CP | Dalal Street

RNRL Stock Price – Risky Proposition – Part-1

October 8, 20092 min read

Angel Broking has carried out an excellent analysis on RNRL‘s Business Model.

This is the First Part of a Two Post Series.

RNRL’s main business is likely to be sourcing gas from RIL and supplying the same to the group’s gas-based power generation projects. That apart, the RNRL-led Consortium has also won 4 blocks under CBM-III and is the second largest player in terms of CBM acreage in India. Currently, RNRL is engaged in coal supply for which it has entered into freight contracts for transportation of coal from Korba to the Dahanu Thermal power station. (more…)

Equity Research

Shiv-Vani Oil – Gas Exploration – BUY – BNP Paribas

October 8, 20091 min read

After numerous delays in commissioning the rigs for the ONGC order, SVOG has chartered four rigs in July 2009, with two rigs expected to commence drilling in October 2009 and the other two by December 2009. In spite of these delays, SVOG reported a 14% increase in revenue on a q-q basis with PAT growing by 34% for the same period. Improved profitability is attributed to the strong EBITDA margins at ~42%, which in turn was a result of the commencement of the high margin ONGC order. (more…)

Economy, Markets and Macro Views

Reliance Bonus – technical trigger; focus on improving fundamentals

October 8, 20091 min read

Goldman Sachs believes RIL’s Bonus announcement of 1:1 has come as a surprise to the Street, bonus share issuance is more of a positive technical trigger for the RIL stock, based on higher stock liquidity at lower ex-bonus share price and possibly some tax benefits from booking notional capital loss on ex-bonus price. (more…)

India IPO Reviews and Updates

Euro Multivision – Allotment Basis + Listing

October 8, 20091 min read

We are hereby attaching the Basis of Allotment of Euro Multivision realeased by the company to us just minutes ago. All retail applications bidding for 180 shares and above have been allotted on a firm basis. Check out the chart below. (more…)

Equity Research

BOA Merrill – Sell IT Stocks Pull them Down

October 7, 20092 min read

BOFA_Merrill Lynch which had already told that Tech sector will be under performer yesterday, has come out with a SELL on Indian IT Sector.

Why does BOA-Merrill Lynch expect FY11 margins to disappoint consensus
expectations ?

They differ from consensus and believe FY11 margins will decline not only because we expect 5% Re/USD appreciation next year but because a) expect wages will recover earlier than pricing and (more…)

Breaking Corporate India Earnings News

Gold touches new record of $1,045 / ounce in New York

October 7, 20091 min read

Gold futures scaled a new record on concerns that declining currencies will stoke inflation and increase the demand for the yellow metal as a hedge against inflation.

Gold futures soared to a new record of $1,045 an ounce in intra-day trades in New York, breaching the previous record of $1,033.90 in March 2008. The December delivery contract settled at $1,039.70 per ounce, up 2.2%, or $21.90, on the Comex division of the New York Mercantile Exchange.

On the National Stock Exchange in India GoldBees is up 1% in morning Trade – INR 1564 / Gram.

Spot gold jumped 2.6% to a record $1,043.78. The metal has gained 18% this year.

Gold held in the SPDR Gold Trust, the biggest exchange-traded fund backed by gold, touched an all-time high of 1,134 metric tonnes seen on June 1 and was at 1,098.07 tonnes on Monday.

Silver futures for December delivery surged 4.6%, or 76 cents, to $17.295 an ounce on in New York. The metal climbed to a 13-month high of $17.69 on September 17 and is up 53% this year.

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