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13Th Aug 2016 |
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Saturday, 13 August 2016
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Friday, 12 August 2016
Nifty, Sensex still on an uptrend but risks rising – Weekly closing report -The Total Investment & Insurance Solutions
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Your Financial Adviser Money Making MC
12Th
Aug 2016
I had mentioned in last week’s closing report that Nifty, Sensex were to head higher. The major indices of the Indian stock markets were in a flat-to-bullish trend on most days of the week. However, on Tuesday the market turned a little bearish. Over the whole week, the major indices have made marginal gains of less than 0.5%. The trends of the major indices in the course of the week’s trading are given in the table below: The Total Investment & Insurance Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
On
Monday, sector-wise, healthy buying was witnessed in automobile, oil
and gas, and consumer durables stocks. The BSE market breadth was
tilted in favour of the bulls -- with 1,542 advances and 1,212
declines and 154 unchanged. On the NSE, on Monday, there were 900
advances, 725 declines and 230 unchanged. Gains were capped due to
caution ahead of the Reserve Bank of India's monetary policy review.
FMCG
major Britannia Industries Ltd. on Monday reported a 13% rise in its
consolidated net profit to Rs219.13 crore in the quarter ended June
30, 2016, as compared to Rs193.66 crore in the corresponding period
in 2015. Its consolidated revenue in the quarter under review grew 8%
to Rs2,162 crore against Rs1,998 crore in the year-ago period. The
share price of the company closed at Rs3,143.00, up 9.07% on the BSE.
Profit
booking, along with lower crude oil prices and a weak rupee, dented
the Indian equity markets during the mid-afternoon trade on Tuesday.
Selling pressure was seen in automobiles, fast moving consumer goods
(FMCG) and metal stocks. The BSE market breadth was skewed in favour
of the bears -- with 1,569 declines and 1,185 advances. On the
NSE, there were 542 advances, 912 declines and 58 unchanged.
According to market analysts, consolidation and profit booking in the
absence of any fresh positive development dragged the equity markets
lower. Most IT (information technology) stocks traded down, while
banking and pharma stocks traded with mixed sentiments. Auto and
aviation sector stocks faced selling pressure. Most FMCG stocks
traded down due to profit booking. The Total Investment &
Insurance Solutions
On
Tuesday, Reserve Bank of India (RBI) Governor Raghuram Rajan kept key
policy rates unchanged in his last monetary policy review as the
governor, with little elbow room on account of the country's retail
inflation inching closer to the upper tolerance level of 6%.
Accordingly, the repurchase (repo) rate or the interest commercial
banks pay the central bank for short-term loans remains unchanged at
6.5%. The cash reserve ratio (CRR) that scheduled banks have to keep
in the form of liquid funds also remains unaltered at 4% of deposits.
In the previous policy update, too, conducted on June 7, the policy
rates were left unaltered.
Profit
booking, along with negative global cues and caution over upcoming
quarterly results, dragged the Indian equity markets lower during the
late-afternoon trade session on Wednesday. Heavy selling pressure was
witnessed in automobile, banking and healthcare stocks. The BSE
market breadth was skewed in favour of the bears -- with 1,896
declines and 832 advances. On the NSE, on Wednesday, there were 335
advances, 1,116 declines and 48 unchanged. The Total Investment &
Insurance Solutions
Most
banking and pharma stocks traded down, while IT (information
technology) and auto stocks also faced resistance at higher levels.
Aviation stocks traded with sideways to firm sentiments on higher
crude oil prices. Indian markets continued to trade with weakness and
underperformed its global peers. The Total Investment & Insurance
Solutions
JK
Tyre & Industries (JKTIL) on Tuesday reported a consolidated net
profit of Rs100.26 crore for the quarter ended June 30, 2016.
According to the company, its consolidated net profit for the
corresponding period of last fiscal stood at Rs117.07 crore.
"Consolidated financial results published, as opted by the
company, include working of Cavendish Industries Ltd., acquired on
April 13, 2016 which restarted its operations in mid-May, 2016,"
the company said in a regulatory filing to the BSE. "Therefore,
results of the quarter are not comparable with previous period."
The company's total income during the quarter under review stood at
Rs1,786.77 crore from Rs1,771.06 crore earned during the
corresponding period of 2015-16. The shares of the company closed at
Rs102.20, down 2.76% on the BSE on Wednesday.
