Thursday, December 31, 2009

Happy 2010

May the year to come be filled with

happiness and wonderful

moments for you to treasure

Happy New Year

Cheerssssssss

God Bless you

Make all your dreams come true

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Wednesday, December 30, 2009

Godrej Properties will list on Tuesday, January 5, 2010, IPO has been fixed at Rs 490/- per share

Godrej Properties Limited IPO will list on Tuesday, January 5, 2010. Issue price of this IPO has been fixed at Rs 490/- per share. Godrej Properties IPO subscribed 4.00 times(0.3753 times in retail).

IPO Listing Detail

Listing Date: Tuesday, January 05, 2010
BSE Script Code: 533150
NSE Symbol: GODREJPROP
Listing In: B Group
ISIN: INE484J01019
Issue Price: Rs. 490.00 Per Equity Share
Face Value: Rs. 10.00 Per Equity Share

Tuesday, December 29, 2009

BASIS OF ALLOTMENT FOR DB Corp Limited IPO The issue price of DB Corp Limited IPO is Rs.212/- per equity share (Rs.210/- per share for Retail).

For BASIS OF ALLOTMENT FOR DB Corp Limited IPO
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The issue price of DB Corp Limited IPO is Rs.212/- per equity share (Rs.210/- per share for Retail).

Event: US FDA issued warning letter to one of Ranbaxy’s plant in Ohm Labs

Ranbaxy has disclosed that the US FDA has issued warning letter to one of its plants in the US (Gloversvillic, NY). This is one of the three plants in Ohm Labs which basically manufacture liquid products and other two plants did not have any material deviations. Ranbaxy has engaged a consultancy firm to address the issues.

Impact on Ranbaxy:

Management has indicated that this facility is relatively a small facility manufacturing liquid formulation. Sales from this facility account for 5-7% of US revenue and 1-2% of overall revenue. Sales would continue while approvals are likely to be on hold (not many filings pending).

Sunday, December 27, 2009

The government will formulate an "action plan" by March 2010, wherein 61 unlisted public sector units (PSU) will be up for disinvestment

Action plan for PSU divestment by March

Nandini Goswami / DNA

Tuesday, December 22, 2009 2:23 IST

Kolkata: The government will formulate an "action plan" by March 2010, wherein 61 unlisted public sector units (PSU) will be up for disinvestment, Sunil Mitra, secretary, department of disinvestment in the finance ministry, said on Monday.

The government has already divested 5% stake in NHPC and Oil India this fiscal. "By the close of the fiscal, we plan to go in for disinvestment of four companies. We would divest 10% shares in NTPC, National Mining Development Corporation (NMDC), Rural Electrification Corporation (REC) and Satluj Jal Viyut Nigam," Mitra said on the sidelines of a seminar organised by the Indian Chamber of Commerce.

The department is holding talks with the concerned ministries for disinvestment of public sector undertakings (PSUs) and Central PSUs (CPSUs).

According to 2007-08 estimates, there are 61 companies that fulfill the requirements for a 10% stake sale, Mitra said. According to him, the criteria for disinvestment would include three years of consecutive profit, positive networth and not having incurred accumulated loss.

"After getting the actual number of companies in the basket, we will come up with a national action plan for disinvestment over the next two years," the disinvestment secretary said.

The targeted amount from the stake sale of NHPC and Oil India was Rs 1,120 crore, but, following divestment of shares, the total proceeds from the two CPSUs amounted to Rs 4,260 crore -- almost four times the targeted amount.

"We have targeted Rs 8,000 crore to be raised from divestment of NTPC," he said.

According to Mitra, disinvestment is a win-win for both the company (as the sales proceeds go up) and the employees.

Research has shown that for 9 CPSUs, post disinvestment, sales have gone up by 362%, assets by 108%, dividend by 600%, profit after tax by 173% and employee salary by 368%.

Thursday, December 24, 2009

[Investors] Visit Our Group for BASIS OF ALLOTMENT FOR GODREJ PROPERTIES LIMITED IPO

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Please find attached herewith the Basis files of Godrej Properties Ltd IPO.

