Research Reports
Motilal Oswal views on Inidan Bank, Pantaloon Retail, HDFC, Great Offshore and TCS
Indian Bank (INBK IN; Mkt Cap USD1.1b, CMP Rs122, Buy);
Indian Bank’s reported NII grew 25% YoY (adjusted NII grew 49% YoY) v/s our estimate of 19% YoY growth. Business growth remained strong and asset quality improved.
n In 3QFY09 NIMs improved 5bp QoQ and 8bp YoY to 3.91%.
n Loans grew 38% YoY and 5% QoQ to [...]
Bajaj Holdings: Trading at a discount to intrinsic value
Bajaj Holdings & Investments Ltd (BHIL) is the holding company of Rahul Bajaj Group’s strategic investments in Bajaj Auto, Bajaj Finserv and Maharashtra Scooters; and investments in government securities, bonds, debentures and mutual funds. The company’s major investment is in the equity shares of ICICI Bank.
The market value of this investment portfolio stood at Rs8,037 [...]
Sharekhan Eagle eye this week on Lupin
Lupin settles with Schering on Clarinex
Lupin has settled with Schering-Plough all ongoing litigations relating to Desloratadine tablets, the generic version of Schering-Plough’s allergy drug “Clarinex”® tablets used in the treatment of allergy. As per the terms of the settlement, Lupin will be licenced under the relevant Desloratadine patents and free to commercially launch its generic [...]
Cost relief leads to improved sentiment in Cement Sector: Sharekhan
Cement stocks can witness renewed investor interest on the back of an improvement in the business dynamics.
Though the macro-headwinds remain, in terms of a slowdown in key user industries (real estate and construction) and the overall economy, cement prices are holding up steady. In fact cement companies have only partially passed on the benefit of [...]
ITC: Opportunity in adversity – a report by Sharekhan
ITC has a strategy of effectively utilising the excess cash generated from its cash cow, the cigarette business, to strengthen and enhance its other non-cigarette businesses. The cigarette business contributes more than 45% to its top line and over 80% at the operating level.
In spite of its exit from the non-filter cigarette business, the net [...]
Sharehan Research updates on Reliance Industries
Key points:
In line with the declining trend in Singapore gross refining margin (GRM), we have revised downwards our assumption for Reliance Industries Ltd’s (RIL) GRM to US$11.7 per barrel for FY2009 and US$10.7 per barrel for FY2010. We have also factored in the delay in the commissioning of Reliance Petroleum Ltd’s (RPL) refinery and a [...]
Indian Terrorist Attacks Have No Direct Implications For The Sovereign Ratings
SINGAPORE Nov. 28, 2008–Standard & Poor’s Ratings Services today said it does not believe the terrorist attacks in India will have a direct effect on the sovereign ratings on India (BBB-/Stable/A-3), provided they are an isolated case.
“Based on the scenario that these attacks were an isolated case, we don’t expect there would be negative implications [...]
Mumbai Terror Attacks: Edelweiss Impact report
Further to the Terror attacks on Mumbai over the past 48 hours, Edelweiss has put together an impact analysis for your consideration.
Comments from the Edelweiss team:
We do not see any long term impact of the terrorist attacks on the economy or the capital markets though some weakness is likely in the near term. The city [...]
Keynote Capitals on Sensex and impact of key economy indicators
The Indian stock market has been incessantly correcting over the last ten months or so. We attempted to establish links between the market performance (as captured by movements of the BSE Sensex) and some key indicators such as inflation, money supply, index of industrial production (IIP), GDP, credit growth and interest rates.
The attached note contains [...]
India Infoline on Market Strategy
The winds of change continue to blow away from markets world over. The seven-day rout, which has knocked off about 20% from the key indices, is likely to continue, at least in the early part of today’s session. And, no prices for guessing the reason behind our grim forecast! Market participants will continue to pay [...]
