2007 | Dalal Street

Equity Research

SSKI Upgrdes JK Cement

December 6, 20072 min read

JK Cement is expanding its capacity by 3.5 million metric tonne (MMT) through a greenfield plant at Karnataka, which will be accompanied by a 50-megawatt (MW)
power plant at the site. The capital expenditure (capex) programme is in progress and the plant is expected to be commissioned by FY2009 end. This will augment the capacity of the company by 70% in FY2010 and will drive the volumes of the company going ahead.

JK Cement’s capex on captive power plants (CPPs) is progressing well. The company has already commissioned a 20MW pet coke based power plant and has replaced its 10MW turbine. It has partially implemented the (more…)

Breaking Corporate India Earnings News

D P Jindal strengthens buying a seamless plant in Romania

December 6, 20071 min read

Maharashtra Seamless has informed us that DP Jindal group, one of the largest producers of seamless pipes in India, is buying another seamless plant in Romania having a capacity of 200000 TPA in its flagship company, Maharashtra Seamless.

DP Jindal group is one of the leading and prominent business houses in India in its line of business having a group turnover of Rs 3000 crore. The group is well diversified into manufacturing of seamless pipes, ERW pipes, wind power generation, offshore oil & gas drilling and projects exports. The group is also having a joint venture with tenaris, the largest manufacturer of seamless pipes in the world and also having a marketing collaboration with noble drilling, US, the second largest drilling company of the world, for Indian operations.

Economy, Markets and Macro Views

Book Profits in Saregama

December 6, 20071 min read

Saregama India Ltd (SIL) reported disappointing results for Q2FY2008. While the operating revenues fell by 2.7% year on year (yoy) to Rs33.8 crore, the operating profit declined by 57.9% to Rs2.7 crore. Consequently the net profit before extraordinary items decreased by 44.7% yoy to Rs2.6 crore.

SIL’s share in acquiring new music rights declined to 9-10% from about 30% in the past. With competition setting in, the cost of acquiring these rights has gone up substantially. The current scenario wherein music rights are awarded on minimum guarantee as against revenue sharing in the past has increased the risk for music companies. (more…)

Mutual Funds Review

DBS Small Cap + UTI Infrastructure New Fund Offerings

December 6, 20071 min read

DBS Chola Small Cap Fund
Opens on: 20th November 2007
Closing Date: 20th December 2007
Fund Category 3-year close-ended equity fund
Investment Objective: The scheme seeks to generate long-term capital appreciation by investing predominantly in equity and equity related instruments of companies with “small market capitalization”. “Small cap Companies for the purpose of the Fund, are companies whose market capitalization is in between the highest and lowest market capitalization of small cap companies on BSE Small Cap Index at the time of investment.

UTI Infrastructure Advantage Fund – Series I
Opens on: 12th November 2007
Closes on: 19th December 2007
Category: 3 Years Close-ended equity scheme
Investment Objective : To provide income distribution and /or medium to long-term capital appreciation by investing predominantly in equity / equity related instruments in the companies engaged either directly or indirectly in the infrastructure growth of the Indian economy.

Breaking Corporate India Earnings News

Unitech to restructure Business

December 6, 20071 min read

North Indian Realty Developer, Unitech with not so good quality of construction [Visible from the Cracked Wall in Unitech’s Uniworld City, Picture on your left] has chalked out an ambitious plan to develop 48 malls across India involving an investment of Rs 20,000 crore / $5 Bn.

Unitech wants to retain these malls under its proposed ReIT for fixed commercial rental income. Unitech is also planning to list on Foreign bourse [speculated to be Singapore, not certain yet]. A unit of Unitech Ltd is already listed on London’s Alternative Investment Market.

Equity Research

Book profits in KPIT Cummins Infosystems

December 6, 20071 min read

Indiainfoline research has recommended a BOOK profits / Exit KPIT after their recent management meeting. Most of the company’s clients are planning to marginally increase or maintain IT budgets in CY08 with higher offshore spending. Company expects revenues from Cummins (Top client contributing 40%) to grow in high single digits in Q3 and Q4 of FY08. Revenues from Cummins have registered a strong growth of 7.8% in Q1 and 10.6% in Q2 in rupee terms. However, company expects Cummin’s revenue share to decline to 25% by 2010. (more…)

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