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Wednesday, December 23, 2009

[Investors] NTPC allowed to sell part capacity in merchant market? Positive news flow built up before FPO ??????????

Media reports suggest that Central Utilities (NTPC, NHPC, Neyveli, DVC etc) might be allowed to sell part (25%) of there central quota (15% of overall supply) in the merchant market. This works out to ~4% of overall Power supply of the utilities. In our view the motive behind such a move could only be - increasing the volumes in the merchant market, thereby reducing the volatility & bringing down the merchant prices. The motive cannot be to increase the profitability of already highly profitable (NTPC's core ROE -27%) regulated projects. Assuming that this proposal comes through (thin possibility), there could be four possibilities.

(1) NTPC allowed to retain additional profits – Current ROE of about 27% to increase to 33% (Assuming merchant rate of Rs4/Unit). However, in our view this is not likely to be the case as the motive cannot be to increase the profitability of already highly profitable (NTPC's core ROE -27%) regulated projects.

(2) Central Government retaining the additional profits. However this move would face tremendous opposition from states & would not incentivize states where the project is put up - to speed up the regulatory clearances and allocate Greenfield projects.

(3) Additional profits being passed on to states, but central Govt is unlikely to do so.

(4) Sharing between Central and State Govts. – The most likely option.

We understand that NTPC's FPO is due next month and there might be possibilities of positive news built up for the stock. Our channel checks suggest a possible FPO pricing of Rs260-270/Share.

In our view, there could be some positive news flow built up before FPO but we don't expect any significant positive impact on NTPC's numbers. However, this could lead to a short term spike in the stock price in the short term. In the long-term we maintain our view that NTPC stock is expensive at current valuations of 2.8xFY11E Book Value, with sustainable Reported ROE of 15% and 10-yr Treasury bond yield at 7.5%.

Current power allocations

Currently, out of 150000MW, 40000MW is the capacity of central Utilities. 85% of 40000MW is already allocated to states (10% to home state and 75% to states on the basis of there consumption) and 15% power is kept unallocated for the central pool, which is currently allocated based on the short term and medium term needs of different states. There has been a push from the central utilities side (since long) to increase the allocation for the Home states. This was to provide some more incentives to speed up the allocations of green field projects and regulatory clearances, land acquisition from the state's side.

[Investors] JSW Energy Ltd IPO will be listed on NSE & BSE on Monday, 4th January, 2010.

Equity Shares of JSW Energy Ltd IPO will be listed on NSE & BSE on Monday, 4th January, 2010.

The issue price has been fixed at Rs. 100/- for QIBs and Non Institutional. For Retail Investors at Rs.95/-

Monday, December 21, 2009

[Investors] DLF Event Update ; Marginally negative, Wait for REIT listing ; REDUCE ; Target: Rs 300

In order to create a larger entity with strong leased asset portfolio, DLF Cybercity Developers Private Limited (DCCDL), 100% subsidiary of DLF Limited, will be integrated with Caraf (promoter company). DLF will hold 60% stake in the combined entity while promoters will hold remaining 40%. DCCDL currently has leased assets of 6.7mn sqft while Caraf holds leased properties of 9.4mn sqft. The integration shall therefore create an entity with leased portfolio of 16.1mn sqft and rental revenue of Rs.9.7bn. We believe integration will also eliminate any perceived conflict of interest between promoter entity and DLF. Having a larger entity with strong leased portfolio will also enable DCCDL to get better valuations (lower cap rate) through REIT listing.

Given the current portfolio as well as future development portfolio of both the entities, we believe the ratio is marginally in favour of the promoters. We value Caraf at Rs.25.5bn and DCCDL at Rs.51.2bn (details in table 2 below). However, DLF shareholders will now get valuation upside from the REIT listing of DCCDL due to reduction in cap rate (we have assumed 10% cap rate for our valuation).

Though we believe this is a step in the right direction, we believe the valuations of DLF are factoring in strong recovery in the real estate market. We maintain our NAV estimate of Rs.340. Maintain our reduce rating on the stock with target price of Rs.300.

