2007 | Dalal Street

Omaxe Allotment Status Available

August 3, 20071 min read

The Allotment Status Omaxe Construction Ltd IPO can be checked here. All individual retail applications for 320 shares have been firmly alloted 26 shares.

Intime Spectrum Registrar to the issue has told us that, As per information made available by ECS-Refund Banker(HDFC BANK LTD.)

Credit into respective account through ECS can be expected
In Mumbai by : 04/08/2007
Other than Mumbai by : 08/08/2007

Update on Purvankara Ltd IPO:
Our Analyst has an AVOID on Purvankara projects. The issue is very poorly subscribed at mere 0.28 times [just one more day to go] with absolutely no interest from Retailers. Stay away from the issue.

Equity Research

Citi retains BUY on Gokaldas Exports

August 2, 20071 min read

Gokaldas Exports Q1-FY08 revenues grew a healthy 18% YoY, but EBITDA and earnings declines of 7% and 22% yoy, respectively, were lower than estimates. EBITDA margin also declined 220bps YoY to 8% – adverse impact of 9% appreciation in rupee in the quarter.

Gokaldas has taken steps to counter the rupee appreciation 1) Negotiating higher prices for future orders, 2) increase usage of imported raw materials, benefit is expected to flow from 2Q, 3) focus on a richer product mix. Gokaldas management is focused on Building order book of Rs2.5bn for 2QFY08, contrary to sector’s decline and Enriching product mix with entry into suits, innerwear, workwear.

Gokaldas Exports offers the best exposure to the garment outsourcing theme. With Gokaldas’ large capacity, good relationships with global brands and healthy order-book position, we believe the company is well positioned for growth. Target price of Rs285 is based on 12x FY-08E P/E. EPS estimates are Rs 23.8 and Rs 27.5 for FY08 and FY09 respectively.

Breaking Corporate India Earnings News

Hero Honda + Tata Motors Sales Skid

August 2, 20071 min read

Auto sales have been on a decline. Sales of Bike Major Hero Honda was down from 2,35,314 sold in June-06 to 2,01,191 units in July 2007. A decline of 14.5%.

Hero Honda Net profit dipped 20.14% to Rs 189.84 crore in Q1 June 2007 over Q1 June 2006. Sales inched up 3.3% to Rs 2447.99 crore in Q1 June 2007 over Q1 June 2006.

Tata Motors’ vehicle sales fell 6.6% in July 2007 to 42,098 units over July 2006. Sales of commercial vehicles dropped 3.8% to 20,705 units in July 2007 over July 2006. Exports fell 17% to 4,382 units.

Net profit rose 22.2% to Rs 466.76 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 4.7% to Rs 6056.82 crore in Q1 June 2007 over Q1 June 2006.

Breaking Corporate India Earnings News

Reliance Energy wins Damodar Valley Project

August 2, 20071 min read

After successfully winning the Sasan ultra mega power project in Madhya Pradesh, for setting up the 4,000 mega watts plant in Madhya Pradesh, Reliance Energy has emerged as the sole bidder for a Damodar Valley Corporation (DVC) power project in Purulia district of the West Bengal.

Reliance Energy is due to sign a letter of intent with DVC within a fortnight for 1,300 MW coal based power plant. The company is planning to invest Rs 5,000 crore over the next three years in the project.

Reliance Energy’s investment in Sasan UMPP is expected to be Rs 20,000 crore.

Buy Reliance Energy on Decline.

Breaking Corporate India Earnings News

Apollo Hospitals to set up a multi speciality hospital

August 2, 20071 min read

Apollo Hospitals Enterprise has announced that the company has been in negotiation with British American Investment (Mauritius) (BAI) for associating in a joint venture for setting up a multi speciality hospital on a state land provided by Government of Mauritius. The joint venture company, British American Hospitals Enterprise (BAHEL) has been formed and joint venture agreement between the company, BAI, BAI Medical Centres (BMCL), subsidiary of BAI. The said BAHEL has been entered into on 31 July 2007 in this regard. The company will be holding 26% of the total equity capital of joint venture company and the balance 74% will be held by BMCL.

Breaking Corporate India Earnings News

Indian Hotels + VSNL

August 1, 20071 min read

Net profit of Indian Hotels Company rose 42.23% to Rs 54.76 crore in Q1June 2007 over Q1 June 2006. Sales were up 34.65% to Rs 346.50 crore Q1 June 2007 over Q1 June 2006.

The current market price of Rs 140.15 discounts its Q1 June 2007 annualised EPS of Rs 3.63, by a PE multiple of 38.6.

VSNL’s net profit rose 18.22% to Rs 104.16 crore in Q1 June 2007 over Q1 June 2006. Total income soared 88.49% to Rs 1035.45 crore in Q1 June 2007 over Q1 June 2006.

The current market price of Rs 448 discounts its Q1 June 2007 annualised EPS of Rs 14.62, by a PE multiple of 30.64.

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