January, 2008 | Dalal Street

Future Capital Holdings – Review

January 12, 20081 min read

Future Capital Holdings Limited (FCH) is the financial services arm of the Future Group. Expansion of investment advisory and retail financial services business are the future revenue drivers for the company.

Future money, the brand name for retail financial services business is expected to benefit from synergies within the business group as in the area of retail financial services, FCHL has the exclusive right to provide financial products and services at present and future malls, stores and retail outlets in India which are owned, controlled or managed by PRIL and its subsidiaries. (more…)

Economy, Markets and Macro Views

Indian Banking Sector Upgraded by Deutsche Hong Kong

January 10, 20082 min read

In one of the boldest new year upgrades, Deutsche Bank Securities Research has upgraded the Indian Banking Stocks. Axis, Bank of Baroda and HDFC Bank have been upgraded from HOLD to BUY. The rest are already in the BUY list. However, this time we see target prices of most banks to be 40% + from current levels, something hard to believe but only time will tell.

India stands at the cusp of a high growth scenario in domestic lending on two counts 1] RBI likely to use softening as a tool to address (more…)

Equity Research

Buy Strides Arcolab – NJ Unit Closed

January 10, 20081 min read

Kotak has come up with a BUY recommendation on Strides Acrolab. Strides Arcolab has shut down its loss making manufacturing operation for OTC and neutraceutical in New Jersey, USA. The facility manufactures soft gelatin, used as a protective layer in medicines and food supplements. This is a rational step as the plant was incurring huge losses due to high manufacturing costs, capacity utilization and regulatory issues.

Stride’s most profitable business by segment, namely, sterile injectables (more…)

Breaking Corporate India Earnings News

ICICI Bank – Listing of subsidiaries

January 10, 20081 min read

India’s Worst Bank, ICICI Bank is planning to list its subsidiaries on the Indian bourses.

As per reports, the process would commence within six months, starting with ICICI Bank’s brokerage arm ICICI Securities, followed by two insurance arms — life insurance unit ICICI Prudential Life Insurance and general insurance arm ICICI Lombard General Insurance, and the bank’s housing finance arm. The other subsidiaries that may list on the bourses are the mutual funds assets management business, home finance business, and also ICICI Ventures, which is its private equity arm.

Breaking Corporate India Earnings News

L&T bags Rs 2000 crore orders for office & residential building in Mumbai

January 10, 20081 min read

Larsen & Toubro (L&T) has announced that Larsen & Toubro’s (L&T) construction division has recently secured orders on design and build / turnkey basis from leading developers / owners. Prominent amongst these include Rs 2000 crore order from Kingston Properties for construction of various office & residential buildings in Mumbai, to be developed in a span of 4 years.

Apart from this project the buildings and factories (B&F) business unit of L&T’s construction division (ECC) has secured orders for many assignments including Rs 665 crore design & build contract from Cognizant Technology for their development centres in Chennai and Kolkatta.

L&T has also bagged a Rs 187 crore turnkey order from ITC Hotels for their Grand Chola Hotel at Chennai. The scope involves construction of 1.52 million sq ft area to house 600 rooms.

The company has secured a Rs 408 crore contract from ICICI Bank for construction of their office building at Hyderabad. The scope involves construction of 4.0 million sq ft building area, having basement plus 16 floors.

Economy, Markets and Macro Views

Kotak Donwgrades Indiainfoline to SELL

January 10, 20081 min read

Revising earnings model for India Infoline (IIL) to factor in the proposed preferential allotment by Orient Global and recent infusion in the insurance distribution business. IIL will need capital to fund margins with exchanges. It may likely increase capital contribution to (more…)

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