shareBazar: May 2016

Tuesday 31 May 2016

{LONGTERMINVESTORS} Livemint Newsletter

Newsletter | 01 June 2016

Q4 GDP growth powers Indian economy to $2 trillion

India's economic growth for fiscal year 2016 came in at 7.6%, in line with the official estimate

Vodafone India to file for IPO by September

Vodafone India's initial share sale will likely raise Rs15,000-18,000 crore

The undoing of Helion Venture Partners

Serious differences within Helion's core investment team had plunged the venture capital firm into a deep crisis—resulting in the exit of partners Rahul Chowdhri, Ritesh Banglani, Alok Goyal

Sebi eases redemption norms for mutual fund investors

As per the new Sebi rules, no redemption requests of up to Rs2 lakh will be subject to restrictions; beyond that, the remaining money can be subject to any restriction imposed by an AMC

OPINION

Barack Obama: A new face of American progressivism

At the end of his tenure, US President Barack Obama has a track record of dismantling old walls

GST's Rajya Sabha impasse

The upper house of the Parliament should develop a convention to avoid unnecessary impasse on policies with broad, bipartisan support

Don't write off payments banks

The withdrawal of three licencees should not be read as a doomsday omen for the idea and underlying rationale

Overdosing on heterodoxy can kill you

Progress requires identifying errors, which calls for heterodox thinking—which is necessary when reaction times are slow, but should be done with care

Re: {LONGTERMINVESTORS} Research Reports extracts & summaries - Thread

ET Now Brokerage Radar

Citi on Aurobindo Pharma
* Earlier turnaround in EU, better balance sheet metrics augurs well for co
* Maintains Buy, raises target to ₹1,170 from ₹1,050
* Management commentary pointed to continued improvement going forward
* Remains top pharma pick and we reiterate our re-rating thesis
* Scale & breadth of portfolio and cost advantage should help

Citi on Tata Communications
* Downgrades to Sell from Neutral, raises target to ₹435 from 400
* Valuation at 6.6x FY17E EV/EBITDA is rich
* Voice continues to see competitive pressure; uncertainty around Neotel
* Voice, Neotel & data center sale dampen data upside
* WC cycle too has deteriorated with change in biz mix

CLSA on Sun Pharma
* Guidance for FY17 is soft, underlines pricing pressure seen in the US
* Increased investment in R&D could keep near-term profitability under pressure
* Lower sales guidance and margin pressure drive 12/9% EPS cut
* Maintains Buy, cuts target to ₹1,020 from ₹1,060
* Medium to long-term earnings drivers are in place with produce filings

Goldman Sachs on Sun Pharma
* FY17 guidance for 8%-10% topline growth is below consensus
* Guidance incorporates gGleevec losing exclusivity in Aug 2016
* Lower 2017-19 EBITDA by 9-10% on lower topline guidance, margin commentary
* Maintains Buy, cuts target to ₹900 from ₹975

UBS on Asian Paints
* Building in estimated around 12% volume growth in H1 FY17
* Estimate more than 100 bps expansion in EBITDA margin in FY17
* Given inflationary trends in crude, we est price increases of ~5-6% in FY17
* Increasing our FY17E/FY18 revenue estimates by 4.8/6.2%
* Investments in extending availability could help it maintain its volume trend
* Maintains Buy, raises target to ₹1,175 from ₹1,000

Ridham Desai - Morgan Stanley
* Auto stocks occupy a lot of space on our focus list
* Global economic slowdown may weigh on Indian economy for the short term
* Growth in India is turning around, macro economic data indicates the same
* Markets may give positive returns in the next 2-3 years
* See a lot of buildup in infrastructure spend
* See consumption cycle in India revive going ahead
* Short term investment in markets may not deliver any substantial returns

Re: {LONGTERMINVESTORS} News & Misc. items - Thread

Market Outlook:

Indian markets are likely to open with marginal gains and trade sideways today.
From Intraday perspective, Nifty likely to witness buying interest above 8215 for potential upside till 8243 while selling pressure to emerge below 8134 for downside till 8061.

