Big Bazaar likely to be Hived off by Feb-2010
Pantaloon Retail’s (PRIL) planned hive-off of Big Bazaar is on track and is likely to be consummated by February 2010, according to management. Pantaloon’s management indicates that hive-off of Big Bazaar and Food Bazaar is on track. The hive-off will pave the way for fund-raising at the Big Bazaar level and induction of a foreign food retailer. The latter, which management has hinted at in many forums, is likely to provide the next leg-up to Big Bazaar’s growth trajectory. Big Bazaar and Food Bazaar account for 70% of PRIL’s (standalone) revenues and 67% of its total retail space. Read more
Government unlikely to relax FDI norms for the retail sector
India’s organized retail sector has been facing tough times because of the ongoing economic slowdown and resulting job losses and salary cuts that have had downsizing impact on spending power of consumers. As a result, the foot-falls and the average revenue per sq. feet for the retailers have been strongly impacted. Lack of financing is another issue that has hit the industry hard in recent times.
In this backdrop, the industry wants the government to take a series of initiatives in the forthcoming Union Budget to help it beat the slowdown. On top the agenda is the industry’s demand to allow foreign direct investment (FDI) in the multi-brand retail. While the government allows FDI in single-brand retail, the same is not allowed in multi-brand segment.
The retailers also want the government to extend industry status to retail business contending that it was a very big sector and a major employer. Another demand of the sector is that the government should take measures that would result in increase in consumption.
However, most of the demands of the industry, especially the one relating to FDI, are not likely to be met, at least in the current fiscal. While the government is interested in the long run development of organised retail, it wants to ensure that the development does not harm the smaller players in the segment.
Godrej Industries approves merger of group companies + Swap Ratio
Godrej Industries has announced that the board of the company has given its nod for the merger two group companies with Godrej Consumer Products (GCP).
As per the approval, Godrej Consumer Biz (GCB), a 100% subsidiary of Godrej & Boyce Manufacturing Company and Godrej Hygiene Care (GHC), a 100% subsidiary of Godrej Industries will be merged with the GCP along with transfer of their assets and liabilities to the consumer products major, on June 1, 2009.
GCB and GCH hold 29% and 20% in Godrej Sara Lee (GSL) which is a 49:51 joint venture (JV) between the Godrej Group and Sara Lee Corporation, US. Post merger GCP will directly hold 49% stake in GSL. The promoters’ stake in GCP will go up to 74.77% from current 69.73% once the merger is concluded.
The swap ratio for both the companies has been fixed at 10:11 i.e. the shareholders of GCB and GHC will receive 10 shares of GCP for every 11 shares held.
Pantaloon Renamed as Future Markets and Consumer Group Limited
We have received fax from our reporter about the recently concluded board meeting of India’s largest retailer – Pantaloon Retail India Ltd in which the board has approved to change the name of this listed entity to Future Markets and Consumer Group Limited. Further, it will raise Rs2.8bn through a preferential allotment to promoters / their associates, implying equity dilution of 9.5%. Additionally, it will issue 5m warrants (at Rs183) convertible over the next 18 months.
Future group / Pantaloon Retail Corporate Governance under Scanner:
There is no clarity (as yet) on the terms of transfer of the operating businesses to wholly owned subsidiaries. Our concerns are based on – whether disclosures will improve / deteriorate, as these businesses are transferred, the potential adverse impact on PART’s minority shareholders – holding company structures by their very nature trade at a discount to their underlying operating assets. The fund infusion is a mixed positive – PRIL requires funds to meet its expansion plans, and given the tight equity / credit markets, we don’t envisage any other route to access capital.
Titan + Pantaloon – What’s in Store this Quarter’s ?
Pantaloon Future Group Retail – We expect revenue, operating profit, and adjusted net profit growth of 25%, 43%, and 16% YoY, respectively in F3Q09. Gross margins are expected to drop 100bp YoY on a higher proportion of value retail sales. However, EBITDA margins are likely to improve by 125bp, but a 70% rise in interest cost is likely to limit earnings growth. For January-February 2009, SSG for Value and Life Style Retailing was 4.5% and 8.2%, respectively. PRIL added 0.27mn sf for January and February 2009.
Titan Retail – We expect Titan to deliver revenue, reported operating profit, and reported earnings growth of 11%, -18%, and -35%, respectively, in F4Q09. The decline in reported PAT is accentuated by a lower tax rate for F4Q08. Watch revenues are expected to decline 5% YoY and margins are expected to come in at 18.5%. On the jewellery front, we expect 20% YoY revenue growth primarily due to higher gold prices, and look for margins to fall sequentially at 4.3% primarily on higher lease rates.
