Financial Modelling – BSE Training Institute

An Exclusive Computer Based Interactive Training Programme for 2 days on July 25th and 26th in Mumbai.

Target Audience: Managers and Executives working with Banks, Financial Services, AMC, Hedge Funds, Mutual Funds, Investment Banking, Brokerage Houses, Financial Market Intermediaries, Research Analyst, Portfolio Managers, Risk Managers, Accountants, Project Managers, Managers and Executives in the finance department of manufacturing firms & IT firms. The programme is particularly focused at managers who wish to have an insight for using spreadsheets.

Programme Contents:

  • Understanding Excel
  • Spreadsheets for Designing Financial Loans and Repayment Schedule
  • Financial Modelling for Project Appraisal
  • Forecasting Techniques
  • Use of Spreadsheets in Quantitative Techniques
  • Use of solver in spreadsheets computing

Fees: Rs. 12000/- Plus 12.36% Service Tax (Includes tuition fees, study material, refreshments, lunch and participation certificate)

Contact:
E-mail: training@bseindia.com
Phone: 022-22721126 / 27,022-22721233 / 34,
Ext: 8813, 8246, 8464, 8175, 8303

Strength in Steel amidst Macro Induced Weakness

India MetalsThe weaker steel demand story is a lot less relevant than the Chinese governments resolve to control steel prices. News of some auto producers in the US not accepting the midyear surcharges has renewed fears on steel demand. Domestic price increases may only be possible from April 09 and the demand may not taper significantly in the near term.

Using a higher equity risk premium and a higher risk-free rate, make changes to EBITDA used for valuation from FY10E to rolling four quarters. (more…)

Colors – from Viacom18 commences on 21 July

GEC ViacomColors, the new GEC (General Entertainment Channel) from Viacom 18 (50:50 JV between IBN18 and Viacom, not listed), is commencing from 21 July.This channel is expected to have four hours of original programming in the first leg and like other channels sources programmes from various local production houses.

With this launch the GEC space that commands a Rs 4,500 crore of annual ad revenues would now have 11 serious competitors (Ex Music, movie channels). Apart from this, near-term competition is set to increase with the introduction of a host of new programmes by incumbents. With near-term competition increasing, expect TRPs to remain volatile, leading to a range bound performance for the GEC stocks.

Pharma CRAMS Research in India

Indian Pharma companies are now moving up the value chain with the ultimate goal to become global R&D hubs in-line with the Governmnet’s vision to make India a Global Knowledge Center. Leading Pharmaceutical Companies in CRAMs (Contract Research and Manufacturing Services) segment – Biocon, Dishman Pharmaceuticals, Jubilant Organosys and Piramal Healthcare. (more…)

Midcap Review – Sintex + Titan + Exide + Shriran Transport

CNXMCAP index fell 20.2% in June 2008 while Nifty and Sensex were down 17% and 18% respectively. The mid-cap discount to large caps is ~18% currently and in spite of the concerns of inflation related margin pressures and high oil price, there are currently quality companies available at attractive price in the mid-cap space. While none of them may be immune to the immediate effects of a broader market meltdown, the quality investment theses should prevail over a 12 month horizon. (more…)

Motilal Oswal – Q1FY09 Difficult Quarter

Motilal Oswal reported 25% Q-o-Q decline in Q1FY09 in revenues to INR 1.4 bn (15% Y-o-Y growth), primarily led by 27% fall in brokerage and related income. Increase in margin funding book to INR 3.4 bn and revenue booking from 7 investment banking deals provided some support to the topline.

Motilal Oswal witnessed ~6% sequential decline in average daily trading volumes to INR 29 bn, as against industry wide decline of 15%. However, blended commission yields seem to have came off significantly due to change in proportion of cash and derivative volumes.

The company reported a PAT for Q1FY09 at Rs 262 mn.

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