Growth continues

Growth in Gold NAV continues against odd in broad market

Six stock to shun for

Six stock to shun for due to ever incresing pledgding of shares by promotors and more due to underperformance are as follows


Gujarat Pipavav Port at Rs 60, PBV 3.45, PE 62
Market Cap:   Rs 2,643 crore
Promoter shareholding: 43%
Promoter holding pledged: 100%



Tata Coffee at Rs 820, PBV 3.8, PE 22
Market Cap:   Rs 1,471.8 crore
Promoter shareholding:   57.5%
Promoter holding pledged:   100%



Kingfisher Airlines at Rs 25, PBV negative , PE negative
Market Cap:  Rs 1,197.2 crore
Promoter shareholding:  58.6%
Promoter holding pledged:  90.2%



United Spirits at Rs 690, PBV 1.8, PE 18
Market Cap:  Rs 10,224.9 crore
Promoter shareholding:  28%
Promoter holding pledged:  89.6%



Wockhardt at Rs 415, PBV negative , PE 20
Market Cap:  Rs 4,222 crore
Promoter shareholding:  73.6%
Promoter holding pledged:  87.1%



SpiceJet at Rs 22, PBV 2.9, PE negative
Market Cap:  Rs 951.3 crore
Promoter shareholding:  38.6%
Promoter holding pledged: 86.2%

Check out latest GOLD ETF NAV

Gold out shines broader market and hold portfolio positive

Gold Pawn business shows positive trend Part1

Cash America International, Inc. http://www.cashamerica.com/ reported second quarter profit of $26.98 million or $0.84 per share versus $20.9 million or $0.66 per share last year.Adjusted earnings were $29.47 million or $0.92 per share versus $22.69 million or $0.72 per share a year ago.

Earnings levels exceeded the top end of estimates due to higher growth in revenue from both U.S. pawn lending activities and the company's E-Commerce business outside the U.S., which combined with lower losses on consumer loans to increase earnings above expectations for the second quarter.

Total revenue grew to $334.25 million from last year's $292.08 million. The increase was mainly due to 15% increase in pawn loan fees and service charges and a 14% increase in merchandise sales vs last year.

 The Company experienced strong growth in both our secured and unsecured loan products this quarter as certain macro-economic factors continue to drive consumer demand for short-term credit. This growth combined with lower loss rates and higher retail margins provided a real boost to revenues and earnings.

The Company remains encouraged with the progress made in diversifying both the geography and product mix of business. Looking ahead, the company expects the third quarter 2011 net income per share to be between $1.05and $1.10 per share compared to 90 cents per share in the third quarter of 2010.

Additionally, the Company said the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.035 per share cash dividend on common stock outstanding to be paid at the close of business  on August 17, 2011 to shareholders of record on August 3, 2011.

In addition, because of the success in the current quarter and the higher than originally expected balances of lending assets, management increased its previously reported earnings expectations for its fiscal 2011 to a range of between $4.28 and $4.48 per share, compared to $3.67 per share in fiscal 2010.

Cash America International offers specialty financial services to consumers, including more than 780 lending operations in 23 states under the names “Cash America Pawn,” “SuperPawn,” “Maxit,” “Pawn X-Change,” “Cash America Payday Advance,” and “Cashland.”

The company operates more than 180 pawn-lending locations, of which the company is a majority owner, operating in 21 jurisdictions in central and southern Mexico under the name “Prenda Fácil.The firm operates another 112 franchised and six company-owned check-cashing centers which are operating in 18 US states under the name “Mr. Payroll.” Cash America also offers consumer loans over the Internet in 30 states, as well as internationally.

One factor helping results is the price of gold. Articles made from the precious metal tend to be collateral put up by Cash America’s customers. Thus, the rising price of gold increases the company’s ability to make larger loans on which they earn interest. Higher gold prices also drive higher scrapping revenues, and boost retail revenues

One reason for the volatility is that regulatory moves at the state level to limit fees and interest rates on cash advances and short-term loans can impact margins, and even cause Cash America to shutter operations in those states. Given the increased regulatory mindset in Washington, it is a valid concern for these shares.

