Day's Quote/Corporate Story

Quote of the Day

" There is no such thing as luck. Prepare and you will receive many opportunities."


Corporate/Personality of the Day

Naresh Goyal

Naresh Goyal (नरेश गोयल) is the founder Chairman of Jet Airways. He started operating Jet Airways in 1993. Following the 2005 IPO of Jet Airways, Forbes magazine declared him the 16th richest person in India with a net worth of $1.9 billion.
He has just taken over Air Sahara giving his company 32% of the Indian travel market

Further, Visit: http://en.wikipedia.org/wiki/Naresh_Goyal


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Result Calendar: 23 Oct 2007

Results Calender

Agro Tech Foods 23-Oct-07

Amara Raja Batt 23-Oct-07

Apollo Hospital 23-Oct-07

Ashok Leyland 23-Oct-07

BASF 23-Oct-07

Binani Cement 23-Oct-07

Binani Ind 23-Oct-07

Bio Green Ind 23-Oct-07

Britannia 23-Oct-07

Coromandel Fert 23-Oct-07

Cybertech 23-Oct-07

Deepak Fert 23-Oct-07

Finolex Cables 23-Oct-07

Firstsource Sol 23-Oct-07

Gandhi Spl Tube 23-Oct-07

Garden Silk Mil 23-Oct-07

Gemini Comm 23-Oct-07

GlaxoSmithKline 23-Oct-07

Godrej Consumer 23-Oct-07

Greenply Ind 23-Oct-07

GSFC 23-Oct-07

Guj Alkali 23-Oct-07

Gujarat Apollo 23-Oct-07

Hind Oil Explor 23-Oct-07

Hind Rectifiers 23-Oct-07

IG Petro 23-Oct-07

India Infoline 23-Oct-07

Indiabulls 23-Oct-07

Jain Irrigation 23-Oct-07

JK Tyre & Ind 23-Oct-07

Lumax Auto 23-Oct-07

Madras Cements 23-Oct-07

Mangalam Cement 23-Oct-07

MIC Electronics 23-Oct-07

Micro Inks 23-Oct-07

Mindtree Cons 23-Oct-07

Mukta Arts 23-Oct-07

NALCO 23-Oct-07

NELCO 23-Oct-07

Novartis India 23-Oct-07

Oriental Hotels 23-Oct-07

Panacea Biotech 23-Oct-07

Pidilite Ind 23-Oct-07

Provogue 23-Oct-07

PTC India 23-Oct-07

Punj Tractors 23-Oct-07

Ramcoind 23-Oct-07

RPG Life Sci 23-Oct-07

Satyam 23-Oct-07

Seamec 23-Oct-07

Shree Cements 23-Oct-07

Shri Shakti LPG 23-Oct-07

Shringar Cinema 23-Oct-07

Subex Azure 23-Oct-07

Suzlon Energy 23-Oct-07

Transwarranty 23-Oct-07

Uflex 23-Oct-07

Wire & Wireless 23-Oct-07

Wockhardt 23-Oct-07

Zee Entertain 23-Oct-07

Result Updates

Hindustan Zinc Q2 net profit at Rs 1,148 cr

Hindustan Zinc has come out with second quarter numbers. It has posted net profit of Rs 1,148 crore for the quarter ended September 2007 as against Rs 1,298 crore in same quarter of previous year.
Net sales stood at Rs 1,984 crore and other income increased to Rs 144 crore from Rs 46 crore.

