12 November 2010
Gujarat NRE Coke-Rains impacted sales volume, Macquarie Research,
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Gujarat NRE Coke
Rains impacted sales volume
Event
Q2FY11 results – better margins but lower volumes: GNC Q2 results were
impacted by 40% drop in sales volume as heavy rains led to flooding of its
facilities. However, the improvement in margins is encouraging and company
remains on track to meet our full-year estimates. GNC stock has been rangebound,
but we believe that the strong performance of its mining subsidiary in
the results expected this month will drive the re-rating. We maintain our
Outperform rating and target price of Rs103.
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Gujarat NRE Coke,
Macquarie Research
Capital Goods-Growing order book and steady execution gives comfort, Prabhudas Lilladher,
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Execution on track: The Capital Goods sector reported a sales growth of 21%
YoY to Rs278bn. The top‐line performance is strong, given that we had
monsoons for ~80 days in the quarter. Sales growth has been on a healthy
uptrend. The execution has improved clearly at the ground levels; this is on the
back of various issues which the companies in this sector are facing at the
ground levels like land acquisition and other infrastructure bottlenecks.
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capital goods,
Prabhudas Lilladher
Accumulate Coal India, traget Rs 366:: Prabhudas Lilladher,
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Indian coal markets in severe deficit: We expect severe deficit in the domestic coal
market owing to an increase in the domestic supplies incommensurate with strong
demand growth. Domestic supplies would grow at a CAGR of 7.2%, significantly
below the growth of 8.9% in demand during FY11-FY17. Reflecting the same, the gap
between demand and domestic supplies would grow at a CAGR of 19% during FY11-
FY17 to 230m tonnes in FY17 against 68m tonnes in FY10.
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Coal India,
Prabhudas Lilladher
Vodafone -Tariff decline, slowdown in minutes’ growth: Alchemy
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Vodafone India
Telecom
Tariff decline, slowdown in minutes’ growth
Vodafone reported its 2QFY11 numbers today. We focus on its performance in
the Indian market and the likely implication for its Indian peers, who are yet to
announce their 2QFY11 results. Vodafone Essar reported a 0.2% QoQ decline in
revenue (constant currency) to `64.7bn. Growth in voice minutes slowed down
significantly, QoQ.
Gray Market Premium Prices for India IPO: 12th Nov, 2010
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Company Name | Offer Price | Premium |
(Rs.) | (Rs.) | |
Gravita India | 125 (upper band) | 56 to 58 |
Power Grid FPO | 90 (+ 5% retail discount) | 6 to 8 |
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gray market,
Grey market premium,
IPO
Kesoram Industries– 2QFY2011 Result Update-Angel Broking
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Kesoram Industries– 2QFY2011 Result Update
Angel Broking maintains a Buy on Kesoram Industries with a Target Price of Rs424.
Kesoram Industries (Kesoram) posted net loss of `33cr during the quarter, on
account of a steep 20% decline in cement prices in the southern region and surge
in rubber prices (up 72% yoy), a key raw material used in manufacturing tyres.
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Angel Broking,
Kesoram Industries
Bharti Airtel: Volume X pricing = revenues; revenues – costs = EBITDA: Kotak Sec
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Bharti Airtel (BHARTI)
Telecom
Volume X pricing = revenues; revenues – costs = EBITDA. Bharti reported a weak
quarter with India wireless performance the key disappointment, even on a seasonalityadjusted
basis. We continue to see competition-led structural pressure sustaining in the
Indian wireless sector and would be wary of extrapolating any short-term trends,
whatsoever. Early days as far as Africa foray and 3G impact are concerned, but Street’s
optimism on these poses downside risks, in our view. Reiterate REDUCE.
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Bharti Airtel,
Kotak Sec
Reliance Industries - margin expansion in polyester chain: Edelweiss
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Reliance Industries (RIL IN, INR 1,062, Hold)
n Recent surge in cotton prices led to rise in demand/prices of PSF/PFY …
Cotton prices have surged and are probably at their all time high. The Cotlook A Index has risen 34.4% in the past one month and 17.5% in 12 days (see Chart 1 in next page). Higher cotton prices have led to spike in the demand of PSF, as the input substitutes cotton at the fibre level. Consequently, PSF/PFY prices have increased dramatically. PSF/PFY prices are currently at USD 1,750-1850/mt (40-50% higher over the past one month, 20-30% higher since November 1, 2010).
