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Rakesh Jhunjhunwala is considered to be the greatest investor in Indian Market. He is supposed to have made Rs 5000 crores by just investing Rs 5000 in Indian Stock Market. Rakesh Jhunjhunwala guru mantra to be successful in stock market is as enumerated below:

(a) He advises people to become interested in a stock when none is interested in the same stock. As per him BUY RIGHT & HOLD TIGHT for years to come. He has been holding few stocks for last 10 years and he is still minting money from those stocks.

(b) He further advises that one should not follow big investors blindly as their risk profile and long term goals with time frame may be difficult to be followed by retail investor.

(c) Market is supreme and every thing is reflected in the price and thus their is no point in fighting the trend as market is always right.

(d) One should be able to create a balance between the fear and greed.

(e) As per his words one has to learn the stock market trading as none can teach the market as stock market experience is the best teacher.

Thus follow Rakesh Jhunjhunwala advice in stock market, BE PATIENT and grow big like Warren Buffet or this iconic man from Dalaal Street.

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Sunday, May 1, 2011

Provogue consolidating between Rs 40 and Rs 70 since May 09

Provogue is being held by Rakesh Jhunjhunwala for a long time now. Sice May 09, the stoch is trading in a ragnge between Rs 40 to Rs 70. Presently the stock is again at Rs 42. I would recommend you all to start adding again. Traders may off load between Rs 65-70/-. Incidentally, the stock is at 6 year low. In Jul 05, the stock was at Rs 40.

Bilcare is a must buy between Rs 380-Rs450

Hello Friends, With Bilcare annulised EPS estimated to be closed to Rs 60 per share, it is very attractively priced. At Rs 420, it is trading at 7 Price to Earning (PE). The stock had touched its life time high price of Rs 1700 on weekly closing basis in Dec 07.


At present the stock is trading at a 7 year support price and risk from here on is minimal . I suggest investors and swing traders (for 2 - 6 months) take position now.


Apart from rakesh Jhunjhunwala's stake, institutional and domestic interest is very high.

Saturday, August 14, 2010

Rakesh Jhunjhunwala Buys Kingfisher Airlines

From the news it is learnt that Rakesh Jhunjhunwala has picked up a stake in Kingfisher Airlines with a longer horizon. But the stake is less than 1% as it is not seen in the shareholding pattern at http://www.bseindia.com/

In last one year, Jet Airways has moved up from 127 to 730 and Spice jet moved up from 20 to 66 where as Kingfisher has moved up from 45 to 53. Ramesh Damani is very bullish on Kingfisher as well as Spice Jet. If there is any likey development, Kingfisher Airlines may move up sharply to its life time high of Rs 290.

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Tuesday, July 13, 2010

Buy Autoline Industries; target of Rs. 162: IIFL

IIFL is bullish on Autoline Industries and has recommended buy rating on the stock with a target of Rs. 162. According to IIFL, after trading sideways for almost 10 months, Autoline Industries has given breakout from falling channel last week after the stock successfully managed to close above the upper range of channel corresponding at Rs. 136 with good volumes.

Autoline Industries is medium sized engineering and auto ancillary Company, manufacturing sheet metal components, sub-assemblies and assemblies for large OEMs in the Automobile Industry. The company is engaged in manufacturing various auto parts / sheet metal components for passenger cars, Sports Utility Vehicles (SUV), commercial vehicles, two wheelers, three wheelers, tractors, etc.

IIFL says, the company's breakout from falling channel is likely to trigger positive momentum in the near term with upper range of resistance getting converted to support zone. IIFL is expecting buying momentum in the counter to remain upbeat in coming week and hence advise buying stock in range of Rs. 143-146 with stop of Rs. 140 for target of Rs. 162. With the recommendation target price Rs. 162, if the stock is bought at Monday's closing price of Rs. 145.20, the percentage of gain would be 10.37 percent.

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Sunday, June 27, 2010

Provogue India enters real estate

Provogue India, which one of the best known apparel brands of the country has forayed into the real estate sector of India. On Friday last, the company made this announcement. Partnering with Prozone enterprises the company has selected Aurangabad where it plans to develop real estate properties on an area of 300,000 sq. feet. Provogue India announced that it plans to start off with this project by October this year. According to the Managing Director of the company, Mr. Nikhil Chaturvedi, the said project will comprise residential properties along with malls.

The company also plans to start similar residential projects towards the end of 2010 in three more places namely Coimbatore, Nagpur and Indore. In addition, Provogue India will be setting up 75 countrywide stores in 2011 and for this purpose it will be investing about 35 crores.

Close on the heels of Provogue India’s initiative, a few other leading apparel brands of the country like Century textiles, Alok Industries and Bombay Dying are also planning to jump into the real estate bandwagon, thanks to the booming economy which has led to a healthy increase in land rates.

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Wednesday, June 23, 2010

Prime Focus Film VFX completes work on Universal Pictures‚ Robin Hood

Prime Focus, one of the world's largest visual entertainment services groups, has completed work on Universal Pictures‚ epic action-adventure Robin Hood, from director Ridley Scott. Over the course of four months, the Film VFX division in the UK delivered 150 VFX shots for Robin Hood. The film, which stars Oscar-winners Russell Crowe and Cate Blanchett and is produced by Oscar-winner Brian Grazer, opened in cinemas in the US on May 14.

One of the main sequences upon which Prime Focus worked involved creating CG bees for scenes involving Friar Tuck (portrayed by Mark Addy). Tuck, who's a beekeeper in the action-adventure, uses his bees to attack enemy soldiers he's trapped in a building. The bees explode from their hives and swarm around soldiers who desperately try and swat them away.

Director Scott had very specific ideas for the scene, and the team worked closely with him and VFX producer Allen Maris to make sure the shots were up to their standards. Because the bees were swarming around, it was difficult to render them in layers, so everything was modeled in 3D and then tracked and match-moved using SynthEyes. Creating the entire environment in 3D made the rendering and compositing simpler and allowed the team to position everything correctly in the 3D space. This way Scott's vision of where the bees were placed could be realized.

The lighting and sheer number of bees also made the scene more challenging. "The general mood of these shots is quite dark but also features some stronger shafts of light within the room," said Steve Street, joint MD/senior VFX supervisor, Prime Focus Film VFX. "The difficulty was finding a happy medium where the CG was lit realistically, but where it was light enough to see the bees. As the bees had to pass through the shafts of light, the extra lighting had to be very subtle. We also had to deal with several thousand bees, so motion blur was critical. We ended up having to add a lot of hand-animated bees into the foreground...to add detail where the simulation wasn‚t good enough on its own."

