Evaluating Usha Martin’s Performance Through ROCE Trends and Rajeev Jhawar’s Profound Strategies

Usha Martin Limited stands as one of the premier global manufacturers of wire rope, with a remarkable track record. The Usha Martin Group, led by the dynamic Rajeev Jhawar, consistently pioneers innovative solutions for industry challenges. The strategic initiatives orchestrated by Rajeev Jhawar Usha Martin Ltd the managing Director., are yielding substantial results, as evidenced by the latest Usha Martin returns data. Rajeev Jhawar, an accomplished industrialist with over thirty years of strategic management expertise, has been instrumental in driving this success.

In an ideal scenario, businesses would not only inject greater funds into their operations but also amplify the returns on those investments. These enterprises perpetually reinvest their profits, generating compounded returns through Rajeev Jhawar visionary methodologies. Consequently, the trajectory of Usha Martin’s ROCE (Return on Capital Employed), guided by Rajeev Jhawar’s strategies, is truly remarkable.

ROCE is a key metric quantifying the percentage of pre-tax income a business generates in relation to the capital deployed for its operations. Usha Martin boasts an impressive 19% ROCE, surpassing the 15% norm of the Metals & Mining sector. Rajeev Jhawar’s leadership has yielded consistent growth in Usha Martin’s ROCE, evident in the staggering 569% increase over the past five years.

Presently, the company achieves a return of 0.2 rupees for each dollar invested, signifying a 44% reduction in capital consumption compared to five years ago. This efficiency enhancement is a testament to Rajeev Jhawar’s resolute commitment to elevate Usha Martin and his strategic business acumen. Notably, the ratio of the company’s current liabilities to total assets has diminished to 26%, decreasing reliance on short-term creditors for funding. Rajeev Jhawar attributes the upswing in returns to the firm’s underlying performance, solidifying its position under his stewardship. The financial accomplishments of Usha Martin under Rajeev Jhawar’s astute guidance over the last five years have undoubtedly captivated investors’ attention.

‘RBI decision on Rs 2000 notes not demonetisation’: Delhi High Court

The RBI, therefore, has not exceeded the powers conferred on it under the RBI Act or has not violated the Banking Regulation Act, 1949,” the order said.

NEW DELHI: The Delhi High Court on Monday said till the time Rs 2000 banknotes continue to be a legal tender, the RBI’s direction to banks not to issue Rs 2000 banknotes from its currency chests or request to the public for depositing them without any restriction is not a ‘decision of demonetisation.’

A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad observed the Reserve Bank of India (RBI) direction doesn’t mean that Rs 2000 currency notes will be demonetised from September 23 this year while rejecting a plea challenging the apex bank’s decision.

“The fact that the permission to exchange Rs 2000 notes is available only till 23.09.2023 doesn’t mean RBI has issued a direction that from 23.09.2023 Rs 2000 banknotes will be demonetised. The RBI, therefore, has not exceeded the powers conferred on it under the RBI Act or has not violated the Banking Regulation Act, 1949,” the order said.

The bench said the central bank has not taken any decision on the discontinuance of Rs 2000 notes and it was well within its power to issue the notification, which is only a part of the currency management system.

“.. It is not a decision to demonetise Rs 2000 banknotes and this circular is only a direction to the banks to desist from issuing Rs 2000 notes to their customers and to ensure that no withdrawal of Rs 2000 notes is allowed from the banks holding currency chests,” the high court said.

Royal Enfield to face competition from Harley x440 

Given Harley Davidsons’ brand image and competitive pricing at which the product was launched, X 440 could be a strong contender in the premium segment.

NEW DELHI: India’s largest two-wheeler maker Hero MotoCorp and American legacy brand Harley-Davidson’s co-developed mid-size bike is likely to challenge the might of Royal Enfield in the mid-size segment as the impact of the x440 launch was seen in Eicher Motors shares, which witnessed one of its worst selling sessions in recent times on Tuesday.

