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Equity Research

Accumulate Bajaj Electricals – Review

May 14, 20142 min read

Bajaj Electricals (BEL) incorporated in 1938 is engaged in business appliances, fans, lighting, luminaries and engineering and projects. BEL is a part of the Rs. 20000 crore Bajaj Group. Shekhar Bajaj is the Current CMD of the company and we give a 5/5 for the Management Track Record.. For decades the company had been into the consumer electrical business. In the last few years it has diversified into E&P. Bajaj Electricals (BJE) has now been ranked as the top E&P player by Powergrid Corporation. In FY14, order inflow increased 106% and losses declined. Given the softening copper price and a possible recovery in the housing sector post the elections, the stock is due for re-reating.

The consumer business’ revenue growth (more…)

Breaking Corporate India Earnings News

FIIs Views on Indian Exit Poll Results

May 13, 20142 min read

We Summarize the Views of Foreign Institutional Investors the Big Movers and Shakers of Indian Stock Market on the Exit Poll Results.

BOFA Merrill Lynch
Exit polls indicate advantage for BJP-led NDA. Expect 8% return by year-end on the Sensex. Sensex target at 25,500 on stabel Govt scenario. GDP growth likely to recover slowly to 5.4% in FY15. Expect $25bn of portfolio flows to get rupee to 57 – 58 levels. Expect rupee (more…)

Economy, Markets and Macro Views

India Begins a new Journey Towards $5 Trillion Economy

May 13, 2014June 4, 20142 min read

After a productive boom period during 2003-2007 with high growth and moderate inflation, India has been facing a stagflation type environment since 2008 with the Corrupt Congress Government at the helm of affairs, and a persistent slowdown in growth alongside high inflation. The agenda driven politicians in Congress caused (a) a sharp increase in rural wages, (b) a high fiscal deficit, (c) a decline in private investment, and (d) weaker external demand.

Worst Is Behind UsWith the progressive BJP Government all set to be installed within the next few days, expect the Structural Growth (more…)

Equity Research

How are FIIs Positioned in Indian Equities ?

May 8, 2014April 18, 20202 min read

Ahead of the 2014 General Election Results, lets have a peek into how FIIs are positioned in the Indian Stock Market.

FIIs have largely been buyers over the past 8 months. As of Mar 2014, FIIs own 26-27%in MSCI India/Nifty stocks and own c.50% of the free (more…)

Breaking Corporate India Earnings News

Foreign Investors Cautious Ahead of Poll Results

May 6, 2014April 18, 20202 min read

Some of the American Foreign Institutional Investors are not convinced about Shri Narendra Modi’s Big victory. Many though seem more confident than we are of a strong government reviving the investment cycle quickly. While it is hard to quantify, this suggests the threshold for market disappointment is not 230-240 seats for the NDA but 210-220.

While some did question if there (more…)

Equity Research

4 MidCap Stocks Not Yet Rallied – Hold

April 26, 2014April 18, 20202 min read

The 4 Mid Caps which are beaten down but still have good operating ROEs and hold potential of an earnings recovery 12 months out. The stocks have been beaten down over the last 4 years but incrementally are reducing debt and sales growth has been positive. EPS revisions over the last 2 quarters too seem to have stabilized albeit at a lower level. Free cash flow is also positive implying scope to de-lever from underlying operations.

Indian Hotels Peak supply in the domestic market in our view is over and a large part of the company’s capex is coming to an end. Any improvement (more…)

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