Rayban Sun Optics India Open Offer Revised

The revised open offer will now open on 25 April 2007, and close on 14 May 2007. The open offer price is fixed at Rs 185.25 per share (Including interest of Rs 80.95 per share only for shareholders who were holding shares on 27 August 1999 and still continue to hold them).

Luxottica gained control over 44% stake in Rayban through a 1999 takeover of Bausch & Lomb, US. However, the group did not follow up the takeover with an open offer. The Italy-based eyewear giant, Luxottica, is a global leader in premium eyeglass frames and owns several well-known brands such as Giorgio Armani, Ferragamo and Vogue.

In late-February, Rayban informed BSE that its board of directors had received a proposal from Luxottica Group, Italy, (Luxottica) indicating their intention to set up wholly-owned subsidiaries in India for wholesale distribution of various luxury & fashion brands in the eyewear industry, including the distribution of spectacle frames and sunglasses. Luxottica Group S.p.A, seeks a no-objection certificate from the company for this purpose.

For Q4 December 2006, Rayban Sun Optics India registered an 8.30% fall in net profit to Rs 3.33 crore compared to Rs 3.63 crore in Q4 December 2005. Net sales for the quarter ended December 2006 rose 18.30% to Rs 17.21 crore (Rs 14.55 crore).

However, for FY ended December 2006, Rayban’s net profit rose 17.60% to Rs 11.94 crore compared to Rs 10.15 crore during FY ended December 2005. Net sales for FY-2006 rose 29.30% to Rs 62.98 crore (Rs 48.71 crore).

Ray-Ban commands nearly 50% of the Rs 150 crore eyecare market in India.

Infosys FY2008 Guidance at 22.8%

Infosys Q4 net jumps 14.34% to Rs 1124cr. It has declared final dividend of Rs 6.5 per share. The company reported net profit of Rs 1,124 crore in the fourth quarter versus Rs 983 crore in the previous year.

Dalal Street analysts were expecting net profit of Rs 1039.08 crore (Rs 10.39 billion) in fourth quarter versus Rs 983 crore (Rs 9.83 billion) in the previous quarter, a growth of 5.7%.

FY2008 guidance at 22.8% is in-line with Street expectations.

iGate Global Outperformer – ICICI Research

iGate Global reported a flat topline at Rs 210.1 crore as compared to the previous quarter on account of financial closures in the US market coupled with a 210 bps Rupee impact and higher offshoring. However EBIDTA margins were a big positive surprise expanding by 268 bps as compared to the previous quarter (15.3% vs our estimates of 13.9% for the current quarter) on account of higher offshoring (onshore : offshore effort at 25:75 in Q4 vs 27:73 in Q3), lower direct costs and SG&A (Selling, General & Administration expenses).

The company’s ITES business accounting for 10% of its revenues was hit by the slowdown in the sub-prime mortgage market in the US (ITES witnessed a 5.3% decline in revenues during the quarter), and the management indicated a possibility of sluggishness in revenues during the first quarter of FY08E. This is a temporary aberration that could rebound during the second quarter of FY08E and continue to be bullish on the stock going forward with the margin expansion story intact. ICICI reiterates a BUY with a price target of Rs 610 achievable over the next 15 to 18 months. Download the report here.

Forthcoming Indian Real Estate IPOs

Ahluwalia Contracts ( India ) Rs 250 crore

Alliance Nirmaan Rs 200 crore

DLF Universal Rs 12,000 crore

Goel Ganga Group Rs 500 crore

IJM(India) Infrastructure Rs 400 crore

IVRCL Prime Urban Developers Rs 500 core

JMD Promoters Rs 500 crore

KNR Constructions Rs 160 crore

Kumar Builders Rs 500 crore

Mantri Developers Rs 500 crore

Omaxe Rs 1,500 crore

Puravankara Projects Rs 1,300 crore

RMZ Corporation Rs 200 crore

Taneja Developers Rs 300 crore