Lipton Kiosks to Compete Coffee Day – Serve Ice-Creams too
Hindustan Unilever Ltd (HUL) is planning to extend its out of home (OOH) business by establishing kiosks under its Lipton brand.
The company plans to setup 50 kiosks at corporate parks, railway stations and airports.
The new experiential kiosks would serve mocktails and health-oriented beverages from HUL’s beverage brands, unlike the usual vending machines. Beside it would also serve ice-creams.
The company will run the kiosks on a 10 by 10 square feet area on a franchise model. RetailMantra has the best coverage on Kiosk Retailing in India.
Spencer’s Retail likely to post Rs 250 cr loss this fiscal
Spencer’s Retail, belonging to the RPG Group, is expected to report a net loss of around Rs 250 crore for the current fiscal. However, analysts state that the company will be in a position to reduce its losses in the next fiscal.
As part of its austerity measures, the company has decided to shut stores totalling 25% of its retail area and is expected to incur expenses of Rs 100 crore towards this end. In a related development, parent CESC has affirmed plans to infuse up to Rs 175 crore in Spencer’s Retail in the next fiscal. The former has pumped in Rs 250 crore in 2008-09.
The fund infusion plan is not expected to impact CESC’s expansion initiatives.
Titan Eye + Plus opens new store in Kochi
Titan Eye, a subsidiary of Titan Industries, has inaugurated its first showroom in Kochi, Kerala.
With this, the company now has 63 stores across various locations in the country.
The company is planning to roll out four to five stores a month across India. Of this 6-7 stores would be set up in the state of Kerala, officials announced.
Price of new Apple iMac + Mac mini Desktop Systems India
We have obtained the latest pricing for Apple iMac + Mac Mini Desktop Line systems which will be made available in India within 6 weeks from the date of this posting. Here is the Pricing and Configuration details.
The new 2.0 GHz Mac mini, for a maximum retail price of Rs. 36,600, includes:
• 2.0 GHz Intel Core 2 Duo processor with 3MB shared L2 cache;
• 1GB of 1066 MHz DDR3 SDRAM expandable up to 4GB;
• NVIDIA GeForce 9400M integrated graphics;
• 120GB Serial ATA hard drive running at 5400 rpm;
• a slot-load 8x SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW);
• Mini DisplayPort and mini-DVI for video output (adapters sold separately);
• built-in AirPort Extreme wireless networking & Bluetooth 2.1+EDR;
• Gigabit Ethernet (10/100/1000 BASE-T);
• five USB 2.0 ports;
• one FireWire 800 port; and
• one audio line in and one audio line out port, each supporting both optical digital and analogue.
The new 2.0 GHz Mac mini, for a maximum retail price of Rs. 48,200, includes:
• 2.0 GHz Intel Core 2 Duo processor with 3MB shared L2 cache;
• 2GB of 1066 MHz DDR3 SDRAM expandable up to 4GB;
• NVIDIA GeForce 9400M integrated graphics;
• 320GB Serial ATA hard drive running at 5400 rpm;
• a slot-load 8x SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW);
• Mini DisplayPort and mini-DVI for video output (adapters sold separately);
• built-in AirPort Extreme wireless networking & Bluetooth 2.1+EDR;
• Gigabit Ethernet (10/100/1000 BASE-T);
• five USB 2.0 ports;
• one FireWire 800 port; and
• one audio line in and one audio line out port, each supporting both optical digital and analogue.
The new 20-inch 2.66 GHz iMac, for a maximum retail price of Rs. 70,200, includes:
• 20-inch widescreen LCD display;
• 2.66 GHz Intel Core 2 Duo processor with 6MB shared L2 cache;
• 2GB 1066 MHz DDR3 SDRAM expandable to 8GB;
• NVIDIA GeForce 9400M integrated graphics;
• 320GB Serial ATA hard drive running at 7200 rpm;
• a slot-load 8x SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW);
• Mini DisplayPort for video output (adapters sold separately);
• built-in AirPort Extreme 802.11n wireless networking & Bluetooth 2.1+EDR;
• built-in iSight video camera;
• Gigabit Ethernet port;
• four USB 2.0 ports;
• one FireWire 800 port;
• built-in stereo speakers and microphone; and
• the Apple Keyboard, Mighty Mouse.
The new 24-inch 2.66 GHz iMac, for a maximum retail price of Rs. 87,000, includes:
• 24-inch widescreen LCD display;
• 2.66 GHz Intel Core 2 Duo processor with 6MB shared L2 cache;
• 4GB 1066 MHz DDR3 SDRAM expandable to 8GB;
• NVIDIA GeForce 9400M integrated graphics;
• 640GB Serial ATA hard drive running at 7200 rpm;
• a slot-load 8x SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW);
• Mini DisplayPort for video output (adapters sold separately);
• built-in AirPort Extreme 802.11n wireless networking & Bluetooth 2.1+EDR;
• built-in iSight video camera;
• Gigabit Ethernet port;
• four USB 2.0 ports;
• one FireWire 800 port;
• built-in stereo speakers and microphone; and
• the Apple Keyboard, Mighty Mouse.
