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Sunday, October 12, 2008
Glaxo
FMCG stocks have withstood the market fall better than others, but with the ongoing ‘flight to safety’ bidding up their prices, frontline stocks in the sector are now quite expensive in relation to the rest of the market. GlaxoSmithKline Consumer Healthcare — a mid-sized FMCG company — is an exception to this.
At the current market price of about Rs 545, the stock trades at a PE of just about 11 times its estimated earnings for CY2009, at a substantial discount to companies such as Dabur India and Nestle India. Investors can accumulate the stock.
Given the limited liquidity in the stock and the risk of further downside for the market, acquiring the stock in a phased manner is advisable.
The stock is well suited for an investor seeking a 15 per cent annual return with relatively low downside risk.
Extensions drive volumes
With a 70 per cent market share, GSK Consumer Healthcare dominates the nutritional drinks market with brands such as Horlicks, Boost, Viva and Maltova in its portfolio. Distribution of OTC brands such as Eno, Iodex and Crocin on behalf of a group company also brings in stable ‘other income’.
Sales growth for the company, which hovered in the low double-digits until 2007, has seen a sharp acceleration this year.
Compared to a four-year annualised growth rate of about 16 per cent, net sales expanded at 23 per cent in the first half of 2008. This was aided both by healthy volume growth (about 13 per cent) as well as price increases (about 6-7 per cent).
Higher volume growth this year has been driven by product launches such as ‘limited edition’ variants for Boost, Actibase — a specialist nutritional supplement, and brand extensions for Horlicks such as Women’s Horlicks and Horlicks Lite.
The company has continued to ramp up ad spend, while using celebrity endorsements to build its brands.
Limited down-trading risk
Volume growth may be sustained at higher levels over the next couple of years, given the clear consumer trend in favour of health and nutritional products, and efforts by the company to address a larger consumer base through extensions such as Horlicks Lite (targeted at adults) and Women’s Horlicks.
The company’s increased spending on brand-building (up from 9-10 per cent of sales to 12-13 per cent in recent quarters) and launch opportunities from its parent’s portfolio, also hold promise for volume growth.
The potential to improve capacity utilisation from the current 75 per cent levels and plans to add capacities over the next three years at an investment of Rs 110 crore, may also help the company capitalise on strong offtake.
Despite price increases of 6-7 per cent last quarter, volume growth for the company is at relatively low risk from down-trading (companies moving to cheaper substitutes), given the company’s dominant market shares, presence across price points with its four brands and few competing brands.
Input prices offer relief
While sales growth may remain healthy, the company’s plan to increase brand-building spends was expected to lead to slower profit growth over the next couple of years.
In the June quarter, the company’s 19 per cent sales growth translated into just a 9 per cent expansion in net profit, as escalating raw material costs and sharply higher ad spend (28 per cent increase against 19 per cent sales growth), impacted net profits.
However, on this count, a sharp correction in raw material prices, triggered by the commodity price meltdown since July and a benign outlook on input prices over the next few quarters, augur well for GSK consumer’s margins.
Milk, malt extracts and wheat are the key inputs, and all three commodities have seen a correction in prices over the past few months.
Global milk powder prices have corrected over 30 per cent from their July peak, with a further softening of 16 per cent forecast for the next one year.
Wheat prices have also slumped sharply on expectations of a sharp increase in global output; domestic prices are expected to remain soft in the current year, on account of record production and a comfortable buffer stock. Malt prices are also off their earlier highs, though prices are expected to remain at the current levels over the next few months.
Though a depreciating rupee may offset some of the benefits from these falls, the correction in prices has still been steep enough to offer some cost savings.
In the light of the price increases already taken by the company, softer trends in input prices have the potential to expand operating profit margins for GSK Consumer in the quarters ahead. The resulting surpluses may also be used to finance promotional and brand-building spends, which will also help profit growth over the medium term.
ICICI Bank customers get SMS ! - you are safe !
Many ICICI Bank customers received SMS messages on their mobile phones on Saturday, assuring them that their deposits with the bank are safe.
The message read that the bank is well capitalised with good liquidity. “Please do not listen to baseless rumours,” said the message, before ending with greetings for the festive season.
