Indian NSE / BSE Share market investment & Trading

07/08/2017

Cochin Shipyard IPO oversubscribed 76 times on final day
State-run Cochin Shipyard targets to raise up to Rs 1,468 crore through its share sale offer. The price band for public issue of 3.3984 crore equity shares is fixed at Rs 424-432 per share.

Cochin Shipyard IPO oversubscribed 76 times on final day

Moneycontrol News

5:15 pm The initial public offering of Cochin Shipyard has received overwhelming response from investors on the last day for subscription.

The public issue has oversubscribed 75.99 times, with receiving bids for 258.25 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

The reserved portion of qualified institutional investors oversubscribed 63.52 times while the portion meant for non-institutional investors saw a subscription of 288.87 times and retail 7.91 times.

State-run Cochin Shipyard targets to raise up to Rs 1,468 crore through its share sale offer. The price band for public issue of 3.3984 crore equity shares is fixed at Rs 424-432 per share.

The IPO consists of a fresh issue of 2.2656 crore shares and an offer for sale of 1.1328 crore shares by The President of India. The issue will constitute 25 percent of the post issue paid-up equity share capital.

The largest public sector shipyard company will receive Rs 978.74 crore through the fresh issue of shares. It will utilise fresh issue proceeds for setting up of a new dry dock within the existing premises (around Rs 443 crore); setting up of an international ship repair facility at Cochin Port Trust area (around Rs 229.5 crore); and general corporate purposes.

It is a part of divestment programme announced by the government in Budget.

Cochin Shipyard caters to clients engaged in defence sector in India and clients engaged in commercial sector worldwide. In addition to shipbuilding and ship repair, it also offers marine engineering training.

SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the book running lead managers to the issue.

4:41 pm 4-star rating: The issue has been offered in a price band of Rs 424 to 432 per equity share. At present total equity share is 11.33 crore and EPS is Rs 27 per share and with fresh issue of 2.26 crore total number of equity share will be 13.60 crore and adjusted EPS is Rs 23 per share at the upper price band of Rs 432 the stock is available at Adjusted P/E of 19 (x) based on FY17 annualized EPS. Arihant Capital Markets has given a “4-star” rating for the issue

4:30 pm Subscription: The public issue has oversubscribed 75.92 times, with receiving bids for 258 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

4:15 pm HEM Securities said Cochin Shipyard top customers include the Indian Navy and the Indian Coast Guard. These top two customers together accounted for a majority share of company's revenue from operations in Fiscals 2015, 2016 and 2017, respectively.

As of March 31, 2017, co’s shipbuilding order book position in terms of revenue to be recognised in future is Rs 2,936 crores. At price of Rs 424-432/share, co is bringing the issue at P/E multiple of 18.88 on post issue FY17 EPS of Rs 22.89.

With decent fundamentals, company’s valuation looks reasonable at cur-rent level. Hence we recommend “Subscribe” on the issue.

4:00 pm Subscription: The public issue has oversubscribed 75.89 times, with receiving bids for 257.89 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

The reserved portion of qualified institutional investors oversubscribed 63.52 times while the portion meant for non-institutional investors saw a subscription of 288.87 times and retail 7.64 times.

3:59 pm Reliance Securities said that it admires Cochin Shipyard Ltd (CSL’s) ability to stay afloat in the turbulent period without compromising on margins.

Going forward, government’s endeavor to improve its defence strength in sea route and several initiatives under flagship “Make in India” programme will result in healthy orders for CSL, which will drive growth.

“At the upper price band, CSL trades at 18.8x FY17 EPS post dilution. Though it is difficult to compare it with peers as most of the listed peers are loss making, we believe the current valuations are not expensive given healthy return ratios and bright prospects,” it said.

Further, price to book ratio after dilution stands at 1.9x, which is attractive in our view. Hence, Reliance Securities recommend ‘subscribe’ to the issue.

3:45 pm Cochin Shipyard's public issue has oversubscribed 72.5 times, with receiving bids for 246.36 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

3:30 pm Subscription: The public issue has oversubscribed 61.39 times, with receiving bids for 208.63 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

3:29 pm A sensible price tag: At the upper end of the IPO price band of Rs 424-432 (5 percent discount to retail) the company will have a market capitalisation of Rs 5,845 crore. Excluding cash (Rs 1,600 crore and Rs 979 crore from IPO proceeds) market capitalisation comes to Rs 3,250 crore, which is about 8 times its EBIDTA of FY17. This is quite reasonable considering the potential for growth.

