Les dernières nouvelles de l'économie mondiale (Business) et ses crises. : offer

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vendredi 25 juillet 2014

HUL open offer begins at Rs 600 per share, stock trades flat

AppId is over the quota
AppId is over the quota

At present, Unilever PLC has 52.48 per cent stake in HUL. The proposed open offer is valued at $5.4 billion and post the offer the stake will go up to 75 per cent.

At 11:00 a.m.; HUL was trading 0.4 per cent lower at Rs 590.85. It hit a low of Rs 589.05 and a high of Rs 594.35 in trade today.

Rahul Singh, Head of Research, Standard Chartered Securities in an interview with ET Now said that the valuations seemingly look attractive, but if you compare it with the previous open offers we might get very less or lukewarm kind of tendering in this process.

"Long term, we continue to be positive on Hindustan Lever and anyone with a long term view may or may not choose to tender their shares in this offer if they think the premium is not good enough," he added.

HUL is a market leader in the fast moving consumer goods business in India, with brands spanning categories such as soaps, detergents, shampoos, skin care, toothpastes, deodorants etc.

The stock is up over 20 per cent since April and has remained in a range so far in the month of June.

According to analysts, minority investors can tender their stake in the company at the open offer price. At Rs 600 per share, the stock is valued at around 34xtimes FY15 earnings, making it look expensive in the short term.

The performance of Hindustan Unilever Ltd was a mix bag in Q4FY2013. The volume growth of 6 per cent in the domestic consumer business was ahead of the Street's expectation; however, the same is way below the 10% volume growth clocked by the company in the past.

"We believe the next two quarters will have to be keenly monitored in terms of any improvement in the volume growth," Sharekhan said in a note.

The brokerage firm broadly maintains their earnings estimates for FY2014 and F2015.

We have collated views from different brokerage firm as to what investors should do with the open offer:

CLSA: Open offer price if attractive; Recommend investors to sell the stock

IDFC: Subscribe to open offer; Stock is getting re-rated

vendredi 11 juillet 2014

DDA to offer more houses for all income groups, says M Venkaiah Naidu

("In rural and urban planning,…)

NEW DELHI: Delhi Development Authority (DDA) has been asked to plan more housing schemes for all categories from low to high income buyers to help meet the Capital's shortfall of housing, urban development minister M Venkaiah Naidu has said.

Speaking to TOI on Friday, Naidu said DDA has been asked to speed up utilization of land at its disposal in keeping with the high priority accorded to housing by Prime Minister Narendra Modi. He also said participation of the private sector in housing can also be considered.

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"I have already given them an indication that they have to take care of the vulnerable section of society. I have asked DDA to understand the mandate set out by the Prime Minister. If we want to provide housing to all by 2022, it must start with Delhi," Naidu said.

Outlining what he called an inclusive approach, Naidu said planning of new residential colonies will include housing for poor sections of society. "In rural and urban planning, we have to take care of the realities. You cannot make poor stay far away from housing colonies where they have to come for work," he said.

Focussing on dealing with encroachments, Naidu said he wanted civic agencies to be accountable and ensure rules are followed so that squatting and land grab does not become the daunting problem that it currently is.

"Whether it's town planner or inspector or whatever you call them, they must be made accountable for any unauthorized development. You allow illegal colonies and constructions to come up for years. Then suddenly one day you bring bulldozers to demolish them. Then councilor comes, MLA comes, minister comes and the number becomes bigger. You are not able to do anything," Naidu said.

Pointing to the housing challenge with regard to Delhi, Naidu said "I have been informed that Delhi alone has about five lakh people who are shelterless."

On the politically sensitive issue of unauthorized colonies, Naidu said he had met officials and Delhi MPs on the subject. "We are going to have another round of meetings. I have asked them to come with concrete suggestions. And also place before the meeting the availability of land and unauthorized colonies and regularised colonies," the minister said.

Naidu said for planning to succeed, the support of the city's residents was a must. "You can work out anything on paper. The situation is something else on the paper and something different on the ground."

Elaborating on his view that lack of accountability was the main reason for increasing growth of unauthorized colonies and construction, Naidu said future development must go hand in hand with strict enforcement and these reforms could be linked to central aid.

He said once officials are held responsible and government starts taking action, then they will be extra cautious. Naidu added, "We are now talking that officials concerned must be liable for action, if they fail to act. That's going to be my thrust area. This will be a part of the reforms that we are planning. If you don't act to implement the Master Plan, you don't get financial help from Centre."

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