May, 2007 | Dalal Street

Adlabs swings into action

May 3, 2007July 18, 20201 min read

The seven multi-screen cinema halls, one operational and six upcoming, have 23 screens in all.

Net profit of Adlabs Films rose to Rs 12.61 crore in the quarter ended March 2007 (Rs 8.07 crore). Sales rose to Rs 86.10 crore in the quarter ended March 2007 (Rs 34.33 crore). For the full year, net profit rose to Rs 67.01 crore in the year ended March 2007 (Rs 26.31 crore). Sales rose to Rs 264.16 crore in the year ended March 2007 (Rs 106.25 crore).

In January 2007, Adlabs acquired controlling stake in Synergy Communications, the premier television content company. The new entity is called Synergy Adlabs.

Earlier, Adlabs Films launched BIG 92.7 FM from Hyderabad, Delhi , Chennai and Bangalore, several other major towns of Jammu and Kashmir and Aligarh.

Adlabs Films owns a chain of multiplex theatres across the country, the IMAX Adlabs theatre complex in Mumbai the best known among them. The company produces, distributes and exhibits movies, and has some well-known productions to its credit.

Economy, Markets and Macro Views

Intra Day Trading Calls for May-03

May 3, 20071 min read

Tech Mahindra(1588) Buy for target of 1640,1678, 1700

Divis Lab(3681) Buy for a targt of 3850 in short term. Stop Loss 3610

Tera Software(78) Buy with Stop Loss of 76.5

Pratibha Ind(198) Tgt of 209..Stop Loss 194

Ashok Leyland May-31st Call Option. Buy around 0.45 Paise.

Economy, Markets and Macro Views

Glenmark Pharma – ABN Amro

May 3, 20071 min read

ABN Amro research has put a HOLD on Glenmark Pharma. Glenmark’s Q4 results were in expectations but thinks the FY08 guidance as aggressive.

ABN Amro says the stock is fairly valued and stocks to a price target of Rs 656. Glenmark is expected to report an EPS of Rs 29.3 for FY08 and Rs 37.3 for FY09. Glenmark derives 40% of its income from India.

Glenmark has gudied for 80% increase in revenue growth from the US market for FY08. This seems too ambitious with the recent erosion of prices in the US generics market. Glenmark has been into the US for little over a year and adding to its woes is the appreciation of Indian Rupee against USD.

ABN Amro has raised its SOTP based target price from Rs 603 to 656. The stocks is fairly valued at 18x core earnings with a valuation of USD 1 Billion for out licensing deals.

Breaking Corporate India Earnings News

IBP-Indian Oil Merger Approved

May 3, 20071 min read

Just a while ago, the Ministry of Company Affairs has sanctioned the scheme of amalgamation of Indian Oil Corporation and IBP, a subsidiary of Indian Oil.

The scheme of amalgamation provides for a swap ratio of 110:100, i.e, 110 equity shares of Rs 10 each of Indian Oil as fully paid for every 100 equity shares of Rs 10 each of IBP.

Equity Research

MindTree Consulting No Upside – JP Morgan

May 2, 20071 min read

JP Morgan in a research note released just a while ago has initiated coverage on MindTree Consulting with NEUTRAL rating with no potential upside for the next 6 months.
Mindtree’s fundamentals are good but with 84% post-IPO appreciation their is no room for more till Dec-07.

JP Morgan expects the share price to trade in a narrow range over the next 9-12 months as earnings catch up with the sharp share price appreciation and the market starts to focus on earnings growth during FY08-FY09 and beyond. They advise investors to enter on declines below Rs630.

JP Morgan expects Mindtree consulting to report sales of Rs 78o crore for FY08 and Rs 1060 crore for FY09 and an EPS of Rs 30.4 and Rs 42.7 respectively. With Indian Rupee under pressure, one needs to take a cautious outlook about Indian IT companies. Mindtree Consulting is one of the scrips in IPO scam where brokers would manipulate the stock post listing.

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