Fw: Investor's Eye: Update - Aditya Birla Nuvo (Bullishness continues), Provogue India (Price target revised to Rs35)

 

 

Investor's Eye [March 26, 2012]  Sharekhan www.sharekhan.com

Summary of Contents STOCK UPDATE Aditya Birla Nuvo Cluster: Apple Green Recommendation: Buy Price target: Rs1,050 Current market price: Rs951 Bullishness continues We continue to like the strong positioning that Aditya Birla Nuvo's businesses enjoy in their respective fields. The company is amongst the top five players in the insurance, asset management, telecommunications (telecom; Idea Cellular-the fastest growing telecom company; the third in ranking) and apparels (Madura Garments with its marquee brands, consistent and resilient growth, and profitable set-up) businesses. Given its presence in diverse businesses, we value Aditya Birla Nuvo on an SOTP basis, assigning a piecemeal value to each of its businesses and then adjusting the same with the company's consolidated debt to arrive at a price target. Thus, our price target for the stock is Rs1,050 and we maintain our Buy rating on the stock. Provogue India Cluster: Ugly Duckling Recommendation: Buy Price target: Rs35 Current market price: Rs16 Price target revised to Rs35 The event - Provogue India shares get re-listed on the exchanges with demerged status Provogue India (Provogue)'s shares that had got temporarily suspended from trading for the demerger process got listed today on the bourses at Rs17 per share.  As per the scheme of demerger every shareholder holding 1 share of Provogue has received 1 share of Prozone Capital Shopping Centers Ltd (PCSCL; face value Rs2). The face value of Provogue shares has got reduced from Rs2 to Rs1. The capital structure for both, Provogue (the demerged entity that got listed today which now only holds the core retail business) and PCSCL (which will hold all the real estate business and assets) has been illustrated below in a table. Shares of PCSCL will get relisted after it files for the same, which may take one to three months. Our fair value for Prozone works out to Rs27 per share. Based on the auditor's statement, Rs207 crore of the net book value of approximately Rs714 crore has been transferred into the demerged entity (PCSCL). Thus the pre acquisition based on this statement works out in a ratio of 29% (207/714) for PCSCL and 71% for Provogue. Post restructuring, our revised target price for Provogue is Rs35; Maintain Buy: Post restructuring Provogue now holds only the core retail assets that include brand sales- Provogue along with export sales, ie those which were part of standalone financials. Thus our standalone financials and estimates for Provogue remain intact. We expect a decline in FY2012 profits while we expect FY2013 to witness strong recovery with a 26% growth in earnings. Valuing branded business and the export business of Provogue with a blended price earning ratio (PER) at 10x FY2013, we arrive at a target price of Rs35 for Provogue. Thus our revised target price for Provogue now stands at Rs35 and we maintain our Buy rating. Click here to read report: Investor's Eye   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a postition in the companies mentioned in the article.

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Fw: MT Educare LTD IPO: Issue Period - 27 Mar 2012 to 29 Mar 2012

 

IPO - MT Educare Limited
	Issue Period 27 Mar 2012 to 29 Mar 2012 Price Band Rs.74 - Rs.80 Lot Size 80 Equity share and multiple of 80 equity shares thereafter Issue Size Rs. 99 Crore IPO Rating 4/5 CRISIL Listing on BSE & NSE Issue allocation QIB - 50% | HNI - 15% | Retail - 35% Issue highlights (source: RHP) Company was incorporated as MT Educare Private Limited on August 19, 2006 at Mumbai as a private limited company under the Companies Act. Company provides coaching services to students in the secondary, higher secondary school and pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations. Company has operations across the states of Maharashtra, Tamil Nadu, Karnataka and Gujarat, through 190 Coaching Centers in 106 locations, as on May 15, 2011. Company also provides management consultancy services to a coaching center in Dubai which includes providing coaching and administrative support services for secondary and higher secondary school curriculum of various education boards. Funds raised via fresh issue by the company will be used for partially financing the cost of construction of a PUC campus in Karnataka (including cost of acquisition of land), establishing new coaching centres at 20 locations and for general corporate purposes. Invest only after referring to final prospectus.
Sharekhan Ltd.: SEBI Regn. Nos. BSE Cash-INB011073351; F&O-INF011073351; NSE - INB/INF231073330; CD - INE231073330; MCX Stock Exchange: CD - INE261073330; United Stock Exchange: CD - INE271073350; DP: NSDL-IN-DP-NSDL-233-2003; CDSL-IN-DP-CDSL-271-2004; PMS INP000000662; Mutual Fund: ARN 20669; Commodity trading through Sharekhan Commodities Pvt. Ltd.: MCX-10080; (MCX/TCM/CORP/0425); NCDEX -00132; (NCDEX/TCM/CORP/0142); NSEL-12790; For any complaints email at igc@sharekhan.com; Disclaimer: Client should read the Risk Disclosure Document issued by SEBI & relevant exchanges and Do's & Don'ts by NCDEX, and the T & C on www.sharekhan.com before investing. Registered Office: Sharekhan Limited, 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai - 400 042, Maharashtra. Tel: 022 - 61150000.Disclaimer: Investments in equity is subject to market risks. You are advised to carefully read the red herring prospectus of the company go through all the Risk Factors mentioned in the offer document issued by the fore investing. The investment as mentioned in the document may not be suitable for all investors. Investors may take their own decisions based on their specific investment objectives and financial position and using such independent advisors, as they believe necessary.