During the last decade (2007-2017), its sales and profits have grown at CAGR (compounded annual growth rate) of 11.1 percent and 19 percent, respectively. Growth in the next decade is expected to be higher considering the increasing scale and size of the opportunity.

One needs to factor the high return ratios and margins (Operating margin at 27 percent) that the business has delivered. On a net worth of Rs 337 (excluding cash), the core business reported an EBIDTA of Rs 377 crore. Even after accounting for the tax, return on equity works out to 75-78 percent, which is quite high and shows the inherent strength of its core business.

3:15 pm Subscription: Cochin Shipyard's public issue has oversubscribed 55.35 times, with receiving bids for 188 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

The reserved portion of qualified institutional investors oversubscribed 48.06 times, followed by non-institutional investors 200.94 times and retail 7.26 times.

3:00 pm Repair business: Repair business (enjoys 40 percent market share) is fast growing with high capital turn and significantly higher margins. The size of opportunity is now pegged at around Rs 2,500 crore (current revenue Rs 544 crore) over the next 3-4 years. It has been rejecting several orders due to capacity constraints.

The company is now setting up new ship repair facility, which would enable a turnaround of 140 vessels in a year as against 80 vessels currently. Considering the high margin and RoE, this business will boost growth as well as return ratios for the company.

2:45 pm Dominant player: The current shipbuilding facility comprises of 2 dry docks of 255 meters having a capacity of 110000 DWT (Dead Weight Tonne). It is now building additional dry docks of 310 meters, which can built large sized vessels like Aframax or the Capesize ships. This should enable the company to build larger vessels for the India Navy like aircraft carriers.

It is already working on phase-II of its aircraft carrier INS Vikrant, a project worth Rs 20,000 crore. The new facility (to be operational in 30 months) would strengthen its ex*****on capability. It has an order book of Rs 3,000 crore (sales Rs 2,200 crore), which will further grow as it has also placed bids for projects worth Rs 12,000 crore. That apart, it is also looking at phase III of INS Vikrant. The order book does not include the much larger phase III work. Once complete, it will pave the way for the second indigenous air craft carrier.

2:16 pm IPO Subscription: The public issue has oversubscribed 26.27 times, with receiving bids for 89.26 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

2:15 pm Cost advantages: The company enjoys cost advantage given the fully-depreciated integrated ship building facility. Replacing these assets would be costly. That apart, the business enjoys huge entry barriers and has high switching costs especially, since the key customer is from defence, thereby, protecting the long-term economic interest of the business.

Moreover, it is further enhancing its (moat) capabilities with the bigger scale of operations, investing in new capabilities and optimising resources.

2:01 pm Subscription: The issue has oversubscribed 16 times.

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2:00 pm Cash level: Cochin Shipyard prefers to keep at least 50 percent of sales in cash. Moreover, instead of showing aggression, it has always chosen to remain rational about what it can deliver, given the resources at its disposal. The company has seen several industry cycles and keeps its focus only on profitable projects with a tight control over working capital, a key to survival in this business.

1:50 pm The public issue has oversubscribed 14.54 times, with receiving bids for 49.40 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

1:47 pm Revenues: The 55-year old Cochin Shipyard derives 82 percent of its revenues from shipbuilding while the remaining comes from ship repairs. While it also builds ships for private clients, 80 percent of the orders comes from defence. Among private clients, it has delivered repeat orders to some clients in the US, Europe and Gulf countries.

1:40 pm IPO Update: The initial public offering of Cochin Shipyard has received overwhelming response from investors on the last day for subscription.

The public issue has oversubscribed 11.45 times, with receiving bids for 38.92 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

The reserved portion of qualified institutional investors oversubscribed 8.14 times, followed by non-institutional investors 3.25 times and retail 5.71 times.

1:00 pm Issue details: State-run Cochin Shipyard targets to raise up to Rs 1,468 crore through its share sale offer. The price band for public issue of 3.3984 crore equity shares is fixed at Rs 424-432 per share.

The IPO consists of a fresh issue of 2.2656 crore shares and an offer for sale of 1.1328 crore shares by The President of India. The issue will constitute 25 percent of the post issue paid-up equity share capital.

