GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST)

The share price of HDFC Bank rose more than 1 percent intraday on August 30 as the company plans to sell its entire stake in software company Goods & Services Tax Network.

The company has agreed to sell its entire stake of 10 percent in the equity share capital of Goods & Services Tax Network (GSTN) consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories, as per a company release.

The bank’s promoter Housing Development Finance Corporation (HDFC) is also a shareholder in GSTN.

GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST).

HDFC Bank was quoting at Rs 2,253.50, up to Rs 25.90, or 1.16 percent on the BSE.

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Maruti Suzuki India Ltd Chairman R.C. Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand

Safety norms and higher taxes have "added substantially" to the cost of cars, affecting their affordability, Bhargava told shareholders at the company's annual general meeting.

With India's auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check, Reuters reported on Saturday.

The company is on track to meet the country's new emission norms, adding that the company will move towards manufacturing compressed natural gas (CNG) and hybrid cars.

Maruti plans to increase CNG vehicles by 50% this year, Bhargava said.

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India's Hindustan Petroleum Corp Ltd is seeking more gasoline after having purchased more than 120,000 tonnes of the fuel for September to early October delivery from the spot market to plug a supply gap, industry sources said on Tuesday

The state-owned refiner has been actively seeking gasoline from the spot market this year as Indian refiners undergo maintenance and up-gradation to produce cleaner fuels.

HPCL recently bought the cargoes for September to early October arrival at Visakhapatnam (Vizag) and Mundra from BP, Emirates National Oil Co and Trafigura, but the premiums were not immediately available.

This however could not be confirmed as the buyer and its sellers do not typically comment on their deals.

HPCL's latest tender is for 30,000 tonnes of gasoline scheduled for Oct. 5-8 arrival at Vizag and offers are to be submitted by Aug. 28.

It is not the only Indian refiner looking to import gasoline. Bharat Petroleum Corp Ltd and Indian Oil Corp have also been seeking the fuel.

This has pushed India's gasoline imports in July to the highest in at least 8 years, official data showed.

But India's gasoline exports were at a two-month high of 1.16 million tonnes in July, or about 16% below May's export volumes when they were at a two-year high, the data showed.

August data will be available next month.

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Bharti Airtel, is staying strong and growing and has a robust balance sheet, said broking house, Goldman Sachs

Airtel has a robust balance sheet and a "best-in-class" spectrum footprint position which favours Bharti Airtel for future network roll-outs and market share gains. With declining capex intensity and rising margins on stable revenue growth, we expect Bharti to be FCF (Free Cash Flow) positive in the financial year 2020-21, Goldman Sachs said in a report. 

The report said the telecom operator has a strong wireless business growth potential.

"We forecast a 30 per cent EBITDA growth CAGR for India wireless (46 per cent of FY19E revenue) in FY19-22E driven by market share gains, customer upgrades/better customer monetization in data, and tariff hikes. With a recovery in India wireless, steady growth in Africa, and stable non-wireless businesses, we forecast Bharti to deliver an 8 to 18 per cent revenue/EBITDA CAGR in FY19-22E", it said.

The broking house also said the telco has a solid growth outlook for Africa. "We forecast a 9 to 11 per cent revenue/EBITDA CAGR in FY19-22E for Bharti's Africa business (24 per cent of FY19E revenue) driven by data and mobile money." 

"Its valuation is at t 8.5x CY20E EV/EBITDA, Bharti trades higher than its own historical average (of 7.3x) and its Asian telco peer median (of 7.1x). However, we expect Bharti's EBITDA growth over the next two-to-three years to be more than 3x its Asian telco peers and view a higher multiple as justified; Bharti trades in line with Asian peers on CY21 EV/EBITDA. 

"Our 12-month Discounted Cash Flow-based Trading Price of Rs 415 implies 15 per cent upside; our bull/bear scenarios suggest 40 per cent upside vs. 13 per cent downside."

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Vietnamese carrier Vietjet, popularly called 'bikini airline', would operate direct flights from Ho Chi Minh City (commonly known as Saigon) and Hanoi to New Delhi starting from December 6 with thousands of "super-saving tickets".

"The Ho Chi Minh City-New Delhi route will operate four return flights per week on every Monday, Wednesday, Friday and Sunday starting from December 6, 2019," the airline said in a statement.

The Hanoi-New Delhi route will operate three return flights per week.

