Single-digit demand growth not enough for Cement Industry

April despatch growth at 8.9% yoy; down 7.6% sequentially April cement despatches came in at 18.1 mn tonnes, up 8.9% yoy, down
7.6% mom – this is 3rd straight month of single-digit growth in cement demand.

As we enter the phase of seasonally muted demand growth with the onset of monsoons, we believe there could be downside risks to our FY11 forecast of 11% growth. Additionally, we could see demand growth tapering off in the north, as construction activity led by (more…)

RIL Vs RNRL Judgement – Live Coverage

T Sathasivam
MoU is not Legally Binding, However it can be interpreted accordingly. Government Owns the Gas till it reaches the consumer.

RIL and RNRL to renegotiate production Sharing Contract within 6 weeks. Submit it to Company’s Court and the court must come out with an order within 8 weeks.

Other Two Justices are yet to rule as it was 3 bench.Guess it was final verdict as it was signed by Chief Justice K G Balakrishnan. (more…)

First View – ICICI Bank Taking Over Bank of Rajsthan

ICICI Bank may consider acquiring Bank of Rajasthan (BoR), whose promoters are being pushed by the Reserve Bank of India (RBI) to offload their stake. If the deal were to go through, then what are the synergies and over lapses, lets analyze – ICICI Bank’s 2,000 branch network would be complemented by BoR’s 463 branch network. Of these 463 branches 102 branches are in rural areas, 90 branches are in semi-urban areas and 142 branches are in urban areas. (more…)

IRB Infra Developers – Strong Outlook

IRB reported Q4 revenues of Rs5bn (+56% y/y, +16% q/q, UBS est Rs5.8bn), EBITDA of Rs2.3bn (+92% y/y, +2% q/q, UBS est of Rs2.3bn) and PAT of Rs1.4bn (+236% y/y, +55% q/q, UBS est Rs1.1bn). Lower-than-expected toll revenues were compensated by higher construction margins. Higher reported PAT is due to accounting for MAT credit (Q4 tax is a positive Rs393m; PBT is Rs1.1bn; this credit will be (more…)

JSW Steel -Good Results – Buy or Sell ?

JSW reported consolidated net income of Rs6,110mn (+42% qoq) vs. a net loss of Rs399mn in 4QFY09. Net profit was 7% above our expectation and 10% above Reuters consensus, even after adjusting for a one-off forex gain of Rs964mn. For FY2010E, JSW reported net income of Rs15.9 bn (+481% yoy)

EBITDA/t was up 11% QoQ to US$185/t, 4% ahead of our est.. Realizations were up 4% QoQ, marginally below our est. Input (more…)

Reliance Capital – Slower Growth

Reliance Capital’s 4QFY10 net profit at Rs645mn, down 79% yoy on lower capital gains booked during the quarter. Also, we saw consolidation of market share across businesses and cost rationalization. But core earnings have consistently grown during last few quarters (at Rs470mn vs. loss of Rs20 mn in 4QFY09). In particular, life insurance and AMC, (more…)

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