CP | Dalal Street

Unitech – Disappointing Results

May 31, 20101 min read

Unitech Ltd reported impressive sales of Rs11.3 bln (up 196% yoy, up 46% qoq) but operating margins (24.1%) again disappointed
(down 8.9 ppts yoy, flat sequentially) largely due to prior period cost adjustment and increase in construction cost. This resulted in the net profits of Rs1.79 bln, up 2% qoq (MSe – Rs1.72 bln). UT continues to capitalize 70-80% of its interest cost.

Sales performance was strong due to contribution from new projects (Garden II, Residences, Noida Unihomes and Mohali – Rs20 bln (more…)

Mutual Funds Review

Make Big Money with Small Savings in Equities not Real Estate

May 31, 2010April 19, 20202 min read

Big Players always make the big money in any business they venture. Now the question arises how do small players create big wealth ? Courtesy – Indian Equities. Data suggests that a a 10 year SIP in Mutual Funds has yielded around 30% returns. So your [1000 / month saving] 120,000 has grown to about 600,000 in 10 years. Now if you switch them to Dividend option, you can easily get at least Rs 30,000 [worst case] as dividend income every year. Reported Dividend income is about 60,000. (more…)

Economy, Markets and Macro Views

India – Several debates; one conclusion – Buy the Dip – Morgan

May 28, 2010April 18, 20202 min read

Market participants are worried about inflation, rich valuations, high earnings expectations and the rising external deficit (especially in the context of volatile global financial markets). Morgan agrees with the last issue but is more sanguine about the implications of inflation, the state of valuations and the prospects for earnings. On the whole, remain constructive on Indian equities but remain wary of pressures from external sources.

High inflation will hurt equities – (more…)

Breaking Corporate India Earnings News

Tata Power – No Power in Results

May 27, 20102 min read

Tata Power 4Q10 Cons. Rec. PAT at Rs3.5bn vs loss Rs931mn led by +12%YoY revenue (Coal revenue +27%YoY) with EBITDA +33%YoY on +259bp margin & lower tax Rs859mn vs Rs4.3bn despite 42% higher depreciation. However, Cons. Rep PAT was Rs9.5bn vs loss Rs849mn on Rs5.9bn of exceptional income vs Rs82mn in 4Q09. 4Q10 Power Generation 3.8bu (+7%YoY) while sales volume 3.7bu (+7%YoY). (more…)

Economy, Markets and Macro Views

Mundra Port & SEZ – FIIs Bullish

May 27, 2010April 18, 20202 min read

Mundra Port and SEZ is the developer and operator of
India’s largest & fastest growing private sector ‘landlord’ port. MPSEZ’s asset portfolio is planned to synergize its core port operations and offer end-to-end services on the logistics value chain. ICD + container rail operations will serve as feeders to the port, and SEZ growth should help drive cargo traffic volumes.

Besides potential for scalability at MP+SEZ, the company is actively bidding and developing new ports/terminals in India – a (more…)

Equity Research

Buy IPCA Labs – On Strong Growth

May 27, 2010April 18, 20202 min read

BOFA Merrill has initiated coverage on IPCA Labs with a BUY Rating.

Expect 19% sales CAGR over FY10-12E, driven by both, domestic (18% CAGR, 39% of sales) and export (26% CAGR, 35% of sales) formulations. Domestic formulations should sustain high growth on 30% addition to fieldforce in FY10 with thrust on high-growth chronic segments. Export formulation growth to be led by US (8% of sales by FY12E vs 3% now). API business should grow a modest (more…)

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