- GE Shipping's (Gesco) 1QFY2011 results were above estimates due to strong performance in the offshore segment, however the shipping segment was impacted by lower freight rates and tonnage.
- Revenue declined 10.6% YoY due to a 31.6% decline in the shipping segment, offset by 45.1% growth in the offshore segment.
- EBITDA margin expanded 495 bps YoY to 40.6% due to strong margins in the offshore segment.
- PAT grew 11.4% YoY to Rs. 171.8 cr. Management expects to list its offshore subsidiary Greatship by 2HFY2011 which will unlock value.
GE Shipping (Gesco) reported strong fourth quarter fiscal year 2010 results that exceeded expectations. Revenue grew 126.1% year-over-year in the offshore segment due to increased operating days. Overall operating profit increased 139.2% year-over-year, driven by lower expenses. Gesco intends to list its offshore subsidiary Greatship to unlock value and plans to add more offshore vessels. The analyst maintains a 'Buy' rating based on Gesco trading at a discount to global peers and expectations that accelerated phase-out of single hull tankers will support freight rates.
Petronet LNG reported lower-than-expected results for the fourth quarter of fiscal year 2010 due to lower re-gasification margins, an absence of spot volumes, and negligible tolling volumes. Revenues declined 10.1% year-over-year due to lower volumes processed and margins. Net profit fell 52.3% year-over-year due to weak operating performance, higher depreciation, and interest costs. Going forward, demand for spot gas is expected to increase in the second half of fiscal year 2011 as GAIL's pipeline network expands. The stock trades at a reasonable valuation and the analyst maintains an accumulate rating.
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
Container Corporation of India's (Concor) 1QFY2011 results were below expectations due to lower lead distances and terminal charges pulling down Exim performance. Revenue grew 0.9% year-over-year to Rs. 916 crore, below estimates, with Exim revenue falling 0.6% due to lower realizations and rent. Modest Exim volume growth of 7.8% despite robust port growth indicates losing market share to private players. EBITDA margin of 27% beat estimates but profit fell 3.7% to Rs. 194 crore due to Exim weakness. Management expects new railway policies to benefit Concor from FY2012 but no revenue impact in FY2011. The report maintains
All cargo result update 1 qcy2010 050510Angel Broking
Allcargo Global Logistics' 1QCY2010 consolidated results were above expectations due to strong pick-up in volumes across segments. While revenues grew by 21.9% year-over-year, operating profit grew by a mere 2.7% due to inability to fully pass on increased freight rates in the ECU line, resulting in margin erosion. However, lower interest expenses and tax rate led to a 23.2% jump in net profit. The company maintained a neutral outlook while being well positioned in container segments.
SpiceJet reported strong financial results for the 1st quarter of FY2011, with net sales growing 34.9% year-over-year to Rs708cr, above expectations. Operating margins expanded significantly to 8.3% due to higher passenger loads. Net profit increased 109.6% to Rs55cr, also above estimates, driven by improved operating efficiency. The analyst maintains an 'Accumulate' rating on SpiceJet, expecting sales and profits to grow rapidly in the coming years as the company expands its fleet and benefits from strong industry demand fundamentals.
IGL reported a 27.7% year-over-year increase in net profit to Rs51.5cr for the fourth quarter of FY2010, which was lower than expected due to lower gross gas margins and slower CNG volume growth quarter-over-quarter. Operating margins expanded by 75 basis points year-over-year to 32.6% due to revenue growth and recovery of overdrawl charges. However, concerns remain regarding the sustainability of high margins given IGL's reliance on subsidized gas prices. The analyst recommends reducing exposure to the stock and sets a target price of Rs210.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
GE Shipping (Gesco) reported strong fourth quarter fiscal year 2010 results that exceeded expectations. Revenue grew 126.1% year-over-year in the offshore segment due to increased operating days. Overall operating profit increased 139.2% year-over-year, driven by lower expenses. Gesco intends to list its offshore subsidiary Greatship to unlock value and plans to add more offshore vessels. The analyst maintains a 'Buy' rating based on Gesco trading at a discount to global peers and expectations that accelerated phase-out of single hull tankers will support freight rates.
Petronet LNG reported lower-than-expected results for the fourth quarter of fiscal year 2010 due to lower re-gasification margins, an absence of spot volumes, and negligible tolling volumes. Revenues declined 10.1% year-over-year due to lower volumes processed and margins. Net profit fell 52.3% year-over-year due to weak operating performance, higher depreciation, and interest costs. Going forward, demand for spot gas is expected to increase in the second half of fiscal year 2011 as GAIL's pipeline network expands. The stock trades at a reasonable valuation and the analyst maintains an accumulate rating.
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
Container Corporation of India's (Concor) 1QFY2011 results were below expectations due to lower lead distances and terminal charges pulling down Exim performance. Revenue grew 0.9% year-over-year to Rs. 916 crore, below estimates, with Exim revenue falling 0.6% due to lower realizations and rent. Modest Exim volume growth of 7.8% despite robust port growth indicates losing market share to private players. EBITDA margin of 27% beat estimates but profit fell 3.7% to Rs. 194 crore due to Exim weakness. Management expects new railway policies to benefit Concor from FY2012 but no revenue impact in FY2011. The report maintains
All cargo result update 1 qcy2010 050510Angel Broking
Allcargo Global Logistics' 1QCY2010 consolidated results were above expectations due to strong pick-up in volumes across segments. While revenues grew by 21.9% year-over-year, operating profit grew by a mere 2.7% due to inability to fully pass on increased freight rates in the ECU line, resulting in margin erosion. However, lower interest expenses and tax rate led to a 23.2% jump in net profit. The company maintained a neutral outlook while being well positioned in container segments.
SpiceJet reported strong financial results for the 1st quarter of FY2011, with net sales growing 34.9% year-over-year to Rs708cr, above expectations. Operating margins expanded significantly to 8.3% due to higher passenger loads. Net profit increased 109.6% to Rs55cr, also above estimates, driven by improved operating efficiency. The analyst maintains an 'Accumulate' rating on SpiceJet, expecting sales and profits to grow rapidly in the coming years as the company expands its fleet and benefits from strong industry demand fundamentals.
IGL reported a 27.7% year-over-year increase in net profit to Rs51.5cr for the fourth quarter of FY2010, which was lower than expected due to lower gross gas margins and slower CNG volume growth quarter-over-quarter. Operating margins expanded by 75 basis points year-over-year to 32.6% due to revenue growth and recovery of overdrawl charges. However, concerns remain regarding the sustainability of high margins given IGL's reliance on subsidized gas prices. The analyst recommends reducing exposure to the stock and sets a target price of Rs210.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
Mphasis reported 4.8% quarter-over-quarter revenue growth to Rs. 1,279 crore for 3QFY2010. The company saw mixed performance, with strong volume growth in application and ITO segments, but steep pricing cuts of 9.6% in applications. Margins declined slightly due to pricing changes and salary hikes, but were supported by restructuring in BPO and cost optimization in ITO. Revenue was driven by financial services, technology, and healthcare verticals, while telecom declined due to client issues. The company added 22 new clients spanning industries and saw improved wallet share with existing clients.
