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Sunday, June 27, 2010
Annual Report - Ajanta Pharma - 2009-2010
AJANTA PHARMA LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
It is with great pleasure and satisfaction that your Directors present the
31st Annual Report and audited accounts for the year ended March 31st,
2010.
RCom, GTL Infra deal !
The Boards of Reliance Communications Ltd. (RCOM), and its subsidiary, Reliance Infratel Ltd. and GTL Infrastructure Ltd. (GTL INFRA) Sunday in-principle approved a Rs. 50,000 crore (USD 11 billion) deal to create the world’s largest independent telecom infrastructure company, neither owned nor controlled by any telecom operator.
On June 23, CNBC-TV18, quoting VCC Circle had reported that GTL Infrastructure and Reliance Infratel are in talks to merge their tower operations.
The transformational deal will be implemented through a demerger of RINFRATEL’s tower assets into GTL INFRA. Reliance Infratel will demerge its tower assets into GTL Infra fibre optic network. The related assets will however remain with RCOM.
via CNBC
NHPC - worth investing ?
Investors with a three-year horizon can consider buying the stock of NHPC, the largest hydropower generator.
The stock is trading at reasonable valuations even as earnings are expected to grow at a strong pace over the next four years, thanks to higher capacity additions. The company proposes to add 4,292 MW amounting to 83 per cent of the current capacity by FY2013, which may ramp up earnings and also improve the return on equity. While the projects in progress have depressed return on equity, most of them are in advanced stages of development now.
At current market price of Rs 28.5, the stock is trading at 22 times its estimated FY11 consolidated earnings and 1.39 times its estimated FY11 consolidated book value. In price-book value terms, NHPC is at a discount to NTPC and PowerGrid. With return on equity set to improve and earnings likely to grow at strong double digits, the stock deserves a higher valuation. The company's Rs 6,189 crore of cash (inclusive of Rs 4,025 crore raised through IPO) works out to Rs 5 a share.
NHPC is under-leveraged and deployment of its cash in projects with a higher normative debt:equity may allow it to improve its returns on equity. The current debt-equity is at 0.64:1.
Its increased capacities will earn better tariffs after the new CERC norms which assure a post-tax return on equity of 15.5 per cent, compared to 14 per cent earlier. With most of the costs and external risks (including cost overruns) pass through to customers, the margins may improve. In addition, the company can also earn higher incentives by generating more than the design energy.
NHPC has 9,631 MW in planning stage to be executed over next decade. The planned capacities may have about 40 per cent allocated to merchant power in line with the National Hydro Power Policy, 2008. Even as the merchant tariffs over the next decade may moderate with increasing power supply, hydro projects with their lower costs (than thermal projects) may earn good returns. NHPC's projects are situated on perennial rivers which reduces hydrological risks. It also earns carbon credits on some of its projects which can be traded to augment revenue streams.
NHPC plans to diversify its fuel base by entering into thermal power through its subsidiary NHDC. The latter is planning 2,640 MW of thermal plants in Madhya Pradesh.
Other issues: The 25 per cent mandatory public holding norm may force the company to dilute stake again; given that the company has huge cash resources, it may be a candidate for disinvestment.
Any regulatory decision on allowing merchant power for hydel power projects to recover return on equity also offers upside for NHPC.
via BL
Suzlon Energy - not a right issue !
Shareholders can refrain from applying to the rights offer made by Suzlon Energy, as the additional capital from the rights is unlikely to be earnings-accretive in the medium-term. The offer's primary objective is to discharge certain loans availed of by the company from the promoter group. The rights offer, together with any FCCB conversion in the medium-term, could pose the risk of earnings dilution. While the long-term prospects for the wind energy sector and, therefore, for Suzlon, along with its foreign subsidiaries remain promising, the group has the immediate challenge of meeting its repayment obligations. While FCCB conversions could put to rest the company's debt obligations, the near-term impact of any such equity expansion on the earnings could be dilutive.