News Flow:

Reliance Communications Ltd has reported a fall of 22.4% in its consolidated net profit after taxes (PAT) at Rs 177 crore for the January-March quarter of FY16, led by decline in revenue from voice and data services.
Mahindra & Mahindra has said that it has entered into a brand licence agreement with Pininfarina for use of trademarks after closing the deal to acquire 76.06% stake in the Turin-based company.
GAIL (India) Ltd has said that it has started drilling its second exploratory well as an operator in its New Exploration Licensing Policy – IX block at the Cambay Basin.
Jain Irrigation Systems Ltd has reported a fall of 8.9% in its consolidated net profit after tax at Rs 89.78 crore for the fourth quarter ended March 31, 2016. The consolidated net profit of the company stood at Rs 98.53 crore during the same period a year ago.

Stock Idea:

Recommendation: Buy NIIT Technologies td

Suggested Range: Buy around INR 486

Target: INR 518 and 560

Holding Period: upto 10 days

Stop loss: INR 468

Technical Rationale: NIIT Technologies was in the process of retracing the previous rise from 410 to 520. It has found support at the 61.82% Fibonacci retracement level (452) and has witnessed a sharp rise from that support. Since past couple of weeks it was trading in a range and in Tuesday's trading session it has broken the consolidation n the upside. The daily momentum indicator RMO has triggered a positive crossover which is a buy signal. We expect the positive momentum in stock to continue and reach levels of 518 and 560 which are the previous swing highs

{LONGTERMINVESTORS} Daily mutual fund equity and debt performance report - June 1

Daily mutual fund equity and debt performance report

Dear all,

Please find the performance tracker of equity and debt mutual fund schemes in the links mentioned below.

For details, click on the links below

http://content.icicidirect.com/mailimages/ISec_daily_Equity_Performance_Report.zip

http://content.icicidirect.com/mailimages/ISec_daily_Debt_Performance_Report.zip

Research Desk |ICICIdirect.com|

Email : research@icicidirect.com |

"Print this mail only if absolutely necessary. Save Paper. Save Trees."

"The information contained in this e-mail and any attachments to this message are intended for the exclusive use of the intended recipient and may contain proprietary, confidential or legally privileged information. If you are not the intended recipient, please note that you are not authorised to disseminate, distribute or copy this e-mail or any parts of it or act upon/rely on the contents of this e-mail in any manner. Please notify the sender immediately by e-mail and destroy all copies of this e-mail and any attachments. Please also note that ICICI Bank or its subsidiaries and associated companies, (collectively"ICICI Group"), are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail transmissions and that any views expressed in this e-mail are not endorsed by/binding on the ICICI Group unless the sender does so expressly with due authority of ICICI Group. Before opening any attachments please check them for viruses and defects and please note that ICICI Group accepts no liability or responsibility for any damage caused by any virus that may be transmitted by this email. Thank you for your cooperation."

{LONGTERMINVESTORS} News Briefings.

Economic Times
· RCom looks to cut debt by 75 pc with Aircel, tower deal
· Reliance Industries temporarily shuts PET, PTA units at Dahej on water shortage
· Will supply to Maruti Suzuki from Noida facilities: Subros
· NGT hears pleas of auto industry and Central Government not to ban diesel vehicles, next hearing in July
· Telcos may soon offer calls over Internet like Whatsapp, Skype
· Won't set up stores in India if 30% sourcing rule stays: Apple
· Softbank to sell $7.9 billion of Alibaba shares
· US court rules $24.9 bn Dell buyout underpriced by 22%
· Aurobindo to keep focus on drug launches in US, costs in Europe
· New hospitals to drive growth at Narayana Hrudayalaya
· Won't allow dumping of rejected iron ore in protected areas: Goa Environment Minister Rajendra Arlekar
· Last date for registering jewellers with excise department extended to June 30
· 'Bharti Airtel may not bid for spectrum in the 700 Mhz band'
· Indian Potash reduces MoP price by Rs 50
· Unichem earmarks Rs 200 crore capex for current fiscal
· DLF to sell 32 screens to PVR for revised price of Rs 433 crore

Business Line
· Maruti to resume operations from Wednesday
· Glenmark to raise $200 m in Singapore bourse
· Toyota secures over 20,000 bookings for InnovaCrysta
· Reliance to offload stake in African oil marketing firm
· Sony Pictures to launch premium English movie channel
· ONGC Videsh inks marketing agreement with SOCAR Trading