Prime Focus completed a number of other shots on the film, including designing more than 40 additional bee shots, creating CG arrows and swords for battle scenes in which people were stabbed or shot, as well as crafting matte paintings, green screens, fire and other FX additions.


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Construction stocks on solid ground

Improving order flows and higher infra investments will drive earnings growth of companies over the next two years.

Construction companies, which had seen their growth rates take a hit in the last two years consequent to the economic slowdown and liquidity crunch, are once again ready to bounce back. Their new order inflows have seen a visible pick up in the recent past, especially the March quarter. However, analysts believe that this is just the beginning and there’s lot more to come. Notably, the government is also taking some right steps that should improve order flows and activity levels. On the other hand, a benign input costs scenario along with mildly firm interest rates suggests that the business environment will remain conducive for growth. A majority of companies have managed to keep their debt levels under check, which should help them fund future growth. Analysts expect earnings of most companies to grow by 20-30 per cent annually over two years, as compared to sub-10 per cent in the past few quarters. If the momentum in infrastructure investment is sustained, expect earnings growth to remain strong even beyond 2011-12.

Opportunities galore
Companies under HSBC Securities’ coverage have seen their order inflow rise almost 50 per cent year-on-year to over Rs 13,000 crore in the March 2010 quarter, the absolute order inflow crossed its all-time highs seen 16 quarters ago. This has led to their order book to sales ratio rise to 3.56 times (indicates high revenue visibility), which is marginally below the four-year peak of 3.68 times seen in June 2006 quarter. There is little difference in the trend as captured by other research houses like IDFC Securities or Prabhudas Lilladher. Notably, smaller companies have also seen a rise in new orders, suggesting that the trend is turning secular. “We believe we are at the early stage of a cyclical upturn,” wrote HSBC’s analysts.

On a broader level, too, even as the government is running behind its infrastructure investment target at $437 billion for the eleventh five-year plan, things are changing for the better. Experts say that implementation of the B K Chaturvedi report is helping eliminate delays in awarding road projects as well as improving access to capital—a trigger for increasing private sector participation. The introduction of model concession agreement would facilitate investments in India’s ports sector, say IDFC Securities' analysts. HSBC's analysts add that the government is making some right moves by assigning quarterly performance targets to task. All these should help improve order flow (by 20-25 per cent annually) and execution.

The confidence over robust order flows also stems from the government’s move of setting an ambitious infrastructure investment target of $872 billion for the 12th five-year plan. Very recently, the Planning commission has also begun work towards approaching the 12th plan, which should help lower hurdles and achieve growth targets.

Profitability to remain healthy
While improving business is positive, construction companies should also benefit from a benign medium-term outlook for input prices. For instance, steel and crude-based input prices are likely to remain soft consequent to concerns over weak global demand. Likewise, the commissioning of large capacities in India should keep cement prices under check. Nevertheless, most companies have over 75 per cent of their orders covered by price-variation clause, which should protect them if input prices rise. However, a benign price environment helps enhance project viability (due to lower costs) while easing working capital pressure for companies. On the interest rate front though, the concerns over inflation are likely to see some increase in rates. Hence, the impact, if any, is unlikely to be significant. Companies, too, have reduced their leverage levels resulting in strong balance-sheets.

Infra plays
All these developments have led analysts to upgrade their earnings growth estimate for construction companies, which they estimate will range 17-26 per cent over the next two years. The markets have already sniffed the change environment, which is why stocks of construction companies have outperformed the broader markets in recent past. Nevertheless, stock valuations are still attractive. Given that the longer-term outlook is expected to only improve, investors could buy into stocks with a one-three year perspective.

Among individual companies, IVRCL Infrastructures and HCC have successfully diversified their business and geographical portfolio in the past with current presence spanning water, irrigation and roads among others. Interestingly, their earnings are expected to grow at the fastest pace as compared to others and hence are good bets. In case of HCC, there’s potential for value unlocking too, which should happen when it goes for a separate listing of its real-estate subsidiary, Lavasa Corporation. Similarly, while Nagarjuna Construction’s outlook is good led by robust order inflows, progress over its 1,320 Mw power plant should provide further trigger to the stock. In L&T’s case too, there is scope for value unlocking through listing of different subsidiaries. However, the near-term returns from the stock look limited and hence, investors could buy it on dips.

Patel Engineering, a big player in the hydro-power space wherein investment opportunities of over Rs 50,000 crore exists, has been gradually enhancing presence in the roads segment, while its real estate business is also gaining ground. While its long-term prospects look good, Prabhudas Lilladher’s analysts cite lower order flows (due to focus on niche segments) and high equity requirements (over Rs 2,000 crore in three-four years) in projects as some concerns.

India’s largest road sector company, IRB Infrastructure, should gain from the pickup in road infrastructure investments. It recently tied-up (equal venture) with Reliance Infrastructure to bid for an over Rs 5,000 crore national highway project, which if successful will boost its portfolio.

Overall, barring a sharp cut down in government spending or jump in interest rates (both very unlikely), the prospects of the sector look good. Continuing robust infrastructure investments should improve growth visibility for companies going forward, which should provide trigger for some re-rating too.

Tuesday, June 22, 2010

Nagarjuna Construction to sell 49% in power plant

After Gayatri Projects, another Hyderabad-based company is looking to divest stake in a power project. Nagarjuna Construction (NCC) plans to sell 49% equity in its flagship thermal power project, coming up at Sompeta in Srikakulam district of Andhra Pradesh, to a strategic partner.

Notably, Gayatri Projects recently inducted Singapore-based Sembcorp as a strategic partner for one of its thermal power projects coming up in Andhra Pradesh.

The 2,640 mw (4X660 mw) Nagarjuna Construction project is estimated to cost Rs 12,000 crore. The first phase, with a capacity of 1,320 mw, would cost about Rs 7,000 crore.The company plans to have a debt-equity ratio of 3:1.

Based on this, the equity requirement would be around Rs 1,750 crore for the first phase.

“We will offer about 49% of the equity and keep the majority equity with us. The debt is being secured through loans from institutions including the Rural Electrification Corporation and the Power Finance Corporation,” the official said.

The company plans to sell the power in the open market on a merchant basis.

According to sources, it would take another month for the company to achieve financial closure and about 45 months from the date of financial closure for the unit to become operational. The power project is being executed by NCC Power Projects Ltd, which is a subsidiary of NCC apart from NCC Urban, which focuses on urban infrastructure.

The company is looking at a land bank of 1,890 acres in total for various requirements including meeting the statutory green belt development. It is estimated to have about 1,200 acres already available with it, while the remaining land is still being acquired.