21/04/2016

ഇന്ത്യന്‍ ഗ്രോത്ത് സ്‌റ്റോറിക്ക് പിന്‍ബലമേകിയ ബജറ്റ്

പൊറിഞ്ചു വെളിയത്ത്

അനുകൂലമായ രാജ്യാന്തര സാഹചര്യങ്ങളുടെ കൂടി പിന്തുണയോടെ സെന്‍സെക്‌സിന്റെ 2300 പോയ്ന്റ് റാലി, ഇന്ത്യന്‍ ഓഹരി വിപണി കേന്ദ്ര ബജറ്റിന് നല്‍കിയ അംഗീകാരത്തിന്റെ കൂടി പ്രതിഫലനമാണ്. പ്രമുഖ സെന്‍ട്രല്‍ ബാങ്കുകള്‍ അവരുടെ ഈസി മണി പോളിസി കുറച്ചുകൂടി വിശാലമാക്കാന്‍ തീരുമാനിച്ചതോടെ കമോഡിറ്റി വിലകള്‍ക്കൊപ്പം ആഗോള ഓഹരി വിപണിയും തിരിച്ചുകയറി. ഏതാനും മാസങ്ങളായി ഇന്ത്യന്‍ ഓഹരി വിപണിയില്‍ തുടര്‍ച്ചയായി വില്‍ക്കലുകാരായിരുന്ന വിദേശ നിക്ഷേപ സ്ഥാപനങ്ങള്‍ വാങ്ങലുകാരായി മാറി.

പക്ഷേ ഏറ്റവും വലിയ പോസിറ്റീവ് ഘടകം എന്‍ഡിഎ സര്‍ക്കാരിന്റെ ഏറ്റവും പുതിയ ബജറ്റാണ്. പ്രതിപക്ഷത്തിന്റെ 'കര്‍ത്തവ്യമായ' വിമര്‍ശനങ്ങളും ചില ഭാഗങ്ങളില്‍ നിന്നുയരുന്ന ജനപ്രിയമെന്ന വിശേഷങ്ങളും ബജറ്റിനു നേരെയുണ്ട്. പക്ഷേ ഹ്രസ്വകാല കാഴ്ചപ്പാടില്ലാതെ രാജ്യത്തിന് എന്താണ് വേണ്ടതെന്നത് മനസില്‍ വെച്ചുകൊണ്ട് തയാറാക്കിയിരിക്കുന്ന അങ്ങേയറ്റം ഭാവനാപൂര്‍ണമായ ബജറ്റാണ് കേന്ദ്ര സര്‍ക്കാര്‍ അവതരിപ്പിച്ചിരിക്കുന്നത്. നിലവിലുള്ള സാഹചര്യത്തില്‍ ഇതിനേക്കാള്‍ മികച്ചതൊന്ന് അവതരിപ്പിക്കാന്‍ പ്രയാസമാണ്. അവഗണിക്കപ്പെട്ടു കിടക്കുന്ന ഗ്രാമീണ, അഗ്രി ഇക്കോണമി, അടിസ്ഥാന സൗകര്യ വികസനം എന്നിവയ്ക്കായിരിക്കും ബജറ്റില്‍ ഊന്നല്‍ എന്ന് കഴിഞ്ഞ തവണത്തെ കോളത്തില്‍ ഞാന്‍ പ്രവചിച്ചിരുന്നു. മുന്‍കാലങ്ങളില്‍ അവതരിപ്പിക്കപ്പെട്ട നിരവധി ബജറ്റുകളില്‍ നിന്ന് വ്യത്യസ്തമായി, ഉല്‍പ്പാദനക്ഷമതയ്ക്ക് വിരുദ്ധമായി നില്‍ക്കുന്ന നിരവധി സൗജന്യങ്ങള്‍ വാരിവിതറാതെ, ആസ്തി നിര്‍മിതിക്ക് ശക്തമായ ഊന്നല്‍ നല്‍കുന്ന ബജറ്റാണിത്.