This was part of a campaign by the bank to allay fears of their customers, even as rumours of deposit withdrawals by account holders did the rounds.
Denies withdrawals
Ms Chanda Kochhar, Joint Managing Director and CFO, ICICI Bank, said “there is no large scale withdrawal of deposits, but customers have been querying at branches and calling in because of the fall in the share price as sentiment gets impacted.” There were rumours that deposit holders were transferring their funds to other banks.
The scrip fell by 20 per cent on the Bombay Stock Exchange on Friday, to a three-year low of Rs 364.10.
Ms Kochhar said the bank did not see any slowdown in the current and savings account, which has been the focus this year. It will raise wholesale deposits only to the extent required.
Retail defaults
On defaults in the retail segment, Ms Kochhar said there was no perceptible rise and they were at the same levels as in the last quarter. But the bank has tightened the credit parameters with regard to personal loans, given the inflation and rising interest rates, she added.
via Businessline
Stocks at 3/4 year lows
Ever wondered what it would have been like to buy stocks at rock-bottom prices before the recently ended bull run gained pace?
You needn’t travel back in time for the experience. With stock prices falling steeply, buying into the Nifty basket today would be tantamount to buying it at October 2005 levels!
The 47-per cent fall in the Nifty from January has taken the absolute level of the bellwether index back to its August 2006 value of 3,200.
But the price-earnings (PE) multiple for the Nifty, a measure of what the market is willing to pay per rupee of earnings, is back to levels prevailing a good three years ago.
The Nifty’s current PE of about 14 times (trailing earnings) was last seen in October 2005. If blue-chip names that figure in the bellwether index have seen their PEs crumble, mid-cap stocks have simply collapsed.
At a PE of 8.5 times trailing earnings, the CNX Midcap index now trades at a valuation not seen since June 2003. When the markets peaked in January this year, the Nifty was valued at a lofty 28 times and the Midcap index at 23 times.
The sharp fall in the PE means the market is now factoring in the same growth expectations from Indian companies that it did way back in 2005. Is it justified in doing so?
Views on this are divergent. Some fund managers believe the markets are being quite pessimistic and that the fall in valuations is more a function of poor liquidity, than of prospects for Indian businesses.
‘Time to buy’
Says Mr A. Balasubramaniam, Chief Investment Officer of Birla Sun Life Mutual Fund, “Valuations are extremely attractive, no matter what parameter you pick today — the price-earnings ratio, price to book value or dividend yield. In fact, market volatility is more of a concern now than the fundamentals of Indian companies. With oil prices correcting much more than expected, commodity prices falling and inflation worries receding, interest rates too may soften over the next few months. That means three major macro concerns will be out of the way for Indian companies. Liquidity will remain the only issue.”
He believes that while the next two quarters may be difficult for Indian markets, this remains a good time to buy stocks, as the “policy framework is also becoming more favourable to attracting capital flows.”
Earnings slowdown
Ms Srividhya Rajesh, Fund Manager at Sundaram BNP Paribas, holds a diametrically opposite view. “Though they look cheaper on a historic basis, the markets really aren’t cheaper today, because PEs have corrected. We see earnings deceleration next year. While some earnings downgrades have happened, a lot of it is yet to play out. When the earnings decelerate, PEs also will get compressed further,” she says, explaining why she would like to wait out this market fall
via Businessline
Results Calendar - Oct 13 - 19 2008
| Date | Company Name | Purpose |
| Oct 13 2008 | Axis Bank Ltd | AXIS Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on October 13, 2008, inter alia, to consider and take on record the Unaudited Quarterly / Half Yearly financial results for the quarter (Q2) / half year (H1) ended September 30, 2008. |
| Oct 13 2008 | BASF India Ltd | Quarterly Results |
