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Editor's Desk Crompton Greaves Ltd has informed us that the Board of Directors of the Company at its meeting held on January 28, 2010, inter alia, has approved the following:
1. The Board of Directors have declared an interim dividend of 70% i.e. Rs. 1.40 per share.
2. The Board of Directors have recommended issue of Bonus Shares in the proportion of 3 (Three) new Equity Shares for every 4 (Four) Equity Shares, of Rs. 2/- each.
Read moreCrompton Greaves recommends Bonus + Interim Dividend
PNB’s profits were up 0.5% yoy (+9% qoq, in-line with estimates) and were supported by its high NIMs (expands further), robust loan growth (well above industry), strong deposit franchise and some trading gains in 3Q. However, delinquencies increased substantially (mainly in the agricultural segment) and coverage levels dropped meaningfully – suggests caution given its large (16% of book) agri portfolio.
PNB’s margins expanded more than estimated to 384bps, driven by liability repricing. NPL uptick, lower coverage raises concerns on sustainability of earnings. Expect an EPS of Rs 108 and Rs 124.5 for FY10 and FY11 respectively.
Read morePunjab National + Union Bank Asset Quality Concerns Surface
Pantaloon Retail reported 25%, 29% and 51% yoy growth in revenues, operating profit and adjusted net profit, respectively, in Q2F2010. PRIL
continues to report parent only numbers with no disclosures on subsidiary performance. Lack of transparency for consolidated results remains our key concern.
Although the revenue growth reported by the company in the value and lifestyle segments is 14% and 25%, respectively, overall revenue growth reported by the company is 25%. We believe that a
The management of Idea Cellular in its conference call has indicated that any further pricing pressure in near-term would lead to faster than expected consolidation.
Idea stated that revenue growth from recharge fee (due to migration of existing subs to lower price points) is lower than average revenue growth and hence was not significant contributor to 3Q revenue.
Idea mgmt expects to benefit from economies of scale/lower access
Read moreIdea Cellular – Pricing Pressure means early consolidation
According to ITC, the vacuum created by the exit of the popular low priced micros and plain nonfilter cigarettes (in the wake of the heavy imposition of excise duties last year) has been occupied by duty-evaded illegal regular size filter cigarettes which are sold at Re1 per stick.
Mr. Kurush Grant Divisional Chief Executive, ITC said,
these low priced tax-evaded illegal cigarettes account for about 12-13% of cigarette industry today (~5% in 1HCY08).
Industry has represented to government to consider the introduction of
Read morePotential for a reintroduction of Re1 cigarette – ITC
India has garnered foreign direct investment (FDI) inflows of $1.74 billion during November 2009, a 60% increase over the $1.08 billion recorded in same month last year. This surge in FDI inflows is significant because India continued to be held as a safe destination for investment despite global recession and financial crises in world’s largest economies.
According to the Department of Industrial Planning and Policy, India has received $23.82 billion up to October 2009 as against $30.58 billion in the fiscal year of 2008-09. In the month of October this year, FDI inflows have notched $2.33 billion as against $1.49 billion during the same month in 2008. However, FDI inflows during April-November period of the current fiscal year declined marginally to $19.38 billion from $19.79 billion a year ago on the backdrop of the impact of global financial crisis felt in earlier months of FY 10.
Read moreInvestor confidence empowers FDI inflows a y-o-y growth of 60% in November