Shares of Eicher Motors, the parent company of Royal Enfield, cracked over 6% to end Tuesday at Rs 3,411 a piece. Hero MotoCorp shares, on the other other hand, gained 5% to close at Rs 3,035. “Harley Hero x440 is launched at a competitive price, which is below expectation and surprised positively. Given Harley Davidsons brand image and competitive pricing at which the product was launched, X 440 could be a strong contender in the premium segment and has all the ingredients to garner good market share,” said Himanshu Singh- Research Analyst, Prabhudas Lilladher.

Singh added that the biggest loser could be Eicher Motor given a near-monopoly market share in premium segment. The impact on volume would depend on how fast Hero and Harley can attract buyers and how RE responds to the competition. But, we are seeing increased competition for Royal Enfield and this could be an overhang on Eicher Motors’ share price,” said Singh.

Hero and Harley launched their co-developed premium motorcycle — the Harley-Davidson X440 in India late Monday night at a starting price of Rs 2.29 lakh lakhs. Currently, Royal Enfield has a market share of about 90% in the 250–350 cc segment and it dominates the 350–650 cc segment.

Owing to the high demand for RE bikes, this segment is attracting the eyeballs of rival bike makers such as Honda 2wheelers, Hero MotorCorp and Bajaj Auto, which in partnership with Britain’s Triumph is expected to launch its mid-size bike soon. Pawan Munjal, Executive Chairman, Hero MotoCorp, said, “The motorcycle brings the best of the iconic Harley-Davidson’s signature elements with manufacturing expertise and trusted quality of Hero. Together, we aim to create a unique value proposition for customers in the Indian market and target a wider range of motorcycle enthusiasts.”

Nirmala Sitharaman to review public sector banks’ performance on July 6

This is the first review meeting by Sitharaman in the current fiscal after the review of the FY23 financial results of banks.

NEW DELHI: Finance minister Nirmala Sitharaman on Thursday (July 6) will meet the heads of public sector banks (PSBs) to take stock of their overall performance. She will review the credit growth, asset quality, capital requirement and overall profitability.

Besides this, she will also take feedback about the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and emergency credit line guarantee scheme (ECLGS) to help businesses impacted by Covid-19.

This is the first review meeting by Sitharaman in the current fiscal after the review of the FY23 financial results of banks. “Finance minister will also discuss the bad loan situation in the banking sector. Though there has been a significant improvement in asset quality of banks, there are some sectors like gems and jewellery, textiles, construction and food processing which need attention,” a top official told this newspaper.

As per the Financial Stability Report of the RBI, the gross non-performing assets (GNPA) of the scheduled commercial banks fell to a 10-year low of 3.9 % in March 2023. These are likely to decrease further to 3.6% by March 2024, as per its report. The RBI conducted stress tests to assess the resilience of SCBs, which revealed that they are well-capitalised and capable of absorbing macroeconomic shocks.

Meanwhile, FM chaired a review meeting on the implementation of various Budget announcements with the Secretary, Department of Economic Affairs, Disinvestment Secretary, Banking Secretary, Corporate Affairs Secretary and other senior officials of the Finance Ministry in New Delhi on Tuesday.

Markets fire on all cylinders: Sensex, Nifty end at new closing highs

Rallying for the fifth straight session, the 30-share BSE Sensex jumped 274 points or 0.42 per cent to settle at its all-time closing high of 65,479.05.

MUMBAI: Equity benchmark indices Sensex and Nifty advanced further to settle at record highs for the fourth straight session on Tuesday, driven by unabated foreign fund inflows and largely bullish investor sentiments.

Besides, heavy buying in index majors Bajaj Finance, Bajaj Finserv, Infosys, HDFC Bank and TCS added to the optimism in the equity market.

Rallying for the fifth straight session, the 30-share BSE Sensex jumped 274 points or 0.42 per cent to settle at its all-time closing high of 65,479.05. During the day, the benchmark surged 467.92 points or 0.71 per cent to hit its lifetime intra-day peak of 65,672.97.

The NSE Nifty climbed 66.45 points or 0.34 per cent to end at a fresh record high of 19,389. During the day, it advanced 111.6 points or 0.57 per cent to hit its all-time intra-day peak of 19,434.15.

