Jagran Prakashan reported mixed quarterly results, with top-line growth of 12% driven by a 13% rise in advertising revenue, while margins contracted due to higher newsprint costs. Earnings grew 10% aided by a spike in other income. While the company expects 17-18% advertising revenue growth for FY2011, analysts maintain a buy rating due to strong long term growth prospects and attractive valuations following the company's acquisition of Mid-Day's print business.
HT Media reported strong revenue growth of 23% YoY to Rs. 431 crore in 2QFY11, led by 20%+ growth in English and Hindi print segments. However, circulation revenue declined 12.7% YoY. Earnings grew robustly by 77.7% YoY to Rs. 42 crore due to a 520% increase in other income and cost rationalization measures, despite a rise in taxes. Operating margins expanded 45 bps YoY through cost controls, but gross margins contracted 298 bps YoY due to higher newsprint costs. The company's new businesses like radio and internet showed continued traction.
Marico reported mixed financial results for the second quarter of fiscal year 2011. While overall volume growth was strong at 15%, price cuts taken in core brands constrained top-line growth to 12.5% year-over-year. Earnings grew 14.8% driven by lower taxes and other income, but operating profit rose only 4.5% as gross margins contracted sharply due to rising input costs. The company's international business and hair oils portfolio posted robust growth, but margins are expected to recover only gradually as further price hikes are implemented.
- Goodrich announced 10% sales growth in Q4 2006 and 39% growth in net income per share over Q4 2005. Full year 2006 sales rose to $5.9 billion and net income per share grew to $3.81.
- Full year 2007 outlook increased with sales expected to be $6.2-6.4 billion and net income per share of $2.95-3.15. Net cash from operations is expected to be 60-75% of net income.
- Strong performance was driven by sales growth across all market segments and business units. The outlook increases were due to actual 2006 performance and strength in commercial airplane and defense markets.
Goodrich Corporation announced a 17% increase in sales and 49% increase in net income per share in the second quarter of 2008 compared to the same period in 2007. For the full year 2008, Goodrich increased its outlook for net income per share to a range of $4.80-$4.95, up from $4.30-$4.45 previously. All of Goodrich's major market channels experienced double-digit sales growth. Goodrich also secured several new contracts expected to generate over $5 billion in revenue through 2033.
Asian Paints (APL) reported weak quarterly results for 2QFY2011, with revenue growth of only 5% year-over-year due to heavy monsoons and a shift in festival sales to the next quarter. Recurring earnings grew by a muted 4.4% as margins contracted slightly despite price hikes. However, gross margins unexpectedly expanded due to the full impact of recent price increases. The analyst maintains a 'Buy' rating, expecting growth to pick up in the second half as festival sales are recorded and price hikes provide higher value growth, while revising full-year estimates slightly to account for the disappointing quarter.
DB Corp reported a 4% increase in 1QFY15 profit. Print ad revenue grew 7% while circulation revenue increased 15%. EBITDA grew 1% but margins declined due to higher raw material costs. Raw material expenses grew 17% due to a 12% price increase and 4% volume rise. The company expects ad growth and raw material costs to improve in the second half of FY15, leading to stronger earnings. The analyst maintains a 'Buy' rating and increased FY15-16 EBITDA estimates.
Dabur reported a modest 15% year-over-year growth in revenue to Rs. 972.8 crores driven by steady volume growth across segments. Earnings grew 15.4% to Rs. 160.4 crores, in line with estimates. Operating margins expanded slightly by 17 basis points despite a contraction in gross margins, helped by lower advertising spend. Segment-wise, consumer care grew 15.1% while consumer health and the international business grew at higher rates. The company maintained its guidance for steady volume growth and margins in the coming years.
Goodrich Corporation announced strong third quarter 2006 results with net income per diluted share growth of 63% and provided an updated full year 2006 outlook and initial outlook for 2007. Key highlights included:
- Third quarter 2006 sales increased 5% to $1.4 billion and net income per share was $0.80, up 63% over third quarter 2005.
- Full year 2006 sales outlook tightened to a range of $5.8-5.85 billion and net income per share outlook increased to $3.65-3.70, reflecting tax settlements.
- For 2007, sales are expected to increase 6-7% to a range of $6.1-6.3 billion and net income per share
HT Media reported strong revenue growth of 23% YoY to Rs. 431 crore in 2QFY11, led by 20%+ growth in English and Hindi print segments. However, circulation revenue declined 12.7% YoY. Earnings grew robustly by 77.7% YoY to Rs. 42 crore due to a 520% increase in other income and cost rationalization measures, despite a rise in taxes. Operating margins expanded 45 bps YoY through cost controls, but gross margins contracted 298 bps YoY due to higher newsprint costs. The company's new businesses like radio and internet showed continued traction.
Marico reported mixed financial results for the second quarter of fiscal year 2011. While overall volume growth was strong at 15%, price cuts taken in core brands constrained top-line growth to 12.5% year-over-year. Earnings grew 14.8% driven by lower taxes and other income, but operating profit rose only 4.5% as gross margins contracted sharply due to rising input costs. The company's international business and hair oils portfolio posted robust growth, but margins are expected to recover only gradually as further price hikes are implemented.
- Goodrich announced 10% sales growth in Q4 2006 and 39% growth in net income per share over Q4 2005. Full year 2006 sales rose to $5.9 billion and net income per share grew to $3.81.
- Full year 2007 outlook increased with sales expected to be $6.2-6.4 billion and net income per share of $2.95-3.15. Net cash from operations is expected to be 60-75% of net income.
- Strong performance was driven by sales growth across all market segments and business units. The outlook increases were due to actual 2006 performance and strength in commercial airplane and defense markets.
Goodrich Corporation announced a 17% increase in sales and 49% increase in net income per share in the second quarter of 2008 compared to the same period in 2007. For the full year 2008, Goodrich increased its outlook for net income per share to a range of $4.80-$4.95, up from $4.30-$4.45 previously. All of Goodrich's major market channels experienced double-digit sales growth. Goodrich also secured several new contracts expected to generate over $5 billion in revenue through 2033.
Asian Paints (APL) reported weak quarterly results for 2QFY2011, with revenue growth of only 5% year-over-year due to heavy monsoons and a shift in festival sales to the next quarter. Recurring earnings grew by a muted 4.4% as margins contracted slightly despite price hikes. However, gross margins unexpectedly expanded due to the full impact of recent price increases. The analyst maintains a 'Buy' rating, expecting growth to pick up in the second half as festival sales are recorded and price hikes provide higher value growth, while revising full-year estimates slightly to account for the disappointing quarter.