| Oct 13 2008 | DCM Financial Services Ltd | Quarterly Results |
| Oct 13 2008 | Educomp Solutions Ltd | Educomp Solutions Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 13, 2008, to consider the following matters:1. In continuation of earlier approval granted by the members of the Company to raise the funds, to consider alternative modes for raising of funds.2. To consider and if thought fit, approve Educomp Employee Stock Option Scheme 2008. |
| Oct 13 2008 | Indo Tech Transformers Ltd | Quarterly Results |
| Oct 13 2008 | K Sera Sera Productions Ltd | K Sera Sera Productions Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 13, 2008, inter alia, to Allot Fully Convertible Warrants to Yes Bank Ltd on preferential Basis, subject to in-principle approval of Stock Exchanges. |
| Oct 13 2008 | Kaiser Press Ltd | Audited Results |
| Oct 13 2008 | Orbit Corporation Ltd | Quarterly Results |
| Oct 13 2008 | Organic Coatings Ltd | Organic Coatings Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 13, 2008, inter alia, to consider the following proposals:1. To consider Preferential issue of Equity Shares and Share Warrants under Section 81(1A) of the Companies Act, 1956 and guidelines for Preferential Issues contained in the SEBI (disclosure and investor protection) Guidelines 2000 subject to approval of the Shareholders of the Company.2. To consider convening Extra Ordinary General Meeting of the Company to approve the above. |
| Oct 13 2008 | Refex Refrigerants Ltd | Quarterly Results |
| Oct 13 2008 | Repro India Ltd | Quarterly Results |
| Oct 13 2008 | S Kumars Online Ltd | S Kumars.Com Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 13, 2008, regarding allotment of warrants on preferential basis as per special resolution passed by the members in Annual General Meeting held on September 30, 2008. |
| Oct 13 2008 | Sunitee Chemicals Ltd | Sunitee Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 13, 2008, to consider the following businesses:1. Alteration of Other Objects Clause of Memorandum of Association by incorporating objects relevant to the carrying on the business of (i) Real Estate, Construction and Infrastructure Development (ii) Manufacturing and Trading of Gems & Jewellery, diamonds, and gold refinery and other incidental objects relevant thereto.2. To consider and approve the resignation of Mr. Dilip Bamawat, Managing Director of the Company.3. To consider the appointment of Mr. Dhaval Solanki, Additional Director, as the Chairman & Managing Director of the Company with the previous approval of the members under Regulation 12 of the SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 1997 through Postal Ballot to be conducted in accordance with the provisions of Section 192A and other applicable provisions of the Companies Act, 1956 a |
| Oct 13 2008 | Tata Investment Corporation Ltd | Quarterly Results |
| Oct 14 2008 | Aditya Ispat Ltd | Aditya Ispat Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 14, 2008, to consider Allotment of 2,50,000 Fully Convertible Warrants to be allotted on Preferential basis in accordance to Special Resolution Passed u/s 81(1A) of the Companies Act, 1956 in the Annual General Meeting held on September 30, 2008. |
| Oct 14 2008 | Alpha Hi-Tech Fuel Ltd | Quarterly Results |
| Oct 14 2008 | Birla Power Solutions Ltd | Inter alia, to transact the following business: 1. To consider and approve raising of funds by way of issue of equity shares, and / or securities convertible into equity shares through public issue, rights issue, Global Depository Receipts / American Depository Receipts, Foreign Currency Convertible Bonds and / or to Qualified Institutional Buyers in terms of Chapter XIIIA of SEBI (DIP) Guidelines, subject to the approval shareholders under Section 81(1A) of the Companies Act, 1956.& Dividend & Increase in Authorised Capital To consider and approve increase in authorized share capital, subject to approval of shareholders & Audited Results |
| Oct 14 2008 | Explicit Finance Ltd | Explicit Finance Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 14, 2008, to consider the followings:1. To take on record the Unaudited Financial Results (Provisional) for the Quarter ended September 30, 2008.2. To appoint Statutory Auditors for the Company in place of M/s. P U Jain & Associates, who has resigned due to pre occupation. |
