2010 | Dalal Street

Equity Research

Research Follows Hindustan Unilever Stock Movement

March 17, 2010March 17, 20102 min read

Instead of Research Leading the Stock Price movement, it always follows which makes it good for nothing. [Sometimes I feel that these Reports are Published purposely a day or two after the necessary price movement in the stock / Or after building favorable F & O Positions . We are doing Historical Research on the same and the findings will be published very soon here] Hindustan Unilever stock has corrected more than 15% and then the Analysts published their views. Here is why the stock has crashed when the market has hit a new 12 month high.

JP Morgan Said, (more…)

Breaking Corporate India Earnings News

Low Cost Vs Full Service Airlines

March 17, 20102 min read

This aviation cycle commences with 5 meaningful players (vs. 3 in previous cycle). FSCs [full Service Carriers] have long argued that LCC [Low Cost Carriers] cost structures are very similar to FSCs, except that the former enjoy unit costs that are 15-20% lower, given greater seat density on fleet. We believe that capital costs, a reflection of balance sheet health, will be key differentiators in this cycle given that pricing will be far more important in the current cycle. (more…)

Breaking Corporate India Earnings News

Lanco Infratech Amarkantak: Unit 2 Synchronized

March 12, 20101 min read

Lanco Infratech indicated that they synchronized Unit 2 of Amarkantak power plant and expect it’s commissioning during the next quarter. The synchronization of Unit 2 and consistent PLF for Unit 1 gives us more visibility on commissioning of Amarkantak power project. Further, calculations indicate the cash inflows of Unit 1 (since synchronization in May 09) have so far resulted in 21% reduction in capital cost.

Goldman Analysts expect the stock’s underperformance versus BSE Power index (14% YTD) to narrow in the medium term primarily (more…)

Equity Research

Coverage on Indian Fertilizer Stocks

March 12, 20104 min read

Indian Fertilizer sector stocks have recovered due to the allocation of natural gas, which has reduced cost and increased utilization levels of fertilizer plants. Many of these plants ran on expensive naphtha or FO / LSHS feedstock. Closed units are also likely to open due to this cost reduction. The consumption of fertilizers in India is expected to grow by 4% CAGR till FY12. Urea is expected to witness a supply deficit of 5.4mmtpa by FY12. Phosphatic and potash fertilizers also remain matters of concern due to the lack of indigenous raw materials.

De-regulation of Fertilizer Prices – While Urea was under mandatory pricing control under the New Pricing Scheme, Stage-III, the government recommended an MRP for DAP, MOP, MAP, TSP, SSP, Ammonium Sulphate and 11 other complex fertilizers under the (more…)

Equity Research

Thermax Stock on Boil with Babcock – Wilcox JV

March 11, 20102 min read

The much anticipated JV for supercritical boilers with Babcock and Wilcox was announced on 10 March 2010. The JV (51:49) intends to set up a new 3 GW per annum boiler manufacturing facility at an investment of Rs7.6 bn. Of this, equity contribution from Thermax is anticipated to be Rs1.75 bn. With sufficient cash reserves (Rs7.2 bn in 2Q), even after the Purolite settlement, Thermax should be able to fund capex through internal resources. (more…)

Breaking Corporate India Earnings News

Opportunities in Indian Infrastructure Galore

March 10, 20101 min read

All the infrastructure companies are upbeat on the immense opportunities available in the segment. Reliance Infrastructure, for instance, plans to bid for more road projects. As highlighted in our pre-conference note, private sector involvement in infrastructure development has expanded to ‘non-traditional’ areas such as metro, airports and even power transmission. Lanco plans to ramp up its generation capacity to benefit from the prevailing high merchant power tariffs. (more…)

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