2008 | Dalal Street

Equity Research

Enam on Motherson Sumi Systems

March 14, 20082 min read

ENAM Securities continues to rate Motherson Sumi Systems [MSSL] as an OUTPERFORMER but with realistic returns expectations. MSSL has dominated the domestic wiring harness market with a ~65% market share. Long standing relationships with most OEMs and backward integration for critical components will ensure MSSL’s dominance. Increasing complexity of cars to leading to greater value addition, and higher realizations for MSSL.

Sumitomo wiring systems (SWS) has identified India as a “focused frontier” where they expect growth. India/ Sharjah likely to emerge as a significant sourcing base for Sumitomo over the next 3-4 years. (more…)

India IPO Reviews and Updates

Performance Analysis of IPOs in 2007

March 13, 20083 min read

IPOs in India dried up all of a sudden. Adding to the woes of promoters is poor Industrial Production numbers which led to a massive sell-off on the exchanges. Our IPO Analyst decided to track the performance of folks who have raised money in 2007. Out of the approximately 95 companies that raised money from Retail Investors in India by IPO, 60% are quoting below their issue price.

Remember, these are the same issues where retailers flocked by looking at FII subscription. However, FIIs have also turned speculators in the primary market and have sold aggressively.

Below is the list which our analyst has provided.

Sl. No, Company Name, Last Traded Price, Issue Price, Premium/Discount
1 Broadcast Initiatives Limited 30.5 120 -75%
2 House of Pearl Fashions Limited 164.5 550 -70%
3 IVR Prime Urban Developers Limited 196.8 550 -64% (more…)

Breaking Corporate India Earnings News

Industrial output skids to 5.3%

March 12, 20081 min read

Industrial output growth fell to 5.3% y-o-y in January from 7.7% in December, below expectations, because of a sharp slowdown in the manufacturing sector.

Capital goods output, a lead indicator of investment activity, slowed to 2.1% y-o-y in January from 16.6% in December. A single month does not make a trend, but this is worrying nevertheless since investment has been the main driver of India’s strong economic growth in recent years.

Consumer durables continued to underperform, with the growth rate falling to -3.1% y-o-y in January from 1.2% in December.

Mining and electricity sector output growth remained sluggish at 1.8% y-o-y and 3.3%, respectively, in January, likely reflecting capacity constraints.

Wood products, one of the best-performing sectors, saw output growth plunge to -4.6% y-o-y in January from 31.3% in December

Economy, Markets and Macro Views

American IT on Diet

March 11, 20081 min read

Lehman Brothers head of Global Outsourcing believes that American IT companies are on a diet but they still believe outsourcing will save significant cost. Key take aways are as follows, (more…)

Breaking Corporate India Earnings News

Gayatri Projects secures 242 crore order

March 11, 20081 min read

Gayatri Projects has secured new order valued Rs 242.55 crore. The entire work has to be executed with in a period of 2 years form the executive engineer, Narmada Development Canal Division, Khargone, Madhya Pradesh.

The company, as ISO 9001-2000 certified company, is among India’s fastest growing construction companies known for its in-securing model driven by professional teams and unique equipment bank.

India IPO Reviews and Updates

Gammon Infrastructure Projects – Avoid

March 11, 20081 min read

Gammon India Ltd, the flagship company of the Gammon Group, is among the leading construction companies in India and also the company which built the Hyderabad Flyover that collapsed 🙂 [Gamoon Infra]GIPL has 14 projects under its asset portfolio. The projects are fairly diverse spreading across roads, bridges, ports, hydro power projects and biomass power projects. The company is fairly small and hence seeing good growth rates. However, in construction we need scale and size matters. (more…)

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