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Full-time MBA Programmes
These are usually MBA-level two year, full time, residential programs, though some are of one-year duration as well, and these may or may not take experience as a pre-requisite for admission...

New! MBA in International Business (Batch 2009-11) at IIFT, New Delhi & Kolkata Last Date for Form Submission: September 3, 2008; Test Date: November 23, 2008
NOTICE! CAT 2008: For Admission to Indian Institutes of Management (IIMs) Last Date for Form Submission: September 5, 2008; Test Date: November 16, 2008
New! Two-Year Full-Time Residential MBA Programme at BIM, Trichy CAT Test Date: November 16, 2008 .... ... Archives
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Part-time / Evening MBA Programmes
These programmes are usually for working professionals and executives who don't wish to give up their on-going careers to attend a full-time MBA programme...
New! 3-Years Part-Time Executive Management Programme (EMP) at MDI, Gurgaon Last Date for Form Submission: August 19, 2008; Test Date: August 24, 2008
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Executive MBA Programmes
These are short-term full-time specialized residential courses lasting for duration of few weeks to few months only...
New! One Year Residential International Programme in Management for Executives (IPMX) at IIM Lucknow Noida Campus Last Date for Form Submission: November 1, 2008
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Distance Education Programmes
These are non-residential programmes which are offered as correspondence courses that allow students the leisure of learning at their own homes / offices and at their own pace...
New! Management Programmes through Distance Learning offered by Institute of Management Technology, Ghaziabad Last Date for Submission of Admission Form: August 14, 2008; Test Date: August 17, 2008
New! Distance & Open Learning Management Programs offered by Indian Institute of Commerce & Trade (IICT), Lucknow Last Date for Submission of Admission Form: July 31, 2008
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HOT JOBS
Senior Positions
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
15 July 2008 - Consulting Engagement Manager One of the World's Leading ERP Solution Providers
15 July 2008 - Project Manager - SAP One of the World's Leading ERP Solution Providers
15 July 2008 - Senior Consultants / Consultants - Oil & Gas One of the World's Leading ERP Solution Providers
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Marketing/ Sales/ Advertising
23 July 2008 - Account Manager - Farming Sales One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Telecom Practice Specialist One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Regional Manager - Networking One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Corporate Account Manager One of the Top 5 US Multi-national Giants in Software Domain
18 July 2008 - Manager - Mid Market One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Pre-sales Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Pre-sales Opening One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Account Manager - Microsoft Services One of the Top 3 Companies in the Domestic IT Market
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Finance/ Banking
18 July 2008 - Relationship Manager One of the Fortune 100 Financial Companies
18 July 2008 - Opening in Equity Research - Mid Cap One of the Leading Financial Companies
18 July 2008 - Product Manager Online Investment Division of a Global AMC
16 July 2008 - Oracle Apps Project Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Associate / Sr. Associate One of the Leading Fortune 100 Financial Companies
16 July 2008 - SAP CO Consultant - Hyderabad One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Sr. Analyst / Asst. Manager - Transfer Pricing One of the Leading Big 4s
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
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HR
18 July 2008 - Assistant Manager -Training One of the Big 4 Consulting Orgainzations
16 July 2008 - SAP HR L3 Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Sr. Executive / Assistant Manager - Training One of the Big 4 Consulting Organizations
11 July 2008 - Staffing Director World's Leading IT Organisation
11 July 2008 - Business HR Manager Software Development Company having Offices World Over
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General Management
16 July 2008 - SAP FICO Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
11 July 2008 - VP - Analytics A Leading Company in Financial Services Domain
11 July 2008 - Head - Sourcing & Business Development Global Finance Company in the Real Estate Industry
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Technology
23 July 2008 - Account Manager - Farming Sales One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Solution Architect - Data Warehousing One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Telecom Practice Specialist One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Manager - Quality One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Regional Manager - Networking One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Corporate Account Manager One of the Top 5 US Multi-national Giants in Software Domain
18 July 2008 - Manager - Mid Market One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Pre-sales Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
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Operations Management/ SCM;
Transition/ Operations (BPO/KPO); Operations (Banking)
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Manager - Quality One of the Top 3 Companies in Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP FICO Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Pre-sales Opening One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Project Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP CO Consultant - Hyderabad One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP HR L3 Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive - Mobile Operations Big 92.7 FM
15 July 2008 - Consulting Engagement Manager One of the World's Leading ERP Solution Providers
15 July 2008 - Project Manager - SAP One of the World's Leading ERP Solution Providers
15 July 2008 - Senior Consultants / Consultants - Oil & Gas One of the World's Leading ERP Solution Providers

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A2Zscholarships.com: One-stop shop for scholarships

The one-stop shop for scholarships



No deserving student shall be bereft of education due to lack of finances. That is the aim of A2Zscholarships.com, a website set up by two enterprising young engineering students at Veermata Jeejabai Technological Institute (VJTI) in Mumbai.


The website aims to provide deserving students with information on hundreds of scholarships and grants in India and provide access to institutions offering grants through its centralised application process.



The brainchild of Mukund Chandak, who graduated this year in civil engineering and himself a recipient of the Ratan Tata scholarship, the website took nearly five years to finally come to fruition as he went about gathering information, contacting trusts and institutions and setting up the site architecture with his friend Rameez Pojee, a third year IT student. The website, that was launched on January 31 this year, has already received a tremendous response with over 12,000 registered users.


Shifra Menezes caught up with Mukund to find out more about the website, the motivation behind the launch and future plans.


How did A2ZScholarships come about?
I've been working on this idea for the last five years actually, even though it was only launched in start 2008. Initially it began with searching for scholarships for myself. In the process I found that there was no one place where students could find all the information they needed to go about applying for a scholarship. Deserving students were just not aware of what all was available to them.


So I began by making a list of all the available scholarships and then visited their offices. I visited 210 offices in all, to find out more about the grants and discuss the idea with them. Once I collected all this information, Rameez and I started working on integrating this information into a system. That's how I began working on it part-time.


Tell us how you went about setting up the website.
Just gathering the information took two years. Once we had all the information we needed, we set about designing the site infrastructure. That took about 8-9 months. When we launched on January 31, the site only provided information about various scholarships.It did not provide any interactive mechanism.
The website was received very well. We got a tremendous amount of emails, some encouraging, some inquiries, some suggestions -- people were logging on and found the information useful. Responses came from across the country.
One of the main issues was that a candidate had to apply to each scholarship individually. This was time consuming and a troublesome process. That is why we then began working on a centralised application process. For this again we had to approach each institution and we finally launched the facility on July 1, 2008 with six institutions on board. About 12-15 others have also showed interest in signing up.


