Citigroup continues to be bullish on the Indian market and has set a BSE SENSEX Target of 23,950 to 25,000 for 2008. Average earnings of SENSEX companies has grown by 33% in the last and current financial year. For the FY09 the earnings are likely to grow a modest 19%, the lowest in the PAST 5 years. (more…)
Year: 2008
GMR acquires 80% stake of Himtal Hydro Power Co
GMR Infrastructure has informed us that GMR Energy, the company’s 100% subsidiary company has acquired 80% stake of Himtal Hydro Power Co. on 02 January 2008. Himtal have subsisting survey licence issued by the Department of Electricity Development, Govt. of Nepal for undertaking the feasibility study and environmental impact assessment study for setting up a 250 MW upper marsyangdi—2, hydro power project, located in upper marsyangdi, Nepal.
Credit Suisse Recommendations for 2008 in India
Indian Markets have entered into an era of Conflicting valuations. Credit Suisse [CS] continues to be bullish on Capital Goods while HDFC and Citi have bearish to Neutral views on the same. Anyway, here is CS’s theme for 2008.
Category + Weightage + Rating + Preferred Picks
Private Sector banks 10.0 UW Prefer HDFC Bank and Axis Bank
NBFC 6.0 UW UW stock brokers
Real estate 6.0 OW Buy Sobha and Parsvnath (more…)
Sun TV Hikes Advertising Rates
Sun TV Network operates satellite television channels across four languages–Tamil, Telugu, Kannada and Malayalam.
The company will increase the ad rates on the Tamil channel Sun by 10-21%, Telugu Channel Gemini TV by 15%, Kannada Channel Udaya TV by 10-20%, Malayalam Channel Surya TV 3-13%. The hike in advertisement rates is over 30% for two programmes whose television rating points (TRPs) are high.
For other channels like Sun Music, Sun News, Gemini Music, Gemini News, Teja, Udaya Movies, Udaya Varthagalu, Udaya II, Kiran, the increase in advertisement rates range from 10% to 25%. Simultaneously, the slot fees (broadcast fees) received from the content producers has been increased proportionately from 15 February 2008.
Advanta India acquires business of Unicom Seeds
Advanta India has acquired the business of Unicom Seeds (Unicom) by acquiring 100% shares in the company for a consideration that includes deferred payment based on achievement of performance related milestones. Unicom has a strong presence in the domestic and export markets of vegetable seeds. Unicom also undertakes the custom production of vegetable seeds for the customers all around the globe. The Revenue size of the business of Unicom for the last financial year was about Rs 25 crore. The business has the EBITDA earning capacity of about 30%.
With this acquisition, company’s platform in vegetable seeds will become stronger with added crops to its current vegetable product portfolio (golden). With the added products like melons and cucumber from Unicom the combined vegetable portfolio (golden and Unicom) will make company a significant player in the vegetable seed market.
Larsen & Toubro secures order from Cairn India
Larsen & Toubro (L&T) has informed us that the engineering and construction division of the company has been awarded two major contracts for the construction of civil works and the consolidated construction works for the Northern area development project located near Barmer in Rajasthan as Cairn India and its joint venture partners ONGC get ready for first oil production in 2009.
The order was secured by L&T against both domestic and international competition, and the project completion schedule is estimated to be 18 months.The size of the order is more than Rs 1,300 crore.
The scope of work covers the development of infrastructure facilities, the construction of 18 well pad structures, detailed engineering and construction of all civil and electromechanical works at the Mangala and Raageshwari Fields, Offsite infrastructure facilities, supply, installation and commissioning of 33 KVA high voltage power line system and the telecom network.