2008 | Dalal Street

Essar Oil – Winner from Ruias

March 18, 20082 min read

Finally we have something from the House of Ruias for Indian investor that is worth mentioning. IDFC-SSKI / Sharekhan has initiated coverage on Essar Oil Ltd with a BUY rating.

Essar Oil (EOL) is on its way to becoming a vertically integrated oil company with significant presence in E&P, large presence in refining and a commensurate marketing infrastructure. A timely investment in expanding its refining capacity by ~3x to 34m tonnes and upgrading its complexity to take advantage of the global tightness in refining would be the biggest value creator for the company. (more…)

Equity Research

Gujarat Ambuja Exports – Kotak

March 18, 20082 min read

Kotak Sec has initiated coverage on Gujarat Ambuja Exports Ltd [GAEL] with a BUY rating.

GAEL used to sell its entire oil in bulk form to other people who were packing it in small quantities and sell it as their own brand. A couple of years back GAEL started doing 20% branded sales while the rest used to go as bulk sales. Today, the company has already achieved almost 65% branded sales.

The company’s solvent extraction plant at Pithampur is the only plant which does not have facilities for refining oil. Thus, to bridge this gap to capture the entire value chain of refining, packing, and selling as branded product the company is setting up 200 TPD oil refinery at Pithampur. It is likely to incur a capex of Rs.150 mn (more…)

Breaking Corporate India Earnings News

India to supply world’s largest coal gasifier to China

March 18, 20081 min read

The World’s Largest Coal Gasifier will be Manufactured by an Indian company – L&T and will be supplied to China. Contract valued at Euro 28 million (Rs 170 crore) for supply of the coal gasifier and syngas cooler assembly to Hebi Coal and Electricity, subsidiary of Zhongyuan Coal Chemical Industry Group, People’s Republic of China.

The complete gasifier assembly & the structure, which is expected to weigh 1740 MT, is the world’s largest and heaviest gasifier assembly, with a capacity to handle 3400 tpd of coal. The assembly will be the heart of a methanol plant with a capacity of 600,000 tpa. The order was won through an international competitive bidding process.

Breaking Corporate India Earnings News

Final Advance Tax Numbers

March 18, 20081 min read

We have received Advance Tax Collection Numbers from Various Companies [Thank you] and we are compiling the list of the same. The table below lists the name of the company, followed by Advance Tax paid for the last quarter of previous financial year and Advance Tax paid for the last quarter in current financial year.

Company Previous No Current No. [All figures in Rs crore]
SBI 690 1418
RIL 118 443
TISCO 350 300
HDFC 165 250
BOI 150 191
BOB 50 220
L&T 80 170
UNION BANK 100 130
TATA CHEM 65 90
TCS 20 116
CBI 0 221
ICICI 125 250
M&M 83 116
TATA MOTOR 190 75
IND HOTEL 2 44
DENA BANK 10 50
MRPL 20 100
TATA POWER 0 43
TECH MAHINDRA 5.5 0
INDUSIND BANK 12 19
GUJ AMBUJA 100 175
CASTROL 24 46
ULTRATECH 110 155
BPCL 275 240

Tatat Steel, Tata Motors and BPCL are the only ones reporting a fall in Advance Tax for the last quarter. Since Tech Mahindra is a EoU, we can exclude the same.

Breaking Corporate India Earnings News

JSW Steel inaugurates cold rolling mill complex

March 17, 20081 min read

The cold rolling mill complex of JSW Steel, Vijayanagar works was inaugurated minutes ago by J J Irani, director Tata Sons and former managing director, Tata Steel. The 1 million tonne CRM complex will cater to the booming automobile and auto component industry and act as a catalyst for attracting further investments in this sector in southern India.

Built in a record time of 22 months, the CRM facility is a forward integration of the existing facilities where hot rolled coils are cold rolled to produce high end cold rolled sheets which cater to the upper segment of the steel market.

Equity Research

HSBC Underweight on Indian Utilities

March 17, 20082 min read

In a report by HSBC released just a while ago, they have reiterated their UNDERWEIGHT rating on Indian utilities. The report says, there is downside from current levels even after the recent correction. Execution delays, non-availability of fuel linkages and power evacuation yet to be discounted by the market. (more…)

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