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HDFC Bank 2007 Results

April 25, 20071 min read

HDFC Bank posted a net profit of Rs 343.57 crore in the quarter ended 31 March 2007, as against Rs 263.21 crore for the March 2006 quarter. Total Income increased to Rs 2384.19 crore compared with Rs 1682.65 crore in the March 2006 quarter.

The results were declared after trading hours on Tuesday (24 April 2007). The private sector bank also recommended a dividend of Rs 7 per share for the year ended 31 March 2007.

In late-December 2006, HDFC Bank raised the benchmark prime lending rate (BPLR) by a steep 150 basis points. The bank also increased its deposit rates by 50-75 basis points, following a similar increase in June 2006. But only a small proportion of HDFC Bank’s loans are linked to the PLR. This is because most of the bank’s retail and corporate lending is done at fixed rates, and is not directly linked to the BPLR.

Economy, Markets and Macro Views

SunTV to Launch Kids Channel

April 25, 20071 min read

Sun TV Network will be launching a kid’s channel “Chutti TV” from 29th April 2007 onwards.

Chutti TV will be the first of its kind 24 hours channel from the company targeting the childrens in the age group of 2 to 14 years with regional and international flavour, versatile and rich mix of programming which includes best cartoons like Jackie Chan adventures, He-Man and pre school contents, etc. The programmes are designed to engage and stimulate the kids’ imagination during the early formative age.

Equity Research

Biocon Limited – Outperformer, Merrill Lynch

April 25, 20071 min read

Merill Lynch has put an outperform rating on Biocon Limited. Merrill raised price target on Biocon to Rs600/share (from Rs500/share) as it remains upbeat on

Near doubling of insulin revenues by FY09E (current12-13% of revenues)
Robust 40%+ growth outlook for contract research andlicensing fees

New Price Target is based on target multiple of 20x on FY09E earnings. EPS Growth is expected to be 26% and 18% FY08E and FY09E respectively. Biocon’s 4Q net profit of Rs600mn (27% growth YoY), about 18% ahead of MLe while revenues were 16% ahead of MLe. Higher than expected 260bp increase in EBITDA margin was driven by statin supplies to US and better product-mix.

Economy, Markets and Macro Views

Affordable Housing – Realty Scrips Sky Rocket

April 24, 20071 min read

At a monetary policy meeting today, RBI kept its key borrowing rate, known as the reverse repo, steady at 6% and held the bank rate, used to price long-term lending, steady at 6%. The RBI is likely to consider a proposal where housing loans less than Rs 20 lakh will cost lesser than prevailing rates for other Real Estate lending.

There was no change to the cash reserve ratio (CRR) beyond a previously announced increase to 6.5%, due on 28 April 2007.

Unitech (up 9.20% to Rs 435.55), Indiabulls Real Estate (up 6% to Rs 322), Ansal Housing (up 9.48% to Rs 282.45), Mahindra Gesco Developers (up 7.85% to Rs 658), Parsvnath developers (up 7.16% to Rs 318.20), Akruti Nirman (up 4.66% to Rs 397.50), and Sobha Developers (up 4.86% to Rs 855.35) had surged.

Breaking Corporate India Earnings News

Reliance Capital growth Slows Down

April 24, 20071 min read

Compared to what leading Indian Financial Institutions like UTI Bank have reported their results, Reliance Capital is growing at a slower pace. Reliance Capital reported a profit growth of RS 311 crore an increase of mere 9% compared to the same quarter a year ago which was at 285.59.

On a consolidated basis, Reliance Capital’s net profit rose 23% to Rs 703 crore and total income more-than-doubled to Rs 2158 crore during the fiscal, a 128% increase from Rs 947 crore of the previous year.

Reliance Asset Management recorded a net profit of Rs 49 crore, a 63% increase during the year. The number of investors in Reliance Mutual Fund (RMF) increased to 32.27 lakh from 20.95 lakh a year ago.

Reliance Life Insurance had a premium income of Rs 1005 crore from Rs 224 crore in the previous year, representing a jump of 348% .

Reliance General Insurance had a premium income of Rs 912 crore from Rs 163 crore in the previous year, representing an increase of 462%.

Economy, Markets and Macro Views

Holcim hikes stake in Gujarat Ambuja Cements

April 24, 20071 min read

Holcim, the world’s second-biggest cement maker, has raised its stake in Gujarat Ambuja Cements (GACL) to nearly 30% in a deal worth approximately Rs 322 crore. Around 27.96 million GACL shares, constituting roughly 1.8% of its equity, was traded in a block deal on the Bombay Stock Exchange at a price of Rs 115 per share on Monday (23 April 2007).

Holcim owns nearly 28 per cent in Ambuja Cements and this stake would rise to nearly 30 per cent after the latest deal.

In another development, Matsushita Electrics of Japan has bought an 80% stake in Anchor Eelectricals for more than Rs 2,000 crore. Anchor shouldn’t have sold their stake and taken the IPO route because India will witness organised retailing of Electrical products with the construction boom in the next 2 decades. What Matsushita paid Anchor is priceless.

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