On
Thursday, the Indian equity markets traded flat for most of day.
Selling pressure was witnessed in automobile, metal and capital goods
stocks. The markets were bearish with BSE having 1,165 advances,
1,500 declines and 67 unchanged. On the NSE, there were 585 advances,
871 declines and 62 unchanged.The Total Investment & Insurance
Solutions
Automobile
manufacturer Mahindra and Mahindra (M&M) on Wednesday reported a
rise of 12.36% in its standalone net profit for the first quarter of
the current fiscal. According to the company, Q1 standalone net
profit stood at Rs955.21 crore from Rs850.09 crore for the quarter
ended June 30, 2015. The company informed the BSE in a regulatory
filing that its total revenue from operations during the quarter
under review increased by 14.05% to Rs11,942.90 crore from
Rs10,470.86 crore for the quarter ended June 30, 2015. The company
said in a statement that while public investment expenditures remain
strong, urban demand has been picking up pace since the third quarter
of the previous fiscal and is expected to receive further impetus
from the Seventh Pay Commission awards, which will be given effect in
the current month. The company elaborated that rural demand can be
expected to gather further strength in the coming months given the
robust rainfall received thus far and IMD's (India Meteorological
Department) prediction of normal rains for the rest of the monsoon
season. The company cited that weak external demand, underutilised
capacities and balance sheet stress have hindered domestic private
investment. The company’s shares closed at Rs1,420.70, down 1.88%
on the BSE, on Thursday.
Positive
global cues on the back of higher crude oil prices lifted the Indian
equity markets on Friday. Healthy buying was witnessed in banking,
automobile and metal stocks. However, negative European markets and
caution over the upcoming macro-economic data capped gains in the
afternoon session. Stocks of SBI (State Bank of India) traded firm on
positive Q1 (first quarter) earnings. However, IT (information
technology) and pharma stocks traded with mixed sentiments on profit
booking, pointed out market analysts. Friday’s rally was sufficient
for the major indices to go up by around 1% over Thursday’s close.
The Total Investment & Insurance Solutions
RBI draft circular seeks to protect customers from unauthorised transactions -The Total Investment & Insurance Solutions
Contact
Your Financial Adviser Money Making MC
12Th
Aug 2016
 |
| RBI (The Total Investment & Insurance Solutions) |
The
Reserve Bank of India (RBI) has proposed that the customer will have
no or zero liability in case of fraud being committed because of a
bank's negligence or by a third party. In addition, where the
customer’s own involvement is not clearly established, customer
liability will be limited to a maximum of Rs5,000 if it is reported
within four to seven working days, the draft circular says.The
Total Investment & Insurance Solutions
However,
where customer's own involvement is established, customer will be
liable, the draft circular on 'Customer Protection - Limiting
Liability of Customers in Unauthorised Electronic Banking
Transactions' issued by the central bank says.The Total Investment
& Insurance Solutions
The
recent surge in customer grievances relating to unauthorised
electronic banking transactions resulting in debits to their accounts
and cards, has necessitated a review of the criteria for determining
the customer liability in these circumstances, RBI said in a release.
"If
customer reports beyond seven working days, customer liability will
be determined based on bank's Board approved policy," said the
draft, on which the RBI has sought feedback till 31 August 2016.
On
being notified by the customer, the draft said the "bank should
credit (shadow reversal)" the amount involved in the
unauthorised electronic transaction to the customer's account within
10 working days.
"The
burden of proving customer liability in case of unauthorised
electronic banking transactions shall lie on the bank," the RBI
proposed.
It
is also proposed that banks should ensure that a complaint is
resolved within 90 days and in case of debit card or bank account the
customer does not lose out on interest.
Banks
should also ensure that in case of credit card the customer does not
bear any additional burden of interest.
The
RBI said the recent surge in customer grievances relating to
unauthorised electronic banking transactions resulting in debits to
their accounts/cards, has necessitated a review of the criteria for
determining the customer liability in these circumstances.
"Banks
must ask their customers to mandatorily register for alerts for
electronic banking transactions. The alerts shall be sent to the
customers through different channels (email or SMS) offered by the
banks," it proposed.The Total Investment & Insurance
Solutions
Suggestions
or comments, on the Draft Circular can be sent by post to...
