Dalal Street :: India Equity Research, Investment Analysis

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…)

Breaking Corporate India Earnings News

India-consumption story continues

September 12, 20091 min read

Industrial growth in July-09 at 6.8% continues to surprise us on the upside. The strong growth in Jul-09 took place despite softening of growth in the core sector and continued strong contraction in India’s exports.

In step with our expectations, growth in consumer goods (8.8%), both durables (19.8%) and non-durables (5%), has strongly accelerated. At the same time, growth in basic goods (4.8%) decelerated and capital goods (2%) retained low growth.

Analysts have raised our FY10 industrial production growth target last month from 5.4% to 6.5%. To achieve this target, industrial growth for the rest of FY10 needs be 7.4%.

Economy, Markets and Macro Views

GMR Infra – Fund raising post QIP failure a surprise

September 12, 20091 min read

GMR Infra shared its vision to grow at a rapid pace and with a hurdle rate of 16-18% IRR from new projects. The management believes dividends from InterGen would be sufficient to pay off acquisition debt.

GMR Infra revealed plans to raise a whopping INR75bn over FY10-12 even as medium-term requirement for projects under development is only INR28.5bn as per GMRI’s estimates. (more…)

India IPO Reviews and Updates

Divestment agenda – NTPC next on radar

September 10, 20092 min read

Keeping its agenda of disinvestment rolling on, the government is in full speed to finalise stake sale proposals. After power major NHPC and petroleum PSU OIL, the government is now getting ready the plans to dilute 5% stake in the power PSU NTPC. Current holding of the government in the company stands at 89.5% and its plans to bring the same down to 84.5%.

The power ministry is understood to have already completed the formalities relating to due diligence procedures and (more…)

Economy, Markets and Macro Views

Allahabad Bank – Re-rating in th offing – Reliance Equities

September 10, 20092 min read

After Quick Gun Murugun’s recommendation on Oriental Bank, yesterday its time to review Allahabad Bank today.

In the last few quarters, Balance-sheet restructuring both on the liabilities and the asset side will aid margin improvement. Fee income is set to gather traction, given the thrust on fee income and implementation of the bank’s core banking solution (80% business is currently under CBS). The bank’s conservative approach of putting cyclical treasury gains to good use, shoring up the provisioning buffer and wage revisions should hold it in good stead.

After a subdued FY09, when earnings declined 21%, Analysts expect (more…)

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