Bajaj Finance was the best performer in the Sensex chart, spurting 7.71 per cent, followed by Bajaj Finserv, Tech Mahindra, Sun Pharma, NTPC, Titan, Wipro, Tata Consultancy Services, Kotak Mahindra Bank, Infosys, State Bank of India and ITC.

On the other hand, Bharti Airtel, Axis Bank, Reliance Industries, IndusInd Bank, Tata Steel and UltraTech Cement were among the laggards.

In Asian markets, Shanghai and Hong Kong settled in the green while Seoul and Tokyo ended lower.

Equity markets in Europe were trading on a mixed note in the mid-session deals.

The US markets ended in positive territory on Monday.

Global oil benchmark Brent crude climbed 1.15 per cent to USD 75.51 a barrel.

Foreign Portfolio Investors (FPIs) bought equities worth Rs 1,995.92 crore on Monday, according to exchange data. FPIs pumped Rs 47,148 crore in the Indian equities in June, making it the highest inflow in 10 months.

HP Enterprise, VVDN Tech sign pact to produce USD 1 bn worth of servers in 4-5 yrs: Ashwini Vaishnaw

The memorandum of understanding was signed within 10 days of the India-US joint statement on co-production and development of technologies.

US-based Hewlett Packard Enterprise has signed an initial pact with VVDN Technologies under which they plan to produce high-end servers worth USD 1 billion in the next 4–5 years, union minister Ashwini Vaishnaw said on Tuesday.

The memorandum of understanding (MoU) was signed within 10 days of the India-US joint statement on co-production and development of technologies.

“It is a pleasure to share that HP Enterprise has agreed to produce high-end servers in India under the IT Hardware PLI scheme which was recently approved by our Prime Minister.

“Under the scheme, they have signed the first MoU with VVDN Technologies. They will have production worth USD 1 billion in the next 4–5 years,” the union minister for IT and Telecom told PTI.

He said that the production is expected to start from November this year.

Terrorism remains a major threat to regional and global peace: PM Narendra Modi

While charing a virtual summit of the Shanghai Cooperation Organisation (SCO), Modi said, “Terrorism may be in any form, in any manifestation and we have to fight together against it.” 

NEW DELHI: In a veiled reference to Pakistan, Prime Minister Narendra Modi on Tuesday told leaders of the SCO nations that the grouping must not hesitate to criticise countries supporting cross-border terrorism as an instrument of state policy and there must not be any “double standards” in combating terrorist activities.

With Pakistan Prime Minister Shehbaz Sharif, Chinese President Xi Jinping and Russia’s Vladimir Putin listening, Modi said at a virtual summit of the Shanghai Cooperation Organisation (SCO) that “decisive action” is required to deal with terrorism and terror financing.

Chairing the summit, Modi talked about the growing importance of the SCO and said, “It is our shared responsibility to understand each other’s needs and sensitivities and resolve all challenges through better cooperation and coordination.”

The remarks came amid the lingering border row between India and China.

In his opening remarks, Modi also highlighted the need for boosting connectivity but asserted that it is essential to respect the basic principles of the SCO charter, especially the sovereignty and territorial integrity of member states while making such efforts.

There has been increasing global criticism of China’s Belt and Road Initiative (BRI).

India has been severely critical of the BRI as the project includes the so-called China-Pakistan Economic Corridor (CPEC) that passes through Pakistan-occupied Kashmir.

On Afghanistan, the prime minister said the situation there has a “direct impact on the security of all of us” and it is important to ensure that Afghan territory is not used to destabilise neighbouring countries or to encourage extremist ideologies.

The prime minister also touched upon the global food, fuel and fertiliser crisis, highlighted the need for reform of the SCO and welcomed Iran as the new permanent member of the SCO.

However, one of the major focus areas of his speech was combating the threat of terrorism.

“Terrorism remains a major threat to regional and global peace. Decisive action is necessary to meet this challenge. Terrorism may be in any form, in any manifestation and we have to fight together against it,” Modi said.