Chief
General Manager,
Department
of Banking Regulation,
Reserve
Bank of India,
Central
Office, 12th Floor,
Shahid
Bhagat Singh Marg,
Mumbai-400
001, or
Please
contact through email to liabilityebt@rbi.org.in on
or before 31 August 2016.The
Total Investment & Insurance Solutions
BSE gets nod to set up international exchange in GIFT -The Total Investment & Insurance Solutions
Contact
Your Financial Adviser Money Making MC
12Th
Aug 2016
The
BSE on Thursday said it has got an approval from Ministry of
Corporate Affairs to establish BSE International Exchange and BSE
International Clearing Corporation at Gujarat International Finance
Tec-City (GIFT).
In
2015, the stock exchange had signed an MoU with the GIFT SEZ Ltd to
set up two entities at the country's first International Financial
Services Centre (IFSC).The Total Investment & Insurance Solutions
"BSE
intends to develop an international exchange providing an electronic
platform for facilitating trading, clearing and settlement of
securities, commodities, interest rates, currencies, other classes of
assets and derivatives by international investors in the GIFT
SEZ-IFSC, subject to necessary approvals and operating guidelines for
IFSCs," a statement said.The Total Investment & Insurance
Solutions
"...International
stock exchange will provide a platform to trade on equity
derivatives, commodity derivatives currency derivatives, interest
rate derivatives for Indian and foreign investors," said stock
exchange's Managing Director and CEO Ashish Kumar Chauhan.
It
will also provide platform for global securities listed on the
international exchanges such as NYSE, LSE, NASDAQ etc., he said.The
Total Investment & Insurance Solutions
Bharti Airtel acquires spectrum in 7 circles in trading deal with Aircel -The Total Investment & Insurance Solutions
Contact
Your Financial Adviser Money Making MC
12Th
Aug 2016
Bharti
Airtel has acquired the rights to use Aircel's Odisha circle, with
which it completed rights to use 4G airwaves of Aircel in seven out
of eight circles in the spectrum trading deal between the companies.
"The
acquisition of rights to use 20 MHz 2300 Band BWA spectrum from
Aircel, Bharti Airtel has now informed BSE that the proposed
transaction has been successfully concluded for Odisha circle
following the receipt of all necessary approvals and satisfying all
the conditions (including conditions stated in the spectrum trading
guidelines)," a regulatory filing by the company said on
Thursday.The Total Investment & Insurance Solutions
"With
this, the company has completed the transaction in 7 out of 8 circles
namely Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir,
West Bengal, Assam, North East and Odisha," the filing with the
BSE said.
Bharti
Airtel announced on April 8 it has entered into a definitive
agreement with Aircel to acquire its 4G airwaves in eight circles for
Rs 3,500 crore through a spectrum trading deal.The Total
Investment & Insurance Solutions
"Bharti
Airtel and its subsidiary, Bharti Hexacom have entered into a
definitive agreements with Aircel and its subsidiaries Dishnet
Wireless and Aircel Cellular to acquire rights to use 20 MHz of 2300
band 4G spectrum for eight circles for an aggregate consideration of
Rs 3,500 crore," the company earlier said in a statement.
The
eight circles are Tamil Nadu (including Chennai), Bihar, Jammu and
Kashmir, West Bengal, Assam, North East, Andhra Pradesh and Odissa.
The
spectrum is valid till September 20, 2030.
With
this acquisition, the company will become a pan India 4G operator,
the statement added.The Total Investment & Insurance
Solutions
Global Markets & News-The Total Investment & Insurance Solutions
Contact
Your Financial Adviser Money Making MC
12Th
Aug 2016
OVERNIGHT
MARKETS AND NEWS
Sep
E-mini S&Ps (ESU16 +0.01%)
are up +0.05% and European stocks are down -0.12% ahead of
U.S. data on retail sales and consumer sentiment. Concerns over
China's economic growth is limiting the upside in stock prices after
Chinese data on industrial production and retail sales grew less than
expected last month while credit growth grew at the slowest pace in
2-years. The weak economic data fueled a rally in Chinese government
bonds as the China 10-year government bond yield fell to 2.665%, a
10-year low. Despite the weak economic data, Asian stocks settled
mostly higher: Japan +1.10%, Hong Kong +0.83%, China +1.60%, Taiwan
+0.20%, Australia +0.42%, Singapore -0.08%, South Korea unch,
India +1.05%. Asian equity markets found support on the rally in U.S.
stocks Thursday to all-time highs as China's Shanghai Composite
climbed to a 2-week high and Japan's Nikkei Stock Index rose to a
2-1/4 month high.
