Lok Sabha polls India's 1st twitter elections: Rishi Jaitly

The buzzing social media network that allows only 140 characters per tweet is practically the world's town square, says Twitter India hear, Rishi Jaitly.

Speaking to CNBC-TV18, Jaitly says India witnessed its first Twitter elections this year.

"Our biggest contribution in this space, first of all television, it was very difficult to watch television coverage during the election and not feel the impact of Twitter. Twitter is now the second screen for TV in India," he adds.

Also read: Modi most mentioned politician in 2014 poll-related tweets

And this couldnt be farther from truth. There were more than 58 million tweets on the Indian election this year. BJP leaders like Sushma Swaraj and Mukhtar Abbas Naqvi chose Twitter to express dissent with the party, while Prime Minister Narendra Modi used the micro blogging site to announce his victory.

Below is the edited transcript of the interview.

Q: Let me start by asking you this, that from verifying celebrity accounts to dodging political curve balls describe to me a day in Rishi Jaitly's life?

A: I wake up and I check Twitter. My day is full of evangelizing this service, that is Tweeting across partners, whether you are in the media business, the mobile business, entrepreneurs, brands and others and the day of course ends with Twitter. Before I go to bed I am usually checking Twitter, tweeting back to people.

Q: Is it difficult, you follow about 900 accounts?

A: I have vowed that I will not follow more than 1000 people. So, if you follow me on Twitter you see that I am always hovering in the 990s.

Q: Unlike your larger social networking rivals you have entered India just two years ago. You are now competing with the likes of Facebook and Google in this very fierce competitive advertising space and you are the managing director and your role is to basically turn India into Twitters largest market. How are you planning to do that?

A: I researched the history of Twitter in India. Lot of people talk about the 26/11 attacks in Mumbai as one of the first times they heard of Twitter. You can still find tweets of people tweeting from Colaba saying I am trapped at the Inox theatre, what is happening? All the way through the protests in Delhi in 2012, India's victory in the World Cup in 2011, the state elections last year, IPL, this Lok Sabha election, what we are trying to do is drive growth. So, what we are doing is immersing ourselves in India's media business. We are working with television broadcasters, public figures, news organizations, political parties, government agencies, cricket federations, cricketers and helping everybody in the audience business understand that Twitter can be your mobile microphone. It can be your way to connect with in real time your fans and your audiences.

Q: Talking about the general elections what according to you are the top three things that would not have happened if there was no Twitter?

A: It is safe to say this was a Twitter election. It was India's first Twitter election. Our biggest contribution in this space, first of all television, it was very difficult to watch television coverage during the election and not feel the impact of Twitter. Twitter is now the second screen for TV in India. It is indispensible when you are watching TV to have Twitter open, so, whether it was Arnab Goswami reading tweets on air, Rajdeep Sardesai saying #AskRajdeep, Rahul Kanwal hosting a Twitter debate show every Friday night at 9 pm or Barkha Dutt on Counting day saying tweet to us and we will give you the election results, things like that. Twitter SMS, both Narendra Modi and the Congress party used Twitter SMS. You could actually dial a phone number and leave a missed call and you would receive their tweets via SMS.

So, we made Twitter more accessible and then finally news broke on Twitter. We all know that first thing Narendra Modi did was tweet then sought his mothers blessings. When we was deciding where to contest from the first thing he did was tweet. We now see him engaging in diplomacy with world leaders. Tweeting with Prime Ministers and Presidents. So, those are some of our contributions.

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Week ahead: RBI monetary policy, monsoon key

The Week Ahead: Starting with the latest update on monsoons as per Indian Institute of Tropical Meteorology (IITM), the monsoon will reach the Kerala coast by June 3. Rainfall will be confined to the West coast, North-East India and Gangetic West Bengal till June 15 and finally reaching the northern most part of India by June 20.

We have HSBC India Manufacturing PMI on Monday (April reading  51.3) and on Wednesday we have both the HSBC India Services PMI (April reading 48.5) and HSBC India Composite PMI (April reading 49.5).

The key event, however, would be the RBI Credit Policy Review on Tuesday. I believe that RBI would maintain the status quo as far as repo rates are concerned and would also not temper with liquidity parameters as the over-night rates in the recent past have indicated ample liquidity in the system.

Other reasons apart, RBI may pursue with the hawkish policy also because of 60 percent probability of El Nino striking India this monsoon season which, when it struck India last time in 2009, led to an increase of some 2.5 percent in inflation parameters.

Nevertheless, the tone and language of the RBI Governor Rajan is to be keenly watched in a sense, that due to recent change in the government which has its agenda skewed towards growth, how does Rajan wish to pursue his agenda on controlling inflation as his primary priority and balance his views between his priority of controlling inflation and the newly elected governments' priority of growth.

As far as the markets are concerned, I believe they have bottomed out and we may see a fair chance of markets moving up in the week ahead. There is a huge interest within the FII community for India after Modi getting elected as the leader – India being termed  now as part of "Fabulous Five" instead of being in "Fragile Five" just a month back. Second, although the budget, expected sometime in July, is a key trigger, but I believe we would keep on hearing upon reformist announcements and policies continuously especially with the 100-day agenda of Modi government.

The other key event for the week would be Thursday's meeting of ECB in which there are high expectations that Draghi would cut the interest rates as well as resort to some sort of broad based asset buying, the QE, a hint of which he has been throwing around in the recent past.

Such expectations from ECB have also increased because of the success of far right parties in the recently concluded European parliamentary elections and Draghi would like to act before the elected members of the far right parties start exerting their influence.

Other key marking moving global events are: China – Sunday: Chinese Manufacturing PMI; Tuesday: China HSBC Manufacturing PMI / U.S. - Monday: ISM Manufacturing PMI; Wednesday – ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI; Friday – Nonfarm Payrolls, Unemployment Rate.

Aviral Gupta, Investment Strategist, Mynte Advisors)

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RBI to keep rates unchanged in its June 3 policy: Poll

The GDP numbers for last year were as bad as expected but will they move the inflation-hunting RBI governor Raghuram Rajan to give a rate cut.

Rajan will formally roll out his red carpet for the new Modi government as he announces the Credit Policy on June 3. Expectations are that the governor may keep it simple this time.

Also Read: RBI rate decision key for shares

A CNBC-TV18 poll of bankers and economists show that 90 percent of bankers and economists expect RBI to keep repo rate unchanged at 8 percent and only 10 percent expect a 25 basis points cut. However, the market is divided over the future policy changes.

