tag:blogger.com,1999:blog-87815218300940420242024-02-19T08:52:24.662-08:00INVESTORS PLEASE LISTEN !Safe Invest India Blog | www.safeinvestonline.com | info@safeinvestindia.comUnknownnoreply@blogger.comBlogger1361125tag:blogger.com,1999:blog-8781521830094042024.post-27652021928506385702011-06-28T20:22:00.001-07:002011-06-28T20:22:04.571-07:00Big corporates and cash-rich companies investing in Equity Mutual Funds<h1><font size="2">Source: ET<br></font></h1><div style="padding-left: 3px;"><div name="commntData"><div style="float: left; clear: both;"><span name="advenueINTEXT"><div> <div style="text-align: justify;"> MUMBAI: Corporate treasuries with large cash reserves have started allocating money to equity funds as they expect stocks to perform well over the next two years, fund industry sources said. The past two months have seen several cash-rich companies increasing their exposure to stocks through investments in equity mutual funds. <br> <br> Corporates such as ITC, Hindustan Zinc, Sesa Goa, Asian Paints, ACC, Reliance Industries , Larsen &amp; Toubro , Emami , and several mid-cap IT firms have started making small investments in equity funds managed by leading asset management companies. Market correction in March and April, which resulted in Sensex declining over 16%, provided a good entry point for corporate treasuries to invest in equity mutual funds. <br> <br> "Treasury managers are testing waters with small investments - say about 30-50 crore per fund. They invested a few thousand crore in February, March and May, when the market corrected by a few percentage points," said the CEO of a mid-sized fund house. "These companies have taken a valuation call. They have invested in funds as they feel markets will not fall any further and there is significant upside over the next 16-18 months," the CEO said. <br> <br> Fund marketers are attributing the 1,546-crore worth of equity fund inflows in May to investments made by corporate treasuries. As on May 31, corporates have investments worth 21,088 crore (through 2.27 lakh unique investor folios) in equity mutual funds. This forms about 11% of overall equity fund asset base. About 40% of this money is invested for a period exceeding 24 months, as per data from Association of Mutual Fund in India. <br> <br> Historically, corporates, as part of treasury and cash-flow management, invest 90% of their surpluses in short-term debt funds. It is only companies with large surpluses, a few mid-caps and some small and medium establishments that are taking opportunistic investment calls in equities market. "It's mostly SMEs and some listed companies (with specific investment mandates) that are investing in equity mutual funds currently," said Sundeep Sikka, chief executive officer, Reliance Mutual Fund. <br> </div><div style="text-align: justify;"> <br> "Companies with investment mandates prefer to invest in markets through equity mutual funds. Corporate treasuries, most of the time, have only two-three officials managing cash levels and investments. Corporate treasuries entrust their money with mutual funds as they do not have the expertise or research to manage equity investments," Mr Sikka said. <br> <br> Companies like Hindustan Zinc (mutual fund investments worth 9,332 crore), Sesa Goa (mutual fund investments worth 8,799 crore), ACC (fund investments of 1,320 crore), Asian Paints (fund investments of 869 crore) and <a href="http://economictimes.indiatimes.com/itc-ltd/stocks/companyid-13554.cms" target="_blank">ITC</a> (fund investment worth 3,282 crore) have invested in equity mutual funds at different points of time and market levels. An email sent to Hindustan Zinc, Sesa Goa, ACC, Asian Paints and ITC to understand their investment philosophy failed to elicit response. <br> <br> "Most corporate treasuries have larger chunks of their investments in liquid debt funds. Only companies with large surpluses will take some risk and invest in equities. These investments are long-term in nature and they expect just about 14-15% return on their equity fund investments," said Tarun Bhatia, director (capital markets) Crisil Research. According to industry sources, corporate investments in equity funds will counter-balance redemption outflows from retail investor portfolios. Institutional investments in equity funds will also help fund houses to earn more asset management fees. </div></div></span></div><span>Big corporates and cash-rich companies investing in Equity Mutual Funds</span></div></div> Unknownnoreply@blogger.com26tag:blogger.com,1999:blog-8781521830094042024.post-88531058623637845532011-06-24T09:51:00.001-07:002011-06-24T09:52:48.985-07:00Get better rates than FD - Invest in Shriram NCD at 11.60 Per Annum<div dir="ltr" style="text-align: left;" trbidi="on"><div class="mobile-photo"><a href="http://4.bp.blogspot.com/-FvuEXoE9hVI/TgTArPcx-YI/AAAAAAAAAzc/NrwvGcQU6qI/s1600/image004-716012.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5621830083979377026" src="http://4.bp.blogspot.com/-FvuEXoE9hVI/TgTArPcx-YI/AAAAAAAAAzc/NrwvGcQU6qI/s320/image004-716012.jpg" /></a></div><div class="gmail_quote"><div lang="EN-US" link="blue" vlink="purple"><div><br />
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</div><div class="MsoNormal"><b><span style="font-family: "Times New Roman","serif"; font-size: 24pt;">Shriram Transport Finance NCD<u></u><u></u></span></b></div><div class="MsoNormal" style="margin-bottom: 12pt;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Issue Highlights : </span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><u></u><u></u></span></div><ul type="disc"><li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Issue opens on 27th June.<u></u><u></u></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Coupon Rate upto 11.6% Per annum.<u></u><u></u></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">The issue is rated 'CARE AA+' by CARE and 'AA (Ind)' by Fitch where the ratings indicate high stability, high creditworthiness and timely servicing of debt obligations.<u></u><u></u></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">The allotments would be on <b>First come First serve basis.</b><u></u><u></u></span></li>
</ul><div style="margin-bottom: 12pt;"><u></u><span style="font-family: Symbol; font-size: 10pt;">·<span style="font: 7pt "Times New Roman";"> </span></span><u></u><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Issue Details :</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><u></u><u></u></span></div><table border="1" cellpadding="0" cellspacing="0" style="border: 1pt solid windowtext; width: 100%;"><tbody>
<tr> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in; width: 318.6pt;" valign="top" width="425"><div class="MsoNormal"><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Options</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in; width: 438.4pt;" valign="top" width="585"><div align="center" class="MsoNormal" style="text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">1</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in; width: 163.95pt;" valign="top" width="219"><div align="center" class="MsoNormal" style="text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">2</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Frequency of payment<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Annual<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Annual<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Face value of NCD (Rs/NCD)<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Rs 1000<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Rs 1000<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Issue Price (Rs/NCD)<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Rs 1000<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Rs 1000<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Min Application<u></u><u></u></span></div></td> <td colspan="2" style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Rs 10000 (10 NCDs) (for all options NCDs, namely options 1 and 2 either taken individually or collectively)<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">In Multiples of<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in; width: 438.4pt;" valign="top" width="585"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Rs 1000 (1 NCD)<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Rs 1000 (1 NCD)<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Coupon Rate</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><br />
</div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><br />
</div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Individual with application amount upto Rs 5 lacs<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">11.6% per annum<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">11.35% per annum<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Individual with application amount greater than Rs 5 lacs<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">11.35% per annum<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">11.1% per annum<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">For all other category (QIB and Corporates)<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">11.1% per annum<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">11% per annum<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Tenor<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">60 Months*<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">36 Months<u></u><u></u></span></div></td> </tr>
<tr> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Put and call option<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Exercisable at the end of 48 months from the Deemed Date of allotment<u></u><u></u></span></div></td> <td style="background: none repeat scroll 0% 0% white; border: 1pt solid windowtext; padding: 0in;" valign="top"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Nil<u></u><u></u></span></div></td> </tr>
<tr> <td colspan="3" style="background: none repeat scroll 0% 0% rgb(235, 238, 253); border: 1pt solid windowtext; padding: 0in;" valign="top"><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">*Subject to the exercise of the put and / or call option<u></u><u></u></span></div></td> </tr>
</tbody></table><div class="MsoNormal"><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">About the Company - Shriram Transport Finance Co Ltd. :</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><u></u><u></u></span></div><ul type="disc"><li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">The largest Indian asset financing NBFC *, with a primary focus on financing pre-owned commercial vehicles.</span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">*The D&B Research Report and the CRISIL Report had named our Company as the largest asset financing NBFC in <br />
terms of their research based on various financial and nonfinancial parameters. <u></u><u></u></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Among the leading financing institutions in the organized sector for the commercial vehicle industry in India for FTUs and SRTOs.<u></u><u></u></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Access to a range of cost effective funding sources <u></u><u></u></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Unique business model and a track record of strong financial performance<u></u><u></u></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Strong brand name & Extensive experience and expertise in credit appraisal and collection processes.<u></u><u></u></span></li>
</ul><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><b><span style="color: #17365d; font-size: large;">How to Invest?</span></b></div><h1><span style="color: #17365d; font-size: 12pt;">Just Email with your Name & Contact to get the Application form.</span></h1><h1><span style="color: red; font-size: 12pt;">Note: Demat account is mandatory for applying <u></u><u></u></span></h1><span style="font-size: medium;"><span style="font-weight: bold;"><span style="color: #333399;">Email: <a href="mailto:info@safeinvestindia.com">info@safeinvestindia.com</a></span> </span>|<span style="font-weight: bold;"> <span style="color: #333399;">Phone: 0-991-000-9312</span> </span></span> </div></div></div><span style="font-size: medium;"><br />
</span></div>Unknownnoreply@blogger.com6tag:blogger.com,1999:blog-8781521830094042024.post-72264221198643149072011-06-16T21:41:00.001-07:002011-06-16T21:41:12.280-07:00Monetary Policy: Pause still 50bps away<b><font color="#003366" face="Arial" size="4"><span style="font-size: 14pt; font-family: Arial; color: rgb(0, 51, 102); font-weight: bold;">India</span></font></b><b><font color="#003366" face="Arial" size="4"><span style="font-size: 14pt; font-family: Arial; color: rgb(0, 51, 102); font-weight: bold;"> Economics: Monetary Policy</span></font></b><font face="Arial Unicode MS"><span style="font-family: "Arial Unicode MS";" lang="EN-GB"></span></font> <p style="margin-right: 0in; margin-bottom: 12pt; margin-left: 0in; text-align: justify; line-height: 15pt;"> <b><font color="#003366" face="Times New Roman" size="3"><span style="font-size: 12pt; color: rgb(0, 51, 102); font-weight: bold;" lang="EN-GB">The 25bps policy rate hike by the RBI today is on expected lines. The tone of the mid-quarter monetary policy statement was also hawkish as expected. Our inflation and growth estimates remain unchanged </span> </font></b><b><font color="#003366" face="Arial Unicode MS"><span style="font-family: "Arial Unicode MS"; color: rgb(0, 51, 102); font-weight: bold;" lang="JA">–</span></font></b><b><font color="#003366"><span style="color: rgb(0, 51, 102); font-weight: bold;" lang="EN-GB"> GDP growth at 8.2% and average inflation at 8% for FY12. The bias of monetary policy stance now is clearly anti-inflationary. We see another 50bps rate hike before the RBI can pause, contingent on the trajectory of global commodity prices and monsoon. <span style="background: none repeat scroll 0% 0% yellow;"></span></span></font></b></p> <p class="MsoNormal" style="margin-bottom: 12pt; text-align: justify; line-height: 15pt;"> <b><font color="#003366" face="Times New Roman" size="3"><span style="font-size: 12pt; color: rgb(0, 51, 102); font-weight: bold;" lang="EN-GB">Repo rates hiked by 25bps:</span></font></b><font color="#003366"><span style="color: rgb(0, 51, 102);" lang="EN-GB"> </span></font><span lang="EN-GB">RBI has hiked policy (repo) rate by 25bps, as widely expected by the market, bringing it to 7.5%. This automatically adjusts the reverse-repo rate and the marginal standing facility (MSF) rates to 6.5% and 8.5% respectively. All other policy rates (CRR, SLR, Bank rate) were left unchanged. </span></p> <p class="MsoNormal" style="margin-bottom: 12pt; text-align: justify; line-height: 15pt;"> <b><font color="#003366" face="Times New Roman" size="3"><span style="font-size: 12pt; color: rgb(0, 51, 102); font-weight: bold;" lang="EN-GB">Hawkish tone as expected:</span></font></b><span lang="EN-GB"> The policy maker assumed a hawkish tone in the policy statement as expected. Given the revisions of March headline WPI inflation to 9.7, while May headline number at 9.1% had manufactured products' and core inflation at 7.3% and 7.2% respectively, the RBI maintained that "<i><span style="font-style: italic;">the monetary policy stance remains firmly anti-inflationary, recognising that, in the current circumstances, some short-run deceleration in growth may be unavoidable in bringing inflation under control</span></i>."</span></p> <p class="MsoNormal" style="margin-bottom: 12pt; text-align: justify; line-height: 15pt;"> <font face="Times New Roman" size="3"><span style="font-size: 12pt;" lang="EN-GB">Thus, concerns over inflation clearly outweigh concerns over growth moderation. Aggregate demand in the economy has slowed down, but still remain strong vis-à-vis output, as fresh capacity additions have fallen short in the last few quarters. As a result, despite some moderation in input prices of late, thanks to softening commodities, manufacturers have increased prices (with a lag) now to protect their margins, indicating persistence of still strong pricing power.</span></font></p> <p class="MsoNormal" style="margin-bottom: 12pt; text-align: justify; line-height: 15pt;"> <b><font color="#003366" face="Times New Roman" size="3"><span style="font-size: 12pt; color: rgb(0, 51, 102); font-weight: bold;" lang="EN-GB">Our outlook on inflation, growth and policy rate:</span></font></b><font color="#003366"><span style="color: rgb(0, 51, 102);" lang="EN-GB"> </span></font><span lang="EN-GB">Our outlook for average inflation in FY12 remains at 8%, while the peak is now unlikely to overshoot 10.5% now (our earlier estimate was 11%), even with a fuel price hike (Indian Brent basket unlikely to hold strong for long; now ~$114). The revisions are likely to be capped at 30bps from April'12 onwards. Our FY12 GDP growth estimate remains at 8.2%. We believe that the RBI will need to hike rates by 50bps more before pausing. Global commodity prices along with the progress of the monsoon remain the key determinant now, besides fiscal policy stance. </span></p> <font face="Times New Roman" size="3"><span style="font-size: 12pt;"><br></span></font> Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-8781521830094042024.post-36353708438386615012011-06-01T22:56:00.001-07:002011-06-01T22:56:27.177-07:00Tata Power Company Perpetual debentures June 2011<div><img style="padding: 0px;" src="http://www.moneycontrol.com/news_image_files/CRISIL_Ratings_190.jpg" alt="CRISIL rates perpetual debentures of Tata Power AA/Positive" width="190px" border="0" height="190px">CRISIL has assigned its 'AA/Positive' rating to The <a href="http://www.moneycontrol.com/india/stockpricequote/power-generationdistribution/tata-power-company/TPC">Tata Power Company</a> Limited's (Tata Power's) issue of Rs.15 billion unsecured, listed, subordinated, perpetual debentures. Perpetual debentures, a kind of hybrid instrument, combine features of both debt and equity – CRISIL has accorded 50 per cent equity content to this instrument. It implies that CRISIL, in its analysis of Tata Power's capital structure and financial ratios, will treat 50 per cent of the principal amount as equity and the other half as debt. CRISIL has also reaffirmed its ratings on the company's existing debt instruments and bank facilities at 'AA/Positive/P1+'.</div> <p>Says Mr. Pawan Agrawal, Director, CRISIL Ratings, "The rating of this instrument is based on an expectation that the embedded flexibility to defer distribution payments is unlikely to be used by the issuer." This expectation is based on an analysis of the key features of the instrument, as well as CRISIL's understanding of the management's intent. Therefore, this perpetual instrument is rated at the same level as other traditional long-term bonds issued by Tata Power. "The 50 per cent equity-content treatment to this instrument emanates from the presence of a strong replacement capital covenant and the instrument's deeply subordinated position in issuer's capital structure", adds Mr. Agrawal.</p> <p>Such perpetual hybrid instruments provide several benefits to issuers. They allow a better balancing of capital structure, enhance financial flexibility, expand the choice of instruments that can be issued to access debt markets, and enable diversification in the investor base. For investors, such instruments offer a relatively higher return to compensate for the highly complex nature, a subordinated position, and a potential uncertainty over timing of maturity and risk of distribution deferral.