The combination of high unemployment and a cautious lending environment by banks has fueled big demand for Cash America’s services. Per-share profits rose 27% in the June quarter on a 14% increase in revenue.

Cash America has done a good job of addressing these concerns by expanding internationally, especially its e-commerce activities.Analysts expect Cash America to earn $4.27 per share in 2011 and $4.94 per share in 2012. The stock currently trades at 14 times the 2011 consensus earnings estimate, not dirt cheap but reasonable for a stock showing good growth. The issue provides the added kicker as a “gold play.”

 

India Gold ETF demand grow @ 98.6%

Indian investors appetite for Gold ETF in June 2011 has grown by 98.6% pa compared to June 2010

As on 30 June 2010 there were only 7 mutual fund Gold ETF with net AUM of Rs. 1881 crore.

This has increase to 11 Mutual fund Gold ETF with AUM of Rs 5090 crore as on 30 June2011

After considering the growth of 36.2% in NAV over a year the demand for GOLD ETF fund

over one year has increase by 74.99% (for 6 MF in operation) and that including newly started

5 Mutual fund GOLD ETF fund the demand has surrged over 98.6%  and rating of those in

operation over a year considering to liquidity of GOLD ETF and  NAV of  GOLD ETF

to market value of GOLD are as detailed below

The latest NAV of the scheme and its tracking error with respect to Market value

of GOLD in gram is as detailed below

The fund with least tracking error is good however the funds IPGETF, AXISGOLD,

 HDFCMFGETF and BSLGOLDETF though shows least tracking error were newly

formed considering the above SBIGETS, GOLDBEES with higher liquidity

and greater AUM will be most forcoming for investment purpose

for daily trading value at NSE for GOLDETF check out this link below

http://www.nseindia.com/live_market/dynaContent/live_watch/equities_stock_watch.htm?cat=E

for realtime market value of GOLD in INR per troy ounce check out this link below

http://charts.kitco.com/KitcoCharts/index.jsp?Symbol=GOLD&Currency=INR&multiCurrency=true&langId=EN&period=86400000

Indian Corporate Adv Tax June 2011

The amount of Advance Tax payable and due dates for Corporate Tax Payers viz. Local Authorities, Cooperatives, Firms, Domestic Companies and Other than Domestic Companies as per Sec 211 of
Income Tax Act, 1961 on the Income calculated in the manner laid down in section 209 of ibid
shall be as follows.
    on or before the 15th June             Not less than fifteen per cent
    on or before the 15th September   Not less than forty-five per cent
    on or before the 15 th December   Not less than seventy per cent
    on or before the 15 th March         Not less than 100 per cent
Non payment of Advance Tax  instalments on 15th June, 15th September ,15th December  and 15 th March attracts interest as per 234C of the Act at the rate of 1% on the amount short paid for 3 months.

If Advance Tax falling due on 15th March is not paid in full , interest at the rate of 1% on the amount short remitted for 1 month is to be paid. even if the delayed is
by even a day, interest is to be paid on the entire instalment amount.

If advance tax paid by March 31 is less than 90 per cent of the total tax payable, an interest as per 234B of the Act  @ 1 per cent per month on the deficit amount from April 1st of the following year till the date  of filing of return is leviable .


So what is the Corporate Advance Tax paid by Indian corporates for 15 June 2011
Notwithstanding a massive fall in factory output in April 2011 and inflation crossing 9.5 percent for May 2011 , advance tax pay-up by India Inc for the first quarter  June 2011 has increased by 14 percent , easing concerns of economic slowdown.

