Parsvnath Developers + Tata Chemicals

North India’s realty major, Parsvnath Developers records 110.05% increase in net profit at Rs 102.77 crore Consolidated Revenue at Rs 412.71 crore, an increase of 40.67%. For the quarter ended Sept-07, the company reported – Consolidated revenue at Rs 412.71 crore, an increase of 40.67% from Rs 293.34 crore, Consolidated EBIDTA at Rs 161.22 crore, up by 114.09% from Rs 75.31 crore, Consolidated PAT at Rs 102.77 crore, an increase of 110.05% from Rs 48.93 crore and an EPS (non-annualized) at Rs 5.56.

Tata Chemicals Q2 results at a glance:
Income from operations (net of excise) up 11% at Rs. 1,255 crore compared Rs. 1,126 crore. Profit from Operations improves 9% to Rs. 209 crore from Rs. 191 crore. PBT at Rs. 207 crore compared to Rs 221 crore – PBT for the quarter is lower than the corresponding quarter last year mainly because of higher dividend income and foreign exchange gain in Q2 FY07. Diluted EPS (for the quarter): Rs. 5.61

Idea Cellular + Cairn Energy in Nifty

Its a very wise decision to include Idea Cellular and Cairn India Energy in the National stock exchange’s Nifty-50 index. PSU telecom giant, MTNL and oil distribution company HPCL are the outgoing stocks.

Aditya Birla group firm Idea Cellular is a wireless telecom company, operating in various states of India. Idea Cellular was the first to offer flexible tariff plans for prepaid customers.

Cairn India is oil and gas exploration and production company. Cairn UK Holdings has 68.99% in the company.

McNally Bharat + Numeric Power Systems

McNally Bharat Engineering Company engaged in providing turnkey solutions in the areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, reported a rise in net profit of 87.5% to Rs 6 crore on 1.97% rise in sales to Rs 115.21 crore in Q2 September 2007 over Q2 September 2006.

At the current price of Rs 232.40, the scrip trades at a PE multiple of 35.53, based on Q1 June 2007 annualised EPS of Rs 6.54.

Numeric Power Systems India’s number one uninterrupted power supply (UPS) company, reported 135.50% jump in net profit to Rs 10.62 crore on 71.10% rise in net sales to Rs 101.69 crore.

The current market price of Rs 746.90 discounts its Q2 September 2007 annualised EPS of Rs 84.12 by a PE multiple of 8.87.

Lehman Overweight on Redington India

Lehman Brothers equity research which was the first to boldly come out and downgrade the Indian IT Outsourcing companies is overweight on the prospects of Redington India Ltd. Redington is the second-largest IT distributor in India and the largest IT distributor in the Middle East. It has a very good Supply Chain expertise.

The company is poised to exploit the strong and secular growth of IT industry in India and Middle-East. Robust systems and stable management team have led to impressive track record in operating performance. Inventory write-downs have been only 0.03-0.04% for last couple of years whereas bad debts have averaged only 0.08% of sales in last five years. PC market in India is witnessing faster growth of branded computers. High value segments like storage & networking equipments are growing faster (47% growth in FY07) than the industry average (19% growth in FY07). The services business with much higher margins (OPM of around 15%) will continue to gradually increase its share of revenues.

The company has opportunities (more…)

HDFC Divests 26% stake to Ergo International

Housing Development Finance Corporation (HDFC) has agreed to sell 3,25,00,000 equity shares of Rs 10 each of HDFC General Insurance Company (HGICL) representing 26% of the paid-up equity capital to Ergo International Ag. Consequent to the said sale, the corporation would hold 74% of the total paid-up equity capital of HGICL.

The new partnership enables HDFC to successfully grow their existing general insurance operations and further leverage their outstanding brand and distribution strength. Entering the joint venture with HDFC underlines the ERGO Insurance.

Group’s international expansion strategy and offers a direct entry into the Indian general insurance market. Andreas Kleiner, Member of Board of ERGO International AG responsible for Asia, expects a very successful and longstanding cooperation with HDFC.

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