Vietjet currently operates around 400 flights daily on 129 routes covering destinations across Vietnam and international destinations such as Japan, Hong Kong, Singapore, South Korea, Taiwan, mainland China, Thailand, Myanmar, Malaysia and Cambodia.

The air traffic between India and Vietnam has been growing over the last few years. As per consultancy firm Centre for Asia Pacific Aviation (CAPA), Hanoi-Delhi was the third-largest Vietnam-India city pair, accounting for almost 12 per cent of Vietnam-India bookings in 2018.

Rajan Mehra, CEO of Club One Air and former India head of Qatar Airways, said that both leisure and business traffic on the India-Vietnam sector has been witnessing significant growth.

"A lot of corporates are going to Vietnam to set up businesses there. The tourist traffic has also been growing. It's a mix of both," he said.

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The share touched its 52-week high Rs 234.90 and 52-week low Rs 104.05 on 30 May 2019 and 16 August 2018

Shares of IOL Chemicals and Pharmaceuticals rose nearly 4 percent intraday on August 21 as the company made pre-payment of its term loan.

The company has made the pre-payment of the term loan of Rs 9.52 crore due to banks in addition to scheduled repayment, as per BSE release.

The company has made the pre-payment of the term loan of Rs 107.70 crore till date to reduce the term debt, which remains at Rs 123.45 crore as on date.

IOL Chemicals and Pharmaceuticals was quoting at Rs 189.75, up to Rs 5.65, or 3.07 percent on the BSE.

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Eleven years ago, college students Sagar Daryani and Binod Homagai invested Rs 30,000 to start in Jadavpur a small venture selling an Indianised version of the Tibetan delight, momos

With 274 kiosks, small and medium-size outlets and big eating joints spread over 13 Indian cities that employ 2,200 people, their projected turnover by the current fiscal end would be around Rs 200 crore.

Daryani and Homagai now plan to come up with fully automated machines to prepare their delicacy, which would tumble out of conveyor belts beyond Indian shores.

That, in short, is the fascinating tale of the humble past, present growth and likely technology-driven future of the quick-service restaurant chain Wow! Momo.

Headquartered at Jadavpur, where it all started in 2008 with a kitchen, two cooks and a table, Wow Momo Foods Private Limited today fully owns and operates 271 outlets. The rest three in Kerala are franchises.

"We were both greenhorns in business, though Sagar's father had a shop. We were the final year B.Com students. Before the results were out, we had launched our business. We thought it was worth taking the risk. If it doesn't work, we'd go for jobs," 34-year-old Homagai, the company's Chief Operating Officer, told IANS.

"I'm a Nepali, we make momos at home. So we thought of this food because we could see the culture of momos developing in Kolkata," he added.

The first store opened in Gachhtala area of Tollygunge in Spencer's Retail hypermarket, where the momos were supplied from the base kitchen in Jadavpur.

Sales touched Rs 2,000 a day. While Homagai managed the store, with two part-time chefs, Daryani stood outside, distributing leaflets, talking to the customers, giving them free samples.

"We ran an offer every 15 days -- buy three, get one free. The offer boosted the sales by 45 to 50 per cent, thereby covering the salaries of the two chefs," he said.

Impressed with their success, the hypermarket chain gave them another store. And very soon they got the third one in the swanky South City Mall, "which made us a brand".

"The part-time cooks now became full-time. And we also started hiring front end staff," he said.

From then on, there was no looking back. They were opening a store every month, and the speed accelerated as time went by. In 2011, Daryani and Homagai decided to expand beyond Kolkata, by setting up a store in Bengaluru.

Till 2015, they had 44 stores and the only bank loan was of Rs 25 lakh. But that year, they roped in IAN, world's leading horizontal seed-stage platform, to invest Rs 10 crore. "With that money, we started building a good management team."

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Shares of Lemon Tree Hotels Ltd that operates primarily in the mid-priced segment, traded at a new 52-week low on Thursday on the National Stock Exchange. By the day’s end, the stock fell by 7% to 52.90, lower than its issue price of  56 at the time of the initial share sale in March 2018

Evidently, investors aren’t satisfied with the company’s June quarter results. Revenues increased by 11% over the same period last year to  141 crores. Addition of rooms helped fetch more revenues. Lemon Tree saw a 19% increase in the number of rooms to 5,828 during the June quarter. On the other hand, growth in average daily room rate remained subdued at 2.6% year-on-year.

