2010 | Dalal Street

Race for the Public Money – Eros + Career Point + Ramky + Orient etc

September 21, 20102 min read

Let me quench our faithful readers thirst first – Yes! undoubtedly all the IPOs are fully priced on the basis of fundamentals. However, don’t be under the impression that there is very little left little on the table for investors wanting to make a quick buck on listing, you still can, look at the Grey Market Premiums – Safest Way is to SELL your application in Grey Market.

Now have you ever wondered why the 15 year High Rush to raise funds ? We should be thankful to SEBI. I had written in the past on (more…)

Equity Research

United Spirits + Tilaknagar Industries – Ready to get Indians High in Party Mood

September 16, 2010September 16, 20103 min read

As Indians continue to get affluent and spend on Lifestyle, unfortunately they do a mistake of enjoying Alchol, which is definitely injurious to health. However, those who want can create some wealth here.

United Spirits – USL’s brand equity is unparalleled across cities and socio economic classes. Brand loyalty is high across all alcohol segments. The combination of easy availability, local tastes and affordability will likely continue to drive the high incidence of consumption of local brands in India. The IMFL/spirits industry is likely to grow at a 16% CAGR over the next five years, (more…)

Equity Research

LIC Housing Finance Review

September 15, 20101 min read

Mortgage affordability in India has improved in the past three years – while income levels have gone up, home prices and mortgage penetration levels have been broadly stable through this period. As a result, we expect continued strength in mortgage loan growth.

With a market share of about 8% (in outstanding loans), LICHF has made significant strides in both growth and profitability since it was re-organized by management in F2007. Improving asset quality and operating costs have lifted ROA from 1.3% in F2005 to an (more…)

Breaking Corporate India Earnings News

India’s New inflation Index – Broad Based

September 15, 20101 min read

The long awaited revision to the WPI series was finally effected today with the release of the August inflation numbers. What’s changed ? At the top level – Primary articles 20.1%, Fuel 14.9% and Manufactured Products 65%. The key changes visible are – Increase in number of items from 435 to 676 items (2) 62% of the index comprises new items with
the manufacturing component seeing the maximum change (3) Increase in the number of price quotations from 1918 to 5482. All of these changes are positive and will help in making the WPI more broad-based and representative of the (more…)

Breaking Corporate India Earnings News

India Road Sector – Contracts Rise- Execution to Catch Pace

September 13, 20102 min read

Roads – The Most Basic Infrastructure which India Lacks today will be different few years from now. Following lackluster award activity over the past decade and modest improvement seen in FY10, award activity saw significant uptick in April- July 2010, at about 2,800 Kms, averaging 23.5 Kms/day (vs about 3,000 Kms in FY10). Although execution has been slow (averaging 4.9 Kms/day over the same period), we believe it will pick up substantially in the post monsoon season given current low bottlenecks on financing and construction.

Driven by regulatory and policy changes for the roads (more…)

Breaking Corporate India Earnings News

L&T IDPL to slow project adds

September 13, 20102 min read

Post L&T IDPL analyst meet we reiterate that Hyd. Metrorail (HMR) project may generate equity IRRs of 14-17% as a 24% hike in its project cost compensate for higher traffic / realty estimate. IDPL made a good pitch to improve visibility esp. of HMR. With Infra portfolio of Rs400bn IDPL intends to focus on execution v/s wins. A two year EPS CAGR of 27%, creation of growth vehicles in power (more…)

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