The company has tied the coal linkage for the plant with Mahanadi Coalfields and South Eastern Coalfields. “The plant’s location is closer to Mahanadi. We can also use the sea route to import coal since the government has allowed us to import about 30% of the coal required for the plant,” the source said.

Rakesh Jhunjhunwala Adds 3.75 lakh shares of VIP Industries

Rakesh Jhunjhunwala added 3.75 lakh shares of V.I.P. Industries on 21 Jun 10.


The latest acquisition takes Rakesh Jhunjhunwala's total holding to 16.43 lakh shares or 5.81 % of paid up capital of the company.

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Tuesday, June 1, 2010

Punj Llyod aims at playing it big in power sector

Diversified company Punj Lloyd is gearing up to provide end-to-end solutions to power projects in the country.

The company is engaged in executing power projects on engineering, procurement and construction (EPC) basis. It also provides balance of plant equipment (other than boilers, turbines and generators) to power stations.

"We execute projects on EPC basis ... Our aspiration is to execute turn-key projects," Punj Lloyd Director, Corporate Affairs, Luv Chhabra told PTI.

In turnkey power projects, the company's scope of work includes sourcing, erection of equipment, civil works and commissioning of the project. At present, Punj Lloyd sources its equipment from abroad for the execution of power projects.

"We don't manufacture equipment but we source it from all over the world and then commission fully the projects," Chhabra said.

"So far we are doing BOP (Balance of Plant) equipment for 600 MW and 1,200 MW power projects, currently we are working on four power projects," he said.

The company supplied, erected the steel structures, civil work including power house, auxiliary buildings, cooling towers, drainage and road for the 1,000 MW coal-based thermal power project of Jindal Power Ltd.

Punj Lloyd recently won the solar-based contract worth Rs 232 crore for installing water treatment plants in Bihar from the state government.

The contract for 850 solar-powered water treatment plants for removal of arsenic and fluoride across multiple districts in Bihar will be implemented on a turnkey basis.

The contract will be executed by Punj Lloyd Group''s renewable energy arm, Punj Lloyd Delta Renewables.

Punj Lloyd is also providing solar lighting for the Commonwealth Games Village in Delhi.

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Lupin set to acquire second generics firm in Japan


Mumbai-based drug maker Lupin Ltd is close to making its second acquisition in Japan, where it became the seventh largest generics player after buying local firm Kyowa Pharmaceuticals Ltd in 2007 for $100 million (Rs46.5 crore today).

The target company is in the generic injectable drugs segment, and will likely be valued in the same range as Kyowa, according to a person familiar with the development. The new deal will be signed in six-eight months, this person said.

“We are scouting for an acquisition in the injectable segment as the hospital segment is one area that we are interested,” confirmed Lupin’s chief financial officer S. Ramesh, adding that the firm’s balance sheet is strong enough to fund a strategic acquisition through either internal accruals or debt, if need be.

“But it will be difficult to put a number or the size of acquisition that we are looking for in that market,” he added.

The company has not yet mandated any bankers specifically for this deal, Ramesh said.

Lupin had worked with multiple bankers for the Kyowa deal, including Nomura Securities Co. Ltd, Goldman Sachs and Morgan Stanley, to explore opportunities for strategic buys in Japan. Nomura had also advised Lupin on the acquisition.

Another Lupin executive said the company is scouting for growth opportunities through acquisitions, joint ventures and local alliances in product segments where it does not have a significant market presence.

“Injectables is one such market segment that we are interested in,” he said, declining to be named because the company is not in a position to officially disclose any details.

The new acquisition in the Japanese market is targeted at increasing Lupin’s presence to all potential product segments as early as possible to take the first mover advantage, said a sector analyst with a foreign brokerage, on condition of anonymity.

In an April report, based on interviews with Lupin executives, the India unit of foreign brokerage Elara Securities (India) Pvt. Ltd said Lupin is looking for another acquisition in Japan to make a strong entry in the hospital segment, and that the focus of the upcoming deal was likely to be a distribution company in that segment.

The $80 billion Japanese drug market is opening up for generic products from local as well as foreign drug makers. The government announced a policy in 2008 to encourage the use of cheap generic drugs to ease the strain on public finances from a large population of the elderly.

The Japanese government plans to convert at least 30% of the country’s prescription drug market to low-cost generics or off-patent drugs by 2012. Generic drugs currently command 17% of the market there.

“Lupin appears to be executing well to ensure strong growth over the next three years, driven by the strong product flow, and continuing a scale-up in various markets such as India, (the) US, Japan, the EU (European Union), SA (South Africa), Turkey and Latin America,” investment bank Morgan Stanley said in a 6 May report.

In an earlier interview to Mint, Lupin group president and executive director Nilesh Gupta said the Japanese market was of “strategic focus” for the firm. “The Japanese market holds immense potential for global generic pharmaceutical companies like ours,” he said.

New R&D unit coming up at Lupin to develop products for emerging markets

Domestic drug major Lupin, which recently restructured its new drug research programmes, will set up a research and development (R&D) centre to exclusively develop generic drug products for the emerging markets in Latin America, Africa and Australia.

To employ 50 to 60 people, it is expected to be ready in Aurangabad in three months, said Nilesh Gupta, group president and executive director. Lupin currently has an R&D team of 700-plus scientists.

The new centre would allow Lupin to file product dossiers for marketing approvals in all emerging nations. The centre will also cater to Japan. Lupin’s business in that country currently comes through its subsidiary there, Kyowa Pharmaceuticals.

The attempt will be to get some products from Lupin also registered in Japan to augment its product basket. Kyowa has its own R&D and manufacturing facility in Japan.

The parallel research facility will allow entry into newer markets without diluting the current focus of Lupin’s R&D team to make regulatory filings in the US and European region. Lupin had filed a record 37 product registration filings and 19 bulk drug or raw material registration filings with the US Food and Drug Administration during 2009-10. Fourteen regulatory filings were made with European authorities during the same period.

The product registration will form the basis of Lupin’s expansion plans in these regions. The company is on the lookout for acquisitions in countries like Brazil and Mexico to build marketing muscle to promote its branded generics. “Once the stage is set for new product launches, we will evaluate how to develop a marketing network in these countries,” said Gupta.

Most of Lupin’s factories are operating at over 90 per cent capacity. New facilities – its Special Economic Zone at Indore being a major location for future production centres – are expected to be in tune with growth targets.

“We will not set up idle capacities. Our manufacturing locations will keep adding product lines as and when required. We have decided to introduce one new therapeutic area each year. Addition of dedicated manufacturing facilities will happen as volumes go up in each of these categories. We have been spending Rs 400-500 crore annually during the last three years towards capacity expansion. This investment will continue for some more years,” said Gupta.

