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Month: December 2007

India IPO Reviews and Updates

BGR Energy Subscribed 119 Times

1 min read

The IPO of BGR Energy for which we have a Subscribe Recommendation is heavily subscribed until 11:00PM on the final closing day.

At 11:00 PM the Retail Individual category was subscribed 46.89 times. This means the fate of all applications of 196 shares / Rs 94080 will be decided by lottery. We will be updating as we receive fax or SMS from Mumbai.

Sr.No. Category No.of shares offered/reserved No. of shares bid for No. of times of total meant for the category
1 Qualified Institutional Buyers (QIBs) 5181600 837731944 161.6744

2 Non Institutional Investors 863600 132201244 153.0816

3 Retail Individual Investors (RIIs) 2590800 121491370 46.8934

Allotment for Rs 100,000 application will be in the ratio of 3:10. The status of BGR Energy IPO Allotment can be checked here approximately by Dec-27. The Grey Market Premium has shot up and is now at Rs 410-425.

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Equity Research

Citi bullish on Deccan Chronicle + Jagran Prakashan

2 min read

Citigroup has initiated coverage on Deccan Chronicle and Jagarn Prakashan with a BUY Rating. DCHL publishes the fourth-largest selling English newspaper in India and has leadership in the state of Andhra Pradesh. After Chennai, DCHL will expand into the Bangalore market, which will give it a strong foothold in South India.

DCHL is the most leveraged play on Indian print media. Its superior business model rests on: heavy advertising skew which should be sustainable as advertising revenues grow at a 25% 3-yr CAGR; strong profitability (>2x that of listed peers) due to a lean fixed-cost base; and exposure to the English print market, which has higher ad yields. (more…)

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Breaking Corporate India Earnings News

Punj Lloyd bags 590 crore order from IOC

1 min read

Punj Lloyd has secured a Rs 590 crore contract for building delayed coker unit & coker LPG merox block for the residue upgradation project of Indian Oil Corporation at its Vadodara refinery in Gujarat.

The scope of work includes a 3.7 MMTPA delayed coking unit and a 160 TMTPA LPG Merox unit. The project is scheduled to be completed within 28 months. The company has extensive experience in refinery process units including hydrocracker, sulphur recovery units, hydrogen generation unit and motor spirit quality (MSQ) upgradation projects for all the major PSUs in India. This project adds to this vast portfolio in refinery processing. With this, the order backlog for the Punj Lloyd group on consolidated basis has gone up to Rs 18,484 crore.

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Economy, Markets and Macro Views

Morgan Stanley Bearish on Indian Markets for Next 12 Months

2 min read

After India’s biggest Bull, Mr. Sanjiv Duggal turning bearish on the Indian equity markets, Morgan Stanley has come up with a Base case prediction of SENSEX going down in the next 12 months while the Bull case prediction leaves very little on the table for investors entering the market at this level.

Some of the main factors for such a bearish view are as follows, Contrasting Situation at Home and Abroad Makes Way for Fat Tails. (more…)

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Equity Research

Zee Entertainment + Sun TV Upgraded

3 min read

India’s Media Giant Zee Entertainment and South Indian controversial media company Sun TV have been upgraded by brokerage houses.

Zee Entertainment Ltd:
Zee Entertainment overtook Star Plus (Rupert Murdoch’s flagship channel) during prime time for the week ended November 25 2007. Zee Entertainment’s flagship channel’s ratings during prime time of 42%, (higher than 30% across time bands) will reflect in its ad revenues in H2FY08. The fall in TRPs during the 10 pm slot last month was primarily due to the end of its reality show Saregama which ended on October 07. Zee owns the property and will start a new season in mid-2008. (more…)

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