Indian Equity Research and Investment Strategy
Maruti Suzuki continues to be the leader in the Indian market. Hyundai has gained good traction in the market. Here are the final figures of Passenger Car Sales in India.
Mahindra & Mahindra will launch Bolero, Diesel version in the United States in the next quarter.
Triveni Engineering & Industries announced that General Electric Company’s (GE) Oil & Gas business has signed an agreement with the company to enter the fast growing high speed reciprocating (HSR) compressor market in India.
GE’s agreement with the company will consist of an initial term of five years and will involve the import of bare (flange-to-flange) compressors from GE Oil & Gas Oshkosh, Wisconsin, USA facility. The company will do the engineering design, manufacturing and assembly of the package. It will also procure drivers and the rest of the components for packaging in India. The company will be the customer point of contact in India for both selling of the packaged product and the after market sales and service.
Karuturi Networks has completed all formalities leading lending to acquisition of infrastructure and management control of Sher Agencies, Kenya.
With this acquisition, the company has emerged as the worlds largest producer and exporter of roses. Karuturi Roses are available in Africa, USA. Europe, Middle East, Far East Asia, Australia and New Zealand. This acquisition renders the company as the truly multi national and fully integrated company in India in the field of agriculture.
Sai Ramakrishna Karuturi and Srinivas Rao Karuturi are appointed as the directors of Sher Agencies, Kenya after the existing directors of the company stepped down following the acquisition. The new board of directors have proposed to rename the company as Sher Karuturi.
Citigroup in a recommendation released minutes ago have downgraded the stock of Ultratech Cement and recommend a SELL after reviewing Q2 results.
UltraTech (ULTC) reported net sales of Rs11.7bn (in line) in 2QFY08, driven by 12% higher domestic realizations. PAT (Rs1.86bn) was 11% below our forecasts. A continuing focus on the domestic market helped ULTC’s domestic volumes grow 12.5% yoy to 3.15m tonnes. Exports fell 13% yoy to 0.2m tonnes. Costs were higher as materials, labor and other expenses were all higher than forecasts. Material and labor costs are expected to remain high, the former due to growth in the RMC business.
The board of Orient Information Technology has approved the proposal of amalgamation/merger of the company with IT People (India) and made appointment of Gadgil & Co, chartered accountants, as the valuers for the purpose of valuation of the company.
This was approved at the board meeting held on 20 October 2007.
Asian Paints reported 49% increase in 2QFY08 profit (pre exceptionals), domestic growth (13% YoY) seems to be slowing down. On the positive side, margins expanded 258bps.Management has indicated that there is a slowdown in domestic construction activity which has impacted paint sales.
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