Tuesday, 31 March 2015


Investors bought more shares of Indian Oil Corporation (IOC) on Tuesday on hopes of reporting healthy profit in the quarter ended March 2015. The stock climbed nearly 6 percent intraday. 

IOC will not have any inventory losses in the March quarter hopeful of the company making a ‘healthy’ profit this quarter as expects under recoveries (shortfall due to selling below market rates) to reduce to Rs 3000 crore in the March quarter from Rs 15,500 crore in Q1FY15.

The likely profitability of oil marketing companies is largely due to fall in crude oil prices in the international markets. Brent crude oil prices corrected more than 50 percent in last nine months. 

Particularly petrol, but not a lot. expects the company’s interest costs to fall by Rs 1500-2000 crore annually. At 11:35 hours IST, the scrip of Indian Oil Corporation was quoting at Rs 372.70, up Rs 18.40, or 5.19 percent. Other oil marketing companies also gained;  Hindustan Petroleum Corporation climbed 2.84 percent to Rs 645.50 and  Bharat Petroleum Corporation jumped 3.76 percent to Rs 798.30 on the Bombay Stock Exchange.

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We are bullish on the telecom space. We have been bullish for sometime but given the fact that there was this event of auctions, the stocks had not performed. So, now that event has passed us, Idea Cellular in particular has now renewal of licenses for most of its areas for the next 20 years. So, they have passed that big regulatory hurdle which we had seen.

There has been excess bidding but if I look at a 20 years scenario probably that excess bidding is okay; it should not hurt them too much now. Given the fact that we are seeing Idea increasing its average revenue per user (ARPU), increasing its market share and the data story is doing very well; it is very well positioned to capture the upsides for next 20 years now.

"So, Idea Cellular is one stock which we like very well and it also qualifies under the asset heavy industries definition. So, to that extent I can see a lot more clarity in their earnings as we go forward. Today if we get about 15 percent earnings growth for next two to three years, then those are the areas which we should be in."

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Shares of Reliance Industries (RIL) rallied more than 2 percent in early trade Tuesday. Brokerage house Morgan Stanley has upgraded the stock to overweight from underweight and raised target price from Rs 922 to Rs 1,062 per share.

According to the report, with around 70 percent of USD 40 billion capex for F14-18e now behind, profits are finally set for a three-year CAGR of more than 15 percent.

Our deep analysis suggests that RIL’s four downstream projects would add more than 50 percent to EBITDA at USD 70 a barrel oil. The project commissioning starts Q4FY16. Even on a stressed crude oil price of USD 40/barrel, we estimate projects to add USD 2.2 billion or more than 37 percent to current EBITDA.

Recently the telecom spectrum auction concluded, wherein Reliance Jio Infocomm (a subsidiary of Reliance Industries) acquired spectrum in the 800MHz and 1800MHz bands. It also acquired the right to use spectrum in 13 key circles across India.

"Lower interconnect charges have improved short-term EBITDA margins by 10 percent. Rational bidding in auctions has made spectrum costs cheaper than its peers".

Case study of China Mobile suggests an improved ecosystem for 4G. Customers could get 5-10 times speeds from Reliance Jio at handset pricing of below USD 100. At 09:52 hours IST, the scrip of Reliance Industries was quoting at Rs 826.25, up Rs 15.90, or 1.96 percent on the BSE. 

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Monday, 30 March 2015


Shares of BHEL and Crompton Greaves rallied more than 2 percent intraday Monday on getting orders from Telangana Government and Power Grid , respectively. Ahluwalia Contracts (up 9.4 percent intraday), Transformers & Rectifiers (up 19.2 percent) and Centum Electronics (up 7.8 percent) too saw buying interest on big orders.

State-run power equipment maker BHEL has received an EPC order for setting up a 4x270 MW thermal power plant in the state from Telangana state utility, Telangana State Power Generation Corporation. The contract is valued at over Rs 5,000 crore.

Significantly, the project is targeted to be commissioned in 24 months on fast track basis, said the company in its filing to the exchange. "TSGENCO has also entered into an MoU with BHEL for construction of new thermal power plants totaling 6,000 MW in the state. All these power plants are expected to commence generation within the next three years to meet the state's increasing demand for power," it added.