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Edelweiss,
Reliance Industries
Earnings Result Calendar 13-Nov-10
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13-Nov-10 | ||||
Company | Company | Company | Company | Company |
Aankit Gran | CIL Securities | India Steel | Midpoint Soft | Sat Inds |
ABG Infra | Citurgia Bio | Indian Oil Corp | Monnet Inds | SCOPE IND |
Ace Software | Claro India | Indian Toner | Monnet Sugar | Sezal Glass |
Addi Inds | Classic Elect | Indoasian Proj | Mudra Lifestyle | Shaily Engr |
Adhunik Metal | Clutch Auto | Indswift | MVL | Shikhar Leas |
ADV POWER | Compuage Info | Indswift Lab | MVL Inds | Shree Ashtavina |
Advent Comp | Compulearn | Indtradeco | Nalwa Sons Inv | Shree Rajeshw Pap |
Agro Dutch | Concurrent India | Innocorp | National Steel | Shri Krish Dev |
Ahlcon Par | Continental Petro | Interfit Tech | NCL Inds | Shyamal Hold |
Ahluwalia Contr | Country Club | IOL Chemicals | ND Metal | SNS Textiles |
Ajanta Soya | Country Cond | IT People | Neelkanth Tech | Software Tech |
ALKALI | Cox & Kings | IVR Prime | New Bombay Prin | STL Global |
Ambica Agarb | Creative Eye | IVRCL Infra | New Markets Adv | STORE ONE |
Amrutanjan Health | Cubical Fin | Jagatjit Inds | Nissan Copper | Suditi Inds |
Andhra Petro | D&H Welding | Jagsonpal Phar | NK Inds | Sumedha Fisc |
ANGIND | DCM Shriram Inds | Jay Ushin | Norben Tea | Super Bakers |
Anjani Portland | Deal India | JINDALCOTEX | Nouveau Multi | Super Tannery |
Anukaran Comm | Delton Cables | JMDE Pack | Nuway Organic | Superhouse |
Anus Lab | Dhandapani Fin | JMG Corp | OCL Iron | Supreme Infra |
Aravali Sec | DHP India | JPT Securities | OK Play India | Suraj Diamond |
Archidply Inds | Dollex Inds | Jupiter Biosc | Olympia Cap | Syncom Form |
ARIH SUPER | Donear Inds | JVL Agro Inds | Oricon Enter | T Spir World |
Arvind Chem | Doon Valley | Kadamb Constr | Orient Paper | T&I Global |
Arvind Remedies | Dredging Corp | Kalpena Inds | Orient Press | Taparia Tools |
Ashco Niulab | Enso Secutrack | Kalptaru Pap | Oswal Spinning | Telecanor Glob |
ASSAMCO | EPC Industrie | Kamadgiri Syn | Padmalaya Tele | Titagarh Wag |
Atco Corp | Epic Energy | Kamron Lab | Parichay Invest | Tokyo Finance |
Atcom Tech | Era Fin Serv | KG Petrochem | Patel Engr | Tokyo Plast |
ATN Intl | Era Infra | KGN Inds | Patidar Buildcon | Trend Elect |
Autoriders Fin | Evinix Accss | Khaitan Elect | PBA Infra | Tricom Fruit |
Autoriders Intl | EXCEL INFO | Khandwala Sec | PFL Infotech | Tricom India |
Axon Infotech | Freshtrop Fruit | Kiran Prnt | PG Foils | Triochem Prod |
Bacil Pharma | Ganesh Hous | Kisan Mouldings | Pioneer Dist | TVS Srichakra |
BAG Films | Gayatri Tissue | KLG Cap Serv | PRADIPOVERS | Twilight Litaka |
Baid Leasing | Genesys Intl | KLG Systel | Prism Finance | UG Hotels |
Bal Pharma | GI ENGINERG | Koffee Break | Raasi Enter | Unitech |
Bala Tech Inds | GIVO | Kohinoor Broad | Rabha Plast | Uttam Sugar |
Balrampur Chini | Glory Polyfilms | Kothari Ferm | RADIX IND | Vaibhav Gems |
Bartronics | Goldstone Tech | Koutons Retl | Raghunath Intl | Value Inds |
Bell Ceramics | Golkunda Diam | Krishna Ventures | Raghunath Tob | Viceroy Hotels |
BHAG GAS | GSL NOVA | KS Oils | RAJRAYON | Vikash Metal |
Bhandari Hos | Gujarat Capital | Ledo Tea | Ramgopal Poly | Viksit Engr |
Bhatinda Chem | Gujarat Craft | Lumax Automotive | Rana Sugars | Vippy Inds |
Bheema Cem | Gujarat Org | Maars Software | Ranklin Sol | Vippy Spinpro |
Bhuwalka Steel | Gulshan Poly | Manaksia | Ravinay Trad | Visesh Info |
Birla Precision | Hanil Era Tex | Marg | Regency Hosp | Vora Constr |
BISIL PLAST | High Str Fila | Marg Proj | Reliance Cap | Wall Street Fin |
Bloom Dekor | Hindustan Appl | Marmagoa Steel | Reliance Comm | Yarn Syndicate |
BMB Music | Hindustan Dorr | MASTER | ROCKON FIN | Zenith Birla |
Bodal Chemicals | Hitech Plast | Matra Rlty | Roopa Inds | Zenith Comp |
Brescon Corp | Hotel Leela | Maxwell Inds | Salem Textiles | Zenith Info |
BSEL Infra | House of Pearl | Mcnally Bharat | SAND PLAST | Zenu Infotech |
CCAP | IAG Co | Medicamen Bio | Sanket Intl | |
Centenial Surg | Impex Ferro | Metrochem Inds | Sanmitra Comm | |
CHISEL | In House Prod | Midfield Industries | Saregama India |
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