CP | Dalal Street

Latest Advance Tax Numbers

September 15, 20091 min read

Advance tax is an indication of corporate India’s profitability. Here is the list of Advance Tax paid by top Indian corporates as obtained from the Income tax Department exclusively released for us.

Mahindra & Mahindra Sep advance tax Rs 112 cr vs Rs 17.50 cr apr-june.
TCS July Sep advance tax Rs 220 cr vs Rs 53 cr Apr-June.
Lupin July Sep Adv Tax Rs 49.70 cr vs Rs 11.40 cr apr-June.
Bank of India July-Sep advance tax Rs 470 cr vs Rs 230 cr in Apr June
Yes Bank 58 cr vs 33 cr
SBI PAYS ADVANCE TAX OF RS.1832CR VS RS.1068CR YOY
BPCL PAYS RS.312CR VS RS.40CR YOY
CENTURY PAID 40 CR VS 14CR.
Bank of Baroda Jul-Sep advance tax 4.00-4.25 bln rupee

India IPO Reviews and Updates

Jindal Cotex – Allotment Status

September 14, 20091 min read

We have just received the final confirmation about Jindal Cotex Ltd IPO Basis of Allotment. Retail investors who applied for 180 or more shares have been allotted 90 shares on firm basis.

Retail applications for 90 shares have been allotted 90 shares in the ratio of 46:93. Here is the complete Basis of Allotment Chart of Jindal Cotex Ltd IPO Shares. (more…)

India IPO Reviews and Updates

Pipavav Shipyard – Review – AVOID – Shady Gandhi Promoters

September 14, 20092 min read

Pipavav Shipyard Ltd – PSL is setting up the country’s largest state-of-the-art private sector shipyard in Gujarat for construction and repairs of a range of vessels. The total amount to be invested in the yard stands at Rs25bn, of which Rs19.8bn has already been invested.

PSL is jointly promoted by Nikhil / Bhavesh Gandhi and Punj Lloyd Group.

Current IPO Details:
Face Value – Rs 10
Price Band – Rs 55 to Rs 60
Retail – 25,455,068 Equity Shares available for allocation

Reasons to Avoid Investing in Pipavav Shiyard IPO: (more…)

Economy, Markets and Macro Views

BPCL + HPCL + IOC – SELL – Goldman Sachs

September 14, 20092 min read

On the back of fuel pricing reform is unlikely at this stage, Glodman Sachs has come out with a bold report to SELL all the 3 Oil Marketing companies – BPCL, HPCL and Indian Oil.

The government will bear all cooking fuel losses while auto fuel losses would be shared by state-owned upstream companies and oil marketing companies and the proportion of subsidy sharing is not known.

The government has actually been bearing more subsidy than just cooking fuel losses since FY08, implying that its subsidy share will reduce going forward. It is possible that government is trying to reduce further issuance of oil bonds in order to reduce fiscal strain, in our view. (more…)

Mutual Funds Review

Sundaram BNP Paribas – PSU Opportunities Fund

September 14, 20091 min read

Sundaram BNP Paribas Mutual Fund has submitted an offer document with the Securities and Exchange Board of India (SEBI) to introduce Sundaram BNP Paribas Select Thematic Funds PSU Opportunities Fund – an open-ended equity scheme.

The investment objective of the scheme is to achieve capital growth by investing in equity and equity-related securities of public sector companies as well as in bonds and other fixed-income instruments issued by public sector entities. (more…)

Equity Research

Power Grid – capex delays – Muted Returns – Goldman

September 14, 20091 min read

Power Grid Corporation of India Ltd – PGCIL is the main beneficiary of India’s Power generation capacity growth. Goldman’s negative view on PGCIL comes mainly from the back of – few options PGCIL has to improve its ROE beyond 13%; potential delays in generation capacity impacting its planned capex. Expect PGCIL’s planned capex to fall 25% short of its target of US$12bn for the 11th Five-Year Plan; insufficient internal accruals, which could lead to equity dilution or pushing of capex to 12th Five-Year Plan. (more…)

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