Meanwhile, Crompton Greaves, the leader in management and application of electrical energy, has bagged an order worth Rs 115 crore from central transmission utility Power Grid Corporation for supply of power equipment.

Transformer maker Transformers and Rectifiers India has received the third party export order amounting to Rs 440 crore. With this order, the company's current order book stood around Rs 800 crore.

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The country's third largest IT exporter has reshuffled its top management in BFSI business that will be split between 2 leaders.

Wipro's new BFSI heads will report to global head of BFSI, Shaji Farooq while Angan Guha will head Wipro’s North America, Australia, India, ME & EM business.

Shailendra Singh will oversee Wipro’s Rest Of The World operations. Shailendra currently heads South Africa division of Wipro. Reshuffle came after erstwhile head Rajan Kohli was moved to digital business."Reshuffle will be effective from April 1 and will further improve competitiveness. It will better serve the needs of global client footprint.

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Saturday, 28 March 2015


DLF Ltd has informed BSE that the Board met on March 26, 2015 to place on record its appreciation on retirement of Mr. T.C. Goyal, Managing Director of the Company, from the services of the Company. He shall cease to be the Managing Director of the Company with effect from close of business hours on March 31, 2015 upon completion of his term, as was approved by the shareholders of the Company at the extra-ordinary general meeting held on April 04, 2013.He has also resigned as Director of the Company with effect from the close of business hours on March 31, 2015, which has been noted and accepted by the Board of Directors of the Company in its meeting held March 26, 2015.Source

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On March 27, 2015 Amansa Holdings Private Limited sold 10,461,056 shares of City Union Bank at Rs 99.99 on the NSE. 

However, Small Cap World FND INC bought 8,254,568 of City Union Bank at Rs 99.96 on the NSE. 

On Friday, City Union Bank closed at Rs 95.55, down Re 0.20, or 0.21 percent. 

The share touched its 52-week high Rs 102.60 and 52-week low Rs 52.85 on 4 M0arch, 2015 and 07 April, 2014, respectively.

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Friday, 27 March 2015


Technology stocks saw buying interest on hopes of better earnings in the quarter ended March 2015 after unlisted rival Accenture raised its outlook for the current calendar year 2015. IT majors  TCS and  Infosys surged 2-4 percent intraday Friday.

Accenture reported fiscal Q215 revenues of USD 7.49 billion, above its guided range of USD 7.15-7.4 billion (adjusted for currency) and also above the USD 7.36 billion street estimate. The company raised its full-year net revenue growth guidance to 8-10 percent Y-o-Y in local currency (against its previous 5-8 percent Y-o-Y guidance).

Consulting net revenue was USD 3.84 billion, up 4 percent year-on-year and 11 percent in constant currency terms while outsourcing net revenue was USD 3.65 billion, an increase of 6 percent year-on-year and up 13 percent in constant currency terms. Operating margins grew 30 basis points Y-o-Y at 13.6 percent.

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State-owned Power Grid Corp will make investments worth over Rs 2,000 crore for execution of various projects including creating transmission network in the national capital in the next 2-3 years.

"Board of Power Grid Corporation has approved investments of Rs 2,066.45 crore for executing transmission projects across the country in the next 2-3 years," Power Grid said in a regulatory filing to the stock exchange.

These projects include creation of sub-stations in Delhi at an estimated cost of Rs 1,394.52 crore, to be commissioned in 26 months from the date of investment.

It also gave approval to building sub-station extension work associated with the Eastern region at an estimated cost of Rs 71.35 crore to be commissioned in the next 24 months. Sub-station works associated with Hyderabad and Solapur (Maharashtra) were also approved by the Board at Rs 550.06 crore and Rs 50.52 crore, respectively.

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Global telecommunications services provider Bharti Airtel Thursday said that it has acquired 111.6 MHz of prime spectrum across 900 MHz, 1800 MHz and 2100 MHz bands for a total consideration of Rs 29,130 crores in the just-concluded spectrum auction conducted by the government. 

