ACC reported a 26.1% year-over-year decline in net profit for 2QCY2010 due to a 2.9% decline in net sales, flat realizations, and increased operating expenses. Operating profit declined 23% year-over-year as margins fell from 37.1% to 29.4% due to higher raw material, freight, and power costs. Going forward, realizations are expected to remain under pressure in 2010 due to ACC's exposure in the southern region, but margins may improve marginally in 2011. At current levels, the stock is considered fairly priced and the analyst maintains a Neutral outlook.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
ACC Result Update
1. 2QCY2010 Result Update | Cement
July 23 2010
ACC NEUTRAL
CMP Rs820
Performance Highlights Target Price -
Y/E Dec (Rs cr) 2QCY2010 1QCY2010 % chg qoq 1QCY2009 % chg yoy Investment Period -
Net Sales 2,021 2,102 (3.9) 2,081 (2.9)
Stock Info
Operating Profit 595 657 (9.5) 772 (23.0)
OPM (%) 29.4 31.2 (178bp) 37.1 (769bp) Sector Cement
Net Profit 359 405 (11.4) 486 (26.1) Market Cap (Rs cr) 15,320
Beta 0.8
Source: Company, Angel Research
52 Week High / Low 1017/686
For 2QCY2010, ACC reported a 26.1% yoy decline in net profit due to the
Avg. Daily Volume 102870
marginal de-growth in top-line, flat realisations and increase in operating expenses.
Going ahead, we expect realisations to continue to be under pressure due to the Face Value (Rs) 10
company’s substantial exposure in the southern region in CY2010, which would BSE Sensex 18,131
improve marginally in CY2011. At current levels, the stock is fairly priced and we
Nifty 5,449
maintain our Neutral view on the stock.
Reuters Code ACC.BO
Operating profit down 23.0%: ACC’s net sales de-grew by 2.9% yoy and were in
line with our estimates. Top-line de-grew owing to the 2.8% fall in despatches to Bloomberg Code ACC@IN
5.27mn tonnes coupled with flat realisations at Rs3,834/tonne. The despatches
declined due to unavailability of rail wagons and delays in stabilisation of new
plants. On the operating front, the company’s margins fell by 768bp yoy to 29.4% Shareholding Pattern (%)
(37.1%) on account of the increase in raw material, freight and power costs. The Promoters 46.2
company’s net profit de-grew by 26.1% yoy to Rs359cr, primarily on account of the
23% decline in operating profits and 22.7% yoy increase in depreciation costs to MF / Banks / Indian Fls 24.9
Rs96.2cr (Rs78cr). FII / NRIs / OCBs 13.2
Outlook and Valuation: We expect ACC to register 6% CAGR in top-line over Indian Public / Others 15.7
CY2009-11E on higher dispatches due to capacity addition. We have pruned our
net sales estimates for CY2011E, by assuming 3% lower growth in realisation in
CY2010E as against the earlier 5%. We also expect the company’s operating and Abs. (%) 3m 1yr 3yr
net profit to register 5% and 7% decline in CAGR over CY2009-11E. At current
levels, the stock is fairly valued and we maintain our Neutral view on the stock. Sensex 3.1 22.0 16.4
ACC (11.2) 1.0 (26.3)
Key Financials
Y/E Dec ( Rs cr) CY2008 CY2009 CY2010E CY2011E
Net Sales 7,166 7,943 7,754 8,850
% chg 2.3 10.8 (2.4) 14.1
Net Profit 1,213 1,607 1,198 1,400
% chg (1.0) 32.5 (25.4) 16.8
OPM (%) 24.2 31.2 24.8 25.1
FDEPS(Rs) 67.2 85.5 63.7 74.5
P/E(x) 12.2 9.6 12.9 11.0
P/BV(x) 3.1 2.6 2.2 2.0
RoE(%) 26.7 29.4 18.6 19.0 Rupesh Sankhe
RoCE(%) 26.9 33.7 20.6 21.3 022-40403800 Ext 319
EV/Sales 1.9 1.6 1.7 1.4 rupeshd.sankhe@angeltrade.com
EV/tonne 123 102 94 89
V Srinivasan
Installed capacity (mtpa) 23 27 30 30.4
022-40403800 Ext 330
EV/EBITDA 7.7 5.3 6.9 5.6 v.srinivasan@angeltrade.com
Source: Company, Angel research
Please refer to important disclosures at the end of this report 1
3. ACC| 2QCY2010 Result Update
Exhibit 3: 2QCY10 Angel Estimates v/s Actual
Actual Estimates Variation (%)
Net Sales 2,021 2,051 (1.5)
Operating Profit 595 623 (4.5)
Net Profit 359 377 (4.8)
Source: Company, Angel Research
Operational highlights
For 2QCY2010, the company’s realisation per tonne remained flat on a yoy basis
at Rs3,834. However, the raw material costs per tonne grew by 9.5% yoy. The
freight costs per tonne rose by 9.0% yoy due the increase in diesel costs.