How does the application process on the website work?
We have the various application forms from all these scholarship institutions. We combine the requirements of all the forms and make it one consolidated form with all the relevant fields covered -- education, percentage scores, family income, field of study etc. This is then put online. Interested students can fill up the form and the details will be stored. The institution can then search through the list of candidates based on the criteria that is most important or relevant to them -- age, sex, percentage etc. Candidates that are not eligible are not presented in the search results. So trusts can search for eligible candidates based on their particular requirements.
So far we have six trusts with us. Now when a student applies online through our site, we get the details verified, we request for hard copies of the relevant documents apart from soft copies. We have set up a verification cell in Nashik. This team of 5-6 people checks the details that students have provided such as the percentage etc. Once verification is complete, the application is forwarded to the relevant trust.
After it reaches the trust, we get regular updates on how far the application has reached and its status. If the applicant is selected for the scholarship, he or she is notified through the website itself. This ensures that the student is a return visitor. Also, when a student is awarded a grant of say Rs 10,000, the other trusts in the system are also notified.


How do you plan on taking it to the masses?
In an effort to spread the word about the website, we have initiated a method whereby every student that refers a new student to the site and results in a registration, gets a monetary incentive. This ensures that publicity through word of mouth is kept going and it keeps the traffic growing. At every college we have created a partner system where five students join us as partners. These partners publicise the website and get a commission. The system is working well right now.
For every new registered user that is referred to us by a partner, we give Rs 30. Anyone can become a partner. The students who sign up as users however are not concerned with the payment of commissions; he or she is only concerned with registering and using the website's facilities. Students can register for Rs 250 either by DD or cheque payment.
So far the experience has been fantastic. Responses have come in from all over the country, not just Mumbai. We have had 12,000 registrations since February. Now if we are able to convert these 12,000 into partners, we should be able to bring in 60,000 registrations at least.
What kind of investment did you make to set up the site?
Well, the investment has all been made by me, although, I'm really not sure how much it all adds up to considering my initial travel expenses. However, since I am a student, it does add up to quite a large sum.


How do you plan to recover those expenses?
Initially this service was free. But as costs increased, we felt the need to use the system to bring in some funds. Now to grow further, we are thinking of beginning advertising on the site. As traffic to the site grows, and it is growing quite rapidly, we would need a plan in place to be able to sustain the increased bandwidth and manpower requirements.


You've just graduated, what are your plans going forward?
Placements are completed and I have received offers from three Mumbai-based companies. I will be joining one of these companies in August. The website will however continue to function independently of my professional career.


Are you aware of students who have managed to get scholarships?
Yes we are. While the students do write in informing us about their scholarships, we are also kept in the loop by the trusts and institutions.


Any other ideas in the pipeline
Well, there are a few ideas I've been thinking about, but it's all very early now. Right now the main focus is on making this website a success.



Source: Rediff

India Inc bets big on nuclear power :Rediff

India Inc bets big on nuclear power

Indian companies led by Anil Ambani's Reliance [Get Quote] Power (RPower), Nuclear Power Corporation of India (NPCIL) and Bharat Heavy Electricals [Get Quote] (BHEL) plan to invest over Rs 100,000 crore in the next five years to expand their presence in the nuclear energy sector after the country signs the nuclear agreement with the US, paving the way for import of fuel and transfer of technology.

Engineering major Larsen and Toubro (L&T) is also foraying into the nuclear energy sector, with plans to manufacture nuclear reactors. The BHEL stock rose by 11 per cent to Rs 1,772, Reliance Power surged 19 per cent to Rs 170.95, while the L&T scrip went up by 7 per cent to Rs 2,766.65 on the Bombay Stock Exchange on Wednesday, whose benchmark index, the Sensex, shot up by 838 points on Wednesday.

Reliance Power has planned an initial investment over Rs 20,000 crore to foray into nuclear power generation. The company is already implementing 28,000 mw of thermal power projects.
"There are plans to start with 1,000-1,500-mw capacity initially with one or two reactors and then expand it to higher capacities in the long run,'' V K Chaturvedi, former NPCIL chairman and managing director and nuclear energy consultant for Reliance Power, said.

Reliance Power has already started negotiations with leading international companies in the field for joint ventures and strategic alliances in nuclear power generation, technology and equipment, he said. The country's nuclear power manager, NPCIL, hopes to double its capacity to generate an additional 10,000 mw with an investment of over Rs 80,000 crore by 2012.

"The availability of fuel will help our existing reactors to increase the capacity utilisation (plant load factor) from around 50 per cent currently to about 90 per cent, almost double the current production, Sudhinder Thakur, executive director, NPCIL, said.

At present, India has 17 nuclear power plants with a total installed capacity of 4,120 mw in operation. BHEL, India's biggest power equipment maker, plans to triple spending on nuclear components to Rs 1,500 crore in two years once overseas companies are allowed to supply technology, Bloomberg News reported, citing K Ravi Kumar, the managing director of the company.

Reliance Power's Chaturvedi said the company has already started negotiations with leading international companies to foray into nuclear power generation. However, he pointed out that the plans depended on the government opening up the sector for private players.
NPCIL has plans to set up 10,000 mw of new capacity during the 11th Five-Year Plan of 2007-12. Six additional units, with a capacity of 3,160 mw, are under various stages of construction.
These include expansion of the Rawatbhata station in Rajasthan (2X220 mw), Kaiga in Karnataka (220 mw) and Kudankulam in Tamil Nadu (2 X1,000 mw).

NPCIL and the government have an understanding with the Russian government to increase capacity of the Kudankulam project (Kudankulam 3-6). Further, the government has sanctioned to set up a 1,000-mw reactor in Jaithalpur, Maharashtra.

BHEL too has drwan up big plans to enter the nuclear energy sector. "If the nuclear deal comes through, we are quite confident that there will be a lot of orders in this area and we don't want to be left out,'' BHEL Chairman and Managing Director K Ravi Kumar said in an interview.
BHEL plans to spend Rs 1,500 crore in two years building plants to supply components for reactors of 1,600 mw, Kumar said yesterday. Without the accord, BHEL will invest Rs 500 crore to build steam turbine generators and other components for 700-mw plants designed in India, he said.

BHEL will set up a 50-50 venture with state-run NPCIL that will supply components for nuclear plants with a capacity to generate 700 mw, 1,000 mw and 1,600 mw of power, Kumar said. The company will also seek overseas partners to provide technology for these plants, he said, declining to name the companies. "We will invest depending on the volume,'' he added.

"The orders could be divided and companies such as Areva, Siemens and ABB will be involved,'' said Taina Erajuuri at Glitnir Asset Management in Helsinki, which manages $158 million in Indian assets, including BHEL. "The government may prefer some local companies as well, like BHEL and L&T.''

"The existing sites can accommodate about eight reactors and another five could come up on new sites, which will be developed in the future," said an NPCIL official. NPCIL's strategy is to set up power plants in coastal areas as large equipment for reactors can be shipped into country easily.

A site selection committee of the Department of Atomic Energy (DAE) has already recommended four sites for the new nuclear projects in the coastal areas of Saurashtra in Gujarat, Andhra Pradesh, Orissa and West Bengal. The officials said NPCIL is in touch with international players for equipment supply and civil construction of the new plants.
"It is too early to talk about it and everything depends on how soon the government is able to go through the deal so that we can source the fuel," said an official.

-------------------------------
Vinod Khosla, smartest guy in Silicon Valley!