For 1QFY2011, NMDC reported a 97% increase in net sales to Rs2,518cr driven by higher iron ore realizations and sales volume. Net profit grew 94.4% to Rs1,504cr due to strong top-line growth. EBITDA margin expanded significantly by 726bps to 81.5% despite higher royalty charges. The company aims to increase production capacity to 50mn tonnes by FY2014-15 through mine expansion projects, however volume growth faces risks from ongoing Naxal activities in its mine areas. At the current market price, the stock trades at lower multiples compared to its historical averages.
GE Shipping (Gesco) is expected to see strong growth over the next few years as tanker freight rates bottom out from their downturn. The company plans to list its offshore subsidiary, Greatship Limited, which will unlock value for shareholders. The author values the shipping business at Rs. 263/share and the offshore business at Rs. 133/share based on comparable companies. Trading at a discount to peers, the author recommends buying Gesco.
Ultratech result update4 qfy2010-060510Angel Broking
Ultratech Cement reported a 2.5% year-over-year growth in net sales for the fourth quarter of fiscal year 2010, though profit declined due to higher costs. Volume sales grew 9.9% while realizations fell 5.6%. Net profit declined 26.1% to Rs229 crore due to a 23.8% drop in operating profit from increased raw material and other costs. The analyst maintains an "Accumulate" rating and sets a target price of Rs1,084 based on an estimated EV/EBITDA multiple of 6.5x and EV/tonne of $105 for fiscal year 2012.
NMDC reported disappointing quarterly results, with revenues growing only 2.4% and net profit below estimates. EBITDA margins declined due to lower volumes impacted by Naxal activity and a damaged pipeline. While iron ore prices have increased, the analyst recommends reducing exposure due to risks to volume growth from Naxal attacks and prices appearing fully priced in.
GSPL reported a 1QFY2011 total operating income of Rs. 252 cr, a 19.4% increase over 1QFY2010 but slightly below expectations. EBITDA grew 20.3% to Rs. 238 cr but was also below estimates. Profits were higher year-over-year with PAT of Rs. 105 cr, up 30.6% from Rs. 80 cr in 1QFY2010, however profits were lower than expected. Transmission volumes increased 43.4% year-over-year but average transmission tariffs decreased 16.7% year-over-year, contributing to revenue being lower than estimated. Despite missing estimates, the analyst maintains an accumulate rating on GSPL due to growth potential
Grasim Industries reported a robust 11.5% year-over-year increase in 4QFY2010 net profit to Rs. 655 crore, led by outstanding performance from its viscose staple fiber (VSF) division. The VSF division's net sales grew 65% to Rs. 1,045 crore due to a 31% rise in volumes and 29% increase in realizations. Overall revenues increased 11% to Rs. 5,475 crore for the quarter. The company set May 28, 2010 as the record date for its planned demerger of the Samruddhi cement unit. Post demerger, Grasim shareholders will directly hold 35% of Samruddhi while G
1) Marico reported a 13.4% increase in quarterly revenue to Rs. 790.1 crore, above estimates, led by 16% volume growth in its core brands Parachute and Saffola.
2) Earnings grew 27% to Rs. 73.7 crore after adjusting for tax rate declines, despite margins contracting.
3) The analyst upgrades Marico stock from "Reduce" to "Neutral" and increases earnings estimates by 2-3% based on strong volume growth and lower taxes boosting profits.
Sintex Industries reported strong revenue and profit growth of 29.0% and 54.0% respectively for the second quarter of FY2011, significantly above analyst estimates. Growth was led by the high margin monolithic segment and international subsidiaries. The working capital cycle remained stretched during the quarter due to higher billing from the monolithic segment. Management reiterated its positive outlook for domestic plastic demand and guided potential acquisition in the monolithic segment for the second half of FY2011. Analysts maintain an 'Accumulate' rating on the stock with a revised target price of Rs. 458.
Ranbaxy reported strong financial results for the first quarter of 2010, driven by exclusivity of the drug Valtrex in the US market and a $50 million settlement from Flomax. Revenue was up 60% and net profit replaced a previous loss, though guidance for the full year remained unchanged. Ongoing issues with the US FDA inspection of manufacturing facilities leaves the outlook neutral, despite the good quarterly performance.
Sarda Energy and Minerals reported strong results for the first quarter of fiscal year 2011. Net sales grew 132.8% year-over-year to Rs217 crore due to higher sales volumes and realizations of sponge iron and ferro alloys. EBITDA grew 973.2% year-over-year to Rs50 crore as margins expanded significantly due to lower raw material costs from captive coal and iron ore supplies. Adjusted net profit increased to Rs27 crore from a loss of Rs7 crore in the prior year quarter. The company is well positioned to benefit from backward integration, commercial production of pellets, and increased production of power and ferro alloys.
Gateway Distriparks reported quarterly results that were marginally below estimates. Revenue growth was driven by a 24.2% year-over-year increase in the higher-margin Rail business. However, CFS revenues fell 9.2% due to a fire. Profits increased significantly due to tax write backs. While funds from Blackstone were slightly delayed, management expects funds in the next quarter and for Rail to break even on profits this fiscal year. Falling market share at a key container terminal remains a concern.
Reliance Industries reported lower-than-expected quarterly results, with profits impacted by lower-than-expected refining margins. Revenue grew 120.7% year-over-year primarily due to higher refining revenues, but margins were lower than estimates. While volume growth was strong, profitability was hurt by refining margins of $7.5/bbl compared to an estimated $8.5/bbl. The analyst maintains a buy rating due to expectations for margin improvement and inorganic growth opportunities.
JK Lakshmi Cement (JKLC) reported a 1,663bp year-over-year decline in operating margin to 17.4% in the first quarter of fiscal year 2011 due to an 8.7% fall in realizations and a 36% increase in power and fuel costs. Net profit declined 78.6% year-over-year to Rs. 17 crore. The analyst maintains a "Buy" rating on JKLC, revising the target price to Rs. 92, expecting the company to face relatively less pricing pressure due to its concentration in high-growth northern and eastern regions and benefit from increasing captive power capacity.
Bayer CropScience reported disappointing 1QFY2011 results with 20% revenue growth and an 8% decline in profit. EBITDA margin contracted to 11% from 14% due to a 358 basis point drop in gross margins. While the company is expected to benefit from high commodity prices, its stock price is nearing the analyst's revised target valuation after recent gains. The analyst maintains a Neutral rating.
TCS reported strong financial results for the fourth quarter of fiscal year 2010 that exceeded expectations. Revenue grew 1.1% over the previous quarter to Rs. 7,737 crore, driven by a 4% increase in volumes. However, currency fluctuations reduced realized revenue. Improved operating levers helped expand operating margins by 19 basis points sequentially and 368 basis points year-over-year. Strong other income and profit growth of 7.4% sequentially and 47.1% year-over-year exceeded forecasts. The company added over 10,000 employees in the quarter and closed 10 large deals.
1) Sintex Industries reported a 1QFY2011 revenue growth of 37.5% year-over-year driven by strong performance in its monolithic, standalone pre-fab, and domestic custom moulding segments.
2) Net profit grew 30.1% year-over-year but declined 43.2% quarter-over-quarter due to one-time losses.
3) The analyst maintains a "Buy" rating on Sintex Industries with a target price of Rs385, citing the company's dominant position in the domestic plastics market, improving margins from international subsidiaries, and attractive valuations.
