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Monday, July 16, 2007
DLF - the painful journey
All's well that that ends well. The cliche holds true for what is now India's biggest real estate company DLF, which listed on the bourses last week.
Soon after listing, the company became the eighth most valuable in the country and its promoters, KP Singh and family are now the fourth wealthiest Indians behind the Ambani brothers and Sunil Mittal.
But people who followed the issue carefully know it was one of the most tumultuous IPOs in recent times. Right from the time the issue was conceived in Q1 of 2006, it was plagued by controversy. There was intense speculation that a company with significant interests in real estate did not want DLF to get big money from the stock markets. An executive from the rival's camp reportedly told close associates, "The DLF issue in its current form will happen over my dead body."
Call it coincidence if you will. But soon after DLF filed its draft red herring prospectus (DRHP), reports that the company had short changed its shareholders on an earlier rights issue of debentures in November 2005 surfaced.
A public interest litigation was filed and the firm received over 500 complaints from shareholders. It eventually allotted 1.9 million shares with retrospective effect.
Around the same time, real estate stocks started to crash on the markets. Of course, valuations of companies like Unitech and Ansal Housing had run up rather quickly. But this crash shaved off nearly a third of their stock prices.
Suddenly, DLF started to look expensive and its merchant bankers began to get the jitters. They advised against going to the market with an IPO.
Even as all of this was happening, Sebi issued a new directive. It said that real estate companies could get land banks valued, only if a clear title deed existed. The move, on Sebi's part, was a well thought and fair plan to rein in errant real estate companies milking the primary markets. For DLF though, the order took the wind out of its sails. Sources said, this directive shaved off Rs 100-150 from the proposed issue price.
The reason being that when DLF's IPO was first mooted, analysts rated it highly for the land bank it held. This land bank though, was held using smaller firms under different names as a front. This was because DLF reckoned that smaller firms could negotiate a better price for land than what DLF could. They had realised that often sellers quoted higher than market prices if DLF was the buyer.
Even as this drama was unfolding, a cabinet minister intervened on DLF's part and warned the rival camp that some of the permissions it was seeking from his ministry would be delayed inordinately if they didn't back off.
They did and the issue went through. But like the rival had sworn, not in the form it was originally planned in.
Though company sources would never confirm, DLF had plans to issue shares in the region of Rs 900-1,100, when it first filed DRHP. It eventually issued stock at Rs 525 and reduced the shares on offer.
TCS consolidated net up 36% in Q1
Tata Consultancy Services (TCS) has posted a 36% increase in consolidated net profit at Rs 1,202.93 crore for the first quarter ended June 30, 2007(Q1FY08), as against Rs 882.66 crore in Q1FY07.
According to the release issued by the company to the BSE today, total income for the quarter stood at Rs 5,364.67 crore, where as it was at Rs 4,225.62 crore in Q1FY07.
On a stand-alone basis, the company posted a 35% rise in profit after tax at Rs 1,073.85 crore for Q1FY08, as compared to Rs 796.69 crore in Q1FY07. Total income rose to Rs 4,335.74 crore from Rs 3,432.85 crore in Q1FY07.
Meanwhile, the board of directors of the company, which met today, declared an interim dividend of 300%, that is, Rs 3/- per equity share of Re 1/- each.
Highlights for Quarter Ended June 30, 2007 (Indian GAAP)
·Q-o-Q: Rupee Revenues up 0.8%; Dollar Revenues up 8%
·Q-on-Q: Rupee Net Profits up 0.7%; Dollar Net Profits up 8%
·EPS at Rs 12.29 in Q1
·54 new clients added in Q1
·8,706 employees joined the company in Q1
·Attrition at 11.5% LTM (including BPO)
· Dividend of Rs 3 per share announced
·TCS Financial Solutions – SBU for financial products - launched
·New GDC in Mexico launched
S. Ramadorai, CEO and MD of TCS said: "This quarter has validated the strength of our business model and our ability to respond to the external financial environment and drive growth under challenging circumstances. Despite factoring in wage hikes and an appreciating rupee, we have maintained profitability by great execution, demand creation and strong financial management.”
Market Close: Consolidation or.. ?
