| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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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