He said the company had completely restructured its new drug research programmes. If the earlier research was focused mainly on developing herbal-based drugs and known molecules, the focus now was to develop unique first-in-class drugs (new ones which other companies aren’t trying to develop). The company would look at out-licensing these products to multinational drugmakers, he said.

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Sunday, May 30, 2010

Karur Vysya net rises 42% on interest income

While Karur Vysya Bank's net rose 42.48 per cent to Rs 336.03 crore for the fiscal 2009-10 from Rs 235.84 crore a year ago, the bank's year-on-year growth in net profit has, for the first time, crossed the Rs 100-crore mark, its Managing Director and CEO, Mr P.T. Kuppuswamy, said.

Attributing this achievement to improvement in its net interest income by 37.64 per cent to Rs 564.90 crore (Rs 410.41 crore) and containing of NPAs, Mr Kuppuswamy said the bank's relentless drive to maintain asset quality despite increase in advances portfolio helped reduce the gross NPA to 1.72 per cent from 1.95 per cent, a year ago.

The total business crossed the Rs 32,000-crore mark to reach Rs 32,946.85 crore as on March 31, 2010 from Rs 25,664.29 crore at the end of the earlier fiscal.

Deposits rise 27%


Deposits grew 27.62 per cent to Rs 19,271.85 crore (Rs 15,101.39 crore), while advances increased 29.46 per cent to Rs 13,675 crore (Rs 10,560.50 crore).

The bank has written off bad debts to the extent of Rs 36 crore.

To a query on the increase in employee cost from Rs 122.86 crore to Rs 163.27 crore (as at end March 2010), he said “we have fully provided for the wage revision. The provision is of the order of Rs 18 crore. Adhoc payment of 10 per cent is being made in lieu of bi-partite wage settlement.”

The bank's operating profit during the fourth quarter of the 2009-10 fiscal increased by 63 per cent to Rs 123.36 crore from Rs 75.59 crore during the corresponding period of the earlier fiscal. Net profit rose 18 per cent to Rs 98.91 crore (Rs 83.82 crore) and net interest income up 65 per cent to Rs 163.86 crore (Rs 99.39 crore)

The bank's board has proposed a 120 per cent dividend for the third year in a row. According to Mr Kuppuswamy, this would be seventh successive year of the bank declaring a dividend of 100-plus per cent. The KVB scrip closed at Rs 501.05 on the BSE on Thursday, down 1.21% against the previous close.

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Punj Lloyd Engineering mulls acquisition in West Asia+

Punj Lloyd Engineering a design and engineering company providing services in the plant, product and infrastructure sectors is looking at acquiring a company in the Middle East or other geographies as part of its inorganic growth plans.

Mr Sanjay Goel CEO of PL Engineering said that the company's parent would consider the possibility of raising debt to fund the acquisition of an engineering services company catering to the automobile, aerospace or heavy equipment sectors. He said that "We will be looking at acquiring companies primarily in West Asia and other new geographies. About 30% to 35% of our revenues currently come from the Middle East where we are keen to grow our presence.”

Mr Goel said that the company is not averse to acquiring a product-based engineering company in India if the right opportunity comes along. He added that "So far, we have only looked at organic growth. We have not talked to potential acquisition targets thus far, as our inorganic growth plans are still in the nascent stage. Hence, it would be premature to talk of deal sizes at this point of time."

PL Engineering, a wholly owned subsidiary of Punj Lloyd Ltd, is a major engineering services outsourcing player with a focus on oil and gas, power and infrastructure. It provides design and engineering solutions in the areas of plant design for oil and gas companies engaged in offshore and onshore field development, refining units, chemical and petrochemical plants, thermal and nuclear power plants.

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Hold Punj Lloyd With Stop Loss Of Rs 130: Salil Sharma

Stock market analyst Salil Sharma is of the view that investors can 'hold' Punj Lloyd Ltd stock with stop loss of Rs 130.

According to analyst, the investors can exit at Rs 165.

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Vadilal Industries net profit rises 427.52% in the year ended March 2010

Net profit of Vadilal Industries rose 427.52% to Rs 5.75 crore in the year ended March 2010 as against Rs 1.09 crore during the previous year ended March 2009. Sales rose 27.70% to Rs 188.91 crore in the year ended March 2010 as against Rs 147.93 crore during the previous year ended March 2009.

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Good upside for SREI Infra stock is seen from levels of 82: Ashit Suri

Ashit Suri , Fundamental Research Analyst, JV Capital Services, spoke to ET Now and gave his views on SREI Infra stocks. Excerpts:

Why do you like SREI Infra?

The company is NBFC which is into infrastructure finance and project and advisory services. The company has been performing extremely well. For the March quarter, it has posted results of a net profit of 121%, sales have gone up by around 57%. Going ahead, this company is likely to be amalgamated with Quippo Infrastructure which is an equipment bank. It also has a tie up with Tata Telecom infrastructure space. This is going to bring in huge synergies. The management is very positive on loan growth growing by over 30%. If we had to see valuations for SREI Infra, the stock is trading at a PE of just 6.4 times trailing earnings as compared to an IDFC which is set around 18 times PE trailing. Even in terms of book value, the stock trades at one time book value against 3.4 times for IDFC and going ahead, the market cap of the company which is 1200 crore post amalgamation is likely to reach 2500 crore. So I see a good upside for this stock from these levels of 82 and we have been recommending this stock to our clients for medium to long term investment.

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Nagarjuna Construction's Q4 net jumps three-folds

Nagarjuna Construction Company has declared that its fourth quarter net profit has gone up to three-folds. It has announced its financial results for the fiscal year 2009-10 and it has managed to post an impressive rise in net profit figure.

The company has posted a consolidated net profit of Rs 102.61 crore for the quarter that ended in 31st March, 2010. This net profit figure has grown up by three times in this quarter as compared to the same quarter in the last fiscal. This has been informed by the firm in a filing at the Bombay Stock Exchange.

The total income of the firm has grown up to Rs 1,522.71 crore during the January-March period of fiscal year 2009-10. It was Rs 1,098 crore for the same quarter last year.

The annual consolidated net profit of the company was reported to be Rs 286 crore for the year under review with a hike of 54.59 %.

The board has decided to recommend a dividend of Rs 1.30 per share to the shareholders for the financial year 2009-10.

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Lupin gets FDA nod for high blood pressure tablets

Pharma major Lupin Ltd has received FDA approval for its losartan potassium and hydrochlorothiazide tablets, the drug regulator’s website showed on Tuesday.