</p> <p>Considering the emerging interest in such newer instruments by Indian debt market participants, CRISIL has released its detailed criteria for rating of perpetual securities issued by corporate sector entities. Says Mr. Arun Panicker, Chief Analytical Officer, CRISIL Ratings, "CRISIL has become the first Indian rating agency to publish its comprehensive analytical framework for rating such securities in the public domain. This highlights CRISIL's commitment towards enabling innovation in Indian market, enhancing transparency in the market place by providing participants with an opinion on risks in newer domains, building investor confidence in our risk assessment capabilities, and facilitating development of Indian debt markets." The detailed criteria document is available at our website <a href="http://www.crisil.com/">www.crisil.com</a>.</p> <p><strong><em>Disclaimer:</em></strong> This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report. The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.</p> Unknownnoreply@blogger.com7tag:blogger.com,1999:blog-8781521830094042024.post-4007474681963890592011-05-02T11:20:00.001-07:002011-05-02T11:20:13.290-07:00RBI Monetary Policy Preview<font color="#000000" face="Calibri" size="3"><b>RBI Monetary Policy Preview</b>.</font> <p style="margin: 8.5pt 0in 0pt;"> <b><span style="font-size: 11pt;"><font color="#000000">Expect a 50bp hike</font></span></b></p> <p style="margin: 8pt 0in 0pt;"> <span style="font-size: 11pt;"><font color="#000000">In the forthcoming Reserve Bank of India (RBI) Monetary Policy Review on May 3, 2011, we expect the central bank to come out of the gradual monetary tightening and hike both repo and reverse repo rates by 50bp each to 7.25% and 6.25%, respectively, <br> as inflationary pressures have consistently refused to abate. We expect the RBI to keep the statutory liquidity ratio (SLR) and cash reserve ratio (CRR) unchanged at 24.0% and 6.0%, respectively. </font></span></p> <p style="margin: 8.5pt 0in 0pt;"> <b><span style="font-size: 11pt;"><font color="#000000">Inflation remains sticky with upside risks</font></span></b></p> <p style="margin: 8pt 0in 0pt;"> <span style="font-size: 11pt;"><font color="#000000">Wholesale price index (WPI) inflation has consistently remained well above the RBI's upwardly revised comfort levels. Even for March 2011, for which RBI had raised its projection by a full 250bp from 5.5% projected in November 2010 Monetary Policy Review to 8.0% in its March 2011 Monetary Policy Review, actual WPI inflation came in 100bp higher at 9.0%. In fact, this number could rise closer to 10% once provisional figures are revised (considering the recent trend in revisions).</font></span></p> <p style="margin: 8.5pt 0in 0pt;"> <b><span style="font-size: 11pt;"><font color="#000000">Growth momentum moderating</font></span></b></p> <p style="margin: 8pt 0in 0pt;"> <span style="font-size: 11pt;"><font color="#000000">Growth momentum of the Indian economy has moderated considerably over the past few months, as evident from IIP growth averaging 5.0% during October 2010–February 2011 compared to 10.4% during 1HFY2011 and GDP growth easing to 8.2% during 3QFY2011 from 8.9% in 1HFY2011.</font></span></p> <p style="margin: 8pt 0in 0pt;"> <span style="font-size: 11pt;"><font color="#000000">Even though growth momentum has eased off post the gradual calibrated monetary tightening by the RBI, inflation has remained sticky (above the 8.0% level for the last 15 months). Hence, we believe the RBI is likely to resort to a bolder step and hike repo and reverse repo rates by 50bp each.</font></span></p> Unknownnoreply@blogger.com13tag:blogger.com,1999:blog-8781521830094042024.post-48435811431488459492011-05-01T21:37:00.001-07:002011-05-01T21:37:36.078-07:00Bank of Baroda - RU4QFY2011 - Buy<span style="font-size: 12pt;"><font face="Calibri"><font color="#000000"><b>Result Update</b> on <b>Bank of Baroda</b> for <b>4QFY2011 </b>with a<b> Buy </b>recommendation and a<b> Target Price </b>of<b> </b></font></font></span><font size="3"><font color="#000000"><b><span>`</span><font face="Calibri">1,096 </font></b><font face="Calibri">(12 months)<b>.</b><b><span style="font-size: 12pt;"></span></b></font></font></font> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></b></p> <p style="margin: 2pt 0in 0pt; line-height: 14.5pt;"> <font face="Times New Roman"><span style="font-size: 11pt; color: windowtext; letter-spacing: -0.2pt;">For 4QFY2011, Bank of Baroda posted healthy net profit growth of 31.0% yoy</span><span style="font-size: 11pt; color: windowtext;"> (21.1% qoq) to </span></font><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">1,294cr. The bank received interest of </font></span><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">252cr on income tax refund and its effective tax rate for the quarter was only 4.5% (compared to <span style="letter-spacing: -0.2pt;">30.9% in 3QFY2011), leading to strong sequential growth in profitability. Asset</span> quality concerns were visible during the quarter, while pension expenses led to higher employee costs. Strong sequential growth in business and non-interest income were the key positives from the results. <b>We recommend a Buy rating on the stock.</b></font></span></p> <p style="margin: 8pt 0in 0pt;"> <font face="Times New Roman"><b><span style="font-size: 11pt; color: windowtext;">Strong sequential business growth, but with higher slippages. </span></b><span style="font-size: 11pt; color: windowtext;">For 4QFY2011, the bank's overall net advances grew by healthy 30.6% yoy to </span></font><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">2,28,676cr, while overall deposits also showed strong growth of 26.7% yoy to 3,05,439cr. <br> Domestic CASA ratio at the end of 4QFY2011 stood at 34.4%, while global CASA ratio stood at 28.7%. Reported NIM of the bank increased by 25bp to healthy 3.45%. Domestic NIM of the bank declined by 12bp to 3.70, while overseas NIM remained stable at 1.41%. During 4QFY2011, the bank witnessed asset-quality concerns with slippages considerably increasing by </font></span><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">390cr sequentially to </font></span><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">667cr. Consequently, annualised slippage ratio increased from 0.6% in 3QFY2011 to 1.5% in 4QFY2011. </font></span></p> <p style="margin: 8pt 0in 0pt;"> <font face="Times New Roman"><b><span style="font-size: 11pt; color: windowtext;">Outlook and valuation:</span></b><span style="font-size: 11pt; color: red;"> </span><span style="font-size: 11pt; color: windowtext;">At the CMP, the stock is trading at P/ABV multiple of 1.2x FY2013E ABV of </span></font><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">731cr. Historically, the stock has traded at 0.8x–1.3x one-year forward P/ABV multiple, with a five-year median of 1.0x, but has been rerated over the past two years to a 1.5x average. This is because of the bank's consistent improvement in profitability, underpinned by fruitful investments in channel modernisation, healthy CASA and balance sheet growth and declining operating expenses (1.5% of avg. assets in FY2011). We have assigned a target FY2012E P/ABV multiple of 1.5x, implying an upside of 20.2%; <b>hence, we recommend a Buy rating on the stock with a target price of </b></font></span><b><span style="font-size: 11pt; color: windowtext;">`</span></b><b><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">1,096.</font></span></b></p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-25793544449792993142011-04-29T08:49:00.001-07:002011-04-29T08:49:53.437-07:00Oriental Bank of Commerce - 4QFY2011 Results Flash<p class="mobile-photo"><a href="http://4.bp.blogspot.com/-U7bAbzbBVuc/TbreIfsipaI/AAAAAAAAAx4/wo-3AGWShN4/s1600/BullsEye-793437.jpg"><img src="http://4.bp.blogspot.com/-U7bAbzbBVuc/TbreIfsipaI/AAAAAAAAAx4/wo-3AGWShN4/s320/BullsEye-793437.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5601033324117271970" /></a></p><p class="MsoNormal" style="margin: 0in 0in 10pt;"> <b><span style="font-size: 12pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Oriental Bank of Commerce - 4QFY2011 Results Flash</font></font></span></b></p> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">For 4QFY2011, Oriental Bank of Commerce (OBC) delivered muted performance with net profit declining by 18.3% sequentially and growth of just 5.2% on a yoy basis to Rs334cr. The results were below our estimates of Rs359cr, in spite of Rs51cr write back towards tax liability for the quarter, due to higher-than-estimated provisioning expenses.</font></font></span></p> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Key highlights:</font></font></span></p> <p style="margin: 0in 0in 10pt 0.5in; text-align: justify;"> <font color="#000000"><span style="font-size: 10pt; line-height: 115%; font-family: symbol;"><span>·<span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Business growth momentum was healthy with advances and deposits growth of 5.6% qoq and 7.5% qoq, respectively. On a yoy basis, advances and deposits grew at slower pace of 13.9% and 15.6%, respectively.</font></span></font></p> <p style="margin: 0in 0in 10pt 0.5in; text-align: justify;"> <font color="#000000"><span style="font-size: 10pt; line-height: 115%; font-family: symbol;"><span>·<span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Net Interest Income was flat both sequentially as well as on a year on year basis in spite of moderate business growth. Calculated NIM declined by ~20bp due to the rising cost of funds in the system as a whole and the bank's relatively weak liability profile. Non-interest income growth was strong sequentially, registering a growth of 29.6% qoq, while on a year on year basis it grew by 13.0%.</font></span></font></p> <p style="margin: 0in 0in 10pt 0.5in; text-align: justify;"> <font color="#000000"><span style="font-size: 10pt; line-height: 115%; font-family: symbol;"><span>·<span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Operating expenses were kept in control. Operating expenses de-grew by 1.6% yoy on the back of 15.4% decline in employee expenses. Other operating expenses rose by 8.6% qoq and 19.0% yoy to Rs228cr. During FY2011, the bank fully recognized the provision for enhancement in gratuity limits of Rs138cr in spite of an option to amortize the same over a five year period. It also took a hit of Rs171cr towards 1/5<sup>th</sup> of the additional liability for serving employees under the second pension option and Rs151cr towards liability for retired employees. Balance liability carried forward for Pension stands at Rs684cr. As a result of decline in operating expenses compared to growth in operating income the cost-to-income ratio of the bank improved to 35.8% from 38.6% in 3QFY2011 and 38.1% in 4QFY2010. </font></span></font></p> <p style="margin: 0in 0in 10pt 0.5in; text-align: justify;"> <font color="#000000"><span style="font-size: 10pt; line-height: 115%; font-family: symbol;"><span>·<span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">The asset quality of the bank deteriorated during 4QFY2011 with the absolute Gross NPAs increasing by 8.9% qoq and Net NPAs rising by 15.0% qoq. Gross and Net NPA ratios also deteriorated to 2.0% and 1.0%, respectively. The provision coverage ratio stood at 76.8% (77.4% in 3QFY2011) including technical write-offs. Provisioning expenses were substantially higher, rising by 192.3% qoq and 34.3% yoy to Rs560cr (at ~1.4% of average assets vs ~0.6% of average assets during 9MFY2011)</font></span></font></p> <p style="margin: 0in 0in 10pt 0.5in; text-align: justify;"> <font color="#000000"><span style="font-size: 10pt; line-height: 115%; font-family: symbol;"><span>·<span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">The bank's CAR improved to 14.2% from 12.4% in 3QFY2011 on the back of capital infusion by the government.</font></span></font></p> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">At the CMP, the stock is trading at 0.8x FY2013E ABV. We maintain our Buy recommendation on the stock, as we believe that the negatives are largely factored into the current valuations (of 0.76x as compared to last five year median of 0.94x). We may revise our estimates post interaction with the management.</font></font></span></p> <p> </p> <table style="margin: auto auto auto 5.4pt; width: 368pt; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0" width="491"> <tbody> <tr style="min-height: 13.5pt;"> <td colspan="4" style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 368pt; min-height: 13.5pt; background-color: transparent;" valign="bottom" width="491" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <font face="Calibri"><b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';">Exhibit 1: </span></b><b><span style="font-size: 10pt; color: rgb(31, 73, 125); font-family: 'futura bk bt';">4</span></b><b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';">QFY2011 Actual vs. Estimates</span></b></font></p> </td> </tr> <tr style="min-height: 12.75pt;"> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 119.25pt; min-height: 12.75pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(Rs cr)</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 87.75pt; min-height: 12.75pt; background-color: transparent;" width="117"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Actual</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 87.9pt; min-height: 12.75pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Estimates</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 73.1pt; min-height: 12.75pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Var (%)</font></font></span></i></b></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Net interest income</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,013</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,034</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(2.0)</font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Non-interest income</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">300</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">256</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">17.0</font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Operating income</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,313</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,291</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1.8</font></font></span></b></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Operating expenses</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">470</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">495</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(5.0)</font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Pre-prov. profit</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">843</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">796</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">5.9</font></font></span></b></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Provisions & contingencies</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">560</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">236</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">137.5</font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">PBT</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">282</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">560</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(49.5)</font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Prov. for taxes</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(51)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">200</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <font face="Calibri"><span style="font-size: 9pt; color: rgb(31, 73, 125); line-height: 115%; font-family: 'futura bk bt';">NA</span><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"></span></font></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 119.25pt; min-height: 12pt; background-color: transparent;" width="159" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">PAT</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 87.75pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">334</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 87.9pt; min-height: 12pt; background-color: transparent;" width="117" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">359</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 73.1pt; min-height: 12pt; background-color: transparent;" width="97" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(7.1)</font></font></span></b></p> </td> </tr> </tbody> </table> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <font color="#000000"><font face="Calibri"><i><span style="font-size: 10pt; font-family: 'futura bk bt';"> </span></i><i><span style="font-size: 8pt; font-family: 'futura bk bt';">Source: Company, Angel Research</span></i></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 10pt; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 10pt; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: justify;"> <font face="Calibri"><b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';">Exhibit 2: </span></b><b><span style="font-size: 10pt; color: rgb(31, 73, 125); font-family: 'futura bk bt';">4</span></b><b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';">QFY2011 Performance summary</span></b></font></p> <p> </p> <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr style="min-height: 12.3pt;"> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 26.44%; min-height: 12.3pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">(Rs cr)</font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4QFY2011</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">3QFY2011</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 14.84%; min-height: 12.3pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">% chg (qoq)</font></font></span></i></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4QFY2010</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 13.72%; min-height: 12.3pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">% chg (yoy)</font></span></i></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Interest earned</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">3,232</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">3,033</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">6.6</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,685</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">20.4</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Interest expenses</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,219</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,003</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">10.8</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,696</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">30.8</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Net interest income</font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,013</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,030</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(1.6)</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">989</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2.4</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Non-interest