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Further Pay Revision for PSU Officers
The improved pay packages will also include increase in house rent allowance and retirement benefits. The decisions are based on the recommendations of the committee of ministers headed by Home Minister P Chidambaram, which went into the revised salary and allowances notified earlier in November last year by the government. PSU officers, particularly in the oil sector, forced the government to revisit their revised pay scales when they went on strike in January this year.
Briefing reporters after the Cabinet meeting, Chidambaram said the revision in the pay structure would vary from company to company. (Source : PTI News)
Stay tuned for detailed post on above.
Read More!Withdraw Cash from any ATM from Apr.1, Free of charge
Earlier some banks had created their own network where ATM withdrawal of the participating bank customers was not charged. However, there was lack of awareness and clarity on these mechanisms. The customer was not aware of what charges will be deducted on using other bank’s ATM as the charges differed from one bank to another. There was a confusion among the customers as to what will be the charge for withdrawing Cash from their Bank Accounts from some other Bank’s ATM and this facility was being used by customers only in case of extreme emergencies (where charges do not matter!).
RBI had issued a circular on March10,2008 directing all Banks to not charge more than Rs. 20 with effect from March 31,2008 for use of any Bank’s ATM. The circular further mentioned that with effect from Apr1, 2009 all banks should provide these service FREE of cost to the customers.
What will still be Charged ?
Banks may still charge customer for the following Services :
a) cash withdrawal with the use of credit cards
b) cash withdrawal in an ATM located abroad.
If you are interested in reading the Notification of the RBI in this Regard, click the link below
RBI Notification for Customer Charges for Use of ATM’s for Cash Withdrawal & Balance Enquiry
Update : 22nd August ,2009
From Oct 15, only 5 'other bank ATM' transactions a month would be Free
The party is Over for bank cutomers who had been awarded the liberty of Free withdrawal from any ATM just 5 months back. Based on the demand from Indian Bank's Assocation, RBI has agreed to limit the numbers of free withdrawal from "Third Party" ATM to 5 per month. If you withdraw more than 5 times from other Bank's ATM, you may have to pay a fee ranging from Rs 12 -Rs 20 for this. However, banks have been given the liberty not to charge any fee for more than 5 transaction per month in case they wish to do so.
RBI is also limiting the amount of cash that can be withdrawn from "Other Bank's" ATM to Rs. 10,000 per transaction.
(This post has been updated on 22nd August, 2009 in view of new development which impacts the relevance of this post)
Read More!IPO’s continue to haunt Investors
The heartthrobs of Year 2007 and some part of 2008, IPO’s are no longer common Investor’s attractive hub. IPO’s that have listed in Year 2009 have the same story to tell. See for yourself.
There are companies who have deferred their plan to float IPO’s due to the current turmoil in the market. Bharat Oman Refineries, Photon Infotech and NHPC are among the companies who have deferred their IPO plans. Other companies who have filed the DRHP include Mayajaal Entertainment, Pradip Overseas, Sea TV Network, Great Eastern Energy Corporation & Texmo Pipes and products.
Read More!Only Buyers in Matrix Labs on Delisting plans
Mylan Laboratories had acquired 71.16% Controlling Interest in Matrix Laboratories in Jan 2007. As per the latest Shareholding pattern the Foreign Institutional Investors (FII’s) hold 16% stake in the company.
Matrix Labs has a book value of Rs. 44 Per share and the stock is currently trading at Price to Book value of 3.22
Read More!Brandhouse Retails Limited to list on March 27, 2009
The issued, subscribed and paid-up equity capital of the company post arrangement comes to Rs.51.99 Crores consisting of 5,19,94,195 equity shares of Rs.10/- each fully paid up. Out of these, around 1.07 Crore Shares are under lock-in period upto April 30,2012 . The Scrip is expected to list in a price Range of Rs.13-14 and settle around Rs. 12 after initial euphoria.
The Scrip Code is 533059 and the ISIN No. is INE317J01011
Current Shareholding Pattern
Promoters 55.7%
FII’s 24.0%
Body Corporates 10.1%
Trusts 6.9%
Others 3.3%
About Brandhouse retails (BHRL)
Brand Portfolio
With retail business of Skumars in its pocket, Brandhouse retail boasts of brands like Reid & Taylor, Stephens Brothers, Carmichael House, Belmonte and Dunhill.
Financials
For Year ended 31st March,2008 the company had posted a turnover of Rs. 313 Crore against 55 crore in previous year.
Net Profit after tax stood at Rs. 13.1 Crore against 9 Lacs in previous year.
The Earnings per share stood at Rs. 2.56 Company has minimal Cash of Rs. 42.5 Lacs on its Balance sheet. It has huge Debtors of 77.5 Crore and Inventories of Rs. 63 Crore which is typical of such business.
Some of the major Expense of company includes Rentals (20 Crore), Salaries (7 Crore), Exhibitions (2 Crore), Interest on NCD (3.6 Crore) and Brokerage charges(1.5 Crore)
Recent Developments
BHRL announced its joint venture with Italy’s leading apparel brand ‘Oviesse’. This brand would address young India and provide affordable ‘fast fashion’ for men, women and kids. The total equity investment in the JV will be Rs. 161 crores over 5 years for setting up of 190 stores across Metro/Tier1/Tier2 cities. In the terms of the agreement Brandhouse will hold 62.5% of the total equity while the balance 37.5% of the equity will be in the hands of Oviesse.
Oviesse is a part of Gruppo Coin, Italy’s leading clothing retailer with a turnover of over 1.1 billion Euros. Based in Mestre, Italy, Oviesse is a benchmark in fast fashion with over 11 million customers shopping at their store every year, which amounts to a sale of over 100 million garments at a revenue of over €820 million.
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