Business Standard
· At 7.6% in FY16, India now fastest growing economy
· GSPC finds a white knight in ONGC
· Petrol price raised by Rs 2.58, diesel costlier by Rs 2.26 per litre
· Core sector growth accelerates to 8.5% in April
· RIL arm sells stake in African fuel retailer Gapco
· Power tariff set to shoot up as Coal India raises prices

Mint
· Sebi eases redemption norms for mutual fund investors
· Govt wants cash-rich CPSEs to buy back shares from market
· FDA may inspect one Ranbaxy plant in fiscal 2017: Dilip Shanghvi
· Vodafone, Cairn Energy have 7 months to accept govt's olive branch in tax disputes
· L&T Finance eyes consolidation in bid to improve returns

{LONGTERMINVESTORS} GAIL (India) Ltd (Q4 FY16): Tailwinds ahead!!!

{LONGTERMINVESTORS} India Summary

1) Stay Away From Indian Indexes, Biggest Wealth Fund Manager Says
    (Bloomberg) -- Quantum Advisors, which picks Indian stocks for Norway's $860 billion wealth fund, says investors should stay away from index investing in Asia's fourth-biggest market. Investing in indexes is a poor place to put money because you don't necessarily go into the companies with the most potential, said Ajit Dayal, the director of the Mumbai-based fund, which manages $2 billion in Indian equities. "It's a big mistake because you're buying ...

2) Pimco Says India Growth to Lure Investors as Rajan Fate in Limbo
    (Bloomberg) -- Pacific Investment Management Co. says the growth trajectory and financial health of India's economy will support rupee bonds regardless of who helms the central bank. While Reserve Bank of India Governor Raghuram Rajan has had a "notable" influence in stabilizing the rupee, there's also been a broader improvement in the nation's finances, according to Luke Spajic, head of portfolio management for emerging Asia at Pimco, which oversees about $1.5 ...

3) Asia Military Spending Rises in China's Shadow, Spurring Deals
    (Bloomberg) -- Global defense contractors are circling for business in Asia, with countries from Australia to Vietnam upgrading and adding everything from submarines to fighter jets as China expands its military reach. Defense budgets will keep rising, according to IHS Jane's, which forecasts spending in the Asia-Pacific region will climb 23 percent to $533 billion annually by 2020. That will put it on par with North America, which is expected to account for a third of global ...

4) Asian Stocks Halt Rally Amid Factory Data as Crude, Copper Drop
    (Bloomberg) -- Asian stocks fell, snapping their longest rally since mid-April, as crude oil extended declines and copper slumped with a slew of factory indexes Wednesday putting the focus on manufacturing from China to Europe. Japanese and Australian shares drove the regional index down for the first time in six days, after U.S. equities declined on their first day of trading this week. Copper dropped with zinc even after an official gauge of manufacturing in China, the ...

5) India Growth Surges More Than Estimated Before Rate Decision
    (Bloomberg) -- India's world-beating economic growth accelerated more than estimated at the start of 2016, easing pressure on central bank Governor Raghuram Rajan to lower borrowing costs when he reviews policy next week. Gross domestic product grew 7.9 percent in January-March from a year earlier, the Statistics Ministry said in a statement in New Delhi on Tuesday. That was faster than the 7.5 percent median estimate in a Bloomberg survey of 28 economists and 7.2 percent ...

6) IN FOCUS: China PMI, Australia GDP, Japan Sales Tax; Bonds Gain
    (Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * China factory PMI is forecast to slip to 50 in May; a miss could accelerate yuan outflows, say analysts; see their views; Caixin PMI also due * Japanese PM Abe to hold press conference at 5pm HKT; he's expected to announce a delay in sales-tax increase * British pound tumbled 1.1% as polls showed support for Brexit taking the lead and as bookmakers further shortened odds ...