Source: Rediff

Results: Sesagoa, Zee,Crompton greaves etc

Sesa Goa net profit rises 442.42% in the June 2008 quarter
Net profit of Sesa Goa rose 442.42% to Rs 644.72 crore in the quarter ended June 2008 as against Rs 118.86 crore during the previous quarter ended June 2007. Sales rose 175.59% to Rs 1251.68 crore in the quarter ended June 2008 as against Rs 454.18 crore during the previous quarter ended June 2007.

Zee Entertainment Enterprises net profit rises 104.19% in the June 2008 quarter
Net profit of Zee Entertainment Enterprises rose 104.19% to Rs 130.97 crore in the quarter ended June 2008 as against Rs 64.14 crore during the previous quarter ended June 2007. Sales rose 48.52% to Rs 333.32 crore in the quarter ended June 2008 as against Rs 224.43 crore during the previous quarter ended June 2007

Crompton Greaves net profit rises 29.29% in the June 2008 quarter
Net profit of Crompton Greaves rose 29.29% to Rs 88.90 crore in the quarter ended June 2008 as against Rs 68.76 crore during the previous quarter ended June 2007. Sales rose 20.85% to Rs 1082.86 crore in the quarter ended June 2008 as against Rs 896.07 crore during the previous quarter ended June 2007.

Pidilite Industries net profit declines 5.31% in the June 2008 quarter
Mahindra & Mahindra Financial Services net profit rises 24.81% in the June 2008 quarter
SEL Manufacturing Company net profit rises 215.32% in the June 2008 quarter

Infotech Enterprises net profit rises 99.26% in the June 2008 quarter
Kalyani Steels net profit declines 25.44% in the June 2008 quarter
Sterling Tools net profit rises 286.05% in the June 2008 quarter

Mastek net profit rises 205.23% in the June 2008 quarter
J Kumar Infraprojects reports net profit of Rs 7.58 crore in the June 2008 quarter
Sterlite Technologies net profit declines 30.93% in the June 2008 quarter

Lakshmi Machine Works net profit declines 3.09% in the June 2008 quarter
MMTC net profit rises 38.09% in the June 2008 quarter
Aries Agro reports net loss of Rs 0.90 crore in the June 2008 quarter



Source: CM

Market cheers UPA win: Sensex settles 838 points up

Market cheers UPA win: Sensex settles 5.94 % up
FIIs turn bullish; invest Rs 1,306.56 cr in equities

The government emerging victorious in the confidence motion gave bulls the much needed trigger to trample bears on Wednesday. Buoyant global cues following crude oil's further fall added to the upbeat mood. The confidence vote win in parliament meant that the government could revive stalled economic reforms. It also meant that the country could now go ahead and sign the civilian nuclear deal with the US which has the potential to significantly boost India's nuclear energy production. The euphoria was witnessed across the board. Power and capital goods cashed on to the prospects of the Indo-US nuclear deal while investors fancied banking stocks on expectations of more mergers and restructuring in the sector.

Crucial legislations in insurance and banking sectors and bills for setting up of a pension regulatory body and one for unorganised sector had been pending following opposition from the Left parties that had the government's hands tied down. But the sustainability of the current rally remains a question for many. Analysts cautioned that macro-economic issues, such as soaring inflation and growth slowdown, are likely to peg back sentiment. "It is too early to call it a secular bottom yet. Bear market rallies of such nature are typical. But that does not mean the rally will die in a day or two. In any case, the market was in an oversold territory which is why over the last few it has seen sustained buying.

So this can take it to north of 15,500 quite comfortably. However, gains are likely to be limited as economic worries still persist," said an analyst with a local brokerage. Further, the Reserve Bank of India's monetary policy review is due on July 29. After two surprise rate increases in June, many expect the central bank could either raise its key lending rate again. This could again dampen sentiment.

Bombay Stock Exchange's Sensex settled 5.94 per cent or 838.08 points higher at 14,942.28, just 58 points away from the 15000 mark. It soared to a high of 14,979.90 from a low of 14,568.22. National Stock Exchange's Nifty ended at 4476.80, up 5.58 per cent or 236 points higher. The broader index touched a high of 4491.55 and low of 4246.70 during the day. Secondline stocks also gathered momentum.

BSE Midcap Index gained 5.05 per cent to close at 5,615.94 and BSE Smallcap Index ended 4.23 per cent up at 6,812.64. Reliance Communications (12.12%), ICICI Bank (12.04%), HDFC (11.29%), State Bank of India (11.17%) and BHEL (10.86%) fronted the Sensex rally. Financial stocks were the star performers in Wednesday's trade with index heavyweights ICICI Bank (11.64%), HDFC (10.92%), State Bank of India (10.45%) and HDFC Bank (9.57%) stealing the show.

Other gainers in the 30-share index comprised Reliance Communications (12.2%), BHEL (10.92%), Reliance Infrastructure (10.36%) and DLF (9.12%). Cipla (-2.21%) and Hindustan Unilever (-0.65%) were the only frontline stocks that disappointed. Market breadth was impressive with 2270 advances outnumbering 436 declines on BSE, while on NSE, there were 1176 gainers and 111 losers. Meanwhile, oil continued its retreat on Wednesday, with US crude oil futures down $2.51 at $125.94 a barrel as fears that Hurricane Dolly would hit Gulf of Mexico crude supply faded. The drop in oil prices, which is now down more than $20 after hitting a record above $147, eased recent concerns over inflation and rising costs for companies.

ADAG cos among top traded counters
Oil prices fall past $126 a barrel
Higher FDI in insurance likely soon
Rupee too cheers UPA trust vote victory
Markets greet govt win with relief, stocks hit a month high
Sensex surges 838 pts as bulls go on rampage
Kamat Hotels to expand ecotels
Era Infra bags NATRIP contract
Infotech Enterprises Q1 net up
Sesa Goa Q1 net up at Rs 633 cr



Source:ET,sify

Oil at 6-week low as storm fears ease

Oil at 6-week low as storm fears ease
US STOCKS-Market up as oil's drop trumps earnings; Yahoo up late

NEW YORK (Reuters) - Oil prices fell to a six-week low on Tuesday amid concerns over sliding U.S. energy demand and expectations that a hurricane pushing through the Gulf of Mexico would spare most offshore oil production.
The losses extend a decline from the July 11 peak over $147 a barrel that has marked the steepest price fall in dollar terms in oil's history -- leading some analysts to question how soon the market will resume its six-year rally.

"We've now seen more than a $20 decline in the crude oil market from the highs and this suggests that we've seen enough of a shift in the supply and demand balance on a larger scale to cap the market," said Tim Evans, energy analyst for Citi Futures Perspective in New York.

U.S. crude futures fell $3.09 to settle at $127.95 a barrel after dipping as low as $125.63 -- the lowest level since early June. London Brent crude fell $3.23 to $129.38 a barrel.