After new high Indices witnessed some level of Profit booking. Market remained rangebound throughout the Session with buying and selling across which created a tag of war, pushing Indices on either side of the Region. Selling was seen in the mid session in IT, Pharma, FMCG and capital good while Realty, Banking, Consumer durable and Metal space managed to attract decent buying interest to close in green. Midcaps & Smallcap their winning streak as they kept investors busy. Market was in line with Asian markets which ended mixed while Europe is trading weak. IT major TCS results are expected after the market hours..
Sensex ended up by 38 points at 15311.22. It was helped up by gains in Rel Energy (705.9,+5 percent), SBI (1613.5,+4 percent), Bajaj Auto (2255.3,+4 percent), RCVL (574.05,+3 percent) and Guj Ambuja (133.3,+3 percent). Restricting the gains were Wipro (500.7,-2 percent), Satyam (482.05,-2 percent), HLL (198.15,-2 percent), Ranbaxy (345.65,-2 percent) and BHEL (1659,-1 percent).
Software Company Mastek Ltd was on the peak after it reported of acquired 90 % stake in US-based Vector Insurance Services LLC for nearly Rs 40 Cr ($ 9 Mn), about 50% in cash and 50% in earn out. The acquired company had revenue of USD 4.2 mn last year. This was strategic Acquisition which wil reinforces the solutions-driven offerings in the high opportunity US insurance market. Vector fits very well with Mastek's overall strategy to be a leader in providing end-to-end IT solutions within the insurance vertical. As per the agreement Mastek's wholly-owned US subsidiary MajescoMastek would buy 90 % equity stake in Vector. Mastek's presence in US will get a boosted and operations in the US insurance vertical also will enable greater value for its shareholders over the long-term. Mastek expects it to be profitable, as it will bring in synergies in terms of costs. Mastek Surged to trade at its all time high level.
Reliance Communications has announced that it has acquired US based Yipes Communications in a Rs. 1200 crore ($300 million) all cash deal. With this acquisition RCom will enter the enterprise and institutional data services market in the US. Yipes is operational in 14 cities in the US with over 22,000 route km of optic fibre. It has around 1000 enterprise customers including Verizon and is cash positive with operating margins of 55 percent. Reliance plans to take the Yipes franchise global in association with Reliance Communication owned FLAG Telecom. FLAG telecom has turned profitable for the first time in its history. Reliance has invested Rs. 2000 crore in FLAG since its acquisition, and all investment has been done financed internally by cash flows generated from FLAG operations. Rcpm managed to see some level of Buying to close up by 3.5%.
Technically speaking: Volatility plagued the markets today and traded ranged to make intraday high of 15341 and low of 15217 levels. Through out the day the Advance outnumbered the Decliners as the Advances stood at 1481 against Declines of 1224. Market turnover was good at Rs 5270 Cr. Sensex support is seen at 15120 levels while resistance at 15500 levels. Sensex has broken into a new zone and trending up with gap up open. This is a very bullish sign and signifies more new highs to come. The trend remains up, avoid shorts.
Market ends steady amid sharp volatility
The stock market witnessed volatile moves and swung 102 points during the intra-day trades, as shares gyrated sharply between zones through the trading session. Taking its cue from the firm global indices, the Sensex started on a positive note at 15295 but failed to sustain its gains as a sharp bout of profit-taking pulled the index below the 15300 mark to an intra-day low of 15239. While the market remained lacklustre with a negative bias, the Sensex rolled back to the green by mid-noon trades on renewed buying support and surged to an intra-day high of 15341. However, a fresh round of profit-taking towards the fag end saw the Sensex pare its gains and end at 15311, up 39 points, while the Nifty added ten points to close at 4515.
The breadth of the market was positive. Of the 2,750 stocks traded on the BSE 1,219 stocks declined, 1,476 stocks advanced and 55 stocks remained unchanged. Among the sectoral indices, the BSE IT index dropped 1.01% at 4848 while the BSE FMCG index, the BSE HC index, the BSE CG index and the BSE Teck index also ended at lower levels. The BSE Reality index, the BSE Bankex and the BSE PSU index gained around 1% each.