Losartan potassium and hydrochlorothiazide tablets are used to treat high blood pressure.

No other details were available immediately.

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Geojit to open 75 new branches (Part of Rakesh Jhunjhunwala Portfolio)

Broking firm Geojit BNP Paribas Financial Services plans to open 75 new branches this year.

A large part of these branches would be in South India, Geojit BNP Paribas Financial Services Managing Director C J George told reporters here.

The firm also plans to reach out to investors in semi-urban and semi-rural areas.

In April this year, the NAV of its portfolio grew by 12.17 per cent when compared to Sensex decrease of 0.75 per cent and 'CNX' Nifty decrease of 0.22 per cent, he said.

On a trailing 12 months basis, the portfolio increased by 124.92 per cent vis-a-vis 53.97 per cent increase in Sensex and CNX Nifty increase of 51.97 per cent.

During the year, the assets under management (AUM) crossed the Rs 10,000-crore mark, he said.

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McNally Bharat Engineering Company (Rs 297.60): From The Hindu Business Line

Since March 2009, the stock has been on a steady long-term uptrend. However, marking an all-time high of Rs 385, the stock started to decline and has been on a short-term downtrend since then.

The stock fell 11 per cent last week, penetrating its long-term uptrend line conclusively signalling cautiousness. At this juncture, investors can take partial profits off the table as the downtrend is likely to prolong further.

A decline below Rs 270 can pull the stock lower to Rs 240 or Rs 210 in due course. As long as the stock trades below Rs 330 the short-tern trend remains down. An emphatic move above Rs 330 would mitigate the negative short-term view and can take the stock higher to Rs 380.

Long-term investors can stay invested with deeper stop-loss at Rs 190.

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Geojit BNP Paribas consolidated FY 2010 net profit at Rs 57 crores

At its meeting at Kochi on 28th May 2010, the Board of Directors of Geojit BNP Paribas Financial Services has approved the audited accounts for 2009-10 and proposed a dividend of 75 paise on the paid-up value of Re.1 per share for 2009-10. The company had given dividend of 50 paise per share for 2008-09.

For the financial year ended 31st March 2010, Company's consolidated revenues has grown by 58 percent from Rs.192 crore to Rs.304 crore. Consolidated PBT went up to Rs 77 crore from Rs 12 crore, while Consolidated Net Profit for the fiscal was Rs 46 crore as against Rs.2 lakhs. The company has also provided Rs 28 crore for taxes for the fiscal year 2009-10.

On a standalone basis, the gross income went up by 81 percent from Rs 159 crore to Rs 288 crore. The total cost went up by 48 percent from Rs 139 crore to Rs 206 crore. The Profit After Tax went up by 280 percent from Rs 15 crore to Rs 57 crore.

The Earnings Per Share (Diluted) for the fiscal year ended Mar.'10 (Apr.'09 to Mar.'10) on Re.1 per share is Rs 2.06.

Managing Director Mr.C.J.George said, "We have aggressive plans to grow our Portfolio Management Services (PMS) among high net worth resident individuals as well as non residents. For the month of April 2010 the NAV of our portfolio grew by 12.17 percent during the month when compared to Sensex decrease of 0.75 percent and CNX Nifty decrease of 0.22 percent. On a trailing 12 months basis, the portfolio increased by 124.92 percent vis-à-vis 53.97 percent increase in Sensex, and CNX Nifty increase of 51.97 percent. During the year, the Assets Under Management of Brokerage Services, Mutual Funds and Portfolio Management Services crossed the Rs 10,000 crore mark."

"Since the launch of FLIP(Financial Investment Platform), our online investment platform, we are seeing growth in volumes and clients via this channel. New features and products are being added as clients enjoy trading conveniently and efficiently on a secure advanced platform."

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Friday, May 28, 2010

Punjlloyd`s Result out: Great Stock at a great price for investors with 3-5 year horizon

Punj Lloyd Ltd has announced the following results for the quarter & year ended March 31, 2010:

The Unaudited results for the Quarter ended March 31, 2010

The Company has posted a net profit after tax of Rs 1393.10 million for the quarter ended March 31, 2010 as compared to Rs 596.30 million for the quarter ended March 31, 2009. Total Income has decreased from Rs 19862.60 million for the quarter ended March 31, 2009 to Rs 12971.60 million for the quarter ended March 31, 2010.

The Audited results for the Year ended March 31, 2010

The Company has posted a net profit after tax of Rs 3674.00 million for the year ended March 31, 2010 as compared to Rs 3211.00 million for the year ended March 31, 2009. Total Income has increased from Rs 69473.00 million for the year ended March 31, 2009 to Rs 72305.10 million for the year ended March 31, 2010.

The Consolidated results are as follows:

The Unaudited consolidated results for the Quarter ended March 31, 2010

The Group has posted a net loss after minority interest and Share of Profits of Associates of Rs (3008.70) million for the quarter ended March 31, 2010 as compared to net loss of Rs (2556.40) million for the quarter ended March 31, 2009. Total Income has decreased from Rs 32306.20 million for the quarter ended March 31, 2009 to Rs 17751.20 million for the quarter ended March 31, 2010.

The Audited consolidated results for the Year ended March 31, 2010

The Group has posted a net loss after minority interest and Share of Profits of Associates of Rs (1084.20) million for the year ended March 31, 2010 as compared to net loss of Rs (2252.90) million for the year ended March 31, 2009. Total Income has decreased from Rs 119865.60 million for the year ended March 31, 2009 to Rs 105524.20 million for the year ended March 31, 2010.

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Provogue's Prozone Enterprise (P) Ltd to spend $1 billion over next five year to build 50 Prozone shopping malls

Prozone Enterprises (P) Ltd, a wholly owned subsidiary of Provogue India, has charted plans to tap the potential in the business of mall development. Prozone Enterprises, a retail real estate development company, is targeting to build 50 Prozone shopping malls with an estimated investment of $1 billion over the next five years.

Prozone Enterprises is now developing more than 12 million sq. ft. of modern retail space in India, primarily in tier-II cities such as Raipur, Jaipur, Indore, Mysore and Aurangabad.

"We would be investing roughly $1 billion, which would be financed jointly with our development partners," said Prozone CEO, Mr Tim Eynon.

Earlier, Prozone entered into a joint venture agreement with the Omaxe Group to develop malls. "Each mall costs us around $40 million," Mr Eynon said, adding that the company was also in talks with other developers such as the Rustamji Group and Jaypee for other joint ventures. While the joint venture partner invests in the land, Prozone takes care of developing the mall, its design, architecture, leasing and property management, he added.