While 50 percent expect RBI to hold rates for the rest of the year, 20 percent see a hike and another 30 percent a rate cut before the year ends.

On growth, the Street is in consensus with RBI's FY15 guidance of 5-6 percent. Eighty percent of the bankers and economists expect GDP growth at 5-5.5 percent, while the remaining 20 percent see it between 5 percent and 6 percent.

On inflation, the market is in line with RBI's glide path of 8 percent by March 2015. Again, 80 percent of those polled see CPI inflation at 8 percent or below and the remaining 20 percent expect it to be above 8 percent.

While only 50 percent expect RBI to sound hawkish in the policy, the other half see the central bank to strike a neutral tone. But the market is all ears for any indication of RBI softening its hawkish stance and its position on inflation targeting.

V Srinivasan, ED, Axis Bank , said Budget will be the key event as it will show how exactly the new government is approaching the finances in the fiscal deficit situation. 

"Clearly, I would think the externals sector situation is broadly under control. We need to see how the government looks at finances and because there is a question in terms of when the capex cycle is going to start, who is going to kick start it and what role will the government play. Post this, you can take a call in terms of exactly what will happen to interest rates," he said.

Srinivasan thinks interest rates will stay stable for the next quarter or so.

Soumya Kanti Ghosh, Chief Economic Advisor, SBI , doesn't see a softening in the policy rates this year. 

"Our hope is RBI will very minutely watch movements in rainfall pattern. It has already indicated that CPI numbers could head down because of possibility from the base effect. That has been taken into consideration. If economic growth picks up, there are possibilities that there is a little softening of the rates at the mandi market. But as such we don't see a change in policy rates this year, " he said. 

Jayesh Mehta, MD & Treasurer, BoFA-ML India, too doesn't expect much change from the April 1 policy.

"I think the governor's theme on inflation will remain, that's the priority at this juncture. Though we don't expect hawkishness or rate hikes. there is some probable built-in expectation that it might be a little bit more dovish than April 1. Maybe after Budget, the August 1 policy could be more dovish. The June policy will be a non-event," he added. 

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Cadila recalls over 10K bottles of anti-allergy drug in US

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

Cadila Healthcare is recalling over 10,000 bottles of an anti-allergy drug in the US because of a mix-up in tablets.

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

The recall is due to the "presence of atenolol 25 mg tablet mixed into promethazine 25 mg tablet bottles," the FDA said. The nationwide recall was initiated on May 8. The 25-mg tablets in 100-count bottles were manufactured by Cadila Healthcare and distributed in the US market by Zydus Pharmaceuticals, it added.

The withdrawal was classified as a Class-II recall, which the FDA defines as "a situation in which use of or exposure to a violative product may cause temporary or medically
reversible adverse health consequences or where the probability of serious adverse health consequences is remote."

Comments from Cadila Healthcare could not immediately be obtained.

Cadila Healthcare shares today closed at Rs 931.40 on the BSE, up 0.37 per cent.

Cadila Health stock price

On May 12, 2014, Cadila Healthcare closed at Rs 1000.25, up Rs 7.80, or 0.79 percent. The 52-week high of the share was Rs 1079.00 and the 52-week low was Rs 631.00.

The company's trailing 12-month (TTM) EPS was at Rs 43.13 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 23.19. The latest book value of the company is Rs 186.33 per share. At current value, the price-to-book value of the company is 5.37.

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Reduce Page Industries; target of Rs 5770: Dolat Capital

Dolat Capital is bearish on Page Industries and has recommended reduce rating on the stock with a target of Rs 5770 in its May 30, 2014 research report.

Dolat Capital`s research report on  Page Industries  

"Page Industries, Net Sales at Rs 2.78bn up 33.4 percent YoY (Dolat est. Rs 2.9bn). EBITDA at Rs 559mn (est of Rs 548mn) was up 52 percent YoY as EBITDA margins expanded by 246bps YoY to 20 percent (est. of 19 percent). Gross margin expanded by 135bps YoY to 52.3 percent. PBT at Rs 546mn was up 58 percent YoY (est of Rs 590mn). Net profit grew by 48.8 percent YoY to Rs 351mn (Dolat est of Rs 408mn). Volume growth for the quarter stood at 16.4 percent. Volume growth in Men segment was at 9.4 percent, Women segment grew by 29.1 percent while Leisure wear growth stood at 20.5 percent. Management has guided for a 15 percent overall volume growth for FY15. Leisure wer has been witnessing a strong growth as offers a huge potential. The company currently sells leisure wear product mainly through EBOs and few retail stores. Distribution expansion in leisure wear would drive growth of the segment. The market is very crowded but the size is higher than innerwear. Realisation improved by 15 percent YoY to Rs 124.6/pc. Men realization grew by 13.9 percent YoY and 5.3 percent QoQ led by mix improvement and price increase taken in Jan 2014. Women segment realization increased by just 8.3 percent QoQ and down 1.1 percent YoY. Leisure wear realization increased by 26.6 percent YoY and down 4.5 percent QoQ, the company has been introducing several products in this segment."

"The company plans to increase its capacity to 190m pcs (up 13 percent YoY) by end of FY15. This would entail an investment of Rs 4-5bn. We believe Page Industries strong distribution reach and Jockey brand provides company a strong platform to introduce new products. Its strong franchise ensures a sustained growth of 25 percent over the next 3-5years. We estimate a 28 percent CAGR in revenue and PAT for the company during FY14-16E. At CMP, the stock trades at 34x FY15E EPS of Rs 178.9 and 26.6x FY16E EPS of Rs 230.8. While we continue to like the company from the long term perspective, given the high valuation we recommendation Reduce," says Dolat Capital research report.  

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Accumulate Cipla; target of Rs 420: PLilladher

Prabhudas Lilladher is bullish on Cipla and has recommended accumulate rating on the stock with a target of Rs 420 in its May 30, 2014 research report.

Prabhudas Lilladher`s research report on Cipla

"Cipla's net sales of Rs24.2bn and PAT of Rs2.6bn were in line with our estimates of sales at Rs24.5bn and PAT at2.8bn in Q4FY14. EBITDA margin was at 16.3 percent vs our estimate of 16.8 percent in Q4FY14. While exports grew at 32 percent with 63 percent contribution to sales, higher contributions of ARV drugs have resulted in lower operating margin of the company in Q4FY14. Domestic formulations gained traction with 19 percent YoY growth, while export formulations grew by 31 percent and export of APIs grew by 37 percent in Q4FY14. In FY14, Cipla's sales grew at 21 percent YoY with 15 percent growth in core business while 7 percent growth accrued from acquisition of Medpro in South Africa."