Select heavyweights edged higher on decent buying support. Reliance Energy on favourable ruling from the Norwegian court rose 4.54% at Rs706, SBI jumped 3.83% at Rs1,614, Bajaj Auto advanced 3.71% at Rs2,255, Reliance Communication added 3.49% at Rs574, Ambuja Cement gained 3.41% at Rs133 and Hindalco gained 3.41% at Rs180.30. However, select front-line stocks came under selling pressure. Wipro was the major loser and dropped 2.32% at Rs500.70. Other draggers Satyam Computer declined 2.26% at Rs482, Hindustan Unilever dropped 2.22% at Rs198 and Ranbaxy shed 2.17% at Rs345.
Over 1.93 crore Bellary Steel shares changed hands on the BSE followed by IFCI (71.77 lakh shares), Sujana Metal (65.59 lakh shares), Naga Fertilizers (57.36 lakh shares) and RNRL (56.11 lakh shares).
Sensex, Nifty strike new highs
Intense volatility characterised trading today, 16 July 2007, as the market swung between the positive and negative territories to eventually settle in the green as buying continued in index pivotals for the third straight session. Shares from the banking, real estate, and cement sectors advanced, while IT, FMCG and pharma stocks declined.
The 30-share BSE Sensex gained 38.50 points, or 0.25%, to 15,311.22, an all time closing high. It opened higher at 15,295.03, and rallied to strike a lifetime high of 15,341.38 at the onset of the trading session. The index slipped to a low of 15,239.41 at 10:20 IST. It moved in a range of about 98 points in the day.
The S&P CNX Nifty rose 7.60 points, or 0.17%, to 4,512.15, an all-time closing high. The index had struck a record high of 4,521.85 earlier in the day. The Nifty July 2007 futures settled at 4,500, a discount of 12.15 points compared to spot closing
The market breadth was positive on BSE, with 1,481 shares advancing as compared to 1,224 that declined, while 59 remained unchanged
The BSE Mid-Cap index rose 39.25 points, or 0.6%, to settle at 6,834.55. The BSE Small-Cap index rose 64.44 points, or 0.80%, to 8,280.58.
The total turnover on BSE amounted to Rs 5,270 crore as against Rs 6,752.31 crore on Friday, 13 July 2007
The NSE F&O turnover was Rs 38,884.18 crore as compared to Rs 48,879.76 crore on Friday, 13 July 2007
Among the Sensex pack, 18 scrips declined while the rest advanced.
Reliance Energy gained 4.85% to Rs 708, on 7.70 lakh shares. The Anil Ambani-controlled Reliance Energy (REL) has set a target to bag at least two ultra mega power projects (UMPPs) of 4,000 MW each with an investment outlay of nearly Rs 40,000 crore. It was the top gainer from the Sensex pack.
State-run banking major State Bank of India (SBI) surged 4.15% to Rs 1,618.50. SBI Mutual Fund on Thursday, 12 July 2007, said it collected Rs 2,536 crore from Infrastructure Fund Series-I, which closed for subscription in June 2007. The scheme got good response from retail investors, and received an overwhelming 6.7 lakh applications during the new fund offer (NFO) period.
Led by SBI, the BSE Bankex surged 1.27% to 8,386.65, after hitting an all time high of 8,398.59 in intra-day trade. PSU bank shares extended recent gains on a view that interest rates have peaked for the time being. Indian Bank (up 7.81% to Rs 163.60), Bank of Baroda (up 5.95% to Rs 300), Union Bank of India (up 6.15% to Rs 156.20), Oriental Bank of Commerce (up 3.19% to Rs 259), and Punjab National Bank (up 3.76% to Rs 573.95) gained from the banking pack.
State-run Central Bank of India on Friday, 13 July 2007, set Rs 85-Rs 102 per share price band for its IPO.
Allahabad Bank jumped 9.32% to Rs 100.25 on posting a 56.26% growth in net profit in Q1 June 2007 to Rs 200.40 crore as against Rs 128.25 crore in Q1 June 2006. Total operating income was up 38.63% to Rs 1,440.45 crore (Rs 1,039.05 crore). The results were announced during market hours today, 16 July 2007.
Auto major Bajaj Auto jumped 4.11% to Rs 2,264 on reports the two-wheeler maker is looking for an acquisition in the European motorcycle market. As per reports, ace bike makers Ducati Motor Holding of Italy and Triumph Motorcycles of the UK are among the possible targets for acquisition.
