Dalal Street

We have obtained information about Advance Tax numbers by various corporates in India paid for Q2 of FY09. Here is the list [All figures in Rs Crore],

• State Bank of India – 1,560 Vs 1,054
• ICICI Bank pays Rs 250 Cr vs Rs 125 Cr
• HDFC Bank pays Rs 250 Cr vs Rs 165 Cr
• Bank Of India pays Rs 191 Cr vs Rs 150 Cr
• Union Bank pays Rs 130 Cr vs Rs 100 Cr
• Central Bank pays Rs 220 Cr vs Nil
• Tata Steel pays Rs 300 Cr vs Rs 350 Cr
• Tata Motors pays Rs 75 Cr vs Rs 190 Cr
• TCS pays Rs 115 Cr vs Rs 20 Cr
• MRPL pays Rs 100 Cr vs Rs 20 Cr
• Indian Hotel pays Rs 44 Cr vs Rs 2 Cr
• L&T pays Rs 170 Cr vs Rs 80 Cr
• Videocon 25 Cr vs 20 Cr
• Reliance 680 cr vs 650 cr
• HDFC 290 Cr

Except Tata Steel and Tata Motors, rest have seen an increase in the numbers compared YoY basis.

Advance Tax Numbers for Q1- FY2009.

Update:
Macquarie analysis shows that advance taxes paid in a quarter by a company has no correlation. 75% of the time the advance tax paid in a particular quarter is different from the accounting tax by more than 25%. There is absolutely no pattern – not even a normal distribution, not even a systemic understatement.

The filing of Chapter 11 by Lehman Bros and Bank of America’s buyout of Merrill Lynch has increased concerns about the possible impact on Indian IT leading to a sharp sell-off. Prima facie, expect a 2-3%/4-5% negative impact on FY09E/FY10E US$ revenues if the US financial sector continues to show more problems.

Lehman is not a big customer for any of the large Indian IT companies. Merrill is a big customer for Satyam and TCS and Bank of America is a big customer for TCS and Infosys. There could be some impact on Satyam over the coming 2-3 quarters.

Goldman Sachs just minutes ago removed Satyam Computers from favorite growth list due to stop loss. Satyam is down 15.4% since its addition to the favorite growth list on July-31, 2008, exceeding stop loss limit, vs. the S&P 500 down 5.9%.

American International Group (AIG) too has been facing liquidity crisis and has been working on plans to raise capital after its three straight quarterly losses totally $18.5 billion. It has also asked Federal Reserve for a $40 billion bridge loan. Below, we enlist the holdings of AIG in India, which could face pressure in case of liquidation.

Name of the Indian Company, Investment Arm of AIG and finally percentage shares held in the company.

AIA Engg AIG Global Investment Corporation 1.16
AIA Engg AIG Global Investment Corporation 1.26
AIA Engg AIG Global Investment Corporation 1.3

Bharati Shipyard AIG Trustee Company India Pvt Ltd 1.19
Bharati Shipyard Aig Trustee Company India Pvt Ltd 1.14
Bharati Shipyard AIG Trustee Company P Ltd – AIG India Equity Fund 1.32

Federal Bank AIG Global Investment Partners LP 1.0

Gayatri Projects AIG Trustee Company India Pvt Ltd 1.4
Gayatri Projects AIG Trustee Company India Pvt Ltd 2.07
Gokaldas Exports Aig Trustee Company India Pvt Ltd 1.05
Gokaldas Exports Aig Trustee Company India Pvt Ltd 1.12

Indo Tech AIG Global Investment Corpn Asia 2.12
Ipca Labs. AIG Trustee Company India Pvt Ltd 2.0
Ipca Labs. AIG Trustee Company India Pvt Ltd 1.4

Kolte Patil Developers AIG Trustee Company India Pvt Ltd 1.06

Mindtree Ltd AIG Offshore Systems Service Inc 3.27
Mindtree Ltd AIG Offshore Systems Service Inc 3.28
Mindtree Ltd AIG Offshore Systems Service Inc 3.33

NIIT Tech. AIG Global Investment Corp 1.7
NIIT Tech. AIG Global Investment Corp 2.29
NIIT Tech. AIG Global Investment Corporation 1.5

Nucleus Software AIG Global Investment Corporation 1.58

Sun Pharma Advan AIG Global Investment Corporation Asia Ltd 1.17
Sun Pharma Advan AIG Global Investment Corporation Asia Ltd 1.81
Sun Pharma Advan AIG Global Investment Corporation Asia Ltd 2.39

Unity Infra AIG Global Investment Corporation (ASIA) 1.05

Here is the tentative holding of Merill Lynch in various Indian companies. Name of the company followed by stake in percentage.

Resurgere Mines 10.51 Intellvisions Sf 10
Kewal Kiran Clot 9.74 Taneja Aerospace 9.47
Parekh Aluminex 8.31 Vakrangee Soft. 7.74
HOV Services 7.34 Pratibha Inds 7.19
Broadcast Init 6.73 Classic Diamonds 6.5
Northgate Techno 6.06 Pokarna 5.95
Educomp Solution 5.7 Orchid Chemicals 5.31
BSEL Infrastruc. 5.18 Shree Renuka Sug 5.11
Horizon Infrastr 4.97 Tulip Telecom 4.88
Prakash Inds. 4.66 Arihant Foundatn 4.63
United Spirits 4.6 Marg 4.39
Divi’s Lab 4.33 Asahi Songwon 4.32
CHI Investments 4.21 Suprajit Engg. 4.2
Ansal Housing 4.18 Prajay Engg. 4.06
Panacea Biotec 3.95 Lancor Holdings 3.84
Matrix Labs. 3.74 Jupiter Bio. 3.72
Zodiac Cloth. Co 3.72 CEAT 3.69
HTMT Global 3.52 GRUH Finance 3.46
Unity Infra 3.33 Tanla Solutions 3.25
Bajaj Hindusthan 3.24 Nucleus Software 3.19
NIIT Tech. 3.12 Allsec Tech 3.11
Steel Str. Wheel 3.03 Ganesh Housing 2.95
MSK Projects 2.91 Cranes Software 2.9
Indiabulls Fin. 2.87 Stone India 2.86
Mahindra Lifespace 2.84 Wire & Wireless 2.77
Shasun Chemicals 2.73 Nitco 2.72
Asian Electronic 2.68 Action Construct 2.64
Indoco Remedies 2.62 Gremach Infra 2.6
Navin Fluorine 2.6 Bhagyanagar Indi 2.59
ICICI Bank 2.59 Ador Welding 2.57
Aptech 2.57 Infotech Enterpr 2.56
Bharati Shipyard 2.55 Rohit Ferro 2.44
Take Solutions 2.36 Deep Industries 2.34
Strides Arcolab 2.34 Modison Metals 2.28
J Kumar Infra 2.24 ICSA (India) 2.19
S Kumars Nation 2.18 Salora Intl. 2.17
IFSL 2.14 TTK Prestige 2.13
Patni Computer 2.11 Puravankara Proj 2.1
Bilpower 2.09 Royal Orchid Hot 2.06
Jyoti Structures 2.05 McNally Bharat 2.04
Redington India 2.04 Vimta Labs 2.04
Ansal Properties 2.02 Great Offshore 2
Prithvi Info 2 Sonata Software 2