ARSS Infrastructure and Projects - book profits
Investors can consider booking profits in the stock of ARSS Infrastructure and Projects, a construction contractor in the infrastructure space. At Rs 1,177, the stock is valued at 20 times the trailing 12-month earnings. Peers such as Tantia Constructions trade at valuations of 8 times.
Annual Report - NIIT Technologies - 2009-2010
NIIT TECHNOLOGIES LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
Dear Shareholders,
The Board of Directors of the Company take pleasure in presenting the
report on its business and for the financial year ended March 31, 2010.
Annual Report - Indiabulls Securities - 2009-2010
INDIABULLS SECURITIES LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
To
The Members
Your Directors have pleasure in presenting the Fifteenth Annual Report and
the audited accounts of the Company for the year ended March 31, 2010.
Annual Report - Colgate Palmolive - 2009-2010
COLGATE-PALMOLIVE (INDIA) LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
To
The Members
Colgate-Palmolive (India) Limited
Your Directors have pleasure in presenting their Report and Audited
Accounts of the Company for the year ended March 31, 2010.
Annual Report - Piramal Healthcare - 2009-2010
PIRAMAL HEALTHCARE LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
Dear Shareholders,
We take pleasure in presenting the 63rd Annual Report and Audited Accounts
for the Year ended 31st March 2010.
Annual Report - Zensar Technoligies - 2009-2010
ZENSAR TECHNOLOGIES LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
Your Directors are pleased to present their 47th Annual Report together
with the Audited Accounts for the year ended 31st March 2010.
Annual Report - Sasken Communication Technologies - 2009-2010
SASKEN COMMUNICATION TECHNOLOGIES LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
Your Directors have pleasure in presenting the report on the business and
operations of the Company along with the Audited Accounts for the financial
year ended March 31, 2010.
5,260 is the pivot point for Nifty
After a positive start to the week, the markets exhibited lacklustre movement on most days and pared gains at close. Eventually, the benchmark indices ended flat. The Sensex, which rallied to a high of 17,920, closed at 17,574, up just four points.
Direct Taxes Code - Impact on FIIs
Foreign institutional investors (FIIs) play a significant role in the Indian equity market, both as long-term investors and as short-term traders. It is therefore not surprising that the Revised Discussion Paper on the Direct Taxes Code (DTC) dwells at length on the issues pertaining to the taxation of these investors.
Technofab Engineering IPO Analysis
Focused on balance of plant packages
Undertakes projects in the power, oil & gas, water & wastewater treatment and other industrial & infrastructure sectors
Technofab Engineering (TFEL) is engaged in the business of providing engineering, procurement and construction (EPC) services on turnkey basis. The company undertakes execution of a wide range of balance-of-plant (BoP) and electro-mechanical projects in the power, oil & gas, water & wastewater treatment and other industrial & infrastructure sectors in both India as well as international markets. The company currently executes projects in 15 states in India as well as Kenya, Ethiopia and Fiji.
Direct Taxes Code - who does it affect you ?
Direct Taxes Code (DTC) is proposed to replace the Income-Tax Act from April 1, 2011, with the objective of simplification of tax structure and align it with the economic environment.
DTC was presented to the public for debate in August 2009. After due deliberations and suggestions from stakeholders, a Revised Discussion Paper (RDP) was presented recently by the Government for public comments. The RDP has reconsidered many proposals in the DTC in line with the expectations of the public.
Reliance Power - reduce exposure
Investors can consider reducing exposure to the stock of Reliance Power, given that the recent gains in the stock have placed it at a stiff valuation relative to peers in the sector. The stock is trading at a 38 per cent discount to its issue price.
Technofab Engineering IPO Review
Those with a high risk appetite can consider investing in the initial public offer of small-sized Engineering, Procurement and Construction (EPC) services player, Technofab Engineering, with a two-year perspective. Strong growth in revenues and earnings over the last couple of years, low gearing, presence in lucrative segments such as nuclear power and water management are the key positives for this company. The offer price band of Rs 230-240 discounts the likely per share earnings for FY-11 by 7.6-8 times. The valuation is at a discount to comparable peers such as Hindustan Dorr Oliver and BGR Energy Systems.
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