Further, the company also plans to roll out food and entertainment centres, branded `Zonz` in its upcoming malls and other malls. The company would invest roughly around Rs 50 crore in its outlets, for which, it plans to enter into revenue sharing model with its tenants.

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Provogue Q4 net profit down at Rs 3.8 cr (Part of Rakesh Jhunjhunwala Portfolio)

Provogue has declared its fourth quarter results of FY10. It has reported net profit of Rs 3.8 crore as against Rs 8.3 crore (YoY).

Net sales increased to Rs 155 crore from Rs 78.3 crore (YoY).

The company's trailing 12-month (TTM) EPS was at Rs 2.88 per share till the December quarter results of 2009. The stock's price-to-earnings (P/E) ratio was 14.55. The latest book value of the company is Rs 58.81 per share. At current value, the price-to-book value of the company was 0.71. The dividend yield of the company was 0.72%.

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McNally Bharat Engineering strong 4QFY2010: Target Rs 486 Angel Broking

McNally Bharat Engineering (MBE)’s 4QFY2010 Sales and Adj. PAT growth of 19% and 142%, respectively, was ahead of our estimates. MBE’s strong performance was on the back of a higher EBITDA margin and lower interest outflow. The major improvement was on the EBITDA front, where margins expanded by 165bp, from 5.6% (4QFY2009) to 7.3% (4QFY2010). Interest costs for the quarter declined by 55% yoy. Overall, MBE’s FY2010 performance was ahead of our expectations. Going ahead, we expect the company to be on a strong growth path for the next few years, on account of its robust order book (2.6x FY2010 revenue). We have marginally revised our estimates upwards on account of better-than-expected sales, and maintain our Buy recommendation on the stock.


Strong, execution-led growth: MBE’s (standalone) sales for the quarter grew by 19%; however, its EBITDA grew by 54%, on the back of better execution and cost control. Overall interest costs for the quarter declined by 55% yoy, due to better working capital management and a reduction in the average cost of borrowing. The overall Adj. PAT for the quarter increased by 142% to Rs24cr from Rs10cr (4QFY2009). For the full year FY2010, standalone sales grew by 50% to Rs1,448cr (from Rs968cr in FY2009), while the EBITDA margin improved by 80bp to 6.8% (from 6%).


Outlook and Valuation: We believe that an improving economic scenario (indicated by a revival in the IIP), the continuous government focus on infrastructure spend and a pick-up in private capex augurs well for the companies providing EPC solutions for the core sectors of the economy. The overall emerging opportunities for MBE are expected to be around Rs51,600cr over FY2010-15E. Given MBE’s strong track record, we believe that it is well placed to capitalise on such opportunities. MBE’s current consolidated order book stands at Rs5,110cr (2.6x FY2010 revenue). Going ahead, over FY2010-12E, we estimate the company to register a CAGR of 28% and 35% in Sales and Profit, respectively. We maintain our Buy recommendation on the stock, with a revised Target Price of Rs486.


Key highlights of FY2010 (McNally Bharat Engineering Co, Standalone)


- The total revenue increased by 50%, on the back of strong execution and a robust order inflow.


- The company improved its EBITDA margin by 80%, on account of faster execution and better cost control.


- Total adjusted PAT for the year increased by 123% to Rs43cr (from Rs19cr).


Key highlights of FY2010 (McNally Sayaji, Standalone)


- The total revenue increased by 53%, on the back of strong execution and a robust order inflow.


- The EBITDA margin for the company declined by almost 400bp, on account of a one-time staff cost (change in gratuity law).


- Total adjusted PAT for the year increased by 28% to Rs25cr (from Rs19cr).

Strong order inflow continues


MBE's Order inflow has been on the rise, having increased from Rs700cr in FY2005 to Rs3,334cr in FY2009, posting a CAGR of 48% over the mentioned period. For FY2010, the company ended the year with an order book of Rs4,550cr, while we estimate that on a consolidated basis it stood at Rs5,150cr. The management has further indicated that bids for order worth Rs1,300cr have been placed and the outcome of the same is expected during the year.

Key takeaways from the Conference call


- The management expects the Power sector to be the key growth driver for the company over the next few years. The key opportunity areas are in Material handling solutions (which include coal handling, coal washer, desalination plant and RO plant).


- After bagging 2 BoP-based orders (770 MW), MBE is qualified to bid for all ranges of BoP projects across the power sector. BoP projects have margins in the region of 7-8%; however, the margin improves once a company starts executing a higher range of projects. Hence, going ahead, MBE plans to focus on improving the average size of the orders in the BoP segment.


- Going ahead, MBE plans to build up its skill set in Cement, and the Oil and Gas industry, as it plans to diversify its order book.


- McNally Sayaji plans to invest Rs65cr in setting up a new facility for its product, while the Parent MBE plans to have a capex of Rs45cr.


- A decision on the rights issue would be taken by June 2010.


- Overall, the management has outlined a revenue target of around Rs5,000cr by FY2013E, of which MBE standalone would stand at Rs4,000cr, MSE at Rs600-700cr and the CMT group (international subsidiary) at Rs500cr.

Outlook and Valuation


We believe that an improving economic scenario (indicated by a revival in the IIP), the continuous government focus on infrastructure spend and a pick-up in private capex augurs well for the companies providing EPC solutions for the core sectors of the economy. The overall emerging opportunities for MBE are expected to be around Rs51,600cr over FY2010-15E. Over the longer term, the Port and Steel Sectors are likely to offer the highest opportunity of Rs22,200cr, while the Power and Mining Sectors are likely to be the key growth drivers in the near term. The government's strong focus on the Power Sector, through "Power for all by 2012", is expected to result in an expansion of generation capacity in the Sector, leading to higher opportunities for BoP players.


We believe that MBE is well placed to seize the upcoming opportunities in the above-mentioned sectors, due to the following reasons: 1) Vast experience in the different EPC Segments across sectors, 2) Presence in the high-Margin Product Segment through its subsidiary, McNally Sayaji, and 3) Access to key global technology for ash handling and mineral beneficiation. MBE's consolidated Order Book at the end of 4QFY2010 stood at Rs5,110cr, or 2.6x FY2010 sales, which renders high Revenue visibility for the company. Going ahead, over FY2010-12E, we estimate the company to register a CAGR of 28% and 35% in Sales and Profit respectively.


We have marginally revised our estimates upward for FY2011E and FY2012E, on account of the better-than-expected performance in FY2010.

