RESEARCH REPORTS
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Pipavav Shipyard Limited -IPO
Company Profile
Pipavav Shipyard Limited (PSL), a Gujarat-based company, is raising funds from the primary market to fund the construction of its facilities for shipbuilding, ship near and offshore vessels. PSL is currently completing the setting up of an integrated shipbuilding facility which, upon completion, will be the largest in India and among the largest in [...] -
Exide Industries – All Charged Up …. (Jaypee Capital Services Ltd)
Improved Auto Outlook
Exide is expected to benefit from the better‐than‐expected pick‐up in the car sales. In the original equipment (OE) sector, demand is weak in the truck‐bus, tractor, and multi‐utility vehicle segments. However, the recent turnaround of the passenger car segment and a robust growth in sales of two‐wheelers will contribute to the sales growth [...] -
HOTEL SECTOR (INDIA INFOLINE)
Hospitality sector is likely to endue a depressed FY10 even as outlook for FY11 remains cloudy. Our interaction with industry players suggests luxury room rates and occupancies may not look up until foreign arrivals improve (down ~% yoy in Jan-July).
Amongst the metro-based properties, occupancy rates are in the range of 50-55%. [...]
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FUN WITH FLOWS (CITI)
Little Inflows to Asian Funds; Global Becomes Key
■ Net inflows to Asian funds dropped to US$203m this month as per EPFR weekly data — Contrasting this with inflows of US$3.6b/month between April and July, foreign inflows have lost momentum. Also, our domestic excess liquidity indicator has been falling for a while, further confirming that the easy money [...] -
REAL ESTATE SECTOR (GOLDMAN SACHS)
Industry context
Our data analysis shows that primary residential market volume saw a slowdown in June-July and unsold inventory remains high in some cities, while the office market remains challenging. Key conclusions:
(1) Residential volume in markets such as Mumbai, Noida/Greater Noida and Chennai fell in June-July vs. March-May;
(2) Residential unsold inventory stood at 10-14 months in Mumbai/Gurgaon, but much higher in [...] -
INDIA TELECOMS (MACQUARIE RESEARCH)
Pick the right apple for portfolio health
Sector underperformance in 2009 YTD may now reverse…
We remain selectively bullish on the Indian Telecoms sector, in line with the call of our Asia Strategist, Daniel McCormack, who believes that investors have a defensive and domestic growth bias to their portfolios with telecoms as a key overweight. The Indian [...] -
CEMENT SECTOR UPDATE AUGUST 2009 – CARE RESEARCH
Monthly trend – Production, Despatches and Consumption
As per the provisional numbers provided by CMA, the cement industry continued its buoyant performance in the month of July 2009 by registering an impressive double-digit growth numbers on year-on-year (yoy) basis. Cement production has grown by about 10.6% on yoy
basis and the dispatch has registered a growth of [...] -
NEW DIRECT TAX CODE – CURTAIN RAISER
“All direct tax laws have been brought under one umbrella and laid down in a manner that it will eliminate the scope of litigation”
Pranab Mukherjee
“Finance Minister”
The Direct Taxes Code was released by the Government for public discourse and when approved it would replace the Income Tax Act of 1961 and other related laws. Finance minister Pranab Mukherjee on [...]