"Management guided launches of 15‐20 product in US and combination inhalers in EU in the next 12‐15 months. In initial 8‐10 months, the US may see launches of few back‐ended approvals and partnership drugs, while major generic opportunities and Cipla's own products are expected to be launched in the later period. The management expects key combination inhalers (generic substitutable) to be launched in EU in H2FY15. We believe that Cipla expects approvals in key markets such as Germany and UK which could provide them opportunity in market of size over US$1billion. With management guidance of 24‐30 months for Medpro acquisition to be accretive, we believe that Cipla's net income in FY15 to be impacted by a combination of higher contributions of ARV drugs and net loss in Medpro. The company however guided for mid‐teen growth in sales and maintainable EBITDA margin at 21 percent (including other operating income) in FY15E. While weak visibility is likely to impact valuation in short term, we expect launch of inhalers in EU in H2FY15 may boost sales and headline margins. We maintain 'Accumulate' and retain TP at Rs420," says Prabhudas Lilladher research report.

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Accumulate Coal India; target of Rs 418: PLilladher

Prabhudas Lilladher is bullish on Coal India and has recommended accumulate rating on the stock with a target of Rs 418 in its May 29, 2014 research report.

Prabhudas Lilladher`s research report on Coal India

"Adjusted for one-time provision of Rs8.8bn in relation to dues in dispute with NTPC, Coal India (CIL) reported PAT ahead of our expectation. Despte sharp run-up in the stock price during last three months, we continue to maintain our positive stance on the stock given its structural play on reforms to be undertaken by new government towards augmenting the production and off-take. The reforms under consideration include allowing CIL to set up its own dedicated rail network, exclusive window for time-bound clearance of CIL projects, setting up committee having balanced representation from state as well central level authorities to expedite the large coal evacuation rail projects. Given this backdrop, we reiterate our Accumulate rating with TP of Rs418, EV/EBITDA of 7x FY16E."

"Despite flat volumes and steep rise of 70 percent in OBR adjustment, total cost/t (adjusted for one‐time provision) rose meagre 1.7 percent YoY to Rs1081 (PLe: Rs1088) due to 6 percent fall in employee cost. On the similar lines, cash cost (excl. provision and OBR adj)/t rose hardly 0.5 percent YoY to Rs961, significantly lower than our estimate of Rs1017. EBITDA fell 2.2 percent YoY to Rs59.8bn, ahead of our expectation of Rs57.1bn. CIL reported other income well ahead of our estimate due to write back of prior year provision/liabilities. However, this was partially negated by higher than expected tax rate at 35.8 percent against our expecation of 33 percent. PAT before exceptional items grew 7 percent YoY to Rs50bn (PLe:Rs47bn). Accumulate Coal India with a target of Rs 418," says Prabhudas Lilladher research report.  

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Sell Hindalco Industries; target of Rs 108: ICICIdirect

ICICIdirect.com is bearish on Hindalco Industries and has recommended sell rating on the stock with a target of Rs 108 in its May 30, 2014 research report.

ICICIdirect.com`s research report on  Hindalco Industries  

"Hindalco Industries reported robust metal production in Q4FY14 with copper cathodes production coming in at 96 KT while aluminium metal production came in at 175 KT and alumina at 465 KT. The aluminium metal production includes production from new facilities, which were commissioned during the quarter. The EBITDA margins, however, came in subdued at 10.0 percent. The PAT came in lower on account of an increase in depreciation & interest expense due to commissioning of new facilities and exceptional item amounting to Rs 396 for the quarter."

"Hindalco is a metal major with business interests in copper smelting & aluminium manufacturing domestically. It is also a leading aluminium converter globally through subsidiary Novelis. On the domestic aluminium business front, the company is undergoing an ambitious capacity expansion wherein its aluminium (primary metal) production capacity will increase from 560 KT currently to 1278 KT by FY15E. With trial runs & commissioning at an advanced stage, we expect domestic aluminium metal production to grow at 16.6 percent CAGR in FY14-16E. The company has commissioned the Mahan aluminium smelter (capacity 359 KT, 900 MW) with first metal tapped in Q1FY14 and is ramping up the same for commercial production. The company has also tapped first metal at its Aditya smelter (capacity 359 KT, 900 MW). However, commercial production from this smelter is expected only in H2FY15. To feed the abovementioned smelters, Hindalco has also commissioned its Utkal alumina refinery (capacity 1.5 MTPA) and is ramping up the same."

"The company has received stage-2 forest clearance for its Mahan coal block subject to certain conditions. The next important step would be signing of liming lease with the state government and subsequent mine development, which is likely to take ~18-24 months. However, high debt on its books (gross debt FY14: Rs 63348 crore) continues to weigh on the valuation front (core business quoting at 7.7x FY16E EV/EBITDA). Given the capex guidance by the company for FY15E we expect debt to remain at elevated levels with possible reduction from FY16E onwards. We have valued the company on an SOTP basis, thereby arriving at a target price of Rs 108. We maintain our SELL rating to the stock," says ICICIdirect.com research report.

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Exit Infosys, prefer Tech Mahindra, TCS: Rajesh Agarwal

Rajesh Agarwal of Eastern Financiers is of the view that one may sell Infosys and prefers Tech Mahindra or Tata Consultancy Services.

Rajesh Agarwal of Eastern Financiers told CNBC-TV18, "There might be some bounce back in Infosys  in the next one-two days due to the fact that lot of fall has been witnessed today. But as far as the stock is concerned I am not very positive on this because despite the fact that the industry outlook is turning positive, we have seen lot of people leaving this company. Then we have to look at who the new CEO would be because BG Srinivas was the contender for CEO post."

"It is better to be in other stocks like Tech Mahindra  or Tata Consultancy Services  (TCS) for the medium term, but for the short-term don't wait for one-two days, it is better to get out of Infosys," he said.

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Siddharth Bhamre positive on Dr Reddys Labs, Cipla

Siddharth Bhamre of Angel Broking has a positive view on Dr Reddys Laboratories and Cipla.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "We like Dr Reddy's Laboratories  from Rs 2340- 2350 levels. Cipla  around the current levels is not a bad buy. These are two names which I am closely tracking on where we have a positive bias."

