CP | Dalal Street

Sensex Earnings Revised Upwards, Again – Morgan Stanley

October 16, 2009April 18, 20201 min read

We have breaking news for you that Asian and Indian Market mover, Morgan Stanley research has revised the BSE SENSEX earnings and target yet again on the back of current strong earnings reported by corporates.

You MUST first read our exclusive coverage about the changing estimates of BSE SENSEX earnings and target by various FIIs in India. In today’s report, Morgan Stanley analyst says that Revenue growth seems to have bottomed out and industrial growth is likely to recover sharply in the coming months. (more…)

Equity Research

Buy / Sell HDFC Bank – Brokerage Views

October 15, 2009April 19, 20202 min read

HDFC Bank reported its quarterly results – The profit growth is a mix of steady margins (4.2%), a late quarter growth surge (10% QoQ), and robust fee income growth (+29%), backed by strong trading gains. Bottom line – earnings and the balance sheet, and their drivers/constituents, have recorded a strong quarter.

Asset deterioration has eased. Loan growth has been strong at quarter end (largely corporate, slack retail) and management sees more upside than downside risks. Here is what various well known brokerages who are active in the HDFC Bank Counter have to say about it. (more…)

Breaking Corporate India Earnings News

Praj Industries – Other Income boosts PAT

October 15, 20091 min read

For Q2FY10, PIL standalone revenue remained flat at 2,016 mn, while its PAT grew by 31% to INR 396 Mn. The EBITDA margin at INR 409mn was up 27% on YoY and 88% on sequential basis. The EBITDA margin at 20% witnessed rise of 424 bps on YoY due to lower forex losses (INR -5 Mn this quarter against 113 Mn during similar period, year ago) and lower other expenses (down 18% YoY). Higher PAT, however was backed by higher
other income which rose to INR 98 Mn (+77% YoY). Other income included reversal of excess provision for doubtful debts (INR 9.5 mn) which made last year, redemption of MF and Other Investment and Interest on FD.

PIL’s order book continued to stand at INR 8000mn, after adjusting for projects on hold and scrapped which has execution cycle of ~12 months.

Economy, Markets and Macro Views

Mid caps still offer value – Edelweiss

October 15, 20091 min read

India will continue to remain one of the preferred long-term investment destinations. While the broad market indices and most large caps are trading already in the ‘fair to expensive’ zone, investors will keep spotting value in some of the relatively less-known pockets. Growth phases typically reflect strong preference for mid-cap stocks. At the moment, however, large – cap stocks are at a significant premium compared with mid-caps, which should reduce with (more…)

Equity Research

Axis Bank – Asset Quality Risks Will Weigh In

October 13, 2009April 19, 20201 min read

Axis Bank reported Q2FY10 (September) net profit of INR5.3bn, up 32% y-o-y but 10% lower than street INR5.8bn estimate. Core revenue drivers continued to moderate on the back of sluggish corporate activity: Net interest income rose 26% y-o-y and fee income increased 15% y-o-y (versus 29% and 17% y-o-y, respectively. (more…)

Breaking Corporate India Earnings News

Industrial Production – Double-digit growth

October 12, 20091 min read

India’s industrial sector is back and back with a vengeance. The 10.4% year-on-year rise in August was the first double-digit increase in output since October 2007 and compares with a bottom of – 0.2% in December. On a seasonally adjusted basis, our calculations suggest that output rose 2.3% on the month and 5.9% in 3 month-on-3 month terms (25.9% annualised). The latter is India’s strongest increase since at least mid-1994 and can only be termed a powerful V-shaped recovery.

The breakdown of the August release by industry showed mining (12.9%), manufacturing (10.2%) and electricity (10.6%) all registering double-digit growth.Meanwhile, basic and intermediate goods were up 10% and 14.3% respectively, with capital goods production rising 8.3%. The last of these remains below the long-term average of 9.8%. Non-durable consumer goods were the only area to show a slowdown (to 3.7% from 5.8%).

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