7) INDIA DAYBOOK: Manufacturing PMI, T-Bills, Maruti Output Resumes
    (Bloomberg) -- Today: Nikkei India Manufacturing PMI; RBI to hold t-bills auction. Maruti Suzuki to resume output at Gurgaon plant in second half. WHAT TO WATCH: * India economy grows faster than estimated before rate decision * India estimates GDP growth of 7.6% for year through March 2016 ** Economy expanded 7.9% y/y in Jan.-March quarter ** GVA Grew 7.4% in quarter ended March 31 * India's FY16 budget deficit at INR5.32t, 99.5% of target ** April 2016 budget deficit ...

8) Indian Stocks to Watch: Axis Bank, DLF, IOCL, Maruti, Reliance
    (Bloomberg) -- India's SGX CNX Nifty Index futures for June delivery rise 0.2% to 8,206.50. MSCI A-P index little changed. Foreign investors bought net 3.9b rupees of stks on May 30, according to Central Depository Services website. Nifty fell 0.2% yday to 8,160.10. * India estimates GDP growth of 7.6% for year to March 2016 * Economy expanded 7.9% y/y in Jan.-March quarter * Andhra Bank (ANDB): Aims to raise capital via equity, tier 1, 2 bonds * Axis Bank ...

{LONGTERMINVESTORS} News Summary

1) Tokyo Hedge Fund Takes Investing Lesson From Tsukiji Fish Market
    (Bloomberg) -- Simplex Asset Management Co. is taking some lessons from Tokyo's iconic wholesale fish market as it starts a fund to invest in companies looking to move their listings to the Topix index. The new fund is betting that companies moving their listings to the Topix index will benefit from a broader base of investors and higher valuations, just like fishermen who bring their catch to the Tsukiji market can expect to command higher prices, Hiromasa ...

2) Stay Away From Indian Indexes, Biggest Wealth Fund Manager Says
    (Bloomberg) -- Quantum Advisors, which picks Indian stocks for Norway's $860 billion wealth fund, says investors should stay away from index investing in Asia's fourth-biggest market. Investing in indexes is a poor place to put money because you don't necessarily go into the companies with the most potential, said Ajit Dayal, the director of the Mumbai-based fund, which manages $2 billion in Indian equities. "It's a big mistake because you're buying ...

3) Japan Bank Hiring in New York as Negative-Yield Funding on Offer
    (Bloomberg) -- Top-rated Japanese issuers can get paid to borrow funds in the U.S. after currency swaps are used, adding to the business Sumitomo Mitsui Financial Group Inc. is chasing by hiring in New York. SMBC Nikko Securities Inc., the investment banking arm of Japan's second-largest lender, may hire 10 more bond bankers in New York, Shunshi Kira, the head of the capital markets division at the Tokyo-based company, said in an interview Monday, ...

4) Indonesia Coal Bond Buyback at 18 Cents on Dollar Risks Acrimony
    (Bloomberg) -- An Indonesian coal miner's attempt to buy back bonds at no more than 18 cents on the dollar, the lowest price for such a revamp in Southeast Asia in four years, isn't going down well with some investors. PT Berau Coal Energy said it is setting aside $57.3 million to repurchase its dollar-denominated bonds as part of its restructuring proposal, following a buyback at 30.3 cents in December. Berau cited weak coal prices for its cash crunch and the need to ...

5) SAIC, Alibaba to Mark Chinese Foray Into Connected Cars With SUV
    (Bloomberg) -- SAIC Motor Corp. is putting finishing touches to a sport utility vehicle that features software developed with Alibaba Group Holding Ltd., marking the first foray into the connected-car business by two of China's biggest companies. The model will be available from September and be the first of a new category of vehicles for the automaker that's fully integrated to the internet, according to Gu Feng, SAIC's financial controller. Among its functions, the ...

6) Golden Glory Plans Singapore IPO to Fund Myanmar Property Drive
    (Bloomberg) -- Golden Glory Group Pte., a developer of Myanmar real estate, is planning an initial public offering in Singapore this year as the opening of the frontier market spurs property demand in Southeast Asia's fastest-growing economy. The Singapore-based company is targeting an $80 million-to- $100 million initial share sale, raising capital to help fund land bank acquisitions in Myanmar, Chief Executive Officer Christopher Wu said in an interview in Yangon. ...