| Oct 14 2008 | GRUH Finance Ltd | Quarterly Results |
| Oct 14 2008 | Honeywell Automation India Ltd | Quarterly Results |
| Oct 14 2008 | IFCI Ltd | IFCI Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 14, 2008, inter alia, to approve the Audited Financial Results of the Company for the quarter / half year ended September 30, 2008 (Q2). |
| Oct 14 2008 | Jay Bharat Maruti Ltd | Quarterly Results |
| Oct 14 2008 | Jubilant Organosys Ltd | Jubilant Organosys Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 14, 2008, inter alia, to consider and take on record the Unaudited Financial Results of the Company for the quarter ended September 30, 2008 (Q2). |
| Oct 14 2008 | Kanani Industries Ltd | Quarterly Results |
| Oct 14 2008 | Modern India Ltd | Quarterly Results |
| Oct 14 2008 | Neogem India Ltd | Neogem India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 14, 2008, inter alia, to consider the following business:- To allot 15,65,000 (Fifteen Lacs Sixty Five Thousand) Fully Convertible Equity Share Warrants on Preferential Basis to the Promoters / Independent Investor as per the list approved by the shareholders in the Annual General Meeting held on September 30, 2008. |
| Oct 14 2008 | New Delhi Television Ltd | Quarterly Results |
| Oct 14 2008 | Noida Medicare Centre Ltd | Noida Medicare Centre Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 14, 2008, to issue and allot 50 lakhs warrants by way of preferential allotment to promoters and other independent private investors and also issuance and allotment of 12 lakhs fully paid equity shares on preferential basis to Stressed Assets Stabilization Fund (SASF) & IFCI Ltd. respectively as per their terms and conditions for settling the outstanding dues of the Company as per the provisions of chapter XIII A of SEBI (DIP) guidelines 2000. |
| Oct 14 2008 | Novopan Industries Ltd | Novopan Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 13, 2008, inter alia, to consider and take on record the Un-audited Financial Results of the Company for the Quarter ended September 30, 2008, subject to the Limited Review by the Auditors and also to reconsider the earlier recommended dividend for the financial year 2007-08.Novopan Industries Ltd has informed BSE that a meeting of Board of Directors of the Company is rescheduled and will now be held on October 14, 2008 instead of October 13, 2008 as informed vide letter dated October 03, 2008, inter alia, to consider and approve the Un-audited Financial Results for the Quarter ended September 30, 2008, subject to the Limited Review by the Auditors and also to reconsider the earlier recommended dividend for the financial year 2007-08.(As Per BSE Announcement Website dated on 07.10.2008) |
| Oct 14 2008 | SE Investments Ltd | Quarterly Results |
| Oct 14 2008 | Shree Rani Sati Investment And Finance Ltd | Quarterly Results |
| Oct 14 2008 | Sonata Software Ltd | Quarterly Results & Interim Dividend |
| Oct 14 2008 | South Indian Bank Ltd | Un Audited Results Secound Quartely/Halfyear Ending 30.09.2008Quarterly Results (As Per BSE Bulletin dated on 30.09.2008) |
| Oct 14 2008 | Suave Hotels Ltd | Suave Hotels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 14, 2008, to consider the following"- Allotment of 65,00,000 warrants on preferential basis, subject to receiving in principle approval for the allotment front the Stock Exchange. |
| Oct 14 2008 | Tilaknagar Industries Ltd | Quarterly Results |
| Oct 14 2008 | Vinyl Chemicals (I) Ltd | Quarterly Results |
| Oct 15 2008 | Amalgamated Electricity Company Ltd | Amalgamated Electricity Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 15, 2008, inter alia, to transact the following business:1. Take on record and approve the Unaudited Financial Results (Estimated) for the quarter ended September 30, 2008.2. Consider a proposal relating to the enhancement of capital.With reference to the earlier announcement dated October 06, 2008 regarding Board Meeting on October 15, 2008, Amalgamated Electricity Company Ltd has now informed BSE that an item pertaining to reduction of the equity capital of the Company is scheduled to be discussed the ensuing Board Meeting of the Company being held on October 15 2008.Further the Company has informed that, ignore the intimation about enhancement of capital.(As Per BSE Announcement Website dated on 08.10.2008) |