DB Corp reported a 4% increase in 1QFY15 profit. Print ad revenue grew 7% while circulation revenue increased 15%. EBITDA grew 1% but margins declined due to higher raw material costs. Raw material expenses grew 17% due to a 12% price increase and 4% volume rise. The company expects ad growth and raw material costs to improve in the second half of FY15, leading to stronger earnings. The analyst maintains a 'Buy' rating and increased FY15-16 EBITDA estimates.
Dabur reported a modest 15% year-over-year growth in revenue to Rs. 972.8 crores driven by steady volume growth across segments. Earnings grew 15.4% to Rs. 160.4 crores, in line with estimates. Operating margins expanded slightly by 17 basis points despite a contraction in gross margins, helped by lower advertising spend. Segment-wise, consumer care grew 15.1% while consumer health and the international business grew at higher rates. The company maintained its guidance for steady volume growth and margins in the coming years.
Goodrich Corporation announced strong third quarter 2006 results with net income per diluted share growth of 63% and provided an updated full year 2006 outlook and initial outlook for 2007. Key highlights included:
- Third quarter 2006 sales increased 5% to $1.4 billion and net income per share was $0.80, up 63% over third quarter 2005.
- Full year 2006 sales outlook tightened to a range of $5.8-5.85 billion and net income per share outlook increased to $3.65-3.70, reflecting tax settlements.
- For 2007, sales are expected to increase 6-7% to a range of $6.1-6.3 billion and net income per share
Mahindra and Mahindra (M&M) reported quarterly results that beat expectations. Net sales increased 19.2% year-over-year to Rs. 5,434 crore, supported by a 21% growth in core volumes. Operating performance and profit also exceeded forecasts due to better operating leverage and higher other income. EBITDA margins were 16.5%, ahead of estimates. Net profit grew 7.9% to Rs. 758 crore, driven by strong operating performance and higher other income. Overall, healthy volume growth and better cost management supported M&M's financial performance in the quarter.
1) Hering reported strong financial results in 2009 with total gross revenue increasing 39.4% and EBITDA growing 71.9% to R$154 million.
2) The company expanded its store network opening 46 Hering Stores and 15 PUC Stores in 2009.
3) Same-store sales increased 27.2% in 2009 and 32.6% in the fourth quarter driven by increased store traffic.
4) Gross margins improved with the gross margin excluding depreciation reaching 53.1% in the fourth quarter.
5) The company outlined plans to further expand the Hering Store network to 405 stores by 2012 focused on
HUL reported a 10.7% rise in revenue to Rs. 4,681 crore for the quarter, driven by a 14% increase in volume growth. However, operating profit declined 7.8% to Rs. 563.1 crore due to a 242 basis point drop in operating margin to 12%. Recurring profit fell 6.7% to Rs. 525.7 crore despite an 82% jump in other income, on account of margin contraction and a 790 basis point rise in taxes. Volume growth was strong across categories like soaps, detergents and personal care, though profitability was impacted by higher overheads and competitive intensity in detergents.
Jagran Prakashan Q2FY15: Buy for a target of Rs165IndiaNotes.com
JAGP’s 2QFY15 EBITDA grew 16% YoY to INR1.06b (vs est of INR1.04b), supported by high single-digit growth in print advertising/circulation revenue and lower ‘other expenses’.
- Timken reported second quarter sales of $1.35 billion, up 4% from the previous year, driven by strong demand in industrial markets. Income from continuing operations was $55.6 million or $0.58 per share.
- Excluding special items, income from continuing operations was $0.73 per share, in line with estimates. Special items included $16.6 million in restructuring charges.
- Timken expects enhanced performance for the rest of the year driven by strong markets, capacity additions, and operating improvements. Earnings per share are forecast to be between $2.60-2.70 for the full year.
Will Dish TV India's optimism improve missed estimates in FY15?IndiaNotes.com
Lower ad spends drive EBITDA beat; significant margin expansion ahead
3QFY15 EBITDA beat led by muted ad spends: DITV’s 3QFY15 EBITDA increased 17.8% QoQ to Rs1.91 billion (our estimate: Rs1.81 billion). Subscription revenue momentum is sustaining, well reflected in the 6.3% QoQ growth during 3QFY15 and ~5% CQGR during 9MFY15. Opex increased only 2.5% on lower ad spends (90bp margin benefit).
Goodrich Corporation announced financial results for the first quarter of 2005, with net income increasing 21% over the same period in 2004. Sales increased 10% to $1.282 billion. Based on strong performance, Goodrich increased its full-year 2005 outlook, with sales projected to be $5.1-5.2 billion, up from $5.0-5.1 billion previously, and earnings per share projected to be $1.80-1.95, up from $1.60-1.80 previously. The increases were driven by growth in commercial aerospace aftermarket products and services.
Goodrich Corporation announced a 12% increase in fourth quarter sales and a 33% increase in net income per share compared to the previous year. Full year 2007 sales were up 12% while income per share was $3.89. The company expects continued growth in 2008 with sales projected to be between $7.1-7.2 billion and earnings per share of $4.15 to $4.30. Key drivers for growth are expected to be commercial airplane original equipment as well as aftermarket sales.
HCC reported better-than-expected 2QFY2011 results with net sales growing 13.2% and operating profit increasing 28.6% over the previous year. However, the analyst maintains a neutral rating as the stock is fairly valued based on an SOTP valuation that considers construction, real estate, and road assets. While order books remain strong, the analyst is cautious about the optimistic valuation of HCC's Lavasa real estate project which faces environmental and land issues.
Clear Channel Communications reported financial results for the third quarter of 2006 with revenues increasing 7% to $1.8 billion compared to the third quarter of 2005. Income before discontinued operations rose 8% to $185.9 million. The company's OIBDAN increased 10% to $595.4 million. Radio broadcasting revenues were up 5% and outdoor advertising revenues increased 8%. The CEO commented that the company has healthy fundamentals and is capitalizing on its diverse portfolio of out-of-home media properties.
Motor Oil announced yesterday amc FY’12 results, which came in below consensus’ estimates across-the-board on higher-than-expected inventory losses and financial expenses.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
Goodrich announced financial results for the first quarter of 2006 with net income per share of $1.60, including $1.05 per share from tax settlements. Sales increased 12% to $1.42 billion due to growth across all segments and market channels. Goodrich also announced the planned divestiture of its Turbomachinery Products business and increased its full year 2006 net income per share outlook to $3.38-$3.58 due to the tax settlements and divestiture.