State Bank of India  paid  Rs 1,100 crore against Rs 850 crore in the year-ago period
Reliance Industries paid Rs 900 crore against Rs 650 crore  last year
Citibank saw its advance tax outgo jumping 50% to Rs 150 crore from Rs 100 crore,
IDBI Bank paid advance tax soaring of Rs 180 crore as against Rs 81 crore
The second-largest foreign bank HSBC, paid Rs 250 crore against Rs 225 crore .
Bank of Baroda doled out Rs 250 crore as against Rs 225 crore,
Bank of India paid Rs 165 crore against Rs 158 crore,
Dena Bank around Rs 55 crore against Rs 45 crore,

So be invested in Banks especially my favourite IDBI Bank

LTP03 Asian Hotels West

NSE: AHLWEST

BSE: 533221

Asian Hotels West has come out with superb number for 2010-11

The net profit for the year was Rs 16.82 crore over a total income  Rs 137.19 crore
with an Operating profit of Rs 45.37 crore

On the paid up capital of 1.14 crore share of Rs 10 each ie., Rs 11.40crore
the EPS was Rs 14.60 and the book value of the share was Rs 262
The current market  price is Rs 192  the total market capitalisation is Rs. 227 crore and
the share is trading at a PE of 13.1 x and P/ BV of 0.73x
against the Industrial PE of 33x and P/BV of 1.15x

History of Asian Hotels West 
--------------------------------
The Company was originally incorporated as Chillwinds Hotels Private Limited on Jan8, 2007,
under the Companies Act, 1956, with the Registrar of Companies, NCT of Delhi and Haryana.
The Company was converted into a Public Limited Company and the subsequently the name was
changed to Chillwinds Hotels Limited w.e.f August 25, 2007. The Company entered into a Scheme
of Arrangement and Demerger with M/s Asian Hotels Limited (Transferor Company)  which is now
known as Asian Hotels (North) Limited) and its shareholders & creditors and M/s Vardhman
Hotels Limited (Transferee Company – II) now known as Asian Hotels (East) Limited and its share-
holders which became effective on February 11, 2010.
The three promoters- Sushil Gupta, Shiv Jatia and Umesh Saraf, who brought the Hyatt hospitality
brand in India under Asian Hotels,- are demerging the company. Under the split formula, Shiv Jatia
will operate the Delhi-based Hyatt Regency, Sushil Gupta will control Hyatt Regency in Mumbai
and Umesh Saraf, the Kolkata-based Hyatt Regency.

On the scheme becoming effective the Mumbai undertaking of the Transferor Company was
demerged and vested in the Company. The name of the Company was further changed to Asian
Hotels (West) Limited w.e.f February 12, 2010 pursuant to the scheme.

According to the scheme of demerger, the Mumbai undertakings had been compensated for its
smaller size in terms of cash and equivalents and development rights and Asian Hotels (West)
received non-convertible redeemable preference shares worth Rs 89 crore at 1%
and the right to develop a property each in Bangalore and Delhi's international airport,
besides the Mumbai property.

Mumbai property
---------------------
Asian Hotels (West) owns a 400 room property in Mumbai, Hyatt Regency a luxury 5 star hotel
http://mumbai.regency.hyatt.com/hyatt/hotels/index.jsp?null located on Sahar Airport Road in
Mumbai (Bombay), India.  Hyatt Regency Mumbai is the city's premier gateway hotel.
The hotel is adjacent to Mumbai's international airport and minutes from the domestic terminals.
The hotel is also close to Santacruz domestic airport. Hyatt Regency Mumbai is the preferred hotel
for business travellers visiting the city of Mumbai. The hotel is also host to Club Prana Spa.

Delhi property to be unveiled in 2012
-----------------------------------------
It owns 66 % in subsidiary Aria which  is developing a 525 room JW Marriott at Delhi Airport
near the terminal T3 that is the new development which is coming. The new hotel will open in
2012 .The entire financial tie up for the new property is already there and ILFS Investment
Managers http://www.ilfsinvestmentmanagers.com/News/9235224007.pdf invested Rs 80 crore
 to acquire a 33% stake in Aria Hotels and Consultancy Services, a subsidiary of Asian Hotels the investment vehicle for Asian Hotels for the Delhi project.