Dealers said mounting economic trouble in the United States and continued lackluster energy demand from the world's biggest consumer nation were the key focuses of oil's slide.
Gasoline consumption in the United States is running about 2.2 percent below year-ago levels in a sign drivers stunned by soaring pump prices are curbing their road travel, according to a MasterCard survey released Tuesday.
Even so, oil remains nearly 30 percent higher than at the start of this year, and more than six times higher than in 2002, in a rally driven by startling growth in China and other developing Asian economies.

Oil traders and analysts added that Hurricane Dolly, moving through the western Gulf of Mexico on a path toward the Texas-Mexico border, was unlikely to seriously disrupt the region's oil production. Continued...
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Yahoo profit falls, CFO says 2008 outlook intact
Fannie, Freddie rescue gets big price tag as House vote looms
GE, Abu Dhabi firm in $8 bln joint venture
E*Trade loss deeper than expected; issues warning
United, US Airways, JetBlue post losses on fuel woes

Source: Reuters.com

Market to rally on govt confidence vote win

Market to rally on govt confidence vote win
23 Jul, 2008, 0600 hrs IST, REUTERS

Rupee and stock markets are expected to rise on Wednesday after the government won the confidence vote ensuring its immediate survival, with analysts expecting it could revive some of its stalled economic reforms. But economists expected rallies to be short-lived as concerns about inflation nearing 12 percent, high oil prices, slowing economic growth and rising interest rates are likely to return to the fore now the political uncertainty had faded.

"The markets will be relieved, and now that there is no uncertainty, investors will turn to the fundamentals, like inflation and oil and the global markets. Foreign investors will look at how further reforms take place," said Andrew Holland, head of the strategic risk group at DSP Merrill Lynch in Mumbai. "The stock market is likely to go up by 1-2 percent in the morning, then we will go back to the fundamentals, locally and globally." Ahead of the vote on Tuesday, which the government won by 275 votes to 256, the rupee ended at 42.73/74 per dollar, weaker than Monday's close at 42.68/69, but the 30-share index closed 1.84 percent higher at 14,104.20 points.

The stock market had climbed in anticipation of a government win for four days in a row ahead of the vote, rising off a recent 15-month trough of 12,514.02. American depositary receipts also rose sharply after the vote. The Congress-party led coalition won the confidence vote late on Tuesday with the help of regional parties, after splitting with its communist allies of four years, who pulled their support in protest at a nuclear energy deal with the United States. Analysts said the government should now survive until the end of its term, with elections due by next May, although its joy at the victory was tempered by opposition lawmakers saying they were offered bribes to abstain.

REFORMS

Analysts said the government could now try to sell stakes in some state-run companies to boost revenues as its finances worsen due to oil and food subsidies. Finance Minister Palaniappan Chidambaram said it would work with other parties to take reforms forward. The currency was also likely to gain with the political uncertainty out of the way and a revived reform agenda potentially bringing in foreign investment, economists said. "There will be a knee-jerk positive reaction in the currency market and the rupee may open at today's high of around 42.58 per dollar and may even test 42.50," said Agam Gupta, head of trading at Standard Chartered Bank. The rupee touched a 15-month low earlier in July of 43.50 per dollar, under pressure from a rising trade and current account deficit due to record oil prices. The benchmark 10-year bond yield ended at 9.12 percent on Tuesday, above Monday's close of 9.06 percent. It hit a seven-year high of 9.55 percent this month on concerns about inflation and a rising oil subsidy bill.
..................Continued...Next >>
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Indian ADRs jump after govt wins confidence vote
US stocks jump as crude drops by $3
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Coverage

UPA wins: 275 for, 256 against

15 MPs cross-vote; BJP leads the pack

JD-S MP speaks: Why I cross-voted

Source: Rediff, ET

Economic Reforms: India Inc's wish list

Economic Reforms: India Inc's wish list


Following are some of the key components of economic reforms which India Inc will now hope the United Progressive Alliance (UPA) will address, having won the trust motion in parliament on Tuesday:

- Divestment of government equity in public sector undertakings
- Privatisation of state-run companies
- Liberal labour policies for corporate sector

- Foreign equity in multi-brand retailing
- Higher equity for foreign companies in single-brand retailing
- Higher foreign equity for foreign companies in insurance sector

- Development of a vibrant corporate bond market
- Easier norms for foreign banks to set up operations in India
- Removal of 10 percent cap on voting rights for investors in non-state banks

- Relaxation of land ceiling for foreign realty developers
- Easier entry norms for credit rating companies
- Higher foreign equity in asset reconstruction companies

- Higher equity for foreign firms in state-run refining projects
- Higher foreign equity in newspapers and current affairs periodicals
- Permission for news and current affairs programming on FM radio
- More liberal policies for foreign equity in commodity exchanges

Source:ET

Singh is King: UPA govt wins confidence vote

Singh is King: UPA govt wins confidence vote

Indian Prime Minister Manmohan Singh's government won a vote of confidence in parliament on Tuesday, ensuring the immediate survival of the ruling coalition and a civilian nuclear deal with the United States. Earlier the opposition demanded the resignation of the prime minister anyway after three of its lawmakers said they had been bribed to abstain.

The government won 275 votes against 256 for the opposition, the parliamentary speaker Somnath Chatterjee announced. The session was angry and chaotic. The debate was briefly adjourned when opposition lawmakers interrupted the debate to wave wads of cash they said were offered as bribes by the government to abstain.

The vote pitted the Congress-led coalition that negotiated the civilian nuclear deal against its former communist allies and opposition parties led by the Hindu-nationalist Bharatiya Janata Party (BJP). With the vote very close, several MPs who are ill were flown or wheeled in from hospital, and others, in jail for crimes such as murder and extortion, were granted temporary release.

The win means the four-year-old, left-of-centre government will, for the moment, stay in power. It will try and move ahead with a civilian nuclear deal, seen as one of the few legacies of the prime minister. The deal would draw India closer to the West and allow the Asian giant access to foreign civilian nuclear fuel and technology, despite not signing the Non-Proliferation Treaty and conducting nuclear tests in 1974 and 1998.

It could unlock $40 billion in investment over the next 15 years, according to an Indian business lobby group, as India seeks new energy sources to tap its booming, trillion-dollar economy. But it is unclear whether the prime minister will be able to stay in power until elections scheduled by May, 2009, especially if the bribery scandal spirals and involves top government officials.

Investors had hoped the victory would give the government time to battle rising inflation, which has hit the pockets of millions of poor voters, as well as passing some economic reforms in sectors like insurance and pensions. Investors had expected a narrow win for the government, and said the victory could boost markets. The main share index has risen by more than 12 percent in the last four sessions.

The confidence vote was sparked by the withdrawal of the government's communist allies to protest the nuclear deal, which they say will make India's security and energy policies dependent on the United States. Finance Minister Palaniappan Chidambaram, in a speech frequently interrupted by shouting from the opposition benches, defended the government's record and said nuclear power was vital if the country was to emulate the economic success of China. "This government under Dr Manmohan Singh's leadership is charting out a new path which will end India's nuclear isolation, which will pave the way for India becoming an economic superpower," he said. Despite the parliamentary victory, it is still unclear whether there is enough time for the deal to be passed by US.

