Dalal Street :: India Equity Research, Investment Analysis

What 25% Free Float means to Markets ?

June 7, 2010June 7, 20101 min read

Government raises threshold for public shareholding in listed companies: The Indian government today amended the Securities
Contracts (Regulation) Rules, making it mandatory for listed companies to have a minimum public holding of 25%.

We present below a sort of the broad based BSE 500 index which indicates that the following companies have a public holding of less than 25% and will have to comply with the change in regulation over the next few years. (more…)

Breaking Corporate India Earnings News

Oil & Gas Subssidy Cuts – Now or Never ?

June 4, 20102 min read

The Indian Oil & Gas sector reforms are unlikely to move forward if not implemented in FY11E. In a similar no election period in 2000 price of subsidized products were hiked aggressively including 2.8x hike in kerosene price. Reforms if not implemented in FY11E will be difficult to implement thereafter.

From FY12E there is spate of elections in every year until FY15E. A group of ministers (GoM) appointed on the oil subsidy issue is (more…)

Economy, Markets and Macro Views

Hisotrical EPS of BSE Sensex 30 Stocks

June 3, 20101 min read

We are presenting to our readers the Historical Earnings / EPS of BSE 30 Sensex stocks – this is for the first time that such thorough and complete data is put into the public domain.

1992 marks the beginning of Reforms in India with Dr. Singh in the FM’s chair. Companies may have moved in and out of BSE Sensex. However, the benchmark is still sound and represents the growth India offers. Here is how (more…)

Equity Research

Shiv-Vani Oil & Gas – Buy

June 2, 20102 min read

Shiv-Vani Oil & Gas, the pre-eminent domestic player in onshore oil & gas exploration, has made aggressive investment to capitalise on the ~US$4bn pa onshore opportunity in India. With ONGC and OIL accounting for 90% of its sales, the company is breaking new ground in technologydriven services like integrated well services and directional drilling.

With only 25% of pre-NELP (New Exploration Licensing Policy) onshore blocks with ONGC and OIL being explored, the probable size of (more…)

Equity Research

Punj Lloyd – Painful Year – Company getting Weaker ?

May 31, 20102 min read

Punj Lloyd is one of the strongest companies for executing Infrastructure Projects in India and abroad. However, adjusted loss for 4Q was INR4.6bn was a surprise. Performance was impacted by 1) lower execution (revenue at INR17.8bn, -45% yoy) and 2) cost overruns at a) Ensus Bio Ethanol project in the UK (this is in addition to INR1.63bn, GBP23.1m liquidated damages claimed by customer in March 2010) and b) ONGC Heera project. (more…)

Breaking Corporate India Earnings News

Unitech – Disappointing Results

May 31, 20101 min read

Unitech Ltd reported impressive sales of Rs11.3 bln (up 196% yoy, up 46% qoq) but operating margins (24.1%) again disappointed
(down 8.9 ppts yoy, flat sequentially) largely due to prior period cost adjustment and increase in construction cost. This resulted in the net profits of Rs1.79 bln, up 2% qoq (MSe – Rs1.72 bln). UT continues to capitalize 70-80% of its interest cost.

Sales performance was strong due to contribution from new projects (Garden II, Residences, Noida Unihomes and Mohali – Rs20 bln (more…)

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