Strong disbursements growth fuel profitability of Dewan Hsg

Dewan Housing has declared its second quarter numbers. Its second quarter net profit stood at Rs 16.2 crore versus Rs 11.5 crore, QoQ.
It total income stood at Rs 125.4 crore versus Rs 76 crore.
Dewan Housing - Strong disbursements growth fuel profitability
NII up 57.6% to Rs 36.58 crore versus Rs 23.21 crore, driven by strong disbursments growth @ 12.37% yoy as well as decline in cost of funds which helped improve margins
Company targets disbursements growth @ 25-30% yoy for next 5 years driven by retail segment
Staff expenses went up by 62% yoy to Rs 4.13 crore, while other operating expenses rose 67.6% yoy to Rs 11.44 crore; which can be attributed to expansion in branch network
Disbursements/Sanctions ratio stood at 87.89% for Q2
PAT grew 41.3% yoy to Rs 16.16 crore versus Rs 11.43 crore, supported by strong topline and contained operating expenses
NPAs remain under check, @ 1.2% of total loans
Effective tax rate also increased slightly to 22% from 15% yoy
Declared interim dividend at Rs 1.50/sh (15%).


LIC Housing Finance: Results exceeds expectations:

LIC Housing Finance: Results exceeds expectations.
Stronger than expected disbursements growth with margin expansion led to above expected profit growth- NII grew 435 yoy to Rs 162.74 cr vs Rs 116.33cr driven by strong individual loan growth, which rose to Rs 183.4bn- NIMs expanded 56 bps to 3.24% vs 2.68% , surpassing our expected 2.5% margins, on the back of 134 bps expansion in yields to 10.3% from 8.96% following the wake of rate hikes by the company. Rise in yields was higher than 84 bps rise in cost of funds to 8.55%.- Asset quality remained strong despite high share of retail lending , Net NPAs at 1.65% and we expect it to decline to close to 1% by end FY08e- Loan-to-Value ratio stood at 53%, down from 58% , indiacting lower level of risk taken by the HFC- PAT grew 53% yoy to Rs 116.37cr vs Rs 75.93 cr, driven by strong core earnings and spurred on by provision write-back of Rs 13.62cr this qtr.

Eicher Motors Q2 net profit at Rs 16.7 cr

Eicher Motors has announced its second quarter numbers. It has reported net profit of Rs 16.7 crore and net sales of Rs 537 crore.

Sonata Software Q2 net profit at Rs 12cr

Sonata Software has declared its Q2 results. Its Q2 net profit stood at Rs 12 crore versus Rs 14 crore, QoQ.


PSL net rises 41.49% in Sep`07 qtr

PSL disclosed a good increase in net profit for the quarter ended September 2007. During the quarter, the company experienced a 41.49% rise in profit to Rs 191.30 million from Rs 135.20 million in the quarter ended September 2006.Net sales for the quarter rose 60.86% to Rs 4,964.50 million compared with Rs 3,086.20 million in the corresponding quarter, a year ago

Finolex Industries net rises 19.55% for Sep`07 qtr

Finolex Industries, the largest PVC pipe manufacturer in India, disclosed a steady rise in net profit for the quarter ended September 2007. During the quarter, the company experienced a 19.55% rise in profit to Rs 239.09 million from Rs 199.98 million in the quarter ended September 2006.Net sales for the quarter rose 66.64% to Rs 3,264.28 million compared with Rs 1,961.16 million in the corresponding quarter, a year ago. Total income rose 68.17% to Rs 3,449.93 million for the quarter ended September 2007 from Rs 2,051.36 million for the same period, last year

Ingersoll-Rand net rises 5.76% for Sep`07 qtr

Lumax Industries net rises 7.94% in Sep`07 qtr

Rolta India consolidated net up 44.21% in Sep`07 qtr

On consolidated basis, Rolta India, (Q, N,C,F)* a global market leader in providing specialized IT-based solutions to the geospatial and engineering sectors, posted 44.21% rise in net profit after minority interest to Rs 538.20 million for the quarter ended Sep. 30, 2007 as compared with Rs 373.20 million for the quarter ended Sep. 30, 2006. Total income increased 46.65% to Rs 2,306.60 million for the quarter ended Sep. 30, 2007 from Rs 1,572.80 million for the quarter ended Sep. 30, 2006.The company, on standalone basis, disclosed 53.34% rise in net profit to Rs 613.90 million for the quarter ended Sep. 30, 2007 as compared with Rs 400.35 million for the same quarter, last year. Total income increased 52.34% to Rs 2,036.40 million for the quarter ended Sep. 30, 2007 from Rs 1,336.70 million for the same quarter, a year ago.
Net sales for the quarter grew 47.37% to Rs 1,933.50 million as compared with Rs 1,311.94 million in the corresponding quarter, last year.