Telecom services provider Reliance Communication moved up 3.44% to Rs 573.80 on reports that it had signed an agreement to acquire US-based Yipes for $300 million. The stock also struck an all-time high of Rs 572.70. Yipes Enterprise Services, Inc, the leading provider of managed, end-to-end gigabit ethernet solutions, is a privately held company backed by top tier investors.
Metal stocks saw mixed trend today, after gaining in the past two sessions. Rio Tinto Group’s $38-billion bid on Thursday, 12 July 2007, for Alcan has sparked speculation of more takeovers across the globe in metal space. The BSE Metal Index rose 0.75% to 12,090.98. Hindalco Industries surged 4% to Rs 181.35. Maharashtra Seamless (up 1.07% to Rs 666), Jindal Saw (up 1.47% to Rs 692.50) and Nalco (up 3.40% to Rs 298) advanced.
However Tata Steel (down 0.18% to Rs 693.50), Hindustan Zinc (down 1.61% to Rs 785.10),and Sail (down 0.75% to Rs 158.40), edged lower
Cement stocks gained on expectations of good Q1 June 2007 earnings. ACC (up 2.30% to Rs 1,121), Ambuja Cements (up 3.65% to Rs 133.60), Birla Corporation (up 1.45% to Rs 295), UltraTech Cement Company (up 3.71% to Rs 963) and Shree Cements (up 9.64% to Rs 1,500) edged higher
State-run oil exploration major Oil and Natural Gas Corporation (ONGC) gained 1.60% to Rs 915 on its plans to expand its presence in the power sector by adding about 2,700 MW of gas-based generation capacity, for both captive and commercial use, through three plants. The plant at the company's special economic zone at Dahej in Gujarat is touted to be biggest among the, 1,000-MW gas-based plants.
Index heavyweight Reliance Industries (RIL) was up 0.20% to Rs 1,772, on 3.80 lakh shares. The stock is eyeing an all-time high of Rs 1,786.40, which was hit on Friday, 13 July 2007.
Engineering & construction major Larsen & Toubro (L&T) rose 0.30% to Rs 2407 after it secured contracts worth $177.75 million for different projects in the hydrocarbon sector in the Gulf region. L&T-led consortium also bagged orders worth Rs 1,070 crore for supply and installation of sinter plant and other packages from Tata Steel.
FMCG major Hindustan Unilever slumped 2.66% to Rs 197.25, on high volumes of 26.58 lakh shares. A block deal of 12.04 lakh shares was struck on the counter on BSE at Rs 201.85 per share by 10:08 IST. It was the top loser from the Sensex pack. The BSE FMCG Index lost 0.97% to 1,846.03
Pharma shares slipped on profit booking. Cipla (down 1.63% to Rs 207.90), Ranbaxy Laboratories (down 2.05% to Rs 346), and Dr. Reddy’s Laboratories (down 1.17% to Rs 660.50) slipped. A strong rupee impacts the margin of pharma companies. The BSE Healthcare index was down 0.9% to 3,814.80.
IT pivotals remained subdued throughout the day. The BSE IT Index lost 1.01% at 4,848.27, and was the top loser among the sectoral indices on BSE.
Satyam Computer (down 2.58% to Rs 480.50), Wipro (down 2.46% to Rs 500), TCS (down 0.87% to Rs 1127) and Infosys (down 0.01% to Rs 1940) edged lower.
The rupee rallied further against the US currency and breached 40.40 level during morning trading, buoyed by dollar selling by exporters and banks coupled with the sliding dollar in the overseas markets. The local currency resumed higher at 40.40/42 per dollar against Friday's (13 July 2007) close of 40.42/4250 per dollar and later rose to 40.37/38 a dollar in late morning deals
Shares of mid-cap IT stocks tumbled on intense selling pressure on concerns of slowdown in growth rates as the Indian rupee firmed up against the US dollar. CMC (down 5.54% to Rs 1227), iGate Global Solutions (down 3.35% to Rs 268), i-flex Solutions (down 1.45% to Rs 2475), Polaris Software (down 1.03% to Rs 148.50), MphasiS BFL (down 5% to Rs 285), and NIIT Technologies (down 2.76% to Rs 493), were offloaded from the mid-cap IT pack.