In general, a combination of the consumption slowdown, the general election, closure of Jet Airways (India) Ltd and the liquidity crunch owing to the NBFC (non-banking financial company) crisis have weighed on Lemon Tree’s daily rate growth. Even as its occupancy rate rose from 76.8% in the June quarter last year to 77.5%, the measure is flattish on a sequential basis.

Despite the revenue growth, the company was not able to eke out a net profit for the quarter. Amit Agarwal, senior analyst at Nirmal Bang Equities Pvt. Ltd wrote in a report on 8 August that the June quarter results show a net loss of  1.7 crores adjusted for Indian Accounting Standard (Ind-AS) 116 related to leasing rent accounting. This is against a net profit of  2.3 crores for the year-ago quarter.

“The loss was primarily on account of rising employee expenses and other expenses, increasing our concerns about the company’s ability to rationalize costs," he noted. Lemon Tree’s employee costs and other expenses increased by 16% and 12%, respectively. Adjusting for Ind-AS, earnings before interest, tax, depreciation and amortization margin has declined year-on-year.

Analysts from Kotak Institutional Equities said in a report on 8 August: “Recent weakness in earnings performance, coupled with delays in project execution, as well as promoter pledge during the quarter, has weighed on the stock performance."

To that extent, the drop in the Lemon Tree stock price helps valuations seem reasonable. Addition of new rooms should support revenue growth. The company plans to take the total room count to 8,800 across 58 cities by 2021. Still, investors are likely to watch the pace of growth in the average daily rate closely before checking into the Lemon Tree stock.

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Shares of HCL Technologies Ltd lost about 10% since its March quarter results, underperforming the Nifty IT index, due to concerns over growth and profitability. The June quarter results will reassure investors to some extent

Constant currency revenues grew 4.2% from the March quarter, better than the most optimistic estimate on the Street. From a year ago, they are up 17%, the highest in recent years. Excluding the benefit of a recent acquisition, sequential revenue growth stood at 3.8%, which is healthy.

However, the benefit of revenue acceleration was negated by a steep fall in profitability to 17.1%. It is down a good 1.8 percentage points from the March quarter. As a consequence, operating earnings (earnings before interest and tax ) in dollar terms fell 6.3% sequentially. “Management already guided that Q1 margins will be weak owing to IBM products acquisition led transition costs while revenues would be absent and flow only from Q2. However, the quantum of margin drop is steep," said an analyst on condition of anonymity.

Apart from IBM product acquisition-related costs, a significant part of the incremental growth last quarter is on-site dependent, which has a low margin.

Even so, the company retained the 18.5-19.5% margin guidance for the full year. “I know that there is a bit of a climb from 17.1%, but we have an action plan," said C. Vijayakumar, president and chief executive officer of HCL Technologies.

The plan involves cost rationalization and revenue generation from recent investments. The IBM products acquisition will begin generating revenues from the current quarter, covering the costs of this investment. Investments and spends in the engineering division are projected to moderate. Further, the management plans to optimize the on-site-offshore mix and rationalize several other costs.

The steps will aid HCL Technologies’ profitability. But how well the management will succeed in eking out the gains will be known only when it delivers the September quarter results. Otherwise, it is confident of delivering 14-16% constant currency revenue growth it had guided for FY20.

Deal bookings moderated a bit last quarter, but the pipeline is strong. This should help the HCL Technologies stock, especially given its undemanding valuations and recent underperformance. “Potential acceleration in revenue growth, encouraging investments in applications business and momentum of large deals have been completely ignored," Kotak Institutional Equities said in a note. “To be clear, we do not like the products strategy of HCL, but find valuations at 12 times FY2021 estimated earnings difficult to ignore."

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Revenue jumped 15.7 percent to Rs 1,716.5 crore versus Rs 1,483 crore

Shares of Berger Paints India touched a 52-week high of Rs 350, rising 5 percent intraday August 6 after the company reported robust numbers in the quarter ended June 2019.

The company's Q1FY20 net profit rose 32 percent at Rs 176.8 crore versus Rs 133.9 crore in the same quarter last fiscal.

Revenue jumped 15.7 percent to Rs 1,716.5 crore versus Rs 1,483 crore.

Earnings before, interest, tax, depreciation and amortization (EBITDA) was up 27.5 percent at Rs 305.1 crore against Rs 239.3 crore and the margin was up 170 bps at 17.8 percent against 16.1 percent.

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