income</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">300</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">231</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">29.6</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">265</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">13.0</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Operating income</font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,313</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,261</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4.1</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,255</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4.7</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Operating expenses</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">470</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">487</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(3.5)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">478</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(1.6)</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Pre-prov. profit</font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">843</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">774</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">8.9</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">777</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">8.5</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Provisions & contingencies</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">560</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">192</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">192.3</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">417</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">34.3</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">PBT</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">282</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">582</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(51.5)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">359</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(21.4)</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Prov. for taxes</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(51)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">174</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">NA</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">42</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <br></td></tr></tbody></table> <br> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-79654544661857925492011-04-27T05:16:00.001-07:002011-04-27T05:16:37.114-07:00Result Flash - Wipro - 4QFY2011<span style="font-size: 12pt;"><font color="#000000"><font face="Calibri"><b>Result Flash</b> on <b>Wipro</b> for <b>4QFY2011</b>.</font></font></span> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <font size="3"><span style="font-family: 'futura bk bt';"><font face="Calibri"><font color="#000000">Wipro reported its 4QFY2011 numbers which were slightly better than our expectations on revenue front but stood muted on operational front. The company reported IT services revenues at US $1,400mn (vs. our expectation of US $1,394mn), up 4.2% qoq. The volume growth for IT services was muted at 1.9% as onsite volume declined by 0.4% qoq while offshore volumes increased by 2.8% qoq. The company managed to garner better price points onsite and offshore with 1.8% and 1.2% qoq growth, respectively</font><span style="color: red;">.</span><font color="#000000"> In constant currency terms, revenues came in at US$1,391mn. In rupee terms the IT services revenue came in at </font></font></span><span><font color="#000000">`</font></span><span style="font-family: 'futura bk bt';"><font face="Calibri"><font color="#000000">6,289cr (vs. our expectation of 6,258cr), a growth of 5.7% qoq.</font><span style="color: red;"> </span><font color="#000000">The overall consolidated revenues grew modestly by 6.0% qoq at </font></font></span><font color="#000000"><span>`</span><span style="font-family: 'futura bk bt';"><font face="Calibri">8,302cr (vs. our expectation of </font></span><span>`</span></font><span style="font-family: 'futura bk bt';"><font face="Calibri"><font color="#000000">8,190cr).</font><span style="color: red;"> </span><font color="#000000">The overall revenues were aided by 19.1% yoy growth in revenues of consumer care and lightening segment along with growth in IT services segment. </font></font></span></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <font size="3"><font color="#000000"><span style="font-family: 'futura bk bt';"><font face="Calibri">The overall EBIT margins declined by 52bp qoq to 17.8% (vs. our expectation of 19.3%) on the back of decline in EBIT margin in all the three business segments. The EBIT margin of IT services, IT products and Consumer care and lightening segment declined by 14bp, 100bp and 30bp qoq to 22.1%, 3.6% and 12.0%, respectively. In addition to this the company booked additional cost of </font></span><span>`</span><span style="font-family: 'futura bk bt';"><font face="Calibri">44.7cr in reconciling items as against </font></span><span>`</span><span style="font-family: 'futura bk bt';"><font face="Calibri">7.5cr in 3QFY2011. PAT came in at </font></span><span>`</span><span style="font-family: 'futura bk bt';"><font face="Calibri">1,375cr qoq, up 4.3% qoq.</font></span></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <b><span style="font-family: 'futura bk bt';"><font size="3"><font color="#000000"><font face="Calibri">4QFY2011: Result highlights (IFRS, consolidated):</font></font></font></span></b></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p> </p> <table style="width: 535.9pt; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0" width="715"> <tbody> <tr style="min-height: 15.6pt;"> <td style="border: 1pt solid black; padding: 0in 5.4pt; width: 108.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="144"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">(Rs cr)</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: black black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;" align="center"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">4QFY11</font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: black black black rgb(236, 233, 216); width: 63pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="84"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;" align="center"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">4QFY11E</font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: black black black rgb(236, 233, 216); width: 56.45pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="75"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;" align="center"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">% Var</font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: black black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;" align="center"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">3QFY11</font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: black black black rgb(236, 233, 216); width: 69.4pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="93"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;" align="center"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">% chg (qoq)</font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: black black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;" align="center"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">4QFY10</font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: black black black rgb(236, 233, 216); width: 68.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="91"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;" align="center"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">% chg (yoy)</font></span></b></p> </td> </tr> <tr style="min-height: 15.6pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) black black; width: 108.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="144"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">Net revenue</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 8,302 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 63pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="84"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 8,190 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.45pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="75"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1.4 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 7,829 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 69.4pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="93"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 6.0 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 6,983 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 68.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="91"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 18.9 </font></span></p> </td> </tr> <tr style="min-height: 15.6pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) black black; width: 108.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="144"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">EBIT</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1,479 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 63pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="84"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1,583 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.45pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="75"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> (6.6)</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1,435 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 69.4pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="93"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 3.0 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1,336 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 68.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="91"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 10.6 </font></span></p> </td> </tr> <tr style="min-height: 15.6pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) black black; width: 108.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="144"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">EBIT margin (%)</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 17.8 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 63pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="84"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 19.3 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.45pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="75"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> (152)bp </font></font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 18.3 </font></font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 69.4pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="93"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> (52)bp </font></font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 19.1 </font></font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 68.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="91"> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> (133)bp </font></font></span></p> </td> </tr> <tr style="min-height: 15.6pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) black black; width: 108.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="144"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">PAT</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1,375 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 63pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="84"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1,433 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.45pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="75"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> (4.0)</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1,319 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 69.4pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="93"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 4.3 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 56.85pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="76"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 1,209 </font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) black black rgb(236, 233, 216); width: 68.25pt; min-height: 15.6pt; background-color: transparent;" nowrap valign="top" width="91"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri"> 13.8 </font></span></p> </td> </tr> </tbody> </table> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%;"> <span style="font-size: 10pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%;"> <b><span style="font-family: 'futura bk bt';"><font size="3"><font color="#000000"><font face="Calibri">Key highlights:</font></font></font></span></b></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%;"> <b><span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></b></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <font color="#000000"><span style="font-family: symbol;"><span><font size="3">·</font><span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-family: 'futura bk bt';"><font size="3"><font face="Calibri">The net additions were decent at 2,894 employees taking the total employee base to 1,22,385.</font></font></span></font></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <span style="color: red; font-family: 'futura bk bt';"><font face="Calibri" size="3"> </font></span></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <font color="#000000"><span style="font-family: symbol;"><span><font size="3">·</font><span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-family: 'futura bk bt';"><font size="3"><font face="Calibri">The utilizations for Global IT inched up by 30bp qoq to 68.9%</font></font></span></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <font color="#000000"><span style="font-family: symbol;"><span><font size="3">·</font><span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-family: 'futura bk bt';"><font size="3"><font face="Calibri">Voluntary attritions (annualised) declined to 20.9% from 21.7% in 3QFY2011.</font></font></span></font></p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <font color="#000000"><span style="font-family: symbol;"><span><font size="3">·</font><span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-family: 'futura bk bt';"><font size="3"><font face="Calibri">In constant currency terms, verticals like energy & utilities, retail & transportation, manufacturing, healthcare & services, technology and financial services grew by 7.4%, 4.9%, 3.9%, 2.7%, 1.9% and 1.4% qoq, respectively. The positive surprise came in from telecom vertical, which stood sluggish for all the tier-I IT companies, grew by whopping 9.0% qoq in constant currency terms for Wipro.</font></font></span></font></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <span style="color: red; font-family: 'futura bk bt';"><font face="Calibri" size="3"> </font></span></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <font color="#000000"><span style="font-family: symbol;"><span><font size="3">·</font><span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-family: 'futura bk bt';"><font face="Calibri" size="3">The IT products segment posted 2.3% yoy growth in revenues to </font></span><span><font size="3">`</font></span><span style="font-family: 'futura bk bt';"><font size="3"><font face="Calibri">910.5cr, with EBIT margin at 3.6%, down 100bp qoq. </font></font></span></font></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <font color="#000000"><span style="font-family: symbol;"><span><font size="3">·</font><span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-family: 'futura bk bt';"><font face="Calibri" size="3">Consumer care and lightening segment registered a strong growth of 19.1% yoy with revenues at </font></span><span><font size="3">`</font></span><span style="font-family: 'futura bk bt';"><font size="3"><font face="Calibri">724.4crcr. EBIT margin of this segment stood at 12.0%, down 30bp qoq.</font></font></span></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <font color="#000000"><span style="font-family: symbol;"><span><font size="3">·</font><span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-family: 'futura bk bt';"><font size="3"><font face="Calibri">Client addition stood at robust at 68 (vs. 36 in 3QFY2011). Active client base of the company stood at 904 as against 880 in 3QFY2011.</font></font></span></font></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <font color="#000000"><span style="font-family: symbol;"><span><font size="3">·</font><span style="font: 7pt 'times new roman';"> </span></span></span><span style="font-family: 'futura bk bt';"><font size="3"><font face="Calibri">The guidance for IT services for 1QFY2012 stands highly muted at US$1.394-1.422bn with merely 0.4-1.6% qoq growth.</font></font></span></font></p> <p style="margin: 0in 0in 0pt 0.5in; line-height: 115%; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font color="#000000" face="Calibri" size="3"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: justify;"> <span style="font-family: 'futura bk bt';"><font size="3"><font color="#000000"><font face="Calibri">The results were mixed bag and the guidance also looks muted considering the upbeat environment for IT spending. We wait for management's commentary on the outlook relating to client budgets and the internal restructuring going on. The stock is currently under review and we will be releasing a detailed result update shortly.</font></font></font></span></p> Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8781521830094042024.post-87205185726436905112011-04-26T02:21:00.001-07:002011-04-26T02:21:56.434-07:00Reliance Industries - RU4QFY2011 - Buy<span style="font-size: 12pt; color: windowtext;"><b>Result Update</b> on <b>Reliance Industries</b> for <b>4QFY2011</b> with a <b>Buy</b> recommendation and a <b>Target Price</b> of</span><span style="color: windowtext;"><font face="Times New Roman" size="2"> </font></span><b><span style="font-size: 11pt; color: windowtext;">`</span></b><b><span style="font-size: 12pt; color: windowtext;">1189 </span></b><span style="font-size: 12pt; color: windowtext;">(12 months).</span> <p style="margin: 6pt 0in 5.7pt; line-height: 13pt;"> <span style="font-size: 11pt; color: rgb(31, 73, 125);"><font face="Times New Roman"> </font></span></p> <p style="margin: 6pt 0in 5.7pt; line-height: 13pt;"> <span style="font-size: 11pt;"><font color="#000000"><font face="Times New Roman">For 4QFY2011, RIL reported 14.1% yoy growth in its bottom line due to higher refining and petrochemical margins. On a qoq basis, PAT growth was restricted to 4.7% because of the dip in production from KG-D6 field. Overall, numbers were below our expectations on the top-line and bottom-line fronts on account of lower-than-expected refining margins (due to the impact of FCCU shutdown) and output from KG-D6 field. <b>We maintain Buy on the stock.