Consolidated Construction Consortium (CCCL) reported poor financial results for the second quarter of fiscal year 2011, with revenues growing only 8.5% year-over-year. Operating margins declined due to higher staff costs and a design change that increased costs. Net profit declined 21.9% due to a large increase in interest costs. The analyst is lowering earnings estimates and downgrading the stock to Neutral due to disappointing execution, rich valuations, and expectations that the company will underperform peers.
Axis Bank has announced its 1QFY2011 results. Net profit grew 32.0% to Rs742cr, better than estimates due to higher than expected net interest income. Advances grew robustly by 39.1% year-over-year driven by corporate lending. Deposits also increased strongly by 33.8% year-over-year. While net interest margins declined, operating performance was strong with stable asset quality. The analyst maintains an 'Accumulate' rating and target price of Rs1,477, implying 10% upside.
The document is a technical report that provides a market summary for the day, including key indices levels, top gainers and losers, sectoral performance, and a chart analysis. It maintains the view that indices will test higher levels based on a "flag pattern" breakout but will only negate below certain support levels. It identifies some stocks with positive and negative bias over the next 2-3 days. The report also includes pivot point levels for various stocks.
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) For 2QFY2011, IEL reported 16.9% qoq revenue growth to Rs. 295.5 crore, led by strong volume growth in the UTG and EMI segments.
2) However, IEL's EBITDA margin dipped by 50bps to 15.5% due to unexpected cost escalation from hiring and retention measures, as well as margin dilution from the Wellsco acquisition.
3) Going forward, management expects 8-10% quarterly growth in the coming quarters backed by demand growth in the EMI segment and stability in UTG. However, margins are expected to remain lower in the near term due to currency and cost pressures.
- The open interest for Nifty futures decreased by 6.04% while the open interest for Minifity futures decreased by 1.88% as the market closed at 5296.85 levels.
- The July Nifty future closed at a premium of 12.60 points and the August future closed at a premium of 16.20 points. The PCR-OI remained at the same level of 1.29 points.
- The implied volatility of at-the-money options decreased from 19.55% to 18%.
The document provides a daily market outlook and summary for the Indian stock market on September 3, 2010. It summarizes that markets witnessed selling pressure late in the day, wiping out gains, though sentiment was boosted early by strong auto sales and manufacturing activity. Key indices closed up marginally. It also provides company-specific news and earnings reports, as well as an outlook for the following day's trading.
The document provides a summary of derivative market activity in India on August 13, 2010. Key points include:
- Nifty futures open interest increased slightly while Mini Nifty interest decreased.
- Several stock options saw increases or decreases in open interest.
- Total market open interest was Rs. 1,66,413 crore with stock futures at Rs. 47,218 crore.
- Analysis is provided on specific stocks and strategies around calls, puts, and spreads.
HCL Technologies reported an 11.4% quarter-over-quarter revenue growth for the fourth quarter of FY2010, driven by a 10% volume growth. However, margins contracted due to lower utilization rates, currency impacts, and higher spending. While revenue grew, net profit declined slightly due to higher foreign exchange losses. Going forward, the company expects salary increases to impact margins in the first quarter of FY2011 but aims to offset this through operational improvements.
Mahindra and Mahindra (M&M) reported quarterly results that beat expectations. Net sales increased 19.2% year-over-year to Rs. 5,434 crore, supported by a 21% growth in core volumes. Operating performance and profit also exceeded forecasts due to better operating leverage and higher other income. EBITDA margins were 16.5%, ahead of estimates. Net profit grew 7.9% to Rs. 758 crore, driven by strong operating performance and higher other income. Overall, healthy volume growth and better cost management supported M&M's financial performance in the quarter.
1) Hering reported strong financial results in 2009 with total gross revenue increasing 39.4% and EBITDA growing 71.9% to R$154 million.
2) The company expanded its store network opening 46 Hering Stores and 15 PUC Stores in 2009.
3) Same-store sales increased 27.2% in 2009 and 32.6% in the fourth quarter driven by increased store traffic.
4) Gross margins improved with the gross margin excluding depreciation reaching 53.1% in the fourth quarter.
5) The company outlined plans to further expand the Hering Store network to 405 stores by 2012 focused on
HUL reported a 10.7% rise in revenue to Rs. 4,681 crore for the quarter, driven by a 14% increase in volume growth. However, operating profit declined 7.8% to Rs. 563.1 crore due to a 242 basis point drop in operating margin to 12%. Recurring profit fell 6.7% to Rs. 525.7 crore despite an 82% jump in other income, on account of margin contraction and a 790 basis point rise in taxes. Volume growth was strong across categories like soaps, detergents and personal care, though profitability was impacted by higher overheads and competitive intensity in detergents.
Jagran Prakashan Q2FY15: Buy for a target of Rs165IndiaNotes.com
JAGP’s 2QFY15 EBITDA grew 16% YoY to INR1.06b (vs est of INR1.04b), supported by high single-digit growth in print advertising/circulation revenue and lower ‘other expenses’.
- Timken reported second quarter sales of $1.35 billion, up 4% from the previous year, driven by strong demand in industrial markets. Income from continuing operations was $55.6 million or $0.58 per share.
- Excluding special items, income from continuing operations was $0.73 per share, in line with estimates. Special items included $16.6 million in restructuring charges.
- Timken expects enhanced performance for the rest of the year driven by strong markets, capacity additions, and operating improvements. Earnings per share are forecast to be between $2.60-2.70 for the full year.
Will Dish TV India's optimism improve missed estimates in FY15?IndiaNotes.com
Lower ad spends drive EBITDA beat; significant margin expansion ahead
3QFY15 EBITDA beat led by muted ad spends: DITV’s 3QFY15 EBITDA increased 17.8% QoQ to Rs1.91 billion (our estimate: Rs1.81 billion). Subscription revenue momentum is sustaining, well reflected in the 6.3% QoQ growth during 3QFY15 and ~5% CQGR during 9MFY15. Opex increased only 2.5% on lower ad spends (90bp margin benefit).
Goodrich Corporation announced financial results for the first quarter of 2005, with net income increasing 21% over the same period in 2004. Sales increased 10% to $1.282 billion. Based on strong performance, Goodrich increased its full-year 2005 outlook, with sales projected to be $5.1-5.2 billion, up from $5.0-5.1 billion previously, and earnings per share projected to be $1.80-1.95, up from $1.60-1.80 previously. The increases were driven by growth in commercial aerospace aftermarket products and services.