On May 29, 2014 Dr Reddys Laboratories closed at Rs 2,377.70, up Rs 31.05, or 1.32 percent. It has touched an intraday high of Rs 2,399 and an intraday low of Rs 2,341.25.

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Buy ICICI Bank, advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking recommends buying ICICI Bank. "In an uptrend when corrections happen because of long unwinding and formation of short positions, these dips are meant to be bought into," he adds.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "I would be a buyer in ICICI Bank . People might be sensing that it might be a break down but it is just a consolidation. ICICI Bank has done remarkably well, we are seeing lot of long positions which are standing there. Any correction which has happened in between, which is not very significant has happened mainly because of long unwinding."

"In an uptrend when corrections happen because of long unwinding and now because formation of short positions, these dips are meant to be bought into. So, we won't short ICICI Bank either," he added.

On May 29, 2014 ICICI Bank closed at Rs 1,437.85, down Rs 18.30, or 1.26 percent. It has touched an intraday high of Rs 1,468 and an intraday low of Rs 1,427.10.

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Buy Tata Global on dips: Rajesh Agarwal

Rajesh Agarwal of Eastern Financiers is of the view that one may buy Tata Global Beverage on dips.

Rajesh Agarwal of Eastern Financiers told CNBC-TV18, " Tata Global Beverage 's earnings look disappointing, the bottomline was down by about 27-28 percent. But the earnings went down due to restructuring, brand building and one time expenses. So going forward the company is going to take care of this and the numbers are going to be good. The valuations are pretty good at Rs 9500 crore market cap and the company is sitting on investment of around Rs 2000 crore."

He further added, "When we compare the valuation with other peer group companies in the FMCG space, the valuations are pretty cheap considering the fact that a large part of revenue comes from international market. Not only in India the company has footsteps in various other countries, the tie-up with Starbucks and PepsiCo is going to give good results."

"All in all Tata Global is a good long-term bet. If someone is ready to hold this stock for may be two years down the line I won't be surprised if they get more than 40-50 percent returns. I would say any dip in the stock will be an opportunity to buy."

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Narmada Gelatin standalone Mar '14 sales at Rs 33.01 crore

May 28, 2014, 06.25 PM IST | Source: Moneycontrol.com Narmada Gelatines has reported a sales standalone turnover of Rs 33.01 crore and a net profit of Rs 4.07 crore for the quarter ended Mar '14 Like this story, share it with millions of investors on M3 Narmada Gelatin standalone Mar '14 sales at Rs 33.01 crore Narmada Gelatines has reported a sales standalone turnover of Rs 33.01 crore and a net profit of Rs 4.07 crore for the quarter ended Mar '14 Narmada Gelatines has reported a standalone sales turnover of Rs 33.01 crore and a net profit of Rs 4.07 crore for the quarter ended Mar '14. Other income for the quarter was Rs 0.99 crore. For the quarter ended Mar 2013 the standalone sales turnover was Rs 30.46 crore and net profit was Rs 4.67 crore, and other income Rs 0.40 crore. and has given -100.00% returns over the last 6 months and -100.00% over the last 12 months. Narmada Gelatines Standalone Quarterly Results -------- in Rs. Cr. -------- Mar '14 Dec '13 Sep '13 Sales Turnover 33.01 36.32 30.36 Other Income 0.99 0.41 0.40 Total Income 34.00 36.73 30.76 Total Expenses 27.44 29.15 24.80 Operating Profit 5.57 7.17 5.56 Profit On Sale Of Assets -- -- -- Profit On Sale Of Investments -- -- -- Gain/Loss On Foreign Exchange -- -- -- VRS Adjustment -- -- -- Other Extraordinary Income/Expenses -- -- -- Total Extraordinary Income/Expenses -- -- -- Tax On Extraordinary Items -- -- -- Net Extra Ordinary Income/Expenses -- -- -- Gross Profit 6.56 7.58 5.96 Interest 0.03 0.01 0.01 PBDT 6.53 7.57 5.95 Depreciation 0.46 0.49 0.48 Depreciation On Revaluation Of Assets -- -- -- PBT 6.07 7.08 5.47 Tax 2.00 2.37 1.92 Net Profit 4.07 4.71 3.55 Prior Years Income/Expenses -- -- -- Depreciation for Previous Years Written Back/ Provided -- -- -- Dividend -- -- -- Dividend Tax -- -- -- Dividend (%) -- -- -- Earnings Per Share 10.10 11.69 8.81 Book Value -- -- -- Equity 4.03 4.03 4.03 Reserves -- -- -- Face Value 10.00 10.00 10.00 Source : Dion Global Solutions Limited

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Tuticorin Alkal standalone Mar '14 sales at Rs 17.26 crore

May 28, 2014, 06.26 PM IST | Source: Moneycontrol.com

Tuticorin Alkali Chemicals and Fertilizers has reported a standalone sales turnover of Rs 17.26 crore and a net loss of Rs 1.64 crore for the quarter ended Mar '14

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Tuticorin Alkal standalone Mar '14 sales at Rs 17.26 crore

Tuticorin Alkali Chemicals and Fertilizers has reported a standalone sales turnover of Rs 17.26 crore and a net loss of Rs 1.64 crore for the quarter ended Mar '14

Tuticorin Alkali Chemicals and Fertilizers has reported a standalone sales turnover of Rs 17.26 crore and a net loss of Rs 1.64 crore for the quarter ended Mar '14. Other income for the quarter was Rs 0.79 crore. For the quarter ended Mar 2013 the standalone sales turnover was Rs 42.11 crore and net loss was Rs 3.42 crore, and other income Rs 1.15 crore. Tuticorin Alkal shares closed at 3.05 on May 27, 2014 (BSE) and has given 49.51% returns over the last 6 months and -5.86% over the last 12 months.