Shares from the real-estate sector surged in the belief that interest rates have peaked and the Reserve Bank of India may not raise them further in its monetary policy review on 31 July 2007. Orbit Corporation (up 7.41% to Rs 348.55), Indiabulls Real Estate (up 9.63% to Rs 560) and DLF (up 1.75% to Rs 610) advanced. The BSE Realty index, launched recently by BSE on 10 July 2007, jumped 1.80% at 7,917.93, and was the top gainer among the sectoral indices on BSE.
Mastek surged 16.75% to Rs 332.80 after it announced today, 16 July 2007, before market hours the acquisition of Vector Insurance Services LLC (Vector), a technology solutions provider and third party administrator that focuses on the North American life & annuity insurance industry. Under the terms of the agreement, the Mastek’s wholly owned US subsidiary MajescoMastek will hold 90% equity stake in Vector. The consideration for this acquisition will be paid partly in cash and partly by way of future cash earn outs. The acquisition is being funded through internal accruals.
Power Finance Corporation jumped 14.07% to Rs 199.85 after its net profit soared 103.18% to Rs 308.64 crore in Q1 June 2007 as against Rs 151.90 crore in Q1 June 2006. Total income flared up 35.57% to Rs 1,145.80 crore in Q1 June 2007 (Rs 845.13 crore).
Eicher Motors rose 0.86% to Rs 346 on reports that South Korea's Hyundai Motor Company may acquire a stake in the Indian automobile maker. As per report, Korea’s automotive giant Hyundai Motor is planning to start commercial vehicle business in India and, therefore, is said to have initiated talks with Eicher group with an intention to acquire a stake in Eicher Motors.
Modern Steels galloped 20% to Rs 66.10 after it said its board will consider a bonus issue on 24 July 2007.
Jaiprakash Associates slumped 3.69% to Rs 838 despite reporting a 54.34% rise in net profit in Q1 June 2007 to Rs 140 crore compared to Rs 92 crore in Q1 June 2006. Total income increased 8.76% to Rs 1,005 crore (Rs 924 crore). The results were announced before market hours today, 16 July 2007.
Idea Cellular gained 3.22% to Rs 125. Idea Cellular added 8.59 lakh users in June 2007 as compared to 7.03 lakh users in previous month
Real-estate developer Parsvnath Developers was up 0.01% to Rs 378.15. Its subsidiary got government nod for the development of a bio-technology and pharma special economic zone (SEZ) in Andhra Pradesh. It will cover 25 acres at Genome Valley Biotech Park, Phase-III, Hyderabad (Andhra Pradesh). This state-of-the art SEZ envisages a developable area of 21.5 lakh squre feet with an investment of Rs 400 crore.
Subros jumped 8.90% to Rs 241.70 after the company said its board will meet on 30 July 2007 to consider a stock split. The company’s equity capital is Rs 12 crore, with 1.2 crore outstanding shares of a face value of Rs 10 each.
Ashok Leyland rose 1.02% to Rs 39.45 on forming a joint venture with automotive supplier Siemens VDO Automotive AG, Germany to design, develop and adapt infotronics products and services for the transportation sector. The equity of the JV Company will be held at a ratio of 50:50 between the company & Siemens VDO. The JV is subject to certain corporate and statutory approvals from both sides.
Asian markets were trading on a mixed note today, 16 July 2007, with shares in Singapore setting a record intra-day high after US blue chips' record performance on Friday, 13 July 2007. South Korea's Kospi was volatile as investors booked profits in shipbuilding shares.
Hong Kong's Hang Seng (down 0.63% at 22,953.94), South Korea's Seoul Composite (down 0.68% at 1,949.51), Taiwan's Taiwan Weighted (down 0.57% at 9,415.31), Singapore's Straits Times (down 0.04% at 3,653.23) and Shanghai Composite (down 2.36% to 3,821.96) slipped.
Japanese market is closed today for public holiday.
Most of the European markets were trading higher
US stocks rose further into record territory on Friday, 13 July 2007, and posted strong weekly gains as investors continued the previous session's record rally after in-line earnings from General Electric Co. and a jump in a consumer-confidence survey. The Dow Jones Industrial Average rose 45.52 points to a record 13,907.25, while the Standard & Poor's 500 Index gained 4.80 points to a record finish of 1552.50.
Oil prices inched up Monday, 16 July 2007, amid concerns over production in the North Sea. Light, sweet crude for August delivery gained 5 cents to $73.98 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore.