“Some countries use cross-border terrorism as an instrument of their policies; give shelter to terrorists. The SCO should not hesitate to criticise such countries. There should be no room for double standards on such a serious issue,” he said.

The prime minister also strongly pitched for deeper mutual cooperation to deal with terror financing and noted that the SCO’s RATS (Regional Anti-Terrorism Structure) mechanism has played an important role in this.

“We should also take more active steps to prevent the spread of radicalisation among the youth of our countries. The joint statement being issued today on the issue of radicalisation is a symbol of our shared commitment,” he said.

The virtual summit under India’s presidency was attended by leaders of Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Iran as well. The prime minister also spoke of various global challenges.

“The global situation is at a critical juncture. Food, fuel and fertiliser crisis is a big challenge for all the countries in the world surrounded by disputes, tensions and epidemics,” he said, without making any specific references.

“Let us think together whether we as an organisation are capable of meeting the expectations and aspirations of our people? Are we able to meet the modern challenges,” he asked.

“Is the SCO becoming an organisation that is fully prepared for the future? In this regard, India supports the proposal for reform and modernisation of SCO,” he said.

On the situation in Afghanistan, Modi said India’s concerns and expectations regarding that country are similar to those of most of the SCO countries.

Modi said ensuring humanitarian assistance to Afghan people, formation of an inclusive government, the fight against terrorism and drug trafficking and ensuring the rights of women, children and minorities in that country are “our shared priorities”.

“The people of India and Afghanistan share age-old friendly relations. Over the past two decades, we have contributed to the economic and social development of Afghanistan,” he said.

“We have continued to send humanitarian aid even after the events of 2021. It is essential that the land of Afghanistan is not used to destabilise neighbouring countries, or encourage extremist ideologies,” he said.

The prime minister also batted for boosting regional connectivity.

“Better connectivity not only increases mutual business but also increases mutual trust. But in these efforts, it is essential to respect the basic principles of the SCO Charter, especially the sovereignty and territorial integrity of member states. “

After Iran’s SCO membership, we can work for better utilisation of Chabahar Port.

The International North-South Transport Corridor can become a safe and easy way for the landlocked countries of Central Asia to reach the Indian Ocean,” he said.

“We should realise its full potential,” he added.

India has been pushing for the Chabahar port project to boost regional trade, especially for its connectivity to Afghanistan.

Modi also called for removing language barriers in the SCO.

“We would be happy to share India’s AI-based language platform, Bhashini, with everyone to remove language barriers within the SCO. This can become an example of digital technology for inclusive growth,” he said.

Modi said the SCO can become an important voice for reform in other global institutions including the UN.

The prime minister also welcomed Iran as the new member of the SCO.

“At the same time, we welcome the signing of the Memorandum of Obligation for SCO membership of Belarus,” he said.

“Today, the interest of other countries in joining SCO is a proof of the importance of this organisation,” he added.

“In this process, it is necessary that the basic focus of the SCO remains on the interests and aspirations of the Central-Asian countries,” Modi said.

Shah Rukh Khan Undergoes Surgery In The US: Report

The actor reportedly met with an accident in Los Angeles during a shoot

New Delhi: Shah Rukh Khan reportedly had a surgery in the US after he met with an accident in Los Angeles during a shoot, reported ETimes. According to the report, the actor is back to India and he is recuperating at home. ETimes quoted a source as saying, “SRK was shooting in Los Angeles for a project and he ended up hurting his nose. He began bleeding and was immediately rushed to a hospital. His team was informed by the doctors that there was nothing to worry and that King Khan would need to undergo a minor surgery to stop the bleeding. Post the operation, SRK was spotted with a bandage on his nose.”

On the professional front, Shah Rukh Khan kickstarted the year with a bang. His film Pathaan was a smash hit. The actor will next be seen in Atlee’s Jawan with Nayanthara and Vijay Sethupathi. Shah Rukh Khan will also star in Rajkumar Hirani’s Dunki, co-starring Taapsee Pannu, which is also slated to release this year.