</b></font></font></span></p> <p style="margin: 2pt 0in 5.7pt; line-height: 13pt;"> </p> <p style="margin: 2pt 0in 5.7pt; line-height: 13pt;"> <font color="#000000"><font face="Times New Roman"><b><span style="font-size: 11pt;">Earnings post sequential as well as yoy growth:</span></b><span style="font-size: 11pt;"> RIL's top line increased by 26.2% yoy to </span></font><span style="font-size: 11pt;">`</span><span style="font-size: 11pt;"><font face="Times New Roman">72,674cr (</font></span><span style="font-size: 11pt;">`</span><span style="font-size: 11pt;"><font face="Times New Roman">57,570cr), primarily on the back of 22.3% yoy growth in refining revenue to </font></span><span style="font-size: 11pt;">`</span><span style="font-size: 11pt;"><font face="Times New Roman">62,704cr (</font></span><span style="font-size: 11pt;">`</span><span style="font-size: 11pt;"><font face="Times New Roman">51,250cr) and a 17.8% yoy increase in petrochemical revenue to </font></span><span style="font-size: 11pt;">`</span><span style="font-size: 11pt;"><font face="Times New Roman">18,194cr (</font></span><span style="font-size: 11pt;">`</span><font face="Times New Roman"><span style="font-size: 11pt;">15,448cr). Growth in the refining and petrochemical segments was due to higher product </span><span style="font-size: 11pt; color: windowtext;">prices. Crude oil processed during the quarter was flat at 16.7mn tonnes. KG-D6 gas production declined sequentially, with average production at 51mmscmd (54.5mmscmd). Operating profit grew by 7.7% yoy to </span></font><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">9,843cr (</font></span><span style="font-size: 11pt; color: windowtext;">`</span><font face="Times New Roman"><span style="font-size: 11pt; color: windowtext;">9,136cr), which was below our</span><span style="font-size: 11pt;"> estimate due to lower-than-expected refining margins.</span></font></font></p> <p style="margin: 6pt 0in 5.7pt; line-height: 13pt;"> </p> <p style="margin: 6pt 0in 5.7pt; line-height: 13pt;"> <font color="#000000"><font face="Times New Roman"><b><span style="font-size: 11pt;">Outlook and valuation:</span></b><span style="font-size: 11pt;"> RIL's extant businesses (refining and petrochemical) have been doing quite well and we expect the company to report higher refining margins in the coming quarters as FCCU of DTA Refinery has started. On the petrochemical side, we do not expect margins to fall below the current level. However, there are some concerns on the KG basin gas output. Nevertheless, we believe RIL's deal with BP deal is a positive one, as the combined expertise of both the parties will result in optimisation of producing blocks and enhancement of resources in exploratory blocks. Thus, timely ramp-up in producing fields would improve investor confidence and lead to factor other prospective basins as well. We maintain our Buy rating on RIL with an SOTP-based target price of </span></font><span style="font-size: 11pt;">`</span><span style="font-size: 11pt;"><font face="Times New Roman">1,189.</font></span></font></p> Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8781521830094042024.post-31923494417084816202011-04-25T01:32:00.001-07:002011-04-25T01:32:54.565-07:00Sadbhav Engineering - RU4QFY2011 - Accumulate<p class="mobile-photo"><a href="http://4.bp.blogspot.com/-SEF8p9C5rpk/TbUxt_QdSjI/AAAAAAAAAxA/7UsISJjEK4o/s1600/BullsEye-774566.jpg"><img src="http://4.bp.blogspot.com/-SEF8p9C5rpk/TbUxt_QdSjI/AAAAAAAAAxA/7UsISJjEK4o/s320/BullsEye-774566.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5599436377849416242" /></a></p><span style="font-size: 12pt; color: windowtext;"><b>Result Update</b> on <b>Sadbhav Engineering</b> for <b>4QFY2011</b> with an <b>Accumulate</b> recommendation and a <b>Target Price</b> of</span><span style="color: windowtext;"><font face="Times New Roman" size="2"> </font></span><b><span style="font-size: 11pt; color: windowtext;">`</span></b><b><span style="font-size: 12pt; color: windowtext;">161</span></b><span style="font-size: 12pt; color: windowtext;"></span> <p style="margin: 0in 0in 0pt; line-height: 12pt;"> <span style="color: windowtext;"><font face="Times New Roman" size="2"> </font></span></p> <p style="margin: 0in 0in 0pt; line-height: 12pt;"> <span style="color: rgb(31, 73, 125);"><font face="Times New Roman" size="2"> </font></span></p> <p style="margin: 0in 0in 0pt; line-height: 12pt;"> <font face="Times New Roman"><span style="font-size: 11pt; color: windowtext;">For 4QFY2011, Sadbhav Engineering (SEL) posted numbers much higher than our and street expectations both on the top-line and bottom-line fronts.</span><span style="font-size: 11pt; color: red;"> </span><span style="font-size: 11pt; color: windowtext;">We are revising our estimates for FY2012 and FY2013, given the higher-than-expected top-line performance and pressure on EBITDA margins. We believe SEL has posted consistent growth over the last few quarters and is appropriately rewarded on the bourses with great outperformance over its peers.<b> Hence, we are recommending an Accumulate view on the stock, given the recent sharp run up in the stock price and lower growth expected going ahead.</b></span></font></p> <p style="margin: 0in 0in 0pt; line-height: 12pt;"> <font face="Times New Roman"><span style="font-size: 11pt; color: windowtext;"></span></font></p> <p style="margin: 6pt 0in 0pt; line-height: 12pt;"> <font face="Times New Roman"><b><span style="font-size: 11pt; color: windowtext;">Outstanding quarterly performance</span></b><span style="font-size: 11pt; color: windowtext;">: For 4QFY2011, SEL reported staggering 128.9% yoy top-line growth to </span></font><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">1,047cr (</font></span><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">457.2cr</font></span><span style="font-size: 11pt; color: windowtext;">)</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman"> vs. our estimate of </font></span><span style="font-size: 11pt; color: windowtext;">`</span><font face="Times New Roman"><span style="font-size: 11pt; color: windowtext;">603.6cr. Ramp-up in execution of captive road BOT projects led to this stupendous growth in revenue. On the EBITDA margin front, SEL posted a decline of 320bp to 8.7% (11.9%) below our estimates of 11.5%, owing to high subcontracting, increased contribution from the low-margin irrigation segment and change in cost escalation policy. </span><font color="#000000"><span style="font-size: 11pt;">Interest and depreciation cost came in line with our estimates. </span><span style="font-size: 11pt; color: windowtext;">On the earnings front, SEL reported stunning 199.3% yoy growth to </span></font></font><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">53.9cr (</font></span><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">18.0cr), substantially higher than our expectations of </font></span><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">36.4cr,</font></span><span style="font-size: 11pt; color: windowtext;"> </span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">mainly due to higher revenue.</font></span></p> <p style="margin: 6pt 0in 0pt; line-height: 12pt;"> <b><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">Outlook and valuation:</font></span></b><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman"> With the pick-up in award activity from NHAI, we are optimistic on the road segment, given the quantum of opportunities lined up in the sector. We expect the company to log a CAGR of 13.9% and 10.3% in its top line and bottom line, respectively, over FY2011–13 on the back of high base created in FY2011. We believe SEL will take a breather to consolidate before the next leap. At current levels, the stock is trading at valuations of 7.1x FY2013E EPS (adjusted for BOT investments). Owing to the sharp run up in the stock price, <br> we recommend Accumulate on the stock with a revised SOTP-based target price of </font></span><span style="font-size: 11pt; color: windowtext;">`</span><span style="font-size: 11pt; color: windowtext;"><font face="Times New Roman">161(</font></span><span style="font-size: 11pt; color: windowtext;">`</span><font face="Times New Roman"><span style="font-size: 11pt; color: windowtext;">171) to factor in EBITDA margin pressures.</span></font></p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-22585318162539772862011-04-24T20:19:00.003-07:002011-04-24T20:19:51.815-07:00Result Flash - Indian Bank - 4QFY2011 - Buy<span style="font-size: 12pt; line-height: 115%;"><font color="#000000"><font face="Calibri"><b>Result Flash</b> on <b>Indian Bank </b>for<b> 4QFY2011 </b>with a<b> Buy </b>recommendation and a<b> Target Price </b>of<b> Rs269 </b>(12 months).</font></font></span> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <font size="3"><font color="#000000"><font face="Calibri">Indian Bank announced its 4QFY2011 results today, registering a net profit growth of 7% yoy to Rs439cr, however on a sequential basis the net profit declined by 10.7%.The result was below our estimates of Rs486cr mainly on account of higher tax provisioning (43.5% effective tax rate for 4QFY2011) than factored in by us. Net Interest Income (NII) grew by 18.9% yoy which was slightly above our estimates The net advances for the bank grew by a marginal 1.8% qoq and 21.1% yoy to Rs 75,250cr, while the deposits grew by 4.7% qoq and 19.9% yoy to Rs1,05,804cr.<span style="font-size: 12pt; line-height: 115%;"> </span>Non-interest income grew by 9.2% qoq but came in lower by 7.3% on a yoy basis to Rs272cr. Operating expenses remained muted sequentially but increased by 35.2% on a yoy basis to Rs480cr. Cost to income ratio further improved to 34.7% from 36.9% in 3QFY2011. The bank's asset quality also showed improvement with Gross and Net NPAs in absolute terms declining by 1.6% qoq and 4.8% qoq, respectively. The Gross and Net NPA ratios of the bank both improved marginally by 4 bps each to 0.98% and 0.53%, respectively, with a provision coverage ratio of 84.3% including write-offs (83% in 3QFY2011). <span style="font-size: 12pt; line-height: 115%;"></span></font></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <font color="#000000" face="Calibri" size="3">At the CMP, the stock is trading at 0.9x FY2013E ABV. <b>We maintain a Buy recommendation on the stock with the Target Price of Rs269.</b> We may revise our estimates post interaction with the management.</font></p> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></p> <p> </p> <table style="margin: auto auto auto 5.4pt; width: 364.8pt; border-collapse: collapse;" width="486" border="0" cellpadding="0" cellspacing="0"> <tbody> <tr style="min-height: 13.5pt;"> <td colspan="4" style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 364.8pt; min-height: 13.5pt; background-color: transparent;" valign="bottom" width="486" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';"><font face="Calibri">Exhibit 1: 4QFY2011 Actual vs. Estimates</font></span></b></p> </td> </tr> <tr style="min-height: 12.75pt;"> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 118.45pt; min-height: 12.75pt; background-color: transparent;" valign="bottom" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(Rs cr)</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 86.95pt; min-height: 12.75pt; background-color: transparent;" valign="bottom" width="116"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Actual</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 87.1pt; min-height: 12.75pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Estimates</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 72.3pt; min-height: 12.75pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Var (%)</font></font></span></i></b></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Net interest income</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,111 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,045 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 6.3 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Non-interest income</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 272 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 270 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 0.4 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Operating income</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>1,383 </b></font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>1,316 </b></font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>5.1 </b></font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Operating expenses</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 480 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 522 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> (8.1)</font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Pre-prov. profit</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>903 </b></font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>794 </b></font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>13.7 </b></font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Provisions & contingencies</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 127 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 100 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 26.6 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">PBT</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 776 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 694 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 11.9 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Prov. for taxes</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 337 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 208 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 62.1 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 118.45pt; min-height: 12pt; background-color: transparent;" width="158" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">PAT</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 86.95pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>439 </b></font></font></span></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 87.1pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="116" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>486 </b></font></font></span></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 72.3pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="96" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> <b>(9.6)</b></font></font></span></p> </td> </tr> </tbody> </table> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <font color="#000000"><font face="Calibri"><i><span style="font-size: 10pt; font-family: 'futura bk bt';"> </span></i><i><span style="font-size: 8pt; font-family: 'futura bk bt';">Source: Company, Angel Research</span></i></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 10pt; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 10pt; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: justify;"> <b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';"><font face="Calibri">Exhibit 2: 4QFY2011 Performance summary</font></span></b></p> <p> </p> <table style="width: 100%; border-collapse: collapse;" width="100%" border="0" cellpadding="0" cellspacing="0"> <tbody> <tr style="min-height: 12.3pt;"> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 26.44%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">(Rs cr)</font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4QFY2011</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">3QFY2011</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 14.84%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">% chg (qoq)</font></font></span></i></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4QFY2010</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 13.72%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; color: black; font-family: 'futura bk bt';"><font face="Calibri">% chg (yoy)</font></span></i></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Interest earned</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,594</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,392</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">8.5</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,025</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">28.1</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Interest expenses</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,483</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,354</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">9.5</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,091</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">36.0</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Net interest income</font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,111</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,038</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">7.1</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">934</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">18.9</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Non-interest income</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">272</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">249</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">9.2</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">293</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(7.3)</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Operating income</font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,383</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,286</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">7.5</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,227</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">12.7</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Operating expenses</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">480</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">474</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1.1</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">355</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">35.2</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Pre-prov. profit</font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">903</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">812</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">11.2</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">872</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">3.5</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Provisions & contingencies</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">127</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">54</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">136.8</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">214</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(40.6)</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">PBT</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">776</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">758</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2.4</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">659</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">17.8</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">Prov. for taxes</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">337</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">267</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">26.3</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">249</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">35.6</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; color: black; line-height: 115%; font-family: 'futura bk bt';"><font face="Calibri">PAT</font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">439</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">491</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(10.7)</font></font></span></b></p></td></tr></tbody></table> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-26076164296683786822011-04-24T20:19:00.001-07:002011-04-24T20:19:15.682-07:00Nestle - RU1QCY2011 - Reduce<font color="#000000"><span style="font-size: 12pt;"><font face="Calibri"><b>Result Update</b> on <b>Nestle</b> for <b>1QCY2011</b> with a <b>Reduce</b> recommendation and a <b>Target Price</b> of </font></span><b><span style="font-size: 12pt;">`</span></b><font face="Calibri"><b><span style="font-size: 12pt;">3483.