Goodrich Corporation announced a 12% increase in fourth quarter sales and a 33% increase in net income per share compared to the previous year. Full year 2007 sales were up 12% while income per share was $3.89. The company expects continued growth in 2008 with sales projected to be between $7.1-7.2 billion and earnings per share of $4.15 to $4.30. Key drivers for growth are expected to be commercial airplane original equipment as well as aftermarket sales.
HCC reported better-than-expected 2QFY2011 results with net sales growing 13.2% and operating profit increasing 28.6% over the previous year. However, the analyst maintains a neutral rating as the stock is fairly valued based on an SOTP valuation that considers construction, real estate, and road assets. While order books remain strong, the analyst is cautious about the optimistic valuation of HCC's Lavasa real estate project which faces environmental and land issues.
Clear Channel Communications reported financial results for the third quarter of 2006 with revenues increasing 7% to $1.8 billion compared to the third quarter of 2005. Income before discontinued operations rose 8% to $185.9 million. The company's OIBDAN increased 10% to $595.4 million. Radio broadcasting revenues were up 5% and outdoor advertising revenues increased 8%. The CEO commented that the company has healthy fundamentals and is capitalizing on its diverse portfolio of out-of-home media properties.
Motor Oil announced yesterday amc FY’12 results, which came in below consensus’ estimates across-the-board on higher-than-expected inventory losses and financial expenses.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
Goodrich announced financial results for the first quarter of 2006 with net income per share of $1.60, including $1.05 per share from tax settlements. Sales increased 12% to $1.42 billion due to growth across all segments and market channels. Goodrich also announced the planned divestiture of its Turbomachinery Products business and increased its full year 2006 net income per share outlook to $3.38-$3.58 due to the tax settlements and divestiture.
Consolidated Construction Consortium (CCCL) reported poor financial results for the second quarter of fiscal year 2011, with revenues growing only 8.5% year-over-year. Operating margins declined due to higher staff costs and a design change that increased costs. Net profit declined 21.9% due to a large increase in interest costs. The analyst is lowering earnings estimates and downgrading the stock to Neutral due to disappointing execution, rich valuations, and expectations that the company will underperform peers.
Axis Bank has announced its 1QFY2011 results. Net profit grew 32.0% to Rs742cr, better than estimates due to higher than expected net interest income. Advances grew robustly by 39.1% year-over-year driven by corporate lending. Deposits also increased strongly by 33.8% year-over-year. While net interest margins declined, operating performance was strong with stable asset quality. The analyst maintains an 'Accumulate' rating and target price of Rs1,477, implying 10% upside.
The document is a technical report that provides a market summary for the day, including key indices levels, top gainers and losers, sectoral performance, and a chart analysis. It maintains the view that indices will test higher levels based on a "flag pattern" breakout but will only negate below certain support levels. It identifies some stocks with positive and negative bias over the next 2-3 days. The report also includes pivot point levels for various stocks.
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) For 2QFY2011, IEL reported 16.9% qoq revenue growth to Rs. 295.5 crore, led by strong volume growth in the UTG and EMI segments.
2) However, IEL's EBITDA margin dipped by 50bps to 15.5% due to unexpected cost escalation from hiring and retention measures, as well as margin dilution from the Wellsco acquisition.
3) Going forward, management expects 8-10% quarterly growth in the coming quarters backed by demand growth in the EMI segment and stability in UTG. However, margins are expected to remain lower in the near term due to currency and cost pressures.
- The open interest for Nifty futures decreased by 6.04% while the open interest for Minifity futures decreased by 1.88% as the market closed at 5296.85 levels.
- The July Nifty future closed at a premium of 12.60 points and the August future closed at a premium of 16.20 points. The PCR-OI remained at the same level of 1.29 points.
- The implied volatility of at-the-money options decreased from 19.55% to 18%.
The document provides a daily market outlook and summary for the Indian stock market on September 3, 2010. It summarizes that markets witnessed selling pressure late in the day, wiping out gains, though sentiment was boosted early by strong auto sales and manufacturing activity. Key indices closed up marginally. It also provides company-specific news and earnings reports, as well as an outlook for the following day's trading.
The document provides a summary of derivative market activity in India on August 13, 2010. Key points include:
- Nifty futures open interest increased slightly while Mini Nifty interest decreased.
- Several stock options saw increases or decreases in open interest.
- Total market open interest was Rs. 1,66,413 crore with stock futures at Rs. 47,218 crore.
- Analysis is provided on specific stocks and strategies around calls, puts, and spreads.
HCL Technologies reported an 11.4% quarter-over-quarter revenue growth for the fourth quarter of FY2010, driven by a 10% volume growth. However, margins contracted due to lower utilization rates, currency impacts, and higher spending. While revenue grew, net profit declined slightly due to higher foreign exchange losses. Going forward, the company expects salary increases to impact margins in the first quarter of FY2011 but aims to offset this through operational improvements.
Yes Bank reported a 56.3% year-over-year increase in net profit for the first quarter of fiscal year 2011. Net profit was Rs. 156 crore, higher than the estimated Rs. 139 crore due to lower loan loss provisions. Strong loan and deposit growth continued, with advances up 18.3% quarter-over-quarter and deposits up 12.8% quarter-over-quarter. However, branch expansion remained behind schedule. The analyst maintains a Neutral rating on the stock due to high execution risks in achieving growth implied by current valuations, rising funding costs, and challenges in building a retail franchise.
The document discusses the Indian government's decision to deregulate petrol prices and increase prices for other petroleum products like diesel, kerosene, and LPG. Specifically:
- The government freed petrol prices from controls and immediately increased petrol prices by Rs3.7/liter. Diesel prices rose by Rs2/liter and will be deregulated gradually.
- Domestic LPG prices increased by Rs35/cylinder and kerosene by Rs3/liter, but these fuels will remain subsidized.
- The deregulation of petrol was expected, but the increases to diesel, LPG, and kerosene prices surprised analysts positively. However, the lack of a timeline for diesel deregulation
Lakshmi Machine Works reported strong sales and profit growth in the second quarter of fiscal year 2011. Net sales increased 59.8% over the previous year to Rs. 429 crore, while operating profit margin expanded to 14.9% and profit after tax grew 41.7% to Rs. 45.9 crore. The company maintained a robust order backlog of Rs. 3,600 crore which will support continued revenue growth. While second quarter results were slightly below estimates, the outlook for demand from the textile industry remains positive due to high capacity utilization rates.