Shah Rukh Khan, who was absent from films for almost 4 years, has had a stellar year professionally. He returned with a bang in 2023 and how. He featured in the smash hit Pathaan this year, alongside Deepika Padukone and John Abraham. In the last few years, SRK was busy as a film producer and made cameo appearances in some movies.

His latest production venture was the 2022 film Darlings, that he co-produced with the film’s lead actress Alia Bhatt. Besides being an actor and a producer, he is also the co-owner of the Kolkata Knight Riders IPL cricket team. He also modelled for his son Aryan Khan’s luxury apparel brand earlier this year.

Anil Ambani’s wife Tina appears before ED in FEMA case

The investigation against the couple pertains to the possession of certain alleged undisclosed assets abroad and the linked movement of funds, the sources said.

MUMBAI: Tina Ambani, the wife of Reliance ADA Group Chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) here for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said.

Anil Ambani recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the federal agency again later this week for completion of the exercise.

The investigation against the couple pertains to the possession of certain alleged undisclosed assets abroad and the linked movement of funds, the sources said.

Anil Ambani’s alleged links to some offshore companies based in Jersey, the British Virgin Islands and Cyprus are under the probe scanner of the ED.

He had been questioned by the agency in 2020 in a money laundering case against Yes Bank promoter Rana Kapoor and others.

In August last year, the income-tax department issued a notice to Anil Ambani under the anti-black money law for allegedly evading Rs 420 crore in taxes on undisclosed funds of more than Rs 814 crore held in two Swiss bank accounts.

The Bombay High Court in March ordered an interim stay on this I-T show-cause notice and penalty demand.

Madras High Court delivers split verdict on release of Tamil Nadu Minister Senthil Balaji

Justices J Nisha Banu and D Bharatha Chakravarthy gave the ruling on the HCP filed by Balaji’s wife against her husband’s “illegal detention”.

CHENNAI: The Madras High Court on Tuesday delivered a split verdict on a habeas corpus petition (HCP) seeking to declare Tamil Nadu Minister V Senthil Balaji’s arrest by the Enforcement Directorate (ED) on money laundering charges was illegal and setting him free.

While Justice J Nisha Banu, presiding the bench, held that the HCP is maintainable and the ED was not entrusted to get police custody under the Prevention of Money Laundering Act (PMLA) and ordered setting Senthil Balaji free, Justice D Bharatha Chakravarthy dissented saying the petition was not maintainable as the petitioner has not made out a case to prove the remand was illegal.

The dissenting judge ruled that ED is entitled to take him under custody.

“It is in the interest of the detenue that he was admitted to the hospital due to his health condition. He was not under the custody of the ED for even a minute. So, the hospitalisation period can be excluded from the first fifteen days and the ED is entitled to take him under custody,” the dissenting judge ruled.

He ordered, “Therefore, HCP shall stand dismissed. The period from June 14 till such time the accused is fit for custody of the respondent shall be deducted from the initial period of fifteen days. The detenue accused shall continue to take treatment at the Kauvery Hospital until discharge or for a period of ten days from today or whichever is earlier. Thereafter, if he requires further treatment, it can be done only at the prison hospital.”

Since the judges differed on the matter, it will be placed before Chief Justice SV Gangapurwala for further orders.

The HCP was filed by Megala, wife of Senthil Balaji, after he was arrested by the ED in the wee hours of June 14 after a marathon search and grilling at his official residence.

After complaining of chest pain, he was admitted to the Govt Multi-Speciality Hospital where the doctors diagnosed him with blocks in the heart and recommended immediate surgery.

Based on an interim order of the division bench on the HCP, he was shifted to Kauvery Hospital and underwent bypass surgery.

In the meantime, the principal sessions court, which had ordered his judicial custody for fourteen days, granted police custody for the ED to interrogate him subject to his health conditions.

Since the doctors advised against custodial interrogation, the ED gave up the exercise.

Senthil Balaji was booked under PMLA by the ED in 2021 based on the FIR filed by the Central Crime Branch, of Chennai City police, on the cash-for-jobs scam committed when he was the Transport Minster during the AIADMK government.

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