Tuticorin Alkali Chemicals and Fertilizers Standalone Quarterly Results -------- in Rs. Cr. --------

Mar '14 Dec '13 Sep '13 Sales Turnover 17.26 8.45 -- Other Income 0.79 0.33 0.05 Total Income 18.05 8.78 0.05 Total Expenses 16.39 19.18 4.47 Operating Profit 0.87 -10.73 -4.47 Profit On Sale Of Assets -- -- -- Profit On Sale Of Investments -- -- -- Gain/Loss On Foreign Exchange -- -- -- VRS Adjustment -- -- -- Other Extraordinary Income/Expenses -- -- -- Total Extraordinary Income/Expenses -- -- -- Tax On Extraordinary Items -- -- -- Net Extra Ordinary Income/Expenses -- -- -- Gross Profit 1.66 -10.40 -4.42 Interest 2.72 2.51 2.15 PBDT -1.06 -12.91 -6.57 Depreciation 0.58 1.13 1.13 Depreciation On Revaluation Of Assets -- -- -- PBT -1.64 -14.04 -7.70 Tax -- -- -- Net Profit -1.64 -14.04 -7.70 Prior Years Income/Expenses -- -- -- Depreciation for Previous Years Written Back/ Provided -- -- -- Dividend -- -- -- Dividend Tax -- -- -- Dividend (%) -- -- -- Earnings Per Share -- -- -- Book Value -- -- -- Equity 14.83 14.83 14.83 Reserves -- -- -- Face Value 10.00 10.00 10.00 Source : Dion Global Solutions Limited

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Nothing can hold back mkt optimism for 5-10 years: HDFC Sec

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Tree House standalone Mar '14 sales at Rs 35.75 crore

May 28, 2014, 06.26 PM IST | Source: Moneycontrol.com

Tree House Education and Accessories has reported a standalone sales turnover of Rs 35.75 crore and a net profit of Rs 8.04 crore for the quarter ended Mar '14

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Tree House standalone Mar '14 sales at Rs 35.75 crore

Tree House Education and Accessories has reported a standalone sales turnover of Rs 35.75 crore and a net profit of Rs 8.04 crore for the quarter ended Mar '14

Tree House Education and Accessories has reported a standalone sales turnover of Rs 35.75 crore and a net profit of Rs 8.04 crore for the quarter ended Mar '14. Tree House shares closed at 339.90 on May 27, 2014 (NSE) and has given 39.62% returns over the last 6 months and 28.87% over the last 12 months.

Tree House Education and Accessories Standalone Quarterly Results -------- in Rs. Cr. --------

Mar '14 Dec '13 Sep '13 Sales Turnover 35.75 39.73 41.29 Other Income -- 0.01 0.21 Total Income 35.75 39.74 41.50 Total Expenses 16.77 15.20 18.36 Operating Profit 18.98 24.53 22.93 Profit On Sale Of Assets -- -- -- Profit On Sale Of Investments -- -- -- Gain/Loss On Foreign Exchange -- -- -- VRS Adjustment -- -- -- Other Extraordinary Income/Expenses -- -- -- Total Extraordinary Income/Expenses -- -- -- Tax On Extraordinary Items -- -- -- Net Extra Ordinary Income/Expenses -- -- -- Gross Profit 18.98 24.54 23.14 Interest 2.52 1.96 1.47 PBDT 16.46 22.58 21.67 Depreciation 4.42 4.45 4.27 Depreciation On Revaluation Of Assets -- -- -- PBT 12.04 18.13 17.40 Tax 4.00 6.03 5.93 Net Profit 8.04 12.10 11.47 Prior Years Income/Expenses -- -- -- Depreciation for Previous Years Written Back/ Provided -- -- -- Dividend -- -- -- Dividend Tax -- -- -- Dividend (%) -- -- -- Earnings Per Share 2.16 3.26 3.12 Book Value -- -- -- Equity 37.17 37.12 36.72 Reserves -- -- -- Face Value 10.00 10.00 10.00 Source : Dion Global Solutions Limited

video of the day

Nothing can hold back mkt optimism for 5-10 years: HDFC Sec

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Upsurge Invest standalone Mar '14 sales at Rs 2.60 crore

May 28, 2014, 06.26 PM IST | Source: Moneycontrol.com Upsurge Investment and Finance has reported a standalone sales turnover of Rs 2.60 crore and a net loss of Rs 0.46 crore for the quarter ended Mar '14 Like this story, share it with millions of investors on M3 Upsurge Invest standalone Mar '14 sales at Rs 2.60 crore Upsurge Investment and Finance has reported a standalone sales turnover of Rs 2.60 crore and a net loss of Rs 0.46 crore for the quarter ended Mar '14 Upsurge Investment and Finance has reported a standalone sales turnover of Rs 2.60 crore and a net loss of Rs 0.46 crore for the quarter ended Mar '14. For the quarter ended Mar 2013 the standalone sales turnover was Rs 8.62 crore and net loss was Rs 0.32 crore. Upsurge Invest shares closed at 23.50 on May 27, 2014 (BSE) and has given 52.10% returns over the last 6 months and -54.01% over the last 12 months. Upsurge Investment and Finance Standalone Quarterly Results -------- in Rs. Cr. -------- Mar '14 Dec '13 Sep '13 Sales Turnover 2.60 2.78 2.70 Other Income -- -- -- Total Income 2.60 2.78 2.70 Total Expenses 3.06 2.12 2.39 Operating Profit -0.46 0.66 0.31 Profit On Sale Of Assets -- -- -- Profit On Sale Of Investments -- -- -- Gain/Loss On Foreign Exchange -- -- -- VRS Adjustment -- -- -- Other Extraordinary Income/Expenses -- -- -- Total Extraordinary Income/Expenses -- -- -- Tax On Extraordinary Items -- -- -- Net Extra Ordinary Income/Expenses -- -- -- Gross Profit -0.46 0.66 0.31 Interest -- -- -- PBDT -0.45 0.67 0.31 Depreciation 0.01 0.01 0.01 Depreciation On Revaluation Of Assets -- -- -- PBT -0.46 0.66 0.30 Tax -- 0.08 -- Net Profit -0.46 0.58 0.30 Prior Years Income/Expenses -- -- -- Depreciation for Previous Years Written Back/ Provided -- -- -- Dividend -- -- -- Dividend Tax -- -- -- Dividend (%) -- -- -- Earnings Per Share -- 0.38 0.20 Book Value -- -- -- Equity 15.15 15.15 15.15 Reserves -- -- -- Face Value 10.00 10.00 10.00 Source : Dion Global Solutions Limited

video of the day Nothing can hold back mkt optimism for 5-10 years: HDFC Sec

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Sonia, Rahul to attend Narendra Modi's swearing-in ceremony

Modi along with his Cabinet ministers will sworn in at 6 PM on May 26 and about 3,000 people are expected to be present in the Rashtrapati Bhawan forecourt for the ceremony.

Congress President Sonia Gandhi and party Vice President Rahul Gandhi will attend Prime Minister-designate Narendra Modi's swearing-in ceremony on Monday. The ceremony will take place at Rashtrapati Bhawan on May 26 at 6 PM.