</span></b><b><span style="font-size: 16pt; color: rgb(31, 73, 125);"></span></b></font></font> <p style="margin: 4pt 0in;"> <b><span style="font-size: 10pt; color: rgb(31, 73, 125);"> </span></b></p> <p class="MsoNormal" style="margin: 2pt 0in 0pt; line-height: 115%;"> <span style="color: black;"><font face="Calibri"><font size="3">Nestle reported strong set of numbers for 1QCY2011, beating our expectations by ~2% both on the top-line and earnings fronts. The company's top line grew by 22.3% yoy (largely driven by domestic volumes), while earnings grew by ~26.7% yoy (against our expectation of 24.8% yoy growth). During the quarter, Nestle's margin expanded on the back of cost rationalisation and robust top-line growth. Post 1QCY2011 results, we have tweaked our estimates. <b>We maintain our Reduce view on the stock with a target price of </b></font></font></span><b><font size="3"><span style="color: black;">`</span><span style="color: black;"><font face="Calibri">3,483.</font></span></font></b></p> <p class="MsoNormal" style="margin: 2pt 0in 0pt; line-height: 115%;"> <span style="font-size: 9pt; color: black; line-height: 115%;"><font face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%;"> <font size="3"><font face="Calibri"><b><span style="color: black;">Strong top line boosts results, gross margin recovers, though still under pressure: </span></b><span style="color: black;">Nestle registered robust top-line growth of 22.3% yoy to </span></font><span style="color: black;">`</span><span style="color: black;"><font face="Calibri">1,810cr, driven by steady growth in its net domestic sales (up 23.1% yoy to </font></span><span style="color: black;">`</span><span style="color: black;"><font face="Calibri">1,712cr, supported by steady volume growth and higher realisations across categories). Earnings (on a reported basis) registered 26.7% yoy growth to </font></span><span style="color: black;">`</span><font face="Calibri"><span style="color: black;">255.7cr, aided by margin expansion. Gross margin expanded by 100bp yoy due to improved product/channel mix and discontinuing of free goods promotion by the company, despite higher cost inflation in milk and sugar prices. </span><span style="color: red;"></span></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%;"> <span style="font-size: 9pt; color: red; line-height: 115%;"><font face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.45pt; line-height: 115%;"> <font size="3"><font face="Calibri"><b><span style="color: black;">Outlook and valuation:</span></b><span style="color: black;"> At the CMP, Nestle is trading at ~139% premium to the Sensex, significantly ahead of its five-year average historical premium of ~78%. We render caution on Nestle's high premium to the Sensex on account of 1) gross margin pressures due to rising input costs and 2) competition in the high-growth noodles category from HUL (<i>Knorr</i> <i>Soupy Noodles</i>), GSKCHL (<i>Horlicks</i> <i>Foodles</i>) and ITC (<i>Sunfeast Yipee</i>). Hence, we maintain our Reduce view on the stock with a revised target price of </span></font><span style="color: black;">`</span><span style="color: black;"><font face="Calibri">3,483 (</font></span><span style="color: black;">`</span><span style="color: black;"><font face="Calibri">3,503). </font></span></font></p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-14016452079108469262011-04-24T09:32:00.001-07:002011-04-24T09:32:38.486-07:00Results Flash - Axis Bank - 4QFY2011 - Buy<span style="font-size: 12pt; line-height: 115%;"><font color="#000000"><font face="Calibri"><b>Result Flash</b> on <b>Axis Bank </b>for<b> 4QFY2011 </b>with a<b> Buy </b>recommendation and a<b> Target Price </b>of<b> Rs1,770 </b>(12 months).</font></font></span> <p class="MsoNormal" style="margin: 0in 0in 10pt;"> <b><span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></b></p> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <font color="#000000" face="Calibri" size="3">Axis Bank registered a healthy 33.4% yoy growth in its net profit for 4QFY2011 to Rs1,020cr, which was in line with our estimates of Rs995cr. However NII was lower than estimated due to a sharp sequential compression in Reported NIMs of 37bp which was offset by stronger other income led primarily by fee income. Strong yoy growth ahead of peers in balance sheet, fee income and branch network was the key positive from the results.</font></p> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <font size="3"><font face="Calibri"><span style="color: rgb(31, 73, 125);">T</span><font color="#000000">he sequential NIM compression of 37bp was unusually high during 4QFY2011 as the bank had to fulfill its priority sector lending obligations through term deposits (in a sharp rise in term deposits rates scenario), as CASA deposits growth moderated (CASA ratio on a daily average basis down by 400bp qoq). Also the full benefit of re-pricing on the advances side did not flow through during 4QFY2011, as the lending rate hikes were carried out in mid-January and mid-February. During 4QFY2011, apart from NIM, performance of the bank on other operating parameters was strong as evident from the strong fee income growth (39% adjusted yoy), cost-to-income ratio stable at 42.2%, slippages rate contained within 1.0% and gross NPAs brought down to 1.01% with a strong 80.9% provision coverage ratio (including technical write-offs).</font></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"> <font size="3"><font color="#000000"><font face="Calibri">The stock is currently trading at valuations of 2.3x FY2013E ABV. We remain positive on the bank owing to its attractive CASA franchise which is likely to be bolstered further on the back of strong branch expansion (increased network by 41.4% during FY2011), multiple sources of sustainable fee income, strong growth outlook and A-list management. <b>We maintain a Buy recommendation on the stock with a Target Price of Rs1,770. </b></font></font></font></p> <p> </p> <table style="margin: auto auto auto 5.4pt; width: 368.4pt; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0" width="491"> <tbody> <tr style="min-height: 13.5pt;"> <td colspan="4" style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 368.4pt; min-height: 13.5pt; background-color: transparent;" valign="bottom" width="491" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></b></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <font face="Calibri"><b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';">Exhibit 1: </span></b><b><span style="font-size: 10pt; color: rgb(31, 73, 125); font-family: 'futura bk bt';">4</span></b><b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';">QFY2011 Actual vs. Estimates</span></b></font></p> </td> </tr> <tr style="min-height: 12.75pt;"> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 117.25pt; min-height: 12.75pt; background-color: transparent;" valign="bottom" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(Rs cr)</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 85.75pt; min-height: 12.75pt; background-color: transparent;" valign="bottom" width="114"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Actual</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 85.9pt; min-height: 12.75pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Estimates</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 79.5pt; min-height: 12.75pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Var (%)</font></font></span></i></b></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Net interest income</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,701 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,803 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> (5.7)</font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Non-interest income</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,450 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,219 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 19.0 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Operating income</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 3,151 </font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 3,022 </font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 4.3 </font></font></span></b></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Operating expenses</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,331 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,245 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 6.9 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Pre-prov. profit</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,821 </font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,777 </font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 2.5 </font></font></span></b></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Provisions & contingencies</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 254 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 250 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1.6 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">PBT</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,566 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,527 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 2.6 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Prov. for taxes</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 546 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 532 </font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in; width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 2.7 </font></font></span></p> </td> </tr> <tr style="min-height: 12pt;"> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 117.25pt; min-height: 12pt; background-color: transparent;" width="156" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">PAT</font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 85.75pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="114" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 1,020 </font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 85.9pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="115" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 995 </font></font></span></b></p> </td> <td style="padding: 0in; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(0, 75, 170); width: 79.5pt; min-height: 12pt; background-color: transparent;" valign="bottom" width="106" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri"> 2.5 </font></font></span></b></p> </td> </tr> </tbody> </table> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <font color="#000000"><font face="Calibri"><i><span style="font-size: 10pt; font-family: 'futura bk bt';"> </span></i><i><span style="font-size: 8pt; font-family: 'futura bk bt';">Source: Company, Angel Research</span></i></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <span style="font-size: 10pt; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: justify;"> <font face="Calibri"><b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';">Exhibit 2: </span></b><b><span style="font-size: 10pt; color: rgb(31, 73, 125); font-family: 'futura bk bt';">4</span></b><b><span style="font-size: 10pt; color: rgb(0, 75, 170); font-family: 'futura bk bt';">QFY2011 Performance summary</span></b></font></p> <p> </p> <table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr style="min-height: 12.3pt;"> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 26.44%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal;"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(Rs cr)</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4QFY2011</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">3QFY2011</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 14.84%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">% chg (qoq)</font></font></span></i></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 15%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4QFY2010</font></font></span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(0, 75, 170) rgb(236, 233, 216); width: 13.72%; min-height: 12.3pt; background-color: transparent;" valign="bottom" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: right;" align="right"> <b><i><span style="font-size: 9pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">% chg (yoy)</font></font></span></i></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Interest earned</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4,367</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">3,838</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">13.8</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,988</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">46.1</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Interest expenses</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,666</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,105</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">26.6</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,528</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">74.4</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Net interest income</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,701</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,733</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(1.9)</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,460</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">16.5</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Non-interest income</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,450</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,148</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">26.4</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">934</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">55.4</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Operating income</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">3,151</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,881</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">9.4</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">2,394</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">31.7</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Operating expenses</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,331</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,222</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">8.9</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,010</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">31.8</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Pre-prov. profit</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,821</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,658</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">9.8</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,384</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">31.6</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Provisions & contingencies</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">254</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">314</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">(19.0)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">202</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">26.0</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">PBT</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,566</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,345</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">16.5</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">1,182</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">32.5</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Prov. for taxes</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">546</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">453</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 14.84%; min-height: 11.6pt; background-color: transparent;" width="14%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">20.5</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 15%; min-height: 11.6pt; background-color: transparent;" width="15%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">417</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 13.72%; min-height: 11.6pt; background-color: transparent;" width="13%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">31.0</font></font></span></p> </td> </tr> <tr style="min-height: 11.6pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 26.44%; min-height: 11.6pt; background-color: transparent;" width="26%" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 9pt; line-height: 115%; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">PAT</font></font></span></b></p> </td> </tr></tbody></table> Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8781521830094042024.post-75548516087805845922011-04-24T07:05:00.001-07:002011-04-24T07:05:26.644-07:00IDBI Bank - RU4QFY2011 - Neutral<span class="Apple-style-span" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; "><p class="MsoNormal" style="margin-top: 0in; margin-right: 0in; margin-bottom: 0pt; margin-left: 0in; "><font color="#000000"><font face="Calibri"><span style="font-size: 12pt; "><b>Result Update</b> on <b>IDBI Bank</b> for <b>4QFY2011</b> with a <b>Neutral</b> recommendation.</span><b><span style="font-size: 16pt; color: rgb(31, 73, 125); "></span></b></font></font></p> <p style="margin-top: 4pt; margin-right: 0in; margin-bottom: 4pt; margin-left: 0in; "><b><span style="font-size: 11pt; color: rgb(31, 73, 125); "> </span></b></p><p style="margin-top: 6pt; margin-right: 0in; margin-bottom: 0pt; margin-left: 0in; line-height: 14.5pt; "> <span style="font-size: 11pt; color: windowtext; ">For 4QFY2011, IDBI Bank posted robust net profit growth of 62.1% yoy (54% after adjusting for the merger) to</span><span style="font-size: 11pt; color: windowtext; "><font face="Times New Roman"> </font></span><span style="font-size: 11pt; color: windowtext; ">`</span><span style="font-size: 11pt; color: windowtext; ">516cr. Improvement in asset quality and strong growth in non-interest income, driven by 58.2% qoq growth in fee income and 231.8% qoq growth in recovery from written-off accounts, were the key highlights of the result. We recommend a Neutral rating on the stock.