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Nagarjuna Construction FY10 net profit up 56% at Rs 2.83 bln

Nagarjuna Construction Company Ltd Tuesday its 2009-10 (Apr-Mar) consolidated net profit jumped 56% on-year to Rs 2.83 billion.
Consolidated net sales rose 23% to Rs 58.97 billion, the company said in a filing with the Bombay Stock Exchange.
On a standalone basis, Nagarjuna Construction said its Jan-Mar net profit grew 169% on-year to Rs 1.03 billion.
Net sales for the three-month period rose 39% to Rs 15.21 billion.
The company said its order book stood at Rs 153.70 billion as on Mar. 31.
Nagarjuna board has recommended a dividend of Rs 1.30 a share.

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Nagarjuna Construction Q4 net jumps three folds (Part of Rakesh Jhunjhunwala Portfolio)

Nagarjuna Construction Company said that its net profit jumped nearly three folds to INR 102.61 crore for the Q4 ended March 31 over the same period last year.

Nagarjuna Construction in a filing to the Bombay Stock Exchange said that the total income rose to INR 1,522.71 crore in the January to March quarter from INR 1,098 crore in the same period previous fiscal.

As per the reports the board has proposed a dividend of INR 1.30 per share for the year ended 2009 to 2010.

The reports added that for the year ended March the company has posted a consolidated net profit of INR 286 crore up 54.59 % over the same year ago period.

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Bilcare Net Profit up 24% (Part of Rakesh Jhhunjhunwala Portfolio)

Consolidated Net profit of Bilcare for the quarter ended March 2010 rose by 24% to Rs 35.64 crore on the back of 9% increase in the net sales to Rs 269.23 crore and healthy expansion in margins by 130 bps to 26.4%. Depreciation declined by 3% to Rs 13.04 crore and effective tax rate fell by 60 bps to 25.5%.

On standalone basis, total income from operations increased by 20% to Rs 151.81 crore. Operating profit margins rose by 140 bps to 30.8% lifting operating profit to increase by 25% to Rs 46.78 crore. Interest cost increased by 51% to Rs 8.34 crore and depreciation rose by 17% to Rs 6.20 crore resulting, PBT to increase by 22% to Rs 32.24 crore. Dip in the effective tax rate by 390 bps to 31% led net profit to increase by 29% to Rs 22.25 crore.

Consolidated Quarterly Performance

Total income from operations registered a marginal growth of 9% to Rs 269.23 crore for the quarter ended March 2010. Other operating income rose by 35% to Rs 8.10 crore leading total income from operations to increase by 10% to Rs 277.33 crore. Operating profit margins expanded 130 bps to 26.4% resulting operating profit to increase by 15% to Rs 73.14 crore. Consumption cost as percentage to sales, net of stock adjustment fell by 180 bps to 54% and employee cost decline by 190 bps to 8.8% resulting in the expansion of the margins. On flip side, other expenditure has increased by 150 bps to 10%. Interest cost increased by 12% to Rs 12.23 crore while depreciation decline by 3% to Rs 13.04 crore, respectively. As a result, PBT moved up by 23% to Rs 47.87 crore. Dip in the effective tax rate by 60 bps to 25.5% has led net profit to increase by 24% to Rs 35.64 crore.

Consolidated Yearly Performance

For the year ended March 2010, total income from operation increased by 23% to Rs 1065.47 crore. Operating profit margins expanded 190 bps to 24.4% resulting operating profit to increase by 34% to Rs 259.70 crore. Interest cost increased by 12% to Rs 43.89 crore and depreciation rose by 42% to Rs 53.67 crore resulting, PBT to increase by 38% to Rs 162.14 crore. Dip in the effective tax rate by 130 bps to 27.9% boosted net profit to increase by 41% to Rs 116.87 crore.

Other information

  • The company on 12th January 2010 allotted GDR with 2986341 underlying equity shares of the Face Value of Rs 10 each to Deutsche Bank Trust Company Americas as the Depository.
  • The company on 17th March 2010 allocated 2493484 equity share of Rs 10 each upon conversion of the FCCB's issued at the reset price of Rs 483.28 per share, including premium. Consequently, the paid up equity share capital of the company stands increased to Rs 226878900 divided into 22687890 equity share of Rs 10 each.

Valuation

The scrip is quoting at Rs 500 on BSE. The EPS for the year ended March 2010 is at Rs 51.5 and PE worked out to be 9.7 times.

Bilcare: Consolidated Financial Result


1003(03)0903(03)Var. (%)1003(12)0903(12)Var. (%)
Net Sales269.23246.8291047.48856.0222
Other Operating Income8.106.023517.997.71133
Total income from Operations277.33252.84101065.47863.7323
OPM (%)26.425.1
24.422.5
OP73.1463.4015259.70194.2134
Other income0.000.0000.000.000
PBIDTA73.1463.4015259.70194.2134
Interest12.2310.881243.8939.2512
PBDT60.9152.5216215.81154.9639
Depreciation13.0413.49-353.6737.8442
PBT47.8739.0323162.14117.1238
Tax12.2310.212045.2734.1832
Net Profit35.6428.8224116.8782.9441
EPS62.850.8
51.536.6
* Annualised on current equity Rs 22.69 crore.
Face Value: Rs 10 per share
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit
PL: Profit to Loss
Figures in Rs crore
Source: Capitaline corporate database

Bilcare: Standalone Financial Result

Standalone Financial Result1003(03)0903(03)Var. (%)1003(12)0903(12)Var. (%)
Net Sales145.71121.8620549.65471.3317
Other Operating Income6.105.131914.834.98198
Total income from Operations151.81126.9920564.48476.3119
OPM (%)30.829.4
29.327.5
OP46.7837.3225165.53130.8427
Other income0.000.0000.000.000
PBIDTA46.7837.3225165.53130.8427
Interest8.345.535126.3919.7434
PBDT38.4431.7921139.14111.1025
Depreciation6.205.291726.5618.7841
PBT32.2426.5022112.5892.3222
Tax9.999.26837.3031.6218
Net Profit22.2517.242975.2860.7024
EPS19.630.4
43.717.6
* Annualised on current equity Rs 22.69 crore.
Face Value: Rs 10 per share
Figures in Rs crore
Source: Capitaline corporate database

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Saturday, May 22, 2010

Prime Focus Expands 3D Capabilities Worldwide

Prime Focus, the global visual entertainment services group, announced expansion of its global Stereoscopic 3D (S3D) channel.

The company’s new 65,000 sq.ft world headquarters in Mumbai, which will house seven S3D theaters and over 600 artist seats, along with a complete slate of visual effects, post and production services, is undergoing a few finishing touches.