കാര്‍ഷിക വരുമാനം ഇരട്ടിയാകും
ഇന്ത്യന്‍ തൊഴില്‍ സേനയുടെ പകുതിയോളം പേര്‍ ആശ്രയിക്കുന്ന കാര്‍ഷിക, കാര്‍ഷിക അനുബന്ധ മേഖലയുടെ പ്രകടനം മെച്ചപ്പെടുത്താന്‍ നല്‍കുന്ന ഊന്നല്‍ തികച്ചും അനിവാര്യമായ ഒന്നാണ്. കഴിഞ്ഞ ഏതാനും വര്‍ഷങ്ങളായി ദുര്‍ബലമായ മണ്‍സൂണിന്റെ ഫലമായി, ഇത് ഗ്രാമീണ മേഖലയിലെ ഉപഭോഗത്തെ പ്രതികൂലമായി ബാധിക്കുന്ന ഘടകമാണ്, ഇന്ത്യന്‍ ഇക്കോണമി പി
ന്നോട്ടടിച്ചുവരികയാണ്. ഈ ബജറ്റ് രാജ്യമെമ്പാടും അതിശക്തമായ ജലസേചന സൗകര്യം ഒരുക്കാന്‍ അങ്ങേയറ്റം പ്രതിജ്ഞാബദ്ധതയാണ് പ്രകടിപ്പിച്ചിരിക്കുന്നത്. ആറു വര്‍ഷത്തിനുള്ളില്‍ കാര്‍ഷിക വരുമാനം ഇരട്ടിയാക്കുമെന്ന സര്‍ക്കാരിന്റെ ഉറപ്പിനെ പലരും അസാധ്യം എന്ന് പറഞ്ഞ് പരിഹസിക്കുന്നുണ്ട്. പക്ഷേ എനിക്ക് തോന്നുന്നത് ഇത് തികച്ചും സാധ്യമാണ്, ഒരു പക്ഷേ അക്കാലയളവിന് മുമ്പേ സാധ്യമാകും എന്നാണ്. കാര്‍ഷികോല്‍പ്പന്നങ്ങള്‍ക്കായി ഏകീകൃത ദേശീയ വിപണി സര്‍ക്കാര്‍ പ്രഖ്യാപിച്ചിരിക്കുകയാണ്. ഇതു മൂലം ഇടനിലക്കാരെ ഒഴിവാക്കി, ഓണ്‍ലൈന്‍ മാര്‍ക്കറ്റ് പ്ലേസില്‍ ഉല്‍പ്പാദകരും വാങ്ങലുകാരും തമ്മില്‍ നേരിട്ട് ബന്ധപ്പെടുകയും കാര്‍ഷികോല്‍പ്പന്നങ്ങള്‍ അതിന്റെ ന്യായമായ വില കണ്ടെത്തുകയും ചെയ്യും.

ഇന്ത്യന്‍ സാമ്പത്തിക രംഗത്ത് മന്ദവേഗത്തിലായിരുന്ന ഒന്നാണ് അടിസ്ഥാന സൗകര്യ മേഖല. ഈ ബജറ്റില്‍ അടിസ്ഥാന സൗകര്യ വികസനത്തിനായി 2.21 ലക്ഷം കോടി രൂപയെന്ന റെക്കോഡ് വിഹിതമാണ് വകയിരുത്തിയിരിക്കുന്നത്. ഈ രംഗത്തുള്ള നിരവധി കമ്പനികള്‍ക്ക് ഏറെ ഗുണകരമാണ് ഈ നീക്കങ്ങള്‍.

ബിസിനസ് സൗഹൃദ അന്തരീക്ഷം സംജാതമാക്കാന്‍ വര്‍ഷങ്ങളായി സര്‍ക്കാര്‍ അക്ഷീണ പ്രയത്‌നമാണ് നടത്തുന്നത്. ആഗോള തലത്തിലെ അസ്ഥിരതകള്‍ തുടരുമ്പോള്‍ പോലും, ഈ സര്‍ക്കാരിനെ പോലെ, ഓഹരി നിക്ഷേപകര്‍ ദീര്‍ഘകാല കാഴ്ചപ്പാടോടെ ഇന്ത്യയെയും അതിന്റെ നിരവധി പോസിറ്റീവ് ഘടകങ്ങളെയും മുന്നില്‍ കണ്ടുകൊണ്ട് നിക്ഷേപം നടത്തുക.

