Category: Breaking Corporate India Earnings News

Goldman Sachs expects strong earnings momentum to continue in the fourth quarter. Estimates indicate sales growth to increase to 34% in 4Q FY10E from 22% in 3Q. Operating leverage and cost savings should lead to a strong operating performance with
EBIT growing by 58% in the current quarter, vs. 26% in 3Q. As a consequence of the robust top line growth and improving margins, we expect net income to rise by 44% yoy in 4Q vs. 20% yoy growth in 3Q (more…)

After Africa, Godrej Consumer is now eyeing the Indonesian market. Today it announced its decision to acquire Megasari Group, a leading household care company in Indonesia. With revenues of US$120MM in 2009 (+20% y/y), Megasari holds dominant market (more…)

Kotak Securities analyst have blown the lid of IndiaBulls Real Estate shady operations. It looks like Kotak was not invited to the closed door Analyst meeting due to their transparent nature of coverage, anyway here is an excerpt from Kotak’s report, (more…)

Grasim Industries has recorded volume growth of 10% YoY (15% MoM) while Ambuja recorded growth of 12% YoY (+14% MoM) in March 2010. ACC’s volume declined by -3% YoY (+13% MoM). YTD (Apr-Feb), the industry despatch has grown by 11%. Industry dispatch data (more…)

Anil Ambani invested Rs18.2B in Reliance Infrastructure with the conversion of 19.6MM warrants into an equal no. of shares at a
conversion price of Rs929 (10% discount to CMP). The promoter has an additional 23.3MM warrants eligible for conversion at Rs929/share before Nov-10. The move is a reflection of promoter confidence in future growth opportunities in RELI. Conversion of the remaining warrants before Nov-10 could potentially increase promoter stake to 47.7%.

A previous warrant issue in Jan-08 (43MM warrants, conversion price of Rs1,183) was cancelled by the promoter due to weak
stock price and the promoter (more…)

Punj Lloyd has sold its 19.43% stake in Pipavav Shipyard for Rs6.56bn (Rs50.75 a share, a 20% discount to the market price). This stake sale, in our view, is aimed at boosting its liquidity position, which was badly affected by execution delays. Punj, as co-promoter of Pipavav Shipyard, had invested in it to gain a valuable fabrication facility. This would have helped it construct offshore platforms, etc. According to the company, Punj would continue bidding for projects jointly with Pipavav where their interests converge. (more…)