2008 | Dalal Street

Mutual Funds Review

Top 5 AMCS – Asset management Companies

June 10, 20081 min read

We decided to find out the top 5 Asset management Companies – AMCs based on two factors – Total Assets Under Management and Equity Assets Under Management as on May-31st, 2008. The latter is of more importance to our theme of investing.

Top 5 AMCs based on Total Assets under management:

Reliance Mutual Fund Rs 98,431 cr
ICICI Prudential Mutual Fund Rs 59,094 cr
HDFC Mutual Fund Rs 56,107 cr
UTI Mutual Fund Rs 54,652 cr
Birla Sun Life Mutual Fund Rs 41,442 cr

Top 5 AMCs based on Total Equity Assets under management:

Reliance Mutual Fund Rs 24,478 cr
UTI Mutual Fund Rs 19,188 cr
HDFC Mutual Fund Rs 16,881 cr
SBI Mutual Fund Rs 14,661 cr
Franklin Templeton Mutual Fund Rs 13,727 cr

These figures does not mean that you should only invest in funds offered by these AMCs. Review of extended coverage of AMCs beyond HDFC will be posted here by the end of this month.

India IPO Reviews and Updates

Real Estate Stocks Fall Below Issue Price

June 9, 20081 min read

The Indian Real Estate stocks continued to witness heavy selling from almost all the corners [Retailers & FIIs]. Unlike Jan-22nd crash [unwinding of leveraged positions], this fall is due to massive unloading by INVESTORS in cash market holding stocks. Almost all the stocks have hit 52 week low. (more…)

Breaking Corporate India Earnings News

Voltamp Transformer – Electrifying Results

June 9, 20081 min read

Voltamp’s net sales increased by 10.4% Y-o-Y to Rs.1351.4 mn in Q4FY08, largely on the back of better price realisations. EBIDTA increased to Rs.334.3 mn in Q4FY08, at 46.1% Y-o-Y growth. EBIDTA margins improved by around 606 bps YoY to 24.7%, mainly due to better price realizations, which led to substantial decrease in raw material cost as a percentage of sales (from 81.3% in Q4FY07 to 75.3% in Q4FY08).

Voltamp’s PAT during Q4FY08 increased to Rs.216.3 mn in Q4FY08. For the full year FY08, the company showed a growth in net sales of 36.9% to Rs. 5553.5 mn. Its EBITDA increased 92.1% from Rs.613.5 mn to Rs.1178.6 mn while it’s adjusted PAT increased from Rs.393.6 mn to Rs.799.0 mn, showing a growth of 103%. The EPS for the full year stood at Rs.79 as against Rs.38.9 last year, registering a growth of around 102.9% Y-o-Y.

Voltamp Transformer’s order backlog as of 8th May 2008 stood at around Rs.4485.1 mn

Equity Research

GDP growth under various Governments

June 9, 20081 min read

India’s gates of liberalization were opened in 1991 with the rise of Congress government under the leadership of late P.V.Narsimha Rao and Dr. Manmohan Singh. Political stability is very important as it will influence major policy decisions and the country’s economic growth story. The following chart presents GDP Growth in India from 1991-2008. (more…)

Economy, Markets and Macro Views

India Investment Strategy

June 9, 20082 min read

Global factors combined with internal developments within India are a dent to investment in India in the near term. Apart from Fiscal Deficit and Inflation some other issues are likely to affect the financial market performance in the next few quarters.

After talking to few Analysts, most of them were of the opinion to wait and watch. An excerpt from the interaction is as follows.

RBI May Step In: Inflation above 9%, regardless of cause, could make the RBI raise the reserve rate by 50-100 bp in 2H08. Hike in Interest Rates is not ruled out if the official Inflation figure rises above 10%.

Subsidized Oil and Bonds: The government is likely to issue about Rs1 trillion worth of additional fiscal and oil bonds in FY09 versus FY08. Banks will have to absorb most of these bonds to liquefy their holders who need cash. (more…)

Breaking Corporate India Earnings News

Canara Bank – New Businesses for Future Growth

June 9, 20081 min read

Canara Bank’s Interest costs (33% yoy) far exceeded the rise in interest income (18% yoy) and resulted in a 13% fall in the net interest income. Bank is getting rid of low-yield loans,and is expected to lend more aggressively in FY09, thereby earning higher interest and income. Operating expenses increased 10% yoy to Rs. 7 bn. The Bank’s employee costs declined by 4%, owing to its virtually stagnant workforce.

Non-interest income increased 14% yoy to Rs. 7.1 bn. On yearly basis, the growth was impressive at 53%. As the Bank is venturing into insurance and asset management businesses, the growth in other income is believed to be sustained. Deposits grew by 8% yoy to Rs. 1.5 tn.

Canara Bank reported a Net Profit of Rs 1565 crore for FY08 a growth of 10.1% over previous year. Fully diluted EPS for FY08 is Rs 38.

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