Depreciation cost too increased by 26.1% yoy following increase in capacity. The
operating profit per tonne stood at Rs1,128, down 24.2% yoy. Net profit per tonne
for the quarter stood at Rs681, down 24% yoy.
Exhibit 4: Operational performance
yoy qoq
Parameter (Rs) 2QCY10 1QCY10 2QCY09
chg(%) chg (%)
Realisation/tonne 3,834 3,767 3,840 (0.1) 1.8
Raw Material Cost/tonne 501 550 458 9.5 (8.8)
Power & Fuel Cost /tonne 746 703 690 8.2 6.1
Freight & Forwarding
512 493 470 9.0 3.9
Cost/tonne
Operating Profit/tonne 1,128 1,177 1,489 (24.2) (4.1)
Depreciation/tonne 182 168 145 26.1 8.9
Net Profit/tonne 681 726 896 (24.0) (6.2)
Source: Company, Angel Research
3mt expansion project to be commissioned shortly
Work at the 3mtpa clinkering plant in Chanda, along with the 25MW captive
power plant is on track and is expected to be commissioned in 3QCY2010. Post
these capacity additions, the company’s cement capacity will increase to
30.0mtpa, while its captive power capacity (CPC) will increase to 346MW.
Exhibit 5: Installed capacity
40
30 30
30 27
22 23
mtpa
20
10
0
CY2007 CY2008 CY2009 CY2010E CY2011E
Source: Company, Angel Research
July 23 2010 3
4. ACC| 2QCY2010 Result Update
Investment Arguments
Growth to be driven by capacity addition: ACC’s despatches grew by a moderate
5% during CY2006-09 as against the industry growth rate in excess of 10%.
However, the company’s volumes are set to post a CAGR of 8.3% over
CY2009-11E as its capacity is set to expand from 26mtpa in CY2009 to 30mtpa in
CY2010. The company has already completed expansion at Bargarh taking total
capacity of the plant to 2.1mtpa. Apart from expanding capacities on its own, ACC
has also been increasing its capacity by acquiring stakes in smaller companies. In
line with this, the company had acquired 45% stake in Asian Cement while
acquiring 100% stake in Encore Cement. Asian Cement, which has a 0.3mn
tonnes grinding unit in HP, is adding another 1mn tonnes at the unit. Encore
Cement has a 0.2mt slag grinding unit at Vishakapatnam. ACC has a strong
balance sheet with healthy cash inflows and free cash flow over CY2009E-11E,
which will enable it to fund its next round of expansion through internal accruals.
Diversified geographical presence to negate ill-effects of poor regional demand-
supply dynamics: ACC is a pan-India player and hence is insulated to a large
extent from the risks of slow-down in demand and price collapse in any particular
region. The company’s brands are popular across the country. Going ahead, post
the proposed capacity expansions, the south, west, north, central and east regions
would contribute 23%, 22%, 19%, 18% and 16% respectively to the company’s
overall revenues. Thus, the company’s exposure to the southern region, which has
faced the highest price correction over the past several months due to excess
capacity and slowdown, is limited.
Increased use of captive power to improve operating margins: The use of captive
power has improved the company’s cost competitiveness and quality of power. The
share of captive power in the company’s overall power consumption has increased
to 70% in CY2009 from 64% in CY2008 and is set to increase to 75% in CY2010.
The company’s captive power capacity (CPC) is set to increase to 346MW by
CY2010. Over the years, ACC has improved its efficiency owing to which its power
consumption per tonne of cement has declined.
Outlook and Valuation
We expect ACC to register 6% CAGR in top-line over CY2009-11E, on account of
the increased dispatches due to capacity addition. We have pruned our estimates
of net sales for CY2011E, by assuming lower 3% growth in realisations in
CY2010E as against the earlier 5%. We also expect the company’s operating and
net profit to witness a decline of 5% and 7% CAGR respectively, over CY2009-11E.
At current levels, the stock is fairly valued and we maintain our Neutral view on the
stock.
July 23 2010 4
11. ACC| 2QCY2010 Result Update
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
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responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
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nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
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This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
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Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
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Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement ACC
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
July 23 2010 11