Fw: Pre-Open IPO Session

 

Dear Customer, We write to inform you that pursuant to circulars CIR/MRD/DP/21/2010 dated July 15, 2010 and CIR/MRD/DP/32/2010 dated September 17, 2010 with respect to introduction of Call Auctions in Pre Open session, market timings for Equity, Futures & Option were changed from 9:00am to 9:15am. Taking the above into consideration and via circulars CIR/MRD/DP/ 01/2012 and CIR/MRD/DP/ 02/2012dated January 20, 2012 the Exchange has now decided to extend the Call Auction mechanism to IPO's (New and Relisted Scrips) on the first day of trading /re-commencement. Important things to know; What is Call Auction in Pre Open session for IPOs (New listing) and Re-listed Scrips? It is basically a mechanism to determine the Opening Price based on aggregated supply and demand for the underlying on the first day of trading/ re-commencement of trading. What are the timings for the Call Auction Pre Open session for IPOs (New listing) and Re-listed Scrips? The session would commence for 60 minutes between 9:00am and 10.00 am out of which order placement in the Pre Open session would be allowed for the first 45 minutes only. The rest of the time would be utilized for exchange related functions as illustrated in the indicative schedule mentioned below. Please Click here for detailed indicative schedule. Kindly feel free to contact our customer service department at 1800-22-7500 /39707500 or write us at myaccount@sharekhan.com in case of queries. Alternatively you could also get in touch with your nearest Sharekhan Branch Regards Team Sharekhan Registered Office: Sharekhan Limited, 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai – 400 042, Maharashtra. Tel: 022 - 61150000. Sharekhan Ltd.: SEBI Regn. Nos. BSE Cash-INB011073351; F&O-INF011073351; NSE - INB/INF231073330; CD - INE231073330; MCX Stock Exchange: CD - INE261073330; United Stock Exchange: CD - INE271073350; DP: NSDL-IN-DP-NSDL-233-2003; CDSL-IN-DP-CDSL-271-2004; PMS INP000000662; Mutual Fund: ARN 20669. Commodity trading through Sharekhan Commodities Pvt. Ltd.: MCX-10080; (MCX/TCM/CORP/0425); NCDEX -00132; (NCDEX/TCM/CORP/0142); for any complaints email at igc@sharekhan.com ; Disclaimer: Client should read the Risk Disclosure Document issued by SEBI & relevant exchanges and Do's & Don'ts by NCDEX, and the T & C on www.sharekhan.com before investing

Fw: FD schemes from Housing Finance companies

 

 

Attractive FD schemes from Top Performing Housing Finance Companies with  sound track record.

 

Company Name	Min. Amount	Rate of Interest (%)							Additional Interest	Rating
		1 Year	400 Days	15 Months	20 Months	2 Years	33 Months	3 Years
DHFL AASHRAY Deposit - 400 Days	10000	-	10.75	-	-	-	-	-	0.50% additional for senior citizens	CARE (AA+) FD BWR FAAA
HDFC Ltd - Platinum Deposits	20000	-	-	10	-	-	10	-	0.25% additional for senior citizens	FAAA (CRISIL) MAAA (ICRA)
Gruh Finance	2000	9.50	-		-	9.75	-	10	0.25% additional for senior citizens	MAA+ (ICRA) FAA+ (CRISIL)
ICICI Home Finance	10000	9.25	-	9.50	9.50	-	-	-	0.25% additional for senior citizens	AAA(FD) CARE MAAA(ICRA)
LIC Housing Finance	10000	9.00	-	-	-	9.25	-	9.50	0.10% (upto Rs.50000/-) & 0.25% (Rs.51000/-& above) additional for senior citizens	FAAA (CRISIL)
PNB Housing Finance	20000	9.50	-	-	-	9.50	-	9.75	0.50% additional for senior citizens	FAA+ (CRISIL)

  

For further informations and application forms, kindly contact your nearest branch of Integrated.

