Category: Equity Research

MultiCommodity Exchange Ltd a Monopoly exchange in its own way in the Indian Commodity Segment listed with a appreciable premium [Read our MCX IPO Review here] and is all set to enter the Equity Trading Segment to get a slice of market from the National Stock Exchange.

Business of Commodity Exchnages in India: Commodity exchanges distinct from stock exchanges with a separate regulator; Multiple competitors (five national exchanges); Closely regulated list of products and participants; and Pricing is low and based on turnover rather than number of contracts. (more…)

Infosys Technologies‘ FY2012 Results are Pathetic. Revenues stood at USD 1771 mn posting a decline of 1.9% QoQ missing the already muted guidance of USD 1810 mn. EBITDA margins stood at 32.6%, declining 110 bps QoQ primarily due to rupee appreciation. While the utilization declined 440 bps QoQ to 73%, rationalization of other expenses has witnessed some tailwinds.

Guidance: INFY guided for FY13 US$ revenue growth (more…)

The Office of the Prime Minister, Dr. Singh has been indicted in the Famous 2G Wireless Spectrum Scam, Mother of All Scams – The Coal Block Allotment Scam and just a while ago the former chief of Army exposed the Rs 600 Crore Substandard Vehicle Supply Scam in the Defense. The financial budget for FY 2012-13 is not yet passed and the ruling party’s greed is unending without any sense of Moral responsibility.

We do not want to go over again on the impotence of (more…)

Even before the Budget, the Railways hiked the tariffs for Cement and Coal Transportation on March-6th. Cement Prices have now been hiked by Rs 10-25 per bag compared to last month to pass on the railway freight rates. Negative for Construction and Real Estate Sector as input Cost will Rise and may not be fully passed on to end customers.

Dinesh Trivedi iterated that the ministry’s focus for next 5 years (more…)

So much I hate to read and analyze the dirty Politics of our country, yet I am forced to as Foreign Investors the big movers and shakers of our market are keenly watching the Political scenario and the equation is getting worse by the day.

When people voted the UPA back to power, they had the “low-cost, high growth” economic engine to their credit. Arrogance just flows in the blood of our UPA Government which has performed pathetically in its second term.  Apart from series of Corruption Scandals and Highest ever Inflation  their performance in pushing the Economic reforms is miserable – 85 bills are pending and 35 have lapsed. Congress led UPA could have cut the plethora of exemptions to streamline the (more…)

The Corrupt / Scams scarred Congress Party headed by Rahul Gandhi fared poorly in elections in five states. Ok, Congress and Rahul maybe in denial mode, but Data has proved they are no more a reckoning force so lets analyze what are the Possibilities of Finance Minister Pranab Da taking the reforms forward or Pranab Da taking the negotiations with regional parties to save the Paralyzed Government.

We had already analyzed (more…)