stock SCAN

ആദിത്യ ബിര്‍ള ന്യുവോ @ Rs 780
Aditya Birla Nuvo

ടെലികോം, ഫിനാന്‍ഷ്യല്‍ സര്‍വീസസ്, ടെക്‌സ്റ്റൈല്‍സ്, അഗ്രി, കെമിക്കല്‍സ്, റയോണ്‍, ഇന്‍സുലേറ്റര്‍ ബിസിനസ് തുടങ്ങിയ രംഗങ്ങളില്‍ ശക്തമായ വിപണി പങ്കാളിത്തമുള്ള ആദിത്യ ബിര്‍ള ഗ്രൂപ്പിന്റെ ഭാഗമാണ് ആദിത്യ ബിര്‍ള ന്യുവോ (എബി ന്യുവോ). അടുത്തിടെ സാധ്യമാക്കിയ ഒരു ബിസിനസ് പങ്കാളിത്തത്തിലൂടെ സോളാര്‍ രംഗത്തേക്കും പേയ്‌മെന്റ് ബാങ്ക് രംഗത്തേക്കും ഇവര്‍ കടന്നിട്ടുണ്ട്.

നടപ്പ് സാമ്പത്തിക വര്‍ഷത്തില്‍ എബി ന്യുവോ 23,000 കോടി രൂപ വരുമാനവും 1500 കോടി രൂപ ലാഭവും നേടുമെന്നാണ് പ്രതീക്ഷ. വളരെ വലിയൊരു ബിസിനസ് ലോകമുണ്ടായിട്ടുപോലും അതിന്റെ സഹജമായ മൂല്യത്തില്‍ നിന്ന് ഏറെ ഡിസ്‌കൗണ്ട് ചെയ്തുള്ള നിരക്കിലാണിപ്പോള്‍ എബി ന്യുവോ. കമ്പനിയുടെ മാര്‍ക്കറ്റ് കാപ് ഇപ്പോള്‍ 10,200 കോടി രൂപയാണ്. ഐഡിയ സെല്ലുലാറിലെ എബി ന്യുവോയുടെ 23 ശതമാനം ഓഹരിയുടെ തന്നെ മൂല്യം 8500 കോടി രൂപ വരുമ്പോഴാണിത്.

എബി ന്യുവോയുടെ ഫിനാന്‍ഷ്യല്‍ സര്‍വീസസ് വിഭാഗം രാജ്യത്ത് ഈ രംഗത്തെ ശക്തമായ സാന്നിധ്യമാണ്. രാജ്യത്തെ പ്രമുഖ ലൈഫ് ഇന്‍ഷുറന്‍സ് കമ്പനിയായ ബിര്‍ള സണ്‍ലൈഫ് ഇന്‍ഷുറന്‍സ് കമ്പനിയില്‍ എബി ന്യുവോവിന് 51 ശതമാനം ഓഹരി പങ്കാളിത്തമുണ്ട്. ഇതിന്റെ മൂല്യം 3690 കോടി രൂപയാണ്. കമ്പനിയുടെ ബാങ്കിംഗ് ഇതര ധനകാര്യ വിഭാഗത്തിന്റെ ലോണ്‍ ബുക്കിന്റെ വലുപ്പം 23,400 കോടി രൂപയാണ്. 1,54,000 കോടി രൂപ അഡങ ഉള്ള ബിര്‍ള സണ്‍ലൈഫ് അസറ്റ് മാനേജ്‌മെന്റ് കമ്പനി ഈ രംഗത്തെ രാജ്യത്തെ വലിയ നാലാമത്തെ കമ്പനിയാണ്.

എബി ന്യുവോയുടെ ജയ ശ്രീ, ഇന്ത്യന്‍ റയോണ്‍, ഇന്‍ഡോ ഗള്‍ഫ് ഫെര്‍ട്ടിലൈസേഴ്‌സ്, ആദിത്യ ബിര്‍ള ഇന്‍സുലേറ്റേഴ്‌സ് എന്നിവ അതാത് മേഖലകളില്‍ രാജ്യത്തും രാജ്യാന്തര തലത്തിലും മുന്‍നിരയിലുണ്ട്.

ബിസിനസ് അതി വിപുലമാണെങ്കിലും ഓരോ മേഖലയിലും കമ്പനിയുടെ മാര്‍ക്കറ്റ് പൊസിഷനിംഗ് പരിഗണിക്കുമ്പോള്‍ ഗ്രൂപ്പ് അതിവേഗ വളര്‍ച്ചയുടെ പാതയിലാണ്. കമ്പനിയുടെ സഹജമായ മൂല്യം പരിഗണിക്കുമ്പോള്‍ ഇപ്പോഴത്തെ 10,200 കോടി രൂപയെന്ന മാര്‍ക്കറ്റ് കാപ് അങ്ങേയറ്റം ഡിസ്‌കൗണ്ട് ചെയ്ത മൂല്യമാണ്.
- See more at: http://www.dhanamonline.com/ml/articles/details/5/2606 .f8wqufrn.dpuf

20/04/2016

Equity Intelligence Managing Director and Portfolio Manager, Porinju Veliyath's interview with Bloomberg TV on 20/04/2016.

