Manappuram General Finance & Leasing is mainly involved in Loans against Gold. Almost 85% of its folio.The combined size of the loan portfolio (of MAGFIL and Manappuram Finance (Tamil Nadu) Pvt Ltd) could be Rs. 750 cr., (inclusive of off-balance sheet items) as of March 2008. As per the method of accounting followed by MAGFIL, Interest received/accrued on account of gold loan receivables assigned to its institutional lenders is credited to interest account net of interest paid /credited to these lenders on accrual basis. This portfolio size could increase by 30%+ in the coming year i.e. FY09.The average cost of funds for advancing gold loans is close to 12% and the average interest earned is around 21% – 23%. This leads to a healthy spread of 9% – 11%. (more…)
Month: December 2007
Parsvnath highway mall Rajpura, Punjab
Parsvnath Developers has announced the launch of its premium commercial project, Parsvnath Highway Mall, in the city of Rajpura, Punjab. The project will enhance the travelers’ joy by combining comfort and leisure.
The project is specifically designed to offer commercial space to house large format stores showcasing range of aspirational brands to customers and will have a total saleable area of approximately 2.30 lakh sq. ft.
The project is a part of Parsvnath King City, a mega township project consisting of independent plots, villas, group housing, schools, landscaped gardens etc with total sale worth of Rs 250 crore approximately.
2 Wheeler Automobile to Underperform
In several research notes on the Indian 2 Wheeler industry, it is observed that the sector will underperform in the near term. In Q3FY08 the environment for the two wheelers was negative. Banks had tightened the credit norms and increased the down payment requirement, which has rendered a large number of potential two wheeler buyers ineligible for obtaining loans. The competitive intensity in the industry has also increased.Total vehicle sales during the quarter are expected to increase by 2.6%.
Bajaja Auto is the only market performer and that to due to the de-merger of Bajaj Allianz Insurance / Finance company. TVS and hero Honda are market underperformers.
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Suven Life Sciences get US Patent
Suven Life Sciences has informed us that the company has secured US Patent # 7,297,711.
This is Suven’s first product patent granted in USA. The granted claims of the patent include the class of selective serotonin receptor affinity compounds discovered by Suven and are being developed as therapeutic agents.
According to the invention ‘711 patent disclosure, the compounds are useful in the treatment of neuro-degenarative disorders like alzheimer’s parkinson, schizophrenia and huntington’s.
BUY Gandhi Special Tubes for 6 Months
We have received recommendations from several corneres including HDFC Securities Research on Gandhi Special Tubes. [A Midcap Steel Company].
Gandhi Special Tubes Ltd (GSTL) is a niche-player in the small diameter seamless and welded tubes segment. It also manufactures tubular components and has a presence in the wind power segment, automobile, general engineering and refrigeration.
The Indian Auto-components Industry is expected to grow at a CAGR of 16% over until 2011-12. GSTL primarily caters to fast growing industries like the automobile and general engineering industry. (more…)
Larsen & Toubro to spin off ready mix concrete business
The board of Larsen & Toubro has approved, subject to shareholders approval, transfer or disposal off of the ready mix concrete business unit of the company to a subsidiary company or to any other entity.
The approval of the shareholders is proposed to be sought through postal ballot.