Consolidated Construction Consortium (CCCL) reported net sales of Rs.508 crore for 1QFY2011, in line with expectations. Operating margins of 8.3% and net profits of Rs.18.8 crore were also as expected. Order inflows grew 152% year-over-year to Rs.1,706 crore, indicating a revival in commercial and infrastructure segments. CCCL maintains an order backlog of Rs.4,527 crore, providing visibility for the next few years. While margins and profits met estimates this quarter, analysts maintain an 'Accumulate' rating given strong order backlog and expected 20% earnings growth over FY2010-12.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Digital magazine for persona fitness trainers, health and fitness professionals, coaches, sports trainers, local gym owners, Crossfit instructors and health club employees and staff. Learn the marketing, branding, promotion, business, science and success strategies of the world's best personal trainers, gym owners, coaches and fitness experts.
The document provides a summary of derivative market activity in India for June 23, 2010. Open interest in Nifty futures increased 14.4% while open interest in Minifty futures decreased 5.62%. The Nifty June future closed at a premium while the July future closed at a higher premium. Put-call ratios increased for some stocks. Yesbank, PFC, and Biocon saw increases in open interest while Dabur, Ucobank, and STER saw decreases. Analysis is provided on bullish/bearish spreads for Nifty and put-call strategies from previous reports.
El documento describe los diferentes tipos de juicios lógicos y la distinción entre verdad y certeza. Explica que un juicio asocia un sujeto con un predicado a través de una cópula verbal, mientras que una proposición es el significado de una oración. Luego clasifica los juicios lógicos según su forma, cantidad, modalidad y relación. Finalmente, distingue que la certeza se basa en convicciones subjetivas mientras que la verdad depende de datos objetivos compartidos.
Mphasis reported 4.8% quarter-over-quarter revenue growth to Rs. 1,279 crore for 3QFY2010. The company saw mixed performance, with strong volume growth in application and ITO segments, but steep pricing cuts of 9.6% in applications. Margins declined slightly due to pricing changes and salary hikes, but were supported by restructuring in BPO and cost optimization in ITO. Revenue was driven by financial services, technology, and healthcare verticals, while telecom declined due to client issues. The company added 22 new clients spanning industries and saw improved wallet share with existing clients.
For 1QFY2011, NMDC reported a 97% increase in net sales to Rs2,518cr driven by higher iron ore realizations and sales volume. Net profit grew 94.4% to Rs1,504cr due to strong top-line growth. EBITDA margin expanded significantly by 726bps to 81.5% despite higher royalty charges. The company aims to increase production capacity to 50mn tonnes by FY2014-15 through mine expansion projects, however volume growth faces risks from ongoing Naxal activities in its mine areas. At the current market price, the stock trades at lower multiples compared to its historical averages.
GE Shipping (Gesco) is expected to see strong growth over the next few years as tanker freight rates bottom out from their downturn. The company plans to list its offshore subsidiary, Greatship Limited, which will unlock value for shareholders. The author values the shipping business at Rs. 263/share and the offshore business at Rs. 133/share based on comparable companies. Trading at a discount to peers, the author recommends buying Gesco.
Ultratech result update4 qfy2010-060510Angel Broking
Ultratech Cement reported a 2.5% year-over-year growth in net sales for the fourth quarter of fiscal year 2010, though profit declined due to higher costs. Volume sales grew 9.9% while realizations fell 5.6%. Net profit declined 26.1% to Rs229 crore due to a 23.8% drop in operating profit from increased raw material and other costs. The analyst maintains an "Accumulate" rating and sets a target price of Rs1,084 based on an estimated EV/EBITDA multiple of 6.5x and EV/tonne of $105 for fiscal year 2012.
NMDC reported disappointing quarterly results, with revenues growing only 2.4% and net profit below estimates. EBITDA margins declined due to lower volumes impacted by Naxal activity and a damaged pipeline. While iron ore prices have increased, the analyst recommends reducing exposure due to risks to volume growth from Naxal attacks and prices appearing fully priced in.
GSPL reported a 1QFY2011 total operating income of Rs. 252 cr, a 19.4% increase over 1QFY2010 but slightly below expectations. EBITDA grew 20.3% to Rs. 238 cr but was also below estimates. Profits were higher year-over-year with PAT of Rs. 105 cr, up 30.6% from Rs. 80 cr in 1QFY2010, however profits were lower than expected. Transmission volumes increased 43.4% year-over-year but average transmission tariffs decreased 16.7% year-over-year, contributing to revenue being lower than estimated. Despite missing estimates, the analyst maintains an accumulate rating on GSPL due to growth potential
Grasim Industries reported a robust 11.5% year-over-year increase in 4QFY2010 net profit to Rs. 655 crore, led by outstanding performance from its viscose staple fiber (VSF) division. The VSF division's net sales grew 65% to Rs. 1,045 crore due to a 31% rise in volumes and 29% increase in realizations. Overall revenues increased 11% to Rs. 5,475 crore for the quarter. The company set May 28, 2010 as the record date for its planned demerger of the Samruddhi cement unit. Post demerger, Grasim shareholders will directly hold 35% of Samruddhi while G
1) Marico reported a 13.4% increase in quarterly revenue to Rs. 790.1 crore, above estimates, led by 16% volume growth in its core brands Parachute and Saffola.
2) Earnings grew 27% to Rs. 73.7 crore after adjusting for tax rate declines, despite margins contracting.
3) The analyst upgrades Marico stock from "Reduce" to "Neutral" and increases earnings estimates by 2-3% based on strong volume growth and lower taxes boosting profits.
Sintex Industries reported strong revenue and profit growth of 29.0% and 54.0% respectively for the second quarter of FY2011, significantly above analyst estimates. Growth was led by the high margin monolithic segment and international subsidiaries. The working capital cycle remained stretched during the quarter due to higher billing from the monolithic segment. Management reiterated its positive outlook for domestic plastic demand and guided potential acquisition in the monolithic segment for the second half of FY2011. Analysts maintain an 'Accumulate' rating on the stock with a revised target price of Rs. 458.
Ranbaxy reported strong financial results for the first quarter of 2010, driven by exclusivity of the drug Valtrex in the US market and a $50 million settlement from Flomax. Revenue was up 60% and net profit replaced a previous loss, though guidance for the full year remained unchanged. Ongoing issues with the US FDA inspection of manufacturing facilities leaves the outlook neutral, despite the good quarterly performance.
Sarda Energy and Minerals reported strong results for the first quarter of fiscal year 2011. Net sales grew 132.8% year-over-year to Rs217 crore due to higher sales volumes and realizations of sponge iron and ferro alloys. EBITDA grew 973.2% year-over-year to Rs50 crore as margins expanded significantly due to lower raw material costs from captive coal and iron ore supplies. Adjusted net profit increased to Rs27 crore from a loss of Rs7 crore in the prior year quarter. The company is well positioned to benefit from backward integration, commercial production of pellets, and increased production of power and ferro alloys.
Gateway Distriparks reported quarterly results that were marginally below estimates. Revenue growth was driven by a 24.2% year-over-year increase in the higher-margin Rail business. However, CFS revenues fell 9.2% due to a fire. Profits increased significantly due to tax write backs. While funds from Blackstone were slightly delayed, management expects funds in the next quarter and for Rail to break even on profits this fiscal year. Falling market share at a key container terminal remains a concern.