Asian Hotels (West) have entered into a 30-year management contract with Marriott International to
develop the first JW Marriott hotel in Delhi with over 500 rooms at a project cost of Rs 700 crore.
Will also develop a multi-level commercial and retail complex adjoining the hotel property.

Pune Clarion in development
--------------------------------
In the mid-market segment, it has plans to develop a Clarion Hotel in Pune with 100 rooms and will
continue to expand its portfolio of Clarion-branded hotels through its association with a group company
‘Inovoa Hotels  Resorts Ltd.’ (IHPL), which has an exclusive Franchise Agreement for the Clarion brand.
IHPL has recently opened its first 130 room hotel property under its upscale “Clarion Century” Brand
at Whitefield, Bengaluru. http://www.clarionhotel.com/hotel-bangalore-india-II098 Hillwood Corporation USA, a Ross Perot Jr. company, is an investor in
Inovoa Hotels  Resorts.
So by year ending 2013, the revenue will grow almost three-fold.

LTP02 Asian Hotels North

NSE: ASIANHOTNR
BSE: 500023

Asian Hotels North has come out with excellant number for 2010-11

The net profit for the year was Rs 34.50 crore over a total income  Rs 305.44 crore
with an Operating profit of Rs 107.71 crore

On the paid up capital of 1.945 crore share of Rs 10 each ie., Rs 19.45 crore
the EPS was Rs 22.98 and the book value of the share was Rs 397
The current market  price is Rs 202 and the share is trading at a
PE of 8.74 x and P/ BV of 0.51x against the Industrial PE of 33x and P/BV of 1.15x

Delhi-based Asian Hotels (North) owns a premier five-star hotel in the Capital. The company plans to expand in the apartment space after it got split into three different entities earlier this year.
Asian Hotels (North) is the parent entity of the erstwhile Asian Hotels, which was demerged into three independent companies,
Asian Hotels (North),
Asian Hotels (East) and
Asian Hotels (West) earlier this year.
Jatia family-owned Asian Hotels (North) controls the flagship property Hyatt Regency, New Delhi one of the largest five-star properties in the country with nearly 517 rooms and suites. http://delhi.regency.hyatt.com/hyatt/hotels/index.jsp?  It is located within 20-25 kms of city centre and airport . The location of the hotels command the most lucrative operating margins in the industry and is part of Hyatt group which owns operates a portfolio consisted of 451 properties all around the world. Moreover, being present in the NCR region, it provides an edge to the company over its immediate peers. Delhi has a strategic advantage of being a hub of diplomatic, cultural and business activities. This ensures consistent buoyancy in business and leisure travel to the city.

Delhi Expansion
----------------
The company has received allotment order for development of FSI from Delhi Development Authority for their Delhi Property. The company is expanding its existing Delhi property of 517 rooms by adding 35 rooms. Besides, the company is also erecting a new tower with a total built in area of around 1.66 lakh square feet. With this new tower, the company shall foray into the service apartment segment. These service apartments would be up for business by the middle of 2011-12. With these apartments, Asian Hotels (North)'s capacity would increase by 60%. The company has struck a joint venture in an overseas company, which is into hospitality consulting services. The overseas company has subscribed to equity and preference shares of Rs. 53 crore ( at Rs420 a share) and Rs 347 crore. These funds would be used for capacity expansion.

Kolkotta Project
-------------------
The company has paid EMD for allotment of free hold land of six acres  by West Bengal Housing Infrastruture Development Corporation for the its Kolkota five star hotel project.

The foreign connection
-----------------------
The company after obtaining approval of FEMA had made an investment of Rs 391 crore in Fine Hospitaltity and Consultancy Pte Ltd Maurities  for acquiring 53% stake. FHCPL is in the business of providing project development and project management primarily in hospitality sector.