Congress under the Bush administration. The agreement needs clearance from the governors of the UN atomic watchdog and a 45-nation group that controls sensitive nuclear trade. The government helped secure a parliamentary majority with the support of the regional Samajwadi Party (SP), which replaced the communists as its parliamentary support. The SP will now effectively hold the balance of power in India and the party is expected to give the government more room than the communists to pass economic reforms.
--------------------------------------------------------------
Manmohan 7th PM to win trust vote in three decades
India Inc, investors hail UPA victory
India to check inflation without hurting growth: PM
'N-deal will open opportunities for 400 companies'
After trust win, Kamal Nath heads for Geneva

Cabinet reshuffle on cards?
India Inc relieved as government wins trust vote
PM proves mettle, wins confidence vote
10 horses bolt from BJP stable
The dream team of Congress

You may not love him, but you can't ignore him
FM rubs it in, Left and Right
Cash-on-table a first in Lok Sabha history
Lalu banks on Bollywood songs to score points
Life after the trust vote

'Whistle blowers can face action'

Results:Lupin, Siemens,Jstain,AsianPaints,IDBI, Hanung etc

Siemens net profit rises 107.15% in the June 2008 quarter

Net profit of Siemens rose 107.15% to Rs 169.43 crore in the quarter ended June 2008 as against Rs 81.79 crore during the previous quarter ended June 2007. Sales rose 1.54% to Rs 1809.68 crore in the quarter ended June 2008 as against Rs 1782.27 crore during the previous quarter ended June 2007

Jindal Stainless net profit declines 65.59% in the June 2008 quarter
Net profit of Jindal Stainless declined 65.59% to Rs 28.42 crore in the quarter ended June 2008 as against Rs 82.60 crore during the previous quarter ended June 2007. Sales rose 31.80% to Rs 1577.43 crore in the quarter ended June 2008 as against Rs 1196.82 crore during the previous quarter ended June 2007

Asian Paints net profit rises 32.02% in the June 2008 quarter
Net profit of Asian Paints rose 32.02% to Rs 98.00 crore in the quarter ended June 2008 as against Rs 74.23 crore during the previous quarter ended June 2007. Sales rose 34.45% to Rs 995.24 crore in the quarter ended June 2008 as against Rs 740.21 crore during the previous quarter ended June 2007

Alfa-Laval India net profit rises 28.96% in the June 2008 quarter
Net profit of Alfa-Laval India rose 28.96% to Rs 25.92 crore in the quarter ended June 2008 as against Rs 20.10 crore during the previous quarter ended June 2007. Sales rose 31.15% to Rs 194.23 crore in the quarter ended June 2008 as against Rs 148.10 crore during the previous quarter ended June 2007

Strides Arcolab reports net loss of Rs 55.96 crore in the June 2008 quarter
Grindwell Norton net profit rises 17.60% in the June 2008 quarter
NOCIL net profit rises 473.40% in the June 2008 quarter
Bellary Steels & Alloys reports net loss of Rs 34.37 crore in the June 2008 quarter
Vimal Oil and Foods net profit rises 21.43% in the June 2008 quarter

Indraprastha Gas net profit rises 13.69% in the June 2008 quarter
Net profit of Indraprastha Gas rose 13.69% to Rs 43.68 crore in the quarter ended June 2008 as against Rs 38.42 crore during the previous quarter ended June 2007. Sales rose 17.92% to Rs 190.74 crore in the quarter ended June 2008 as against Rs 161.75 crore during the previous quarter ended June 2007

Coromandel Fertilisers net profit rises 1394.68% in the June 2008 quarter
Net profit of Coromandel Fertilisers rose 1394.68% to Rs 193.86 crore in the quarter ended June 2008 as against Rs 12.97 crore during the previous quarter ended June 2007. Sales rose 462.90% to Rs 1400.39 crore in the quarter ended June 2008 as against Rs 248.78 crore during the previous quarter ended June 2007.

EMCO net profit rises 11.54% in the June 2008 quarter
Net profit of EMCO rose 11.54% to Rs 10.05 crore in the quarter ended June 2008 as against Rs 9.01 crore during the previous quarter ended June 2007. Sales rose 18.81% to Rs 183.35 crore in the quarter ended June 2008 as against Rs 154.32 crore during the previous quarter ended June 2007

NIIT Technologies net profit declines 15.34% in the June 2008 quarter
Net profit of NIIT Technologies declined 15.34% to Rs 24.44 crore in the quarter ended June 2008 as against Rs 28.87 crore during the previous quarter ended June 2007. Sales rose 46.22% to Rs 124.26 crore in the quarter ended June 2008 as against Rs 84.98 crore during the previous quarter ended June 2007.

Bank of Rajasthan net profit rises 2.49% in the June 2008 quarter

IDBI Bank net profit rises 4.34% in the June 2008 quarter
Net profit of IDBI Bank rose 4.34% to Rs 159.76 crore in the quarter ended June 2008 as against Rs 153.12 crore during the previous quarter ended June 2007. Total operating income rose 34.85% to Rs 2417.64 crore in the quarter ended June 2008 as against Rs 1792.79 crore during the previous quarter ended June 2007.

Lupin net profit rises 38.45% in the June 2008 quarter
Net profit of Lupin rose 38.45% to Rs 108.52 crore in the quarter ended June 2008 as against Rs 78.38 crore during the previous quarter ended June 2007. Sales rose 18.39% to Rs 712.42 crore in the quarter ended June 2008 as against Rs 601.75 crore during the previous quarter ended June 2007

OCL India net profit rises 7.95% in the June 2008 quarter
Century Textiles & Industries net profit declines 42.08% in the June 2008 quarter
Jindal Drilling & Industries net profit rises 1.31% in the June 2008 quarter
Tata Elxsi net profit declines 41.24% in the June 2008 quarter
--------------------------------------------------
Bank of Rajasthan Q1 net profit at Rs 30.9 cr
IDBI Bank Q1 net up 3.84% at Rs 159 cr
Century Textiles Q1 net profit at Rs 62.5 cr
Lupin Q1 cons net profit at Rs 112 cr
NIIT Tech Q1 net profit at Rs 24.4 cr

Hanung Toys Q1 net profit at Rs 18.6 cr
Tata Elxsi Q1 cons net sales at Rs 97.4 cr
Thermax Q1 cons net profit at Rs 58.4 cr
Madras Fert Q1 net loss at Rs 30 cr
Tata Coffee Q1 net profit at Rs 3.9 cr
Peninsula Land Q1 net profit at Rs 31.24 cr


Source: Indiaearnings, Capitalmarket

Deadpresident blog reports

Ultratech Cement
Today's Pick - Indian Bank
Technicals - July 22 2008

India Infrastructure
Daily Technicals - July 22 2008
Maruti Suzuki, ICICI Bank, Infosys, Bharti Airtel,...

