2007 | Dalal Street

Kotak recommends Sunil Hit-Tech Engineers

November 28, 20072 min read

Sunil Hi Tech Engineers Ltd (SHEL) is a niche player in the power sector that builds, maintains and refurbishes power plants. The company also sets up transmission and distribution (T&D) substations, control rooms and erects super structures for steel, cement, aluminum, refineries and gas-based plants.

Almost 60% of the current power capacity is to be added in next five years. The Government has also planned ultra mega power projects (UMPP) with a capacity of at lest 4000 MW each. More than 90% of the revenues of SHEL (more…)

Economy, Markets and Macro Views

BUY Graphite India – Indiainfoline

November 27, 20071 min read

Indiainfoline has initiated coverage on Graphite India Ltd [GIL] with a BUY rating. Graphite electrode is an indispensable material used in the electric arc furnace steel. The average consumption of graphite electrodes is 2.3 kgs per ton of steel. Contract prices for electrodes have increased by 20% (more…)

Equity Research

CLSA underweight on NTPC and Dr Reddys Labs

November 27, 20071 min read

NTPC is now among the most expensive power utilities in the world. It is trading at 40- 60% premium to average valuations of its Asian, Chinese, US and European peers. CLSA believes the potential upsides from coal mining, merchant power capacity, sale of fly ash, carbon credits etc. are now already factored in the stock price. NTPC offers high earnings stability (more…)

Breaking Corporate India Earnings News

BHEL gets government nod to acquire BHPV

November 27, 20071 min read

Bharat Heavy Electricals (BHEL), the country’s largest manufacturer of power equipment, will initially invest Rs 275 crore for upgrading the manufacturing facilities of Vishakhapatanam-based loss making Bharat Heavy Plate & Vessels (BHPV).

According to the scheme, the central government will waive and write-off loans and interest amounting to Rs 414.95 crore of BHPV up to 31 March 2007 this year. Besides, the government will settle all outstanding liabilities of BHPV amounting to Rs 263.97 crore.

Post-acquisition, BHPV would become a subsidiary of Bhel. The restructuring scheme also envisages increasing the authorized capital of BHPV to Rs 70 crore. Bhel will subscribe Rs 34 crore as additional equity of BHPV.

Equity Research

GMR Infra Fully Valued SOTP Valuation – Neutral Rating

November 27, 20072 min read

Merill lynch just a while ago initiated coverage on the stock of GMR Infrastructure with a neutral rating. GMR’s head-start in profitable airport development at India’s capital city (Delhi), fast growing cities such as Hyderabad and at Istanbul, Turkey. With India likely to auction 35 non-metro airports & many east-European airports coming-up for bidding, we see immense opportunity for growth ahead. Expansion into toll road development as India aims to quadruple road capex and also Power Generation. Entry into real-estate development led by access to prime land-bank (next to airports) and scale-up the business through SEZs.

GMR has a portfolio of extremely profitable assets such as airports
(more…)

Breaking Corporate India Earnings News

GVK Power & Infra + Mundra Port Listing

November 27, 20071 min read

GVK Power & Infrastructure told us that Mumbai International Airport, an associate company of the company on 27 November 2007 has awarded the duty free contract to DFS Ventures Singapore for a period of three years with an option to extend for another year.

Mundra Port and SEZ which had recently concluded its IPO had a big bang listing with 125% appreciation on day one to successful allottees. Our IPO Analyst had a Subscribe recommendation on the IPO.

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