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Showing posts from December 16, 2007

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Solid Economy, Liquid Markets-Macquarie

Event


§ We believe that India will be in a ‘sweet spot’ in 2008, with domestic growth bolstered by capital flows even as the US slows without slipping into recession. We explore the key themes that we think will dominate 2008.


Impact


§ The economy. In terms of macroeconomic factors, we see a “sweet spot” scenario playing out for India. Growth will slow slightly in the first half of the year, but much of that is already in expectations. We believe that the US will not slip into recession but could escape with a slowdown – which should keep liquidity abundant and, despite the RBI’s concerns, interest rates drifting down. All this plays out into a sharp bounceback in 2H08. The big risk is, however, that we are wrong on the US and there indeed is a recession; India will offer plenty of places to hide in that scenario. Our pick is telecoms.


§ Policy – elections cloud the scenario. Policy will be dominated by elections – scheduled in 1Q09 but possibly brought forward by a fluid political sce…

Stocks you can buy: Bharti Airtel, Spicejet, iDFC

Bharti Airtel
CMP:Rs 914.60
Target Price: NA

CLSA has initiated coverage on Bharti with a 'buy' rating on the back of expectations that the company would do well as India's mobile subscriber base is set to grow at 33% CAGR to 383 million by FY10, implying a penetration of 31%.

"Bharti's subscriber growth is on track to meet our forecasts of 108 million by FY10 CL and despite an intensely competitive environment, it has raised market share (up 200 bps y-o-y) as well as expanded margins (368 bps y-o-y to 42.8% in Q208)." The success of Bharti's growing suite of value-added services will aid in mitigating ARPU decline.

The company's key strengths are management's proven execution skills, nationwide GSM network and a strong brand, the report says. "The outcome of key pending regulatory issues remain uncertain with the expected long drawn-out legal battle. However, if Trai recommendations on spectrum are implemented, Bharti's FY09-10 EPS would b…

IPOs: Flavour of the season for India Inc

MUMBAI: Be it Anil Ambani Group's Reliance Power or retail baron Kishore Biyani's Future Capital, their plans to hit the capital market with IPOs will have to wait till 2008 along with about four dozen other companies.

Although the year that is drawing to a close has been good for IPOs with over 100 deals, including some mega public issues like that of DLF, as many as 50 companies that initiated their public issue process this year are still awaiting the necessary regulatory approvals.

This includes the planned IPO of state-run National Hydroelectric Power Corp (NHPC), which filed its draft red herring prospectus over eight months ago in April and is among the longest pending public issues for the year.

Among other high-profile IPOs in the queue are that of Reliance Power, which filed its DRHP on October 3 with market regulator SEBI. The regulator is currently awaiting "clarifications" from the IPO's lead managers for issuing its observations, which …

recommadations

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Kirloskar Ferrous Industries hardens on market buzz

Kirloskar Ferrous Industries soared 7.56% to Rs 72.55 at 13:28 IST on market buzz the company has been allotted iron ore mines in Karnataka. The BSE Sensex was up 76.29 points, or 0.41%, to 19166.47. On BSE, 40.85 lakh shares of the scrip were traded. The stock had an average daily volume of 8.81 lakh shares on BSE in past one quarter. The scrip had touched a high of Rs 76.95 and a low of Rs 68.55 so far during the day. The stock had hit a 52-week high of Rs 73.80 on 14 December 2007 and a 52-week low of Rs 29 on 7 March 2007. The scrip had outperformed the market in the one month to 19 December 2007, adding 15.79% as against the Sensex's 0.98% decline. It had also outperformed the market in the past three months, soaring 54.35% against the Sensex's 16.79% rise. The small-cap metal firm has an equity capital of Rs 68.50 crore. Face value per share is Rs 5. At the current price of Rs 72.55, the scrip trades at a PE multiple of 27.90, based on Q2 September 2007 a…

Rich brew for Andrew Yule & Company on restructuring plan

Andrew Yule & Company was locked at upper limit of 5% at Rs 64.70 at 11:39 IST on BSE on reports the company is planning to rejig its various businesses. The BSE Sensex was up 122.15 points, or 0.64%, to 19214.93. On BSE, 2.56 lakh shares of the scrip were traded. The stock had an average daily volume of 55,377 shares on BSE in past one quarter. The scrip had touched a low of Rs 63.70 so far during the day. The stock had hit a 52-week high of Rs 82.70 on 12 December 2007 and a 52-week low of Rs 20.15 on 14 March 2007. The scrip had underperformed the market in the one month to 19 December 2007, sliding 10.65% as against the Sensex's 0.98% decline. It had, however, outperformed the market in the past three months, soaring 45.74% against the Sensex's 16.79% rise. The state-run diversified firm has an equity capital of Rs 58.27 crore. Face value per share is Rs 10. | As per reports, Andrew Yule & Company (AYCL) has decided to spin off its electrical and en…

Investors dump IFCI as it calls off stake sale plan

IFCI slumped 22.79% to Rs 77.25 at 10:12 IST after the company, on Wednesday, 19 December 2007, called off the exercise to rope in a strategic partner through the private placement of 26% equity stake.. The BSE Sensex was up 69.79 points, or 0.37%, to 19161.23. On BSE, 1.44 crore shares of the scrip were traded. The stock had an average daily volume of 1.54 crore shares on BSE in past one quarter. The scrip had touched a high of Rs 86 and a low of Rs 73.25 so far during the day. The stock had hit a 52-week high of Rs 121.20 on 17 December 2007 and a 52-week low of Rs 10.75 on 20 December 2007. The scrip had outperformed the market in the one month to 18 December 2007, adding 1.52% as against the Sensex's 0.98% decline. It had also outperformed the market in the past three months, soaring 25.06% against the Sensex's 16.79% rise. The state-run non-banking finance company has an equity capital of Rs 639.99 crore. Face value per share is Rs 10. At the current price …

Suven Life Sciences spurts on stake sale buzz

Suven Life Sciences was locked at upper limit of 20% at Rs 46.55 on BSE on reports that firm was in talks with two private equity firms to dilute up to 10% stake.

On BSE, 66.18 lakh shares of the scrip were traded. The stock had an average daily volume of 1.76 lakh shares on BSE in past one quarter.
The scrip had touched a low of Rs 38.85 so far during the day. The stock had hit a 52-week high of Rs 46.90 on 20 August 2007 and a 52-week low of Rs 27.08 on 20 December 2006.
The scrip had outperformed the market in the one month to 17 December 2007, adding 19.38% as against the Sensex's 2.22% decline. It had also underperformed the market in the past three months, gaining 5.58% against the Sensex's 22.93% rise.
The small-cap firm has an equity capital of Rs 11.56 crore. Face value per share is Rs 1.
At the current price of Rs 46.55, the scrip trades at a PE multiple of 116.37, based on Q2 September 2007 annualised EPS of Rs 0.40.
Suven Life Sciences reportedly plans to raise up to $30…

share khan recommadations

Company NameCMP*Price TargetUpside (%) Aban Offshore501754208.03Axis (UTI) Bank99410546.03Balaji Telefilms34842722.70BHEL2561328928.42Grasim373339505.81Indo Tech Transformer6787256.93Maruti Suzuki1042123018.04Mahindra & Mahindra79190013.78State Bank of India2406268011.38Crompton39946416.29