The derivative report provides an analysis of the Indian derivatives market for October 1, 2010. Open interest in Nifty futures increased 2.8% while open interest in Mini Nifty futures rose 1.76%. Nifty October futures closed at a premium of 3.55 points. Put-call ratios increased for several stocks and indices including Nifty and Bank Nifty. Significant positions were observed in 6000 strike call and put options for the October series.
The market summary provides an overview of the performance of key indices and sectors in the Indian market on 14/06/2010. The Nifty closed at 5119 points, up 0.80% while the Sensex closed at 17065 points, up 0.84%. Among the top gainers were BHEL at 3.04% and Reliance at 2.93%. The top losers were Unitech at 3.68% and Bharti Airtel at 3.58%. The oil & gas sector saw gains of 1.67% while the banking sector was up 1.04%. The document maintains a positive bias for the market for the coming week as long as indices hold above 16550/4960
Uco Bank reported a 54.2% quarter-on-quarter decline in net profit to Rs. 119 crore for 2QFY2011, below estimates due to higher provisioning expenses. However, net interest income and non-interest income were above expectations. Advances grew 21.9% year-on-year led by corporate and agricultural loans while deposits increased 19.8% year-on-year. Asset quality deteriorated with gross NPAs rising 6.7% quarter-on-quarter and restructured loans reaching 7.1% of advances. The bank maintained a healthy capital adequacy ratio of 13.6% and aims to improve its CASA ratio and profitability by increasing retail and SME lending
The derivative report summarizes developments in the Indian derivatives market on May 05, 2010. Open interest in Nifty futures increased by 6% while open interest in Mini Nifty futures rose by 36.12%. The PCR for Nifty decreased from 1.16 to 1.12. Some stocks saw significant increases in open interest like Jindal Steel and Ultracemco, while others like Religare and Divis Labs saw decreases. The report also covers put-call ratios, open positions of FIIs, and provides analysis of option strategies like bull call spreads and bear put spreads.
Jain Irrigation Systems reported financial results for the fourth quarter of fiscal year 2010 that were ahead of estimates. Revenue grew 37% year-over-year driven by strong growth in the micro irrigation systems segment. Net profit increased significantly due to foreign exchange gains, while adjusted net profit grew 40% on higher sales and stable margins. However, margins were slightly lower than the previous year due to higher raw material costs for onions. While growth is expected to continue across segments, the stock price is nearing fair value, leading to a downgrade from "Buy" to "Accumulate."
PTC India reported a 43.7% rise in net profit for the second quarter of fiscal year 2011 compared to the same period last year. Trading volumes increased 21% year-over-year due to higher power generation and increased quantities traded under long-term contracts. The company maintained its leadership position in power trading but margins were suppressed by lower-margin cross-border and exchange trades. While revenues were flat, operating profit rose 28.3% due to lower employee costs from ESOP reversals. The company expects to maintain its lead in the industry and sees opportunities for growth through new business lines and subsidiaries.
The document summarizes the performance of the Indian stock market indices on June 29, 2010. It reports that the key indices gained around 1% as positive sentiment was boosted by expectations of a good monsoon and the partial decontrol of fuel prices. Two notable company announcements are also summarized - Reliance Industries' seventh oil discovery, and Reliance Communication's plans to demerge its tower business with GTL Infra to create one of the world's largest independent telecom infrastructure companies.
Bajaj Electricals reported a 21.5% quarter-over-quarter rise in net sales to Rs. 588 crore for Q2FY11, though margins fell. Operating margins declined to 7.6% from 10.7% in the prior year period due to lower margins in the engineering and projects division. Net profit fell 19.8% to Rs. 23.4 crore for the quarter as a result of lower margins and higher interest costs. While sales growth was strong in the consumer durables segment, overall results were impacted by flat revenues and margins in the engineering division where most projects were in completion stages with lower margins.
Colgate reported a modest 13% revenue growth for the quarter, which was 2% below estimates, driven by a 12% volume growth in toothpaste. Earnings growth of 11.8% missed estimates by 3% due to a spike in staff costs and higher tax rate. Operating margins expanded by 82 basis points to 20.3% due to higher gross margins and lower advertising spend. The report maintains a Reduce rating on Colgate, with a target price of Rs 820 based on 22x FY2012 EPS, citing expensive valuations and risks to earnings growth from higher taxes and competition.
Hero Honda reported a 12.1% increase in net sales for the second quarter of FY2011 but an 18.3% decline in EBITDA due to a 498 basis point drop in margins from higher input costs. Net profit declined 15.3% year-over-year due to pressure on operating performance from rising raw material prices. While volumes grew 8.7% and realized prices increased 2.7%, margins contracted as raw material costs increased nearly 500 basis points year-over-year. The analyst maintains a neutral rating and revises downward full-year earnings estimates due to lower operating margins and a cautious outlook on future market share.
Indoco Remedies reported strong sales growth of 38.7% year-over-year for the second quarter of FY2011, beating estimates. Domestic sales grew significantly due to strong performance in respiratory, anti-infective, and gastro-intestinal segments. While operating margins remained flat due to higher raw material costs, net profit met estimates. The analyst maintains an 'Accumulate' rating and target price of Rs. 541, expecting 21.7% sales CAGR and 25.7% EPS CAGR over FY2010-2012, supported by domestic growth and new export agreements with Aspen and Watson starting contributions from FY2012-2013.
- Finolex Cables reported a 21.2% year-over-year increase in net sales to Rs. 490.6 crore for the second quarter of FY2011, driven by strong growth in the electrical cables segment. However, operating margins remained under pressure at 8.5% due to high raw material costs.
- Going forward, the company expects continued robust demand from user industries and contribution from new high-tension and extra-high voltage plants. However, margins are forecasted to remain subdued in the near term before improving to around 9.3% in FY2011 and 9.9% in FY2012 as raw material costs stabilize.
- With major capital expenditures completed, strong
Nestle reported strong 3QCY2010 results, beating estimates. Revenue grew 25.7% to Rs. 1,637 crore, driven by domestic volume growth. Earnings grew 19.6% despite margin contraction from rising input costs. While top-line growth was robust, cost pressures impacted margins. The analyst maintains a Neutral rating and revised fair value of Rs. 3,501 per share, awaiting better entry opportunities given rich valuations.
Graphite India reported quarterly results that were in line with expectations. Net sales increased 16% year-over-year to Rs. 324 crore, driven by a 48% increase in graphite electrode volumes. Operating margins improved sequentially to 26.1% due to stable graphite electrode prices and high volumes, though margins declined year-over-year. Profit after tax grew 43% sequentially to Rs. 49 crore, adjusted for a one-time expense. The company is well positioned to benefit from capacity expansion and the recovery in the global steel industry. The analyst maintains a buy recommendation based on growth prospects and valuation.
