Dalal Street

This is one Company and Group [HDFC] which is very cautiously managed yet Grows above its Sectoral Average and Deserves a Rating Higher than Government of India’s Sovereign Rating. No Kidding!

HDFC Bank reported 4Q earnings of Rs14.5bn, up +30% yoy led by topline and lower provisions, as asset quality continues to remain comfortable. Topline grew +19% yoy driven by 22% loan growth and margins holding-up at 4.2% yoy on rising share of retail loans. CASA remains high at 48.4%. Core fee income grew +24% yoy, ~85% from retail. (more…)

MindTree reported modest results for 4QFY2012, with OPM and PAT coming in ahead of expectations. The company reported a 4.9% qoq increase in volumes. MindTree reported revenues of US$105m (+1.3% qoq, +22% yoy). EBIT margins surprised positively and improved to 15.5% (+161bps qoq, +895bps yoy). Net income grew to Rs689m (+14% qoq, +115% yoy).

Management Outlook: While the recent weeks saw deterioration in the spending environment and management expects lacklustre growth for 1HFY13, it (more…)

MultiCommodity Exchange Ltd a Monopoly exchange in its own way in the Indian Commodity Segment listed with a appreciable premium [Read our MCX IPO Review here] and is all set to enter the Equity Trading Segment to get a slice of market from the National Stock Exchange.

Business of Commodity Exchnages in India: Commodity exchanges distinct from stock exchanges with a separate regulator; Multiple competitors (five national exchanges); Closely regulated list of products and participants; and Pricing is low and based on turnover rather than number of contracts. (more…)