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Month: June 2007

Economy, Markets and Macro Views

Anil Ambani’s RNRL wins Over Mukesh

1 min read

In a landmark judgement handing over victory to anil Ambani, the High Court of Mumbai said, Reliance Industries (RIL) cannot sell the gas to any third party other than Anil Ambani’s Reliance Natural Resources (RNRL) and NTPC. In an interim order on a petition filed by RNRL, the high court has said that the 81.6 million cubic metres of gas per day (mmscmd) is to be earmarked for RNRL, NTPC or for RIL’s captive use for the next eight years to be pumped from Krishna Godavari basin.

Reports had suggested recently that RNRL had sent a legal notice to the petroleum ministry against the bids invited by Reliance Industries (RIL) for sale of gas and its proposal to enter into gas sales agreements. RNRL has claimed that this violates the interim stay order of the Bombay High Court. Rumors also say that Murli Deora, Petroleum Minister who was close to Sr. Ambani has sided with Mukesh Ambani.

RNRL is the gas trading company of the Anil Dhirubhai Ambani Group and the scrip is up 4.7% on NSE at Rs 35.60. Mukesh’s RIL is down 1.2% at Rs 1,712.

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Breaking Corporate India Earnings News

India Nippon + Hotel Leela + Abbott India

2 min read

Net profit of Indian Nippon Electricals declined 21.34% to Rs 3.98 crore in the quarter ended March 2007 as against Rs 5.06 crore during the previous quarter ended March 2006. Sales declined 4.73% to Rs 36.42 crore in the quarter ended March 2007 as against Rs 38.23 crore during the previous quarter ended March 2006.

For the full year, net profit declined 8.89% to Rs 18.45 crore in the year ended March 2007 as against Rs 20.25 crore during the previous year ended March 2006. Sales rose 15.38% to Rs 166.37 crore in the year ended March 2007 as against Rs 144.19 crore during the previous year ended March 2006.

Net profit of Hotel Leela Venture rose 19.22% to Rs 44.72 crore in the quarter ended March 2007 as against Rs 37.51 crore during the previous quarter ended March 2006. Sales rose 16.46% to Rs 116.74 crore in the quarter ended March 2007 as against Rs 100.24 crore during the previous quarter ended March 2006.

For the full year, net profit rose 72.67% to Rs 126.24 crore in the year ended March 2007 as against Rs 73.11 crore during the previous year ended March 2006. Sales rose 16.49% to Rs 380.86 crore in the year ended March 2007 as against Rs 326.95 crore during the previous year ended March 2006.

Net profit of Abbott India rose 34.66% to Rs 18.30 crore in the quarter ended May 2007 as against Rs 13.59 crore during the previous quarter ended May 2006. Sales rose 18.80% to Rs 154.04 crore in the quarter ended May 2007 as against Rs 129.66 crore during the previous quarter ended May 2006.

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Equity Research

Buy – Indian / Taj Hotels from Citigroup

2 min read

Citigroup Research Analyst Ashish Jagnani in a research report released just a while ago has put a BUY recommendation on Tata group controlled Indian Hotels Company Ltd. Indian Hotels reported an excellent FY2006-07.

Indian Hotels plans to add five hotels to its portfolio in FY08 – two new hotels at Bangalore (ITPL) and Chennai (Mount Road) and three management contracts for hotels in Vijayawada, Trivandrum and Langkawi Malaysia). In addition, the company plans to increase the number of ‘Ginger’ Hotels [Budget Hotel Chain from Taj Group] to 30 by March 2009, up from eight at present.

Citi projects strong earnings growth of 21% for FY08E and consider valuations of 17x FY08 P/E, at par with sector, as attractive with a 12-month target price of Rs187 is based on 22x FY08E P/E, a premium to average sector valuations of 18x.

The stock is currently trading at 17x FY08E P/E, toward the median of its three-year historical range of 15-22x P/E, largely on par with domestic peers, which Citi believe is unwarranted given: 1) IHC’s market leadership and advantage of large room inventory; 2) The company’s premium brand positioning with ‘Taj’; 3) Expectation of strong earnings

Historically, Hotel Stocks have been valued on their earnings potential However, one should also consider the value of the properties they own which most analysts don’t. A Re-rating in this stock is due for a long time now. Punters Target for the Stock is Rs 200.

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Breaking Corporate India Earnings News

Gulshan Sugars + Nahar Industries + Godfrey Phillips

2 min read

Net profit of Gulshan Sugars & Chemicals rose 78.57% to Rs 1.50 crore in the quarter ended March 2007 as against Rs 0.84 crore during the previous quarter ended March 2006. Sales rose 38.15% to Rs 12.24 crore in the quarter ended March 2007 as against Rs 8.86 crore during the previous quarter ended March 2006.

For the full year, net profit rose 83.57% to Rs 5.14 crore in the year ended March 2007 as against Rs 2.80 crore during the previous year ended March 2006. Sales rose 19.05% to Rs 49.13 crore in the year ended March 2007 as against Rs 41.27 crore during the previous year ended March 2006.

Net profit of Nahar Industrial Enterprises declined 35.09% to Rs 21.35 crore in the quarter ended March 2007 as against Rs 32.89 crore during the previous quarter ended March 2006. Sales rose 17.12% to Rs 211.34 crore in the quarter ended March 2007 as against Rs 180.44 crore during the previous quarter ended March 2006.

For the full year, net profit declined 15.67% to Rs 67.86 crore in the year ended March 2007 as against Rs 80.47 crore during the previous year ended March 2006. Sales rose 29.75% to Rs 900.63 crore in the year ended March 2007 as against Rs 694.14 crore during the previous year ended March 2006.

Net profit of Godfrey Phillips India rose 472.98% to Rs 18.45 crore in the quarter ended March 2007 as against Rs 3.22 crore during the previous quarter ended March 2006. Sales rose 38.04% to Rs 232.51 crore in the quarter ended March 2007 as against Rs 168.44 crore during the previous quarter ended March 2006.

For the full year, net profit rose 46.52% to Rs 88.10 crore in the year ended March 2007 as against Rs 60.13 crore during the previous year ended March 2006. Sales rose 15.29% to Rs 772.54 crore in the year ended March 2007 as against Rs 670.11 crore during the previous year ended March 2006.

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