Indian Equity Research and Investment Strategy
I am pretty sure that you are calling me insane of giving a 100,000 / 1 Lakh Target for BSE Sensex. Well, it isn’t me but Chris Roberts of Mizuho Securities Asia Limited from Hong Kong. Chris in his report said that,
Our roadmap on India sees the April 1992 through September 2001 period as a completed secular bear market. From the 1992 low of 2,595, we expect a large five-wave advance to form, given that we have only completed waves i and ii of that move we (more…)
PNB reported earnings of Rs11.4bn, a +30% yoy growth (9% ahead of est.), but was only 3-4% ahead of est. if adj. for one-off gain (UTI MF stake sale). But, more importantly, core earnings sprung a surprise with operating earnings (+20% higher) driven by sharply lower opex (base effect as 4QFY09 had very high wage prov.). PNB has a buffer (wage prov. at 21% vs. settlement at 17.5%). (more…)
Greece, one of the great tourist destinations for all of us is in great problem. Much has been talked about its Sovereign Debt coming up for payment and the country with empty coffers is unable to take the next step. Lets have a deeper insight into the problems of Greek.
How is Current Greek Crisis Different ?
First, the previous Greek administration under reported fiscal spending. Following the change in the Greek government in October last (more…)
Union Bank of India’s 4Q10 was a strong earnings show – profits were up 28% yoy (17% above our estimates), driven by sharp NIM expansion and healthy fee growth. Core operating profits (pre-provisioning profits ex trading gains) were also robust (+65% yoy). The balance sheet, however, was mixed – NPLs increased sharply, coverage levels were down, but there were improvements in funding mix and credit growth (+23% yoy). Overall, the strong NIM jump seems to have offset the pressure on asset quality; but only for now. (more…)
We believe that the verdict gives a tacit indication for selling of the gas at $4.2/mmbtu. The verdict was in contrast to the Bombay High court judgment given on 15th June ’09, which directed RIL to supply 28mmscmd of gas at $2.34 for a period of 17 years from the commissioning of RPower’s gas based power plant.
What does this mean for RIL?
As far as financial implications of the verdict are concerned, RIL would continue to sell KG-D6 gas at government approved price of (more…)
T Sathasivam
MoU is not Legally Binding, However it can be interpreted accordingly. Government Owns the Gas till it reaches the consumer.
RIL and RNRL to renegotiate production Sharing Contract within 6 weeks. Submit it to Company’s Court and the court must come out with an order within 8 weeks.
Other Two Justices are yet to rule as it was 3 bench.Guess it was final verdict as it was signed by Chief Justice K G Balakrishnan. (more…)