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Equity Research

HDFC Bank – Best of the lot, but not cheap

April 27, 20092 min read

HDFC Bank reported 4QFY09 earnings and here is an update on the same:
NII increased c12.8% yoy, lower than our forecast due to slower loan growth and lower margins. NIMs declined 10bp sequentially to 4.2% in 4Q09 (4.4% in 4Q08), largely due to a decline in yield on loans but supported by a higher low cost deposits (CASA) ratio. Core fee income (+46% yoy) and treasury gains (cRs2.4bn) drove other income past our estimates.

Asset Quality:
Provision for NPLs was about 0.6% of loans in 4Q09 (1.7% in FY09). Asset quality in absolute terms was largely stable on a qoq basis. The provision coverage ratio was maintained at about 68% as of March 2009. (more…)

Economy, Markets and Macro Views

Punj Lloyd – SABIC Ruling a Negative

April 21, 20091 min read

Simon Carves, Punj Lloyds’s UK subsidiary, has received a decision in adjudication proceedings initiated on 22 December 2008, regarding the termination, by SABIC UK Petrochemicals, of a contract originally awarded in 2006. The adjudication decision has been received and is in favour of SABIC. Simon Carves is disappointed with the initial decision, the company will now proceed to the next stage of dispute resolution.
(more…)

Breaking Corporate India Earnings News

RBI lowers growth forecast to 5.7% for FY10

April 21, 20091 min read

India’s banking regulator Reserve Bank of India (RBI) has lowered its growth forecast for the current fiscal to 5.7%, down from 6% forecast of expansion that the bank had made three months ago.

The results of professional forecasters’ survey conducted by the the apex bank in March 2009 that suggested moderation in economic activity for FY09. The median forecast for GDP growth in the survey came down to 6.6% and 5.7% respectively for the last and current fiscals.

Further, the sectoral growth rate forecast for the agriculture sector has been revised downwards from 3% to 1.6% and for industry, from 4.9% to 4.1%. Services sector, however, bucked the trend and the forecast for the sector was revised upwards from 9% in the last survey to 9.3% in the current survey.

Economy, Markets and Macro Views

Historical Bear Market Rallies in India

April 20, 20091 min read

We would like to present to our readers Historical Bear market Rallies in India starting from the Harshad Mehta Securities Scam to Global Economic Crisis. The current rally from March 9th is the steepest with 38% rise until the 15th of April. (more…)

Breaking Corporate India Earnings News

Infosys Guidance – Revenue to Decline by 3-6% in USD

April 15, 20091 min read

Infosys Technologies has given a guidance for fiscal 2010, the revenues of the company is expected to report a decline by 6.7% to 3.1% in US dollar terms.

Infosys Technologies has announced its audited consolidated results for the quarter & year ended March 31, 2009:

In the consolidated results for the quarter ended March 31, 2009 the Group has posted a net profit after tax & minority interest rise of 29.14% to Rs 1,613 crore compared to Rs 1,249 crore for the quarter ended March 31, 2008.

Total Income has increased for the quarter by 25.76% to Rs 5887 crore from Rs 4681crore in the same quarter last year

In the consolidated results for the year ended March 31, 2009 the Group has posted a net profit after tax & minority interest rise of 28.52% to Rs 5,988 crore for the year ended March 31, 2009 as compared to Rs 4,659 crore in previous fiscal.

Total Income of the group has increased by 27.42% to Rs 22,166 crore from Rs 17,396 crore of the previous year.

Mutual Funds Review

SBI – Micro SIP under Blue Chip Fund

April 14, 20091 min read

SBI Mutual Fund has introduced Micro Systematic Investment Plan (Micro SIP) under SBI Blue Chip Fund. The change will come into effect from April 15, 2009.

The minimum investment amount under this scheme will be Rs 100 and in multiples of Rs 50 thereafter. The minimum redemption amount will be Rs 500. The minimum tenure of scheme is 5 years.

No entry load would be charged for direct applicants and for rest an entry load of 2.25% will be charged. An exit load of 3% on applicable NAV will be charged if investors redeem from the scheme within 2 years.

An exit load of 2% on applicable NAV will be charged, if the investment is redeemed after 2 years but before 5 years.

The investment objective of this open ended equity scheme is to generate long term capital appreciation by investing in equity and equity-related instruments.

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