Reliance Industries reported lower-than-expected quarterly results, with profits impacted by lower-than-expected refining margins. Revenue grew 120.7% year-over-year primarily due to higher refining revenues, but margins were lower than estimates. While volume growth was strong, profitability was hurt by refining margins of $7.5/bbl compared to an estimated $8.5/bbl. The analyst maintains a buy rating due to expectations for margin improvement and inorganic growth opportunities.
JK Lakshmi Cement (JKLC) reported a 1,663bp year-over-year decline in operating margin to 17.4% in the first quarter of fiscal year 2011 due to an 8.7% fall in realizations and a 36% increase in power and fuel costs. Net profit declined 78.6% year-over-year to Rs. 17 crore. The analyst maintains a "Buy" rating on JKLC, revising the target price to Rs. 92, expecting the company to face relatively less pricing pressure due to its concentration in high-growth northern and eastern regions and benefit from increasing captive power capacity.
Bayer CropScience reported disappointing 1QFY2011 results with 20% revenue growth and an 8% decline in profit. EBITDA margin contracted to 11% from 14% due to a 358 basis point drop in gross margins. While the company is expected to benefit from high commodity prices, its stock price is nearing the analyst's revised target valuation after recent gains. The analyst maintains a Neutral rating.
TCS reported strong financial results for the fourth quarter of fiscal year 2010 that exceeded expectations. Revenue grew 1.1% over the previous quarter to Rs. 7,737 crore, driven by a 4% increase in volumes. However, currency fluctuations reduced realized revenue. Improved operating levers helped expand operating margins by 19 basis points sequentially and 368 basis points year-over-year. Strong other income and profit growth of 7.4% sequentially and 47.1% year-over-year exceeded forecasts. The company added over 10,000 employees in the quarter and closed 10 large deals.
1) Sintex Industries reported a 1QFY2011 revenue growth of 37.5% year-over-year driven by strong performance in its monolithic, standalone pre-fab, and domestic custom moulding segments.
2) Net profit grew 30.1% year-over-year but declined 43.2% quarter-over-quarter due to one-time losses.
3) The analyst maintains a "Buy" rating on Sintex Industries with a target price of Rs385, citing the company's dominant position in the domestic plastics market, improving margins from international subsidiaries, and attractive valuations.
Consolidated Construction Consortium (CCCL) reported net sales of Rs.508 crore for 1QFY2011, in line with expectations. Operating margins of 8.3% and net profits of Rs.18.8 crore were also as expected. Order inflows grew 152% year-over-year to Rs.1,706 crore, indicating a revival in commercial and infrastructure segments. CCCL maintains an order backlog of Rs.4,527 crore, providing visibility for the next few years. While margins and profits met estimates this quarter, analysts maintain an 'Accumulate' rating given strong order backlog and expected 20% earnings growth over FY2010-12.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Digital magazine for persona fitness trainers, health and fitness professionals, coaches, sports trainers, local gym owners, Crossfit instructors and health club employees and staff. Learn the marketing, branding, promotion, business, science and success strategies of the world's best personal trainers, gym owners, coaches and fitness experts.
The document provides a summary of derivative market activity in India for June 23, 2010. Open interest in Nifty futures increased 14.4% while open interest in Minifty futures decreased 5.62%. The Nifty June future closed at a premium while the July future closed at a higher premium. Put-call ratios increased for some stocks. Yesbank, PFC, and Biocon saw increases in open interest while Dabur, Ucobank, and STER saw decreases. Analysis is provided on bullish/bearish spreads for Nifty and put-call strategies from previous reports.
El documento describe los diferentes tipos de juicios lógicos y la distinción entre verdad y certeza. Explica que un juicio asocia un sujeto con un predicado a través de una cópula verbal, mientras que una proposición es el significado de una oración. Luego clasifica los juicios lógicos según su forma, cantidad, modalidad y relación. Finalmente, distingue que la certeza se basa en convicciones subjetivas mientras que la verdad depende de datos objetivos compartidos.
Prakash Industries reported a 27.3% year-over-year increase in net sales to Rs464 crore for the first quarter of FY2011, though sales were flat sequentially. EBITDA grew 16.5% to Rs93 crore despite a 185 basis point drop in margins to 20% due to higher raw material costs. Net profit increased 18.9% to Rs70 crore, boosted by a 54.9% decline in interest expenses. The company is expanding its steel production capacity and plans to become self-sufficient in power generation as it develops coal mines.
Dileep Kumar was awarded the On The Spot Award on April 18, 2014 in recognition of his outstanding contributions to the organization. He is considered an inspiring role model to his colleagues due to his dedication and commitment to his work. The award was given to appreciate Dileep Kumar's efforts.
El documento describe la acción de deslinde de propiedades contiguas según el derecho venezolano. El deslinde es el derecho de cada propietario a determinar los límites precisos de su propiedad y la obligación del propietario vecino de permitirlo. Puede ser voluntario mediante convenio de las partes o judicial ante el tribunal municipal competente cuando los límites estén confundidos. El objetivo es separar claramente los puntos limítrofes de cada predio contiguo siguiendo el procedimiento establecido.
Este documento describe la organización y funcionamiento de los tribunales de trabajo en Venezuela de acuerdo con la nueva Constitución y la Ley Orgánica Procesal Laboral. Explica que existen tribunales de primera y segunda instancia, así como el Tribunal Supremo de Justicia. Detalla las competencias y composición de los tribunales de primera instancia y los tribunales superiores del trabajo. También menciona la defensoría pública de trabajadores y los medios alternos de resolución de conflictos laborales como la negociación, mediación, conciliación y arbitraje
Este documento clasifica tres tipos de evidencias (físicas, químicas y biológicas) y cinco tipos de materiales (contaminados, deteriorados, inadecuados, insuficientes y destruidos). También describe las técnicas de estudio y análisis de la investigación criminalística en el campo y laboratorio, incluyendo métodos deductivos, inductivos e instrumentos como microscopios, espectrofotómetros y cromatógrafos de gases.
Mary fonseca El deslinde de propiedad contiguasmaryfonseca2325
El documento describe la acción de deslinde de propiedades contiguas según el derecho venezolano. El deslinde es el derecho de cada propietario a determinar los límites precisos de su propiedad y la obligación del propietario vecino de permitirlo. Puede ser voluntario mediante un convenio de las partes o judicial ante el juez de municipio competente. El objetivo es separar los puntos con linderos confundidos siguiendo el procedimiento de citación, argumentos, criterios técnicos y posibilidad de apelación.
Eligibility & Authorization Verification by sun knowledgeRonnie Hastings
This document provides an overview of Sun Knowledge, an offshore KPO and BPO services provider serving the US healthcare industry. It outlines their infrastructure, certifications, services portfolio including eligibility verification, claims processing, and HIPAA compliance. Testimonials from clients praise Sun Knowledge's experience, commitment, and competitive rates.
Organización y Funcionamiento Instituciones administrativas del Trabajo en V...jesus ulacio
El documento describe las principales instituciones administrativas del trabajo en Venezuela, incluyendo el Ministerio del Poder Popular para el Proceso Social del Trabajo, las Inspectorías del Trabajo, el Instituto Nacional de Prevención, Salud y Seguridad Laborales (INPSASEL), el Instituto Venezolano de los Seguros Sociales (IVSS) y el Consejo Nacional para Personas con Discapacidad (CONAPDIS). Explica las funciones de supervisión, cumplimiento de la legislación laboral, resolución de disputas laborales, seguridad social y protección de los dere
Este documento presenta una discusión sobre los diferentes tipos de juicios y proposiciones, incluyendo afirmaciones, negaciones, universales, particulares y singulares. También explora la distinción entre verdad y certeza, señalando que la verdad se basa en datos objetivos mientras que la certeza depende de convicciones subjetivas. Además, identifica algunos errores como afirmar lo falso como verdad y emitir juicios precipitados sin evidencia suficiente.
FAG Bearing recorded strong results for the second quarter of 2010, with net sales growing 35% year-over-year to Rs. 273 crore, beating estimates. Operating profit increased 66% to Rs. 52 crore due to lower raw material costs and improved operating leverage. Net profit surged 82% to Rs. 33.8 crore, aided by robust top-line growth and lower taxes. The analyst maintains a "Buy" rating and revised earnings estimates upward based on the company's solid performance.
Container Corporation of India (Concor) reported modest 1.6% year-over-year decline in revenue for 2QFY2011 due to shutdown at JNPT port and prolonged monsoon dragging down performance. EBITDA margins of 27.7% were higher than expected due to moderate decline in exim segment. The company maintained its 12% annual volume growth guidance for the exim segment for FY2011, which will be challenging given 1HFY2011 growth. A proposed hike in haulage charges by Indian Railways effective October 1st was postponed by one month which could impact profitability in 2HFY2011 if most of the increase is passed on to customers.
Exide Industries reported a 35.1% increase in net profit for 1QFY2011 compared to the previous year. Net sales grew 27.5% year-over-year to Rs1,152 crore, exceeding estimates. Earnings before interest, taxes, depreciation, and amortization margins improved from the previous quarter due to a decline in other expenditures. The analyst maintains an "Accumulate" rating for Exide Industries due to reasonable valuations and expects net sales and profit to grow annually over the next two years.
ABG Shipyard reported a 1QFY2011 result that was marginally below estimates due to lower execution. While operating margins improved substantially due to lower costs, this was offset by higher depreciation expenses. The company's order backlog provides strong revenue visibility through FY2014, however its increasing debt levels are a concern. As a result, the analyst downgraded their rating on ABG Shipyard stock from "Buy" to "Accumulate" and lowered the target price.
1) KEC International reported a 16.4% year-over-year increase in revenues for the first quarter of FY2011, however profitability declined due to the inclusion of the low-margin cable business from the merger with RPG Cables.
2) EBITDA margins declined 190 basis points to 10% and profit after tax dropped 32.6% for the quarter compared to the previous year.
3) The analyst maintains a "Buy" rating for KEC International, expecting order flows to increase from government investments in transmission projects.
Exide Industries reported a 35.1% increase in net profit for the first quarter of fiscal year 2011. Net sales grew 27.5% due to a substantial increase in both original equipment and replacement auto battery sales. While raw material costs increased, operating margins improved on a quarter-over-quarter basis due to a decline in other expenditures and average lead prices. The analyst maintains an "Accumulate" rating for Exide Industries due to reasonable valuations and expectations for continued double-digit revenue and earnings growth over the next two fiscal years.
GSPL reported a 1QFY2011 total operating income of Rs. 252 cr, a 19.4% increase over 1QFY2010 but slightly below expectations. EBITDA grew 20.3% to Rs. 238 cr but was also below estimates. Profits were higher year-over-year with PAT of Rs. 105 cr, up 30.6% from Rs. 80 cr in 1QFY2010, however profits were lower than expected. Transmission volumes increased 43.4% year-over-year but average transmission tariffs decreased 16.7% year-over-year, contributing to revenue being lower than estimated. Despite missing estimates, the analyst maintains an accumulate rating on GSPL due to growth potential
GSPL reported marginally lower than expected results for the first quarter of fiscal year 2011, with revenues of Rs252 crore, up 19.4% year-over-year but below estimates. Operating margins expanded to 94.6% versus 93.9% in the prior year quarter. Net profit increased 30.6% to Rs105.1 crore, also slightly below expectations. While transmission volumes grew 43.4% year-over-year, average tariffs declined 16.7%. The company is pursuing expansion opportunities through new pipeline projects that could drive further growth, and remains well positioned to benefit from increasing gas demand and supply in India.
Steel Authority of India reported a 1.7% decline in EBITDA to Rs. 1,843 cr for the first quarter of FY2011, below Angel Research's estimate, due to lower sales volume and higher staff costs. Net profit declined 11.3% to Rs. 1,177 cr for the same reasons. While steel prices increased, sales volume fell 15.5% from a year ago. Staff costs rose sharply due to additional provisions for employee benefits. Going forward, the company is expected to benefit from strong domestic demand, but capacity expansion benefits will only be seen after FY2012. Angel Research maintains a Neutral rating on the stock.
Sun TV reported strong 1QFY2011 results with 53% year-over-year revenue growth and 43% PAT growth. Revenues grew due to a 50% increase in advertising revenue, 84% growth in DTH subscription revenue, and 42% growth in analogue subscription revenue. Operating margins expanded 397 basis points to 81.7% due to cost rationalization and operating leverage. The company maintained its Accumulate rating based on continued earnings and cash flow growth despite increasing its FY2012 EPS estimates 2-5% to account for margin expansion.
Wipro reported financial results for the first quarter of fiscal year 2011, with revenues growing 3.1% over the previous quarter and 12.6% over the same quarter last year. Operating profit margins expanded due to effective currency hedges, and net income grew 9% over the previous quarter and 30.5% over the first quarter of fiscal year 2010. The company's performance was driven by strong volume growth in IT services revenues, with new client additions and large deal wins during the quarter. The analyst maintained an "Accumulate" rating on Wipro stock, with a target price representing 13% upside.
GAIL reported strong financial results for the 1st quarter of FY2011. Revenues grew 17.8% year-over-year to Rs. 7,096 crore, exceeding estimates, driven by growth in the natural gas transmission, trading and LPG segments. Operating profit margin expanded 252 basis points to 20.2% due to higher volumes, tariffs and margins across segments, with the exception of petrochemicals. Net profit increased 35.2% to Rs. 887 crore, in line with estimates, as a result of the revenue and margin growth. The company maintained its strong performance across key business segments.
Ultratech Cement reported lower than estimated revenues and profits for the first quarter of fiscal year 2011 due to a decline in sales prices and higher operating expenses. Net sales were down 8.1% year-over-year due to lower volumes and a 4.9% decline in prices. Increased power and freight costs led to a 41.9% fall in operating profits. The analyst maintains a 'Buy' rating, seeing benefits from Ultratech's expanded national presence post an acquisition and expects a recovery in prices. The stock is valued at Rs1,087 based on estimated earnings growth and industry valuation multiples.
Ultratech Cement reported a 5.9% quarter-on-quarter decline in net revenue to Rs. 1,810 crore for 1QFY2011 due to a 3.6% decline in despatches and a 4.9% decline in realizations. Operating profit declined 41.9% year-on-year to Rs. 425 crore due to higher operating expenses from increased power costs and reduced coal supply. Net profit declined 41.9% to Rs. 243 crore for the quarter compared to the prior year period. The company faces pricing pressure due to its exposure to the southern region which was affected by lower demand and supply issues.
Bharat Forge reported strong results for 1QFY2011 with net sales growing 75.7% year-over-year to Rs 630.1 crore, beating estimates. Operating margins improved significantly to 25.2% due to lower raw material costs and higher utilization levels. Net profit was Rs 59.4 crore, exceeding expectations due to improved volumes and operating leverage. The analyst recommends accumulating the stock given the better-than-expected performance and revised upward estimates.
Allcargo Global Logistics reported a 22.2% year-over-year and 9.2% quarter-over-quarter increase in revenues to Rs. 639 crore for 2QCY2010, driven by strong growth in ECU Line volumes. Operating profit grew 6.8% year-over-year but operating margins fell 150 basis points to 10.4% due to higher costs. Net profit declined 18.7% year-over-year to Rs. 38 crore due to one-time gains in the prior year quarter. The company expects continued growth from ECU Line and plans to expand container freight station capacity. The analyst upgrades the stock to Accumulate based on improved ECU Line performance and reasonable
Reliance Industries reported lower-than-expected earnings for 1QFY2011. While net operating income rose 86.7% year-over-year due to growth in refining revenues, EBITDA was below estimates due to lower petrochemical sales volumes and refining margins. Net profit grew 32.3% year-over-year, meeting estimates. The analyst maintains a 'Buy' rating based on the company's growth outlook and believes it is undervalued relative to its peers.
TCS reported strong financial results for the 1QFY2011 quarter that exceeded analyst estimates. Revenue grew 6.2% quarter-over-quarter to Rs. 8,217 crore, driven by an 8.1% increase in business volumes. Operating margins declined slightly due to wage increases and currency fluctuations impacting costs. Net profit declined 5.3% due to higher foreign exchange losses and taxes. The analyst maintains a positive outlook due to TCS's strong deal pipeline and hiring growth, but notes concerns around the European economic situation and currency movements. The stock is recommended as an "Accumulate" with a target price of Rs. 920.
1) DLF reported revenue growth of 23% year-over-year for the quarter, but profit was below expectations due to higher interest and depreciation expenses.
2) Residential sales volumes declined significantly year-over-year due to fewer new launches and delays in approvals, while leasing volumes improved.
3) Higher debt from recent acquisitions increased interest costs and net debt levels, remaining a key concern, as the company aims to reduce leverage ratios.
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
The Indian markets are expected to open higher, tracking gains in most Asian markets. Spain has asked for a bailout of up to €100 billion for its banking system. Chinese exports grew more than expected in May. In India, shares extended gains for a fifth session despite weak global cues as major central banks held off on additional stimulus. The key support and resistance levels for the Nifty are 5,023 and 5,114 respectively. L&T has bagged orders worth Rs. 483 crore to build commercial vessels in Qatar. Vedanta Resources has acquired a 24.5% stake in Raykal Aluminium for Rs. 201 crore.
Axis Bank reported a 27.0% year-over-year increase in net profit to Rs. 942 crore for the first quarter of fiscal year 2012, in line with analyst estimates. Business growth momentum slowed as advances declined 7.4% quarter-over-quarter and deposits fell 3.0% quarter-over-quarter, moderating the bank's cash-deposit ratio to 40.5% from 41.1% last quarter. However, asset quality remained healthy with slippage ratio declining to 0.8% and gross and net NPA ratios stable.
1) For 1QFY2012, Electrosteel Castings reported 16.4% sales growth but margins declined due to higher raw material costs. EBITDA fell 18.2% and net profit declined 7.2%.
2) While sales volumes grew, costs increased more due to a rise in raw material costs as a percentage of sales.
3) The company maintains a buy recommendation due to initiatives in steelmaking and backward integration that should lower costs starting in FY2013 and valuation remains attractive.
1) For 1QFY2012, Persistent Systems reported revenues of ₹224 crore, up 5.2% over the previous quarter and 23.6% over the same period last year.
2) EBITDA was ₹40 crore, up 5.3% over the previous quarter but margins declined.
3) PAT was ₹28 crore, down 16.8% over the previous quarter due to higher taxes.
4) Management maintained revenue guidance of 29% growth for FY2012 and expects PAT to remain flat despite higher tax rates.
HT Media reported a 22.7% year-over-year increase in revenue to ₹494 crore for the first quarter of FY2012. Revenue was also up 5.8% quarter-over-quarter. Advertising revenue grew 17% year-over-year, with 18% growth in English and 15% growth in Hindi. Operating profit rose 11.8% year-over-year to ₹87.8 crore due to higher other income and lower tax rates, although operating margins contracted by 174 basis points. The company maintained its Accumulate rating based on expectations of continued revenue growth and margin expansion.
The summary is:
1) The derivative report analyzes the performance of the Nifty futures, options, and key stocks from the previous trading session on July 18, 2011.
2) It provides details on changes in open interest, premium levels, volatility, and turnover for various derivatives contracts.
3) Trading strategies and technical analysis is also given for some stocks along with risk-reward profiles of sample spreads trades for the Nifty.
The market ended lower, with the Sensex and Nifty closing down 0.3%. Mid- and small-cap indices closed higher. Select heavyweights like Hindalco Industries and BHEL gained 1-3%, while TCS and Tata Motors lost 1-2%. In corporate news, Motherson Sumi Systems agreed to acquire an 80% stake in Peguform for €141.5 million. HDFC Bank, Cadila Healthcare, Crompton Greaves, and Ashok Leyland are scheduled to announce their quarterly results. The trend for the day will be decided by whether Nifty trades above or below the levels of 18,533/5,572 in early trade.
- GSM subscriber additions in India continued their declining trend in June 2011, with net additions of 9.6 million, down 10% from the previous month.
- All major operators except BSNL reported a drop in subscriber additions. Bharti and Vodafone each added 2.1 million subscribers.
- The total GSM subscriber base reached 598.8 million in June 2011, with Bharti, Vodafone, Idea and BSNL maintaining their major market shares.
The document provides a technical analysis of the Indian stock market indices Sensex and Nifty for the week of July 16, 2011. It summarizes that the indices declined over 1.5% for the week and are currently trading in a range between 18,326/5496 on the downside and 19,132/5740 on the upside. It notes that a break above or below this range would dictate the direction of the upcoming trend. The analysis also lists pivot levels for 50 Nifty stocks to watch in the coming week.
The document provides a summary of derivative market activity in India for July 18, 2011. Key points include:
- Nifty futures open interest increased 0.67% while Mini Nifty increased 3.48% as the market closed at 5581.10
- Nifty July futures closed at a premium of 5.85 points and August futures at a premium of 22.60 points
- Implied volatility of at-the-money options decreased from 18% to 17.3%
- Total open interest in the market was Rs. 135,158 crore with stock futures open interest at Rs. 34,675 crore.
The indices opened flat but traded choppily throughout the day. Metal, auto and realty stocks declined while IT stocks gained. The indices are currently trading in a range between 18,326-18,810/5496-5653 on the downside and 19,132-19,094/5740-5700 on the upside. A break above these resistance levels could lead to further gains while a break below support could result in losses extending to 17,805-17,950/5350-5400. Pivot levels for 50 Nifty stocks are provided.
- The key Indian stock indices declined slightly, with the Sensex and Nifty closing down 0.3%.
- GSM subscriber additions in India continued their declining trend in June across most major operators such as Idea, Bharti Airtel, and Vodafone. Total GSM subscriber addition was 9.6 million, down 10% from the previous month.
- Tata Motors reported flat annual global sales growth in June 2011 compared to the previous year.
- South Indian Bank reported a 41.2% year-over-year increase in net profit to Rs. 82 crores for the first quarter of fiscal year 2012, slightly below analyst estimates.
- Business growth remained strong, with advances growth of 31.2% and deposits growth of 35.5% year-over-year. However, net interest margins compressed by 29 basis points sequentially to 2.8% due to a sharp rise in the bank's cost of deposits.
- Non-interest income was boosted by treasury gains, but fee income growth was modest. Asset quality was stable with gross and net NPAs rising marginally, and provision coverage at a comfortable 73.1%.
Bajaj Auto reported marginally lower-than-expected results for the first quarter of fiscal year 2012, with net sales growth of 22.8% year-over-year driven by a 17.7% increase in volumes. However, operating margins contracted by 145 basis points quarter-over-quarter to 19.1% due to a 150 basis point increase in raw material costs. As a result, net profit grew by 20.5% year-over-year to ₹711 crore, which was slightly below analyst estimates. Going forward, the analyst expects further margin pressure and has revised downward its earnings estimates for fiscal years 2012 and 2013 to factor in higher raw material costs and changes to export incentives.
1) Tata Consultancy Services (TCS) reported strong results for the first quarter of fiscal year 2012, outperforming expectations with revenue growth of 6.3% over the previous quarter and 31.4% over the same quarter of the previous fiscal year.
2) A key highlight was 7.4% quarter-over-quarter growth in business volumes. While profit margins declined due to wage hikes, net profit remained flat due to foreign exchange gains.
3) Management maintained a positive outlook, highlighting strong demand environment and deal pipeline, and expects pricing increases later in the fiscal year.
The document summarizes the Indian stock market outlook and performance on July 15, 2011. It reports that domestic indices closed with modest gains of 0.1-0.4%, while global indices declined. Wholesale price inflation in India rose to 9.44% in June 2011, above estimates and persisting above 9% for seven months, driven by increases in primary articles and fuel costs. Key benchmark levels are identified for determining if the market may continue rallying or correct in the near term.
The summary is:
1) The derivative report analyzes the movement in Nifty futures, options, and individual stocks between July 14-15, 2011.
2) Nifty futures open interest decreased while mini Nifty open interest increased as the market closed at 5599.80.
3) Implied volatility of at-the-money options increased from 17.6% to 18%.
The Sensex and Nifty indices opened lower and traded with volatility, closing marginally lower. On the sectoral front, Realty, Banks and Healthcare gained while IT and FMCG fell. The advance-decline ratio favored advancing stocks. On the daily chart, prices tested but did not close above the downward gap area of 18,679-18,589/5,601-5,580 levels. Immediate resistance is seen at 18,735/5,633, while 18,449/5,541 is crucial support.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and cut the target price to INR 3,200 due to macro concerns and muted guidance.
This document summarizes a derivative report from India Research dated July 13, 2011. Some key points:
- The Nifty futures open interest increased 0.51% while Minifty futures open interest rose 8.2% as the market closed at 5526.15.
- Implied volatility of at-the-money options increased from 18% to 19.75%. PCR-OI decreased from 1.20 to 1.15.
- Total open interest of the market is Rs. 125,816 crore and stock futures open interest is Rs. 33,500 crore.
- FII were net sellers of Rs. 969 crore in the cash market segment. Put-call
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
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13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
1. 1QFY2011 Result Update | Shipping
July 30, 2010
The Great Eastern Shipping Co. BUY
CMP Rs287
Performance Highlights Target Price Rs396
Y/E March (Rs cr) 1QFY11 1QFY10 %chg (yoy) 4QFY10 % chg (qoq) Investment Period 12 Months
Net sales* 644 721 (10.6) 767 (16.0)
# Stock Info
EBITDA* 261 257 1.8 316 (17.2)
OPM margin (%) 40.6 35.6 495bp 41.2 (60bp) Sector Shipping
PAT 172 154 11.4 156 10.3 Market Cap (Rs cr) 4,377
Note:*Excl. gain from sale of vessels; #Excl. gain/(loss)from forex transactions Beta 1.2
52 Week High / Low 345/227
GE Shipping’s (Gesco) 1QFY2011 results were above our estimates on account of
strong performance in the offshore segment. However, the shipping segment was Avg. Daily Volume 155,874
impacted by repricing of product tankers at a lower rate and lower tonnage. Face Value (Rs) 10
Management has reported the current NAV at Rs368/share as against Rs339/share BSE Sensex 17,868
in 4QFY2010. During the earnings call, management indicated that slippages
were to the extent of 30% and 45% in the tankers and bulkers segments, Nifty 5,368
respectively, which led to a check on supply. The company intends to list its Reuters Code GESC.BO
offshore subsidiary (97.6% stake) Greatship Ltd (GIL) by 2HFY2011E, which will Bloomberg
unlock value of its offshore business. We maintain our Buy rating on the stock. GESCO@IN
Code
Offshore segment gains momentum: Gesco’s consolidated revenue (excl. gain on
sale of vessels) dropped 10.6% yoy and 16.0% qoq to Rs644cr. The offshore
segment reported strong performance with 45.1% yoy growth in sales to Rs231cr, Shareholding Pattern (%)
driven by increased operating days. The shipping segment posted a decline of
Promoters 30.0
31.6% yoy and 18.9% qoq to Rs497cr due to a 7.6% yoy drop in tonnage (2.66mn
dwt). EBIT margin for the offshore segment was strong at 46.4% (up 2,397bp yoy MF / Banks / Indian Fls 29.6
and 1,594bp qoq). Consequently, EBIDTA margin stood at 40.6% (up 495bp yoy). FII / NRIs /
13.6
Gesco reported Rs44cr towards gain on sale of vessels. Further, it reported non- OCBs
cash gain of Rs41cr because of revaluation of foreign currency, debtors and Indian Public / Others 26.8
creditors and non-cash loss of Rs31cr expensed towards interest in accordance with
AS16 borrowing cost in 1QFY2011. Consequently, reported PAT increased 11.4%
yoy and 10.3% qoq to Rs171.8cr.
Abs. (%) 3m 1yr 3yr
Outlook and valuation: We believe the accelerated phase-out of single hull tankers
will relieve supply-side pressures and keep tanker freight rates at the current Sensex 1.8 16.1 17.1
sustainable level over the medium term. Further, Gesco intends to add eight Gesco (13.1) 13.8 (13.9)
offshore vessels over the next two years, which will likely spur revenue growth in the
offshore segment. We recommend a Buy rating on the stock with a Target Price of
Rs396.