 

For list of branches, please visit www.integratedindia.in

Regards,
Integrated Enterprises (India) Ltd., 

 

Future dividend and stock splits

Symbol	Company Name	Ex-Date	Purpose
KSBPUMPS	KSB Pumps Limited	26-MAR-2012	ANNUAL GENERAL MEETING AND DIVIDEND RS.3/- PER SHARE
SBBJ	State Bank of Bikaner and Jaipur	26-MAR-2012	INTERIM DIVIDEND RS.14.50 PER SHARE (PURPOSE REVISED)
MADRASCEM	Madras Cements Limited	27-MAR-2012	INTERIM DIVIDEND RS.2/- PER SHARE (PURPOSE REVISED)
MINDACORP	Minda Corporation Limited	27-MAR-2012	BONUS 1:1
MYSOREBANK	State Bank of Mysore	27-MAR-2012	INTERIM DIVIDEND RS.10/- PER SHARE (PURPOSE REVISED)
RAMCOIND	Ramco Industries Limited	27-MAR-2012	INTERIM DIVIDEND RE.0.90 PER SHARE (PURPOSE REVISED)
MERCK	Merck Limited	27-MAR-2012	ANNUAL GENERAL MEETING
GLAXO	GlaxoSmithKline Pharmaceuticals Limited	29-MAR-2012	DIVIDEND RS.45/- PER SHARE
FAGBEARING	FAG Bearings India Limited	29-MAR-2012	FINAL DIVIDEND RS.5/- PER SHARE AND SPECIAL DIVIDEND RS.5/- PER SHARE
CROMPGREAV	Crompton Greaves Limited	29-MAR-2012	3RD INTERIM DIVIDEND
SBT	State Bank of Travancore	29-MAR-2012	INTERIM DIVIDEND RS.16/- PER SHARE (PURPOSE REVISED)
OIL	Oil India Limited	29-MAR-2012	BONUS 3:2
PATNI	Patni Computer Systems Limited	29-MAR-2012	ANNUAL GENERAL MEETING
OPTOCIRCUI	Opto Circuits (India) Limited	29-MAR-2012	BONUS 3:10
HEXAWARE	Hexaware Technologies Limited	29-MAR-2012	FINAL DIVIDEND-RS.1.50 PER SHARE
CASTROL	Castrol India Limited	30-MAR-2012	FINAL DIVIDEND RS.8/- PER SHARE (PURPOSE REVISED)
GDL	Gateway Distriparks Limited	03-APR-2012	INTERIM DIVIDEND
TELEDATAGL	Teledata Informatics Limited	03-APR-2012	ANNUAL GENERAL MEETING
UNIPHOS	United Phosphorus Limited	03-APR-2012	INTERIM DIVIDEND
HONAUT	Honeywell Automation India Limited	03-APR-2012	DIVIDEND - RS.10/- PER SHARE
SKFINDIA	SKF India Limited	04-APR-2012	ANNUAL GENERAL MEETING/DIVIDEND RS 7.50 PER SHARE
AVENTIS	Aventis Pharma Limited	10-APR-2012	ANNUAL GENERAL MEETING AND DIVIDEND RS.29/- PER SHARE
CLNINDIA	Clariant Chemicals (India) Limited	12-APR-2012	DIVIDEND - RS.30/- PER SHARE
INEABS	INEOS ABS (India) Limited	12-APR-2012	DIVIDEND-RS.4/- PER SHARE
BLUEDART	Blue Dart Express Limited	13-APR-2012	ANNUAL GENERAL MEETING AND DIVIDEND RS.2/- PER SHARE
RAINCOM	Rain Commodities Limited	16-APR-2012	ANNUAL GENERAL MEETING AND DIVIDEND - RS.1.10 PER SHARE
VESUVIUS	Vesuvius India Limited	17-APR-2012	DIVIDEND RS 4.25 PER SHARE
GPPL	Gujarat Pipavav Port Limited	20-APR-2012	ANNUAL GENERAL MEETING
ESABINDIA	Esab India Limited	24-APR-2012	ANNUAL GENERAL MEETING
ITDCEM	ITD Cementation India Limited	25-APR-2012	ANNUAL GENERAL MEETING AND DIVIDEND RS.2/- PER SHARE
RANBAXY	Ranbaxy Laboratories Limited	26-APR-2012	ANNUAL GENERAL MEETING
ABB	ABB Limited	02-MAY-2012	ANNUAL GENERAL MEETING AND DIVIDEND RS.3/- PER SHARE
ABBOTINDIA	Abbott India Limited	04-MAY-2012	ANNUAL GENERAL MEETING AND DIVIDEND RS.17/- PER SHARE
BOC	BOC India Limited	04-MAY-2012	ANNUAL GENERAL MEETING AND DIVIDEND RS.1.50 PER SHARE
BOSCHLTD	Bosch Limited	11-MAY-2012	DIVIDEND-RS.50 PER SHARE
DICIND	DIC India Limited	17-MAY-2012	DIVIDEND - RS.4/- PER SHARE