09/04/2016

SP Tulsian of sptulsian.com, in an interview to CNBC-TV18 gave his views on the cement sector and why he is upbeat on some stocks including companies like Sagar Cement , Kakatiya Cements , Kesoram Industries etc. He also expressed his positive view on other sectors like real estate sector covering companies like HDIL and DLF and cautious approach on companies in the metals space like Hindalco . He also spoke on Kiri Industries . Below is the verbatim transcript of SP Tulsian’s interview with Anuj Singhal and Sonia Shenoy on CNBC-TV18. Anuj: You were pretty early in this cement game. You had recommended some of these stocks, 20-30 percent lower than what they are right now. However, in particular, thoughts on the way Sagar Cement has run up today, Kakatiya Cements has run up today and any of the stocks that you still like at these levels? A: If you really want to go by the Sagar Cement which I have discussed in the morning also, the kind of growth, in fact growth is the key. If you see, let us not take month-on-month growth of 37 percent which we have seen on a consolidated basis for Sagar Cement for this month. Take the growth of 56 percent on quarter-on-quarter (QoQ), I am referring Q4 over Q3 of FY16, it is a growth of 56 percent and that is going to be posted. In fact if you see the South based companies, they have all had a terrible Q3 numbers maybe because of the lower off take, I don’t know the specific reason for that and maybe because of the slight shrinkage in the prices as against the Q2 numbers which was see. Maybe monsoon could be one of the factor but I don’t think that Chennai flood could be one of the factor but I don’t know that what was the specific reason because we have seen the Chennai flood hitting the region in the last week of October and lasted till middle of November or maybe end of November, for about a month or so. So, that could be one of the reasons. However, I am expecting excellent numbers to be seen from all these companies. We have all been taking a call on the well researched stocks like UltraTech Cement and all that but if you go from the Southern reason, let us take region wise, you have four or five stocks available still very cheap. Sagar Cement is one of them as its 20 percent upper circuit so I won’t be taking a call on that though on an EV basis, it still looks quite cheap. However, take the case of Deccan Cements , take the case of Panyam Cements , take the case of Kriti Industries , take the case of Kakatiya Cements, take the case of NCL Industries , they all have their presence in the Southern belt and more specially in Andhra Pradesh and Tamil Nadu. I am expecting all these companies to post excellent numbers. Come on the Western region, you have Saurashtra Cement , you have Gujarat Sidhee Cement – again a group company, Prakash Diwan has touched upon the Sanghi Industries , apart from that, maybe Heidelberg Cement again looks a very good stock, Kesoram Industries which I have been recommending since it was ruling at Rs 80-82. Century which has a capacity of 30 million tonne and awaiting for many of the corporate moves so I think there are many players which are available now in the market at a EV of anywhere between USD 40-60. If you take a call, if you just keep your focus centering only on UltraTech that is seen an expensive stock, it may be EPS decretive move will be seen till FY18 till they integrate the Jaypee operations also into the company. I am not saying that I am against UltraTech but I am saying a lot of value is seen into the – you have almost 25-30 cement stocks available of which I have already given you name of 10 companies. So, look for those ideas which can still give you an upside of maybe 20-25 percent in next couple of months or so. Anuj: The other remarkable stock has been Kiri Industries; in fact it has been the stock of the month, up 72 percent in this month. You recommended this stock at Rs 90 and it has gone up to Rs 180. It has doubled in a matter of 10 days. Fundamentally, can someone still buy this? A: You are right, on March 30 when the stock we recommended this stock. I recommended the stock at Rs 90, now it is Rs 190 and that too maybe in a matter of about seven or eight trading days. Let us go on the fundamentals. The company is holding 37 percent stake in DyStar. DyStar is the world leader in the dyes and pigments and if you really see their black and their blue, the two dyes which they are supplying mainly 30 percent of their black goes to Turkey and they realise maybe about 5 percent extra, that is their business model, 37 percent stake held in that company. I am expecting that FY17 will see a profit of closer to about Rs 300 crore that is 37 percent share I am talking that means DyStar will be having a profit after tax of closer to about Rs 900 crore since Kiri is holding about 37 percent stake in that company, they will be having a profit of anywhere between Rs 280-300 crore into the consolidated results, number one. Number two, if you see the FY16, they will be having the company will be having an interest liability of closer to about Rs 80 crore. Already the company has informed the exchanges that they have redeemed the or the debt has been reduced from Rs 850 crore to Rs 400 crore and this Rs 400 crore will further get reduced to about Rs 150 crore maybe sooner or later, maybe in next three to six months. So, standalone numbers, will be seeing the reduction in their interest liability by about Rs 60 crore on an annualised basis. The company has an equity base of closer to about Rs 30 crore and apart from that, they have one more joint venture company in which the company is holding 40 percent. Again the world leader, the residual stake is held by that company in DyStar. So again the products which are manufactured by the company, mainly of the dye intermediate, the theme which we have played is increased in the prices of H-acid from Rs 350 per kilogram to Rs 1,100 per kilogram, Vinyl