</span></p> <p style="margin-top: 6pt; margin-right: 0in; margin-bottom: 0pt; margin-left: 0in; line-height: normal; "><span style="font-size: 11pt; color: rgb(31, 73, 125); "> </span></p><p style="margin-top: 2pt; margin-right: 0in; margin-bottom: 0pt; margin-left: 0in; line-height: 14.5pt; "> <b><span style="font-size: 11pt; color: windowtext; ">Strong advances growth</span></b><span style="font-size: 11pt; color: windowtext; ">; NIMs sustain above 2%: For 4QFY2011, the bank's net advances grew by robust 16.8% qoq to </span><span style="font-size: 11pt; color: windowtext; ">`</span><span style="font-size: 11pt; color: windowtext; ">1,57,098cr, while total deposits grew by 20.1% qoq to</span><span style="font-size: 11pt; color: windowtext; "><font face="Times New Roman"> </font></span><span style="font-size: 11pt; color: windowtext; ">`</span><span style="font-size: 11pt; color: windowtext; ">1,80,485cr, driven by 115.4% growth in current account deposits. Savings accounts grew by 20.3% qoq and 58.6% yoy to</span><span style="font-size: 11pt; color: windowtext; "><font face="Times New Roman"></font></span><span style="font-size: 11pt; color: windowtext; ">`</span><span style="font-size: 11pt; color: windowtext; ">13,936cr in 4QFY2011. Due to the year-end surge in current account deposits, CASA ratio jumped from 15.1% in 3QFY2011 to 20.9% as of 4QFY2011. NII declined by 7.9% qoq due to the increase in cost of liabilities by 33bp to 6.73%. Consequently, reported NIM dropped from 2.28% in 3QFY2011 to 2.10% in 4QFY2011. During 4QFY2011, overall asset quality improved considerably with slippages coming down to</span><span style="font-size: 11pt; color: windowtext; "><font face="Times New Roman"> </font></span><span style="font-size: 11pt; color: windowtext; ">`</span><span style="font-size: 11pt; color: windowtext; ">187cr compared to slippages of ~</span><span style="font-size: 11pt; color: windowtext; ">`</span><span style="font-size: 11pt; color: windowtext; ">694cr in 3QFY2011. Annualised slippage ratio for the quarter fell to 0.5% in 4QFY2011 compared to 2.1% in 3QFY2011.</span></p> <p style="margin-top: 2pt; margin-right: 0in; margin-bottom: 0pt; margin-left: 0in; line-height: normal; "><span style="font-size: 11pt; color: rgb(31, 73, 125); "> </span></p><p style="margin-top: 2pt; margin-right: 0in; margin-bottom: 6pt; margin-left: 0in; line-height: 14.5pt; "> <b><span style="font-size: 11pt; color: windowtext; ">Outlook and valuation</span></b><span style="font-size: 11pt; color: windowtext; ">: IDBI Bank's discount to bigger PSU banks is quite low despite considerably lower RoEs, largely due to the prospect of diminishing performance gap vis-à-vis peers. We believe IDBI Bank is set to improve its credit and deposit mix going forward. However, at the CMP, the bank is trading at 1.3x FY2013E P/ABV adjusting for SASF (0.9x P/ABV without adjusting), which we believe is relatively expensive in light of cyclical headwinds. Hence, we recommend Neutral on the stock.</span></p> </span> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-51849534980182329262011-04-19T21:11:00.001-07:002011-04-19T21:11:45.721-07:00HDFC Bank - RU4QFY2011 - Accumulate<font color="#000000"><span style="font-size: 12pt;"><font face="Calibri"><b>Result Update</b> on <b>HDFC Bank</b> for <b>4QFY2011</b> with an <b>Accumulate</b> recommendation and a <b>Target Price </b>of </font></span><font size="3"><b><span>`</span></b><b><span style="font-size: 12pt;"><font face="Calibri">2655</font></span></b></font><span style="font-size: 12pt;"><font face="Calibri">(12 months)</font></span></font> <p style="margin: 4pt 0in;"> <font color="#000000" face="Times New Roman" size="2"> </font></p> <p style="margin: 4pt 0in;"> <font color="#000000"><span style="font-size: 11pt;">For 4QFY2011, HDFC Bank reported healthy 33.2% yoy growth in net profit to </span><span style="font-size: 10.5pt;">`</span><span style="font-size: 11pt;">1,115cr, in line with our estimate of </span><span style="font-size: 10.5pt;">`</span><span style="font-size: 11pt;">1,110cr. The bank continued to maintain healthy operating performance with strong profitability growth. <b>We maintain our Accumulate recommendation on the stock.</b></span></font></p> <p style="margin: 4pt 0in;"> <font color="#000000"><b><span style="font-size: 11pt;">Consistently healthy performance on all parameters:</span></b><span style="font-size: 11pt;"> Overall business growth of the bank was healthy for 4QFY2011 despite a typical fourth quarter slowdown in advances. The bank was able to maintain its reported NIM at 4.2% despite the rising cost of funds for the system as a whole. Over the past few quarters, the bank has been witnessing a slowdown in saving account deposit growth, which came down to 27.2% in 4QFY2011 from 42.8% in 4QFY2010. Despite this, the bank's CASA ratio remained the best in the industry at 52.7% (51% after adjusting for one-offs). The asset quality continued to improve substantially with slippages halving from 2.6% in FY2010 to 1.1% in FY2011 and provisioning expenses to average assets declining to 0.8% in FY2011 from 1.1% in FY2010. NPA coverage improved further to 82.5%, even without considering the strong floating provisions (accounting for over 53.4% of provisioning expenses during the quarter). The bank currently has an outstanding floating provision pool of ~</span><span style="font-size: 10.5pt;">`</span><span style="font-size: 11pt;">730cr, building a cushion against future asset-quality pressures.</span></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <font size="3"><font color="#000000"><font face="Calibri"><b>Outlook and valuation:</b> At the CMP, the stock is trading at 3.2x FY2013E P/ABV, which is below our target multiple of 3.6x (benchmarked at ~25% premium to our Sensex target multiple). We believe HDFC Bank is well positioned for high qualitative growth, with CASA and cost-to-income ratio returning to pre-CBoP levels. In our view, with strong capital adequacy and healthy branch expansion, the bank is set to further gain credit and CASA market share accompanied by reduction in NPA provision costs. We maintain our Accumulate recommendation on the stock with a target price of </font></font></font><font color="#000000"><span style="font-size: 10.5pt;">`</span><font size="3"><font face="Calibri">2,671.</font></font></font></p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-8171883367855300752011-04-18T09:02:00.001-07:002011-04-18T09:02:47.482-07:00Event Update - McNally bags order worth Rs379cr (Errata)<span><span style="font-size: 12pt;"><font color="#000000"><font face="Calibri"><b>Event Update</b> on <b>McNally Bharat Engineering</b></font></font></span></span> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span><b><span style="font-size: 12pt; color: rgb(31, 73, 125);"><font face="Calibri"> </font></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span><b><span style="font-size: 12pt;"><font color="#000000"><font face="Calibri">McNally bags order worth Rs379cr</font></font></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <font color="#000000"><font face="Calibri"><span><span style="font-size: 12pt;">McNally Bharat Engineering's MHE division has bagged order from </span></span><span style="font-size: 12pt;">Steel Authority of India <span>Ltd worth Rs379cr for d</span>esign, engineering and supply of By-Product Plant at its Bhilai plant. Order is to be <span>delivered over 24 months. </span>The company's consolidated order book at the end of 3QFY2011 stood at Rs4,370cr (2.4x FY2010 revenues), which currently stands at Rs4,340cr (2.4x FY2010 revenues).</span></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="font-size: 12pt;"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="font-size: 12pt;"><font color="#000000"><font face="Calibri">We believe that an improving economic scenario, continuous government focus on infrastructure spend and pick-up in private capex augurs well for the companies providing EPC solutions to the core sectors of the economy.</font></font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="font-size: 12pt;"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="font-size: 12pt;"><font color="#000000"><font face="Calibri">At Rs222, the stock is available at attractive valuations of 7.6x and 5.5 FY2012E and FY2013E earnings and 4.5x & 3.7 FY2012E &FY2013E EV/EBITDA. <b>We maintain our Buy rating on the stock, with a Target Price of Rs307.</b></font></font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="font-size: 12pt;"></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <font color="#000000"><font face="Calibri"><br></font></font></p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-62754233092807677342011-04-17T19:35:00.000-07:002011-04-17T19:35:23.945-07:00Planning for Retirement<div dir="ltr" style="text-align: left;" trbidi="on"><span class="txt35white"></span>Amruta is keen to save for the long term. She still has over 15 years of service in her job with a bank, and will be eligible for pension when she retires. Should her savings consider her retirement needs? Or is too far for her to worry? It is never too early to plan for retirement. We all go through a stage in life, when we hold a regular income yielding job or profession, and reach the stage when we no longer work. To plan for retirement is to set aside today’s funds for tomorrow. And to ensure that we receive a comfortable level of income from our investments, even if our regular income ceases to flow in.<br />
<br />
There are two components to planning for retirement. The first is the building of a corpus by saving from our regular income. The deployment of this corpus should have the single objective of accumulation into a large value by the time we are ready to retire. The second is the deployment of the corpus to fund our retirement. How much we save, how we invest the saving, and how we modify the investment pattern based on our needs, is the gist of planning for retirement. <br />
<br />
Amruta, like so many of us, contributes to her provident fund and plans to invest the proceeds after retirement into an annuity scheme which will pay her a regular fixed pension in her retirement years. She thinks it is good to invest in safe avenues and to deploy the corpus such that the capital is not put to risk. Is she doing the right thing? <br />
<br />
Not really, Amruta needs to worry about a few things. If the need is growth, her investments need to focus on assets such as equity funds. Her pre-retirement saving needs to be growth-oriented to become a larger corpus. If the need is income, investments needs to focus on assets such as debt funds. Her post-retirement investment needs to be income-oriented to provide for her regularly. Amruta needs to harness the power of asset allocation. If she chooses to stick to one type of income-yielding asset when she accumulates her corpus as well as draws from it, she exposes herself to risk. She needs an equity-oriented strategy when she accumulates, and a debt-oriented strategy after her retirement when she draws upon her investments. Retirement planning is a deft and dynamic exercise in asset allocation that rebalances equity and debt, or growth and income, based on the changing need of the investor. <br />
<br />
Amruta’s asset allocation in the pre-retirement stage should leverage the time available before her retirement. Amruta will be able to invest in growth assets like equity, which may be volatile in the short term, but earn a higher return in the long term. She should target building a larger corpus for the same level of saving. To invest at a fixed rate for the long term could be a low risk strategy, but it would also mean taking the slow train to corpus-building. Amruta should choose long term growth investments such as diversified large cap equity funds, which invest in large, more liquid blue-chip companies that are leaders in their sectors. Such an investment is likely to provide Amruta with a higher rate of return, so her corpus can grow at a faster rate. Since she is not investing in a lump sum, but in regular instalments over a long period, she will not be timing the markets either. <br />
<br />
Amruta’s asset allocation in the post-retirement period should primarily generate a regular income while also shielding her from inflation during her retirement years. She needs to choose a hybrid allocation, with a high portion in income-oriented investments, and a small portion in growth-oriented investments. A fixed corpus invested into fixed income assets will lead to a lower income in her later years, after inflation. If she needs an increasing rate of income over the years into retirement, she can achieve that only by allocating at least a portion of her money into equity assets. She should periodically transfer the growth in her equity funds to debt funds that will generate her income. She can begin with an equity allocation of say 40% when she retires, and reduce it over time to about 20% by the time she is 80 years old.<br />
<br />
<strong>-By </strong><br />
<strong>Dr. Uma Shashikant,</strong><br />
Director, Centre for Investment<br />
Education and Learning<br />
</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-56034248215134661162011-04-13T10:10:00.001-07:002011-04-13T10:10:29.022-07:00Hitachi Home & Life Solutions (India) Ltd<font face="Calibri"><font size="3"><b><span style="font-size: 12pt; background: none repeat scroll 0% 0% yellow; color: rgb(31, 73, 125);">Hitachi Home & Life Solutions (India) Ltd</span></b></font><span style="font-size: 12pt; color: rgb(31, 73, 125);"></span></font><div class="gmail_quote"> <div> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <font color="#000000" face="Calibri" size="3">Kindly click on the following link to view the Report.</font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <font color="#000000" face="Calibri" size="3"> </font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="color: rgb(54, 95, 145);"><a href="http://emm.angelbroking.in/angeltrade/lt.php?id=Lh8LVFVcSFYDBwNODAgJUgAfA10PFkpVF10CAV9HQCQBDlgPDkpXC1o%3D" target="_blank"><span style="color: rgb(54, 95, 145);"><font face="Calibri" size="3">Hitachi Home</font></span></a></span><span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></p> <p> </p> <table style="margin: auto 6.75pt; width: 169pt; border-collapse: collapse;" width="225" align="left" border="0" cellpadding="0" cellspacing="0"> <tbody> <tr style="min-height: 15.75pt;"> <td colspan="2" style="border: 1pt solid windowtext; padding: 0in 5.4pt; width: 169pt; min-height: 15.75pt; background-color: transparent;" valign="bottom" width="225" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: center;" align="center"> <b><span style="font-size: 12pt; color: black; line-height: 115%;"><font face="Calibri">BUY</font></span></b></p> </td> </tr> <tr style="min-height: 15pt;"> <td style="border-right: 1pt solid windowtext; padding: 0in 5.4pt; border-left: 1pt solid windowtext; width: 76.85pt; border-color: rgb(236, 233, 216) windowtext windowtext; border-bottom: 1pt solid windowtext; min-height: 15pt; background-color: transparent;" valign="bottom" width="102" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%;"> <b><span style="color: black;"><font size="3"><font face="Calibri">CMP </font></font></span></b></p> </td> <td style="border-right: 1pt solid windowtext; padding: 0in 5.4pt; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 92.15pt; border-bottom: 1pt solid windowtext; min-height: 15pt; background-color: transparent;" valign="bottom" width="123" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: center;" align="center"> <font size="3"><font face="Calibri"><b><span style="color: black;">Rs </span></b><b><span style="font-size: 12pt; color: rgb(31, 73, 125); line-height: 115%;">224</span><span style="color: black;"></span></b></font></font></p> </td> </tr> <tr style="min-height: 15pt;"> <td style="border-right: 1pt solid windowtext; padding: 0in 5.4pt; border-left: 1pt solid windowtext; width: 76.85pt; border-color: rgb(236, 233, 216) windowtext windowtext; border-bottom: 1pt solid windowtext; min-height: 15pt; background-color: transparent;" valign="bottom" width="102" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%;"> <b><span style="color: black;"><font size="3"><font face="Calibri">Target Price</font></font></span></b></p> </td> <td style="border-right: 1pt solid windowtext; padding: 0in 5.4pt; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 92.15pt; border-bottom: 1pt solid windowtext; min-height: 15pt; background-color: transparent;" valign="bottom" width="123" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: center;" align="center"> <font size="3"><font face="Calibri"><b><span style="color: black;"> Rs </span></b><b><span style="font-size: 12pt; color: rgb(31, 73, 125); line-height: 115%;">275</span><span style="color: black;"></span></b></font></font></p> </td> </tr> <tr style="min-height: 15pt;"> <td colspan="2" style="border-right: 1pt solid windowtext; padding: 0in 5.4pt; background: none repeat scroll 0% 0% rgb(184, 204, 228); border-left: 1pt solid windowtext; width: 169pt; border-color: rgb(236, 233, 216) windowtext windowtext; border-bottom: 1pt solid windowtext; min-height: 15pt;" valign="bottom" width="225" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 115%; text-align: center;" align="center"> <b><span style="font-size: 12pt; color: black; line-height: 115%;"><font face="Calibri">Investment Period 6 Months</font></span></b></p> </td> </tr> </tbody> </table> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="color: rgb(31, 73, 125);"><br clear="all"> </span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3">HHLS India is a subsidiary of Japan-based Hitachi Home & Life Solutions, Inc. The company operates in the air conditioner (AC) industry, which is expected to grow at a 15% CAGR over FY10–2015 due to its low penetration level of ~3% in the Indian market. We expect HHLS to witness an 18% CAGR in revenue over FY2010–12. The company's EBITDA margin is expected to improve by 300bp to 8.3% in FY2012 from 5.3% in FY2011, owing to a 3–4% increase in product prices across all categories and higher market penetration coupled with passing off of the increase in the price of its key raw material (copper). PAT will likely witness a sharp rebound from `19cr in FY2011E to `44cr in FY2012E on the back of margin improvement and increased operating leverage. Currently, at `224, the stock is trading at PE of 27.3x and 11.7x its FY2011E and FY2012E earnings, respectively. We recommend Buy on HHLS with a target price of `275, based on target E of 14x for FY2012E.