Thursday, December 17, 2009

[Investors] Ipca Event update ; Raises target price to Rs1107; BUY

Ipca Laboratories has received approval for its Anti-malarial finished fixed dose combination formulation - Artemether + Lumefantrine under WHO's Prequalification Programme. IPCA is the 4th Company in the World to have pre-qualification for this product. Ipca's API - Artemether and Lumefantrine are already approved by WHO. IPCA currently manufactures and supplies Artemether and Lumefantrine APIs to many of its customers in several countries across the globe.

With this approval, Ipca is the only company in the world who has WHO pre-qualification for both API as well as formulation. The total market for this combination is around 200mn treatment (each treatment cost US$1 to 1.33). The addressable market is US$200-250mn.

As of now, Novartis (brand name Coartem) is the major supplier to UNICEF and other agencies. Novartis procures the API from Chinese company. Ajanta Pharma of India has recently got approval for this combination and Ipca is supplying them one of the API. With this approval, now Ipca can participate in the UNICEF/ PAHO tender next year (annual tender; tender will be finalized by May-June 2010)

Wednesday, December 16, 2009

[Investors] BUY Apollo Tyres @49 Target 60, BUY JK Tyre @ 150 Target 192

Tyre Sector

Pricing discipline - The differentiator

We expect a re-rating of the tyre sector over the next few quarters, as concerns on the earnings front are put to rest. The current valuations of tyre companies indicate expectations of a sharp earnings decline (atleast 40%) in FY11E due to concerns on rising raw material prices (rubber prices only 7% below its previous peak) and capacity additions (affecting pricing power). The markets seem to be factoring in a repeat of the FY03-05 period, where profitability was significantly affected due to the above factors. EBIDTA margins declined by 410 bps to 6% and net profits declined by a CAGR of 22% during FY03-05.

While we share concerns on the rising raw material prices, we believe that pricing discipline will be the biggest differentiator. The industry has shown good pricing discipline since FY06. It should be noted that during FY06-FY08, the EBIDTA margins expanded by 500 bps to 11% and net profits increased at a 77% CAGR. This was despite a sharper increase (1.1x) in the rubber and oil prices during FY06-FY08 vis-à-vis FY03-FY05. Even in FY09, when there was a drop in volumes, (resulting in lower capacity utilization), pricing witnessed an uptrend.

We do not expect the ambitious capex plans during FY09-FY13 (gross block to increase by ~58%) to adversely impact tyre pricing as the expansion is more of a necessity than an option. Capacity addition during FY09-FY13 is mirroring long term growth trends. More importantly, capacity additions will happen in a phased manner and can be curtailed if the situation so warrants.

We consider 1HFY10 profitability as abnormal and hence, are factoring in a drop in earnings of 15% to 25% for domestic business in FY11. Barring a further spike in rubber prices, we believe that earnings would surprise positively.

While all the tyre companies will benefit from pricing discipline, we expect Apollo Tyres (ATL) and JK Tyre (JKT) to outperform as the contribution from their recent international acquisitions become more visible in FY11 and FY12. We are initiating coverage on ATL (BUY) and JKT (BUY). We like ATL for its thirst for market leadership with a clear focus on profitability. We like JKT purely from a valuation view.

Reco	Company	CMP (Rs)*	TP (Rs
BUY	Apollo Tyres Ltd.	49	60
BUY	JK Tyre & Industries Ltd.	150	192