Sonia had earlier sent a letter to Modi congratulating him for scripting the stunning victory of BJP-led NDA on May 20 just hours after he was elected the BJP Parliamentary Party leader, paving the way for him to become the first non-Congress Prime Minister of India whose party had secured majority on its own in the Lok Sabha.

Modi along with his Cabinet ministers will sworn in at 6 PM on May 26 and about 3,000 people are expected to be present in the Rashtrapati Bhawan forecourt for the ceremony.

Outgoing Prime Minister Manmohan Singh and some of his Cabinet colleagues are also attending the oath-taking which will mark the end of 10 years of Congress-led United Progressive Alliance rule at the Centre.

Meanwhile, leaders of all the eight neighbouring countries invited for the swearing-in ceremony have confirmed their participation.

Narendra Modi-led BJP-NDA won 335 seats in the 543-member Lok Sabha in the recent elections.

Sonia is also the Chairperson of the Congress-led UPA while Rahul had led the party in the Lok Sabha elections.

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Reduce SBI; target of Rs 2805: Dolat Capital

Dolat Capital is bearish on State Bank of India (SBI) and has recommended reduce rating on the stock with a target of Rs 2805 in its May 23, 2014 research report.

Dolat Capital`s research report on SBI

"SBI delivered better than expected profitability and asset quality performance. Fresh NPL formations reduced QoQ, while the additions to restructured loans increased. The sharp improvement in NPL recoveries and upgrade aided in bringing down the gross NPLs, which declined QoQ both in absolute amounts as well as on  percent basis. The bank's fresh NL formations at Rs 79.5bn was noticeably lower QoQ. The slippages were mostly concentrated in the mid corporate segment. NPLs in the large corporate and the SME segments was significantly lower QoQ. Overall delinquency rates (including restructured loans) was lower QoQ at 5 percent and the total stressed asset portfolio also saw an improvement to 8.4 percent v/s 9.1 percent in Q3FY14. The management indicated a pipeline of Rs 37bn for restructuring under CDR. The bank sold loans worth Rs 36bn to asset reconstruction companies. The management has indicated that the banks intends to write-off and sell loans to ARCs on a consistent basis rather than in the last quarter. The asset quality in SME, retail and agriculture segment is under control and the management believes that they have to be watchful on the mid corporate segment. Coverage ratio also saw an improvement QoQ to 63 percent. NIM at 3.17 percent was almost stable QoQ, with domestic NIM at 3.49 percent."

"The bank has shown a sharp improvement in asset quality this quarter, aided by both lower slippages and also improved recoveries and upgradations. We believe that the pace of slippages should trend downwards over the next few quarters, howvere; the pace of decline is unlikely to be as sharp. Also it would be difficult for the bank to match the recoveries performance over the short term (couple of quarters). We remain positive on the stock, we believe the stock can re-rate further if the bank is able to show consistency in NPL recoveries and the pace of slippages reduces meaningfully. However, given the sharp upmoves in the price over the past couple of days, the potential upside has got reduced; hence we have to assign a Reduce rating with SOTP based target price of Rs 2805," says Dolat Capital research report. 

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Shazia Ilmi's reasons for quitting AAP

Aam Aadmi Party leader Shazia Ilmi quit the party on Saturday and blamed it on lack of democracy within the party. "There is no internal democracy in the party. AAP did not follow swaraj in the party itself. There is no collective decision making in the party," she said.

Also Read: Capt Gopinath quits AAP, hits out at Kejriwal

Here is the full text of her letter:

After much thought and deliberation I have decided to give up my membership of the Aam Aadm Party (AAP) and resign from all positions within the party.

This is a difficult decision for me and I continue to believe that AAP could have done a lot to change the political discourse for the better in the country. A lot of the mistakes that the party has made can be excused by the fact that it is a new party committed to a corruption-free India.

But my decision to leave the party is triggered by the lack of inner-party Democracy, specially from a party that constantly talks of Swaraj.

I deny whisper campaigns that my resignation has to do with being fielded from Ghaziabad- I wouldn't have valiantly fought from a seat I didn't personally opt for.

Cronyism: We fight against cronyism but we have a crony clique who runs the party and take impulsive decisions which we learn about later. I find it amazing that we cannot follow the principles of Swaraj within our own party When a brilliant person like Arvind, who espoused the concept of Swaraj, of collective decision making is unable to follow it personally within the party, then doesn't it become incumbent to point out the same?

The perpetuation of sensationalism: Granted it may have helped us make our point initially but continue to use it as a norm defeats the exercise of trust reposed in us by the publia are naming some corporate houses and politicians continuously enough? The country has gone through trauma. We played a great role in galvanizing public opinion. Even converting it into political party. But when we became a political party, it needed to evolve and not just assume the garb of agitation.

I would rather now agitate against this for the sake of the party.

Arvind has shot the messenger. For the last 4 years I fought like an obedient soldier for the movement and later the party for political transformation in India. However, now I have been systematically marginalised because I offer a voice of dissent and constructive criticism.

I still have the greatest respect for Arvind and the selfless volunteers who are the backbone of the party.

One strongly believes that instead of wasting our collective energy in this bail-jail imbroglio Arvind should actually be spending time with cadres, candidates, volunteers, critics et al. I felt it incumbent to communicate to you all.

The failure of AAP would be the failure of the one most significant experiments in Indian democracy. I hope my leaving the party would usher in the new era of openness, introspection and transparency within the decision making processes.

I will continue my fight against corruption, crime against women and social inequity in the realm of public service.

My best wishes are with AAP and all its endeavours,

JAI HIND

Shazia Ilmi

20.07 | 0 komentar | Read More

WEATHER FORECAST FOR MAJOR INDIAN CITIES ON SUNDAY

According to the latest weather update by Skymet Meteorology Division in India, Day temperature in Delhi will drop marginally due to partly cloudy sky. The weather in Kolkata will become comfortable as there are chances of rain. Bangalore could witness light rain in some areas. Hyderabad and Chennai will also be very hot and humid for the next 24 hours. Here is the weather forecast for major Indian cities on Sunday:

Cities Maximum Temperature Minimum Temperature Conditions Delhi 39°C 26°C Morning hours to remain pleasant. Day will be relatively less warm. Sky will remain partly cloudy. Mumbai 33°C 26°C Morning and evening hours will continue to be pleasant. Day will be relatively less warm. Sky will remain mainly clear. Kolkata 32°C 28°C Sky will be partly cloudy. Rain or thunderstorm will bring down maximum significantly. Chennai 41°C 29°C Thundery activity could take place in some areas of the city. Sky will be cloudy with chances of light rain. Bangalore 36°C 24°C Morning will be pleasant but day will be warm and humid. There are chances of thundery build up. Light rain may occur in some areas. Hyderabad 42°C 28°C A hot afternoon amid rising temperatures. Sky will remain partly cloudy. 