Of this, Rs 17,618 crore has been spent on the renewal of existing spectrum while the balance Rs 11,512 crore has been spent on procuring new spectrum. The company’s spectrum acquisition strategy is aimed at enhancing its leadership position in the fast growing data segment in the country. The auction results are subject to the outcome of the decision by the Supreme Court.

The company said it has successfully renewed all its spectrum holdings in the 900 Mhz band in Andhra Pradesh, Karnataka, Punjab, Himachal Pradesh, Rajasthan and North East circles. It has also acquired additional spectrum in the 900 Mhz band in key leadership circles of Karnataka, Andhra Pradesh, Punjab, Himachal Pradesh, North East, Assam, Bihar and Orissa.

“We have secured a 20-year roadmap and have a strong platform to lead the Digital India story. However, the auction design and the scarcity of spectrum have resulted in exorbitant bids to secure the spectrum, particularly in renewal circles, where huge investments have already been made on the assurance of a continuity of business enshrined in the licenses issued by the DoT,” said Gopal Vittal, MD & CEO – India & South Asia, Bharti Airtel.

Bharti Airtel has also acquired 1800 MHz spectrum across Punjab, Andhra Pradesh, Kolkata, Orissa, Haryana and North East. The Company has added to its spectrum holding in the 2100 MHz band by acquiring fresh spectrum in Gujarat, Maharashtra, Orissa, Uttar Pradesh (East), Madhya Pradesh, Haryana and Tamil Nadu circles. 

“Post the latest spectrum acquisition, Bharti Airtel’s spectrum mix will give it unmatched reach in the mobile data segment across 3G and 4G with a pan India footprint,” the company said. 

On March 27, 2015, at 10:35 hrs Bharti Airtel was quoting at Rs 394.00, down Rs 4.7, or 1.18 percent. The 52-week high of the share was Rs 419.90 and the 52-week low was Rs 299.80.

The company's trailing 12-month (TTM) EPS was at Rs 28.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 13.77. The latest book value of the company is Rs 166.93 per share. At current value, the price-to-book value of the company is 2.36.

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Thursday, 26 March 2015


Shares of  Bharti Airtel gained more than 2 percent intraday Thursday after the end of spectrum auction. While India mobile spectrum auctions have concluded (although results are awaited), Bharti Airtel continues to see market share gains with improving execution on the ground.

Bharti has only 34 percent of revenues up for renewal and significant wins from previous auction shield it from risks and this auction has largely ended renewals. The telecom operator has highest spectrum amongst peers. 

Improving voice business, data boom and superior spectrum footprint, will drive 14 percent EBITDA and 19 percent earnings CAGR for Bharti over FY15-18.

Bharti Airtel’s India operations are seeing improved execution under, CEO Gopal Vittal with the latest monthly subscriber additions, at 3 million, hitting a four-year high taking the total subscribers to 223 million. Bharti’s latest subscriber addition is 85 percent higher than last 12-months average and significantly ahead of forecast of around 1.25 million monthly additions over FY16-18CL.

Over the past two years, under the new CEO, Bharti has also seen revenue market-share gain of 60 basis points to 31 percent. Bharti’s leading share at 31 percent is 8 percentage point higher than Vodafone and 13 percentage point higher than Idea Cellular. 

Further Bharti share gains have been led by C circles where it controls a dominant 43 percent of revenues followed by Vodafone at under 14 percent. On an all-India basis led by Bharti the top three operators control a high 72 percent of sector revenues which increase by 90 bps in latest quarter alone. 

"The on-going consolidation of sector revenues with top operators also adds upside potential to our Bharti India forecast growth of 15 percent EBITDA CAGR over FY15-18CL." 

"Also in Africa operations (around 18 percent of consolidated EBITDA) Bharti has sold 12,500 of around 15,000 towers aggregating to USD 2.6 billion which will lead to lower capex and losses in the region, it added. 

At 11:37 hours IST, the scrip of Bharti Airtel was quoting at Rs 400.20, up Rs 5.35, or 1.35 percent on the BSE.

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TVS Motor Company gained more than 1 percent intraday Thursday. Experts Goldman Sachs reiterated its conviction list-buy with target price of Rs 345, implying 34 percent upside after Tamil Nadu government has withdrawn the input VAT credit reversal on inter-state sales of goods. 