TCS reported strong double-digit revenue growth of 13% quarter-over-quarter for the second quarter of fiscal year 2011. Revenue growth was broad-based across all verticals and services, with discretionary services and infrastructure management seeing particularly robust growth above 15%. Margins also expanded significantly by 86 basis points due to favorable currency movements, productivity gains, and SG&A efficiencies. Hiring continued at a rapid pace, though utilization rates remained high. The company's client base further strengthened with the addition of large clients.
ITC reported strong revenue and earnings growth for the second quarter of fiscal year 2011. Revenue grew 16.3% to Rs. 5,061 crore, driven by double-digit sales growth in cigarettes and strong growth in agri-business and non-cigarette FMCG. Earnings grew 23.5% to Rs. 1,247 crore due to revenue growth, lower taxes, and a 74% jump in other income. Operating margins remained flat at 35.3% as cost savings were offset by higher expenses. The cigarette segment delivered 15% revenue growth and 16.5% EBIT growth through price hikes, while volumes declined an estimated 1-2%.
- Sun TV Network (STNL) reported strong revenue and earnings growth in 2QFY2011, with revenues up 32.6% year-over-year led by increases in advertising, broadcasting fees, and subscription revenues.
- Operating margins expanded by 221 basis points driven by revenue gains and cost rationalization. However, earnings growth of 28.2% was impacted by a 59% jump in depreciation expenses.
- The report revises STNL's FY2011 and FY2012 estimates and maintains an "Accumulate" recommendation on expectations of continued revenue growth from advertising, broadcasting fees, and subscription services.
Motherson Sumi Systems reported a 19.4% year-over-year increase in net sales to Rs. 1,958 crore for the second quarter of fiscal year 2011, marginally above the analyst's expectation of 1.938 crore. Operating profit margin increased 411 basis points year-over-year to 10.6%, 79 basis points above expectations, driven by favorable foreign exchange movements. Net profit for the quarter came in at Rs. 86 crore, above the analyst's estimate of Rs. 67.6 crore due to better than expected operating margin performance. The analyst maintains an 'Accumulate' rating on the stock with a target price of Rs. 195, valuing the company at a 16
This document summarizes NTPC's financial results for the second quarter of FY2011. Key highlights include:
- Net sales grew 20.5% year-over-year to Rs. 13,350 crore, driven by higher power generation and realizations.
- Operating profit declined 8.5% to Rs. 3,371 crore due to higher fuel costs and other expenses.
- Reported net profit fell 2% to Rs. 2,107 crore due to higher provisions, but benefited from extraordinary income related to prior periods.
- The analyst maintains an "Accumulate" rating with a target price of Rs. 230, seeing continued growth from capacity additions but some pressure on margins.
Valuetronics reported strong financial results for FY2014, with revenue increasing 10.1% and net profit rising 24.9%. The company has a large cash position of $478M and generated $303M in operating cash flow. The analyst upgrades their rating to "Buy" and sets a target price of $0.605, citing earnings outperformance, excess cash, and an attractive 8% dividend yield. The analyst expects continued revenue growth from the consumer electronics and industrial/commercial segments as those industries benefit from trends like LED lighting adoption and manufacturing outsourcing.
Akzo Nobel India Ltd. reported an 8% increase in revenue for Q2 FY16 driven by higher volumes in decorative paints. Margins improved to 9.1% due to lower raw material costs. Net profit increased 15% to Rs 40.9 cr. While demand has been subdued, the company is focusing on product innovation and expanding distribution which is improving sales. The analyst maintains a 'Buy' rating given the company's strong brands and expectation that demand will gradually improve in urban areas.
Petronet LNG reported lower than expected revenues for the second quarter of fiscal year 2011 due to lower processed volumes. However, earnings were better than expected due to higher regasification margins from lower costs and other income. While volumes declined year-over-year, margins expanded due to reduced expenses. The company reported an 8.7% increase in profit over the same period last year. Going forward, the analyst expects natural gas prices to remain stable due to increased global supply from shale gas, supporting Petronet LNG's business model.
Bosch reported strong financial results for the third quarter of 2010 that were better than expected. Net sales grew 31.9% year-over-year due to recovery in the commercial vehicle cycle and pre-buying before new emission norms. EBITDA margins expanded due to improved operating leverage, despite rising input costs. Net profit grew 21.2% year-over-year, ahead of estimates. The company maintained its Accumulate rating based on anticipated good automotive demand growth and technology-intensive industry position.
ACC reported a 77% year-on-year decline in net profit for the third quarter of 2010 due to a substantial fall in realizations coupled with higher operating expenses. Net sales declined 17% yoy while operating profit fell 69% yoy. The company expects demand and realizations to improve going forward following recent price hikes. While maintaining a neutral view, analysts forecast a 2% annual sales growth but declining profits as capacity additions offset falling margins.
SAIL reported financial results for the second quarter of FY2011. Net sales increased 6.6% year-over-year to Rs. 10,603 crore, above estimates, due to higher sales volumes. However, EBITDA declined 29% year-over-year and 8% quarter-over-quarter to Rs. 1,695 crore as margins contracted due to higher input costs like coking coal. Net profit decreased 34.5% year-over-year and 7.4% quarter-over-quarter to Rs. 1,090 crore. Going forward, volume growth is expected to remain muted in the near term despite capacity expansion plans. Cost headwinds from high input prices also continue
Corporation Bank reported a 20.6% rise in net profit to Rs 352 crore for 2QFY2011, above estimates. Strong loan growth of 32.7% year-on-year and stable asset quality were highlights, however non-interest income declined due to high base. Operating costs rose 7.2% sequentially and the cost-to-income ratio was 39.1%. While the bank has efficient operations and healthy asset quality, maintaining its growth rates will be challenging due to the high growth base in the previous fiscal year.
Similar to Jagran prakashan ru2 qfy2011-291010 (20)
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
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
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.
Detailed power point presentation on compound interest and how it is calculated
Jagran prakashan ru2 qfy2011-291010
1. Please refer to important disclosures at the end of this report 1
(` cr) 2QFY11 2QFY10 % yoy 1QFY11 %qoq
Revenue 276.9 246.8 12.2 269.8 2.6
EBITDA 90.8 83.2 9.1 90.2 0.7
OPM (%) 32.8 33.7 (91) 33.4 (61)
PAT 55.5 50.3 10.4 55.6 (0.2)
Source: Company, Angel Research
Jagran Prakashan reported mixed set of numbers (however broadly in line with
our estimates). Key highlights of the quarter include –1) gross margin contraction
of 125bp yoy/ 91bp qoq on account of hardening of newsprint price, and
2) Mid-Day numbers do not reflect this quarter; however management has
indicated the Mid-Day numbers will be consolidated in 2HFY2011. We maintain
Jagran as our top pick in the print media space and re-iterate a Buy on the stock.