7) Asia Military Spending Rises in China's Shadow, Spurring Deals
    (Bloomberg) -- Global defense contractors are circling for business in Asia, with countries from Australia to Vietnam upgrading and adding everything from submarines to fighter jets as China expands its military reach. Defense budgets will keep rising, according to IHS Jane's, which forecasts spending in the Asia-Pacific region will climb 23 percent to $533 billion annually by 2020. That will put it on par with North America, which is expected to account for a third of global ...

8) Korea Stocks Face Selloff Should China Get MSCI Boost This Month
    (Bloomberg) -- If history is any guide, a win for China in getting its yuan shares into MSCI Inc. indexes this month would be bad news for South Korea. Foreign funds pulled $470 million from Korean stocks on Nov. 30, the day MSCI added half of the free float-adjusted market capitalization of U.S. listed Chinese shares but not those in Shanghai or Shenzhen. NH Investment & Securities projects around $3 billion could exit the smaller nation's market in June should global funds ...

9) Pimco Says India Growth to Lure Investors as Rajan Fate in Limbo
    (Bloomberg) -- Pacific Investment Management Co. says the growth trajectory and financial health of India's economy will support rupee bonds regardless of who helms the central bank. While Reserve Bank of India Governor Raghuram Rajan has had a "notable" influence in stabilizing the rupee, there's also been a broader improvement in the nation's finances, according to Luke Spajic, head of portfolio management for emerging Asia at Pimco, which oversees about $1.5 ...

10) Crisis Management Drives Japan Inc. Dealmaking as Firms Divest
    (Bloomberg) -- Japanese companies are targeting mergers and acquisitions abroad as the third-largest economy stagnates, yet it's crisis management that's driving deal volume in the country this year -- not international expansion. Announced acquisitions involving Japanese firms as the target or asset seller in the first five months of 2016 rose 62 percent to $55.4 billion, compared to the same period last year, according to data compiled by Bloomberg. The volume is its ...

11) Rich World Debt Record Has Danes Seeking Refuge in Safest Loans
    (Bloomberg) -- The world-record holders in negative interest rates and debt are increasingly locking into the safest mortgages. As of April, Danish households and businesses had shifted 8.4 percent more of their combined mortgage debt into fixed-rate loans, from a year earlier, bringing the total to 853 billion kroner ($128 billion), central bank data show. The development means that 33.6 percent of Denmark's mortgage debt is now in fixed-rate loans, according to ...

12) Ex-BlueBay Money Managers Said to Raise $2 Billion in Hedge Fund
    (Bloomberg) -- Glen Point Capital, an investment firm started by former BlueBay Asset Management money managers Neil Phillips and Jonathan Fayman, raised almost $2 billion in one of the largest hedge-fund startups in Europe this year, according to two people with knowledge of the matter. The London-based firm started trading last year and will stop taking money from June 1, the people said, asking not to be identified because the information is ...

13) Lost Decade for Value Stocks Tests Faithful Who Say End is Nigh
    (Bloomberg) -- Hopes are high again for buying low. Exchange-traded funds that track value stocks, the ones trading cheapest to earnings and book value, have received $5.5 billion of fresh cash in 2016, data compiled by Bloomberg show. The inflows stand out in a market where money is being withdrawn from practically everything else. Growth stocks, enjoying the longest winning streak over value in history, have seen withdrawals of $6.2 billion. While trying to beat the market ...

14) Erdoganomics Pushes Turkey Credit Risk Above Junk-Rated Russia
    (Bloomberg) -- Unpredictable politics and a clouding economic outlook have persuaded investors that Turkey's debt is now a riskier bet than junk-rated Russia. The cost of insuring Turkish bonds against non payment jumped in May by the most in eight months, with five-year credit default swaps widening 33 basis points to 273, surpassing Russia for the first time since mid 2014. The two first crossed on May 4 as Turkish bonds retreated in the midst of a political row ...

15) Zuma Maintains Grip as South African Rebellion Fizzles Out
    (Bloomberg) -- South African President Jacob Zuma seemed in danger of being ousted two months ago after the nation's highest court ruled he failed to uphold the constitution. Now he appears as powerful as ever, tightening his grip on the ruling African National Congress as a campaign to oust him fails to gain traction. "After the court ruling, Zuma was standing on shaky ground," said Sakhile Hadebe, a politics lecturer at University of KwaZulu-Natal, said by phone from ...

