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Recent Reports

INFOSYS TECHNOLOGIES LTD - LIMITED NEAR TERM EARNINGS VISIBILITY - SELL - Archived 1/14/2009
Infosys Technologies Limited (Infosys), with an annual revenue of INR167 bn in FY08,  is the second largest Indian IT company offering complete range of IT/ITES services across various verticals.

ORACLE FINANCIAL SERVICES SOFTWARE LTD. – DE-RISKED BUSINESS MODEL AND DOMINANT PRODUCT OFFERING T - Archived 1/6/2009
Formerly known as i-flex Solutions, Oracle Financial Solution Software Ltd. (OFSS) provides a range of products, IT services and knowledge process outsourcing services exclusively to financial sector companies. Some of its well-known products such as FLEXCUBE, Reveleus,  Mantas, Daybreak, etc. are registered trademarks of the Company.

SURVEY ON THE INDIAN IT INDUSTRY – SENTIMENTS REMAIN WEAK ACROSS THE BOARD - Archived 12/29/2008
In our opinion, companies that take cognizance of the tough economic environment and take suitable measures to address the situation would thrive in the long term. We maintain our SELL rating on the sector, and advise investors to remain extremely selective in their investments in the sector.
MAHINDRA & MAHINDRA LIMITED – DIVERSIFIED PRESENCE IN IMPORTANT SEGMENTS-LONG TERM GROWTH POTENTIALS - Archived 12/1/2008
Mahindra & Mahindra Limited (Mahindra) is a diversified automobile manufacturer in India, with a significant presence in UV (Utility Vehicles), tractors, three wheelers and LCV (Light Commercial Vehicles) segments. It is the largest manufacturer of UVs in India with a market share of 42.3% in H1-FY09 and is also one of the top three tractor manufacturers globally.

TATA CONSULTANCY SERVICES – HIGH DEPENDENCE ON BFSI REVENUES DAMPEN GROWTH OUTLOOK – SELL - Archived 11/30/2008
Tata Consultancy Services Limited (TCS), a USD4.6 bn Company, is India’s leading IT (information technology) solution and outsourcing organization.

SHOPPERS STOP LIMITED – ECONOMIC DOWNTURN IS HAMPERING THE GROWTH PLANS – BUY - Archived 11/28/2008
Shoppers Stop Limited (Shoppers Stop) is among the leading players in the Indian organized retail industry, with a net revenue of INR11.5 bn in FY08. The Company enjoys a dominant position in the departmental store format (lifestyle retailing) and manages 27 stores sprawling over a total retail space of 1.65 mn sq. ft. as on September 2008. The Company opened its first Estee Lauder store during second quarter of FY09 in Bangalore UB City.

CINEMAX INDIA LIMITED – FILM EXHIBITION PLAY – BUY ON DECLINES - Archived 11/13/2008
Promoted by the Kanakia Group, Cinemax India Limited is one of the leading exhibition theatre chain operators in India. As of September 2008, the Company operates 65 screens with a total capacity of 17,597 seats and has a dominant presence in the states of Maharashtra and Gujarat. Recently, the Company forayed into film production and distribution through its new venture ‘Cinemax Motion Pictures Limited’. In FY08, the Company reported net revenue of INR1,016.2 mn and net profit of INR135.7 mn.

TATA MOTORS LIMITED – H1-FY09: MUTED TOPLINE GROWTH, PROFIT FUELED BY SALE OF INVESTMENTS – SELL - Archived 11/12/2008
In H1-FY09, Tata Motors reported 10.0% YOY topline growth to INR140.1 bn on the back of 1.2% YOY growth in vehicle sales, and a vehicle price hike implemented by the Company. There was however a 60.9% YOY drop in EBITDA to INR6.0 bn, due to substantial rise in raw material and staff costs (as a percentage of net sales), and a loss of INR4.85 bn incurred on revaluation of FCCB (Foreign Currency Convertible Borrowings). Net profit for the period stood at INR6.7 bn, down 32.3% YOY. Tata Motors sold a part of its long term investments resulting in a one time gain of INR4.72 bn. Excluding these proceeds, the profit before tax would have been lower at INR2.3 bn.

ASHOK LEYLAND LIMITED – H1-FY09-MUTED VOLUME GROWTH, STEEP DROP IN MARGINS – SELL - Archived 11/3/2008
In H1-FY09, Ashok Leyland reported a modest topline growth of 11.4% YOY to INR37.5 bn. A  5.2% YOY decline in total vehicle sales to 35,121 units reduced the benefits from a price hike implemented by the Company and higher revenue growth in sale of spare parts and engines. Due to higher cost of vehicle financing and slowdown in the industrial production growth, the Company witnessed a 6.7% YOY decline in the domestic MHCV sales to 31,537 units.