 By: Skymetweather.com

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Hold Jyothy Labs; target of Rs 188: ICICIdirect

ICICIdirect.com has recommended a hold rating on Jyothy Laboratories with a target price of Rs 188 per share in its May 23, 2014 research report.

ICICIdirect.com`s research report on Jyothy Laboratories

"Jyothy Laboratories reported higher-than-expected revenue growth of 21.2 percent YoY to Rs 329.9 crore (I-direct estimate: Rs 311.4 crore) with volume growth of ~15 percent during the quarter. Margins, however, declined ~240 bps YoY to 10 percent on the back of higher employee cost and marketing expenses. In spite of lower margins, PAT posted robust growth of ~147 percent YoY to Rs 29.2 crore following savings in interest cost of ~Rs 13 crore."

"Leveraging on its strong brand equity of Ujala (fabric whitener & detergents) Jyothy Laboratories (JLL) diversified from a single brand and single product into a multiproduct company. Having built strong brands of its own until FY11, Maxo (mosquito repellent) and Exo (dishwash), JLL extended its footprint to the FMCG market through acquisition of Henkel India in FY12. The acquisition added to the company's kitty with brands like Henko, Mr. White, Chek, Pril, Margo, Neem and Fa. The acquisition also provided the company with a larger geographical presence (north & east India) against JLL's dominant presence largely in south India. Post Henkel's acquisition, JLL has carved out six 'Power' brands (Ujala, Henko, Maxo, Pril, Exo and Margo) for itself, which would be the key focus points for the company to drive innovation and revenues, going ahead. We believe that led by the company's clear strategy for its brands, strong innovation pipeline, re-launch of existing brands and an able management team at helm, JLL's revenues would continue to grow at a healthy pace of 15.2 percent CAGR (FY13-16E)."

"We believe that though earnings growth would remain strong at 32.7 percent CAGR in FY13-16E, growth in operating margins is limited. Further, with JLL's presence in highly competitive segments where market leaders are already leading a tough fight, we remain cautious on JLL's ability to transform the stagnating segments (whitener, soaps and detergents) and translate it into a strong performance. We value the stock at 20x FY16E (~10 percent discount to historical two-year forward multiple of 22x) arriving at a target price of Rs 188 and maintain a HOLD rating," says ICICIdirect.com research report.  

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Sonia, Rahul to attend Narendra Modi's swearing-in ceremony

Modi along with his Cabinet ministers will sworn in at 6 PM on May 26 and about 3,000 people are expected to be present in the Rashtrapati Bhawan forecourt for the ceremony.

Congress President Sonia Gandhi and party Vice President Rahul Gandhi will attend Prime Minister-designate Narendra Modi's swearing-in ceremony on Monday. The ceremony will take place at Rashtrapati Bhawan on May 26 at 6 PM.

Sonia had earlier sent a letter to Modi congratulating him for scripting the stunning victory of BJP-led NDA on May 20 just hours after he was elected the BJP Parliamentary Party leader, paving the way for him to become the first non-Congress Prime Minister of India whose party had secured majority on its own in the Lok Sabha.

Modi along with his Cabinet ministers will sworn in at 6 PM on May 26 and about 3,000 people are expected to be present in the Rashtrapati Bhawan forecourt for the ceremony.

Outgoing Prime Minister Manmohan Singh and some of his Cabinet colleagues are also attending the oath-taking which will mark the end of 10 years of Congress-led United Progressive Alliance rule at the Centre.

Meanwhile, leaders of all the eight neighbouring countries invited for the swearing-in ceremony have confirmed their participation.

Narendra Modi-led BJP-NDA won 335 seats in the 543-member Lok Sabha in the recent elections.

Sonia is also the Chairperson of the Congress-led UPA while Rahul had led the party in the Lok Sabha elections.

20.07 | 0 komentar | Read More

Reduce SBI; target of Rs 2805: Dolat Capital

Dolat Capital is bearish on State Bank of India (SBI) and has recommended reduce rating on the stock with a target of Rs 2805 in its May 23, 2014 research report.

Dolat Capital`s research report on SBI

"SBI delivered better than expected profitability and asset quality performance. Fresh NPL formations reduced QoQ, while the additions to restructured loans increased. The sharp improvement in NPL recoveries and upgrade aided in bringing down the gross NPLs, which declined QoQ both in absolute amounts as well as on  percent basis. The bank's fresh NL formations at Rs 79.5bn was noticeably lower QoQ. The slippages were mostly concentrated in the mid corporate segment. NPLs in the large corporate and the SME segments was significantly lower QoQ. Overall delinquency rates (including restructured loans) was lower QoQ at 5 percent and the total stressed asset portfolio also saw an improvement to 8.4 percent v/s 9.1 percent in Q3FY14. The management indicated a pipeline of Rs 37bn for restructuring under CDR. The bank sold loans worth Rs 36bn to asset reconstruction companies. The management has indicated that the banks intends to write-off and sell loans to ARCs on a consistent basis rather than in the last quarter. The asset quality in SME, retail and agriculture segment is under control and the management believes that they have to be watchful on the mid corporate segment. Coverage ratio also saw an improvement QoQ to 63 percent. NIM at 3.17 percent was almost stable QoQ, with domestic NIM at 3.49 percent."

"The bank has shown a sharp improvement in asset quality this quarter, aided by both lower slippages and also improved recoveries and upgradations. We believe that the pace of slippages should trend downwards over the next few quarters, howvere; the pace of decline is unlikely to be as sharp. Also it would be difficult for the bank to match the recoveries performance over the short term (couple of quarters). We remain positive on the stock, we believe the stock can re-rate further if the bank is able to show consistency in NPL recoveries and the pace of slippages reduces meaningfully. However, given the sharp upmoves in the price over the past couple of days, the potential upside has got reduced; hence we have to assign a Reduce rating with SOTP based target price of Rs 2805," says Dolat Capital research report. 

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

20.07 | 0 komentar | Read More

Shazia Ilmi's reasons for quitting AAP

Aam Aadmi Party leader Shazia Ilmi quit the party on Saturday and blamed it on lack of democracy within the party. "There is no internal democracy in the party. AAP did not follow swaraj in the party itself. There is no collective decision making in the party," she said.

