2010 | Dalal Street

Equity Research

Apar Industries – Riding Capital Goods Boom

March 5, 20102 min read

Apar Industries is one among the best-established companies in India operating in the diverse fields of electrical, metallurgical and chemical engineering.

Consolidation of conductor manufacturing plants – The company will continue to invest and maintain its leadership position as a direct beneficiary of the robust growth emerging in India’s power sector.

Increased focus on the export of specialty oils – Its specialty oils business strengthened itself through approvals of new generation transformer oils from global OEMs like Areva, Siemens and ABB. (more…)

India IPO Reviews and Updates

NMDC FPO – Company Review

March 5, 20102 min read

NMDC one of the Government’s biggest Asset in Minerals is going for a FPO. Here is an Insight into the company.

NMDC has reserves and resources of 1,360.6 million metric tonnes of iron ore with predominantly greater than 64% Fe content and has been the largest producer by volume in India during the last three fiscal year – the Company’s producing mines are open cast and
primarily fully mechanised. Strong in-house capability to undertake exploration – NMDC is actively involved in exploration and development activities so as to apply for and acquire new iron ore and other mineral leases thereby expanding its reserves and (more…)

Breaking Corporate India Earnings News

Crude Oil – Short Term Weakness – Kotak

March 3, 2010March 3, 20101 min read

Kotak sec expects weakness in crude oil. There will be likely subdued demand on account of seasonality in 2QCY10, low OPEC compliance and high inventories. However, we do not rule out continued high levels of speculative trading.

In the medium term, given large spare OPEC capacity of ~6 mn b/d over CY2010-11E, significant oil discoveries announced in new areas, increase in OPEC supply, (more…)

Economy, Markets and Macro Views

FIIs India Stocks Strategy – Post Budget 2010

March 2, 2010April 18, 20202 min read

>Post Budget 2010, the Indian markets rallied. However, is the rally sustainable ? Here are the various Strategies adopted by Foreign Institutional Investors – The Major Movers of Indian Market.

Bofa Merrill Lynch – The positive from the budget was that the Finance Minister has laid a roadmap for cutting fiscal deficit with a forecast of 5.5% in FY11 (vs 6.9% in FY10) and targeted capping Government debt to GDP ratio. But Sensex EPS change from budget is practically zero. Corporate earnings growth will be close to 25% in FY11. However, (more…)

Economy, Markets and Macro Views

Indian Corporate – Rising from the Bottom

March 2, 20102 min read

In December 2009 quarter, Indian companies recovered all the profits that it had lost in December 2008 quarter due to global factors (economic slowdown & liquidity crisis), on back of YoY sales growth of 20%. We will have a look at Sectoral Performance of the Indian industry to get an overview on how the bounce back has been.

Auto Sector is the best performing sector, and illustrated ‘Total Cost Control’. Profits scaled to new peaks, (almost knocked down to zero profitability in Dec-08). Auto Ancillaries displayed similar trend. (more…)

Breaking Corporate India Earnings News

Reliance’s Lyondell Basell bid rejected – Implications

March 2, 20101 min read

Despite Lyondell Basell being a strategic fit, the bid not going through is a better outcome, as it saves Reliance Industries Limited from getting drawn into a bidding war and thus potentially over-paying for the assets. Also, LB would have added more deep cyclical earnings to RIL at a time when RIL’s gas business is improving the company’s earnings profile by adding a more steady cash flow. If RIL has to add cyclicality in order to grow, we believe E&P makes more sense, either for supply security of its 1.24mn b/d refining capacity or for entry into (more…)

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