Zensar Technologies net rises 2.55 times in Sep`07 qtr

DHFL net rises 41.34% in Sep`07 qtr

Gujarat Fluorochemicals Q2 net zooms 55.44%

HZL net drops 11.55% for Sep`07 qtr

HCL Infosystems consolidated net rises 7.54% in Sep`07 qtr

Inox Leisure net up 19.4% for Sep`07 qtr

Inox Leisure registered a 19.40% growth in net profit to Rs 83.10 million for the quarter ended September 2007 from a profit of Rs 69.60 million for the correponding quarter, last year.
Net sales rose 39.08% to Rs 541.70 million for the quarter ended September 2007 from Rs 389.50 million in the same quarter, a year ago.
Total income rose 45.20% to Rs 580.20 million for the quarter ended September 2007, from Rs 399.60 million for the quarter ended September 2006.

India Cements net jumps 90% in Q2 (update)

Southern cement major, India Cements (Q, N,C,F)* announced a 89.78% jump in net profit at Rs 2,226.50 million for the quarter ended September 2007 compared with Rs 1173.20 million for the quarter ended September 2006. Net Sales rose 72.41% to Rs 8,902.30 million in the quarter from Rs 5,163.50 million in the same quarter, a year ago.Total Income rose 73.26% to Rs 8,960.90 million for the quarter ended September 2007 where as the same was at Rs 5,171.80.00 million for the quarter ended September 2006.

IL&FS Investment Managers Q2 net climbs 60.78%

IL&FS Investment Managers announced a 60.78% jump in net profit at Rs 59.81 million for the quarter ended September 2007 compared with Rs 37.20 million for the corresponding quarter, last year.
Operating Income rose 53.17% to Rs 172.06 million in the quarter from Rs 114.29 million in the same quarter, a year ago


Shanthi Gears net up 52% in Sep`07 qtr

Shanthi Gears announced a 52.44% jump in net profit at Rs 105.03 million for the quarter ended September 2007, compared with Rs 68.90 million for the quarter ended September 2006.
Net Sales rose 26.16% to Rs 593.65 million in the quarter from Rs 470.55 million in the same quarter, a year ago.Total Income stood at Rs 595.59 million for the quarter ended September 2007, where as the same was at Rs 471.04 million for the quarter ended September 2006.

Zandu Pharmaceutical net up 8.50% for Sep`07 qtr

India Glycols Q2 net jumps 2.33 times

India`s biggest ethoxylate, glycol manufacturer, India Glycols (Q, N,C,F)* registered a phenomenal rise of 2.33 times in net profit for the quarter ended September 2007. During the quarter, the company saw a rise in net profit to Rs 482.7 million, from Rs 206.9 million, in the same quarter of the previous year. Earnings per share for the quarter jumped 2.33 times to Rs 17.31 compared with the same quarter, a year ago

GNFC net rises 63% in Sep`07 qtr

Gujarat Narmada Valley Fertilizers (GNFC) announced a 63.06% jump in net profit of Rs 1,205.80 million for the quarter ended September 2007 where as the same was at Rs 739.50 million for the quarter ended September 2006. Net Sales rose 65.91% to Rs 11,411.80 million from Rs 6,878.30 million a year ago.