Sulphone prices have increased from Rs 200 to Rs 300 per kilogram and this company is a leader in making all these products and they directly supply to their joint venture partner in Europe or maybe in the other Asian countries and all that where they fetch a very good realisation. So, maybe Rs 280 crore from the joint venture, both DyStar and that second company which I have refereed to, 37 percent and 40 percent, and if you take the standalone profitability, I am referring FY17, the company may be able to post a PAT of closer to about Rs 80-90 crore. That means if you look for a Rs 350-360 crore on an equity base of about Rs 30 crore because promoters will be converting some warrant today, equity will rise to about Rs 30 crore that means Rs 120 EPS is likely to be seen for FY17 and share is ruling at Rs 190. So, one can take a call that still when I recommended the stock, the theme was increase in H-acid price but at that time also the share was ruling at a PE multiple of less than 1 or maybe closer to 1. Still the share is ruling at a PE multiple of 1.5 to less than 2 times and I am in fact quite bullish, I won’t be surprised to see further growth, there is no point in giving the target, the only time horizon can be given that hold till December 2016 to see fabulous returns still from here on. Anuj: I wanted to toss the real estate question also to you. What have you made of the kind of surge that we have seen in a lot of these stocks. Of course, DLF stands out, but even others like HDIL have seen quite a bit of rally. A: Actually the talks which are going on more in respect to the Mumbai circle, because if you really go by the transfer of development rights (TDR), TDR is now available only in the Mumbai suburb. Let me explain that. You cannot use that TDR of Santacruz in Mumbai Central or in Tardeo. That means beyond Sion and beyond Bandra only, you can use that TDR. But now, Mumbai Municipal Corporation is contemplating this is just an inside expectation that they will allow the TDR of even Borivali can be used at Colaba. Obviously, it is based on the ready reckoner rate. Suppose just to give an example, if the ready reckoner rate of the land for Borivali is at Rs 5,000 per sq ft and if in Colaba it is Rs 25,000 per sq ft, then your Rs 5,000 sq ft of TDR will entitle you to construct 1,000 sq ft in Colaba. So, that is going to be a very big positive. And in fact, you are going to see a lot of this TDR being bought by the Mumbai city developer. That means from Colaba to Dadar or Matunga or Sion. That is going to be a big booster. And if you go by the two themes, that is HDIL an DB Realty , they are the largest TDR holder. And actually I am keeping an eye on the GVK Power also. Though the dispute with HDIL is going on in respect to the redevelopment, because GVK Power will be re-housing 70,000-80,000 tenants which are existing on the airport land. And they will be able to monetise the 95 acres of land. And actually I had that talk with one or two close source people and they said that this is likely to happen very soon. And actually, I feel that if it comes through, then it will just be a game changer. Even the real estate prices will start increasing and there will be a lot of demand for TDR which will be coming in which will be coming in which eventually will get utilised in the central Mumbai. So, that is the theme. So, keep Mumbai based real estate stocks, those who are holding larger TDR with them. Sonia: I wanted to take your views on two metal names, one Hindalco because that was a stock that Sakthi Siva of Credit Suisse is very bullish on. So do you have that same view and the other one on Jindal Steel and Power (JSPL) on the back of the court ruling in favour of JSPL and the Sarda mining case? How much of a further upside do you see now? A: I don’t have positive view on both. Let me just quickly explain the Hindalco. If you see the kind of prices prevailing for aluminium, I don’t think that there is any kind of respite number one. Novelis, again there has been talk that company is looking to refinance the debt of closer to about USD 4 billion. That means this company which was acquired by Aditya Birla Group in 2007, when Corus was acquired by Tata Steel for about USD 6 billion still has not shown the remarkable growth, number two. Number three, if you see the Rs 40,000 crore investment of Hindalco lying ideal in Odisha is not yielding any result; again that is a very bug hangover on the stock. Lastly, if you see the debt of closer to Rs 80,000-84,000 crore, I don’t understand that what is the sanity of taking a call on Hindalco that too after having seen such a big run up. Maybe at a level of about Rs 65-70 probably I would have said that the stock looks good but not at the current level of Rs 84-85 or maybe Rs 87. Coming on JSPL, this is just one news of sourcing the raw material at a cheaper price. Now, let us understand that Sarda mines is separately owned by different entity, they will also be having their own profitability. Even if you presume that they have a contract, I don’t think that now iron ore seen as a premium product. So, the cost of production maybe seen lower by about couple of percentage but that is not the relief people are looking from, from JSPL. The area of concerns are more in respect to the asset monetisation and debt reduction of Rs 45,000 crore. On that front, nothing is seen happening because we have been hearing selling of 1,000 megawatt power plant to JSW Energy Group and that has been in the news for last couple of weeks but nothing has happened. So, I think both are minor news and maybe Credit Suisse having taken a positive call on Hindalco, that is their way of looking at it but I will be in fact I find Hindalco as the weakest company in the AB Birla Group because if you really take a call on any other stock, they are all doing quite well but this is the only stock where I have my cautious and in fact I would say that avoid view on Hindalco.