Eveninger - July 21 2008
Property prices down
Bullion metals register gains

Crude rises for first time in five sessions
RCom July 2008 futures at premium
PFC

Source: Deadpresident blog

10 trends for IT cos

10 trends for IT cos

The last ten years were years of numbers and figures for the Indian IT services industry. And as the National Association of Software and Services Companies (Nasscom) President Som Mittal will tell you, they were years to project numbers and weave a strategy to get to those numbers. “But the next decade will be structurally different.

It will be more about making a change rather than following a change,” he says. With the change in business and economic landscape, IT companies will need a different tool-kit to retain the edge from here on.

Indian players can never forget that out of the total addressable offshoring market of $380 billion, less than 15 per cent has been penetrated. What are the trends that the Indian IT industry needs to catch in order to ride the next decade of growth for the software services market? Read on...... 10 trends for IT cos

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Expect a short-term rally, and that's it
Most CEOs expect govt to win trust vote: ASSOCHAM survey
Latest on trust vote
Has Indian coalition politics gone bankrupt?
UTVi outlook for the day
India Inc backs N-deal, govt

Results: BHEL, Maruti,Dr.Reddy,Indian Bk, SAIL,Wels.Guj, Petronet, Techmahindra, HDIL etc

BHEL Q1 net profit up at Rs 384.41 cr

BHEL has aanounced its first quarter results. The company's standalone net profit was up at Rs 384.41 crore versus Rs 288.91 crore, (YoY).
----------------------------------------------------
ING Vysya Bank Q1 net profit up at Rs 40.63 cr

ING Vysya Bank has announced its first quarter results. The company's Q1 sandalone net profit was up at Rs 40.63 crore versus Rs 25.32 crore, (YoY).

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Aban Offshore Q1 net profit at Rs 71.51 cr 21st-Jul-2008

Aban Offshore has announced its first quarter numbers. Its standalone net profit was up at Rs 71.51 crore for the quarter ended June 2008 as against Rs 28.38 crore in same period of last year. Net sales stood at Rs 246.95 crore versus Rs 127.61 crore.

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Maruti Suzuki Q1 net profit at Rs 465 cr 21st-Jul-2008

Maruti Suzuki India has declared its first quarter results. The company's Q1 net profit was down 6.8% at Rs 465 crore versus Rs 499 crore.

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Voltas Q1 net profit up at Rs 85.1 cr 21st-Jul-2008

Voltas has announced its first quarter results. The company's standalone net profit was up at Rs 85.1 crore versus Rs 52.2 crore (YoY).

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Tech Mahindra Q1 cons net profit at Rs 258.54 cr 21st-Jul-2008

Tech Mahindra has declared its consolidated results for the quarter ended June 2008 (Q1). The company's consolidated net profit was at Rs 258.54 crore versus net loss of Rs 221.1 crore on QoQ basis.

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SAIL Q1 net profit up 20% at Rs 1835 cr 21st-Jul-2008

SAIL has announced its first quarter numbers. Its standalone net profit has increased by 20.33% at Rs 1835.19 crore for first quarter of FY09 as against Rs 1525.12 crore in same period of last year.

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Bartronics Q1 cons net profit at Rs 23.5 cr 21st-Jul-2008

Bartronics India has announced its first quarter results. The company's Q1 consolidated net profit was at Rs 23.5 crore versus Rs 20.2 crore.

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Dr Reddys Labs Q1 net profit at Rs 135 cr view table 21st-Jul-2008

Dr Reddys Laboratories has decalred its Q1 results. The company's Q1 net profit at Rs 134.6 crore versus Rs 182.5 crore.

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Welspun Gujarat Q1 net profit at Rs 71.1 cr view table 21st-Jul-2008

Welspun Gujarat Stahl Roh has declared its first quarter results. The company's Q1 net profit at Rs 71.1 crore.

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Punjab Tractors Q1 net profit at Rs 22.4 cr view table 21st-Jul-2008

Punjab Tractors has announced its first quarter results. It has reported net profit of Rs 22.4 crore for first quarter of FY09 as against Rs 3.3 crore in same period of last year.

---------------------------------------------
LIC Hsg Fin Q1 net profit at Rs 104.7 cr view table 21st-Jul-2008

LIC Housing Finance has come out with first quarter numbers. Its Q1 net profit increased at Rs 104.7 crore from Rs 46.7 crore and total income went up at Rs 622 crore versus Rs 461.8 crore YoY.

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Canara Bank Q1 net profit at Rs 122.7 cr view table 21st-Jul-2008

Canara Bank has declared its first quarter results. The company's Q1 standalone net profit was down at Rs 122.7 crore versus Rs 240.6 crore.

-------------------------------------------------
IL&FS Invst Mngrs Q1 net profit at Rs 13 cr view table 21st-Jul-2008

ILandFS Investment Managers has announced its first quarter numbers. It has reported net profit of Rs 13 crore for first quarter of FY09 as against Rs 9.8 crore in earlier quarter.
-------------------------------------------------
Petronet LNG Q1 net profit at Rs 106 cr view table 21st-Jul-2008

Petronet LNG has declared its first quarter numbers of FY09. Its net profit declined at Rs 106 crore for quarter ended June 2008 as against Rs 108 crore in same period of last year. Net sales was up at Rs 1646 crore from Rs 1551 crore.

----------------------------------------------------
HDIL Q1 net profit at Rs 317.9 cr view table 21st-Jul-2008

Housing Development and Infrastructure (HDIL) has announced its first quarter numbers. It has posted net profit of Rs 317.9 crore for quarted ended June 2008 as against Rs 202.7 crore in same period of last year.
----------------------------------------------------
Indian Bank Q1 net profit at Rs 217.6 cr view table 21st-Jul-2008

Indian Bank has announced its results for the quarter ended June 2008 (Q1). The bank's Q1 net profit was up by 3% at Rs 217.6 crore versus Rs 212.03 crore.
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United Spirits net profit rises 33.74% in the June 2008 quarter

Net profit of United Spirits rose 33.74% to Rs 117.13 crore in the quarter ended June 2008 as against Rs 87.58 crore during the previous quarter ended June 2007. Sales rose 32.35% to Rs 1013.39 crore in the quarter ended June 2008 as against Rs 765.71 crore during the previous quarter ended June 2007.
--------------------------------------------
Bharat Heavy Electricals net profit rises 33.06% in the June 2008 quarter
Maruti Suzuki India net profit declines 6.76% in the June 2008 quarter
IL & FS Investsmart net profit declines 55.83% in the June 2008 quarter
Tech Mahindra net profit rises 47.97% in the June 2008 quarter
JK Paper net profit declines 16.88% in the June 2008 quarter
ING Vysya Bank net profit rises 60.47% in the June 2008 quarter

Electrosteel Castings net profit declines 48.27% in the June 2008 quarter
Aban Offshore net profit rises 151.97% in the June 2008 quarter
Steel Authority of India net profit rises 20.33% in the June 2008 quarter
Welspun Gujarat Stahl Rohren net profit rises 2.66% in the June 2008 quarter
Punjab Tractors net profit rises 580.00% in the June 2008 quarter

LIC Housing Finance net profit rises 124.16% in the June 2008 quarter
Canara Bank net profit declines 49.00% in the June 2008 quarter
Housing Development & Infrastructure net profit rises 56.86% in the June 2008 quarter
Petronet LNG net profit declines 2.20% in the June 2008 quarter
Nucleus Software Exports net profit declines 63.41% in the June 2008 quarter

Source: Indiaearnings.com, Capitalmarket.com

Sensex ends 215 pts, top stories from ET

Sensex vaults 215 pts on heavy buying

The bulls, despite some uncertain moments during the course of the day, had things going their way for the third successive session on the major Indian bourses today. Though US markets had closed on a mixed note after a choppy session last Friday, a firm trend on the Asian bourses aided the sentiment to an extent this morning.