Emco Q2 net climbs 19.29%



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Economic Times Headlines

SEBI has enough replies on P-Notes curb
SEBI probing FII price manipulation in crash
SEBI to make FII registration public

CRISIL assigns 4/5 grading to Edelweiss Capital's IPO
Mundra Port, SEZ plans to raise Rs 1,500 cr via IPO
Maytas Infra fixes IPO issue at Rs 370
Religare sets IPO band, eyes up to $35 mn

Five richest lose further $2.75 bn despite halt in mkt plunge


Godrej Consumer July-Sept net seen up 38 pc
Dewan Housing July-Sept net at Rs 162 mn
Orient Paper July-Sept net Rs 583.2 mn
GTL Q2 net profit at Rs 45.43 cr

LIC Housing Finance net up 53 pc at Rs 116.37 cr
KS Oils July-Sept net at Rs 265.8 mn
Dish TV July-Sept net loss Rs 919.4 mn
India Cement Q2 net profit up 90%



Triveni in pact with GE for compressors
ONGC-Mittal Energy Ltd buys 30 pc in Turkmenistan block
Remsons to form JV with Orscheln Products LLC
JSW Steel to consider Southern Iron merger
Gulf investors raise $630 mn for Energy City in India
Ennore Foundries plans Rs 300 cr plant
Sri Lanka buys 300KB of gas oil from Reliance
Bombay Rayon plans JV to launch global brands in India

Investors can expect a bumpy ride this week
Technical Analysis Wrap
'Banking shares an attractive bet'


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Sebi’s move is absolutely welcome: PwC India

Sebi’s move is absolutely welcome: PwC India

Dinesh Kanabar, Tax Head, PwC India feels that in any emerging market, you need to move towards maturity and maturity requires transparency, maturity requires regulation and from that perspective, he believes that Sebi’s move is absolutely a welcome move. He thinks that some of M Damodaran’s announcements today were very heartening.

Q: This move towards regulating the markets, what is your take on the transitional and how its been handled?

A: In any emerging market, you need to move towards maturity and maturity requires transparency, maturity requires regulation and from that perspective. I would like to believe this is absolutely a welcome move and I thought as I heard the Sebi chief today, he made some announcement which were very heartening.

Q: Such as?

A: One has to see the fine print. But the fact that the one-year timeframe which one needs a track record, is something, which it is willing to relook at it. If you look at when you register as an FII, what are the two key concerns which come in.

One is that you need a one-year timeframe. Second is the issue that you need to be registered regulated in the country where you are setup in the home country. Both of these are areas of concern. So far as one-year is concerned, it becomes a real big issue because over the last one-year, there have been several India funds which have been setup; India being the flavour of the day.

And if these funds suddenly cannot make investment because I’m aware of several funds which have raised hundreds of millions of dollars specifically, India-specific and these are not proprietary books. The question is how will they make investments suddenly with this new regime and therefore, the ability of the regulator to go beyond this one-year mechanism; look for example the track record of the people who are managing it or what is the other transparency which is available is very critical factor. Second issue is that one always wants regulated money.

But the question is that there are certain funds, which could have been actually registered and not regulated is that sufficient? Is that not sufficient?

So bit of discretion available in the transitionary phase, which is going to be something, which is very welcome, and today as I heard Mr. Damodaran he was open to this, he was welcoming those suggestions and will probably incorporate some of those when things come out on 25th.

Q: Did you feel at all in the interaction that Mr. Damodaran had with FIIs, that on October 25, there would be a softening or some kind of relaxing in the stance that Sebi has taken in the proposals?

A: There are two things, one is a procedural aspect, which has become a very significant roadblock. It was how long does it take for an FII to be registered and the apprehensions to whether Sebi will be quick on its feet.

Mr. Damodaran made a categorical statement, which is very welcome. It was that they will be quick on their feet. Somebody misunderstood the 24-hour notice to mean that they get registered in 24 hours and that cannot happen. Of course, Mr. Damodaran did say that there are FIIs which submitted incomplete applications and things like that, but those are few and far between.

Q: Are there language problems and stuff like that?

A: What is needed is a clear set of guidelines, which should come out, because this is a procedure and not a law. Therefore, its not documented and anything that is not documented, anything which is not in the public domain and of which people are not aware how to tackle becomes a subject matter of discretion and that is something which causes anguish.