| Oct 15 2008 | Astral Poly Technik Ltd | Quarterly Results |
| Oct 15 2008 | B Nanji Enterprises Ltd | Quarterly Results |
| Oct 15 2008 | Bharat Seats Ltd | Quarterly Results |
| Oct 15 2008 | CMC Ltd | Quarterly Results |
| Oct 15 2008 | Container Corporation Of India Ltd | Quarterly Results |
| Oct 15 2008 | Electrosteel Castings Ltd | Quarterly Results |
| Oct 15 2008 | HCL Technologies Ltd | Interim Dividend & Quarterly Results |
| Oct 15 2008 | ICSA (India) Ltd | Quarterly Results |
| Oct 15 2008 | Jayant Agro Organics Ltd | Quarterly Results |
| Oct 15 2008 | Kavveri Telecom Products Ltd | Quarterly Results |
| Oct 15 2008 | Kingfisher Airlines Ltd | Audited Results Nine Months ended on 31.03.2008 |
| Oct 15 2008 | L G Balakrishnan & Bros Ltd | Quarterly Results |
| Oct 15 2008 | Larsen & Toubro Ltd | Larsen & Toubro Ltd (L&T) has informed BSE that a meeting of the Board of Directors of the Company will be held on October 15, 2008, inter alia, to consider and take on record the unaudited financial results of the Company for the quarter ended September 30, 2008 (Q2). |
| Oct 15 2008 | LGB Forge Ltd | Quarterly Results |
| Oct 15 2008 | Nakoda Textile Industries Ltd | Quarterly Results |
| Oct 15 2008 | NCL Research and Financial Services Ltd | Quarterly Results |
| Oct 15 2008 | Pentamedia Graphics Ltd | Pentamedia Graphics Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 15, 2008, to consider and approve the proposed Scheme of Amalgamation between Pentamedia Graphics Ltd and Pentasoft Technologies Ltd. |
| Oct 15 2008 | Pentasoft Technologies Ltd | Pentasoft Technologies Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 15, 2008, inter alia, to consider and approve the proposed Scheme of Amalgamation between Pentamedia Graphics Ltd and Pentasoft Technologies Ltd. |
| Oct 15 2008 | R T Exports Ltd | RT Exports Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 15, 2008, inter alia, to consider the following:1. To consider the "In-Principle" approval received from Stock Exchange for issue of 5,50,000 Equity Shares on a preferential basis and to allot the share and complete the listing formalities.2. To Consider & approve the Un-audited accounts for the quarter ended September 30, 2008. |
| Oct 15 2008 | Richa Industries Ltd | Quarterly Results |
| Oct 15 2008 | Sanwaria Agro Oils Ltd | Quarterly Results |
| Oct 15 2008 | TTK Prestige Ltd | Quarterly Results |
| Oct 15 2008 | Vintage Cards & Creations Ltd | that a meeting of the Board of Directors of the Company will be held on October 15, 2008, inter alia, to consider and discuss the following matters:1. Appointment of Mr. Raj Halve and Mr. Vipin Chandok as additional directors of the Company.2. Fixing date of Annual General Meeting of the Company and3. Fixing date of Book Closure for the purpose of Annual General Meeting. |
| Oct 16 2008 | Camlin Fine Chemical Ltd | Quarterly Results |
| Oct 16 2008 | Dairyfield Ltd | Quarterly Results |
| Oct 16 2008 | Dover Securities Ltd | Dover Securities Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 16, 2008, inter alia, to consider the following:1. To consider and take on record Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2008.2. Incorporation of a new wholly owned subsidiary Company with the main object to carry on the business as distribution of Mutual Funds, Life Insurance products, Insurance products etc. and to make application with Registrar of Companies for name availability in this regards.3. Noting of approval of change of name of the Company from "Dover Securities Ltd" to "Money Matters Financial Services Ltd" by ROC. |
| Oct 16 2008 | ETC Networks Ltd | Quarterly Results |
| Oct 16 2008 | Finolex Cables Ltd | Quarterly Results |
| Oct 16 2008 | Foseco India Ltd | Foseco India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 16, 2008, inter alia, to consider the unaudited results for the third quarter ending September 30, 2008 and also to consider and if thought fit, to declare third interim dividend for the year 2008. |
| Oct 16 2008 | GTL Ltd | Quarterly Results |