PVR LIMITED – TOPLINE GROWTH SLOWS DOWN IN H1-FY09, FALL IN MARGINS – BUY - Archived 11/3/2008
We maintain a positive outlook on PVR Limited and believe in its capacity to steer through the rough patches based on its pan India presence and capacity to garner higher spend per head, compared to its peers. Recently, we surveyed 13 multiplexes for availability of tickets for an evening show of a new release, rated as a good comic film. To our surprise there was not a single ticket available, which confirms that the multiplexes would continue to draw patrons as long as good content is available.

HERO HONDA – DESPITE TOUGH MARKET CONDITIONS, IMPRESSIVE PERFORMANCE IN H1-FY09 – BUY - Archived 11/3/2008
In H1-FY09, Hero Honda reported a healthy topline growth of 25.9% YOY to INR60.4 bn on the back of 19.7% YOY volume growth to 1.86 mn units and a price hike implemented by the company. Net profit for the period grew at 46.9% YOY to INR5.7 bn due to improved operating margins.  

MARUTI SUZUKI INDIA LIMITED – STRONG FUNDAMENTALS, BUT SHORT TERM GROWTH CONCERNS – BUY ON DECLINES - Archived 10/31/2008
Maruti Suzuki India Limited (Maruti) is the largest manufacturer of passenger cars in India with 51.4% market share in the domestic market in FY08. Maruti pioneered the concept of small car in India with the launch of Maruti-800 in 1983. Despite intense competition from Hyundai, Tata Motors and Honda Motors, Maruti maintained its market share in the domestic passenger car segment at about 51% during the period FY04-08.

TATA – Global Economic Growth Outlook Weakens; Clouds the JLR Future - Archived 10/15/2008
Tata Motors Limited (TML) recently announced relocation of its proposed mother plant for ‘Nano’ from Singur, West Bengal to Sanand, Gujarat. Earlier, the Company had decided to exit from Singur amid long-standing protest from the local farmers and a political stand-off over the land acquisition issue. This move will put extra pressure on company’s financial position due to fresh investment required for the greenfield plant in Gujarat.

PVR LIMITED – LEADING MULTIPLEX OPERATOR – BUY - Archived 10/2/2008
PVR Limited (PVR) is the second largest player in the Indian multiplex segment, with 101 screens under operation, housing about 25,980 seats. The Company is also engaged in film production and distribution business through its subsidiary, PVR Pictures. CR Retail and Sunrise Infotenment, the Company’s 100% subsidiaries, manage two properties in Mumbai located at Goregaon and Phoenix Mills.

SHOPPERS STOP LTD – CONSERVATIVE GROWTH APPROACH – BUY - Archived 9/26/2008
The economic slowdown could impact the retail industry and the company, which would cause correction is the stock price offering more opportunities to accumulate at lower levels. Hence we recommend a BUY rating with a target price of INR397.9 per stock.