Also Read: Capt Gopinath quits AAP, hits out at Kejriwal

Here is the full text of her letter:

After much thought and deliberation I have decided to give up my membership of the Aam Aadm Party (AAP) and resign from all positions within the party.

This is a difficult decision for me and I continue to believe that AAP could have done a lot to change the political discourse for the better in the country. A lot of the mistakes that the party has made can be excused by the fact that it is a new party committed to a corruption-free India.

But my decision to leave the party is triggered by the lack of inner-party Democracy, specially from a party that constantly talks of Swaraj.

I deny whisper campaigns that my resignation has to do with being fielded from Ghaziabad- I wouldn't have valiantly fought from a seat I didn't personally opt for.

Cronyism: We fight against cronyism but we have a crony clique who runs the party and take impulsive decisions which we learn about later. I find it amazing that we cannot follow the principles of Swaraj within our own party When a brilliant person like Arvind, who espoused the concept of Swaraj, of collective decision making is unable to follow it personally within the party, then doesn't it become incumbent to point out the same?

The perpetuation of sensationalism: Granted it may have helped us make our point initially but continue to use it as a norm defeats the exercise of trust reposed in us by the publia are naming some corporate houses and politicians continuously enough? The country has gone through trauma. We played a great role in galvanizing public opinion. Even converting it into political party. But when we became a political party, it needed to evolve and not just assume the garb of agitation.

I would rather now agitate against this for the sake of the party.

Arvind has shot the messenger. For the last 4 years I fought like an obedient soldier for the movement and later the party for political transformation in India. However, now I have been systematically marginalised because I offer a voice of dissent and constructive criticism.

I still have the greatest respect for Arvind and the selfless volunteers who are the backbone of the party.

One strongly believes that instead of wasting our collective energy in this bail-jail imbroglio Arvind should actually be spending time with cadres, candidates, volunteers, critics et al. I felt it incumbent to communicate to you all.

The failure of AAP would be the failure of the one most significant experiments in Indian democracy. I hope my leaving the party would usher in the new era of openness, introspection and transparency within the decision making processes.

I will continue my fight against corruption, crime against women and social inequity in the realm of public service.

My best wishes are with AAP and all its endeavours,

JAI HIND

Shazia Ilmi

20.07 | 0 komentar | Read More

Hold eClerx Services; target of Rs 1122: ICICIdirect

ICICIdirect.com has recommended a hold rating on eClerx Services with a target price of Rs 1122 per share in its May 23, 2014 research report.

ICICIdirect.com`s research report on eClerx Services

"eClerx' Q4FY14 earnings were a mixed bag. Though reported margins were higher, dollar revenues declined sequentially and came in below our estimates. US$ revenues declined 0.4 percent QoQ (0.6 percent in constant currency) to $35.5 million and were below our 2.4 percent QoQ growth and $36.6 million estimate, led by client specific issues in the sales & marketing and cable business. EBITDA margins improved 236 bps QoQ to 42.8 percent (39.9 percent estimate) led by a decline in employee and sales & marketing expenses. The company announced annual dividend of Rs 35/share for FY14."

"During FY08-13, EBITDA margins declined 154 bps to 38.9 percent vs. 40.4 percent in FY08, primarily led by revenue deceleration, deteriorating utilisation (68.5 percent in FY13 vs. 70.5 percent in FY12) and increase in attrition (30.1 percent in FY14 vs. 26.8 percent in FY09). eClerx ended Q4 with margins of 42.8 percent while for FY14, they stood at 42 percent. FY14 margins improved 317 bps YoY primarily led by currency tailwinds, partially offset by wage hikes and increase in selling & distribution costs. We expect margins to decline 253 bps to 39.5 percent in FY15E led by 11 percent wage hikes (10 percent in FY14), salary increases across several levels including incremental incentives & bonuses and conversion of variable pays to fixed for some (overall impact of 200 bps)."

"We estimate eClerx will report revenue, earnings CAGR of 12 percent, 11 percent over FY14-16E (average 39.3 percent EBITDA margins in FY15-16E), vs. 34 percent, 33 percent reported during FY09-14 (average 40.1 percent). Growth deceleration could primarily be driven by weakness in top five accounts while increase in employee cost structure could impact margins. We continue to value eClerx at 11x its FY16E EPS of Rs 102 to arrive at our target price of Rs 1122 and maintain our HOLD rating," says ICICIdirect.com research report. 

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Accumulate PI Industries; target of Rs 370: PLilladher

Prabhudas Lilladher is bullish on PI Industries and has recommended accumulate rating on the stock with a target of Rs 370 in its May 22, 2014 research report.

Prabhudas Lilladher`s research report on PI Industries

"Though PI's Q4 reported numbers were below expectations due to lower margins, management clarified that it included few one-offs. Adjusting for those one-offs, EBITDA stood at Rs629m, 52 percent YoY with margins of 17.3 percent above estimates. Adjusted PAT stood at Rs478m, 146 percent YoY (PLe: Rs357m). Company continues to deliver consistently far superior earnings growth due to its unique business model. For FY15E, they expect to clock 25 percent YoY blended top-line growth. Management guided for 25 percent YoY growth in both segments (we have modeled for 25 percent YoY growth in custom synthesis; however in domestic business we have modeled for 16 percent YoY growth due to ensuing risk of El-Nino). On the margins side, management highlighted that 50-70bps of margin improvement is achievable next year (we have conservatively modeled for margin improvement of 30bps)."

"Jambusar Phase-II is likely to come up by next year (Q3FY16E) which will accelerate growth momentum. Reduction in net debt and improvement in working capital (net working capital reduced by 20 days) has further improved Balance Sheet. Robust cash flow generation, going forward, will be used to meet capex requirements. Product launches are likely to continue in FY15E. PI expects to commercialize three new products in Custom synthesis, while in domestic market, it will launch two new inlicensed molecules in FY15E. Post the emergence of a stable, decisive and industryfriendly govt. at the Centre, we expect investor appetite to return for quality midcaps. With increased visibility of earnings growth/FCF generation/reduction of debt/, comparable RoE/RoCEs to domestic peers, PI is likely to witness further rerating. We upgrade target multiple to 17x (previous 14x) resulting in target price of Rs 370(previous Rs300). Maintain as top pick in agri-inputs space," says Prabhudas Lilladher research report. 

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

20.07 | 0 komentar | Read More