16) Trump Gets Chance for Tax Cut Moving Trademarks to Delaware
    (Bloomberg) -- As Donald Trump prepared for the Republican primaries, he transferred dozens of his most prized assets, the "Trump" trademarks that adorn everything from hotels to ties to his U.S. golf courses, into a new Delaware-based company -- a move that offers him a chance to cut his income-tax bills. By shifting more than 110 registered or pending trademarks to Delaware, Trump consolidated them in a state that doesn't tax income from royalties on intellectual ...

17) Draghi Stimulus May as Well Not Exist to Europe's Stock Traders
    (Bloomberg) -- For equity investors, the European Central Bank's first foray into corporate-bond purchases is shaping up as a non-event. Their lack of interest can be seen in the sluggish returns for stocks that JPMorgan Chase & Co. says stand to benefit most from the next round of stimulus. Those shares have risen 3.3 percent since the ECB first announced the measure in March, compared with a 2.5 percent climb in the Stoxx Europe 600 Index. It's another ...

18) Wall Street Turns to ETFs to Sidestep Illiquidity in Bond Market
    (Bloomberg) -- Investors are putting record amounts of money into exchange-traded fundsas bonds become increasingly difficult to buy and sell. Global fixed-income ETFs, which track bond indexes and trade like stocks, attracted $60 billion of inflows this year through May 25, according to data compiled by BlackRock Inc. That's the most for the period since the funds were created 14 years ago and on pace to top last year's record total of $93.5 billion. ...

19) It's Brexit Politics, Not Economics, Threatening European Bonds
    (Bloomberg) -- Who potentially loses if the pollsters and bookmakers are wrong on Brexit? Add bondholders from Finland to Italy to the list. Brexit could fuel the rise of "extreme political movements" and tap into simmering resentment toward the European project, according to Jan Von Gerich, chief strategist at Nordea Bank AB in Helsinki. In Italy, the extra yield on 10-year government bonds compared with German equivalents was 120 basis points on Tuesday. It would rise ...

20) First Hudson Yards Tower Opens in NYC West Side Milestone
    (Bloomberg) -- The first skyscraper at Related Cos.'s $25 billion Hudson Yards project opened Tuesday after three and a half years of construction, bringing office workers to a once- desolate area of Manhattan's far west side that's now transforming into a new business enclave. About 300 employees of Coach Inc. moved into new headquarters at 10 Hudson Yards, where the luxury-handbag maker will soon be joined by tenants including L'Oreal USA, SAP AG, VaynerMedia and ...

{LONGTERMINVESTORS} RESULT UPDATE: NALCO, BEL, NTPC, BAEL, CROMPTON GREAVES, PNC INFRATECH, TATA MOTORS, M&M

{LONGTERMINVESTORS} CNX Nifty 50 Short Term Bearish Below 8154

CNX Nifty 50 Short Term Bearish Below 8154

{LONGTERMINVESTORS} Karur Vysya Bank (KVB IN) - Asset quality improves on aggressive asset sale

{LONGTERMINVESTORS} Morning Call ..

Dear all,

Markets snap five-day winning streak

Ø Benchmark indices snapped a five-day winning streak as worries lingered about a likely rate hike by the U.S. Fed as early as June and on the domestic front, investors exercised caution ahead of annual GDP numbers as well as fiscal deficit data which was due post the trading session.

Ø Global risk appetite was muted as gold prices remaining flat after hitting a three-and-a-half-month low& fall in crude prices on rising output from the Middle East and ahead of an OPECmeeting later this week.

Ø India GDP expanded at 7.9% YoY in quarter ending March 2016 higher than the estimated growth of 7.5% clocking the best performace in six quarters.

Global Macro

Ø Consumer spending in the US rise by 1% in April 2016, better than market expectations of a 0.7%.

Ø Unemployment rate in Chile came in at 6.4% in the three months to April of 2016 from 6.3% in the previous period, reaching the highest since September of 2015.