The
dollar index (DXY00 unch)
is down -0.02%. EUR/USD (^EURUSD)
is up +0.14%. USD/JPY (^USDJPY)
is up +0.13%.
Sep
T-note prices (ZNU16 +0.14%)
are up +7 ticks.
China
Jul aggregate financing, the broadest measure of credit growth, rose
+487.9 billion yuan, weaker than expectations +1.0 trillion yuan and
the slowest pace of growth in 2 years.
China
Jul industrial production rose +6.0% y/y, weaker than expectations of
+6.2% y/y.
China
Jul retail sales rose +10.2% y/y, weaker than expectations of +10.5%
y/y.
Eurozone
Q2 GDP rose +0.3% q/q and +1.6% y/y, right on expectations.
Eurozone
Jun industrial production rose +0.6% m/m, stronger than expectations
of +0.5% m/m.The Total Investment & Insurance Solutions
Key
U.S. news today includes: (1) Jul retail sales (expected +0.4% and
+0.1% ex-autos, Jun +0.6% and +0.7% ex autos), (2) Jul final demand
PPI (expected +0.1% m/m and +0.2% y/y, Jun +0.5% m/m and +0.3% y/y)
and Jul PPI ex food & energy (expected +0.2% m/m and +1.2% y/y,
Jun +0.4% m/m and +1.3% y/y), (3) Jun business inventories (expected
+0.1%, May +0.2%), (4) preliminary-Aug University of Michigan U.S.
consumer sentiment index (expected +1.5 to 91.5, Jul -3.5 to
90.0), (5) USDA Aug WASDE crop production.
Russell
1000 companies that report earnings today: JC Penny's (consensus
-$0.14)
U.S.
IPO's scheduled to price today: none.
Equity
conferences today: none.The Total Investment & Insurance
Solutions
Alibaba
Group Holding Ltd (BABA +5.08%)
was upgraded to 'Strong Buy' from 'Outperform' at Raymond James with
a 12-month target price of $124.
Nvidia
(NVDA +2.03%)
gained 3% in after-hours trading after it reported Q2 adjusted EPS of
53 cents, higher than consensus of 48 cents.
Dillards
(DDS +7.76%)
dropped over 3% in after-hours trading after it reported Q2
same-store sales fell 5%, a bigger decline than consensus of a 4%
drop.
Nordstrom
(JWN +7.53%)
jumped over 10% in after-hours trading after it reported Q2 EPS of 67
cents, higher than consensus of 57 cents, and raised its full-year
adjusted EPS view to $2.60-$2.75 from a May 12 view of $2.50-$2.70.
Planet
Fitness (PLNT +0.79%)
gained 2% in after-hours trading after it boosted its full-year
adjusted EPS estimate to 63 cents-66 cents from a prior view of
62 cents-65 cents.
Itron
(ITRI +0.97%)
rose nearly 6% in after-hours trading after it reported Q1 adjusted
EPS of 44 cents, higher than consensus of 32 cents,
Viavi
Solutions (VIAV +0.69%)
lost 3% in after-hours trading after it said it expects Q1 adjusted
EPS of 6 cents-8 cents, below consensus of 8 cents.
Sunrun
(RUN +3.64%)
jumped over 10% in after-hours trading after it reported Q2 revenue
of $122.5 million, above consensus of $111.3 million.
Ruby
Tuesday (RT -2.61%)
dropped 10% in after-hours trading after it reported Q4
same-restaurant sales fell -3.7% accelerating from
a -3.1% decline in Q3, and said it will close 95
underperforming restaurants.
Delek
U.S. Holdings (DK +4.34%)
rallied 14% in after-hours trading after the New York Post reported
that CVR Energy is preparing to make an offer for the company.
Acacia
Communications (ACIA -2.17%)
jumped over 20% in after-hours trading after it reported Q2 revenue
of $116.2 million, well above consensus of $85.8 million, and said it
expects Q3 adjusted EPS of 64 cents-76 cents, higher than
consensus of 43 cents.
Silicon
Graphics International (SGI +8.73%)
surged over 28% in after-hours trading after Hewlett Packard
Enterprise acquired the company for $275 million.
