2010 | Dalal Street

Mutual Funds Review

Why HDFC’s Prashant Jain Invests in Nitesh Estates ?

April 25, 20103 min read

HDFC AMC through its fund HDFC Monthly Income Plan Long Term Option has participated in the Anchor Investment Option of Nitesh Estates IPO, currently open for subscription. We don’t care what Citigroup does or other Financial Institution do, however, we have been tracking every move of Sr. Fund Manager Prashant Jain for the past 10 years and this is quite an abnormal move from Mr. Jain, especially in the Real Estate space. Almost all have recommended AVOID Nitesh Estates IPO.

Mr. Jain never took any exposure to real estate stocks except that of Ansal Properties, but then the HDFC Group had participated (more…)

Equity Research

Nestle India – Earnings Weakness Continues

April 23, 2010April 23, 20102 min read

Nestle India reported 1QCY10 results on April 22. Net sales were Rs14.8bn (+16.9% yoy) vs.consensus of Rs15bn and our estimate of Rs15.2bn. Net income reported was Rs2,019 mn (+2.3% yoy), 11.1% lower than consensus of Rs2,270 mn and 18.5% lower than our estimate of Rs2,477 mn. EPS reported was Rs20.94 (+2.3% yoy) vs. estimate of Rs25.69. (more…)

Breaking Corporate India Earnings News

Ambuja Cement – Strong operational improvement

April 23, 20101 min read

Ambuja reported 1Q CY10 EBITDA at Rs6.2bn, up 19% YoY & 44% QoQ; results were in line with our expectations. Along with 1Q results, Ambuja announced commencement of commercial production for both the Bhatapara and Rauri expansions. Factoring 1Q trends and tad earlier-than-expected capacity expansions, we have lifted both EBITDA (+4%) and earnings (+10%) for CY10E. (more…)

Equity Research

Adani Enterprises – Infra conglomerate – Buy

April 21, 20102 min read

BOFA Merrill has initiated coverage on Adani Enteprises with a BUY Rating. Adani is transforming its business model to sustainable annuities with high-margin / RoE (23.9% / 34.7% by FY12E) and heavy capex from a volatile, low capex, and low margin / RoE (3.8% / 16.7%) trading business. It plans to invest Rs412bn over FY10-13E with IPP and coal mining accounting for 74%, which imparts visibility to scale. Its control over coal mine to power value chain shall drive superior margins. (more…)

Economy, Markets and Macro Views

FIIs Views on RBI Monetary Policy

April 21, 20102 min read

Here are the views of various influential Foreign Institutional Investors on RBI’s monetary policy,

Goldman Sachs said,

We think the policy statement has correctly analysed inflationary risks which we have been flagging for some time now. Today’s policy action suggests that the RBI prefers a more gradual approach to rate hikes. We continue to think the RBI will deliver a total of 150 bp of policy rate hikes in 2010 (more…)

Equity Research

TCS – Strong quarter, growth outlook bullish

April 20, 20102 min read

TCS Revenues increased ~3.1% QoQ to $1.7bn – constant currency growth was ~4.2%. Revenues are in line with our expectations but may disappoint bullish expectations post the strong Infosys top-line numbers last week. TCS’s results confirm our thesis of broad-based growth across verticals. Even ‘weak’ verticals, such as manufacturing and telecoms, grew 3% QoQ each in line with the company’s growth. (more…)

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