Source :NseIndia.com

Fw: Investor's Eye: Update - Banking (RBI caps LTV for gold loans - Negative for Mannapuram and Muthoot), Telecommunications (Bharti upping its ante; while Idea continues to shine)

 

 

Investor's Eye [March 22, 2012]  Sharekhan www.sharekhan.com

Summary of Contents SECTOR UPDATE Banking     RBI caps LTV for gold loans - Negative for Mannapuram and Muthoot   The Reserve Bank of India (RBI) has capped the amount of loan any non banking financial company (NBFC) can lend against gold at 60% of the value (loan to value). The tier I capital adequacy ratio (CAR) has also been raised from 10% to 12% with effect from April 2014. Further, the RBI has restricted NBFCs from lending against gold coins/primary gold or bullion. These regulations will reduce the leverage and lower the net interest margins (NIM) and return on equity (ROE). This is a big negative for listed players like Muthoot Finance, Mannapuram Finance, IIFL etc (not under our coverage).   Telecommunications      Bharti upping its ante; while Idea continues to shine   In February 2012 the GSM operators across India (excluding Reliance Communications [RCom] and Tata Telecommunications [Tata Tele]) added 8.8 million sim cards, taking the overall base to approximately 656.8 million. That is an increase of approximately 1.35% over the January 2012 base. On the net additions front, February's net additions (of about 8.8 million) were 4% higher than that reported in the previous month. Industry's monthly net additions improve from the recent lows On a reasonably higher base of 648.1 million subscribers, the GSM industry (excluding RCom and Tata Tele) added 8.8 million sims, This is positive, given that in the last couple of quarters, sim additions had drifted to fairly low levels. The additions were as low as 6.5 million sims during the August-September 2011 period.  Bharti upping its ante, adds 1.82 million subscribers Player wise, the highlight for the month is the strong 40% month-on-month increase in net additions for Bharti Airtel (Bharti), ie from 1.3 million subscribers in January to 1.82 million subscribers in the month under review (February 2012). This robust addition seen in the last two months (1.3 million in January [+36% MoM]; 1.82 million in February [+40% MoM]) is the result of aggressive market gain strategy adopted by the company. We believe that Bharti would continue to gain market share and take its monthly sim addition rate to an average of approximately 2 million in the next two- three months. Idea continues to shine; records highest net additions For the month under review Idea Cellular (Idea) continued its subscriber leadership trend by adding 2.58 million subscribers (+47.8% MoM). Idea is consistently outperforming its peers in terms of subscriber as well as revenue market share. Vodafone net additions remain muted; while Uninor still remains tall Vodafone has continued to go slow on its subscriber addition strategy. For the month it added 0.84 million subscribers (-2% on an M-o-M basis), while amongst the new entrants, Uninor still remains strong. For the month under review it added 2.3 million subscribers, which is marginally lower (-6%) than what it added in January 2012 (2.5 million subscribers). Supreme Court decision on quashing 122 new licenses to benefit incumbents  Uninor continued with its strong net addition momentum even in the month of February. It is one of the most serious players with it being operational in all the 22 circles. The Supreme Court recently gave a verdict whereby all of Uninor's 22 licenses would be quashed with they having been termed illegal. Apart from Uninor some of the other new players have also been impacted in terms of their licenses getting cancelled. The court ordered the Telecom Regulatory Authority of India to conduct an auction of the spectrum. We believe that some of the new players will leave the system, thereby posing way for natural consolidation which is likely to benefit the incumbents. Etisalat & STel have already decided to shut their operations. One will have to wait and watch Uninor's strategy and its India plans; its decision will be key for the incumbent players. Click here to read report: Investor's Eye Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a postition in the companies mentioned in the article.

Regards, The Sharekhan Research Team myaccount@sharekhan.com Manage your newsletter subscriptions