Category: Equity Research

India’s gates of liberalization were opened in 1991 with the rise of Congress government under the leadership of late P.V.Narsimha Rao and Dr. Manmohan Singh. Political stability is very important as it will influence major policy decisions and the country’s economic growth story. The following chart presents GDP Growth in India from 1991-2008. (more…)

The days of Multibaggers are behind us now. Analysts are looking for stocks that can potentially double on FY-2011 earnings estimate i.e within a time frame of 24-36 months. ENAM has researched some based on, imputed EPS FY 2011 calculated to achieve a stock price doubling. They have covered only stocks with Market Cap greater than $2bn who have reasonable chance 🙂 (more…)

Lehman Brothers has initiated coverage on Lupin Laboratories as the company enters the big 5 league in Indian pharmaceuticals. Lupin has successfully scaled up operations in India and the US and has now attained critical size and hopes to be a $1bn company in Fy2008-09.

Lupin has reduced its dependence on anti-tuberculosis and cephalosporin products over the years. It has enhanced its presence in the chronic segment instead, with (more…)

Punj Lloyd (PLL) announced its FY08 result with consolidated revenue up 51% to INR 77.5bn (in line with estimates) and PAT of INR 3.2bn . EBIDTA margin improved by 100bps. The order book of INR 196bn, or 2.5xFY08 sales, provides revenue visibility. PLL maintains its focus in the oil and gas sector and has increased upstream capex in the India and Caspian region.

Now you are wondering inspite of the good results why is the stock hammered on the bourses ? (more…)

The Real Estate sector under the lobby of Developers and Builders had squeezed the hard-working middle class Indian BUYER with unseen rates in the nation’s history. However, as warned by few professional bloggers on the web, it seems to me like Residential Real Estate is a House of Cards which has began to fall. (more…)

The Finance Ministry today relaxed norms on external commercial borrowings(ECBs). There were three distinct strands on which norms were relaxed. Limits on borrowings by companies for rupee expenditure was raised from USD 20 million to USD 50 million. Companies in the infrastructure sector can however raise USD 100 million. The USD 500 million per company per year limit under the Automatic Route was kept unchanged. (more…)