Weak operational performance, earnings grow solely on other income: Jagran
reported top-line growth of 12% yoy/3% qoq to `277cr (`247cr/`270cr), aided
by 13% yoy growth in advertising revenue to `193cr (`172cr), while the
circulation revenue came in flat (less than 1% increase yoy) at `54.8cr. At the
operating level, Jagran delivered contraction of 91bp yoy in OPM, largely on
account of gross margin contraction, increase in staff cost by 64bp yoy to `35cr.
However, Jagran’s earnings for the quarter registered a growth of 10.4% yoy to
`56cr (`50cr) aided by spike in other income (up 27% yoy).
Outlook and Valuation: We have marginally revised our FY2011 estimates
upwards (FY2012 estimates remain largely unchanged) to factor in – 1) increased
advertisement revenue in 3QFY2011 on account of the festive season and higher
colour advertisement inventory utilisation, and 2) increased revenue traction from
the new businesses. We have not factored in the Mid-Day deal in JPL’s numbers.
We believe with Blackstone’s recent investment of `225cr and a wider portfolio
(including Mid-Day publications), Jagran is well poised to benefit from steady
growth in the print media. The underperformance of the stock provides a good
entry point and we maintain a Buy on the stock, with a Target Price of `154
based on a P/E multiple of 20x FY2012E earnings.
Key Financials
Y/E March (` cr) FY2009 FY2010 FY2011E FY2012E
Net Sales 823 942 1,101 1,251
% chg 9.8 14.4 16.9 13.6
Net Profit (Adj) 92 176 200 232
% chg (6.6) 92.0 13.6 16.1
EBITDA (%) 19.0 30.0 30.2 30.3
EPS (`) 3.0 5.8 6.6 7.7
P/E (x) 43.8 22.8 20.1 17.3
P/BV (x) 7.2 6.6 6.0 5.6
RoE (%) 16.7 30.0 31.3 33.5
RoCE (%) 16.6 30.0 34.2 38.0
EV/Sales (x) 4.9 4.3 3.7 3.3
EV/EBITDA (x) 26.0 14.4 12.3 10.7
Source: Company, Angel Research
BUY
CMP `133
Target Price `154
Investment Period 12 months
Stock Info
Sector Media
Market Cap (Rs cr) 4,015
Beta 0.6
52 Week High / Low 147/104
Avg. Daily Volume 187,777
Face Value (Rs) 2.0
BSE Sensex 20,032
Nifty 6,018
Reuters Code JAGP.BO
Bloomberg Code JAGP@IN
Shareholding Pattern (%)
Promoters 55.3
MF /Banks /Indian FIs 22.5
FII /NRIs /OCBs 10.4
Indian Public /Others 11.8
Abs. (%) 3m 1yr 3yr
Sensex 11.3 24.8 0.3
JPL 10.1 17.4 0.9
Anand Shah
022-4040 3800-334
anand.shah@angelbroking.com
Chitrangda Kapur
022-4040 3800-323
chitrangdar.kapur@angelbroking.com
Sreekanth P.V.S
022 – 4040 3800 Ext: 331
sreekanth.s@angelbroking.com
Jagran Prakashan
Performance Highlights
2QFY2011 Result Update | Media
October 29, 2010
2. Jagran Prakashan|2QFY2011 Result Update
October 29, 2010 2
Exhibit 1: Quarterly Performance (Consolidated)
Y/E March (` cr) 2QFY11 2QFY10 % yoy 1QFY11 % qoq 1HFY2011 1HFY2010 % chg
Net Sales 276.9 246.8 12.2 269.8 2.6 546.7 478.7 14.2
Consumption of RM 80.1 68.4 17.2 75.6 5.9 155.8 138.5 12.5
(% of Sales) 28.9 27.7 28.0 28.5 28.9
Staff Costs 35.4 30.0 18.0 34.7 1.8 70.1 58.9 19.1
(% of Sales) 12.8 12.1 12.9 12.8 12.3
Other Expenses 70.5 65.3 8.0 69.3 1.8 139.8 127.6 9.6
(% of Sales) 25.5 26.4 25.7 25.6 26.7
Total Expenditure 186.0 163.6 13.7 179.6 3.5 365.7 324.9 12.5
Operating Profit 90.8 83.2 9.1 90.2 0.7 181.0 153.8 17.7
OPM (%) 32.8 33.7 33.4 33.1 32.1
Interest 1.4 1.5 (4.6) 1.2 14.0 2.6 2.8 (7.4)
Depreciation 13.3 13.0 2.1 12.5 6.2 25.8 25.4 1.6
Other Income 6.4 5.0 27.3 5.7 11.4 12.1 20.7 (41.3)
PBT (excl. Ext Items) 82.6 73.8 11.9 82.2 0.4 164.8 146.2 12.7
Ext Income/(Expense) - - - - -
PBT (incl. Ext Items) 82.6 73.8 11.9 82.2 0.4 164.8 146.2 12.7
(% of Sales) 29.8 29.9 30.5 30.1 30.5
Provision for Taxation 27.1 23.5 15.0 26.6 1.7 53.7 46.5 15.5
(% of PBT) 32.8 31.9 32.4 32.6 31.8
Recurring PAT 55.5 50.3 10.4 55.6 (0.2) 111.1 99.8 11.3
PATM (%) 20.0 20.4 20.6 20.3 20.8
Reported PAT 55.5 50.3 10.4 55.6 (0.2) 111.1 99.8 11.3
Equity shares (cr) 30.1 30.1 30.1 30.1 30.1
EPS (`) 1.8 1.7 1.8 3.7 3.3
Source: Company, Angel Research
Advertisement aids top-line, grows 13% yoy, while circulation remains flat
Jagran Prakashan reported top-line growth of 12% yoy/3% qoq to `277cr
(`247cr/`270cr), aided by 13% yoy/1.8% qoq growth in advertising revenue to
`193cr (`172cr/`190cr). The advertising revenue came in much below
management’s guidance of 18% yoy growth albeit on account of improvement in
yield. We recall management had indicated the company recorded ad growth of
18% and ~25% in July and Aug (mentioned in our company update of August 30,
2010), respectively. The lower-than-expected ad revenue maybe attributed to the
massive floods in Jagran’s regions of operation and cancellation of advertisement in
the last week of September on account of uncertainty caused by the verdict on
Ayodhya. Circulation revenues came in flat (less than 1% increase yoy) at `54.8cr
(`54.3cr). The company’s other businesses (event, outdoor and digital) continue to
show strong traction with revenues growing 28% yoy to ~`22cr (event and outdoor
businesses contributed to `20.8cr).