| Oct 16 2008 | HDFC Bank Ltd | HDFC Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on October 16, 2008, inter alia, to consider the Unaudited financial results for the second quarter and half year ending September 30, 2008(Q2). |
| Oct 16 2008 | Hindustan Foods Ltd | Quarterly Results |
| Oct 16 2008 | Indag Rubber Ltd | Quarterly Results |
| Oct 16 2008 | Indo Asian Finance Ltd | Quarterly Results |
| Oct 16 2008 | IndusInd Bank Ltd | Quarterly Results |
| Oct 16 2008 | Industrial Investment Trust Ltd | Quarterly Results |
| Oct 16 2008 | Madras Aluminium Co Ltd | Quarterly Results |
| Oct 16 2008 | Mafatlal Finance Company Ltd | Quarterly Results |
| Oct 16 2008 | MphasiS Ltd | Quarterly Results |
| Oct 16 2008 | Oil Country Tubular Ltd | Quarterly Results |
| Oct 16 2008 | Peninsula Land Limited | Quarterly Results |
| Oct 16 2008 | Radha Madhav Corporation Ltd | The Company has proposed to hold the Extra Ordinary General Meeting of the members of the Company on October 11, 2008, to increase the Authorised Share Capital from Rs 36Crore to Rs 39 Crore. |
| Oct 16 2008 | Rallis India Ltd | Quarterly Results |
| Oct 16 2008 | Sasken Communication Technology Ltd | Quarterly Results |
| Oct 16 2008 | Schrader Duncan Ltd | Quarterly Results |
| Oct 16 2008 | Span Diagnostics Ltd | Quarterly Results |
| Oct 16 2008 | Sree Rayalaseema Alkalies & Allied Chemicals Ltd | Quarterly Results |
| Oct 16 2008 | Srinivasa Hatcheries Ltd | Quarterly Results |
| Oct 16 2008 | VMF Soft Tech Ltd | Quarterly Results |
| Oct 17 2008 | Banaras Beads Ltd | Quarterly Results |
| Oct 17 2008 | Brescon Corporate Advisors Ltd | Quarterly Results |
| Oct 17 2008 | Can Fin Homes Ltd | Quarterly Results |
| Oct 17 2008 | Chase Bright Steel Ltd | Quarterly Results |
| Oct 17 2008 | Compact Disc India Ltd | Compact Disc India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 17, 2008, inter alia, to consider the following:1. To consider and approve the Unaudited Financial Results for the quarter and half year ended on September 30, 2008.2. To consider offer from iMedia Ventures Ltd to invest USD 10 Million in the expansion project of the Company.3. To consider the offer from iMedia Ventures Ltd for buying 15% equity in the Company.4. To review progress of various projects of the Company. |
| Oct 17 2008 | eClerx Services Ltd | Quarterly Results |
| Oct 17 2008 | Elantas Beck India Ltd | Quarterly Results |
| Oct 17 2008 | Fag Bearings India Ltd | Quarterly Results |
| Oct 17 2008 | H. S. India Ltd | Quarterly Results |
| Oct 17 2008 | Hindustan Fluoro Carbons Ltd | Quarterly Results |
| Oct 17 2008 | Housing Development Finance Corporation Ltd | Housing Development Finance Corporation Ltd (HDFC) has informed BSE that a meeting of the Board of Directors of the Corporation will be held on October 17, 2008, inter alia, to consider and approve the un-audited financial results (stand alone) of the Corporation for the quarter / half year ending September 30, 2008, subject to a limited review by the Statutory Auditors of the Corporation. |
| Oct 17 2008 | India Infoline Ltd | India Infoline Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 17, 2008, inter alia, to consider the unaudited financial results of the Company for the second quarter ended September 30, 2008 (Q2). |
| Oct 17 2008 | Indian Bright Steel Company Ltd | Quarterly Results |
| Oct 17 2008 | Ineos ABS (India) Ltd | Quarterly Results |
| Oct 17 2008 | JIK Industries Ltd | JIK Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 17, 2008, inter alia, to transact the following:1. To take on record an Un-audited Financial Results for the Quarter ended September 30, 2008.2. To consider issue of 41,70,000 Equity Shares to Promoters and issue of equity shares as per BIFR Order issued on September 01, 2008.3. To consider and allot new Equity Shares of Rs 10/- each fully paid up to Shareholders in ratio 10:1 on reduction in Capital by reducing number of Shares pursuant to BIFR Order. |
| Oct 17 2008 | JK Paper Ltd | Quarterly Results |
| Oct 17 2008 | Midpoint Software & Electro Systems Ltd | Quarterly Results |
| Oct 17 2008 | Mysore Cements Ltd | Quarterly Results |
| Oct 17 2008 | Novartis India Ltd | Quarterly Results |
| Oct 17 2008 | Nu-Tech Corporate Services Ltd | Quarterly Results |