On March 25, the Tamil Nadu government announced in its budget the withdrawal of the input VAT credit reversal of 3 percent on inter-state sales of goods, which it had introduced in November 2013. Pending this clarification, TVS Motor has been providing a provision for this credit reversal in its P&L, with an amount of Rs 16 crore in Q3FY15 which impacted EBITDA margins by 60 basis points. 

Goldman Sachs believes this state government budget clarification will help remove some of the investor concerns around TVS's EBITDA margins remaining low at 5.9 percent during 9MFY15 (against 5.8 percent in 9MFY14) despite strong volumes (27 percent Y-o-Y) and revenue (32 percent Y-o-Y) growth. 

Adjusting for the 3 percent input tax credit would imply effective normalised EBITDA margins for 9MFY15 at 6.5 percent (70 bps expansion Y-o-Y) assuming a provision of Rs 42 crore as clarified by company management during its Q3FY15 earnings call.

Goldman estimates normalised EBITDA margins to expand by 100 bps in Q1FY16 over Q3FY15 assuming 30-40 bps benefit from its tax efficient plant at Nalagarh in Himachal Pradesh post the hike in excise duty from January 1 2015 and 60 bps expansion from the reversal of the input tax credit. 

"We view this announcement as a key event in supporting assumption of TVS Motor’s EBITDA margin expanding to 10.1 percent by FY18E from 6 percent in FY14 driven by strong volume growth with multiple product launches, market share gains and exposure to fast growing scooters; and operating leverage and mix improvement," further said the brokerage. 

According to the report, key risks are weakening demand, price wars and failure of launches. 

At 09:52 hours IST, the scrip of TVS Motor Company was quoting at Rs 262, up Rs 2.90, or 1.12 percent on the BSE.

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According to Experts CNX Banks Index to decline 15 percent as it is showing a bearish pattern. 

The index is down around 9 percent since the beginning of this month, and has been among the worst performers in the recent market downtrend. 

“After essentially meeting the 21,441-22,574 upside target zone projected from the 2010-2014 trading range the CNX Banks index has formed a bearish price/momentum divergence and a potential double top pattern.”

“A break below the 10 February low at 18,226 would trigger the cited top and imply a downside target of 15,985, a 15% correction.” 

According to experts, both SBI and Bank of Baroda have broken down from their eight month topping patterns. 

 " ICICI Bank on the private banks side has also recently broken down supporting a downside target of Rs256-260 in the coming week.

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Wednesday, 25 March 2015


The market continued to fall for the sixth consecutive session today. The Sensex fell 49.89 points to 28111.83 while the Nifty lost 12.15 points to 8530.80 ahead of expiry of March derivative contracts. 

The broader markets underperformed benchmarks; the BSE Midcap and Smallcap indices slipped 0.5 percent and 0.7 percent, respectively. 

Capital goods, power, oil, PSU banks and HDFC group stocks were under pressure. NTPC, GAIL, Larsen & Toubro, Coal India, SBI, PNB and NMDC dropped 2-4 percent while ICICI Bank, Wipro, Tata Motors, Sun Pharma, Sesa Sterlite, HCL Tech, DLF and Cairn India gained 1.5-4 percent.

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Wednesday, 4 March 2015


Eicher Motors stock is trading down about 1 percent. Indeed, Volvo has sold 4.7 percent share in Eicher Motors. Volvo sold 12.80 lakh shares at a price of Rs 15111-15300 per share. Volvo raised 1900 crore by selling the shares. For this at NSE, BSE there were 3 great deals. Already Volvo has 8.4 percent stake of Eicher Motors.

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Tuesday, 3 March 2015


FIIs (Foreign Institutional Investors) in cash on Monday done Rs 424.79 crore buying. On Monday FIIs in F & O procured Rs 3056.39 crore. FIIs on Monday in index futures procured Rs 850.98 crore. FIIs done buying of Rs 2473.99 crore on Monday in index options.

on Monday FIIs sold in stock futures of Rs 295.01 crore. FIIs in stock options done buying of Rs 26.43 crore on Monday. DIIs (domestic institutional investor) in cash on Monday procured Rs 180.35 crore.

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