Updates
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 [...]
Share Khan update on Housing Development Finance Corporation
Stands out in crowd
The ongoing turmoil in the global financial markets has led to an unprecedented liquidity crunch across the world. The Indian equity markets have been no exception and the domestic benchmark indices have corrected by over 50% from their January 2008 peak. Real estate companies and non-banking finance companies (NBFCs) have been hit [...]
I-Sec update on Reliance Industries Ltd (RIL)
Reliance Industries’ (RIL) stock price has fallen 53% in the past three months and has underperformed the Sensex 12% on account of falling refining and petchem margins. This was mainly owing to global demand slowdown, concerns over the RIL-Reliance Natural Gas Resources (RNRL) court case and the delay in production from Reliance Petroleum (RPL) refinery. [...]
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 [...]
Share Khan on Hindustan Unilever
Prices levered up!
Hindustan Unilever Ltd (HUL) has hiked the prices of select products (stock-keeping units [SKU]) across categories, effective from October-end to the beginning of November 2008. The price increase has been implemented primarily in shampoo, detergent and toothpaste categories. In the quarter gone by (July-September 2008) HUL’s operating margins contracted by 154 basis points [...]
ValueNotes says investors are seeking value buys in current downturn
Pune, India, 19 November 2008: ValueNotes has released the results of a poll conducted on its proprietary Indian finance portal, which captured retail investor sentiment in the current markets. The online survey evaluated if retail investors were willing to buy at current levels, given many stocks trading with single digit P/Es. Poll results indicated that [...]
Results Update: Mahindra & Mahindra Ltd (Q2 FY09)
ä Net sales up 11.6% yoy, driven by robust growth in volumes for UV and three-wheelers
ä Tractor volumes remain muted but realizations jump 25%
ä OPM declines 462bps yoy on account of higher raw material cost and lower octori duty refund
ä 89.1% yoy jump in other income restricts decline in profit
ä Bumper Rabi crop and farm [...]