PANTALOON - A ‘BAZAAR’ TO INVEST IN - BUY - Archived 9/4/2008
Pantaloons is the largest Indian retailer having established presence in all the retail verticals and operating multiple retail formats, viz. Pantaloon, Central, Big Bazaar and Food Bazaar.
ITC LTD – RESULTS IN LINE WITH EXPECTATIONS – HOLD - Archived 8/19/2008
ITC LTD – RESULTS IN LINE WITH EXPECTATIONS – HOLD
MARUTI - We test drove the new i10, and Maruti Suzuki Swift Impact on ‘Maruti WagonR’ - BUY - Archived 8/15/2008
MARUTI - We test drove the new i10, and Maruti Suzuki Swift Impact on ‘Maruti WagonR’ - BUY
INFOSYS TECHNOLOGIES LIMITED (INFY.BO) – Q1FY09 NET PROFIT UP 20.7% YOY, CAUTIOUS OUTLOOK FOR FY09.. - Archived 8/4/2008
INFOSYS TECHNOLOGIES LIMITED (INFY.BO) – Q1FY09 NET PROFIT UP 20.7% YOY, CAUTIOUS OUTLOOK FOR FY09 – MAINTAIN BUY
ACC LIMITED – RESULTS BELOW EXPECTATIONS – HOLD - Archived 8/4/2008
ACC LIMITED – RESULTS BELOW EXPECTATIONS – HOLD
WIPRO LIMITED (WPRO IN) – MODEST Q1FY09 PERFORMANCE BUT SUBDUED FY09 REVENUE GUIDANCE – MAINTAIN... - Archived 8/4/2008
WIPRO LIMITED (WPRO IN) – MODEST Q1FY09 PERFORMANCE BUT SUBDUED FY09 REVENUE GUIDANCE – MAINTAIN HOLD/SELL INTO STRENGTH
BHARTI AIRTEL – Q1 FY09 UPDATE; GROWTH CONTINUES UNABATED – BUY - Archived 8/1/2008
BHARTI AIRTEL – Q1 FY09 UPDATE; GROWTH CONTINUES UNABATED – BUY
RCOM – SUBDUED Q1 FY09 PERFORMANCE – BUY - Archived 8/1/2008
RCOM – SUBDUED Q1 FY09 PERFORMANCE – BUY
BHARTI AIRTEL – Q1 FY09 UPDATE; GROWTH CONTINUES UNABATED – BUY - Archived 7/31/2008
BHARTI AIRTEL – Q1 FY09 UPDATE; GROWTH CONTINUES UNABATED – BUY
ICICI BANK (ICICIBC) – BETTER THAN EXPECTATIONS – HOLD - Archived 7/31/2008
ICICI BANK (ICICIBC) – BETTER THAN EXPECTATIONS – HOLD
HDFC BANK (HDFCB) – Q1FY09 RESULT UPDATE – HOLD - Archived 7/29/2008
HDFC BANK (HDFCB) – Q1FY09 RESULT UPDATE – HOLD
DABUR LTD – RESULTS IN LINE WITH EXPECTATIONS – HOLD - Archived 7/29/2008
DABUR LTD – RESULTS IN LINE WITH EXPECTATIONS – HOLD
MARICO LTD – RESULTS IN LINE WITH EXPECTATIONS – BUY - Archived 7/29/2008
MARICO LTD – RESULTS IN LINE WITH EXPECTATIONS – BUY
STATE BANK OF INDIA (SBIN) – Q1FY09 RESULT UPDATE – BUY - Archived 7/29/2008
STATE BANK OF INDIA (SBIN) – Q1FY09 RESULT UPDATE – BUY
IDEA CELLULAR – Q1 FY09 UPDATE – SPICED UP FOR GROWTH – BUY - Archived 7/28/2008
IDEA CELLULAR – Q1 FY09 UPDATE – SPICED UP FOR GROWTH – BUY
BAJAJ HOLDINGS AND INVESTMENTS LIMITED (BJAT BO) – Q1-FY09 CONSOLIDATED NET PROFIT AT INR510 MN –... - Archived 7/18/2008
BAJAJ HOLDINGS AND INVESTMENTS LIMITED (BJAT BO) – Q1-FY09 CONSOLIDATED NET PROFIT AT INR510 MN – BUY
BAJAJ AUTO (BAJA BO) – Q1-FY09 NET REVENUE UP 9.2% YOY – MAINTAIN BUY - Archived 7/18/2008
BAJAJ AUTO (BAJA BO) – Q1-FY09 NET REVENUE UP 9.2% YOY – MAINTAIN BUY
BAJAJ FINSERV (BJFS BO) – Q1-FY09: STAND ALONE NET PROFIT AT INR100MN, ROBUST GROWTH IN INSURANCE... - Archived 7/18/2008
BAJAJ FINSERV (BJFS BO) – Q1-FY09: STAND ALONE NET PROFIT AT INR100MN, ROBUST GROWTH IN INSURANCE BUSINESS – BUY
ASHOK LEYLAND – Q1-FY09 SALES UP 1.4% YOY – HOLD/SELL INTO STRENGTH - Archived 7/17/2008
ASHOK LEYLAND – Q1-FY09 SALES UP 1.4% YOY – HOLD/SELL INTO STRENGTH
PANTALOONS RETAILS (INDIA) LIMITED (PART BO) – FY08 SALES UP 65.9%YOY – BUY - Archived 7/17/2008
PANTALOONS RETAILS (INDIA) LIMITED (PART BO) – FY08 SALES UP 65.9%YOY – BUY
EICHER MOTORS – CV SALES UP 1.6% IN Q1-FY09 – HOLD/SELL INTO STRENGTH - Archived 7/17/2008
EICHER MOTORS – CV SALES UP 1.6% IN Q1-FY09 – HOLD/SELL INTO STRENGTH
NIIT TECHNOLOGIES LTD (NITEC IN) – WEAK FY08 PERFORMANCE– MAINTAIN HOLD/ SELL INTO STRENGTH - Archived 7/11/2008
NIIT TECHNOLOGIES LTD (NITEC IN) – WEAK FY08 PERFORMANCE– MAINTAIN HOLD/ SELL INTO STRENGTH
WNS HOLDINGS LTD (WNS US) – ACQUISITION OF AVIVA BPO; UPWARD REVISION IN FY09 GUIDANCE – BUY - Archived 7/11/2008
WNS HOLDINGS LTD (WNS US) – ACQUISITION OF AVIVA BPO; UPWARD REVISION IN FY09 GUIDANCE – BUY
BAJAJ AUTO (BAJA. BO) – Q1-FY09 SALES GREW 8.5% YOY – BUY - Archived 7/3/2008
BAJAJ AUTO (BAJA. BO) – Q1-FY09 SALES GREW 8.5% YOY – BUY
MAHINDRA & MAHINDRA – Q1-FY09 SALES UP 18.5% – BUY - Archived 7/3/2008
MAHINDRA & MAHINDRA – Q1-FY09 SALES UP 18.5% – BUY
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Coverage

