Dalal Street :: India Equity Research, Investment Analysis

Adani Enterprises – Logistics + Energy Holdings

December 14, 20092 min read

Adani Enterprises Limited (AEL) is the primary vehicle for the Adani Group’s businesses, with execution being its key strength. It is India’s largest coal trader and owns the country’s highest-selling edible oil brand. The group also built India’s largest private sector multi-product port [MSEZ – Mundra Port].

AEL expects to undertake contract mining for 1.7bn tonnes of coal over a 30-year period. Out of 70mtpa, it has signed contracts for 10mtpa, letters of intent (LOI) for 35mtpa and in-principle approvals for 25mtpa. (more…)

Economy, Markets and Macro Views

WPI nears 5% – Rising Faster than Markets

December 14, 20091 min read

India’s WPI inflation rose more than expected by 4.78% y-o-y in November from 1.34% in October. On a seasonally adjusted MoM basis, inflation was up 2.2% v/s 0.4% last month. Given the current uptrend, inflation could likely cross 6% in December and 8% by March 10.

Growth was led primarily by Primary Articles (+11.8% YoY), with food being the major driver (+16.7%). Within this category, key commodities driving prices were pulses (more…)

Breaking Corporate India Earnings News

IP Growth Declines MoM but Remains Strong YoY

December 12, 20091 min read

Industrial production (IP) growth declined by 1% MoM sequentially on a seasonally adjusted basis, but remained strong at 10.3%YoY in October: This compares with growth of 9.6%YoY (revised upwards from 9.1% earlier) in September and 11.0%YoY in August 2009. The sequential retracement in IP growth in the month of October was largely in line with expectations on account of seasonal factors like the Diwali festival holidays. However, the growth in October was below market expectations (as per
Bloomberg survey) of 12%YoY.

Growth in the electricity segment decelerated to 4.7%YoY in October, compared with 7.9%YoY registered in the previous month. Growth in the mining and manufacturing segments accelerated to 8.2%YoY and 11.1%YoY, respectively. Growth in consumer and intermediate goods was up, while basic and capital goods growth was moderate.

The overall trend in IP growth should remain strong in the coming months. The early indicators for November are showing an accelerating trend – viz automobile sales.

India IPO Reviews and Updates

D B Corp Ltd – Subscribe for Medium Term

December 11, 20093 min read

D B Corp is a leading print media company in India with 7 newspaper, 48 newspaper editions and 128 sub editions in 3 languages (Hindi, Gujarati and English) in 11 sates in India. They have 2 subsidiaries, Synergy Media Entertainment [radio business] under the brand name MY FM and I Media Corp for internet and SMS portals.

D B Corp – Dainik Bhaskar and Divya Bhaskar have Strong brand recognition and wide geographical reach in Hindi Heartland – North, Central and Western India.

Print Media in India:
Readership and circulation is directly correlated with literacy levels that have increased from 62.5% in 2002 to over 73% in 2007. Moreover, 69% of India’s (more…)

Economy, Markets and Macro Views

Valuations Still Attractive for Longterm Investors – Morgan

December 10, 2009April 18, 20203 min read

The biggest debate is about India’s multiple and whether it deserves to trade at a P/E premium to emerging markets. What is the sustainable premium for Indian equities, if any, and whether the current market multiple makes the market vulnerable to relative underperformance ?

On the long-term relative multiple, Morgan’s opinion is Indian equities deserve to trade at a premium (of around 25-30% versus the historical average of 8%) driven by the factors listed below. [This explains their optimistic target in the past.]

India is likely to add around 10 million new workers to its workforce on an annual basis. As the workforce grows, so will the savings and hence the growth rate. This will be the key driver to profit growth (more…)

Equity Research

Cadila’s Healthy Business – Worth a Look

December 9, 20093 min read

Cadila Healthcare has created multiple platforms to ensure stable growth over the medium term. It is one of the largest companies in domestic formulations (3.6% market share) with expanding presence across a number of international markets.

Revenues: CDH is targeting revenues of US$1 bn in FY2011E versus revenues of US$620 mn reported in FY2009. To achieve its sales target, CDH needs to grow revenues at a CAGR of 18% in Rupee terms over FY2009-11E. Expect domestic segment (c.60% of revenues) to grow steadily, export formulations will grow at an (more…)

« Prev 1 … 86 87 88 89 90 … 480 Next »

Dalal Street

Featured Articles

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 ?