Management expects ad revenue growth of ~17–18% in FY2011 aided by–
1) increase in national advertisement, 2) higher contribution from advertisements
from the education/FMCG sectors, and 3) ad rate hike absorption of 8–9% going
forward (the company had taken a blended ad-rate hike of 10–15% in March-April
2010).
3. Jagran Prakashan|2QFY2011 Result Update
October 29, 2010 3
Exhibit 2: Expect ~17-18% yoy top-line growth for FY11
Source: Company, Angel Research
Exhibit 3: Traction in ad-revenues to drive top-line
Source: Company, Angel Research
Weak operational performance, earnings grow solely on other income:
At the operating level, Jagran delivered contraction of 91bp yoy/61bp qoq in OPM,
largely on account of gross margin contraction of 125bp yoy/ 91bp qoq and
increase in staff cost by 64bp yoy/flat qoq to ~`35cr, despite decrease in other
expenditure by 97bp yoy/20bp qoq to `70.5 cr. However, Jagran’s earnings for the
quarter registered a growth of 10.4% yoy/flat qoq to `56cr (`50cr/`56cr) aided by
spike in other income (up 27% yoy).
Going ahead, we expect gross margins to contract by ~30-40bp from current levels
as we model in: 1) cover price cuts in Jharkhand from `4 to `2 due to entry of DB
Corp (leading to higher circulation), and 2) ~10% rise in newsprint costs for JPL in
FY2011 (newsprint prices are currently trading at ~US $700/tonne) as JPL has
already booked substantial inventory for imported newsprint.
Exhibit 4: Bottom-line growth to pick up
Source: Company, Angel Research
Exhibit 5: Expect ~30% OPM to sustain in FY11/12
Source: Company, Angel Research
-
5.0
10.0
15.0
20.0
-
50
100
150
200
250
300
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
(%)
(`cr)
Top-line (LHS) YoY (RHS)
144
47
12
193
55
22
-
50
100
150
200
250
Ad-revenue Circulation Revenue Non-publishing
business
(`cr)
2Q09 3Q09 4Q09 1Q10 2Q10
3Q10 4Q10 1Q11 2Q11
(100.0)
(50.0)
-
50.0
100.0
150.0
200.0
-
10
20
30
40
50
60
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
(%)
(`cr)
PAT (LHS) YoY growth (RHS)
18
13
19
30 34
28 27
33 33
59 57
65
70 72 70 71 72 71
-
10
20
30
40
50
60
70
80
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
(%)
OPM Gross Margins
4. Jagran Prakashan|2QFY2011 Result Update
October 29, 2010 4
Investment Rationale
Strong ad-revenue growth on higher colour inventory, peg 18% CAGR: We
expect JPL to record strong ad-revenue growth of ~17–18% yoy in FY2011 on
account of increase in colour inventory to ~50% (in line with management’s
guidance) and higher volumes (absorption of ad-rate hike of
8–9%). For FY2010–12, we expect JPL’s ad-revenue to post a CAGR of 18% (on
higher proportion of colour ads, rate hikes and pickup in ad spend) aiding
top–line CAGR of ~15% over the period.
Margins to remain stable on significant cost efficiencies: For FY2011, we expect
operating margins to sustain at ~30% despite the 8–10% rise in newsprint costs
(JPL already has substantial inventory booked for imported newsprint), aided by
higher top–line growth on the back of increase in advertising spend across
sectors, various cost curtailment measures and improving profitability in the
nascent businesses of i-Next/City Plus and OOH/event management.
Underperformance a good entry point, JPL attractive at 16.7x FY2012E EPS: JPL
acquired the print business from Mid-Day Multimedia whose presence in
markets like Mumbai, Delhi, Bangalore and Pune (recently launched) is likely to
fill the gap in JPL’s portfolio v/s its peers HT Media (HT and Hindustan) and DB
Corp (Dainik Bhaskar and DNA), which offer both English and Hindi publications
to its advertisers. Hence, we believe that JPL’s combined offerings are likely to
boost its advertising revenues due to the bundling effect. While we have not
factored the deal in JPL’s numbers, we expect the deal to be earnings accretive
by ~2–3% in FY2011. Moreover, with Blackstone’s recent investment of `225cr
and a wider portfolio (including Mid-Day publications), we believe that JPL is
well poised to benefit from the steady growth in print media. We believe that
underperformance of the stock and attractive valuations (at the CMP, the stock
trades at 16.7x FY2012E EPS) provide a good entry point for investors.
Outlook and Valuation
Post the 2QFY2011 results, we have marginally revised our FY2011 estimates
upwards (FY2012 estimates are largely unchanged) to factor in – 1) increased
advertisement revenue due to higher 3Q on account of the festive season and higher
colour advertisement inventory utilisation, and 2) increased revenue traction from the
new businesses. We expect JPL to post 15% CAGR in top–line over FY2010–12
driven by 18% CAGR in advertising revenues and 2% CAGR in circulation revenues.
The other businesses (OOH, event management and SMS services) are estimated to
record CAGR of 26% during the mentioned period on better traction. In terms of
earnings, we expect JPL to report modest CAGR of 15% over FY2010–12 driven
largely by top-line growth and sustained margins. However, adjusting for the `8cr
foreign exchange gains in FY2010, we expect JPL to report a CAGR of 18% in
earnings over FY2010–12.
Exhibit 6: Change in Estimates
Old Estimate New Estimate % chg
(` cr) FY2011 FY2012 FY2011 FY2012 FY2011 FY2012
Revenue 1,075 1,239 1,101 1,251 2.5 1.0
OPM (%) 29.6 30.3 30.2 30.3 55bp (0bp)
EPS (`) 6.5 7.7 6.6 7.7 2.1 0.0
Source: Company, Angel Research
We believe underperformance of the stock provides a good entry point and maintain
a Buy, with a Target Price of `154, based on a P/E multiple of 20x FY2012E
earnings (in line with historical valuations).
10. Jagran Prakashan|2QFY2011 Result Update
October 29, 2010 10
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
Disclaimer
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
Disclosure of Interest Statement JPL
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 ` 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%)