| Oct 17 2008 | Panacea Biotec Ltd | Quarterly Results |
| Oct 17 2008 | Ponni Sugars (Erode) Ltd | Quarterly Results |
| Oct 17 2008 | Pulsar International Ltd | Quarterly Results |
| Oct 17 2008 | Ratnamani Metals & Tubes Ltd | Quarterly Results |
| Oct 17 2008 | Satyam Computer Services Ltd | Interim Dividend & Quarterly ResultsSatyam Computer Services Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 17, 2008, inter alia, to consider the audited financial results of the Company for the quarter ended September 30, 2008 (Q2) and the recommendation of interim dividend for the financial year 2008-09.(As Per BSE Announcement Website dated on 30.09.2008) |
| Oct 17 2008 | Shukra Bullions Ltd | Quarterly Results |
| Oct 17 2008 | Shukra Jewellery Ltd | Quarterly Results |
| Oct 17 2008 | State Bank of Travancore | Quarterly Results |
| Oct 17 2008 | Tamilnadu Jai Bharath Mills Ltd | Quarterly Results |
| Oct 17 2008 | Total Exports Ltd | Quarterly Results |
| Oct 17 2008 | Triton Valves Ltd | Quarterly Results |
| Oct 17 2008 | VST Industries Ltd | Quarterly Results |
| Oct 17 2008 | Zensar Technologies Ltd | Quarterly Results |
| Oct 18 2008 | Ador Welding Ltd | Quarterly Results |
| Oct 18 2008 | Allahabad Bank | Allahabad Bank has informed BSE that a meeting of the Board of Directors of the Bank will be held on October 18, 2008, to consider and approve the Un-audited Financial results of the Bank for the quarter and half year ended on September 30, 2008 (Q2). |
| Oct 18 2008 | Andhra Petrochemicals Ltd | Quarterly Results |
| Oct 18 2008 | Arora Fibres Ltd | Arora Fibres Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 18, 2008, inter alia, to consider the Audited Financial Results of the Company for the Half Year ended September 30, 2008.The Board will also consider addition to objects of the Company and also the change of name of the Company subject to approval of the Members and Central Govt. in this meeting. |
| Oct 18 2008 | Balkrishna Industries Ltd | Balkrishna Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 20, 2008, inter alia, to consider the following:1. To take on record the Un-audited Financial Results for the quarter / half-year ended September 30, 2008 (Q2).2. To consider and approve the payment of 1st interim dividend to Equity Shareholders of the Company for the year 2008-2009.With reference to the earlier announcement dated October 01, 2008, Balkrishna Industries Ltd has now informed BSE that a meeting of the Board of Directors of the Company has been preponed on October 18, 2008 instead of October 20, 2008 inter-alia to consider the following:1. To take on record the Un-audited Financial Results for the quarter/half-year ended September 30, 2008 (Q2).2. To consider and approve the payment of 1st interim dividend to Equity Shareholders of the Company for the year 2008-2009.(As Per BSE Announcement Website dated on 03.10.2008) |
| Oct 18 2008 | Bank of Rajasthan Ltd | Quarterly Results |
| Oct 18 2008 | Chambal Fertilisers & Chemicals Ltd | Chambal Fertilisers & Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 18, 2008, inter alia, to approve, the unaudited financial results for the period ended September 30, 2008 (Q2). |
| Oct 18 2008 | Federal Bank Ltd | Federal Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on October 18, 2008, inter alia, to consider and take on record the Bank's un-audited financial results for the period ended September 30, 2008 (Q2). |
| Oct 18 2008 | Fine Line Circuits Ltd | Quarterly Results |
| Oct 18 2008 | Gujarat Lease Financing Ltd | Quarterly Results |
| Oct 18 2008 | High Energy Batteries (India) Ltd | Quarterly Results |
| Oct 18 2008 | Indian Bank | Indian Bank has informed BSE that a Meeting of the Board of Directors of the Bank will be held on October 18, 2008, inter alia, for approving the Unaudited (Reviewed) Financial Results of the Bank for the quarter / half year ended September 30, 2008. |
| Oct 18 2008 | Jhagadia Copper Ltd | Quarterly Results |
| Oct 18 2008 | JK Lakshmi Cement Ltd | Quarterly Results |
| Oct 18 2008 | Kanoria Chemicals & Industries Ltd | Quarterly Results |
| Oct 18 2008 | Kewal Kiran Clothing Ltd | Quarterly Results |
| Oct 18 2008 | Mangalam Cement Ltd | Quarterly Results |
| Oct 18 2008 | Oricon Enterprises Ltd | Quarterly Results |
