Category: Breaking Corporate India Earnings News

HDFC posted 75.60% rise on net profit to Rs 646.39 crore on 51.50% rise in total income to Rs 2205.75 crore in Q2 September 2007 over Q2 September 2007. The Q2 September 2007 net profit was boosted by an exceptional item in the form of Rs 313-crore profit from sale of entire stake in BPO arm Intelenet Global Services.

Loan disbursements rose 27% to Rs 14,275 crore in Q2 September 2007 over Q2 September 2006. The loan portfolio, including loan outstandings and investments in debentures and inter-corporate deposits for financing real estate related projects rose 24% to Rs 63,446 crore in Q2 September 2007 over Q2 September 2006.

At the current price of Rs 2760, the scrip trades at a PE multiple of 29.30, based on Q2 September 2007 annualised EPS of Rs 95.21.

House of Pearl Fashions is planning a tie-up with European brand Lerros for its retail venture in India. The company will hold 60% equity in the SPV, which will be set up for the retail foray. Lerros will hold 40% equity. Initially, the company will open ten states in the national capital region and gradually increase the number of stores to 300 spread throughout India over a period of three years. The company also has its own brand in USA, DCC and Kool Hearts. It plans to combine its branding / designing experience with sourcing, knowledge to make a success of their foray in retail in India.

The company also recently won the best corporate social responsibility award from JC penny, one of its main customers. The company has a diverse customer-base and is serving over 90 retailers across the Globe.

This site has in depth Retail India Coverage.

Ranbaxy Laboratories has received tentative approval from the U.S. Food and Drug Administration (US FDA) to manufacture and market valsartan tablets, 40 mg, 80 mg, 160 mg and 320 mg. Total annual market sales for valsartan tablets were $1.3 billion (IMS MAT June 2007).

Valsartan is indicated for the treatment of hypertension alone or in combination with other anti-hypertensive agents. Valsartan is also indicated for the treatment of heart failure (NYHA class II -IV).

ONGC Petro-additions (OPaL) is the special purpose vehicle (SPV) formed by the company for the Rs 13,500 crore petrochemical complex at Dahej in Gujarat. Oil and Natural Gas Corporation (ONGC) holds 26% cent of the equity in OPaL and Gujarat State Petroleum Corporation (GSPC) enjoys 5% stake as a joint venture partner.

At the current price of Rs 1190, the scrip trades at a PE multiple of 13.80, based on Q1 June 2007 annualised EPS of Rs 86.22.

Transco is the sole transmission company in Philippines. The Philippines government is planning to privatise Transco. Its value is estimated at $3.5-$4.6 billion.

Power Grid Corporation plans to acquire the special purpose vehicle (SPV) being floated to take over and manage the assets of the Philippines National Transmission Corporation (Transco) for 25 years. While Citadel, one of the largest private holding companies in that country with interests in aviation services, freight management and logistics and telecommunications, will hold 90%, Power Grid will hold the remaining 10% in the SPV.

The Power Grid board has already approved the acquisition of the 10% equity stake in the SPV. Apart from the Citadel-Power Grid combine, Terna of Italy, State Grid of China, Tenega of Malaysia and SNC Lavlin of Canada are also in the fray, along with local partners, the report added.

Deccan Chronicle Holdings Ltd reported Q2 FY08 Net Sales at Rs 187.77 crore up 26%.
PAT at Rs. 82.60 crore up 28%. Buy back up to a maximum of Rs.250 crores up to a maximum price of Rs.250 per equity share (Face value Rs.2). The company also told that it is going for a Private placement in its 100% subsidiary Sieger Solutions up to 24%; Enterprise value Rs.1500 crores- Rs.1800 crores .

Cairn India, subsidiary of global eenergy giant reported a net profit of Rs 23.24 crore on total income of Rs 300.11 crore in Q3 September 2007. Figures for the corresponding previous period are not available. This is the first quarter that Cairn India is in Black 🙂 The company had reported a loss of Rs 71 crore in Q2-2007. Their are rumors that BP may BUY Cairn’s parent company for 3.6 Bn pounds. Kotak Research maintains an Underperform rating on Cairn Energy with a target price of Rs 145 based on oil reserves / assets. While CLSA recommends a BUY on the stock with a price target of Rs 230.