Telecom Towers - unlocking value
Physical assets are rarely core to the business, unless you are in the commodity business. For businesses where intellectual property assets or brands are key to success, physical assets need not be the focus of company resources or management attention. The point here is — what’s non-core can be carved out, and thus unlock value for the company and its shareholders.
This process is currently on in the telecom industry, where cellular companies are increasingly saying – Do I really need to put up cell towers on my own? This minor question has led to a multi-billion , value unlocking process, and a large deal-making opportunity for investment bankers and PE players.
The business opportunity here is at two levels – there is scope for standalone tower companies to build and operate towers for one or more telecom companies; some telecom companies may even hive off their tower assets completely or partially. In fact, all of this is happening, and the size of the opportunity is rather large. Both options have room for strategic and private equity investors.
India had around 110,000 telecom towers at the end of March 2007. Industry will add around 90,000 towers each in FY08 and FY09. At an average estimated cost of about Rs 20 lakh per passive tower (not including electronics), the investment required is Rs 18,000 crore each year. Active elements like electronics cost a similar amount. So the total investment planned is around Rs 36,000 crore, or almost $10 billion, per year. If each telecom company continues setting up its own towers, then this investment will not be very efficient. A tower, alteast the passive elements, can be shared and this will improve returns on investment.
Looking at the increasing size of investments, telecom companies have come around to the view that going it alone in a non-core activity isn’t a good idea. So far, most of the tower assets are owned by telecom companies themselves. Analysts believe the market value of a tower could be around Rs 1 crore on an average. That is if you treat a tower as an annuity asset, and don’t factor in growth in number of towers. So the existing asset base as on March 2007 could be valued at over Rs 1 lakh crore, or $27 billion. Now, what happens if you price in growth? The best answer for this perhaps comes from the valuations telecom companies are asking for their tower subsidiaries. And this seems to be as high as Rs 3 crore per tower on the existing tower base.
For example, Reliance Communications (RCL) hived off its tower assets into a company called Reliance Telecom Infrastructure (RTIL). The company is believed to have had around 14,000 towers at the end of FY07. RTIL will invest in additional 20,000 towers in FY08. According to industry sources, RTIL has appointed JP Morgan to raise $500 million through minor equity dilution. JP Morgan is believed to be asking for a valuation of $8-10 billion for RTIL. This seems to be somewhat more than Rs 2 crore per tower. Earlier this month, Tata Teleservices (TTSL) announced plans to unlock value from its tower assets.
TTSL reportedly has 6,000 towers. Media reports suggest the value of its tower subsidiary could be around Rs 12,000 crore, or $3 billion. This suggests a value close to Rs 3 crore per tower. There are also benchmarks available from global independent tower companies. According to a report by Kotak Securities, American Towers owns 22,000 towers and has a market cap of $17.5 billion, or a valuation of Rs 3.3 crore per tower. Crown Castle owns 23,660 towers and has a market cap of $10.3 billion, or a valuation of Rs 1.8 crore per tower.
SBA Communications owns 5,550 towers and is valued at Rs 2.6 crore per tower. The telecom tower business could thus be a $60 billion opportunity at a valuation of say Rs 2 crore per tower. Even if you take 10% dilution, you have space for $6 billion of external capital. Given that, an investment of $20-billion is required over the next two years, $6 billion seems a reasonable number. “This could come from a combination of PE and strategic investors,” says a fund manager of a big-ticket PE fund currently looking at this space. Both American Tower and Crown Castle are reportedly interested in an India presence.
So expect some big deals in this space. Bharti hived off its tower business and related infrastructure into a wholly- owned subsidiary called Bharti Infratel in January 2007. Bharti currently has around 40,000 towers and is expanding furiously. Looking at the valuations that is being talked about, Bharti Infratel could even be a $20-billion company.
A 10% deal here can easily be India’s largest PE deal. Standalone tower companies could also offer space for deals. Quipo Telecom Infrastructure, a standalone tower company, already has three external investors – IFC, Washington, FMO and Swedfund. GTL Infrastructure and Essar Telecom Infrastructure, independent tower companies, could also raise equity at some point. Xcel Telecom, another standalone company, claims to have a $500 million equity commitment from Q investments, a Texas-based investment firm.
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