| Oct 18 2008 | Seshasayee Paper & Boards Ltd | Quarterly Results |
| Oct 18 2008 | Shaily Engineering Plastics Ltd | Quarterly Results |
| Oct 18 2008 | State Bank of Bikaner and Jaipur | Quarterly Results |
| Oct 18 2008 | Sundaram Brake Linings Ltd | Quarterly Results |
| Oct 18 2008 | Sunflag Iron & Steel Company Ltd | Quarterly Results |
| Oct 18 2008 | Supreme Infrastructure India Ltd | Supreme Infrastructure India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 18, 2008, inter alia, for consideration of Un-Audited Financial Results for the quarter and half year ended September 30, 2008.The Company also proposes to give empower to the board of directors of the Company to create charge on the whole and part of the undertaking, to borrow money more than the free reserve and paid up capital of the Company and to give any inter corporate loan, investment and providing security and guarantee more than paid up Capital and Free Reserve of the Company.Further the Company has informed that, a meeting of the Board of Directors of the Company which will be held on October 18, 2008 also consider for approval of the proposal for transacting the following business subject to the approval of the shareholders by a Ordinary or Special Resolution (Postal Ballot) as per the provisions of the Section 192A and other provision of the Com |
| Oct 18 2008 | TRF Ltd | Quarterly Results |
| Oct 18 2008 | UltraTech Cement Ltd | Ultratech Cement Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 18, 2008, to consider and approve the un-audited financial results of the Company for the quarter and half year ended September 30, 2008 (Q2). |
| Oct 18 2008 | Zuari Industries Ltd | Quarterly Results |
| Oct 19 2008 | Adarsh Plant Protect Ltd | Quarterly Results |
| Oct 19 2008 | Nucleus Software Exports Ltd | Quarterly Results |
Infosys Technologies Ltd
Investors with a one-two year perspective can buy the shares of Infosys Technologies, considering its attractive valuations and reasonable business prospects, despite the current rough macro-environment.
At Rs 1,225, the stock trades at just 12 times its likely 2008-09 earnings.
The stock has fallen 30 per cent in the last one month alone, leading up to the September quarter results. But its revenues and net profits have grown by over 30 per cent over last year’s. Its dollar earnings guidance has been lowered, but the rupee guidance has been kept in tact. This, together with a flat pricing assumption, makes it attractive at these levels, even after factoring in concerns on clients’ IT spends. Given the global turmoil involving companies in the banking, financial services and insurance space, only tier-1 software companies may have the ability to withstand the impact of lowered IT spends by such clientele.
No ‘tainted’ clients
Infosys does not have any of the failed investment banks among its clientele and is actually on the right side of the recent spate of takeovers, suggesting scope for added business. In the latest quarter, a majority of its new clients are from the BFSI segment. The company has started initial work on integration in a couple of cases where mergers and acquisitions have happened.
Positive factors
Internally, the company has had several trends working in its favour over the last few quarters. An improving service-mix towards higher value services such as consulting and package implementation is one such trend; the contribution from these services is over 25 per cent currently. Key operating metrics such as utilisation and increasing offshore component have helped volume growth and optimised costs.
Improvement in fixed-price projects, which rake in better realisations, is another positive trend. Manufacturing, a vertical that is increasingly adopting technology, has increased contribution steadily and now clocks over 20 per cent of its overall revenues, thus reducing dependence on BFSI.
An exchange rate assumption of Rs 46.97 also allows comfort on the company’s ability to achieve its guidance. The key risks to this recommendation are the possibility of stagnation in volumes from new clients, reduced IT spends by clients or any demand for reduction in pricing of deals and the possibility of vendor consolidation.
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