Read more at: http://www.moneycontrol.com/news/market-outlook/herestulsian-picks-hdil-db-realtyavoids-hindalco_6195441.html?utm_source=ref_article

SP Tulsian of sptulsian.com, in an interview to CNBC-TV18 expressed his positive view on sectors like real estate sector covering companies like HDIL and DLF and cautious approach on companies in the metals space like Hindalco. ..

09/04/2016

Invest in Indian share market!!!!!

World’s fastest economy.

09/04/2016

Latest stock market analysis | Market Watch 03 Apr 2016 Click Here To Free Subscribe! ► http://goo.gl/Y4yRZG Website ► http://www.asianetnews.tv Facebook ► h...

09/04/2016

Porinju Veliyath of Equity Intelligence remains bullish and is convinced that one needs to stay invested for the long haul. He talks about investing in small...

09/04/2016

https://youtu.be/ecAef9mW-mY

Equity Intelligence Managing Director and Portfolio Manager, Porinju Veliyath's interview with CNBC TV18 on 18/03/2016.

09/04/2016

FCEL - Vision 2021 | some of you might have missed this presentation:
http://futureconsumer.in/pdf/FCEL_Company_Presentation.pdf …
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06/04/2016

Ashoka Buildcon shares are locked in 20 percent lower circuit at Rs 136 (a 52-week low) amid high volumes on Wednesday. Media reports indicated that Enforcement Directorate (ED) and Income Tax (I-T) department have conducted joint searches at the company's head office in Nashik, Maharashtra. There were pending sell orders of 81,818 shares, with no buyers available, at 11:36 hours IST. According to media reports, the Enforcement Directorate (ED) and Income Tax (I-T) department have conducted joint searches at the head office of Ashoka Buildcon and residence of its promoter in connection with allegations that it financed certain constructions by family of former Maharashtra Deputy Chief Minister Chhagan Bhujbal. Chhagan Bhujbal was arrested last month in a money laundering case. ICICIDirect says though the management has clarified earlier (March 26) that it has not financed any construction, it still awaits further details from the company post the ED and IT raids. According to the brokerage, the issue may take a while to get resolved and will continue to be an overhang on the stock. Hence, adhering to caution, it advises investors to exit the stock. On March 26, the company informed exchange (in its reply regarding certain allegations in media) that it has not contributed or financed any of the constructions of Bhujbal family including their bunglow at Nashik. It also clarified that it has not sponsored the trip of Sameer Bhujbal then MP to watch and attend the FIFA World Cup in South Africa.

Read more at: http://www.moneycontrol.com/news/buzzing-stocks/ashoka-buildcon-tanks-20edi-t-raid-at-head-office_6157001.html?utm_source=ref_article