Saturday, October 30, 2010

Coal India - Basis of Allotment

Public offer of 631636440 equity shares of Rs 10/- each issued for cash at a price of Rs 245/- per share (Employee and Retail Discount of 5% per Share)


Download: Coal India - Basis of Allotment

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  • BASIS OF ALLOCATION - BOOK BUILT PORTION FOR QIB CATEGORY (Mutual Fund)
  • BASIS OF ALLOCATION - BOOK BUILT PORTION FOR QIB CATEGORY (Other QIB & Mutual Fund)
  • BASIS OF ALLOCATION - BOOK BUILT PORTION FOR NON INSTITUTIONAL CATEGORY
  • BASIS OF ALLOCATION - BOOK BUILT PORTION FOR EMPLOYEE CATEGORY                                   
Visit IPO ALLOTMENT STATUS to check your application status. Coal India's IPO Listing date will be available soon.







L&T Infra Bonds Issue is extended upto 15th November, 2010

L&T Infrastructure Bonds issue is extended upto 15th November, 2010

Visit for Details at
http://www.safeinvestonline.com/2010/10/l-infra-bonds-october-2010.html

Thursday, October 28, 2010

Launch of Currency Options & FX report on Oct 28-2010

  Trading of USDINR Currency Options would commence on NSE w.e.f 29th Oct 2010.
Currency Options brings in an excellent opportunity for the corporate and their Treasury desk. It provides them an alternative to hedge currency risk. Since buying Options are less risky due to its limited down side. Corporates can also sell Options at Exchange platform which can be a unique advantage to them.
Some of the advantages of Exchange Traded Currency Options are:
Better price and transparency – high liquidity allows better price discovery
Easy and faster execution – live screen based quotes enables easier and faster intraday day trades
Better risk management – Allows to formulate different strategies like Delta/Gamma hedging
Wide reach and reliability – more than 1,50,000 terminals across 1500 plus locations
Some of the key features of Currency options are as follows:
       European Style settlement
       Three monthly contracts and one quarterly contract ( eg. Nov'10, Dec'10, Jan'11 & Mar'11)
       12-1-12 strike interval ( for Call and Put) 
       Tick size (minimum price variation)  - INR 0.0025
       Strike interval - INR 0.25.

Result Update: Bharat Bijlee; Deepak Fertilisers; Piramal Glass; HT Media; PNB; Bank of Baroda; Cummins India; Thermax; Elecon Engineering

Bharat Bijlee

Reco: BUY

CMP: Rs1,088

Target Price: Rs1,350

Improvement accelerates, upgrade to Buy

·      PAT grow by 22% yoy and 160% qoq to Rs151mn (our expectations – Rs129mn) - driven by increase in EBITDA margins to 13.8%  

·      Higher EBITDA margins driven by both transformers (better margins on low base) and motors (volumes growth of 20% drive operational leverage)

·      Revenue growth at 8%, below expectations of 13% growth 

·      Maintain earnings; Valuations (EV) cheap on absolute basis at 3.9x FY12E EBITDA as well as relative basis at 20% discount to peers; Top pick in transformers pack; Upgrade to Buy

 

 

Deepak Fertilisers

Reco: BUY

CMP: Rs177

Target Price: Rs250

Upgrade price target

·      Q2FY11 APAT at Rs 448 mn (+23.4%yoy) was in line while EBITDA margins at 19.3% were below estimates

·      Lower margins in chemical segment at 26.2% due to higher gas cost and lower production affected EBITDA margins

·      Production to start at new TAN plant by Nov '10, should start contributing to revenues and profits by Q4FY11

·      Maintain BUY with revised price target of Rs 250 (from Rs 175) due to upgrade in valuation multiple from 7x to 10x

 

 

Piramal Glass

Reco: BUY

CMP: Rs137

Target Price: Rs160

Shift Continues, Maintain BUY

·      Piramal Glass (PGL) Q2FY11 performance exceeds expectation – revenue growth at 2.6% yoy to Rs3.1 bn and APAT up 3700% yoy to Rs206 mn

·      C&P contribution improves from 43% of revenues to 48% of revenues – C&P register revenue growth of 14.6% yoy to Rs1.4 bn

·      Fine-tune assumptions on interest expenditure and material costs – upgrade FY11E earnings by 9.9% (Rs9.3/Share) and FY12E earnings by 3.0% (Rs18.7/Share)

