November, 2007 | Dalal Street

Strong Occupancy at Kamat Hotels – BUY

November 4, 20072 min read

Kamat Hotel posted surprising results for the quarter ended Sep 30, 2007 with 377% growth in bottomline. Topline saw a growth of 54% to 33 crore as against 21 crore last year. Kamat Hotel posted excellent numbers in a limp quarter for hospitality sector due to high occupancy rates in its Mumbai hotels and was able to keep average room rates(ARR) for the quarter above previous full year average approx by Rs 1000 on the back of firm demand. Company was also able to improve its operating margins by 488 basis points by improving on other operating costs by 276 bps and controlling employee cost by 173 bps.

Kamat Hotel was able post a 54% increase in topline at (more…)

Economy, Markets and Macro Views

Vinati Organics Small Cap Recommendations

November 3, 20072 min read

Here is a few small cap recommendations being made on the fundamentals as well as growth prospects of companies with good management and which are quoting at decent PE multiples.

Vinati Organics:
Vinati Organics Ltd (VOL) has been operating in the chemical manufacturing industry since 1992 and has successfully implemented technology available to only few in the world. VOL primarily produces IBB (Iso Butyl Benzene) and ATBS (2-Acrylamido 2 Methylpropanesulfonic Acid). Its manufacturing facilities are located at Mahad and Lote Parshuram, Maharashtra.

In Q2FY08, VOL has reported net sales of Rs. 37.21 vs Rs. 18.67, (more…)

Equity Research

SELL IndiaBulls + Hindalco – Citi

November 2, 20072 min read

Citigroup Research has recommended a SELL on Indiabulls and Hindalco Industries Ltd.

Indiabulls Ltd
Under best case assumptions, Indiabulls can potentially be valued at Rs930 per share, with new initiatives [Life Insurance, Asset Management, Institutional Broking, Private Equity, Commodity Exchange etc] at Rs152 per share on FY09 estimates and a value of Rs778 per share for existing brokerage and finance businesses. Are they trying to be another Reliance capital ?

Citi maintain base case estimates, valuation and recommendation (Sell, 3M) (more…)

Equity Research

Buy Divis Labs – Merrill Lynch

November 1, 20071 min read

Merrill Lynch has put a BUY recommendation on Divis Labs. Divis 2Q PAT was 37% ahead of expectations driven by higher sales and a huge surprise in EBITDA margin (42.9% margin vs. MLe of 37.5%) driven by the Custom Manufacturing Services (CMS) business.

Divis high margin trend is largely driven by increasing CMS contribution, which we estimate to grow to 65% of revenues by FY09E vs. ~50% in FY07. ML expects overall margins (more…)

Breaking Corporate India Earnings News

Bajaj Auto Sales and Stock Skid

November 1, 20071 min read

We have just received reports that Bajaj Auto’s vehicle sales slipped 0.50% to to 278,176 units in October 2007 over for October 2006. Motorcycle sales slipped 1.10% to 248,307 in October 2007 over October 2006.

It sold 63,000 units of its new XCD 125 cc bike since launch in early September 2007. Sales of its three-wheelers fell 2% to 28,001 units while exports rose 38% to 55,572 units in October 2007 over October 2006.

Year-to-date, Bajaj Auto’s total sales were down 11% at 1,463,860 units while bike sales fell 12% to 1,273,865 units.

Breaking Corporate India Earnings News

Yes Bank to raise funds

November 1, 20071 min read

We have been reported that the committee of Yes Bank has approved a proposal from Orient Global Tamarind Fund (Orient Global Tamarind), an international investor for private placement upto 1,47,00,000 equity shares of Rs 10 by way of preferential issue at Rs 225 per equity share.

Further, the bank decided to convene extra ordinary general meeting on 04 December 2007.

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