</font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <font face="Calibri"><b><span style="font-size: 12pt; color: black;">By: </span></b></font><span style="font-size: 12pt; color: black;"><font face="Calibri">Angel Broking</font></span></p><br> </div></div> Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8781521830094042024.post-70463089635713851062011-04-12T09:09:00.001-07:002011-04-12T09:09:57.549-07:00Latest FMP & NFO List<font color="#000000" face="Arial" size="2"> <div> <table style="margin: auto auto auto 4.65pt; width: 966px; border-collapse: collapse; min-height: 233px;" width="966" border="0" cellpadding="0" cellspacing="0"> <tbody> <tr style="min-height: 26.25pt;"> <td style="padding: 0in 5.4pt; border-width: 1pt medium 1pt 1pt; border-style: solid none solid solid; border-color: windowtext rgb(236, 233, 216) windowtext windowtext; background: none repeat scroll 0% 0% rgb(242, 221, 220); width: 598.75pt; min-height: 26.25pt;" colspan="6" valign="top" width="798"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 20pt; color: rgb(37, 64, 97); font-family: 'Times New Roman','serif';">"LATEST FMP LIST"</span></b></p></td> <td style="border: medium none rgb(236, 233, 216); min-height: 26.25pt; background-color: transparent;" width="0" height="35"><br></td></tr> <tr style="min-height: 15pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; background: none repeat scroll 0% 0% rgb(194, 214, 154); width: 32.25pt; min-height: 15pt;" rowspan="3" width="43"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 12pt; color: rgb(99, 37, 35); font-family: 'Cambria','serif';">Sr. No</span></b></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(194, 214, 154); width: 245pt; min-height: 15pt;" rowspan="3" width="327"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 12pt; color: rgb(99, 37, 35); font-family: 'Cambria','serif';">ONGOING FMP</span></b></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(194, 214, 154); width: 74.5pt; min-height: 15pt;" rowspan="3" width="99"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 12pt; color: rgb(99, 37, 35); font-family: 'Cambria','serif';">OPENS </span></b></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(194, 214, 154); width: 71pt; min-height: 15pt;" rowspan="3" width="95"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 12pt; color: rgb(99, 37, 35); font-family: 'Cambria','serif';">CLOSES </span></b></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(194, 214, 154); width: 92pt; min-height: 15pt;" rowspan="3" width="123"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 12pt; color: rgb(99, 37, 35); font-family: 'Cambria','serif';">TENURE</span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(194, 214, 154); width: 84pt; min-height: 15pt;" rowspan="3" width="112"> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 12pt; color: rgb(99, 37, 35); font-family: 'Cambria','serif';">MIN AMOUNT</span></b></p></td> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr> <tr style="min-height: 15pt;"> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr> <tr style="min-height: 14.05pt;"> <td style="border: medium none rgb(236, 233, 216); min-height: 14.05pt; background-color: transparent;" width="0" height="19"><br></td></tr> <tr style="min-height: 15pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; width: 32.25pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="43" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">1</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 245pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="327" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000"><span> </span>ICICI Prudential FMP Series 54 - 1 Year Plan D</font></span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 74.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="99" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">05.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 71pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="95" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">19.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 92pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="123" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">371 Days</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 84pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="112" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">5000</span></p></td> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr> <tr style="min-height: 15pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; width: 32.25pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="43" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">2</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 245pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="327" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">ICICI Prudential FMP Series 54 - 1 Year Plan C</font></span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 74.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="99" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">05.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 71pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="95" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">13.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 92pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="123" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">371 Days</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 84pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="112" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">5000</span></p></td> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr> <tr style="min-height: 15pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; width: 32.25pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="43" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">3</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 245pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="327" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">DWS Fixed Term Fund - Series 80</font></span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 74.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="99" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">18.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 71pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="95" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">25.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 92pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="123" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">370 Days</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 84pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="112" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">5000</span></p></td> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr> <tr style="min-height: 15pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; width: 32.25pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="43" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">4</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 245pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="327" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">UTI Fixed Term Income Fund Series IX - II</font></span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 74.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="99" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">11.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 71pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="95" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">13.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 92pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="123" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">369 Days</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 84pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="112" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">5000</span></p></td> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr> <tr style="min-height: 15pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; width: 32.25pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="43" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">5</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 245pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="327" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">Reliance Fixed Horizon Fund XVIII Series 8</font></span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 74.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="99" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">11.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 71pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="95" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">13.04.2011</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 92pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="123" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">181 Days</span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 84pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="112" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="color: black; font-family: 'Cambria','serif';">5000</span></p></td> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr></tbody></table></div> <div> </div> <div> <table style="margin: auto auto auto 4.65pt; width: 919px; border-collapse: collapse; min-height: 135px;" width="919" border="0" cellpadding="0" cellspacing="0"> <tbody> <tr style="min-height: 22.5pt;"> <td style="border: 1pt solid windowtext; padding: 0in 5.4pt; background: none repeat scroll 0% 0% rgb(252, 213, 180); width: 633.4pt; min-height: 22.5pt;" colspan="6" valign="bottom" width="845" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 18pt; color: rgb(99, 37, 35); font-family: 'Cambria','serif';">Latest NFO List</span></b></p></td> <td style="border: medium none rgb(236, 233, 216); min-height: 22.5pt; background-color: transparent;" width="0" height="30"><br></td></tr> <tr style="min-height: 16.4pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; background: none repeat scroll 0% 0% rgb(117, 146, 60); width: 36.75pt; min-height: 16.4pt;" rowspan="2" width="49" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 14pt; color: white; font-family: 'Cambria','serif';">Sr No</span></b></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(117, 146, 60); width: 153pt; min-height: 16.4pt;" rowspan="2" width="204" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 14pt; color: white; font-family: 'Cambria','serif';">AMC</span></b></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(117, 146, 60); width: 202.5pt; min-height: 16.4pt;" rowspan="2" width="270" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 14pt; color: white; font-family: 'Cambria','serif';">Scheme Name</span></b></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(117, 146, 60); width: 76.5pt; min-height: 16.4pt;" rowspan="2" width="102" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 14pt; color: white; font-family: 'Cambria','serif';">Opens on </span></b></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(117, 146, 60); width: 76.5pt; min-height: 16.4pt;" rowspan="2" width="102" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 14pt; color: white; font-family: 'Cambria','serif';">Closes on</span></b></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); background: none repeat scroll 0% 0% rgb(117, 146, 60); width: 88.15pt; min-height: 16.4pt;" rowspan="2" width="118" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><b><span style="font-size: 14pt; color: white; font-family: 'Cambria','serif';">Type</span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); min-height: 16.4pt; background-color: transparent;" width="0" height="22"><br></td></tr> <tr style="min-height: 16.4pt;"> <td style="border: medium none rgb(236, 233, 216); min-height: 16.4pt; background-color: transparent;" width="0" height="22"><br></td></tr> <tr style="min-height: 15pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; width: 36.75pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="49" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">1</font></span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 153pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="204" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">Axis Mutual Fund</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 202.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="270" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">Axis Dynamic Bond Fund</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 76.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="102" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">06.04.2011</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 76.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="102" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">20.04.2011</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 88.15pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="118" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">Open Ended</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr> <tr style="min-height: 15pt;"> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: rgb(236, 233, 216) windowtext windowtext; width: 36.75pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="49" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">2</font></span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 153pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="204" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">Canara Robeco Mutual Fund</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 202.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="270" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">Canara Robeco Yield Advantage Fund</font></span></p></td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 76.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="102" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">01.04.2011</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 76.5pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="102" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">15.04.2011</font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: rgb(236, 233, 216) windowtext windowtext rgb(236, 233, 216); width: 88.15pt; min-height: 15pt; background-color: transparent;" valign="bottom" width="118" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: normal; text-align: center;" align="center"><span style="font-family: 'Cambria','serif';"><font color="#000000">Open Ended</font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); min-height: 15pt; background-color: transparent;" width="0" height="20"><br></td></tr></tbody></table></div></font> <div><br></div> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-85617598625270084982011-04-12T04:06:00.001-07:002011-04-12T04:06:39.269-07:00Muthoot Finance Ltd - Issue DetailsMuthoot Finance Ltd – IPO is scheduled to open from April, 18 2011. The details of the issue size and category-wise break-up are given below for your reference. Printing of Application forms for the same has started from Saturday midnight and most of the major locations would have already been started receiving application forms. We shall give the details of forms BRML-wise and printer-wise allocation done for your zone separately. <ul type="disc"><li>BRLM : Kotak Mahindra Capital Company Ltd/ICICI Securities ltd </li><li>Co BRLM : HDFC Bank Ltd </li><li>Issue Period : April 18, 2011– April 21, 2011 (For QIB closing will be on April 20, 2011) </li><li>Price Band : Will be Advertised atleast 2 working days prior to Issue Opening Date </li><li>Lot Size : Will be Advertised atleast 2 working days prior to Issue Opening Date </li><li>Registrar : Link Intime India Private Limited</li></ul> <p> </p> <ul type="disc"><li>Retail Appl Size : Rs. 2,00,000 </li><li>Issue size : 5,15,00,000 Equity Shares of Face Value Rs.10 each. </li><li>QIB Book : 2,57,50,000 Equity Shares (50% of Net issue size) </li><li>Retail Book : 1,80,25,000 Equity Shares (35% of Net issue size) </li><li>HNI Book : 77,25,000 Equity Shares (15% of Net issue size)</li></ul> Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8781521830094042024.post-18752166103137516862011-04-11T02:35:00.001-07:002011-04-11T02:35:44.319-07:00Event Update - Alembic April 2011<div class="gmail_quote"><div> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"></font></span><b><font size="3"><font color="#000000"><font face="Calibri">After the announced de-merger of the Alembic, the Real Estate arm has got listed today, while the Pharmaceutical arm will get listed after 3<sup>rd</sup> week of May'2011. We value the real estate arm on a conservative basis at ` 33/share, while Pharmaceutical company, i.e. Alembic Pharma is valued at ` 71/share. </font></font></font></b></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <font size="3"><font color="#000000"><font face="Calibri"> </font></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <font size="3"><font color="#000000"><font face="Calibri"><b>Deal contours: </b>Alembic has announced reorganisation plan for its business by de-merging the Pharma business into a separate company Alembic Pharma. Under the scheme, Pharma business constituting the domestic formulation, international generic and API businesses along with the manufacturing facility at Baddi, Panelav and Karakhadi will be transferred to Alembic Pharma. While Alembic will retain its Vadodara manufacturing facility (loss making Pen-G business) along with the power infrastructure (16MW used for internal consumption) and land assets at Vadodara (115 acres including 45 acres currently used for the Pen-G facility). Under the arrangement, shareholders of Alembic would receive one equity share of Alembic Pharma in the ratio of 1:1. Post the de-merger Alembic Pharma would have equity of Rs18.8cr of which 29.2% will be held by Alembic and the remaining will be with the shareholders of Alembic. Shareholding pattern in the Alem ic Pharma after taking into consideration 29.2% of Alembic remains the same. The company plans to list Alembic Pharma post the demerger will get listed after the 3<sup>rd</sup> week of May'2011.</font></font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <font color="#000000" face="Calibri" size="3"> </font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <font size="3"><font color="#000000"><font face="Calibri"><b>Valuation: </b>Alembic Pharma, we have valued the company at 12x FY2013 earnings on back of improving growth. While Alembic's loss-making API business is valued at EV/Sales of 0.6x FY2013E. On the land asset, the management could develop the land for Residential or Commercial purpose however the timeline is uncertain, we have conservatively valued the Land asset at Rs500 per sq feet. Given the uncertainty over the Alembic's API business continuity over the long term, the company could be looked under two scenarios. <b>Under the first we assume that Alembic continues its loss-making API business arriving at a fair value of `38 for Alembic, while Alembic Pharma `71. However we stick to the first scenario as the Alembic currently plans to continue with the high loss making API business and assign a Target Price of Alembic `33 and Alembic Pharma `71. Hence at current juncture we maintain a BUY on Alembic.