IN a report BNP Paribas analyst compares the recent RBI move to a Zugzwang move – Compulsion to move. Just like how Credit Suisse came up with a bold report to downgrade India, BNP Pribas is of the view that a correction is inevitable. (more…)
Year: 2010
Tata Chemicals – Slightly better Q3
Tata Chemicals revenue down 25%yoy given lower realization on gas based urea and PAT up 83% led by – consolidation of Rallis India, strong volume growth in urea and off lower base of Q3FY09 PAT that was hit by one offs.
Soda ash sales in international operations improved 5%qoq but at lower prices. We expect muted performance in soda ash to continue due to ANSAC’s strategy of cutting prices to regain market share from Chinese producers will result in stable to lower prices ahead and ~20% (more…)
Titan Industries – Impressive Recovery
Titan’s business has turned around during Q3FY10, but the sheer velocity of the rebound has come as a major positive surprise. The company reported an exceptional performance on all counts – revenues grew by 30% YoY to Rs 13.3bn, the EBITDA margin expanded by 225bps, while adjusted net profit doubled to Rs 754mn.
Strong growth was seen in both its jewellery and watch businesses, Titan reported a 30.2% YoY rise in revenues to Rs 13.3bn, as against our estimate of Rs 11.5bn for the quarter. (more…)
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State Bank of India – Better is the Only Way
Post somewhat disappointing results from India’s Largest Bank, the State Bank of India analysts believe that going forward, the bank has to only get better, though it maybe gradual process.
SBI’s headline profits were 5% below our (and consensus estimates); operationally too, it lacked meaningful direction. While there are signs of improvement – expansion in net interest margins, further improvements in deposit mix and healthy fee income growth. (more…)
Reliance Infrastructure – EPS + Analysis
Post Q3 Fy10 results of Reliance Infrastructure, here is Analysts view on the company. Roads: 2 toll roads started operations; achieved financial closure of Gurgaon – Faridabad toll road and won / emerged L1 on 6 roads concessions. RELI hopes to quadruple roads portfolio in the next 2-3 years. Mumbai metro rail financial closure done & bagged Rs110bn Line 2 in 2QF10.
Bofa Merrill has set an EPS expectations of Rs 56 and Rs 57.10 for fy10 and fy11 respectively with a 12 month price target of Rs 1,520 and a BUY rating. (more…)