2010 | Dalal Street

Jaypee Infratech – Should You Subscribe ?

April 30, 20103 min read

JP Associates Group Company Jaypee Infratech is open for subscription in $500 mn IPO. JP Associates is the ~100% Promoter of Jaypee Infratech. The company holds the concession from the Yamuna Expressway Industrial Development Authority (YEA) to develop, operate and maintain the Yamuna Expressway in Uttar Pradesh, connecting Noida and Agra (165km). The concession also provides for the right to develop 25 million square metre (approximately 6,175 acres) of land along the Yamuna Expressway at five locations for residential, commercial, amusement, industrial and institutional purposes.

The Yammuna Expressway is expected to be complete by 2011 (more…)

India IPO Reviews and Updates

Review of Satluj Jal Vidyut Nigam – SJVNL – Subscribe

April 29, 2010April 29, 20102 min read

SJVN, a hydro electric utility, is tapping the equity market with the Government of India being a 75% stake holder and Government of Himachal Pradesh will continue to own ~25%. The current offer is Offer for Sale by the Government, that means the company will not get any Money.

Company has experience in the development, execution and management of mega-hydroelectric projects in difficult terrains, which will help the company in developing future projects. SJVN commissioned India’s largest hydro project, the 1,500 MW Naphtha Jhakri (more…)

Breaking Corporate India Earnings News

MindTree’s Q4FY10 – Strong Quarter

April 28, 2010April 29, 20101 min read

MindTree revenues of US$74.5m were up 5.7% qoq and 9.7% yoy (Exp: US$ 72.2m) – volume growth was flattish while realization improved on the back of productivity gains in fixed price projects. In INR terms, revenues of Rs3.4bn grew 4% qoq and 2% yoy. EBIT margin declined by ~110bps qoq – management indicated that this was primarily due to stronger INR, provision for higher leaves (US$ 0.7m), investment into handset business (US$ 0.6m), hardware pass-through cost (US$0.7m), higher SG&A spend. (more…)

Equity Research

Insitutional Investors Positive on HDFC Bank – Buy

April 27, 20101 min read

HDFC Bank’s 4Q earnings were 6% above expectations, driven by margin surprise and significantly lower provisions vs. expectations. Margins surprised at 4.4% (although guided down for this year), there was a pick-up in wholesale loans (particularly retail vehicle loans), with stable cost ratios and improving asset quality.

It is entering a new credit cycle (more…)

Equity Research

Sell Sun Pharmaceutical Industries

April 27, 2010April 27, 20101 min read

Goldman Sachs in a report released just a while ago has recommended a SELL on Sun Pharmaceutical Industries. The latest verdict on Protonix has added another layer of risk around Sun. With Caraco’s sales continuing to decline, Sun’s US revenues in recent months have been dependent on generic Protonix. Sun has stated that it will continue to sell Protonix in the US. Coupled with these (more…)

Breaking Corporate India Earnings News

FII Gives Thumbs Down to Reliance Industries Ltd

April 26, 2010April 27, 20101 min read

RIL reported F4Q10 results with EBITDA and profit 8% and 9% below our estimates, due to lower than expected earnings in the refining and petrochemical divisions. However, E&P business was in line with our expectation with EBIT growth of 260% YoY and 15% QoQ.

Refining: Reported GRM of $7.5/bbl were 50 cents below (more…)

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