</b></font></font> /font></font></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <b><span style="color: rgb(31, 73, 125);"><font face="Calibri" size="3"> </font></span></b></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <span style="font-size: 10pt; font-family: 'futura bk bt';"><font color="#000000" face="Calibri"> </font></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <b><span style="font-size: 10pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Assuming the API business is closed down</font></font></span></b></p> <p> </p> <table style="width: 328pt; border-collapse: collapse;" width="437" border="0" cellpadding="0" cellspacing="0"> <tbody> <tr style="min-height: 11.25pt;"> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(83, 142, 213) rgb(236, 233, 216); width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 8pt; font-family: 'rupee foradian';"><font color="#000000"><font face="Calibri">`</font></font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(83, 142, 213) rgb(236, 233, 216); width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Value Per Share </font></font></span></b></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <font color="#000000"><font face="Calibri"><b><span style="font-size: 8pt; font-family: 'futura bk bt';">Alembic Pharma</span></b><span style="font-size: 8pt; font-family: 'futura bk bt';"> </span></font></font></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">71</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Alembic</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">38</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Alembic's 30% stake in Alembic Pharma (20% discount)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">17</font></font></span></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Power Plant (16 MW at replacement cost of Rs4cr/MW)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">5</font></font></span></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="padding: 0in 5.4pt; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) windowtext; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Land bank (100 acre @ Rs2.2cr per acre)</font></font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) windowtext; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">16</font></font></span></p> </td> </tr> </tbody> </table> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <font color="#000000" face="Calibri" size="3"> </font></p> <p> </p> <table style="width: 328pt; border-collapse: collapse;" width="437" border="0" cellpadding="0" cellspacing="0"> <tbody> <tr style="min-height: 11.25pt;"> <td style="padding: 0in 5.4pt; border-width: medium medium medium 1pt; border-style: none none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(236, 233, 216) windowtext; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;"> <b><span style="font-size: 10pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Assuming the API business continues</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(83, 142, 213) rgb(236, 233, 216); width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 8pt; font-family: 'rupee foradian';"><font color="#000000"><font face="Calibri">`</font></font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: 1pt medium; border-style: solid none; border-color: rgb(83, 142, 213) rgb(236, 233, 216); width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Value Per Share </font></font></span></b></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Alembic Pharma </font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">71</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Alembic</font></font></span></b></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <b><span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">33</font></font></span></b></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Alembic's 30% stake in Alembic Pharma (20% discount)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">17</font></font></span></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Alembic API business (EV/Sales @ 0.6x FY2013E Sales)</font></font></span></p> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">4</font></font></span></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="padding: 0in 5.4pt; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(83, 142, 213); width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt;"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">Land bank (70 acre @ Rs2.2cr per acre)</font></font></span></p> </td> <td style="padding: 0in 5.4pt; border-width: medium medium 1pt; border-style: none none solid; border-color: rgb(236, 233, 216) rgb(236, 233, 216) rgb(83, 142, 213); width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: right;" align="right"> <span style="font-size: 8pt; font-family: 'futura bk bt';"><font color="#000000"><font face="Calibri">11</font></font></span></p> </td> </tr> <tr style="min-height: 11.25pt;"> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 251pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="335" nowrap> </td> <td style="border: medium none rgb(236, 233, 216); padding: 0in 5.4pt; width: 77pt; min-height: 11.25pt; background-color: transparent;" valign="bottom" width="103" nowrap> </td> </tr> </tbody> </table><font face="Calibri">By</font><span style="font-size: 12pt; color: black;"><font face="Calibri">: Angel Broking</font></span><br> </div></div> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-87494576576270204752011-03-06T22:00:00.001-08:002011-03-06T22:00:18.185-08:00India - Politics: DMK withdraws support; to add fuel to the fire... expect weaker market in short term<p class="MsoNormal" style="margin-bottom: 8pt; text-align: justify; line-height: 22pt;"><strong><b><font color="#ff6600" face="Arial" size="3"><span style="font-size: 12pt; font-family: Arial; color: rgb(255, 102, 0);">DMK withdraws support</span></font></b></strong></p> <p class="MsoNormal" style="margin-bottom: 4pt; text-align: justify; line-height: 14pt;"><strong><b><font color="black" face="Arial" size="2"><span style="font-size: 10pt; font-family: Arial; color: black;">to add fuel to the fire… expect weaker market in short term</span></font></b></strong></p> <p class="MsoNormal" style="margin-bottom: 8pt; text-align: justify; line-height: 14pt;"><strong><b><font color="black" face="Arial" size="2"><span style="font-size: 10pt; font-family: Arial; color: black; font-weight: normal;">UPA's problems seem to be getting more complicated. A series of scams led to a public outcry. The face saving exercise started but only after receiving pressure from opposition and even its own allies. Removal of A Raja and investigation action against him has finally led to DMK withdrawing support. Citing the seat sharing dispute in TN assembly election as the apparent reason, the DMK has surprised the UPA by taking this action. The major fallout will be in the number game of UPA. AIADMK can not compensate for the loss as it has only 9 seats in Loksabha against 18 of DMK. In this situation, the UPA has to depend more on SP or BSP which will ask for its share in power, if given a chance to work actively in the Govt. The situation is very liquid and we will be closely watching the same. </span></font></b></strong></p> <p class="MsoNormal" style="margin-bottom: 8pt; text-align: justify; line-height: 14pt;"><strong><b><font color="black" face="Arial" size="2"><span style="font-size: 10pt; font-family: Arial; color: black; font-weight: normal;">The market has been a victim of a series of domestic governance issues along with international events. After reaching lifetime high in Nov 2010, the Jan-Mar 2011 period has been very tough. The market has corrected by more than 10 % during 2011. First, it was FII outflows to the tune of US$2bn (Jan'11 till date) as the money started moving out from emerging markets to the developed market on the back of an expected economic recovery. The domestic economic data was also not suggesting a favourable picture with falling IIPs, increasing inflation and interest rates, mounting current account deficit and quarterly results being lower than expected. </span></font></b></strong></p> <p class="MsoNormal" style="margin-bottom: 8pt; text-align: justify; line-height: 14pt;"><strong><b><font color="black" face="Arial" size="2"><span style="font-size: 10pt; font-family: Arial; color: black; font-weight: normal;">On the international front, the events in Egypt, Tunisia, Libya and other Middle East countries have increased the Indian crude oil basket again to a US$108 mark indicating a red flag on equity markets world over. </span></font></b></strong></p> <p class="MsoNormal" style="margin-bottom: 8pt; text-align: justify; line-height: 14pt;"><strong><b><font color="black" face="Arial" size="2"><span style="font-size: 10pt; font-family: Arial; color: black; font-weight: normal;">To add to this, the fallout of the DMK withdrawal would again keep pressure on the Indian markets. With the political risks rising we believe that the government machinery will be less inclined to take decision, the direct of impact of which will be on a lot of infrastructure projects that needs green signals. As far as the UPA is concerned, it will be very defensive for some time till the current issues get settled down. We do not expect any major move on issues like FDI, deregulation of diesel prices, any bold measures to cap the fertilizer and fuel subsidies in near future. </span></font></b></strong></p> <p class="MsoNormal" style="text-align: justify; line-height: 14pt;"><strong><b><font color="black" face="Arial" size="2"><span style="font-size: 10pt; font-family: Arial; color: black; font-weight: normal;">In short term, the market is likely to show weakness. Even though valuations seem to be reasonable (14.4x FY12E Consensus EPS of Rs1,266), the investors will be cautious in investing as the domestic issues like governance; weak economic data will be now fuelled with the new political development. The international scene is also not optimistic with Indian crude oil basket rising above US$108 resulting in weaker equity markets world over. </span></font></b></strong></p> <strong><b><font color="black" face="Arial" size="2"><span style="font-size: 10pt; font-family: Arial; color: black; font-weight: normal;"></span></font></b></strong> Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8781521830094042024.post-835064249312618342011-03-01T20:43:00.001-08:002011-03-01T20:43:46.478-08:00Budget Highlights Feb 2011<div class="gmail_quote"><u><b>Budget Highlights Feb 2011<br></b></u><br><ul><li>Fiscal deficit pegged at 4.6% of GDP for 2011-12.</li><li>Fiscal deficit projected at 4.1% and 3.5% for 2012-13 and 2013-14, respectively.</li> <li>Revenue deficit for 2011-12 pegged at 3.4%.</li> <li>Revenue deficit for 2010-11 revised downwards to 3.4% from the budgeted estimate of 4.0%.</li><li>Net market borrowings for 2011-12 is budgeted at Rs. 3,430 billion, 2.3% over 2010-11.</li><li>Total expenditure for 2011-12 to increase by 3.4% over 2010-11.</li> <li>1.4% fall in capital expenditure, while 4.1% increase in revenue expenditure over 2010-11.</li><li><i><b>Personal income tax slabs changed:</b></i></li><li><i>Income upto Rs.1.8 lakhs – nil.</i></li><li><i>Income between Rs. 1.8 lakhs and Rs. 5 lakhs – 10%.</i></li> <li><i>Income between Rs. 5 lakhs and Rs. 8 lakhs – 20%.</i></li><li><i>Income above Rs. 8 lakhs – 30%.</i></li><li><i>Incomes of senior citizens between 60 and 80 years of age, to be exempted upto Rs.2.5 lakhs and for those above 80 years, exemption applicable upto Rs. 5 lakhs.</i></li> <li>Standard rate of excise duty on all non-petroleum products to be maintained at 10%.</li><li>Minimum Alternate Tax (MAT) rate to be increased from 18% to 18.5%</li><li>Rate of service tax retained at 10%, but coverage extended</li> <li>Disinvestment receipts for 2011-12 estimated at Rs 40,000 cr.</li><li>Government to move towards direct transfer of cash subsidy for kerosene and fertilizers.</li><li><b>Foreign investors who meet Know Your Customers (KYC) norms to be allowed to invest in Indian equity mutual funds.</b></li> <li>FII limit for investment in corporate bond with residual maturity of over five years issued by companies in infrastructure sector, is raised by US$ 20 billion to US$ 25 billion</li><li>Rs 6,000 cr allotted to public sector banks to maintain a Tier 1 CRAR of 8% during 2011-12</li> <li><i>Direct Tax Code to be implemented by April 1, 2012</i></li><li><b>Allocation to infrastructure at Rs. 2,14,000 cr for 2011-12, 23.2% higher over previous year</b></li></ul> </div><br> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-89376148500589627902011-03-01T19:49:00.000-08:002011-03-01T19:51:22.968-08:00LONG TERM INFRASTRUCTURE BONDS U/s 80CCF OF INCOME TAX ACT 1961<div dir="ltr" style="text-align: left;" trbidi="on"><span class="text">Finance Minister in Union Budget had introduced a new section 80CCF under the Income Tax Act, 1961 that provide income tax deduction of Rs. 20,000 in addition to Rs 1 Lakh available under other provisions for claiming tax deductions for investments made in the <b>Long Term Infrastructure Bonds</b> that are notified by the central government.<br />
</span><br />
<span class="text">This announcement will boost the infrastructure projects in India. The deduction can be claimed by individuals or HUFs for the investments made in subscribing the long term infrastructure bonds during the FY 2010-11.</span><br />
<br />
<br />
<span class="text"><b></b></span><b class="big-text-6">Which Long-term Infrastructure Bonds eligible for tax deduction?</b> <br />
<span class="text">As per the notification given by the central government, the bonds issued by following entities are eligible to subscribe as long term infrastructure bonds and eligible for a deduction under new section 80CCF<br />
</span><br />
<span class="big-text-6"><b>Industrial Finance Corporation of India (IFCI), Life Insurance Corporation of India (LIC), Infrastructure Development Finance Company (IDFC) and Non-Banking Finance Company (NBFCs) who are classified as an infrastructure finance company by the Reserve Bank of India (RBI).</b></span><br />
<br />
<span class="big-text-6"><b>Benefits of Tax savings for Long Term Infrastructure Bonds</b><br />
</span><span class="text">Any investment in long term infrastructure bonds up to Rs. 20,000 is eligible for tax deduction from the taxable income. This means for an individual falling under 30% tax bracket will effectively save Rs 6,180 and a lower tax bracket individual of 10% will save tax up to Rs 2,060.<br />
</span><br />
<span class="big-text-6"><b>Lock-in period & Yield of the bond</b><br />
</span><span class="text">These long term infrastructure bonds will be available for tenure of minimum 10 years and the lock-in period of 5 years. It means investors can not exit from the bonds before 5 years and after 5 years they have an option to exit in the secondary market or via buyback offer given by the issuer. Investors can also pledge the bonds in some specified banks to obtain the loan against the bonds only after completing the lock-in period.<br />
Yields of the long term infrastructure bonds and other detailed terms and conditions are specified by the issuers at the time of launch on the respective bonds. However, the important thing to note is the yield will not be higher than the yield of government securities of corresponding residual maturity schemes.<br />
</span><br />
<b class="big-text-6">Who are Eligible Investors?</b><br />
<h2 class="fd-bannertext-small"><span style="font-size: small;">Only Resident Individual (Major) and HUF can invest in these bonds.<br />
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<b class="big-text-6">To Conclude</b></span> <span style="font-size: small;"><span class="text">Any tax saving investment is always welcomed by tax payer however before investing such tools it is wise to check the returns from the investment over the long term period.</span></span></h2><h2 class="fd-bannertext-small"><span style="font-size: small;"><span class="text"> </span></span><b><span style="font-family: "Times New Roman","serif"; font-size: 13.5pt;"><span style="color: #1f497d;">To Apply in Delhi, Noida & Ghaziabad Region, Call: 0-9873016716, 0-9910009312| Email: </span></span><u><span style="color: #1f497d;"><a href="mailto:info@safeinvestindia.com" target="_blank">info@safeinvestindia.com</a></span></u></b></h2><div bgcolor="#ffffff"><br />
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<h2 class="fd-bannertext-small"><span style="font-size: small;"><span class="text"> </span></span> </h2></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8781521830094042024.post-24160514887883878682011-02-22T21:57:00.001-08:002011-02-22T21:57:58.896-08:00EXPERTS SAY GOLD WILL CONTINUE TO RISE IN 2011<div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: small;">After its tenth consecutive year at a high, and after closing 2010 with a 25% increase, the price of gold will continue the same trend in 2011.</span> <br />
<span style="font-size: small;">Precious metal experts, financiers and market analysts from different countries all agree that the combination of factors which encourages a high price for gold will continue to benefit the sector in 2011 and investors will continue to see gold as a safe haven in the face of a very delicate global economic situation.</span> <br />
<span style="font-size: small;">Those who had already made an investment in gold are looking at the global context to decide if this is the time to take profits or else continue their investments in precious metals.</span> <br />
<span style="font-size: small;">Those who had not however, especially in Europe, now see gold as the best value protection for their savings and investments or for anyone seeking to diversify their holdings. But the measures adopted by the Central Banks have also contributed to encouraging the increase in the price of this commodity.</span> <br />
<span style="font-size: small;">Analysts from UBS have upwardly revised their forecasts for the price of gold. The reason is the uncertainty generated in the European financial system, the weakness of the dollar and the growth in inflation in Asian countries which are leading to growing debts in Western countries and an excess of liquidity in the USA.</span> <br />
<span style="font-size: small;">Jim Rogers, the commodities investment guru, said that gold will continue to rise over the next decade, although it may fall off before it reaches historical values adjusted for inflation.</span> <br />
<span style="font-size: small;">Anne-Laure Tremblay, a precious metals strategist from BNP Paribas, stated that “the price of gold is being helped by a weakly backed dollar and solid investment demand”.</span> <br />
<span style="font-size: small;">Bill Bonner, of Moneyweek and the Daily Reckoning, stated recently “Back in the real world, gold is trading at about $1,400 an ounce, up from less than $500 five years ago. That’s a 23% annualised return, far outstripping the gains on stocks (1.1%) or bonds (6.1%). Fear is driving a lot of the rise.”</span> <br />
<span style="font-size: small;">According to a report from Swiss private bank Sarasin, one of the main developers of sustainable investment products in Europe, “the price of gold over recent months has been mainly driven by investment demand. This is principally reflected by the growing quantities of gold held in exchange-traded funds (ETF)”.</span> <br />
<span style="font-size: small;">“The outlook for metals will remain positive next year. There is sufficient demand from the investment perspective in order to maintain a relatively upward trend, particularly in gold”, said Darren Heathcoat, operations manager of Investec Australia in Sidney.</span> <br />
<span style="font-size: small;">For its part, the German newspaper Handelsblat remarked in one of its columns that investors who are temporarily betting on gold “can rub their hands”. It added that <b>central Banks have moved from being sellers to buyers of this metal and this is an unequivocal signal about the safest place for investors.</b></span> <br />
<span><b><span style="font-size: 10pt;"></span></b></span></div>Unknownnoreply@blogger.com0