At its Hollywood studio, efforts will be re-focused exclusively on delivering S3D creative services including 2D-to-3D conversions and S3D editorial & visual effects for entertainment clients in film, television, advertising, and mobile content. To support this expansion, Prime Focus is building out 200 new artist seats, and has upgraded much of its pre-existing post infrastructure (DI suites, Telecine Bays, and Theatres) into S3D-enabled spaces supporting both RealD and Dolby stereo projection. In addition, plans are in progress to build a new 45-seat stereo-enabled screening room.

At Prime Focus London, a 2D-to-3D conversion pipeline has recently been installed, and the company plans to expand into a new space to accommodate an additional 200 visual effects artists.

Namit Malhotra, Global CEO and Founder, Prime Focus said, “All of these efforts are in response to the growing demand from our clients who are clamoring for high-quality S3D content. Our global expansion will give us the capacity to support many more projects simultaneously.”

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Geojit Bnp - Board to consider Dividend

Geojit BNP Paribas Financial Services Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2010, inter alia, to consider and to take on records, the Audited Financial Results of the Company for the year ended March 31, 2010 and to consider recommendation of dividend, if any for the financial year 2009-2010.

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Alphageo India to consider dividend

Alphageo India to consider dividend Board meeting on 28 May 2010 The board meeting of Alphageo India will be held on 28 May 2010 to approve and adopt the audited financial results for the year ended 31 March 2010 and to recommend dividend, if any, on the equity shares of the company for the year ended 31 March 2010.

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To invest Rs 40cr in FY11 for exapnsion: JB Chemicals

JB Chemicals has announced its fourth quarter FY10 results. The company’s revenues are up 6.47% at Rs 170.08 crore. Its net profit is up 118% at Rs 26.97 crore.

In an interview with CNBC-TV18, JB Mody of JB Chemicals, spoke about his outlook for the company post results.

Here is a verbatim transcript of an exclusive interview with JB Mody on CNBC-TV18. Also watch the accompanying video.

Q: How did the quarter look for you because your profits have surged quite a bit. You have reported a close to Rs 30 crore versus Rs 12 crore that you did last quarter last year. On the sales front as well it has not been a bad quarter for you. How has the business shaped up?

A: As far as the first quarter is concerned, it is quite encouraging and we uphold that we will achieve our objective. Our press release, which we released in the first week of May, we hope that as far as our growth factor is concerned, it will remain and we will continue to grow.

Q: You have seen a 21% operating profit margin. Do you think you could hold on to that level and what growth are you talking about? How much of a jump are you expecting in FY11?

A: In FY11 we hope that we will continue to grow. Due to the steps we have taken during 2009-2010, it will definitely give us the reasonable dividend and also the growth. We are investing around Rs 40 crore for modernization and the efficiency in the formulation factory at Kalaiya and Panoli. We are investing in R&D for formulation as well as increase our field force in to the marketing.

Q: What’s the kind of growth you are talking about in FY11 because on a standalone basis your total income has dipped a bit on a consolidated basis? It’s just increased meager 3%. What’s the kind of growth that you are targeting? You have seen a lot of volatility in terms of a foreign exchange. This year it has supported you all because you have done a gain. The previous year there was a loss of about Rs 19 crore. What are you expecting in terms of your hedging policy?

A: As far as the hedging policy is concerned, we have already covered up our sales that we are doing. We have already covered up for 2010 and 2011 also. Not only 2010 and 2011, even from 2011 and 2012 some portions of our sales or 2011 and 2012 also we have powered it up.

Q: Will there be no volatility?

A: There is no, as far as JB Chemicals is concerned we are fully protected as far as volatility is concerned.

Q: Just one word on that Rs 40 crore that you plan to invest. Where would you get the funds from?

A: It is all internal resources.

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Praj Industries to hold board meeting

The board meeting of Praj Industries will be held on 29 May 2010 to consider and approve the audited accounts for the financial year ended 31 March 2010.

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Zen Technologies net profit declines 84.15% in the March 2010 quarter

Net profit of Zen Technologies declined 84.15% to Rs 2.91 crore in the quarter ended March 2010 as against Rs 18.36 crore during the previous quarter ended March 2009. Sales declined 70.44% to Rs 13.95 crore in the quarter ended March 2010 as against Rs 47.19 crore during the previous quarter ended March 2009.

For the audited full year, net profit declined 9.32% to Rs 16.84 crore in the year ended March 2010 as against Rs 18.57 crore during the previous year ended March 2009. Sales declined 17.20% to Rs 52.23 crore in the year ended March 2010 as against Rs 63.08 crore during the previous year ended March 2009.

ParticularsQuarter EndedYear Ended

Mar. 2010Mar. 2009% Var.Mar. 2010Mar. 2009% Var.
Sales13.9547.19 -70 52.2363.08 -17
OPM %24.9545.96 -46 34.1035.40 -4
PBDT3.9821.83 -82 20.3322.50 -10
PBT3.8021.70 -82 19.7421.98 -10
NP2.9118.36 -84 16.8418.57 -9

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Wednesday, May 12, 2010

Srei Infra plans global fund (Part of Rakesh Jhunjhunwala Portfolio)

Kolkata-based Srei Infrastructure Finance is planning to launch a dedicated global fund with a corpus of minimum $500 million.

"We are looking for an international infrastructure fund with a corpus of minimum $500 million," Srei Chairman and Managing Director Hemant Kanoria said today.

Srei Joint Managing Director Saud Siddique said they would look for an anchor investor for the fund, before going ahead with aggressive roadshows. "We hope to take 10-15 per cent in this proposed fund," he said.

Srei had a few domestic infrastructure funds and accumulated assets under management at Rs 800 crore, before the redemption of about Rs 350 crore recently.

Speaking on the company's financial results, Kanoria said that the consolidated net profit for 2009-10 stood at Rs 155.86 crore, nearly 90 per cent over the previous fiscal.

The consolidated turnover was Rs 9,000 crore, of which Rs 6,000 crore was generated by Srei Equipment Finance and rest by parent company Srei Infrastructure.

In 2010-11, the company is aiming for a business of Rs 12,000 crore on a consolidated basis. Srei Infra's standalone net profit was Rs 111.49 crore, as against Rs 50.36 crore registered in 2008-09.

Kanoria said that the company has received five road projects, with equity interest varying from 10 to 49 per cent in respective consortiums. The total cost incurred for building 1,000 km of roads would be Rs 5,000 crore, he added.

Commenting on the proposed merger of Quippo with Srei, Kanoria said the process was on and would take eight-nine months to complete. "The net worth of the company will move up to Rs 2,500 crore from the current Rs 1,200 crore, and it will help us in leveraging to raise funds," he added.

Srei was planning to raise a debt of about Rs 8,000-9,000 crore during the current fiscal to meet its disbursement targets for the year.

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DISCLAIMER

DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.

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