For example- we as advisors tell FIIs what they need to do to qualify to be registered with Sebi. When you do not have transparent guidelines, problems arise.

Today, what Mr. Damodaran said is that he is willing to quicken the process and hopefully, it will come out with a transparent set of guidelines. So, that is going to soften the blow very significantly.

Q: Have you heard anything on the buzz about turnover tax perhaps being coming in on P-notes?

A: All sets of rumors are going around. I do not think I have heard anybody talk concretely about this matter. But there has been this issue that when P-notes get sort of unofficially traded, there is no security transaction tax. Probably the rumor seems to be around that instead of a security transaction tax, can we have a turnover tax on P-notes. I do not know whether it is feasible and how it can be monitored. But that seems to be the discussion going around.

Q: Ever since these proposals came to light and into the public arena, there has been this question of whether these moves were being made to control the quantum of flow or to monitor the quality of flows. Is there any light on that debate?

A: I do not know as I saw the three page policy paper which came out. It categorically speaks of both quality and quantity and one was a bit surprised with that.

But today as we heard Mr. Damodaran, he was quite clear that he was not worried about the quantum of flows. He had no concerns with that, he was only worried about the quality of the flows.

Q: In fact I thought that the Finance Minster in New York said something that was not really exactly what Mr. Damodaran was saying, isn’t it?

A: Today, the fears seemed to be allayed. To say that we are really looking at transparency and that was the buzz word. But the policy paper is in black and white and speaks about both quality as well as quantity.



Other related stories:

Sub A/Cs need to inform within 24 hrs to register: Sebi
Foreign money welcome, only through front door: FM
Were FIIs concerns addressed?
How does Sebi's talk impact sub A/cs?
Sebi move to help achieve stable mkt: Oppenheimer
PNs can invest in India, but as FIIs: FM


SEBI justifiably nervous of Participatory Notes
SEBI has enough replies on P-Notes curb
SEBI probing FII price manipulation in crash
SEBI to make FII registration public





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Sensex ends up 54pts, HDFC gains 7%

Sensex 17614 (54)

Nifty 5184 (-31)

Sensex ends up 54pts, HDFC gains 7%

The Sensex opened with a huge negative gap of 300 points at 17,260, and dropped to a low of 17,171 in early trades.Buying at lower levels saw the index recoup all the losses, and zoom to a high of 17,705 - an intra-day gain of over 500 points.After exhibiting extreme volatility in late noon deals, the Sensex finally closed with a gain of 54 points at 17,614.The BSE Bankex gained over 2% (191 points) to close at 9029.

The BSE FMCG and Capital Goods indices also closed with gains. The BSE Oil & Gas Index declined 1.6% (162 points) to 10,080. The BSE Teck, PSU and Realty indices also dropped today.Advances and declines were evenly matched - out of 2,754 scrips traded, 1,344 advanced and 1,339 declined.

INDEX GAINERS...HDFC zoomed over 7% (Rs 174) to Rs 2,572. ICICI Bank moved up over 3% to Rs 1,062. SBI added nearly 3% to close at Rs 1,713.While Ambuja Cements gained over 4% at Rs 145, M&M added 3.6% at Rs 754.Reliance Energy, ACC, L&T, Hindalco and ITC also finished with gains today.....

AND LOSERSBharti slipped over 4% (Rs 41) to Rs 928.TCS declined nearly 3% (Rs 32) to Rs 1,074. Infosys, Satyam and Wipro also dropped today.Reliance was down over 2% (Rs 56) at Rs 2,413.MOST ACTIVE COUNTERSAmbuja Cements was the most active counter with a turnover of Rs 809 crore followed by Reliance Energy (Rs 553 crore), United Breweries (Rs 509 crore), Reliance (Rs 480 crore) and Reliance Communications (Rs 235 crore).



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Day's Quote/Corporate Story

Quote of the Day

" Never underestimate the power of the combination of inspiration and perseverance."