However, after opening with a strong positive gap, the market declined sharply into the red this morning. But then, it did not stay long in the negative zone as hectic buying in bank, FMCG and a few other blue chip stocks lifted it up into the positive territory in a flash.

After moving in a volatile manner, the market did slip into the red again in early afternoon trade, but only for a short while. Frenzied buying at several front line counters saw the market gaining significant ground in the positive territory in late afternoon trade. A fairly good set of results from India Inc contributed to the buoyant mood this afternoon. Cipla, Dr. Reddy's Laboratories, SAIL, LIC Housing Finance, Punjab Tractors, HDIL and Indian Bank reported a sharp surge in their quarterly earnings. A fairly steady trend on the European markets also aided the bulls in afternoon trade.

Though the market appeared a bit slippery at times due to some cautious moves by the investors ahead of the crucial trust vote in parliament, good corporate earnings, a few big order wins reported by some top notch companies and short-covering kept the market in the positive territory for a considerable length of time today.

So sharp were the gains posted by blue chip stocks that the Sensex signed off with a handsome gain of 214.64 points or 1.57% at 13,850.04 today. In intra-day trades, the barometer touched a low of 13,581.19 and a high of 13,878.88. The Nifty, which swung in a range of around 95 points - it hit a high of 4168.15 and a low of 4072.75 in intra-day trades - closed with a gain of 67.25 points or 1.64% at 4159.50.

Bank and pharma stocks were among the biggest gainers today. Reflecting investor interest for stocks from these sectors, the Bankex and HC indices moved up by 3.88% and 3.03% respectively. Realty stocks bounced back after a mild setback in morning trade and mirroring the gains posted by key stocks in that space, the BSE Realty index advanced by 2.44%. The Auto, FMCG, PSU and Power indices moved up by 1% - 1.75%. Select metal and oil stocks edged higher. IT stocks turned easy after a fairly good show early on. Capital goods stocks found support elusive.

Pharma majors Cipla and Ranbaxy Laboratories ended stronger by 5.2% and 4.75% respectively. HDFC Bank (4.8%), ICICI Bank (4.3%) and State Bank of India (3.7%) remained firm right through the session.

NTPC shot up by 4.7%. Maruti Suzuki gained nearly 4%. Hindustan Unilever (3.8%), Jaiprakash Associates (3.75%), Reliance Communications (2.65%), Tata Consultancy Services (2.35%) also ended with impressive gains. Wipro, Reliance Industries, ITC, Mahindra & Mahindra, DLF, ONGC and Tata Steel gained 1% - 2%. Infosys Technologies, HDFC, ACC and Reliance Infrastructure finished with modest gains.
-------------------------------------------------------------
Rupee up against dollar, gold recovers by Rs 60
Stocks rise ahead of trust vote
Max takes control in life insurance JV
Nuclear deal could benefit over 400 companies
Bombay High Court to hear RIL-RNRL gas dispute

UPA banks on 10 NDA abstentions
PEs, FIIs ready for big realty plunge
ExPolitical executive & corporate feuds

As good as it gets: Rel Petroluem

As good as it gets: Rel Petro

Despite a decline in investors’ confidence in the stock market and the turmoil in global financial markets over the past six months, there remain a few events which are eagerly awaited by all. One such event is the commissioning of Reliance Petroleum (RPL)’s refinery in Jamnagar special economic zone (SEZ) — which is being tracked not just by its 2 million shareholders and stock market experts, but by global energy analysts as well.

The project is expected to serve as an example for its speed of execution, low capital cost and high complexity. However, the strength in global gross refining margins (GRMs) is unlikely to persist going forward, due to rising refinery capacity across the world. Though the positives associated with RPL’s refinery are obvious, we believe its current valuations have limited upside left.

ADVANTAGES GALORE Low Capital Cost:
RPL is being set up at a capital cost of only Rs 27,000 crore, i.e. around $6.5 billion, but a similar-sized refinery will currently require almost twice this amount. This is due to the fact that over the past three years, a number of refinery projects have been launched across the world, resulting in higher costs of equipment and engineering services.

Fast Project Execution:
The project was originally scheduled to be completed in 36 months by September ’08, with commercial production due to start in December ’08. However, the company intends to prepone the deadlines. It has already completed more than 90% of the work and the pre-commissioning activities in the main process units are progressing rapidly. In fact, Mukesh Ambani assured shareholders at the company’s annual general meeting (AGM) last month that “the refinery is expected to be completed ahead of schedule.”

Ability To Earn Higher GRMs:
RPL’s refinery will have the ability to handle very heavy and high sulphur crude to produce the best quality products. Similarly, its product slate will be better, thanks to its ability to totally eliminate lowvalue products such as fuel oil. Considering that the heavy-light differential in crude prices has reached $20 a barrel, RPL will be able to earn higher GRMs compared to its peers.

Tax Sops:
The SEZ location and focus on exports will exempt RPL’s profits from income tax (IT) fully for the first five years. The I-T exemption will be 50% for the next five years.

LIMITED UPSIDE
After enjoying a high tide in the past few months, Asian GRMs are now weakening. The International Energy Agency (IEA) in its monthly report for June ’08 elaborated on this fact. “While diesel remains highly profitable, gasoline cracks remain subdued and fuel oil cracks have reached record lows.” Even production of naphtha is generating losses. When overall GRMs turn weak, it is feared that commissioning of RPL’s refinery will lead to a glut situation, thereby further bringing down GRMs. The supply from RPL’s new refinery will represent almost 50% of the estimated incremental global oil demand in ’09. Nearly 2 million bpd of global refining capacity (including RPL) is expected to commence in ’09, which will weigh heavily on the GRMs. RPL operates in a business where there is little scope for volume-led growth compensating for a fall in margins. Hence, if GRMs turn weak from the current levels, the company’s bottomline may shrink.

VALUATIONS
We estimate the refinery will earn a premium of around $9 per barrel over Singapore benchmark complex refining margins, which are expected to remain at around $8 per barrel during FY10. Considering interest and depreciation charges, the company’s full-year net profit at 85% capacity level will stand at Rs 6,365 crore. This translates into a price-to-earnings (P/E) multiple of 10.9 on the current market price of Rs 154. Since petroleum refining is a capital-intensive cyclical business, it has traditionally commanded a single-digit P/E globally. Another way of looking at valuations , is the replacement cost of the refinery. RPL’s current market capitalisation of Rs 69,300 crore is around 38% higher than the estimated cost of setting up a similar refinery. Similarly, at current m-cap , RPL’s enterprise value (EV) is 8.5 times its estimated EBIDTA for FY10, which is slightly on the higher side compared to the global average. Hence, we believe that the upside in RPL’s scrip is limited in the short run.