* CMP as on 14th Dec-2009

Tuesday, December 15, 2009

[Investors] Business Bhaskar: कॉरपोरेट एफडी का कारोबार हो सकता है मंदा

बुधवार 16 दिसम्बर, 2009

Home > Corporate

Source: प्रशांत श्रीवास्त�

Published: December 16

कॉरपोरेट एफडी का कारोबार हो सकता है मंदा

इक्विटी बाजार सुधरने से आने वाले दिनों में कॉरपोरेट एफडी (फिक्स डिपॉजिट) के कारोबार में कमी आ सकती है। इसकी प्रमुख वजह यह है कि कंपनियों के लिए अब बाजार के जरिए पूंजी जुटाना आसान हो गया है। सुधरते बाजार को देखते हुए ही कंपनियां अब अपने फिक्स डिपॉजिट की ब्याज दरों में भी कमी कर रही है। इसके अलावा, कई कंपनियों ने कॉरपोरेट एफडी के जरिए जमा लेना भी बंद कर दिया है। वित्त वर्ष 2008-09 में जहां कॉरपोरेट एफडी पर मिलने वाला ब्याज 11-13 फीसदी के बीच रहा था, वह अब घटकर 8-11 फीसदी के बीच आ गया है।

एसएमसी कैपिटल कैपिटल्स लिमिटेड के इक्विटी हेड जगन्नाधम तुगुनुंथला ने बिजनेस भास्कर को बताया कि वैश्विक आर्थिक संकट की वजह से इक्विटी बाजार से कंपनियों के लिए पूंजी जुटाना मुश्किल हो गया था।
इसे देखते हुए कंपनियों ने फिक्सड डिपॉजिट के जरिए पूंजी जुटाई थी जिसमें जय प्रकाश एसोसिएट्स, यूनीटेक, जे.के.टायर सहित 58 कंपनियों ने वर्ष 2009 में पूंजी जुटाई। इन कंपनियों ने औसतन 11-13 फीसदी की दर पर ब्याज भी दिया, वो भी 6 से 3 साल की अवधि पर दिया है। इसे देखते हुए निवेशकों के लिए भी कॉरपोरेट एफडी में निवेश करना फायदेमंद रहा था। अब बाजार सुधरता देख कंपनियां एनसीडी, क्यूआईपी और आईपीओ, एफपीओ जैसे स्रोतों को अपना रही हैं। ये स्रोत कंपनियों के लिए काफी सस्ते पड़ते हैं। इसी वजह से आने वाले दिनों में कारपोरेट एफडी से पूंजी जुटाना कंपनियां कम कर सकती है।

आर.आर. इंवेस्टर्स कैपिटल सर्विसेज प्राइवेट लिमिटेड के आदित्य काचरु ने बताया कि कारपोरेट एफडी की ब्याज दरें पिछले साल की तुलना में दो से तीन फीसदी कम हुई है। इसके बावजूद अभी भी अन रेटेड कंपनियां अच्छा रिटर्न दे रही है। हालांकि कई कंपनियां अब बाजार सुधरता देख एफडी के विकल्प को बंद कर रही है। जय प्रकाश एसोसिएट्स का एफडी जो निवेशकों के लिए सबसे अच्छा विकल्प था, उसे अब केवल कंपनी शेयरधारकों के लिए कर दिया है। इसी तरह जगजीत इंडस्ट्रीज ने भी केवल अब रीन्यूवल का विकल्प रखा है। इसे देखते हुए ऐसा अनुमान है कि आने वाले एक से दो महीनों में कई कंपनियां एफडी के जरिए पूंजी जुटाने के विकल्प को बंद कर सकती है।

श्री राम ट्रांसपोर्ट फाइनेंस कंपनी लिमिटेड के कार्यकारी निदेशक उमेश रेवांकर ने बताया कि इस समय श्री राम ट्रांसपोर्ट 9-10 फीसदी की ब्याज दर पर जमा ले रही है।
जहां कंपनियों द्वारा एफडी कम लेने का सवाल है, तो बाजार में अब काफी तरलता आ गई है। ऐसे में कंपनियां कारपोरेट एफडी को कम तवज्जो देगी। श्री राम ट्रांसपोर्ट इसे जारी रखेगी।

Monday, December 14, 2009

[Investors] D B Corp Ltd IPO subscribed 2.45 times on its day 2

D B Corp Ltd IPO subscribed 2.45 times on its day 2. D B Corp Ltd IPO was open on December 11, 2009 and fully subscribed on first day. The issue of D B Corp is closing tomorrow for subscription. D B Corp has received bids for 3,65,30,760 shares as against issue size of 1,49,03,500 shares. Retail quota of the issue subscribed 0.2008 times and QIB's subscribed 4.4664 times. Non Institutional category subscribed 0.7380 times.