Magus estates and Hotels Limited owns and operates "Four Seasons" an 202 foreign branded hotel in Mumbai. http://www.fourseasons.com/mumbai/ The hotel is in receipt of allotment order for develpment of additonal FAR and has started expansion there at. Magus is the subsidiary of FHCPL thus the connection intact....
Mumbai connection
--------------------


During the year company had raised  converted outstanding Fully Convertible Preference share worth Rs 263 crore into equity shares at rate of Rs 419.80 per share

During the year company had deferred the redemption by two year of Non Convertible Preference share worth Rs 49 lakh with the consent of Magus a subsidiary company

Indraprastha Gas Limited

BSE: 532514   |   NSE: IGL   |   ISIN: INE203G01019

 

The Business
Indraprastha Gas (IGL) is in the business of supplying compressed natural gas (CNG) to the transport Sector and piped natural gas (PNG) to domestic and commercial sectors in the National Capital Territory (NCT) region of Delhi.
Capacity
It has a CNG compression capacity of 3.5mn Kg per day and fuels more than 300,000 vehicles daily. In the PNG segment, IGL provides natural gas to over 210,000 domestic and 300 commercial customers and re-gasified liquid natural gas (R-LNG) to 58 industrial consumers.

Delhi Government introduced 2,000 new buses & ~20,000 new radio taxis during the Common Wealth games. In addition, introduction of CNG models by car manufacturers along with conversion to CNG by private car owners provides significant opportunity for the company.

Visibile Future Plans
In line IGL has consistently increased the number of CNG stations from 181 in FY09 to 241 stations by the end of FY10 and it plans to further strengthen its CNG stations count to 281 by the end of FY11. Compression capacity will also increase to over 3.9mn Kg per day (addition of 11% over the current level of 3.5mn kg per day) by FY13E.
PNG is priced at 19-21% lower to LPG and IGL could target a consumer base of 0.95 mn households 0.35 million a year by FY13 compared to 0.25 million consumers as on date. PNG sales are estimated to grow from Rs 143.6 Crore in FY10 to Rs 520 Crore  in FY13 (at a CAGR of  70% assuming a 5 percent increase in rate per year).

IGL is in midst of a large-scale expansion to augment its PNG infrastructure in existing areas as well as in new areas in Delhi. IGL plans to spend around  Rs. 3000Cr over a period of 5 years to augment its infrastructure. The Company plans to provide new PNG connection to over 35,000 domestic households every year in Delhi as well as NCR towns of Noida, Greater Noida and Ghaziabad. IGL operated as a monopoly gas distributor in the city of Delhi for past 8 years. Based on the new regulations by the PNGRB, the Delhi City gas distribution market will open up to competition after December 2011. Although IGL’s marketing exclusivity will end, it will retain exclusivity as ‘city gas carrier’ in Delhi till FY25. IGL would charge a network tariff of 14% for permitting other entrants for using its network. The new players can only develop pipeline infrastructure in areas where IGL does not have any presence.

IGL has tied up its future gas requirements by signing Gas Sale Agreements with GAIL, BPCL and RIL. The Ministry of Petroleum & Natural Gas has authorized Indraprastha Gas to lay, build, operate or expand city gas distribution network in geographical area of Ghaziabad.

At EPS estimate of Rs 18.4 and Rs 23.2 for FY11E and FY12E respectively, imply earnings CAGR of 22% over FY10-12E. After considering the increase outgo on interest outgo on capital funding and increase in earnings a detailed above. At current level of Rs 315 (06 April 2011), the stock is trading at 17x and 13.6x FY11E and FY12E Earnings . It is better to watch the Half year earning of FY 12 and implementation of capital projects before estimating earning for FY 13

IGL is going to benefit from more and more conversion to CNG because there is almost 45% gap with petrol and 18% gap with diesel and even cheaper compared to Auto LPG. Both PNG and CNG segments are growing very well and expect the volume growth  of 25% upwards  for the next two years FY 12 & FY13 in the earning is sustainable.

