September, 2007 | Dalal Street

Tata Tea moves up on UK acquisition buzz

September 24, 20071 min read

This move is aimed at expanding company’s presence in the global beverages market. The reports suggest that the acquisition would help Tata Tea gain a larger share of the retail shelf space. Unlisted Liberty Tea is a popular brand in Europe.

In June 2007, Tata Tea bought Mount Everest Mineral Water for about Rs 210 crore. Tata Tea is the world’s second-largest global branded tea player with presence in 40 countries. Some of its famous brands include Tetley and Good Earth.

Tata Tea’s net profit fell 3.5% to Rs 43 crore on a 14% increase in sales to Rs 290.01 in Q1 June 2007 over Q1 June 2006.

Equity Research

Edelweiss initiates Coverage on DLF

September 22, 20072 min read

Edelweiss has initiated coverage on DLF with a BUY rating and a price target per share of Rs 755 based on NAV model of analysis.

DLF is the leader in the Indian real estate industry in terms of developable area. Its land bank of 13,055 acres translates into 615 mn sq. ft. of saleable area spread across the country.

DLF has entered into tie-ups in related businesses with some of the best names in their respective industries. For its SEZ initiative, DLF has tied up with Nakheel, one of the leading property developers in the UAE; for hotels, it has a partnership with the Hilton Group; and for construction, it has tied up with the UK-based Laing O’Rourke Plc. DLF’s SEZ and hotel businesses will start adding to its topline in the next 3-4 years; the value of these initiatives
is, however, not captured in current valuations.

Retail and commercial properties in India are currently capitalised at 9-10%. Recently, Ascendas India Trust listed its REIT-like structure on SGX-ST at a cap rate of 6.1% on FY08 net operating income. This will drive valuations of Indian Realty players going forward.

The NPV per share of the existing businesses at INR 649. Additionally, the SEZ initiative is expected to contribute an NPV of INR 104 and the construction and hotel businesses, INR 10 and INR 30, respectively. After adjusting the debt, the NAV per share is INR 755.

Earlier this month, Citi initiated coverage on DLF with a BUY rating and a target of Rs 725.

Breaking Corporate India Earnings News

Jet Airways partners with world’s leading publications

September 22, 20071 min read

Jet Airways India has announced that Jet Airways’ frequent flyer programme – Jet Privilege in its constant endeavor to offer enhanced opportunities to earn and redeem JP miles, has now partnered with the world’s leading publications TIME and FORTUNE magazines.

With this, members can earn Jet Privilege (JPMiles) only when they subscribe online either through the company’s website or through the website of TIME www.time.com/jetairways. Similarly, members can earn JPMiles by subscribing online either through the company’s website or through the website of FORTUNE magazine www.fortune.com/jetairways. Members can earn up to 1000 JPMiles for a 3 years subscription on these magazines.

Jet Privilege programme chose to partner with these two premium publications TIME and FORTUNE, keeping in mind its member profile and the preference of these two brands amongst its membership base.

TIME is the world’s leading newsweekly and is trusted by millions of readers for its insightful and reliable reporting on world politics, business, finance, technology, education and more. FORTUNE keeps readers abreast of the latest management thinking, changing technology at workplace, benefit from the experience across a diverse range of industries and gain valuable investment advice to increase one’s wealth.

Breaking Corporate India Earnings News

Reliance Group rules the roost on bourses

September 21, 20071 min read

Mukesh Ambani-promoted Reliance Industries (RIL), which is India’s most valuable firm, shot up to Rs 2277.50. This is an all-time high.

The mid-cap construction firm Reliance Industrial Infrastructure (RIIL) was locked at upper limit of 10% at Rs 1043.10, which is a record high for the counter.

Reliance Petroleum (RPL), which is wholly-owned subsidiary of RIL, soared 12.89% to Rs 156.75. The stock hit a intra-day high of Rs 158.80, all-time high for the counter

Anil Ambani-controlled gas trading firm Reliance Natural Resources (RNRL) surged 34% to Rs 76.10. The stock hit a intra-day high of Rs 79.20, an all-time high.

Large cap financial services firm Reliance Capital (RCL) flared up 3.05% to Rs 1558. The stock hit a intra-day high of Rs 1574, which is a record high for the counter

India’s second largest power generation firm by sales Reliance Energy (REL) moved up 3.17% to Rs 1019.05. The stock hit a intra-day high of Rs 1033, an all-time high.

India’s second biggest listed telecom services provider by sales Reliance Communication jumped to Rs 580.50.

India IPO Reviews and Updates

OnMobile + Bridage Enterprise + eClerx Services File for IPO

September 21, 2007July 18, 20201 min read

With the BSE Sensex scaling new highs, small and medium sized startup companies plan to go Public and raise as much money as possible.

We have learnt that OnMobile Global Limited a company operating in the Mobile Space in India has filed for DHRP with SEBI.

Bangalore based Brigade Enterprises Ltd, the flagship company of Brigade Group is an ISO 9001 : 2000 company with over (more…)

Equity Research

Citi bullish on Jubilant Organosys

September 21, 20071 min read

We had broken the store about Jubilant Organosys deal with Syngenta earlier this week. Citi in a report releases just a while ago continues to be bullish on Jubilant after the Syngenta deal.

Jubilant’s CRAMS business has got a shot in the arm in the form of a “multi-million” dollar 5-year contract with Syngenta to supply pyridines. Jubilant’s CRAMS business has grown at 45% CAGR (excluding acquisitions) over FY05-07, and this contract further improves the likelihood that this growth trend would sustain.

Jubilant is a leading player in pyridines & recently raised its capacity by c24% to 42000 TPA. These are key intermediates used in multiple pharma & agrochem APIs. Jubilant has over 150 derivatives in its product basket that are used in c229 APIs & 17 agrochem products. With the expanded capacity, Jubilant becomes the global leader in pyridines.

Jubilant as one of the superior Indian outsourcing plays, given its integrated presence across the pharma & chemicals value chain. The company is expected to report an EPs of Rs 17.57 and Rs 22.52 for FY08 and FY09 respectively. Citi reiterates a BUY with a price target of Rs 387.

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