

— CNBC-TV18 (@CNBCTV18Live) April 23, 2024

Tata Elxsi dividend history

The Tata Group firm has a good dividend track record and has been consistently declaring dividends for the last five years. In the financial year ending March 2023, Tata Elxsi declared an equity dividend of 606% amounting to ₹60.6 per share, as per Moneycontrol data.

Tata Elxsi share price performance

Ahead of its Q4 results, Tata Elxsi share price dropped 0.63% in trade today, settling at ₹7,390 on NSE. The stock has corrected nearly 15.5% so far this year, while the one-year return on Tata Elxsi is more than 18%.

That said, the IT stock has a stellar history of delivering returns to its shareholders. From ₹35 per share on January 1, 1999, till this date, this Tata Group stock has given a whopping over 21,000% return.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Explained: PM Modi’s ‘wealth distribution’ remarks–Part of Congress Manifesto? Or an election manifestation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi’s recent comments alleging that the Congress Party, if voted to power, would conduct surveys to seize the wealth of people, has triggered a controversy in the midst of polling season. The Prime Minister, while speaking at a rally in Rajasthan’s Banswara on Sunday, said in Hindi:

“Pehle jab inki sarkar thi, inhone kaha tha ki desh ki sampatti pe pehla adhikaar Musalmaanon ka hain. Iska matlab, yeh sampatti ekatthi karke kisko baatengey? Jinke zyaada bacchein unko baatengey. Gusphetiyon ko baatengey”

Translated into English, it reads: When they (Congress) ran the government previously, they said that Muslims had the first right to the nation’s assets. This means they would consolidate those assets. Who would they distribute them to? To those who have more children. They would distribute it to infiltrators.

In the same speech, Prime Minister Modi warned: “Yeh Congress ka Manifesto keh raha hain, ki mataao aur behano ka soney ka hisab karengey, uski jabti karengey, aur phir us sampaati ko baat denge”

As per the Prime Minister, “The Congress manifesto says that it would seize jewellery from women and redistribute them.” He reiterated the same charges while speaking at an election rally in UP’s Aligarh on Monday.

Does the Congress Manifesto promise wealth redistribution?

1. Point 1 under the Social Justice sub-header of the manifesto on page 6 reads:

“Congress will conduct a nationwide Socio-Economic and Caste Census to enumerate the castes and sub-castes and their socio-economic conditions. Based on the data, we will strengthen the agenda for affirmative action.”

The Congress manifesto does not mention seizing private wealth. It discusses conducting a caste census to gather data on caste demographics, which may serve as the basis of any affirmative action policy. The Congress party has been promising a caste census if they form the government. Party MP Rahul Gandhi has referred to it as an X-ray of India.

2. Point 6 on page 6 reads:

“We will enhance institutional credit to SC and ST for homebuilding, starting businesses and purchasing assets.”

The word ‘redistribution’ does not appear in the entire manifesto. However, on page 28, it reads, “We will address the growing inequality of wealth and income through suitable changes in policies.”

Does the word Muslim find any mention in the manifesto?

The word Muslim does not appear in the manifesto. The Congress manifesto reads, “We will respect and uphold the fundamental right to practice one’s faith and the rights guaranteed to religious minorities under Articles 15, 16, 25, 26, 28, 29 and 30 of the Constitution.”

However, it does not explicitly mention any particular religious minority group. There is no mention of redistributing any kind of wealth to Muslims or for that matter, any religious minority group.

Affirmative action agenda: What it stands for?

Affirmative action typically refers to policies aimed at increasing workplace and educational opportunities for people who are underrepresented in society. Affirmative action, or what we refer to as reservation, is not new to India. Reservations in government jobs and educational institutions fall under the purview of affirmative action.

Congress’ stance

The Congress highlighted the PM’s speech in its list of complaints to ECI, urging them to take action. ECI sources have told CNBC-TV18 that they have received the complaint and the matter is under consideration.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

KP Energy Q4 net profit grows 60% to ₹25 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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KP Energy on Monday posted a 60% rise in its consolidated net profit at ₹24.9 crore during the quarter ended March 2024 on account of increased income. It had reported a net profit of ₹15.5 crore in the January-March period of the preceding 2022–23 financial year, the company said in an exchange filing.

For the whole of FY24, the company reported its net profit at ₹58.3 crore, up from ₹43.9 crore recorded in FY23. During the fourth quarter of FY24, the company’s total income increased to ₹217.4 crore from ₹151.1 crore in the year ago. During the entire fiscal, the total income rose to ₹485.5 crore from ₹442.4 crore in the preceding fiscal.

The expenses in the reporting quarter was at ₹183.28 crore, up from ₹128.56 crore registered in the same period last fiscal. The expenses were at ₹408.18 crore in FY24 as against ₹377.41 crore in the previous fiscal.

KP Energy Ltd also said it has received an order from Bhathwari Technologies for the development of a 9 MW wind power project in Gujarat.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow