Jindal Steel & Power is undergoing $9 billion in steel and power expansion projects backed by resource availability and cash flows. Profitability depends on iron ore and coal prices, which are improving. The stock trades at 1.1x FY14 P/B. The analyst initiates coverage with a neutral rating and target price of Rs. 285, citing improving steel business fundamentals but challenging near-term profitability.
In this week seen stability in Stock Markets but Sharp devaluation in Thai Baht has brought a contagion effecting currency of all emerging markets and sharp fall in equity market.
Narnolia Securities Limited positive to buy stocks of UltraTech Cement Ltd, DB Corp and Infosys with target price of Rs 1846,Rs 340 and Rs 400 to Rs 440 respectively
Hindustan Zinc’s (HZL) Q3FY14 stood at Rs. 3450.1 crore higher by 8.6% YoY. We reaffirm our positive stance on HZL and assign a BUY rating to the stock with a target price of Rs. 148
Narnolia Securities Limited recommend on Dabur India Ltd “Buy” view on the stock with a target price of Rs206 as well as CAN FIN HOME stock with price target of Rs.220. Neutral view on DB CORP Share
Narnolia Securities Limited believe the ACC Limited stock's fundamental is still good and price too cheap also , but for the earning upgradation and revised target price we would like to see the 1st quarter earnings,hence we recommend Book Profit on the stock at a price range between Rs.1253 to Rs.1310. Also Hold the Stock of ICIC Bank. For more information please go through this PDF
Emami’s Ltd focus on increasing rural penetration, favorable monsoon, continuous strengthening of its brand equity. Narnolia Securities Limited recommend “Buy” on the stock with a target price of Rs 635
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
In this week seen stability in Stock Markets but Sharp devaluation in Thai Baht has brought a contagion effecting currency of all emerging markets and sharp fall in equity market.
Narnolia Securities Limited positive to buy stocks of UltraTech Cement Ltd, DB Corp and Infosys with target price of Rs 1846,Rs 340 and Rs 400 to Rs 440 respectively
Hindustan Zinc’s (HZL) Q3FY14 stood at Rs. 3450.1 crore higher by 8.6% YoY. We reaffirm our positive stance on HZL and assign a BUY rating to the stock with a target price of Rs. 148
Narnolia Securities Limited recommend on Dabur India Ltd “Buy” view on the stock with a target price of Rs206 as well as CAN FIN HOME stock with price target of Rs.220. Neutral view on DB CORP Share
Narnolia Securities Limited believe the ACC Limited stock's fundamental is still good and price too cheap also , but for the earning upgradation and revised target price we would like to see the 1st quarter earnings,hence we recommend Book Profit on the stock at a price range between Rs.1253 to Rs.1310. Also Hold the Stock of ICIC Bank. For more information please go through this PDF
Emami’s Ltd focus on increasing rural penetration, favorable monsoon, continuous strengthening of its brand equity. Narnolia Securities Limited recommend “Buy” on the stock with a target price of Rs 635
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
Reliance Industries Limited registered a turnover of Rs 197112 Cr which is healthy operating profits of half year. we recommend to BUY the stock with target price of Rs 1040 as well as hold Jammu and Kashmir Bank due to trading at lower valuation in comparison to private sector banks.
Considering management’s aggressive expansion in production capacity and marketing network, Narnolia Securities Limited believe company can deliver good growth in coming years. Further, we expect the company to benefit immensely from the subdued steel prices currently. Narnolia Securities Limited expect the benefit to flow in for the next coming quarters as well. We recommend a "Buy" rating on stock with price target of Rs. 105
Narnolia Securities Limited initiated KPIT stock at a CMP of Rs 115 (14 Jan 2013) and now, it achieved its target of Rs 177. We advice to book profit on the stock because of its premium valuation. For information visit our website http://www.narnolia.com/
Expecting growth rate by 21.5%. Its large market share and aggressive promotions in its pillar brand (Sugar Free, Everyuth) would energize its
revenue growth in near future. We retain “Buy” on the stock with target price from Rs725 to Rs 610.
Century Plyboards is India’s leading wood-panel Company. It operates mainly in two segments: plywood and laminates. Plywood brings in ~76% of its revenues, laminates about 18%. Container Freight Stations (CFS) account for the remaining.
The company has six plywood manufacturing plants spread across the length and breadth of India and one in Myanmar. It is among the top-three laminate manufacturers with capacity of 4.8m sheets and it also has two container-freight stations at the Kolkata port.
Over the last 30 years the company has emerged as a dominant player in the decorative plywood industry with more than 25% share of the organised market worth 4,500 crores. Against the plyboard industry growth rate of 12% for the last 6 years, Century Plyboard has recorded 18% CAGR led by market share gains from the unorganised segment.
Century Ply has also established itself as one of the leading laminate brands in India (third-largest manufacturer in India after Greenply and Merino) and its laminate revenue recorded a 15% CAGR over FY09-14.
It’s important to note here that of the total plywood industry (15,000 crores +), the share of organized players is still 30%, though it has increased from 10% a decade back. As is being witnessed in other industries, the share of organized players is expected to inch up further from 30% and if GST is implemented then the gain in market share will be much faster. With strong entry barriers (Govt. licensing as a hedge against de-forestations and difficulty in sourcing raw material) the incumbent organized players like Century will be the key beneficiaries of the shift towards branded products.
In order to sustain the growth momentum, the company recently doubled its laminates capacity to 4.8m sheets and increased the plywood capacity to 210,000 CBM. It has also increased its dealer’s base from 1,106 in FY12 to 1,424 in FY14.
As per the management, they are experiencing good demand for their products and expect to sustain 25% + CAGR for the next few years and have in-fact set an ambitious target of 5000 crores revenue by 2020 (1,284 crores in FY 14).
The Adani Group and Gujarat State Petroleum Corporation (GSPC) are looking at various
equity options for their Rs. 46bn, five-million-ton-per-annum liquefied natural gas terminal at
the Mundra special economic zone in Gujarat.
Rudra Shares Fundamental Call Report- Bodal chemicals ltdAnkurShah108
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
Hindalco Industries Ltd has expanded its aluminium capacity recently which expected to face cost pressures, resulting in lower return ratios over FY2013-15. We recommend to BUY stock with target price of Rs 2330
Coal India LTD expect modest increase in sales volumes growth during FY2013-15 on account of poor offtake capabilities of CIL. We are positive to buy stocks with Target Price Rs.334.
Reliance Industries Limited registered a turnover of Rs 197112 Cr which is healthy operating profits of half year. we recommend to BUY the stock with target price of Rs 1040 as well as hold Jammu and Kashmir Bank due to trading at lower valuation in comparison to private sector banks.
Considering management’s aggressive expansion in production capacity and marketing network, Narnolia Securities Limited believe company can deliver good growth in coming years. Further, we expect the company to benefit immensely from the subdued steel prices currently. Narnolia Securities Limited expect the benefit to flow in for the next coming quarters as well. We recommend a "Buy" rating on stock with price target of Rs. 105
Narnolia Securities Limited initiated KPIT stock at a CMP of Rs 115 (14 Jan 2013) and now, it achieved its target of Rs 177. We advice to book profit on the stock because of its premium valuation. For information visit our website http://www.narnolia.com/
Expecting growth rate by 21.5%. Its large market share and aggressive promotions in its pillar brand (Sugar Free, Everyuth) would energize its
revenue growth in near future. We retain “Buy” on the stock with target price from Rs725 to Rs 610.
Century Plyboards is India’s leading wood-panel Company. It operates mainly in two segments: plywood and laminates. Plywood brings in ~76% of its revenues, laminates about 18%. Container Freight Stations (CFS) account for the remaining.
The company has six plywood manufacturing plants spread across the length and breadth of India and one in Myanmar. It is among the top-three laminate manufacturers with capacity of 4.8m sheets and it also has two container-freight stations at the Kolkata port.
Over the last 30 years the company has emerged as a dominant player in the decorative plywood industry with more than 25% share of the organised market worth 4,500 crores. Against the plyboard industry growth rate of 12% for the last 6 years, Century Plyboard has recorded 18% CAGR led by market share gains from the unorganised segment.
Century Ply has also established itself as one of the leading laminate brands in India (third-largest manufacturer in India after Greenply and Merino) and its laminate revenue recorded a 15% CAGR over FY09-14.
It’s important to note here that of the total plywood industry (15,000 crores +), the share of organized players is still 30%, though it has increased from 10% a decade back. As is being witnessed in other industries, the share of organized players is expected to inch up further from 30% and if GST is implemented then the gain in market share will be much faster. With strong entry barriers (Govt. licensing as a hedge against de-forestations and difficulty in sourcing raw material) the incumbent organized players like Century will be the key beneficiaries of the shift towards branded products.
In order to sustain the growth momentum, the company recently doubled its laminates capacity to 4.8m sheets and increased the plywood capacity to 210,000 CBM. It has also increased its dealer’s base from 1,106 in FY12 to 1,424 in FY14.
As per the management, they are experiencing good demand for their products and expect to sustain 25% + CAGR for the next few years and have in-fact set an ambitious target of 5000 crores revenue by 2020 (1,284 crores in FY 14).
The Adani Group and Gujarat State Petroleum Corporation (GSPC) are looking at various
equity options for their Rs. 46bn, five-million-ton-per-annum liquefied natural gas terminal at
the Mundra special economic zone in Gujarat.
Rudra Shares Fundamental Call Report- Bodal chemicals ltdAnkurShah108
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
Hindalco Industries Ltd has expanded its aluminium capacity recently which expected to face cost pressures, resulting in lower return ratios over FY2013-15. We recommend to BUY stock with target price of Rs 2330
Coal India LTD expect modest increase in sales volumes growth during FY2013-15 on account of poor offtake capabilities of CIL. We are positive to buy stocks with Target Price Rs.334.
Narnolia Securities Limited see Coal India at a attractive valuation to go long from the current dips. So we stick to our previous estimates with revised price premium and recommend Maintain Buy CIL at price dips with a revised target price of Rs.318/-. Which is ~13% upside from the current level.
Narnolia Securities Limited provides guidance on daily stock market. We assist customer in buying, holding and selling stocks based on analysis report. For more information visit our website http://www.narnolia.com/
Narnolia Securities Limited initiated Swaraj Engines Ltd stock CMP of INR 61, the stock discounts its FY14E EPS of Rs. 54.20 by 12.0x and FY15E EPS of Rs. 61.7 We advice to book profit on the stock and BUY rating to the stock of Hindustan Zinc LTD with a target price of Rs. 148
Narnolia Securities Limited initiated Swaraj Engines Ltd stock CMP of INR 61, the stock discounts its FY14E EPS of Rs. 54.20 by 12.0x and FY15E EPS of Rs. 61.7 We advice to book profit on the stock and BUY rating to the stock of Hindustan Zinc LTD with a target price of Rs. 148
Hindustan Zinc LTD have strong visibility over production growth of zinc, lead and silver over FY2013-15, Narnolia Securities Limited are positive on HZL. We recommend Neutral rating on HZL with a target price of Rs.143 for FY14.For more information visit our website http://www.narnolia.com/
Sri kalahasti pipes multibagger report, Sublime financial AdvisorySublime Advisory
We at Sublime Financial Advisory recommended Srikalahasthipipes In Jan Month As A Multibagger Stock. Srikalahsthi Pipes Ltd (SPL), formerly
known as Lanco Industries Ltd, is one of the leading
manufacturers of Ductile Iron Pipes (DI Pipes). It was
incorporated in 1991 and has its manufacturing facility in
Rachagunneri, Chittoor Dist AP. In 2002 it entered into a
strategic alliance with Electrosteel castings Ltd (ECL), one
of the largest manufacturers of DI pipes. SPL’s marquee
client list includes L&T, NCC, Indian Hume Pipes, VA
Tech Wabag Ltd, Sriram EPC Ltd etc. Apart from this, SPL
has a power generation capacity of 14.5MW, comprising of
12MW waste heat recovery of coke oven plant and 2.5MW
captive power plant, which runs of blast gas furnace
Orient Refractories manufactures a wide range of Refractory and Monolithic products for the iron and steel industry and its clients include large domestic integrated steel producers and mini steel plants such as Steel Authority of India, Mukund Steel, Tata Iron and Steel Company, RINL – Vizag, Sunflag Iron, Lloyd Steel, Usha Martin and the Jindal Group.
ORL got listed recently as it entered into a Scheme of Arrangement with Orient Abrasives Limited (OAL) and their respective shareholders for demerger of the refractory business of OAL into Orient Refractories Ltd. The demerger was carried out in Nov’11 and the stock got listed on 9th Mar’12.
Soon thereafter, there was a change in management and shareholding control in the company. In Mar’13, Mr. S G Rajgarhia and other ex-promoters of the company sold their 43.62% stake in the company to Dutch US Holding B.V. at Rs 43/- per share and the latter also acquired another 26% equity shares from public shareholders through open offer. As on date Dutch US Holding B.V. holds 69.62% equity in the company. It is important to note here that Dutch US Holding B.V. is promoted by RHI AG.
Narnolia Securities Limited have raised our target price largely due to two factors –(1) margin and return ratio likely to improve from April quarter as permanagement and (2) price would settle at 3.2 times of FY14E book due to showing some positive upturn in economy and boost up of market sentiment. Narnolia Securities Limited recommend buy stock of Indusind bank price target of Rs.540
Please find attached, the Initiating Coverage Report on OCL India Ltd.
OCL India Ltd (OCL) is well poised to benefit from the focused emphasis of the newly elected government on infrastructural development in East India. In line with this emphasis, OCLs timing of hiking cement grinding capacity to 6.7 MTPA in March 2014 could not have been better. With the expanded capacity, we expect OCL to report healthy revenue 2 year CAGR of 26% to Rs.3067 crore and PAT growth of 65% to Rs.292 crore by FY16E.
We initiate coverage on OCL as a BUY with a Price Objective of Rs.536 representing a potential upside of ~91% over a period of 18 months. At the CMP of Rs.280, the stock is trading at an EV/EBITDA multiple of 2.7x FY16E and at an EV/Tonne of cement sold in FY16 of $60 ($42 EV/Tonne of capacity). The replacement cost currently is in the range of US$120-140 per tonne.
MARKET PULSE, the monthly from ACMIIL, aims to provide insightful perspectives on all aspects of the market, the equity, debt, derivatives,forex, commodities and money markets.
Narnolia Securities Limited believe for the current market scenario the price is fare enough to trade.But looking at future capex plans and sluggish demand we belive the earnings and profitability of Shree cement may fall for the next two consecutive quarters.Also Value of Axis bank at Rs.1217/share implying 1.5 times of FY14E’s book value which is quite reasonable as per our view
Narnolia Securities Limited positive to buy stocks of Oriental Bank’s and Finolex Cables Ltd with target price Rs. 90 and Rs.216/share. Also see the FY15E, NASSCOM expects IT exports to grow by 13-15%.
Ingvysya Bank has not participated in recent market rally despite of strong liability base franchise and stable asset quality. Narnolia Securities Limited retained our BUY rating with price target of Rs.680 per share
Narnolia Securities Limited cover Persistent System as one of the few companies in the tier-II with potential to grow revenue at a range of 18-20%. Considering the company’s premium valuation, we advice “Book Profit” on the stock. At a CMP of Rs 1059, stock trades at 13.4x FY15E earnings. Our view could be change with management guidance, higher currency flactuations and post earnings of coming quarter
Narnolia Securities Limited expect, TCS will be star performer in growth sense than other peers. Hence,we are maintaining 17% (revised from 18%) revenue growth in dollar term for FY14E because of improved demand environment, while NASSCOM expects 12-14% for the Industry. At a price of Rs 2041, it is trading at 18x FY15E earnings, We maintain" BUY" view on the stock with a target price of Rs 2510. Also Hold Stock of HDFC Bank
Narnolia Securities Limited are positive to buy stock of Tata Steel Ltd, V-Guard Industries Ltd and Infosys with target prize Rs.401, Rs.525, Rs 3760 respectively. Also Book profit on Axis bank Stock
HCL tech’s decent level of utilization, focused on cost control andutilization of new market opportunities through vendor’s consolidation would provide a new shape to the company in near future. Narnolia Securities Limited retain BUY onthe stockand revised our target price from Rs 1560 to Rs 1650.
Narnolia Securities Limited believe Bank of Baroda would rally more because of trading at lower side despite of index is running at all time high. But with this fundamental Bank of Baroda would trade in range of Rs.625 to Rs.700 depending upon sentiment as per our view.
The Prestige Estate has moved up form starting of CY12, peaked in May13, then went down gradulally. Narnolia Securities Limited do not recommend additional investment in this stock despite its gains in the current period.
Mr. Narayan Murthy expressed its view regarding senior level exits from the company. In near term, non-performers in Infosys could be asked to leave or may hand over layoff notices. Infosys will retain its revenue acceleration and margin expansion. We retain our “BUY” view on the stock with a target price of target price of Rs 3910 .
See Private Sector Banks Result Review 3QFY14. Powergrid strong growth visibility and minimal operational risks. We valued stock for a 12 month period at a target price of Rs.118 also We rate a BUY rating on the stock with an 12 months price target price of Rs 80.0 at 4.1x FY15E earnings of IFGL Refractories Ltd stock.
All IT companies are accelerating its revenue growth and shaping up its margin because of favorable demand and supply environment. We maintain our positive stance on (In order ofpreference) TECHM, PERSISTENT, ZENSARTECH, ECLERX and KPIT under mid cap space.
Most of banking stocks reported moderate revenue and profit growth owing to multiple headwinds. In near term we are not seeing improvement in economic condition and asset quality pressure are expected to remain in the system due to tight liquidity situation and rising interest rate. Post result we like SBI, Union Bank and UCO Bank due to their structural improvement in balance sheet, operating and financial metrics.
Narnolia Securities Limited natural view on Stock of Dena Bank, Nestle India. Also we recommend BUY for the Vardhman Textiles stock with target price of Rs.412 because current earning growth and environment the stock is looking very good but due
to lack of trigeers in FY15 we are really conservative for FY15
Asset quality was better among peers but in tight liquidity situation it would remain challenging. Margin was compressed slightly in sequential basis but management continued to guided domestic NIM at 3% level from present of 2.95%. NSL value bank at Rs.634/share which is 0.75 times of FY14E’s book value.
Bank’s management continued to guide loan growth of 20% in FY14 but we lower our loan growth assumption to 15% for FY14 . We recommend ”BUY”view on the stock with a target price of Rs 1525
Britannia Industries volume growth will recover gradually over the next few quarters, driven by higher brand spends and portfolio expansion. Narnolia Securities Limited have "BUY" view on the stock with a target price of Rs 1065
Narnolia Securities Limited expect that eClerx Services organic revenue growth remains soft in near term, and company is very focussed on inorganic growth and expect to see growth from cable business . we recommend ”BUY”view on the stock with a target price of Rs 1410 (revised from Rs 1350) .
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
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.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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.
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
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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.
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
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.
USDA Loans in California: A Comprehensive Overview.pptx
India Equity Analytics Today: Buy Stock of Hindalco Industries Ltd
1. On Mid Quarter Analyst Meet, TCS commented on weak revenue growth momentum for 4QFY14E due to weak seasonality. Growth in 4QFY14E
would be lower than the preceding quarter and margin would decline 40-50 basis points on cross currency movement and higher investments.
However, sigh of relief was seen on FY15E outlook and comments on overall demand environment. .................................................................. (
Page : 13-15 )
Hindalco Industries Ltd: "BUY" 25th Mar 2014
Sesa Sterlite's 22 days smelting shut will help rival producer Hindalco Industries raise sales.With greater comfort on sustainability and visibility of
ramp up in UAIL operations, we raise our FY15E volume and consolidated EBITDA by ~2%. Currently the stock is trading at 0.7x in 1yr Forward
P/B and we believe with the changing political climate and improving auto mobile demand the stock will accumulate to 0.8x P/B. Hence at CMP
Rs.121.5 we are bullish on the stock to a medium term target price of Rs.140 which is a 15% upside addition.
................................................................ ( Page : 2-4)
We cover Persistent System as one of the few companies in the tier-II with potential to grow revenue at a range of 18-20%, specially focused on
emerging business and relationship building with marquee clients. Despite better predictability of growth and attractive visibility of its expansion
in new emerging verticals, we advice to book profit on the stock because of its premium valuation. ...............................................................
(Page : 11-12)
"BOOK PROFIT"
TCS : " Strong Fundamentals" "BUY" 20th Mar 2014
IEA-Equity
Strategy
25th Mar, 2014
Edition : 231
KPIT Tech: "On billion dollar journey" "BUY" 19th Mar 2014
Impressive organic growth despite inorganic thrust (acquired 10 companies in the last 10 yrs), Potential option value from success of its hybrid
engine venture Revolo (on trial). KPIT has targeted to reach $1bn sales by 2017. Its differentiated positioning and competitive edge in its focus
areas, imperatives to the success of smaller-sized IT vendors impress to investors. ........................................................................ ( Page : 19-
20)
HDFC Bank : "HOLD" 20th Mar 2014
Profitability of bank is likely to report better in next few quarters on the back of mobilization of FCNR deposits which would reflect better NII
growth for being a low cost carry, RBI allowed banks to use counter cycle buffer for making specific provisions against bad loans, declining share
of priority sector lending but still met regulatory requirement and exempted foreign deposits with tenure more than 3 years from SLR, CRR and
PSL. Now the economy is witnessing some sign of revival and market sentiment boost up on account of exit poll result. We raised our price
target to Rs.760/share which is upper side of our valuation band. .................... ( Page : 16-18)
Persistent System : "Persistently innovating.." 21th Mar 2014
PNB : "BUY" 24th Mar 2014
We upgrade PNB from neutral to add rating on account of external factors like better than expected GDP growth and CAD numbers which
showing some improvement along with softening inflation numbers. Recently market sentiments are also booted on account of opinion poll
result which revealed that BJP led NDA would close to formation of Government in coming general election. We raised our price target to
Rs.700 from Rs.600 earlier. ............................................................. ( Page : 8- 10)
Jindal steel & Power : Challenging Fundamentals "NEUTRAL" 24th Mar 2014
The Company has embarked on expansion projects of US$9bn in steel and power, backed by resource availability and steady cash flows.
Improving free-cash-flows and volumes would be visible from end-FY15. Profitability is geared to iron ore and coal, which, against the present
backdrop of improving iron-ore prices and higher coal consumption, would drive a re-rating. The stock quotes at 1.1x FY14e P/B. We initiate our
coverage on this stock with a target of Rs.285/share on the basis of improving steel business, and Recommend Neutral.
.................................................................. ( Page : 5-7)
Narnolia Securities Ltd,
India Equity Analytics
Daily Fundamental Report on Indian Equities
2. Hindalco Industries Ltd.
122 1-
140
132
15%
NA
2-
500440
25497
17848
6284
1M 1yr YTD A. Captive bauxite is only 21km away from the refinery
Absolute 24.7 38.1 30.6 B. Low reactive silica content which reduces caustic soda consumption
Rel. to Nifty 18.3 21.2 16.1 C.
D.
3QFY14 2QFY14 1QFY14
Promoters 37.0 37.0 37.0
FII 26.9 24.9 24.8
DII 13.3 14.4 14.3
Others 22.9 23.7 23.9
Financials : Q3FY14 Y-o-Y % Q-o-Q % Q3FY13 Q2FY14
Net Revenue 7273 5.8 15.4 6872 6305
EBITDA 629 8.1 16.5 582 540
PAT 344 -20.6 -3.7 434 357
EBIDTA % 9% 2.1 1.0 8% 9%
NPM % 5% -25.0 -16.5 6% 6%
. (In Crs)
2
Expansions ready to deliver…
With the change in political climate, we believe there will be demand from domestic
aluminium and copper consumer. Currently copper is going through a three month
low,we expect it to be better after election.
Key reasons for this low cost UAIL plant include:
Novelis Business:
Copper producer Sesa Sterlite Ltd will shut its smelter for 22 days starting April 26, for
maintenance purpose. It produces 30,000 tons of refined copper per month and exports
half of that to China. It will help rival producer Hindalco Industries raise sales. And also
for Hindalco the copper realization is stable with the previous quarter, so it will be
additional sales if orders executes.
Ongoing Positive thrusts:
The Q3FY14 financial results still do not include Mahan, Utkal and Aditya projects. All
three projects have started production under trial run. UAIL’s commercial production
started in December 2013. Management guided for FY15E and FY16E volumes of over
1mt and 1.5mt (full capacity), respectively. Integration of Aluminium smelters (a) Newly
commissioned aluminium smelters (UP and Odisha) to ramp up volumes going forward
and (b) Cost benefit of cheap alumina for its existing smelters with high quality,
proximate and captive bauxite mine, whose production is currently running at ~4mtpa
run-rate. We are expecting a good amount profit addition from these plants in H1FY15.
Source - Comapany/EastWind Research
Political sentiment:
High trihydrate alumina content (40%) i.e., it is gibbsite form of bauxite with only 2%
bohemite (low quality bauxite)
Bauxite properties are such that process is carried out at relatively low temperature and
pressure leading to savings in energy cost.
Novelis’ business has started to improve with the benefit and strong demand from
automobiles. However, the pricing pressure is impacting margin. Novelis is one of the
world’s leading aluminium rolling and recycling companies supplying premium products
in the markets of North America, Europe, Asia and South America. The company is the
largest single producer of aluminium rolled products with an estimated share of 14% of
the world’s supply. Novelis’ sales volumes are expected to grow at a CAGR of 5.7% in
FY13-16E. On the back of increasing share of the automobile segment in the overall sales
mix, we expect the EBITDA/ton to improve.
Company Update
CMP
Target Price
Previous Target Price
Please refer to the Disclaimers at the end of this Report.
Stock Performance-%
Share Holding Pattern-%
1 yr Forward P/B
Nifty
Average Daily Volume (Nos.)
Upside
Change from Previous
Market Data
BSE Code
HINDALCONSE Symbol
52wk Range H/L
Mkt Capital (Rs Crores)
137/83
"Buy"
25th March' 14
Narnolia Securities Ltd,
3. 3
Concerns:
View & Valuations:
Hindalco is a metal major with business interests in copper smelting & aluminium
manufacturing domestically. It is also a leading aluminum converter globally through
subsidiary Novelis. On the domestic aluminium business front, the company is
undergoing an ambitious capacity expansion wherein its aluminium (primary metal)
production capacity will increase from 560 KT currently to 1278 KT by FY15E. The
planned capacity expansion is backed by corresponding alumina refinery with captive
bauxite linkage. Bauxite conveyor expected to start in December 2014.
Trading At :
Hindalco Industries Ltd.
With greater comfort on sustainability and visibility of ramp up in UAIL operations, we
raise our FY16E volume and consolidated EBITDA by ~2%. We continue to see Hindalco
benefiting over next three years from volume growth in Novelis and Indian operations.
Although Hindalco has expanded its aluminium capacity recently, low aluminium prices,
sticky costs and delay in commencement of mining from captive blocks have resulted in
decline in profitability over the past few quarters. In the near-term, its profitability is
likely to be muted due to higher costs at Mahan smelter and low aluminium prices.
Currently the stock is trading at 0.7x in 1yr Forward P/B and we believe with the
changing political climate and improving aluminium demand the stock will accumulate
to 0.8x P/B. Hence at CMP Rs.121.5 we are bullish on the stock to a medium term target
price of Rs.140 which is a 15% upside addition.
The company has received stage-2 forest clearance for its Mahan coal block subject to
certain conditions. The next important step would be signing of liming lease with the
state government and subsequent mine development, which is likely to take ~18-24
months. High debt on the books continues to weigh on valuations.
About The Company:
Source - Comapany/EastWind Research
Source - Comapany/EastWind Research
Narnolia Securities Ltd,
4. FY11 FY12 FY13 FY14E
72078 80821 80193 81139
431 783 1012 1360
72509 81604 81205 82499
64102 72856 72395 72681
7976 7965 7798 8457
2725 2645 2822 3076
1839 1758 2079 2600
964 786 886 1201
366 211 -20 -
57 -50 16 -
2456 3397 3027 2940
8.5 10.6 8.4 7.8
FY10 FY11 FY12 FY13
191 191 191 191
21346 28824 31179 34597
21545 29023 31911 35330
10763 13736 37127 49857
13236 13956 3731 6442
3901 4138 5289 5691
9742 12980 11052 9613
1016 1077 1377 1610
69235 84376 101402 120590
7876 12272 15429 16435
21124 20133 19871 21490
5801 13131 22798 33831
1983 2035 3774 3170
11275 14096 13246 14332
6544 8000 8017 8952
2195 2556 3296 3770
1134 1164 2159 3257
69235 84376 101402 120590
FY10 FY11 FY12 FY13
1.6 1.4 0.8 0.5
20.5 12.8 17.7 15.8
10.8 11.1 9.9 11.2
16.0 18.0 13.7 12.0
FY10 FY11 FY12 FY13
5542 6929 8534 6852
4944 6226 7602 2978
-5448 -6710 -13220 -13765
428 825 6237 10278
-76 341 619 -510
4
Share in Profit/(Loss) of Associates
PAT
Expenditure
EBITDA
Depriciation
Interest Cost
Tax
Minority Interest
Long-term loans and advances
Inventories
Trade receivables
Cash and bank balances
P/L PERFORMANCE
Source - Comapany/EastWind Research
ROE%
Net Revenue from Operation
Other Income
Total Income
Debtor to Turnover%
Creditors to Turnover%
CASH FLOWS
Source - Comapany/EastWind Research
Source - Comapany/EastWind Research
Source - Comapany/EastWind Research
Net Cash From Operation
Cash From Investment
Long-term borrowings
Cash from Finance
Net Cash Flow during year
Source - Comapany/EastWind Research
Cash from Operation
Short-term loans and advances
Total Assets
RATIOS
P/B
EPS
Long-term provisions
Source - Comapany/EastWind Research
Tangible assets
Capital work-in-progress
Trade payables
Short-term provisions
Total liabilities
Intangibles
Hindalco Industries Ltd.
Source - Comapany/EastWind Research
Short-term borrowings
B/S PERFORMANCE
Share capital
Reserve & Surplus
Total equity
Narnolia Securities Ltd,
5. Jindal steel & Power
265
285
NA
8%
NA
532286
24796
11158
6495
1M 1yr YTD
Absolute 6.9 -21.7 -27.9
Rel. to Nifty 0.5 -36.3 -37.6
3QFY14 2QFY14 1QFY13
Promoters 59.7 59.1 59.1
FII 21.9 21.3 20.8
DII 4.7 6.2 6.7
Others 13.7 13.3 13.4
Financials : Q3FY14 Y-o-Y % Q-o-Q % Q3FY13 Q2FY14
Revenue 5377 12.0 7.9 4802 4984
EBIDTA 1701 -5.0 16.7 1790 1457
Net Profit 562 -35.2 24.3 867 452
EBIDTA% 32 -15.1 8.2 37 29
NPM% 10 -42.1 15.2 18 9
(In Crs)
5
Market Data
Challenging Fundamentals
NSE Symbol
52wk Range H/L
Mkt Capital (Rs Crores)
362/181
The Company has embarked on expansion projects of US$9bn in steel and power,
backed by resource availability and steady cash flows. Improving free-cash-flows and
volumes would be visible from end-FY15. Profitability is geared to iron ore and coal,
which, against the present backdrop of improving iron-ore prices and higher coal
consumption, would drive a re-rating. The stock quotes at 1.1x FY14e P/B. We initiate
our coverage on this stock with a target of Rs.285/share on the basis of improving steel
business, and Recommend Neutral.
Please refer to the Disclaimers at the end of this Report.
Stock Performance-%
Share Holding Pattern-%
1 yr Forward P/B
Source - Comapany/EastWind Research
Nifty
Balance sheet at inflection point: In the past three years, 3bn dollar has been spent on
expansion, and a further 6bn will be expended in the next three years. The expansion has
been supported by the strong business cash flows. However, the net-debt-to-EBITDA
level has hit 3.7x due to delayed cash flows, though the leverage ratio is likely to have
peaked.
Steel segment improving : Steel sales volumes of Jindal Steel and Power are likely to
have improved in 3QFY14, to 0.75m tons. On the changing business and client mix, prices
are likely to have been better. Export opportunities in the quarter due to favorable
currency could have offset the impact of iron ore realizations and would have improved
EBITDA, aided by stable costs. The Shadeed Oman HBI business, iron ore and coking coal
mine are likely to have been stable.Management expects the company’s total steel
capacity, both in India and overseas, to increase around 8 million ton as compared to
current 3 million ton by the end of the fiscal.
The consolidated turnover was up by 12% to Rs.5377 Cr against Rs. 4683 Cr in previous
year period. Net Profit is after tax for the quarter is Rs. 562Cr (Rs. 867 Cr in Q3FY13). The
steel business in volume and value terms grew by 11% and 7% respectively compared to
the previous quarter.
JSPL achieved a spectacular growth in its export volumes which in volume and value
terms grew by 32% and 104% for the same period last year. The Company has received
Rail order from DFCC for the prestigious Delhi – Kolkata corridor and export order from
Ferrotech Alloys, UK.
JSPL’s retail segment has been very successful and the sale during Q3 FY14. Jindal Power
Ltd., a subsidiary of JSPL sales grew by 17.7% while PBT and PAT increased by 16.9% and
15.7% respectively in Q3 this year compared to Q3FY13.Net Sales of the company is
expected to grow at a CAGR of 6% over 2012 to 2015E respectively.
Average Daily Volume (Nos.)
BSE Code
JINDALSTEL
Initial Coverage Neutral
Upside
Change from Previous
CMP
Target Price
Previous Target Price
"Neutral"
24th March' 14
Narnolia Securities Ltd,
6. Coverage :
Products
• Mining
Plants Locations
• Jindal Industrial Park (Chhattisgarh)
• Raipur Division (Chhattisgarh)
• Tamnar (Odisha)
• Angul (Odisha) • Zambia
• Barbil (Odisha) • Tanzania
• Tensa - (Jharkhand)
• Patratu (Jharkhand) • Australia
6
Jindal steel & Power
• Fabricated Sections
• Angels & Channels
• TMT Re-bars
• Wire Rods
• Oman (Middle East)
EBIDTA & Margin
Debt Structure
Stabilizing Power segment: With a steady performance and power sales to Rs.1130 Cr
in 3QFY14 (Rs.1068Cr in 3QFY13), the PLF in 3QFY14 would have held at ~100%, helping
maintain realizations. Capped realizations and the power-surplus situation would have
posed downside risks to earnings.
Jindal Steel and Power Limited (JSPL) is one of India’s major steel producers with a
significant presence in sectors like Steel, Mining, Power Generation and Infrastructure.
With an annual turnover of over US$ 3.6 billion, JSPL is a part of the over US$ 18 billion
diversified O. P. Jindal Group. In the recent past, JSPL has expanded its steel, power and
mining businesses to various parts of the world particularly in Asia, Africa and Australia.
The company has committed investments exceeding US$ 30 billion in the future and has
several business initiatives running simultaneously across continents. The company
produces economical and efficient steel and power through backward and forward
integration.
• Rails
• Parallel Flange Beams
• Plates & Coils
• Madagascar
Jindal Steel and Power Limited started as a steel manufacturing company, enhanced the
company position as a major steel producer and diversified into various other sectors
such as:
• Petroleum
• Cement and Infrastructure.• Power Generation & Trading
Global Presence
Earning Ratios
Earning Ratios
Revenue & Growth
EBIDTA & Margin
• Mozambique
• South America
Business Areas
• Semi-Finished Products
• Power
• Ferro Chrome
• Silico Manganese
• Sponge Iron
Narnolia Securities Ltd,
8. 641
700
600
9
17
1M 1yr YTD
Absolute 18.9 -19.7 -19.7
Rel.to Nifty 14.0 -30.2 -30.2
Current 4QFY13 3QFY1
3Promoters 58.9 57.9 57.9
FII 17.5 17.9 18.0
DII 18.5 18.4 19.1
Others 5.1 5.9 5.1
Financials Rs, Cr
2011 2012 2013 2014E 2015E
NII 11807 13414 14857 16536 17691
Total Income 15420 17617 19072 20775 21930
PPP 9056 10614 10907 11155 12500
Net Profit 4433 4884 4748 3408 5209
EPS 140.6 144.0 134.3 94.1 143.9
8
PNB
Market Data
Upside
890/400
BSE Code 532461
NSE Symbol PNB
Company update ADD Over the last one month, PNB has outperform Nifty by 14% and Bank Nifty by
5.7% largely on account of external factor like economy and fiscal deficit
showing some positive trend, softening of inflation from its peak level. Market
sentiment are also boosted by recent opinion poll result which revealed BJP
led NDA would come to power and economy would revived. Although we like
Bank of Baroda over PNB but former is trading close to our target price. We
value PNB at Rs.600 to Rs.775 per share implying 0.6 to 0.75 times of one year
forward book depending upon current economy scenario and banks own
fundamental. Looking at current fundamental and market sentiments we
believe bank would trade in the range of Rs.600 to Rs.700.
In the subsequent section we will discuss two positive fronts that bank has
witnessed in last quarter result (a) asset quality improvement especially in
fresh slippage side, (b) margin expansion. We will discuss the possibility
valuation contraction from current level.
CMP
Target Price
Previous Target Price
Average Daily Volume
19646
Change from Previous
PNB Vs Nifty
Share Holding Pattern-%
7.4 cr
Nifty 6495
(Source: Company/Eastwind)
Stock Performance
52wk Range H/L
During the last quarter PNB experienced improvement of asset quality especially in
fresh slippage front. Fresh addition in GNPA was declined by 52% sequential to Rs.
1142 cr as against average run rate in last ten quarter was Rs.2124cr. In percentage
to gross advances, slippage ratio came down to 1.4% versus 3% in 2Q and 4.7% in
1Q. Cash recoveries were better which drag net NPA to 2.8% from 3.1% in previous
quarter. Further bank restructure Rs. 2115 cr in 3QFY14 mainly come from power
sector which was offset by similar amount of bond received from SEBs. Bank
management has not indicated restructure pipeline in near term which means stable
to improving asset quality trend could be seen.
Margin expansion on the back of shifting concentration of portfolio mix and
CASA growth
Mkt Capital (Rs Cr)
Please refer to the Disclaimers at the end of this Report.
Creation of fresh slippage lower, impaired asset high but showing
improvement
During the last quarter bank’s margin expanded by 10 bps QoQ despite of moderate
loan growth. Bank witnessed 9.7% YoY loan growth led by SME growth of 21.6%
and retail segment growth of 17.5%. Retail and SME segment are high yield in
nature. Further bank’s low cost deposits CASA increased by 13% in absolute term in
which saving account supported with 14% growth current account 7% YoY. But
overall deposits declined by 20% led by 33% declined of term deposits which inflated
CASA ratio to 38.3% from 27%. Sequentially cost of fund declined by 25 bps while
yield on loan declined by 11 bps on account of creation of low deposits franchise and
shifting of portfolio.
"ADD"
24th March2014
Narnolia Securities Ltd,
9. 9
Management guided stable NIM, more focus on liability rather than asset yield
According to bank management, PNB is focusing more on liability side rather than yield.
Bank has reduced high cost bulk deposits from Rs.880 bn in Sept.2012 to Rs.220 bn in
Dec.2013 and certificate of deposits came down to Rs.110 bn from Rs.240 bn in
3QFY13. Share of low cost deposits improved to 40% which would help bank to maintain
NIM at 3.5% according to management.
Valuation & View
We upgrade PNB from neutral to add rating on account of improving sign of economy led
by CAD number and softening of inflation. Recently market sentiments are also boosted
up due to exit poll result which revealed that BJP led NDA government would be close to
government formation in coming general election. In our valuation matrix, we value in the
range of 0.6 times to 0.75 times of F14E book depending upon bank’s fundamental and
market sentiment. Looking at current market sentiment and fundamental, we value bank
in the range of Rs.600 to Rs.770 per share. We have added rating on the stock with
current price target of Rs.700.
Current Valuation Range
PNB
Please refer to the Disclaimers at the end of this Report.
Narnolia Securities Ltd,
10. 10
PNB
Financial & Assuption
Source : Eastwind/ Company
Please refer to the Disclaimers at the end of this Report.
Narnolia Securities Ltd,
Income Statement 2011 2012 2013 2014E 2015E
Interest Income 26986 36476 41893 43513 49565
Interest Expense 15179 23062 27037 26977 31875
NII 11807 13414 14857 16536 17691
Change (%) 39.3 13.6 10.8 11.3 7.0
Non Interest Income 3613 4203 4216 4240 4240
Total Income 15420 17617 19072 20775 21930
Change (%) 27.6 14.2 8.3 8.9 5.6
Operating Expenses 6364 7003 8165 9621 9430
Pre Provision Profits 9056 10614 10907 11155 12500
Change (%) 23.6 17.2 2.8 2.3 12.1
Provisions 4622 3577 4386 6253 5059
PBT 4433 7037 6522 4902 7442
PAT 4433 4884 4748 3408 5209
Change (%) 13.5 10.2 -2.8 -28.2 52.8
Balance Sheet
Deposits( Rs Cr) 312899 379588 391560 450294 517838
Change (%) 25 21 3 15 15
of which CASA Dep 120325 134129 153344 139752 153766
Change (%) 18 11 14 -9 10
Borrowings( Rs Cr) 31590 37264 39621 47857 44728
Investments( Rs Cr) 95162 122703 129896 143572 149094
Loans( Rs Cr) 242107 293775 308725 339598 356578
Change (%) 30 21 5 10 5
Ratio
Avg. Yield on loans 8.7 9.7 10.3 9.6 10.5
Avg. Yield on Investments 6.0 6.4 7.4 7.2 7.8
Avg. Cost of Deposit 4.4 5.6 6.5 6.4 6.6
Avg. Cost of Borrowimgs 4.4 4.5 3.9 4.0 4.1
Valuation
Book Value 682 820 924 1000 1107
CMP 1220 926 759 543 543
P/BV 1.8 1.1 0.8 0.5 0.5
11. Persistent System.
Footing on Product Business, and working aggressively on new emerging services;
11%
Key facts from Management Interview to Media( on 20
th
March,2014)
1M 1yr YTD
Absolute 1.1 76.8 85.7
Rel. to Nifty 3.4 75.8 82.3
Current 2QFY14 1QFY14
Promoters 38.96 38.96 38.96
FII 18.26 15.28 14.84
DII 18.78 21.23 19.31
Others 24 24.53 26.89
3QFY14 2QFY14 (QoQ)-% 3QFY13 (YoY)-%
432.75 432.37 0.1 332.98 30.0
104.3 100.8 3.5 82.4 26.6
64.2 60.8 5.6 49.5 29.7
24.1% 23.3% 80bps 24.7% (60bps)
14.8% 14.1% 70bps 14.9% (10bps)
11
BSE Code 533179
NSE Symbol
PAT
(1) Persistent System is setting up a unit related to product and Product services, named it
“ Accelerite” to manage efficiently. They are taking some of its IP led products into this
Accelerite. We expect that company is able to compete as a product company, which
“Accelerite” will in the market.
(2) Management expects that the overall trends are looking good on Industry per se and
new emerging segment will play a major role for growth. Now, clients are moving into new
changes and focusing into new services and solution.
(3) For 4QFY14E, muted set of growth could be seen and expecting Intellectual Property
(IP) growth this quarter.
(4) The business outlook though is very positive in the sense, and they are seeing good
opportunities, good pipeline growth and many good interesting deals being signed.
(5) Persistent system is expecting to see IP led growth at a range of 18-19% in FY14E and
20%+ in FY15E driven by HPCA without any addition of new IPs. At same point of time,
they are also looking to scale strong potential of rCloud after adding new capabilities.
Persistent management suggests that deal pipeline are looking strong and seeing good
activity and traction in the market across the board. Its focus on some of newer
technologies like cloud, analytics and mobility, M2M, digital transformation are gaining
a lot of traction because of pickup in demand environment. Because of actively
investment in these themes, management is very confident to see healthy growth.
View and Valuation: The company’s focus is shifting greater proportion to IP led services
and company has marquee clientele in cutting-edge technologies around cloud, mobility,
digital and analytics; witnessing faster growth. Considering the company’s premium
valuation, we advice “Book Profit” on the stock. At a CMP of Rs 1059, stock trades at
13.4x FY15E earnings. Our view could be change with management guidance, higher
currency flactuations and post earnings of coming quarter.
Financials
Revenue
EBITDA
We cover Persistent System as one of the few companies in the tier-II with potential to
grow revenue at a range of 18-20%, specially focused on emerging business and
relationship building with marquee clients. Despite better predictability of growth and
attractive visibility of its expansion in new emerging verticals, we advice to book profit
on the stock because of its premium valuation.
Change from Previous
Nifty
Share Holding Pattern-%
6483
Stock Performance
PERSISTENT
52wk Range H/L 1220/477
Average Daily Volume 12139
Market Data
"Persistently innovating.."
CMP 1059
Target Price 1070
On recent management Interview, Persistent System announced its new footing of
dedicated product business unit “Accelerite” to align its business strategy combined with
Products and IP (Intellectual Property) based on SMAC (Social, Mobility, Analytics,
Cloud) platform.
Company update Book Profit
Previous Target Price 960
Upside 1%
1 year forward P/E-x
Rs, Crore
(Source: Company/Eastwind)
Mkt Capital (Rs Crores)
Please refer to the Disclaimers at the end of this Report.
4236
EBITDA Margin
PAT Margin
"Book Profit"
21st Mar' 14
Narnolia Securities Ltd,
13. TCS
Key facts from Management Commentary:
1M 1yr YTD
Absolute -5.9 29.9 67.2
Rel. to Nifty -13.3 18.8 57.1
Current 2QFY14 1QFY14
Promoters 73.9 73.96 73.96
FII 16.33 16.09 15.67
DII 5.26 5.58 5.90
Others 4.51 4.37 4.47
3QFY14 2QFY14 (QoQ)-% 3QFY13 (YoY)-%
21294 20977.2 1.5 16069.93 32.5
6686.76 6633.0 0.8 4660.49 43.5
5333.43 4633.3 15.1 3549.61 50.3
31.4% 31.6% (20bps) 29.0% 240bps
25.0% 22.1% 290bps 22.1% 290bps
13
Average Daily Volume 1011877
NSE Symbol TCS
52wk Range H/L 2384/1300
Mkt Capital (Rs Crores) 433985
Now, revenue in 4QFY14E could be a bit lighter than what we had expected post 3QFY14
earnings. We are not much surprise on comments on weak revenue as well as ramping
down on margin picture for current quarter. We believe that the 1QFY15E, the first
seasonally strong quarter of the year, is the stern litmus test of TCS’s confidence for
FY15E.
(1) For 4QFY14E, revenue would be lower than preceding quarter because of seasonal
impacts, and domestic revenue may clock negative growth largely impacted by upcoming
general election. However, no pressure would be seen on revenue for FY15E.
(2)Margin would decline by 40-50 basis points on cross currency movement and higher
investments. However, company is expecting no hiccups on margin for long- term
prospect.
(3) The company is very optimistic on Europe, US and UK growth could be inline. Latin
America will see good growth. Europe will continue to do well, and the US and the UK will
be close to industry average. Middle East and APAC could be seen on flattish node.
(4) Across vertical, Media and Entertainment has reported better, Telecom remains
challenged. While, there could be some ray of growth because of higher penetration in
Europe.
Market Data
BSE Code 532540
Previous Target Price 2360
Upside 23%
Change from Previous 6%
Mid Quarter's Analyst Meet: Lower than expected growth for 4QFY14E, but still better
outlook for FY15E than FY14E,
" Strong Fundamentals"
CMP 2041
Target Price 2510
Company update Buy
On Mid Quarter Analyst Meet, TCS also commented on weak revenue growth
momentum for 4QFY14E followed by Infosys due to weak seasonality. Growth in
4QFY14E would be lower than the preceding quarter and margin would decline 40-50
basis points on cross currency movement and higher investments. However, sigh of
relief was seen on FY15E outlook and comments on overall demand environment.
1 year forward P/E
Rs, Crore
(Source: Company/Eastwind)
Please refer to the Disclaimers at the end of this Report.
(5) Currency will play a small role with marginal impact of cross currency movement and
average currency movement. There may be some accounting changes related to
recognition of forex gains or losses, but it is not likely to be material.
View and Valuation: We continue to remain positive on its demand outlook and margin
profile, the management expects for robust deal pipeline going forward and also expects
to materialize its emerging space like Digital as well as Cloud, Mobility, Analytics and Big
data. We expect, TCS will be star performer in growth sense than other peers. Hence, we
are maintaining 17% (revised from 18%) revenue growth in dollar term for FY14E
because of improved demand environment, while NASSCOM expects 12-14% for the
Industry. At a price of Rs 2041, it is trading at 18x FY15E earnings, We maintain" BUY"
view on the stock with a target price of Rs 2510.
Financials
Revenue
EBITDA
EBITDA Margin
PAT Margin
PAT
Share Holding Pattern-%
Nifty 6524
Stock Performance
"BUY"
20th Mar' 14
Narnolia Securities Ltd,
14. 14
Unlike Infosys, TCS comments are based on potential impact from seasonally lower
demand in its biggest market (US and Europe) and weak domestic demand environment.
On previous comments, management had already quoted regarding demand volatility at
home because of upcoming poll.
Comparing with its nearest rival Infosys, TCS is not facing largely with any specific issue.
Despite a weak commentary on 4QFY14E, management is aggressively confident to report
better numbers in FY15E with healthy demand outlook. We are considering following
factors for its growth story in FY15E.
Healthy Demand Environment: TCS is much confident on healthy demand outlook and
expects that FY15E could be better year than FY14E propelled by better discretionary
spending in the US. Management suggests that except India, other emerging markets
(contributes 18-19% of revenue) continue to see healthy demand. Also, in its FY15
revenue growth models, India (contributes 7% of sales) is the only market which TCS
expects to be weak.
TCS.
Is there any setback?
Please refer to the Disclaimers at the end of this Report.
No sign of any ramp down: Management suggests that Continental Europe will likely
grow ahead of overall company growth in FY15E. On vertical front, smaller verticals such
as Energy & Utilities, Transportation and Life sciences & Healthcare might grow ahead of
overall company average. While, its mature verticals like BFSI and Retails could grow
flattish, Telecom continues to face structural issue. Contracts wins from continental
Europe could change the shape of verticals. Still, we are not seeing any project ramp
down.
New emerging business on demand: A part of legacy business, the emerging
opportunities in helping large corporations tap areas such as social media and data
analytics are seen as increasingly contributing to the IT sector's next phase of growth. TCS
and its Indian competitors are winning a significant share of several 2nd and 3rd
generation renewal contracts as western companies look to both cut costs and modernise
their IT infrastructure.
Sales (USD) and Sales growth-%
Considering above growth factors, we are not expecting any major concern with
company's growth. The company is also focussed to drive operational improvements in
the business and aims to expand reach in non-traditional markets and servicelines.
(Source: Company/Eastwind)
We expect 1% (QoQ) revenue growth in
USD term for 4QFY14E,
Narnolia Securities Ltd,
16. HDFC Bank
741
760
720
3
6
1M 1yr YTD
Absolute 11.8 15.1 15.1
Rel.to Nifty 4.7 4.8 4.8
Current 4QFY13 3QFY1
3Promoters 22.7 22.7 22.7
FII 34.9 33.6 34.9
DII 9.3 9.8 6.6
Others 33.1 33.8 34.2
Financials Rs, Cr
2011 2012 2013 2014E 2015E
NII 10543 12885 15811 18713 22944
Total Income 14878 18668 22664 26604 30835
PPP 7725 9391 11428 14516 15572
Net Profit 3926 5167 6726 8453 9119
EPS 84.4 22.0 28.7 36.0 38.9
16
Change from Previous
HDFC Bank Vs Nifty
Share Holding Pattern-%
4.17 lakhs
Nifty 6524
Mkt Capital (Rs Cr)
Please refer to the Disclaimers at the end of this Report.
(Source: Company/Eastwind)
Stock Performance
In last quarter, HDFC bank has raised FCNR deposits to the tune of $3.4 bn nearly
about Rs.21000 cr through RBI special window which carry interest rate of 3.5%
while normal deposits rate are in the range of 6.5% to 7%. HDFC Bank raised larger
chunk of monies in compare to other banks like SBI and ICICI bank. SBI and ICICI
bank raised monies through FCRN deposits to the tune of $2bn each. Further
incremental foreign deposits with tenure are more than 3 years are exempted from
SLR, CRR and PSL lending. This would help bank to lower cost of fund by 75 bps to
100 bps and hence margin expansion. Bank management guided margin would be in
the range of 4.1% to 4.5% going forward.
Mounting bad loans have major cause of worry; RBI allowed banks to use 33%
of counter cycle, floating provisions for specific provisions
Recently RBI allows banks to use 33% of counter cycle provisioning buffer, floating
provisions for making specific provisions against impaired accounts which would help
bank to make lower provisions and hence boost up earnings. HDFC bank reported
very strong asset quality with GNPA and net NPA stood at 1% and 0.3% at the end
of December quarter. Bank would use counter cycle buffer, floating provisions for
specific provisions and make lower fresh provisions. This would be the result of
boosting up profitability.
Average Daily Volume
Counter cycle provisions and floating provisions are represented as capital reserves
that bank need to build up in good times and can only use for contingencies under
extra circumstance. This is the first time when central bank allows to use since the
reserve were created starting 2010. At the end of quarter all banks reported Rs.1.71
trillion of GNPA, the rise of 39.4% YoY. In a very rough estimate, banking system
has nearly about Rs. 2 trillion in bad loans and another Rs.4 trillion loans are being
restructured pipeline out of total Rs.82 trillion.
Company update HOLD
176874
Raised foreign deposits higher amount in comparison to peers; likely to report
better NII for being low cost in nature
750/528
NSE Symbol HDFCBANK
52wk Range H/L
CMP
Target Price
We have raised our price target to Rs.760/share on account of bank’s likely to
get benefit from FCNR deposits mobilization that it had recently raised. We
value bank in the range of Rs.660 to Rs.760 per share on the back of current
fundamental and prevailing economic scenario. Now the economy is
witnessing some sign of revival and market sentiment boost up on account of
exit poll result. HDFC bank is likely to see earnings boost-up in near term on
account of mobilization of FCNR deposits which would reflect better NII for
being a low cost carrying in nature, recently RBI allow banks to use 33% of
buffer/floating provisions for bad loan and declining of low yielding PSL share
in overall lending.
Previous Target Price
Market Data
Upside
BSE Code 500180
"HOLD"
20th March.,2014
Narnolia Securities Ltd,
17. 17
Source:Eastwind/Company
HDFC BANK
Please refer to the Disclaimers at the end of this Report.
Share of PSL down sharply; release fund would be deployed in high yield sector
Recently share of PSL in HDFC bank came sharply but bank already met PSL target of
40% which means addition fund would be deployed in high yield segment which would
reflect in NII growth. According to RBI, bank’s need to spend 40% in net advance in
priority sector lending and HDFC bank are among those which have highest share in PSL
in private bank category. Additionally fund raised fund through FCNR deposits with
tenure more than 3 years are exempted from SLR, CRR and PSL means bank would
have higher fund for deploying in sector those are high yield in nature.
Valuation & View
HDFC bank is expected to report better earnings on the back of (a) likely to get benefit
from FCRN deposits mobilization, (b) recent RBI allow bank to use 33% of counter cycle
buffer provisions for specific provisions, this would help bank to make lower provisions
and hence profitability and (c) share of additional PSL lending would be deployed in high
yielding sector. We have raised our price target to Rs.760/share which is upper side of
our valuation band.
Valuation Band
Narnolia Securities Ltd,
18. 18
HDFC BANK
Financials
Source: Eastwind/ Company
Please refer to the Disclaimers at the end of this Report.
Narnolia Securities Ltd,
P/L 2011 2012 2013 2014E 2015E
Interest/discount on advances / bills 15085 21124 26822 32002 40213
Income on investments 4675 6505 7820 9311 10952
Interest on balances with Reserve Bank of India 148 137 282 373 373
Others 20 108 141 65 65
Total Interest Income 19928 27874 35065 41751 51603
Others Income 4335 5784 6853 7891 7891
Total Income 24263 33658 41917 49642 59494
Interest on deposits 8028 12690 16321 20281 24337
Interest on RBI/Inter bank borrowings 1336 2253 2889 4571 4278
Others 20 47 44 44 44
Interest Expended 9385 14990 19254 23038 28659
NII 10543 12885 15811 18713 22944
NII Growth(%) 25.7 22.2 22.7 18.4 22.6
Other Income 4335 5784 6853 7891 7891
Total Income 14878 18668 22664 26604 30835
Total Income Growth(%) 20.3 25.5 21.4 17.4 15.9
Employee 2836 3400 3965 4231 5342
Other Expenses 4317 5878 7271 7857 9921
Operating Expenses 7153 9278 11236 12087 15263
PPP( Rs Cr) 7725 9391 11428 14516 15572
Provisions( Incl tax provision) 3799 4224 4701 1751 6453
Net Profit 3926 5167 6726 8453 9119
Net Profit Growth(%) 33.2 31.6 30.2 25.7 7.9
Key Balance Sheet Data
Deposits 208586 246706 296247 355496 426596
Deposits Growth(%) 24.6 18.3 20.1 20 20
Borrowings 14394 23847 33007 50785 47529
Borrowings Growth(%) 11.4 65.7 38.4 54 -6
Loan 159983 195420 239721 299651 365574
Loan Growth(%) 27.1 22.2 22.7 25 22
Investment 70929 97483 111614 114580 156461
Investment Growth(%) 21.0 37.4 14.5 3 37
Eastwind Calculation
Yield on Advances 9.4 10.8 11.2 10.7 11.0
Yield on Investments 6.6 6.7 7.0 8.1 7.0
Yield on Funds 7.7 8.9 9.3 10.1 9.9
Cost of deposits 4.3 5.6 6.0 6.5 6.2
Cost of Borrowings 9.4 9.6 8.9 9.0 9.0
Cost of fund 4.2 5.5 5.8 5.7 6.0
Valuation
Book Value 545.5 127.5 154.3 189.4 222.3
P/BV 4.3 4.1 4.1 3.5 3.0
P/E 27.8 23.6 21.8 18.7 17.3
19. KPIT Tech.
Key Facts from recent Management Interview to media (on 12
th
March, 2014)
1M 1yr YTD
Absolute -4.7 52.9 -
Rel. to Nifty -12 41.9 -
Current 2QFY14 1QFY14
Promoters 22.53 22.87 24.25
FII 41.96 36.42 32.79
DII 6.99 11.12 10.93
Others 28.52 29.59 32.03
3QFY14 2QFY14 (QoQ)-% 3QFY13 (YoY)-%
677.93 702.76 (3.5) 567.02 19.6
103.5 108.1 (4.3) 94.1 10.0
66.7 66.7 0.0 48 39.0
15.3% 15.4% (10bps) 16.6% (130bps)
9.8% 9.5% 30bps 8.5% 130bps
19
EBITDA Margin
PAT Margin
We expect that the company would report better earnings with margin ramp up and
signing of larger deals in next couple of quarters. Now, we upgrade our view on the
stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock
trades at 9.5x FY15E EPS.
Financials
Revenue
EBITDA
PAT
SAP revival and Auto Engineering Services shape; a growth driver in near term,
Upside
BSE Code 532400
Price Performance
Rs, Crore
Please refer to the Disclaimers at the end of this Report.
Incremental revenue by REVOLO and Systime: As per the management comment, its
dream project “REVOLO Technology” REVOLO would play a key role to report an
incremental growth in FY15E. KPIT’s acquisition Systime from Integrated Enterprise
Services (IES) segment would report healthy growth prospects at least over the next
couple of years.
View and Valuation: Impressive organic growth despite inorganic thrust (acquired 10
companies in the last 10 yrs), Potential option value from success of its hybrid engine
venture Revolo (on trial). KPIT has targeted to reach $1bn sales by 2017. Its differentiated
positioning and competitive edge in its focus areas, imperatives to the success of smaller-
sized IT vendors impress to investors.
NSE Symbol KPIT
Stock Performance
3103
Average Daily Volume 144511
"On billion dollar journey"
CMP 160
Target Price 185 SAP business back to growth trajectory: KPIT’s revenue has been facing growth related
issues on account of deficit in SAP business (contributes 24% of sales). Profitability on SAP
business was also a challenge for the company. On 3QFY14 revenues from SAP was down
by 10% (QoQ). However, on the back of deal signings and visible deal pipeline, SAP should
return into growth path in 4QFY14E and FY15E. Considering healthy demand environment
in FY15E, We expect that USD revenue growth in SAP could be in double digits.
Previous Target Price -
Company update Buy
16%
Change from Previous -
Market Data
Expectation of margin improvement: The decline in SAP revenue has impacted the overall
margins, and margin was seen almost flat at 15.4% in 2QFY14 and 3QFY14. We expect that
profitability from SAP business would support to shape up its margin in next couple of
quarters. Even, Utilization rate in SAP has declined to below 90% at onsite and below 70%
mark at offshore. This is expected to improve in FY15E. Management expects to see PAT
margin at double digit by next couple of quarters.
Auto Engineering Services; a growth driver: The global Automotive Industry has
witnessed a strong revival. US industry sales in 2013 finished at 15.6 million vehicles, up
7.6% from 2012, and China became the first country in which more than 20-million
vehicles were sold in any given year. Considering healthy demand outlook in Auto
Industry, KPIT is seeing exports growth above the industry rates, driven by demand for
services around safety systems, intelligent driving, hybrid electric cars, fuel efficiency etc.
Management expects revenues from Auto Engineering to exceed 30% of the company’s
revenues, in the next 3 years, as KPIT expected to achieve the mark of USD1b in
revenues.
6517
Mkt Capital (Rs Crores)
Share Holding Pattern-%
Nifty
52wk Range H/L 189/92
"BUY"
19th Mar' 14
Narnolia Securities Ltd,
21. Narnolia Securities Ltd
402, 4th floor 7/ 1, Lords Sinha Road Kolkata 700071, Ph
033-32011233 Toll Free no : 1-800-345-4000
email: research@narnolia.com,
website : www.narnolia.com
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furnished to you solely for your information and should not be reproduced or
redistributed to any other person in any from. The report/message is based upon publicly
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consider reliable, but we do not represent that it is accurate or complete and we do not
provide any express or implied warranty of any kind, and also these are subject to change
without notice. The recipients of this report should rely on their own investigations,
should use their own judgment for taking any investment decisions keeping in mind that
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