The new 24-inch 2.93 GHz iMac, for a maximum retail price of Rs. 1,04,900, includes:
• 24-inch widescreen LCD display;
• 2.93 GHz Intel Core 2 Duo processor with 6MB shared L2 cache;
• 4GB 1066 MHz DDR3 SDRAM expandable to 8GB;
• NVIDIA GeForce GT 120; with 256MB GDDR3 SDRAM memory;
• 640GB Serial ATA hard drive running at 7200 rpm;
• a slot-load 8x SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW);
• Mini DisplayPort for video output (adapters sold separately);
• built-in AirPort Extreme 802.11n wireless networking & Bluetooth 2.1+EDR;
• built-in iSight video camera;
• Gigabit Ethernet port;
• four USB 2.0 ports;
• one FireWire 800 port;
• built-in stereo speakers and microphone; and
• the Apple Keyboard, Mighty Mouse.
The new 24-inch 3.06 GHz iMac, for a maximum retail price of Rs. 1,25,900, includes:
• 24-inch widescreen LCD display;
• 3.06 GHz Intel Core 2 Duo processor with 6MB shared L2 cache;
• 4GB 1066 MHz DDR3 SDRAM expandable to 8GB;
• NVIDIA GeForce GT 130; with 512MB GDDR3 memory;
• 1TB Serial ATA hard drive running at 7200 rpm;
• a slot-load 8x SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW);
• Mini DisplayPort for video output (adapters sold separately);
• built-in AirPort Extreme 802.11n wireless networking & Bluetooth 2.1+EDR;
• built-in iSight video camera;
• Gigabit Ethernet port;
• four USB 2.0 ports;
• one FireWire 800 port;
• built-in stereo speakers and microphone; and
• the Apple Keyboard, Mighty Mouse.
Additional options include: Apple Keyboard with numeric keypad, Apple Wireless Keyboard and Wireless Mighty Mouse; AirPort Express®, AirPort Extreme Base Station, Time Capsule; Mini DisplayPort to DVI Adapter, Mini DisplayPort to Dual-Link DVI Adapter (for 30-inch DVI display), Mini DisplayPort to VGA Adapter, Apple USB Modem, Apple Remote, the AppleCare® Protection Plan; and pre-installed copies of iWork® ’09, Logic® Express 8, Final Cut® Express 4 and Aperture.
Price of Apple new Mac Pro – Quad Core + 8-Core India
We have just a while ago received confirmation from Apple Inc from the USA about the availability of new mac Pro Quad Core and 8-Core Systems. Here is the configuration and pricing in INR.
The new quad-core Mac Pro, with a maximum retail price of Rs. 1,42,700, includes:
• one 2.66 GHz Quad-Core Intel Xeon 3500 series processor with 8MB of L3 cache;
• 3GB of 1066 MHz DDR3 ECC SDRAM memory, expandable up to 8GB;
• NVIDIA GeForce GT 120 graphics with 512MB of GDDR3 memory;
• 640GB Serial ATA 3Gb/s hard drive running at 7200 rpm;
• 18x SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW);
• Mini DisplayPort and DVI (dual-link) for video output (adapters sold separately);
• four PCI Express 2.0 slots;
• five USB 2.0 ports and four FireWire® 800 ports;
• Bluetooth 2.1+EDR; and
• ships with Apple Keyboard with numerical keypad and Mighty Mouse.
The new 8-core Mac Pro, with a maximum retail price of Rs. 1,88,900, includes:
• two 2.26 GHz Quad-Core Intel Xeon 5500 series processors with 8MB of shared L3 cache;
• 6GB of 1066 MHz DDR3 ECC SDRAM memory, expandable up to 32GB;
• NVIDIA GeForce GT 120 graphics with 512MB of GDDR3 memory;
• 640GB Serial ATA 3Gb/s hard drive running at 7200 rpm;
• 18x SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW);
• Mini DisplayPort and DVI (dual-link) for video output (adapters sold separately);
• four PCI Express 2.0 slots;
• five USB 2.0 ports and four FireWire 800 ports;
• Bluetooth 2.1+EDR; and
• ships with Apple Keyboard with numerical keypad and Mighty Mouse.
The new Mac Pro will be available within 6 weeks through the Apple Authorized Resellers.
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