UPDATES ON RESULTS
The results for four quarter trailing December 2012 is more or less within range
Trailing EPS at 24.27 as against 23.20 estimated back in April 2011
The OPM has fallen from estimated 29 to 23.25 and NPM from estimated 15.5 to 10.76
The total income however shows 150 percent increase over estimate due to increased price
of CNG and PNG in the market.

UPDATES on developments
In April 2012, Petroleum and Natural Gas Regulatory Board PNGRB had ordered
IGL to cut network tariff by around 60% retrospectively from April 2008.
The total refund on account of the  of the order was pegged between Rs. 900-1,200 crore.
IGL opposed the order  moved the Delhi High Court against the regulator’s order.
In June,2012 the Delhi High Court quashed the PNGRB order dated April 09, 2012 stating
the government regulator did not have the power to fix network tariff or the power to
decide any component of the retail price.

Against this Petroleum & Natural Gas Regulatory Board (PNGRB) has filed a review
petition and then a special leave petition in the Supreme Court against a Delhi High Court
order that questioned its power to fix network tariff.
The hearing of the same is posted in April 2013

THE FURTHER MOVEMENT IN IGL WILL DEPEND UPON THE OUTCOME OF
Hon. SUPREME COURTS DECISION IN CASE OF PNGRB vs IGL

Ansal Properties back to favorite

Ansal Properties is a stock which is currently out of favour. It belongs to a sector which is currently out of favour with the investors. This company has been around for over four decades and is involved in the entire gamut of the real estate activities. This company has got about 19 township projects, which are going on in almost five states. Some of the large projects, which the company is executing includes is a 3500 acre project in Lucknow by name of Sushant Golf City. They are doing a 2500 acre project in Greater Noida. The company has recently started a project called Esencia, which is about 220 acre, including phase I and phase II. This project is located in Gurgaon.

If you look at the financials of the company, for FY10, this company achieved sales of about Rs 750 crore. Meanwhile, PAT was about Rs 70 crore. In the first nine months of the current financial year this company has done almost what it did the entire last year which is Rs 750 crore and it has achieved a PAT of about Rs 68 crore, which is almost similar to what it did for the full year last year. For full year, the EPS is expected to be around Rs 5-5.5. So at the current price of about Rs 37-38 this stock is trading at a PE multiple of about seven, which seems reasonable for this company.

If you look at the investments, which have been made by various PE funds in various projects of the company, HDFC Asset Management bought 8.5% stake in the Greater Noida project and it gave about Rs 225 crore for the 8.5% stake. Redford Capital has just invested in the Esencia project. They have given Rs 200 crore to the company for the Esencia project. Of course, all these projects, all these investments are project level findings and not really investments into Ansal Properties.

This company has passed the enabling resolution to raise about Rs 1,000 crore by way of QIP. Now, given the size and scale of the projects the investments made into the company and also the revenue and profit potential for these projects, I think for the company the current marketcap of about Rs 600 crore looks small.

For a long-term value investor, out of favour stock in out of favour sector provides margin of safety. We are in a scenario when the inflation is high and the interest rates are also high which do not augur well for an interest rate sensitive sector like real estate. So this is a stock for the patient contrarian investor.

The stock during the boom times had seen a price of over Rs 500 and it also fell to about Rs 21 when the markets came down in 2008-09. At the current price of Rs 38 given the improved financials and also the fact that the company is able to manage funds for expansion, I think the negative with regards to the sector and the company looks pretty much factored in the current market price.

Updates Spice mobiles

Spice Mobility Ltd has informed BSE in December 2010 that the Company has acquired 100% Share Capital of M/s. Kimman Exports Private Limited, which is having a property admeasuring 3162 Sq. Meters land area and 90,000 square ft. Built-up area located at Noida, at a total consideration of approximately Rs. 45.51 crores/- (Rupees Forty Five Crores and Fifty One Lacs only).On the said acquisition Kimman Exports Private Limited has become a wholly owned subsidiary of the Company.
************************************************
Spice Mobility Ltd has informed BSE in 15 November 2010 that in accordance with the Scheme of Amalgamation of Spice Televentures Pvt. Ltd. ('Transferor Company') with the Company, the Company has allotted 16,34,48,285 equity shares of Rs. 3/- each to the shareholders of Transferor Company. Consequently the following changes have occurred:


1. The issued share capital has increased from Rs. 22,39,14,000/- divided into 7,46,38,000 equity shares of Rs. 3/ each to Rs. 71,42,58,855/- divided into 23,80,86,285 equity shares of Rs. 3/- each.