·      Maintain BUY with revised target price of Rs160/Share

 

 

HT Media

Reco: HOLD

CMP: Rs165

Target Price: Rs175

Slightly below estimates, retain HOLD

·      Q2FY11 headline profit growth although strong at 61% yoy to Rs388mn, is slightly below our estimate of Rs431mn

·      Cons. ad-revenues grew by 17% yoy with Hindi ad-revenue growth of 30% yoy and English at 13% yoy

·      EBIDTA margins increased by 310bps yoy to 17.8% v/s our estimate of 21.8% due to higher revenue contribution from Burda, which registered EBIDTA loss

·      Estimates maintained. Retain HOLD rating with revised target price of Rs175 (v/s Rs159 earlier)

 

 

Punjab National Bank

Reco: BUY

CMP: Rs1,310

Target Price: Rs1,500

Strong earnings; slippages trending down

·      PNB's Q2FY11 NII at Rs29.8bn better than expectations driven by 6% qoq growth in advances and 12bps expansion in NIMs. Net profit at Rs10.7bn in line with expectations

·      Slippages surprise positively at Rs9.1bn lower than Rs12.1bn reported in Q1FY11. However, gross NPAs rise due to lower recoveries. Provision cover strong at 77% (RBI norms)

·      Other positives in the result – (1) CASA at 40.6% despite strong growth in balance sheet (2) provisions done at 65% on net incremental slippages and (3) robust fee income growth

·      Valuations not unreasonable at 2.2x FY11E/1.7x FY12E ABV. Continue BUY rating with TP of Rs1,500

 

 

Bank of Baroda

Reco: BUY

CMP: Rs1,011

Target Price: Rs1,160

Robust performance in earnings and asset quality

·      BOB's Q2FY11 net profit at Rs10.2bn was far ahead of our expectations driven by better than expected NII and lower than expected provisions

·      The slippages were extremely positive surprise at just Rs2.9bn (0.6% annualised). Consequently, the provision requirement was also down

·      No provision for pensions was the only negative surprise in the results. However, we believe that with strong revenue traction, BOB can easily provide upto Rs2bn/quarter for same

·      Expect strong performance to continue on better NPA ratios, strong RoEs and inexpensive valuations at 2.4x FY11E/1.9x FY12E ABV. Maintain BUY with TP of Rs1,160

 

 

Cummins India

Reco: HOLD

CMP: Rs776

Target Price: Rs820

Domestic Business Traction, Maintain HOLD

·      Cummins reported strong performance – revenue growth 76% yoy to Rs10.7 bn and APAT growth of 91% yoy to Rs1.7 bn

·      All-round performance - Domestic business grew 45% yoy to Rs7.9 bn and Export business grew 280% yoy to Rs2.8 bn

·      Management outlook comforting for capacity constraints, export business momentum and operating margins

·      Factoring 4-5% earnings upgrade for FY11E (Rs32/Share) and FY12E  (Rs37.3/Share) – Maintain 'HOLD' rating with revised target price of Rs820/Share

 

 

Thermax

Reco: BUY

CMP: Rs796

Target Price: Rs943

Product Order Revives; Maintain BUY

·      Stellar performance – (1) Revenues up 60% yoy to Rs10.9 bn, (2) EBITDA up 62% yoy to Rs1.3 bn with stable margins at 11.8% (3) PAT up 65% yoy to Rs895 mn

·      Strong performance in both segments - Energy up 71% yoy and Environment up 51% yoy - driven by execution on orders received in last 6 quarters

·      Continued order inflow momentum, driven by product orders which is encouraging sign- order inflows of Rs14.1 bn orders backlog of Rs72.8 bn

·      Maintain earnings estimates and 'BUY' rating with target price of Rs943/Share – do not rule our upgrades in inflows and earnings

 

 

Elecon Engineering

Reco: BUY

CMP: Rs95

Target Price: Rs121

Strong performance; Retain BUY

·      EEL performance ahead of estimates – revenue growth 10% yoy to Rs2.8 bn, EBITDA up 8% yoy to Rs400 mn and APAT growth of 32% yoy to Rs142 mn

·      Order book declined marginally to Rs15.0 bn – led by lower order inflows at Rs2.1 bn (MHE – Rs0.7 bn and TE – RS1.3 bn)

·      Acquired standardized gears & gearboxes business of David Brown Gear System for Rs1.3bn–earnings neutral in near-term