Adhunik Metaliks Ltd (ADME.BO) Add to my Watch List
Ambuja Cements Ltd. (ACEM) Add to my Watch List
Amtek Auto (AMTEK IN) Add to my Watch List
Arshiya International Ltd (ARTC.NS) Add to my Watch List
Ashok Leyland (ASOK.BO) Add to my Watch List
Asian Paints Ltd. (ASIANPAINT-IN) Add to my Watch List
Associated Cement Companies Ltd (ACC) Add to my Watch List
Automotive Axles Limited (ATXL IN) Add to my Watch List
Aventis Pharma Ltd (AVENTIS) Add to my Watch List
Bajaj Finserv Limited (BJFS.BO) Add to my Watch List
Bajaj Holding and Investment Limited (BAJAT.BO) Add to my Watch List
Bayer CropScience Ltd (BAYE.NS) Add to my Watch List
Bharti Tele-Ventures (BHARTI) Add to my Watch List
Blue Dart Express Ltd (BLDT.NS) Add to my Watch List
Britannia Industries Ltd (BRIT.NS) Add to my Watch List
Carborundum Universal Ltd (CARBORUNIV) Add to my Watch List
Cinemax Ltd (CIMA BO) Add to my Watch List
Cipla Ltd (CIPL.NS) Add to my Watch List
Clutch Auto Limited (CLTO IN) Add to my Watch List
Cognizant Technology Solutions Corporation (CTSH.OQ) Add to my Watch List
Colgate Palmolive India Ltd (COLG.NS) Add to my Watch List
Crompton Greaves Ltd (CROM.NS) Add to my Watch List
Dabur India Ltd. (DIL) Add to my Watch List
Dish TV (DTV) Add to my Watch List
Distilleries Co of Sri Lanka (DIST:SL) Add to my Watch List
Dr. Reddy's Laboratories (DRL) Add to my Watch List
Eicher Motors Limited (EIM.IN) Add to my Watch List
Exide Industries Limited (CHLR IN) Add to my Watch List
Fauji Fertilizer Company Ltd. (FAUF.KA) Add to my Watch List
Gateway Distriparks Limited (GDPL) Add to my Watch List
GlaxoSmithKline Consumer Healthcare Limited (GLSM.BO) Add to my Watch List
Godrej Consumer Products (GCPL.BO) Add to my Watch List
Grasim Industries Limited (GRASIM) Add to my Watch List
Gujarat Pipavav Port Ltd (GPPL.NS) Add to my Watch List
HDFC Bank (HDB) Add to my Watch List
HDFC Bank Ltd. (HDFCBANK-IN) Add to my Watch List
HDFC Limited (HDFC IN) Add to my Watch List
Hero Honda LTD (HROH.BO) Add to my Watch List
Hexaware Technologies Pvt Ltd (HEXW.BO) Add to my Watch List
Hindustan Unilever Ltd (HLL.NS) Add to my Watch List
Hirco PLC (HRCO.LM) Add to my Watch List
I-Flex Solutions (IFLX.BO) Add to my Watch List
ICICI Bank Ltd (IBN) Add to my Watch List
Idea Cellular (IDEA) Add to my Watch List
IDFC (IDFC) Add to my Watch List
IDFC Limited (IDFC.IN) Add to my Watch List
Info Edge (NAUKRI) Add to my Watch List
Infosys (INFY) Add to my Watch List
Inox Leisure Ltd. (INOX) Add to my Watch List
Investment Information and Credit Rating Agency (ICRA) Add to my Watch List
ITC Ltd. (ITC) Add to my Watch List
Jain Irrigation (881275.IN) Add to my Watch List
JSW Steel (JSWSTEEL.NS) Add to my Watch List
Just Dial Ltd (JUST.NS) Add to my Watch List
Jyothy Laboratories Ltd (JYOI.NS) Add to my Watch List
KPIT Cummins Infosystems Ltd. (KPIT.BO) Add to my Watch List
KS Oils (KSO IN) Add to my Watch List
Larsen and Toubro Ltd. (LT) Add to my Watch List
