Dalal Street

TIL reported strong Q3FY11 consolidated revenue growth, at 22% Y-o-Y to INR 3.8 bn, spearheaded by strong growth in material handling systems (MHS) and construction & mining systems (CMS); these two businesses grew 40% and 55%, to INR 0.7 bn and INR 1.8 bn, Y-o-Y, respectively.

TIL had an unexecuted order book of INR 1,812 mn against INR 2,581 mn in Q3FY10, down 30% Y-o-Y. Management expects pickup
in order inflows on the back of increased infrastructure activities. Through Kharagpur plant (expected to be operational by April (more…)

Coromandel is the largest domestic manufacturer of phosphatic fertilisers among private players. It has manufacturing units in Andhra Pradesh and Tamil Nadu. Apart from farm inputs comprising fertilisers, pesticides and specialty nutrients, the company also entered the rural retail business in Andhra Pradesh through its Mana Gromor Centres and Mithra centres.

The company also entered into a licence agreement with Shell Research Ltd. for manufacturing sulphur (more…)

ICICI Bank Net profit of Rs14.4bn (up 30% y/y, 16% q/q) beat expectations due to lower loan loss provisions (LLP). NII of Rs23.1bn (up 12%y/y, 5%q/q) was driven by flat sequential NIM at 2.6% and 15% y/y loan growth. Corporate loans supported loans growth while retail book stayed flat.

Core fee income grew at 14%y/y, 2%q/q. Credit cost declined 54% y/y, 28% q/q to 1%. We believe margins (more…)