·      Trading at attractive valuations of 13.8X FY11E and 10.1X FY12E earnings. Maintain our Buy rating

 

--
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Wednesday, October 27, 2010

Result Update: Tech Mahindra; Patni Computers; United Phosphorus; Ultratech Cement; NTPC; DB Corp; Union Bank of India; Asian Paints; Marico; Voltas; TRF

Tech Mahindra

Reco: HOLD

CMP: Rs787

Target Price: Rs810

Marginal beat on estimates, retain HOLD

·      Rev(ex H/W) at US$ 265 mn(+5.4% QoQ) beat exp marginally. Mgns (ex H/W) at 21.5%, were up by ~280 bps QoQ driven by favorable currency, higher utilization & lower employee count

·      Top client rev were  flat in constant currency terms at ~GBP 75 mn while revenues(ex BT, SI ) were up by 8.5% sequentially to US$ 150 mn

·      Tweak FY11/12E conso EPS up by ~2.8%/0.3% to Rs 69.6/77.5 despite higher rev est. driven by higher currency reset helped by lower FY12 tax assumptions at 21%(V/s 23% earlier)

·      Maintain HOLD with a revised TP of Rs 810 (based on 11.5x 1 yr fwd P/E). See near term upsides driven by possibility of a favorable merger ratio( for TechM)  with Mah Satyam

 

 

Patni Computers

Reco: NOT RATED

CMP: Rs465

Target Price: N.A.

In line quarter, Disappointing Guidance for Q4CY10

·      Rev at US$ 178.8 mn, marginally ahead of est. Mgns at 18.9%, were down by ~130 bps QoQ  impacted by strong hiring (net adds of 1,663, +11% QoQ), impact of consolidation of CHCS

·      Profits at Rs 1.3 bn ahead of est. driven by higher than expected forex gains. See margin pangs continuing driven by supply side pressures( attrition at near peak levels)

·      Despite strong hiring, co's Dec'10 rev guidance is muted. Patni's rev growth continues to be anemic with strong margin defence until now getting threatened as expected by us

·      Tweak CY11E EPS down by ~5.7% to Rs 35.3 driven primarily by lower margin assumptions (partly on a/c of higher currency reset). At Rs 465, Patni trades at 13.1x/11.7x CY11E/12E EPS

 

 

United Phosphorus

Reco: BUY

CMP: Rs202

Target Price: Rs230

Results below estimates

·      Q2FY11 results were marginally lower than estimates due to weak margins with RPAT of Rs 1.15 bn, +12%yoy

·      Implied H2FY11 revenue and EBITDA growth of 33% and 52% on higher side – may risk FY11 management guidance

·      We have adjusted downward our FY11 revenue, EBITDA and APAT estimates by 5.8%, 2.9% and 1.5%, respectively

·      Maintain BUY recommendation with target price of Rs 230 based on 12x FY12 estimates. Growing profit contribution from India is likely to drive valuations going forward

 

 

Ultratech Cement

Reco: REDUCE

CMP: Rs1,100

Target Price: Rs1,040

Numbers Disappoint. Maintain REDUCE

·      PAT at Rs1.16 bn (-79.2% qoq) – below estimates led by lower realizations & higher P&F & staff costs. Revenues decline 19.4% qoq-volumes down 12.4%, realisations down 8%

·      Lower realizations and cost pressure dragged EBIDTA down by 59% qoq. EBITDA/t at Rs448 down 53.4% qoq. Downgrade FY11 earnings by 16.2% (EPS Rs54.8)

·      With recent cement prices hikes, expect the worst phase of profitability to be over for UTCL

·      Upgrade target to Rs1,040 (valuing UTCL at EV/EBIDTA of 8X EV/Ton of USD130. However rich valuations at PER of 16.6X & EV/ton of USD135 leaves little upside. Maintain REDUCE

 

 

NTPC

Reco: HOLD

CMP: Rs198

Target Price: Rs190

MAT grossing to hit ROE by 4%; Downgrade to Hold

·      Results disappoint (APAT down 2%) due to (1) grossing up ROE at MAT, (2) Kahalgaon/Farakka continue to report lower PAF (70%) on fuel constraints & (3) lower interest income

·      Changed the grossing up to MAT rate frm earlier full tax rate; to hit profits by Rs10bn or 4% of core ROE from 28% to 24%