2. Pursuant to the allotment of the aforesaid shares, Spice Global investments Pvt. Ltd. is now holding 16,34,48,285 equity shares constituting 68.65% of the paid up capital of the Company (including 3955 equity shares of face value of Rs. 3/- each allotted to Mr. Gopal Singh Negi in which beneficial interest is held by Spice Global Investments Pvt. Ltd).
3. The Company has become a subsidiary of Spice Global Investments Pvt. Ltd.
*****************************************************************
Spice Mobility Ltd has informed BSE that the Scheme of Amalgamation between Spice Mobility Limited and Spice Televentures Private Limited has become effective on November 04, 2010 on filing of the respective court orders with ROC by both the companies and the appointed date as per the scheme is January 01, 2010.
The Company further inform that on becoming effective the said scheme -
(i) Authorised Share Capital of the Company has increased from Rs 51,00,00,000 to Rs 99,00,00,000, divided into 33 crore equity shares of Rs. 3/- each.
(ii) Ms. Divya Modi & Mr. D. R. Mehta have been appointed as Directors of Spice Mobility Limited.
(iii) The following companies, being subsidiaries of Spice Televentures Pvt Ltd, the transferee company, have become the subsidiaries of Spice Mobility Ltd


1. Spice Digital Limited and its subsidiaries namely-

(a) Mobisoc Technology Pvt. Ltd

(b) Spice Labs Pvt. Ltd

(c) Spice Mobile VAS Pte. Ltd

(d) Spice VAS (Africa) Pte. Ltd

(e) Spice Digital Nigeria Ltd



2. Spice Distribution Limited

3. Hindustan Retail Private Limited and its subsidiaries namely -

(a) Spice Retail Limited

(b) Cellucom Retail India (P) Ltd

(iv) The Company is in the process of allotment of shares to the shareholders of Spice Televentures Private Limited.

Updates Microtech

Micro Technologies (India) Ltd has informed BSE regarding a Press Release December 11, 2010 titled "Micro Technologies Launches Micro Emergency Response System Micro ERS A system to keep you safe where ever you go"

Micro Technologies (India) Ltd has informed BSE regarding a Press Release dated January 14, 2011 titled "Micro Technologies' latest endeavor - 'Micro Technologies Australia'"

Micro Technologies (India) Ltd has informed BSE regarding a Press Release dated January 27, 2011 titled "Micro Technologies (India) Ltd launched the book on "Security Requirements of Navi Mumbai, A National Perspective"

SUS 01 DECCAN CHRONICLE

Deccan Chronicle Holdings Ltd (Rs.75) has informed BSE that the Board of Directors of the Company at its meeting held on January 24, 2011, inter-alia, has approved a Scheme of Amalgamation ('the Scheme') for merger of company's wholly owned subsidiaries viz., Deccan Chargers Sporting Ventures Ltd.; and Odyssey India Ltd. with itself under the provisions of Sections 391 to 394 of the Companies Act, 1956.

The Appointed date of the Amalgamation is April 01, 2010 and the Scheme is subject to the sanction of Hon'ble High Court of Andhra Pradesh, Hyderabad. The transferor companies being wholly owned subsidiaries no fresh shares will be issued by the company upon coming into effect of the Scheme.

Deccan Chronicle Holdings Ltd has informed BSE that the Company is launching the Coimbatore Edition of its English Daily "Deccan Chronicle" with issue date of December 28, 2010.