Corporate/Personality of the Day

Sabeer Bhatia

Sabeer Bhatia (सबीर भाटिया) is a co-founder of Hotmail and an entrepreneur.
Sabeer was born in Chandigarh, India in 1968. His father, Baldev Bhatia, started as an officer in the Indian Army and later joined the Indian Ministry of Defence, while his mother, Daman Bhatia, was a senior official at the Central Bank of India.[1] Bhatia was schooled at the St. Joseph's Boys' High School in Bangalore. He started his undergraduate education at the Birla Institute of Technology & Science, BITS, Pilani and transferred to Caltech after two years at BITS. After graduating from Caltech, Sabeer went to Stanford to pursue his MS in Electrical Engineering. At Stanford, he worked on Ultra Low Power VLSI Design.
At Stanford, he was inspired by entrepreneurs such as Steve Jobs and Scott McNealy eventually deciding to become one himself. Instead of pursuing a PhD after his Masters, he decided to join Apple.

Further, Visit: http://en.wikipedia.org/wiki/Sabeer_Bhatia



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Results on 22,October

Results Calender

Some of the Companies Result announcement Dates

Bannari A Spg 22-Oct-07

Bhushan 22-Oct-07

Dewan Housing 22-Oct-07

Dish TV India 22-Oct-07

Eicher Motors 22-Oct-07

Enkei Castalloy 22-Oct-07

Ennore Foundrie 22-Oct-07

Entegra 22-Oct-07

Finolex Ind 22-Oct-07

Foseco India 22-Oct-07

GTL 22-Oct-07

Guj Flourochem 22-Oct-07

HCL Info 22-Oct-07

Hind Zinc 22-Oct-07

IL&FS Investsma 22-Oct-07

India Cements 22-Oct-07

Ingersoll Rand 22-Oct-07

INOX Leisure 22-Oct-07

IQMS Software 22-Oct-07

KS Oils 22-Oct-07

Lanxess ABS 22-Oct-07

LIC Housing Fin 22-Oct-07

Lumax Auto 22-Oct-07

Lumax Inds 22-Oct-07

Maars Software 22-Oct-07

Orient Paper 22-Oct-07

PSL 22-Oct-07

Rama Newsprint 22-Oct-07

Rane Madras 22-Oct-07

Rolta 22-Oct-07

Saksoft 22-Oct-07

Salora Inter 22-Oct-07

Sanghvi Movers 22-Oct-07

Shanthi Gears 22-Oct-07

Shiva Texyarn 22-Oct-07

Sonata 22-Oct-07

Surya Pharma 22-Oct-07

Themis Medicare 22-Oct-07

Tourism Finance 22-Oct-07

Venus Remedies 22-Oct-07

Zee News 22-Oct-07

Zenith Computer 22-Oct-07

Zensar Tech 22-Oct-07


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Venture Capital, PE Updates

From Indiape.Com

3i picks up 6.6% stake in Welspun Gujarat

Yatra Capital raises 120 mln eur

Moser Baer to raise Rs400 crore private equity to fund its photovoltaic unit

Tayals to dilute BoR stake to 15% by March ’09

Himatsingka Seide acquires DWI Holdings Inc

PEs picking up GIL stake for Rs 1,200 crore

RBI suggests more curbs on VC funds

Ritesh approves stake sale to Bennett, Coleman


From VCCircle.com

Warburg Pincus Invests $110 Million In Electrical Gear Maker Havells

Social Investment Bank Intellecap Gets $8.4M Funding From Legatum

Cognizant Buys Sequoia India-Backed Analytics Firm marketRx For $135 Million

SAP’s M&A Debut In India: Buys Hyderabad Software Startup Yasu Technologies

Moser Baer Photovoltaic Biz Gets $100M From IDFC PE, GIC, CDC Group And IDFC

Evalueserve Report: The Hot Sectors For Private Equity Investment

Telecom Tower Company GTL To Land $250-275 Million Funding

Religare, Macquarie Bank Forms JV For Wealth Management Business



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