------------------------------------------------
Other INVESTOR GUIDE articles from ET

Perfect picks even in the worst of times
Jubilant Organosys’ good bet for long-term investors

Book your copy: Vishal Information Technologies’ IPO
Long-term investors can hold, others can exit KSK Energy stock

Hospitality sector on the rise
Ratnamani Metals & Tubes attractive bet for investors

The mad world of gyrating equity market
Glimmer of hope in volatile markets

Source: ET

Market glued to Tuesday's trust vote

Market glued to Tuesday's trust vote
D-St Outlook


The outcome of the crucial trust vote on Tuesday, which will not only decide the fate of the UPA government, but also Indo-US nuclear deal, will set the tone for equities this week. If the government fails the vote, it is expected to trigger the next major bout of selling, as investors are generally uncomfortable with unstable regimes. Going by the euphoria in the market in the last couple of sessions, also aided by declining global crude prices, it appears that investors expect the Congress-led UPA government to win the trust vote. Sentiment has been boosted by expectations that surviving the trust vote will prompt the UPA government to speed-up the languishing economic reforms process.

But, not everyone thinks the government’s survival in the trust vote would change India’s real economic conditions “Overall, it may well be that the Congress-led government survives the vote of confidence and limps on until 2009. However, there will be plenty of demand for populist action as each party, in what is likely to be a very unwieldy coalition, attempts to quickly make its mark before the general election,” said HSBC’s economists and strategists in a recent note.

Even if the market rallies, driven by the government’s survival in the trust vote, analysts believe upsides will be short-lived, as concerns such as inflation along with slowing economic and corporate profit growth remain. So far, for the first quarter, companies’ earnings have not sprung any positive surprises, with sales growth remaining stable, while profit growth getting squeezed.

“History suggests that the government’s ability to control growth and inflation is fairly limited and we suspect that it will go into the election with still high WPI (wholesale price index) inflation and softening economic activity,” the report added. As the week progresses, investor bets will likely shift to the outcome of RBI’s monetary policy review on July 29. Given that inflation has not mellowed, analysts expect the central bank to hike the repo rate as part of its attempts to contain prices. In the week to July 5, inflation, represented by the WPI index, rose to 11.91%, as against expectations of over 12% and up from 11.89% in the previous week. Banks and real estate shares may see build-up of short positions in the futures and options (F&O) markets ahead of the monetary policy review.

CLSA notes the 3,688-3,781 level marks an important pivot point for the Nifty, which closed at 4092.25 on Friday. Key corporate results this week include BHEL, Maruti Suzuki, Bharti Airtel, Reliance Industries, ACC, SAIL and Sesa Goa, among others. “These technical levels are important to take note of as they often mark the end of corrections. We would lighten up on existing short positions here. Initial resistance is provided by the August 2007 lows at 3,953-4,021 with key resistance found at 4,412-4,471,” the French brokerage said, in its recent trading strategy note.

Source: ET

Want to See CNBC18 Live

Want to see CNBC18 Live

Live CNBC TV

Source: Deadpresident blog.

Sensex companies valuation halved in six months

Sensex companies valuation halved in six months

BL Research Bureau For every rupee of earnings managed by BSE Sensex companies, investors are today willing to pay only half of what they paid in January 2008.

The market meltdown of 2008 has seen the Sensex value fall by 35 per cent till date, but it has halved the price-to-earnings multiple (PE multiple) for companies in the bellwether index.
The PE multiple of the Sensex, which was at a rich 28 times (based on historic 12-month earnings) at 21,000 levels, has plunged to a staid 14 times now, Bloomberg data shows. The lower valuation indicates that investors now expect Sensex companies to grow at only half the rate that they factored in, in January.

World over, investors value companies based on potential growth and the PE multiple is one of the widely used tools to evaluate how expensive or cheap stocks are, relative to their growth prospects. Worst in a decade

The erosion in Sensex PE multiple in this meltdown may be the worst in a decade, even including the dotcom crash of 2001. Banking and realty companies have been worst hit, with SBI seeing its PE multiple fall from 20 times to just 6, while DLF has seen its PE plunge from 90 times to 8 times.

Reliance Industries, Jaiprakash Associates, SBI, Tata Steel, Reliance Infrastructure (formerly Reliance Energy) and DLF, are among companies that have seen their PE multiples trimmed to half their January level.

Many of these companies have seen their valuation fall even as they managed a sharp ramp-up in their earnings for 2007-08. DLF (earnings per share grew from Rs 13 to Rs 47 between FY07 and FY08), Bharti Airtel (Rs 21 to Rs 34), HDFC (Rs 69 to Rs 100) are key instances. ‘De-rating’ stocks While concerns about rising interest rates have prompted investors to tone down growth expectations from bank and realty companies, worries about the economy slowing down have made them ‘de-rate’ infrastructure and capital goods stocks.

Companies in the Sensex basket that have managed to escape this bout of de-rating are Infosys, Satyam, Ranbaxy Labs, Cipla and Hindalco, which have more or less held on to their PE multiples.

Related Stories:
Indian market sheds more value than other emerging onesForeign brokerages downgrade Indian firmsAnalysts see investment opportunities as stocks take a sharp beating

Source: BL

Stock Analysis from BusinessLine

STOCKS: Sanghvi Movers: Buy
Investors with a two-three year perspective can consider taking exposure to the stock of Sanghvi Movers, an established player in the business of renting out cranes.

STOCKS: Bajaj Auto: Hold
Shareholders can continue to hold the Bajaj Auto stock. Better domestic sales volumes in the first quarter, robust export growth and planned launches in the executive segment may positively impact the near-medium term ...

STOCKS: HCC: BuyA strong order pipeline, improved profit margins, benefits from recent business restructuring and removal of uncertainty surrounding the unique Bandra-Worli Sealink project, provide better visibility to the earnings growth of Hindustan ...

STOCKS: Shree Renuka Sugars: Buy
The domestic sugar cycle is set to enter a favourable phase for producers, with output expected to decline sharply over the next two years, lending support to sugar prices. ...

INCOME TAX: Tax liabilities on futures and options
TECHNICAL ANALYSIS: Index Outlook
FINANCIAL MARKETS: The long and short of rupee futures
INSIGHT: Why oil is on the boil
MUTUAL FUNDS: Franklin India Prima Fund: Switch

IPOS: Vishal Information Technologies - IPO: Avoid
STOCK MARKETS: Politics of the market
DERIVATIVES MARKETS: Nifty future at critical juncture
ECONOMY: Winding down
STOCK MARKETS: Baskets of X / STOCK MARKETS: Bull's Eye



Source: BL