Corporate Buzz

Ø Dhanlaxmi bank's standalone total income decreased by 3.9%YoY to INR 3.24bn in 4QFY16. The net loss decreased to INR 1.31bn in 4QFY16 as compared to a loss of INR 2.66bn in 4QFY15.

Ø GMR Infrastructure's consolidated total income from operations increased by 29.1%YoY to INR 37.08bn in 4QFY16. It reported a net loss of INR 9.53bn in 4QFY16 as compared to a loss of INR 8.92bn in 4QFY15.

Ø Shalimar Paints's standalone net sales increased by 8.26%YoY to INR 1.23bn in 4QFY16. It reported a net profit of INR 41mn in 4QFY1 as compared to a net loss of INR 33mn.

Ø IL&FS Engineering's standalone income from operation increased by 2%YoY to INR 5.89bn in 4QFY16 and PAT increased by 36 fold YoY to INR 328mn in 4QFY16 on account of rise in other income.

Ø Jain Irrigation's standalone total revenue decreased by 8.1%YoY to INR 14.8bn in 4QFY16 and PAT decreased by 22%YoY to INR 644mn in 4QFY16.

Ø Jindal Saw's standalone total income decreased by 13.3%YoY to INR 18.07bn in 4QFY16 and PAT increased by 10.3%YoY to INR 1.06bn in 4QFY16. The company decided to discontinue operations in Algeria and Spain and provided for losses under exceptional items.

Ø Maruti Suzuki to resume production of vehicles at its Gurgaon facilities from second half on Wednesday. It is estimated to have lost production of 10,000 vehicles after it was forced to shut operations at both plants on Monday afternoon.

Ø Hero MotoCorp launched online bookings for vehicles on its own website. The 18-month-old partnership with Snapdeal to continue even as the company pushes sales on its own platform.

Outlook

Ø Benchmark indices are likely to open on a cautious note amidst mixed global cues.

Link

Click here to view Morning Call

Regards,

CSEC Research

{LONGTERMINVESTORS} India Daily: Results

Daily Alerts

Results

Tata Motors: JLR margin improves due to currency benefits

JLR business: Currency benefits positively impact EBITDA margin

Standalone business reports a profit after 13 quarters

Strong demand for new models of JLR and strong balance sheet to drive re-rating of the stock

NTPC: Strong capacity pipeline to drive growth

Clean result print for a change, though fuel cost includes some prior period write-backs

Targeting 9 GW of capacity additions over the next two years

Maintain BUY rating with a target price of Rs160/share

Mahindra & Mahindra: Trudging along

Operational results below estimates after excluding one-time actuarial gain in staff costs

New SUVs to drive volume growth in FY2017E; monsoon key for tractor cycle recovery

Fine-tune earnings estimates; maintain ADD with target price of Rs1,380

Tata Communications: In-line quarter. Risk-reward continues to be favorable; ADD

4QFY16 earnings print in line with expectations; data business continues to deliver

Expect EBITDA growth to revive strongly in FY2017E; reiterate ADD

Prestige Estates Projects: 4QFY16: will residential consolidation continue in FY2017 as well?

Results review: Collections improve, but expenses drive OCF before land, negative for the year

Operations review: Five new launches in 4QFY16; meets guidance on most counts but not in sales

Guidance, capex and foray into new cities

Valuation and view

Jubilant Foodworks: Still waiting for Godot

4QFY16 - PAT declines 7% as 2.9% SSG not enough to drive profitability up

Quick recap of FY2016 - third consecutive year of EPS decline

Remain Cautious; REDUCE rating and TP of Rs1,000 remain unchanged

PC Jeweller: Quarter print impacted by jewelry industry strike

Reported comps not comparable yoy due to jewelry industry strike

Raises Rs4.27 bn via preference share issue

Cut EPS estimates by 17-18%; maintain BUY with revised TP of Rs430 (from Rs500)

Karur Vysya Bank: Relatively better

High operating costs pull down earnings growth

Asset sales to ARCs help prevent a slippage but push for a high provision in FY2017

Maintain BUY; inexpensive but near-term earnings growth dented by high provisions

PVR: Good show

4QFY16 - well-balanced improvement in all key metrics

Valuations are reasonable; maintain BUY