Investors with medium-term perspective can consider selling the stock of Indiabulls Real Estate (Rs 171.5). The stock has been on an intermediate-term downtrend from its October 2009 peak of Rs 298. Moreover, the stock continues to be in a long-term downtrend since its all-time high of Rs 847 recorded in early 2008. In mid-August, the [...]
TVS Motor plans to invest Rs200 crore by April 2011 to increase its two-wheeler production capacity to 28 lakh units from the present 21 lakh units. With the company operating at high utilisation levels, capacity expansion is being carried out to meet the surge in demand in the two-wheeler space. Moreover, demand for TVS Jive [...]
Reliance Industries Limited (RIL) to ink a deal with DE Shaw to launch a US $700-800 million infra fund After telecommunications, Mukesh Ambani is getting into another of his brother’s territories— financial services. RIL is close to inking a deal with global hedge fund DE Shaw to launch a US $700–$800 million infrastructure fund. Apart [...]
Over FY10-12, we expect Tata Power‘s consolidated earnings to increase from Rs14.8 billion in FY10 to Rs25.1 billion in FY12 (CAGR of 30%). But a very meaningful part of the increase will be driven by commodity earnings, given that Tata Power is net long on coal by 16-18mt a year. The contribution of commodity earnings [...]
The stock has been consolidating in a range between the levels of Rs101-107 from last two weeks. On Thursday, the stock attempted to break-out from the upper-end of this trading range. Moreover, on the daily chart, the stock has formed a Bullish Candlestick suggesting upside from the current levels. The daily RSI is already in [...]
We had recommended this counter as a buy in our May 2010 letter at 158 levels and on dips towards 140-30 for target 290 / 342 / 386. Looking at the chart we find that prices after several failed attempts to breakout from a primary accumulation pattern at 165-70 levels (orange line), collapsed sharply during [...]
Indian Overseas Bank has announced its 1QFY2011 results, wherein it has registered net profit decline of 33.6% on a y-o-y basis and robust growth of 57.2% on a sequential basis to Rs200 crore, which is above our estimate on account of better-than-estimated NII growth coupled with lower provisioning expenses. The bank made the entire FY2011 [...]
ICICI Bank has announced its 1QFY2011 results, wherein it has registered net profit growth of 16.8% on a y-o-y basis and muted growth of 2.0% on a sequential basis to Rs1,026 crore, which is close to our estimate of Rs1,036 crore. In-line operating performance and stable asset quality with improvement in coverage ratio were the [...]
Impacted by lower-than-expected sales volumes and higher-than-expected employee cost associated with additional provisioning for employee-related benefits, SAIL reported PAT of Rs11.8 billion. On the same lines, EBITDA arrived at Rs17.4bn below PLe of Rs27.3 billion. Management guided employee cost to be higher in the range of Rs78-79bn for FY11 against earlier guidance of Rs65 billion [...]
Bharat Petroleum Corp Ltd (BPCL) reported Q1 loss of Rs17.2 billion, in line with our estimates (versus Rs6.1bn profit a year ago), owing to absence of government compensation for under-recoveries, as expected. The corporation reported GRMs of $3.57/bbl during the quarter. We expect the refining margin in FY11/12 to be low, in line with our [...]
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