Mahindra Lifespaces, Automobiles, GAIL

Mahindra Lifespaces, Automobiles, GAIL

IPO makes DLF's KP Singh richest realtor

DLF promoter K P Singh has emerged as the richest real estate baron after his company’s initial public offering closed on June 14.

Promoters of the dozen top listed real estate developers in the country, including DLF Ltd, which will be listed next month, are worth a massive Rs 125,845 crore (or over $30 billion).

However, the lion’s share of this net worth (derived on the basis of the latest m-cap) lies with DLF’s K P Singh and his family — Rs 77,915 crore (around $19 billion) based on the allotment price of Rs 525 per share and their shareholding of around 87.3 per cent in the company.

According to BS research, this makes K P Singh the fourth richest Indian by today’s market capitalisation, after Mukesh Ambani, Anil Ambani and Sunil Mittal. He overtakes Wipro’s Azim Premji, who ranks immediately after him. In effect, the DLF promoter family accounts for around 60 per cent of the realty wealth as denoted by market cap.

Promoter	Net worth (Rs crore)
KP Singh & Associates (DLF Ltd)	77,915
Ramesh Chandra & Associates (Unitech)	30,544
Sobha Menon & Associates (Sobha Developers)	5,277
Pradeep Jain & Associates (Parsvnath Developers)	4,768
Shah family & Associates (Akruti Nirman)	2,075
Pranav, Sushil Ansal & Associates (Ansal Properties & Infrastructure)	1,965
Piramal Family & Associates (Peninsula Land)	1,291
Mahindra Gesco Developers	1,076

Second, and by a distant margin, is the Unitech Ltd promoter family —which includes Ramesh Chandra and his sons Sanjay and Ajay. Their net worth is about half of DLF’s — at Rs 30,544 crore (around $7.4 billion).

The Unitech promoters hold a 74.33 per cent stake in the listed entity. Last August, Business Standard had valued Ramesh Chandra’s net worth at Rs 12,670 crore.

In March, Forbes ranked Chandra as the world’s 114th richest billionaire.

The substantial difference between the net worth of DLF and Unitech promoters is significant because the two companies are considered comparable in terms of their land assets, among other things.

The Bangalore-based Menon family and associates own just under 87 per cent of Sobha Developers. At Rs 5,277 crore ($1.28 billion), the Menons’ net worth is nearly a fifth of the Unitech family’s.

Parsvnath Developers’ Pradeep Jain and family are ranked fourth — with Rs 4,768 crore ($1.16 billion) of net worth on the basis of their 80.33 per cent stake in the company.

The list also includes Mumbai-based Akruti Nirman, promoted by the Shah family, whose net worth stands at Rs 2,075 crore.

Macquarie - Mahindra Gesco,Macquarie - ICICI Bank

Macquarie - Mahindra GescoMacquarie - ICICI Bank

Kotak - IDEA Cellular, NALCO, IDFC, Patni, Maharashtra Seamless, Mahindra Gesco, Mahinda & Mahindra Finance

IDEA Cellular,

NALCO

IDFC

Patni

Maharashtra Seamless

Mahindra Gesco

Mahinda & Mahindra Finance

Kotak - India Daily: Results - National Thermal Power Corporation; Updates

National Thermal Power Corp.: FY2007 provisional results: operational performance inline/ maintain IL

Operational performance during FY2007 in line with expectations. Mining plan for Pakri Barwadih approved. Retain IL rating with target price of Rs160/share.

Updates

Oil & Natural Gas Corporation: Further good news; don't ignore it this time too

New 'significant' oil and gas discovery in Egypt (North Ramadan block) DGH accepts ONGC's discovery in KG-DWN-98/3 block Sentiment should improve on positive developments

Reliance Communications: 5 mn wireless subs deactivated but no impact on revenues, profitability as per company

Completes re-verification of 85% of wireless base at end-FY2007; deactivates the rest Says no impact on revenues and ARPU, which we find astonishing Begets issue about defunct subs remaining in system and execution

GAIL (India): New developments; value creation will depend on acquisition price or regulations

Decision on Dabhol-LNG terminal due this week; GAIL to be one of the bidders GAIL, Reliance group carve up gas network in India; value creation will depend on regulations We will factor in new capex once more clarity emerges on timing, regulations

UTI Bank: Increasing risk due to changes in management, downgrading stock to Underperform

Dr.P.J Nayak has conveyed his decision to step down as CMD of UTI Bank post July 31,2007 Increases uncertainties relating to UTI Bank's strategies and prospects Downgrading price target to Rs350 (earlier Rs435) and rating on the stock to In-Line

Zee Entertainment Enterprises: None of the recent events can really explain recent re-rating of already very high multiples

CAS to be extended to other parts of the three identified metros by mandate; this is as per expectations Too early to give meaningful value for possible broadcast rights of ICL; market has already given Rs10 bn value ZEEL's TV ratings steady but watch for entry of several new channels

Lupin: Strikes a good deal with Servier; the innovator of Perindopril

Receives Euro20 mn from Servier of France, for sale of intellectual property relating to Perindopril Lupin has said that it will launch the product in international markets, post regulatory approvals Maintain OP.

Mahindra Gesco Developers: eGoM go ahead likely to provide more clarity on SEZ policy

eGoM gives go ahead to SEZ policy; imposes a few restrictions We raise discount factor on Karla SEZ from 50% to 90% pending clarity on land acquisition. Retain outperform rating with a revised target price of Rs945

Economy: Indian interest rate outlook: Rising political mercury escalates pop monetarism, policy risks

Politics escalates policy risks - CRR, strong INR - till inflation peaks off (1QFY08E) Real lending rates already almost neutral, further action to impact growth Congress party panel blames excessive money supply for inflation, poll defeats Exit polls predict hung UP assembly in May 2007; BJP wins municipal Delhi polls Download here

Macquarie - India Property

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Sharekhan Eagle Eye (equities) & Derivatives Info Kit for November 16, 2006

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