[Investors] SEBI asked to offer withdrawal option to MBL Infrastructures IPO investors due to company's failure to disclose a dispute with State of Jharkhand in its Red Herring Prospectus.

SEBI asked to offer withdrawal option to MBL Infrastructures IPO investors due to company's failure to disclose a dispute with State of Jharkhand in its Red Herring Prospectus.

Company published a letter to its investors giving the option to withdraw from the public issue with in 10 days. The last date of receipt of request for withdrawal shall be 10th day from the date hereof, i.e., on or before 5.30 PM on December 22, 2009.

This may cause some delay in share allotment and refund for MBL Infrastructures IPO. Investors who do not want to block their money may withdraw their IPO application in 10 days.

Sunday, December 13, 2009

[Investors] IIP grows by 10.3%; albeit with low base effect

IIP grows by 10.3%; albeit with low base effect

The index of industrial production grew by 10.3% yoy for October 2009, albeit with a very low base effect. The growth was driven by a sharp 21% growth in consumer durables and 12.2% growth in capital goods. However, we believe the number was below expectations on two counts.

A slower growth pf 5% in production of basis goods compared to 6.6% in year till September 2009.

Slower growth of 3.5% in six core industries compared to 5.0% in year till September 2009.

We believe that these two indicators point towards the fact that most of the inventory restocking is almost over and to sustain such growth from here will be slightly difficult. In such scenario we do not expect the government to roll back the stimulus package any time soon. We also maintain our assumptions of a rate hike only in the end of Q4FY10 or may be in Q1FY11 as the growth in the economy is still not at alarming though the growth in the wholesale price index is inching higher consistently.

Friday, December 11, 2009

[Investors] Kindly note that the issue price for JSW Energy IPO has been fixed at Rs.100/- per share and for Retail bidders it will be Rs.95/- per share.

Kindly note that the issue price for JSW Energy IPO has been fixed at Rs.100/- per share and for Retail bidders it will be Rs.95/- per share.

[Investors] Fidelity India Value Fund - NFO Closes 15th Dec, Call-9818269396

Fidelity India Value Fund
is Closing on 15th Dec

Attached below are the merits of investing in a value fund

WHY INVEST IN A VALUE FUND?
The premise of Value investing is that the market has inherent inefficiencies that enable companies to trade at levels below what they are actually worth. In theory, once the market corrects these inefficiencies, the Value investor could see the share price rise.
Over the last ten years, Value has outperformed Growth in developed markets. And in emerging markets - where economic growth tends to be high - Value has scored over Growth as well. This holds true for India too as you can see in the graph below.

WHY INVEST IN THE FIDELITY INDIA VALUE FUND?
The Fidelity India Value Fund will invest in predominantly undervalued stocks in India, but if the fund managers identify attractive opportunities overseas, they will consider investing in them, up to the permitted limit. For an information advantage, the fund managers will rely on our proprietary research. And in true Fidelity tradition, they will pick stocks 'bottom-up' - entirely for their core strengths and under-pinned by comprehensive, first-hand research.

• A fund that focuses on fundamentals - the business and not the popularity or position of its stock in the market place -
in order to assess the underlying worth of a company and its potential to deliver value for its investors.
• Long term wealth creation - helps investors to benefit from valuation anomalies driven by market sentiments.
• Information advantage to identify Value opportunities across markets is made possible by the depth and scope of
Fidelity's global research network of 9001 investment professionals who cover 95%2 of world market capitalization.
• A style diversifies with a portfolio construction that spans sectors and market caps.

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[Investors] SUBSCRIPTION FIGURE FOR GODREJ PROPERTIES LIMITED IPO @ 11.00 AM as on 11th Dec 2009

Godrej Prperties Limited IPO @ Rs.530

Category over Subscription

QIB 2.69

HNI 0.12

RET 0.05

Total 1.41

No of Application 3306.

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