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How HDFC Flexi Cap Fund of Prashant Jain Underperforms in Raging Bull Market ? How to Choose & Invest in Mutual Funds the Right Way ? How to Get More Returns in Mutual Fund SIP with Swing Strategy ? Max Life Insurance – Revised Deal, Positive for Max Financial Will the Digital Neo Banking Platforms Succeed in India ? Should you own the Life Insurance Business ? Does HDFC AMC deserve High Valuation ? Review Valuation of Indian Markets & Relentless FII Selling Why Indian StockMarket Quoting at High P-E ? Why Value Investing Does not Work in India ?

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How HDFC Flexi Cap Fund of Prashant Jain Underperforms in Raging Bull Market ?
Mutual Funds Review

How HDFC Flexi Cap Fund of Prashant Jain Underperforms in Raging Bull Market ?

3 min read
How to Choose & Invest in Mutual Funds the Right Way ?
Mutual Funds Review

How to Choose & Invest in Mutual Funds the Right Way ?

3 min read
Mutual Funds Review

How to Get More Returns in Mutual Fund SIP with Swing Strategy ?

3 min read
Equity Research

Max Life Insurance – Revised Deal, Positive for Max Financial

2 min read
Economy, Markets and Macro Views

Will the Digital Neo Banking Platforms Succeed in India ?

3 min read
Equity Research

Should you own the Life Insurance Business ?

4 min read
Does HDFC AMC deserve High Valuation ? Review
Equity Research

Does HDFC AMC deserve High Valuation ? Review

2 min read
Valuation of Indian Markets & Relentless FII Selling
Equity Research

Valuation of Indian Markets & Relentless FII Selling

3 min read
Why Indian StockMarket Quoting at High P-E ?
Breaking Corporate India Earnings News

Why Indian StockMarket Quoting at High P-E ?

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Equity Research

Infosys Technologies – Outperformer says ICICI

1 min read

ICICI Research has put an outperform rating on Infosys Technologies. Infy reported a 3.2% growth in top line to Rs 3,772 (our estimates: Rs 3,860 crore) and a 16.4% growth in bottom line to Rs 1144 crore (Rs 1,005 crore) as compared to the previous quarter. The fourth quarter has historically been a sluggish for Infosys. This time the company was impacted by a strong rupee (173bps impact during the quarter) and compensated by higher other income (no gain from hedges during current quarter: higher income from dividend and mutual funds).

The larger growth in bottom line was on account of a write-back of tax provisions to the extent of Rs 124 crore and higher other income at Rs 119 crore. However, the management reiterated its view of a strong business environment highlighting a 16.31% growth of the top 5 clients during the quarter. The company’s dollar guidance for FY08 revenues was also quite positive indicating a 28% to 30% year-on-year growth. ICICI maintains OUTPERFORMER rating on the stock with a price target to Rs 2,718 over a 15-18 month. Read the report here.

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Economy, Markets and Macro Views

Rayban Sun Optics India Open Offer Revised

2 min read

The revised open offer will now open on 25 April 2007, and close on 14 May 2007. The open offer price is fixed at Rs 185.25 per share (Including interest of Rs 80.95 per share only for shareholders who were holding shares on 27 August 1999 and still continue to hold them).

Luxottica gained control over 44% stake in Rayban through a 1999 takeover of Bausch & Lomb, US. However, the group did not follow up the takeover with an open offer. The Italy-based eyewear giant, Luxottica, is a global leader in premium eyeglass frames and owns several well-known brands such as Giorgio Armani, Ferragamo and Vogue.

In late-February, Rayban informed BSE that its board of directors had received a proposal from Luxottica Group, Italy, (Luxottica) indicating their intention to set up wholly-owned subsidiaries in India for wholesale distribution of various luxury & fashion brands in the eyewear industry, including the distribution of spectacle frames and sunglasses. Luxottica Group S.p.A, seeks a no-objection certificate from the company for this purpose.

For Q4 December 2006, Rayban Sun Optics India registered an 8.30% fall in net profit to Rs 3.33 crore compared to Rs 3.63 crore in Q4 December 2005. Net sales for the quarter ended December 2006 rose 18.30% to Rs 17.21 crore (Rs 14.55 crore).

However, for FY ended December 2006, Rayban’s net profit rose 17.60% to Rs 11.94 crore compared to Rs 10.15 crore during FY ended December 2005. Net sales for FY-2006 rose 29.30% to Rs 62.98 crore (Rs 48.71 crore).

Ray-Ban commands nearly 50% of the Rs 150 crore eyecare market in India.

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Economy, Markets and Macro Views

Infosys FY2008 Guidance at 22.8%

1 min read

Infosys Q4 net jumps 14.34% to Rs 1124cr. It has declared final dividend of Rs 6.5 per share. The company reported net profit of Rs 1,124 crore in the fourth quarter versus Rs 983 crore in the previous year.

Dalal Street analysts were expecting net profit of Rs 1039.08 crore (Rs 10.39 billion) in fourth quarter versus Rs 983 crore (Rs 9.83 billion) in the previous quarter, a growth of 5.7%.

FY2008 guidance at 22.8% is in-line with Street expectations.

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Equity Research

iGate Global Outperformer – ICICI Research

1 min read

iGate Global reported a flat topline at Rs 210.1 crore as compared to the previous quarter on account of financial closures in the US market coupled with a 210 bps Rupee impact and higher offshoring. However EBIDTA margins were a big positive surprise expanding by 268 bps as compared to the previous quarter (15.3% vs our estimates of 13.9% for the current quarter) on account of higher offshoring (onshore : offshore effort at 25:75 in Q4 vs 27:73 in Q3), lower direct costs and SG&A (Selling, General & Administration expenses).

The company’s ITES business accounting for 10% of its revenues was hit by the slowdown in the sub-prime mortgage market in the US (ITES witnessed a 5.3% decline in revenues during the quarter), and the management indicated a possibility of sluggishness in revenues during the first quarter of FY08E. This is a temporary aberration that could rebound during the second quarter of FY08E and continue to be bullish on the stock going forward with the margin expansion story intact. ICICI reiterates a BUY with a price target of Rs 610 achievable over the next 15 to 18 months. Download the report here.

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