Key Financials (Consolidated)
Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
Net sales* 3,801 2,891 3,100 3,980
% chg 21.4 (23.9) 7.3 28.4
Net profit 1,418 513 745 1,070
% chg (2.4) (63.8) 45.4 43.5
EBITDA (%) 40.8 33.7 37.7 39.7
EPS (Rs) 93.1 33.7 49.0 70.2
P/E (x) 3.1 8.5 5.9 4.1 Param Desai
P/BV (x) 0.8 0.8 0.7 0.6 022 – 4040 3800 Ext: 310
RoE (%) paramv.desai@angeltrade.com
29.7 9.4 12.4 16.0
RoCE (%) 13.2 5.3 6.3 9.5
Mihir Salot
EV/Sales (x) 1.7 2.8 2.5 2.0 022 – 4040 3800 Ext: 307
EV/EBITDA (x) 4.1 8.2 6.6 4.9 mihirr.salot@angeltrade.com
Source: Company, Angel Research; Note: Excl. gain on sale of vessels
Please refer to important disclosures at the end of this report 1
3. GE Shipping | 1QFY2011 Result Update
Shipping segment witnessed a slowdown
For 1QFY2011, Gesco reported lower revenue days (-2.3% yoy) and tonnage
(-7.6% yoy). Further, the company witnessed a 14.2% yoy and 9.4% decline in TCY
for crude and product tankers, respectively; while dry bulk reported a 25% increase
at US $24,484/day in 1QFY2011. For 1QFY2011, the company maintained the
spot-time mix for total fleet at 47:53, which is near its historical levels. Crude
tankers and product carriers (including gas carriers) are covered to the extent of
43% and 72% of their operating days, respectively. Dry bulk carriers are covered to
the extent of 46% of the fleet’s operating days. Revenue visibility for the remaining
part of FY2010–11 is nearly Rs467cr.
Update on asset purchase and sales
During the quarter, Gesco modified its contract of building two Suezmax tankers to
three very large crude carriers (VLCCs) with better prospects for the latter as well as
relative pricing. The company sold three older tankers as part of the mandatory
single hull tanker phase out by 2010. Further 2–3 vessels are likely to be phased
out during FY2011.
Moreover, GIL sold PSV Greatship Diya, while it took delivery of PSV Greatship
Rekha and sold it immediately upon delivery. Consequently, the current owned
and/or operated fleet of Gesco and its subsidiaries stands at 29 tankers, six dry
bulk carriers, five PSVs, seven AHTSVs, two jackup rigs and two MPSSV.
Well-capitalised balance sheet
Gesco’s net consolidated debt stands at 0.25x as of June 2010. The company has
a planned capex of US $573mn (US $118mn already paid) in the shipping
segment, resulting in addition of 1.3mn dwt (three tankers and five bulkers) to the
fleet by FY2013E. The company has indicated a delivery schedule of five dry bulk
carriers (three in 4QFY2011 and two in 1QFY2012) and three VLCCs (two in
1QFY2012 and one in 1QFY2013). The planned capex for the offshore segment is
of US $362mn over the next two years (US $125mn already paid), which is likely
to be funded through IPO proceeds.
Non-cash adjustments during the quarter
The company has booked a non-cash gain of Rs41cr in 1QFY2011 v/s loss of
Rs103cr in 1QFY2010 on account of revaluation of bank balances, creditors and
debtors recorded in foreign currency. Moreover, as per provisions of AS-16, non
cash adjustment of Rs32cr has been accounted for under interest cost due to
exchange rate difference between foreign and local currency borrowing costs.
July 30, 2010 3
5. GE Shipping | 1QFY2011 Result Update
Investment Arguments
Tanker freight rates bottoming out
Though the tanker segment witnessed a slowdown in 1QFY2011, we expect rates
to bottom out with the early signs of growth in US oil demand (gasoline demand
likely to improve going ahead), single hull phase outs and order book slippages to
provide support to the tanker market. The International Energy Agency (IEA)
estimates global oil demand to register a 1.5% CAGR over CY2009–11E,
increasing by 2.6mbd to 87.5mbd as against the decline of 1.5% in CY2009. As
per Clarksons, 13% and 14% of the existing capacity (fleet) of crude and product
tankers will be added in CY2010. However, the accelerated phase-out of single
hull tankers, which accounts for 12% of the world's existing tanker fleet, will relieve
supply-side pressures and keep freight rates at the current sustainable level over
the near to medium term. Gesco will be a key beneficiary of higher tanker freight
rates as it derives around 46% of its consolidated revenue from the tanker
segment.
GIL IPO to unlock value
Gesco intends to list GIL by 2HFY2011E through fresh equity issuance. We believe
this will unlock potential value of the offshore business, which globally trades at
higher multiples than the shipping business due to better stability and high visibility
in earnings. We have valued Gesco's offshore business at 6.5x FY2012E
EV/EBITDA, in line with the global peers, fetching Rs133/share or Rs2,021cr.
Relatively younger fleet
The average age of Gesco’s fleet (35 vessels) is around 10.5 years, which is
relatively young given that most vessels have a life of 25 years. Currently, 84% of
the tanker dwt is double hull. The company has applied depreciation on an
accelerated basis for the vessels that will need to be phased-out by FY2010 as per
the MARPOL’s regulations. Offshore assets such as platform supply vessels and
anchor handling tugs are relatively young and, hence, the company could earn
better rates on such assets.
Exhibit 8: Fleet dynamics
20 19
17
15 13.6
11
10.1 9.3
10
6
5
1
0
Crude carriers Product tankers Bulk carriers Gas carriers
Age Profile (years) Number of vessels
Source: Company, Angel Research
July 30, 2010 5
6. GE Shipping | 1QFY2011 Result Update
Outlook and Valuation
We believe the accelerated phase-out of single hull tankers will relieve supply-side
pressures and keep tanker freight rates at the current sustainable level over the
near to medium term. Further, Gesco intends to add eight offshore vessels over the
next two years, which would spur the company’s revenue growth. We have valued
the shipping business on an NAV basis, which fetches Rs263/share (10% discount
to NAV) and the offshore business at 6.5x FY2012E EV/EBIDTA, in line with its
global peers, contributing Rs133/share. Based on our target price of Rs396, the
implied EV/EBITDA, P/BV and P/E multiples work out to 6.0x, 0.8x and 5.6x,
respectively, for FY2012E. Thus, on account of trading at a significant discount to
its global peers, we recommend a Buy rating on the stock with a Target Price of
Rs396.
Exhibit 9: Trading close to five-year forward P/B
2.0
1.5
1.0
(X)
0.5
0.0
Jun-05
Feb-06
Jun-06
Feb-07
Jun-07
Feb-08
Jun-08
Feb-09
Jun-09
Feb-10
Jun-10
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
P/BV 5 year Average P/BV
Source: Bloomberg, Angel Research
Exhibit 10: Key assumptions
FY2011E FY2012E
Freight rates change (%)
Tanker 5.0 10.0
Dry Bulk (5.0) 5.0
Net Tanker fleet addition (%) 7.8 4.9
Single hull tanker scrapping (mn dwt) 15 25
Source: Angel Research
July 30, 2010 6
11. GE Shipping | 1QFY2011 Result Update
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement GE Shipping
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 30, 2010 11