Voxeljet
AG (VJET +7.59%)
tumbled 19% in after-hours trading after it cut its 2015 revenue
estimate to 24 million euros-25 million euros from a May 12
estimate of 28 million euros-30 million euros.
Ocean
Rig UDW (ORIG +10.20%)
plunged over 50% in after-hours trading after it said it will
reschedule installments and engaged advisers to assess viability of
its capital structure and alternatives that may be available to
pursue.The
Total Investment & Insurance Solutions
Sep
E-mini S&Ps (ESU16 +0.01%)
this morning are up +1.00 point (+0.05%). Thursday's closes: S&P
500 +0.47%, Dow Jones +0.64%, Nasdaq +0.42%. The S&P 500 on
Thursday posted a fresh record high and closed higher on a rally in
energy producers as crude oil prices climbed +4.27% and on Wells
Fargo's hike in its S&P 500 12-month target to 2,200.
Sep
10-year T-notes (ZNU16 +0.14%)
this morning are up +7 ticks. Thursday's closes: TYU6 -22.00,
FVU6 -13.25. T-notes on Thursday closed lower on reduced
safe-haven demand with the rally in stocks and on lackluster demand
for the Treasury's $15 billion auction of 30-year T-bonds that had a
bid-to-cover ratio of 2.24, below the 12-auction average of 2.36.
The
dollar index (DXY00 unch)
this morning is down -0.023 (-0.02%). EUR/USD (^EURUSD)
is up +0.0016 (+0.14%). USD/JPY (^USDJPY)
is up (+0.13%). Thursday's closes: Dollar index +0.207 (+0.22%),
EUR/USD +0.0059 (+0.53%), USD/JPY -0.59 (-0.58%). The
dollar index on Thursday closed higher on the rally in the S&P
500 to a record high and on weakness in GBP/USD which sold off to a
1-month low on expectations for more BOE stimulus measures.
Sep
WTI crude oil (CLU16 -0.30%)
this morning is down -6 cents (-0.14%) and Sep gasoline
(RBU16 -1.07%)
is down 0.0128 (-0.94%). Thursday's closes: CLU6 +1.78 (+4.27%), RBU6
+0.0603 (+4.63%). Sep crude oil and gasoline on Thursday closed
higher with Sep crude at a 2-week high. Crude oil rallied on comments
from Saudi Arabia's energy minister who said talks with OPEC
producers next month could include possible action to stabilize the
oil market. Crude oil was also boosted by the IEA's forecast that
global refiners will increase Q3 crude processing by +600,000 bpd to
a record 80.6 million bpd.The
Total Investment & Insurance Solutions
Thursday, 11 August 2016
Achieving solar targets while complying with WTO norms -The Total Investment & Insurance Solutions
Contact
Your Financial Adviser Money Making MC
11Th
Aug 2016
 |
| WTO norms(The Total Investment & Insurance Solutions) |
The
World Trade Organisation (WTO) recently ruled against India's
Domestic Content Requirement (DCR) for setting up solar power plants.
Yet, there are ways to meet DCR in a way that it does not violate the
multilateral trading norms.The Total Investment & Insurance
Solutions
To
backtrack a bit, the national solar target was revised to an
ambitious 100 GW in 2015, with a focus on indigenous manufacturing of
solar cells, modules and other associated components of solar power
plants.
Currently,
India has 5.62 GW and 1.21 GW of PV (photovoltiacs) module- and
cell-manufacturing capacities. However, the industry is operating at
only 30 per cent capacity because of lack of demand as imported
modules are cheaper.The Total Investment & Insurance Solutions
Although
3.33 GW was installed in India over the past two years, more than 75
per cent of the capacity employs modules imported from China and
other competitive countries.
Indian
modules and cells become expensive because of complicated mechanisms
to avail of subsidies like the MSIPS (Modified Special Incentive
Package Scheme) and a lack of vertical integration, economies of
scale, low-cost finance and, finally, adequate dedicated
infrastructure such as silicon-processing plants and stable power
supply.
Without
a strong manufacturing base, India will end up spending $3 billion on
imported PV modules to reach the ambitious 100 GW target. Energy
security, which is another objective in JNNSM (Jawaharlal Nehru
National Solar Mission), will not be achieved. There are various
policy instruments that the government can engage to boost domestic
manufacturing like tax exemptions, soft loans and the DCR.