·      Reduce earnings by 11-13% in FY11E/12E

·      Valuations at 2.3xFY12E Book value, not attractive on core ROE of 24% (Earlier 28%); Lower target price to Rs190/Share; Downgrade to 'Hold'

 

 

DB Corp

Reco: HOLD

CMP: Rs284

Target Price: Rs284

Results miss est., Cut rating to HOLD

·      Q2FY11 PAT grew by 20.8% yoy to Rs550mn, below our estimate of Rs770mn impacted by sharp rise in opex towards new launches

·      Advertisement revenues grew by 16% yoy to Rs3bn equally led by volume and price growth

·      Cut EPS estimate by 10% /2% to Rs13.6 /14.6 for FY11E/12E due to higher than expected opex on new launches

·      Downgrade rating from ACCUMULATE to HOLD with target price Rs284

 

 

Union Bank of India

Reco: HOLD

CMP: Rs393

Target Price: Rs400

Provisioning hits bottom-line; downgrade to HOLD

·      UBI's Q2FY11 net profit at Rs3.0bn (-40%yoy), significantly below expectation led by higher provisioning and opex

·      The NII at 15.4bn inline with expectation, led by 30bps expansion in NIMs, albeit advances remaining flat qoq

·      The slippages during the quarter were higher at Rs11.3bn (3.6% annualised) including Rs4.2bn from agriculture NPAs, Rs760mn from restructured pool & Rs2.2bn from one big a/c 

·      Valuations expensive at 1.7x FY12E looking at sharp slippages and provision requirements. Downgrade to HOLD rating with TP of Rs400

 

 

Asian Paints

Reco: HOLD

CMP: Rs2,503

Target Price: Rs2,510

Volume Allude, Maintain HOLD

·      Asian Paints (APL) reported mixed performance – revenue growth at 5% yoy missed expectation and APAT growth at 4.4% yoy meets expectation

·      Volume growth alluded in the quarter- on back of high volume growth in Q1FY11 leading to pipeline filling and higher dealer inventory

·      Maintain earnings for FY11E (Rs92.2/Share) and FY12E  (Rs104.6/Share) – Maintain 'HOLD' rating with target price of Rs2,510/Share

 

 

Marico

Reco: HOLD

CMP: Rs135

Target Price: Rs128

Price Hike Initiated, Maintain HOLD

·      Marico's Q2FY11 performance meets expectation - revenue growth of 12.5% yoy to Rs7.8 bn and APAT growth of 14.8% yoy to Rs715 mn

·      Implemented price hike to offset material price inflation - 13% in 'Parachute' and '10%' in 'Saffola' rice bran oil

·      Satisfactory volume growth at 15% yoy - 'Parachute' grew by 10%, 'Saffola' grew by 18% and 'Hair oil' grew by 27%

·      Maintain earnings estimates of Rs4.9/Share and Rs5.8/Share for FY11E and FY12E – Maintain 'HOLD' rating with price target of Rs128/Share

 

 

Voltas

Reco: BUY

CMP: Rs246

Target Price: Rs275

H2FY11 Promise; Retain BUY

·      Results marginally below estimates with (1) 3% yoy decline in revenues to Rs10.7 bn (2) 140 bps yoy drop in EBITDA margins and (3) 17% yoy decline in PAT to Rs746 mn

·      EMP division performance negatively impacted due to slower execution on international orders & one-off expenditure

·      Order inflows up 76% yoy to Rs8.5 bn – YTD secured 44% of FY11E target order flows. Order book at Rs49.7 bn – equivalent to 1.4X standalone FY10 revenues

·      Maintain earnings estimates and Maintain 'BUY' with target price of Rs275/Share

 

 

TRF

Reco: ACCUMULATE

CMP: Rs689

Target Price: Rs754

Negative Surprise Galore, Downgrade to Accumulate

·      Q2FY11 results is loaded with negative surprise due to (1) one-offs provision of Rs0.3 bn and (2) dismal revenue booking in Projects division

·      Fires another salvo – revised Ebidta margins guidance from 10% to 7% - for reasons less understood and unexplainable

·      Downgrade in earning estimates for FY11E (down 43% to Rs36.1/Share) and FY12E (down 34% to Rs58.4/Share)

·      20% drop in market capitalization partly discounts earnings revision -  Downgrade from 'BUY' to 'ACCUMULATE' with revised target price of Rs754/Share

--
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