LIC Housing Finance Ltd. (LIC HF) Add to my Watch List
Madhucon Projects Ltd (MDHPJ) Add to my Watch List
Mahangar Telephone Nigam Ltd (MTE) Add to my Watch List
Mahindra & Mahindra Limited (MAHM.BO) Add to my Watch List
Mahindra & Mahindra Ltd (M&M) Add to my Watch List
Marico Industries Ltd. (MRCO) Add to my Watch List
Maruti Suzuki (MSIL IN) Add to my Watch List
Maruti Suzuki India Ltd (MARUTI) Add to my Watch List
Maruti Udyog Limited (MUL) Add to my Watch List
Merck Ltd (MERK.NS) Add to my Watch List
MindTree Consulting (MINT.NS) Add to my Watch List
Motherson Sumi Systems Limited (MOSS:OB) Add to my Watch List
Motor Industry Corp (MICO) Add to my Watch List
Nagarjuna Construction Company Ltd (NJCC.IN) Add to my Watch List
Nestle India Ltd. (nest.ns) Add to my Watch List
NIIT Technologies Ltd (NTL) Add to my Watch List
NTPC Limited (ntpc.ns) Add to my Watch List
Oracle Financial Services (ORCL.BO) Add to my Watch List
Pantaloon Retail (India) Limited (Pantaloon) Add to my Watch List
Patni Computers (PTNI) Add to my Watch List
Pfizer India Ltd (pfizer) Add to my Watch List
Pidilite Industries Ltd (PIDI IN) Add to my Watch List
Power Grid Corporation (POWERGRID) Add to my Watch List
Pricol Limited (PRIC.IN) Add to my Watch List
PVR Limited (PVRL IN) Add to my Watch List
Rajesh Exports Limited (REXP.BO) Add to my Watch List
Ranbaxy Laboratories Limited (RBXY) Add to my Watch List
Rediff.com (REDF) Add to my Watch List
Reliance Capital (RCAP) Add to my Watch List
Reliance Communications Ltd. (RCOM) Add to my Watch List
Rico Auto Industries (RAI IN) Add to my Watch List
Sanofi India Ltd (SANO.NS) Add to my Watch List
Sasken Communication Technologies Limited (SKCT.BO) Add to my Watch List
Satyam Computers (SATY) Add to my Watch List
Shopper's Stop Limited (SHOP.BO) Add to my Watch List
Shriram Transport Finance (SHTF IN) Add to my Watch List
Sona Koyo Steering Systems Limited (SKSS) Add to my Watch List
Speciality Restaurants Ltd (SPRE.NS) Add to my Watch List
State Bank of India (SBIN) Add to my Watch List
Sundaram Clayton Limited (SDC IN) Add to my Watch List
Sundram Fastener Limited (SNFS.BO) Add to my Watch List
Suzlon (Suzlon) Add to my Watch List
Tata Communications Ltd. (TCL) Add to my Watch List
Tata Consultancy Services (TCS.BO) Add to my Watch List
Tata Motors (TTM) Add to my Watch List
Tata Teleservices (TTLS) Add to my Watch List
Tech Mahindra Limited (Ticker) Add to my Watch List
Torrent Pharmaceuticals Ltd (TORP.NS) Add to my Watch List
Trent Limited (LAKME IN) Add to my Watch List
TVS Motors (TVSL IN) Add to my Watch List
UTI Bank (UTI) Add to my Watch List
Videsh Sanchar Nigam, LTD (VSNL) Add to my Watch List
Vishal Retail Ltd (VISH IN) Add to my Watch List
Wipro Limited (WIPR.BO) Add to my Watch List
Wire and Wireless India Ltd. (WNW IN) Add to my Watch List
WNS (Holdings) Ltd. (WNS) Add to my Watch List
Zee Enternatinment Enterprise Limited (ZIN) Add to my Watch List
Zee News Limited (ZNL) Add to my Watch List