The
DCR clause mandates a part of solar installations to use indigenously
sourced or manufactured components. It incentivises nascent domestic
manufacturers by providing them a secure market for a stipulated
period. In principle, it should be phased out when indigenous
manufacture becomes competitive with its international counterparts.
The Indian government had stipulated DCR in some projects of JNNSM
Phase 1 and Phase 2.The Total Investment & Insurance Solutions
In
February 2013, the US filed a dispute against India at the WTO
claiming bias against imported cells and modules through this DCR.
The US claimed that this clause was inconsistent with the General
Agreement on Trade and Treaty (GATT) Article III:4, which demands
equal treatment for domestic and foreign products.
India
defended its case by seeking an exemption under GATT Article
III:8(a), which says that GATT Article III:4 shall not apply to laws
and regulations governing the procurement of products by governmental
agencies for governmental purposes and not for commercial resale.
The
WTO rightly ruled against India on grounds of discrimination against
solar panels while procuring electricity. This essentially means that
the government was purchasing the electricity that was generated from
the panels under the DCR clause.
According
to WTO norms, the goods being discriminated against and the goods
being procured should be either similar or have a competitive
relationship, which was not the case in this dispute. India is now
planning to appeal against the decision at WTO's highest court, the
Appellate Body.The Total Investment & Insurance Solutions
This
decision of the WTO leaves no elbow room for India to implement DCR
in its current form. However, DCR can be employed in another way. A
majority of the government entities planning to install rooftop
photovoltaic (RTPV) systems can use domestically manufactured
modules. In this case, India will be able to support the DCR clause
for government usage as India is not a signatory to the Government
Procurement Agreement (GPA), which enforces otherwise.
The
argument because of which India lost the case will not hold good
since the government is no longer procuring electricity, but only
consuming whatever is generated with no associated monetary value or
transaction. The only condition should be that these RTPV systems do
not generate more than the consumption in each building.
Indian
Railways alone consumes 17.5 billion units of electricity (1.8 per
cent of the country's total electricity demand) with an annual
expenditure of over Rs 11,000 crore ($1.6 billion). If 10 per cent of
this demand is met by DCR, this would add 1 GW capacity. Similarly,
there are a large number of government entities such as hospitals,
schools and institutions that consume a large amount of electricity.
These buildings typically have large rooftop areas suitable for RTPV
installations.
Further
research using tools such as Geographical Information System (GIS)
can be used to estimate the suitable rooftop area available to such
government entities.The Total Investment & Insurance Solutions
Once
the potential assessment exercise is completed, India can decide the
magnitude of DCR it wants to implement within the WTO norms. This
will allow domestic manufacturers to operate within a niche space
till they achieve cost competitiveness and strengthen the indigenous
manufacturing base.The Total Investment & Insurance
Solutions
Tata Chemicals sells its urea business for Rs 2,670 crore -The Total Investment & Insurance Solutions
Contact
Your Financial Adviser Money Making MC
11Th
Aug 2016
Tata
Chemicals on Wednesday said it has sold its urea business to Yara
Fertilisers India Private Limited for a consideration of Rs2,670
crore.
"The
Board of Directors has accepted the transfer of the business of sale
and distribution of urea and customised fertilisers, manufactured by
the company at its plants located in Babrala, Uttar Pradesh, by way
of a slump sale by the company to Yara Fertilisers India Private
Limited," the company said in a filing to BSE.The Total
Investment & Insurance Solutions
The
lump sum consideration for the transfer of the urea business of the
company by way of a slump sale pursuant to the scheme is Rs2,670
crore, the filing said.The Total Investment & Insurance Solutions
The
company said divestment of the urea business would unlock value for
the company, strengthen its balance sheet and would help to pursue
growth potentials and opportunities in line with its strategic
directions.
"This
marks a decisive move on the part of the company to move forward on
its strategy to build consumer business while maintaining leadership
in inorganic chemicals business and focusing the farm business
through its subsidiary Rallis and Metahelix," said the company's
MD R. Mukundan.
Yara
India is the Indian arm of Norway's Yara International ASA and it
imports, sells and distributes plant nutrition products in the
country.
"The
urea business will now have the benefit of international network of
Yara and its global expertise... The company will continue to own the
brands Paras, TKS and Daksha. This transaction does not include
specialty products and complex fertilisers," the filing said.The
Total Investment & Insurance Solutions
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