Tulip Telecom - data centre acquisition: Long-term strategic fit; event update; Buy:: Edelweiss

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Tulip Telecom (TTSL IN, INR 169, Buy)

n  Acquires 0.9 mn sq ft data centre facility in Bengaluru

Tulip Telecom (TTSL) has announced the acquisition of a 0.9 mn sq ft data center (DC) facility in Bengaluru via acquisition of 100% shares of SADA IT Parks (SADA) for INR 2.3 bn. This is the company’s fifth DC; it has one DC each in Delhi and Bengaluru and two in Mumbai. Cumulatively, it now has total data center space of ~1 mn sq ft. The Bengaluru facility will be owned and operated through TTSL’s wholly owned subsidiary Tulip Data Center Private Ltd (TDCPL) and management intends to move its other DC facilities also to this subsidiary.

Reliance Infrastructure - Annual Report Analysis:: Edelweiss

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Reliance Infrastructure


Significant investment book, primarily in promoter group companies
�� Reliance Infrastructure’s (Rinfra) investments continue to be high, at INR 136.6 bn as at
FY10 end, (FY09: INR 159.4 bn). Of this, INR 99.5 bn is invested in promoter group
companies and INR 34.9 bn in liquid funds. Together, they form 66% (FY09: 94.3%) of
the company’s net worth.
�� Investment in promoter group companies includes:
• INR 65.1 bn in Reliance Power (RePL), an associate, [cost of equity (INR 17.2 bn) +
capital reserve on dilution (INR 43.2 bn) and balance as profits for the year).
• Investment of INR 34.3 bn in preference shares of non-associate promoter group
companies (INR 11.0 bn in Sonata Investments and INR 23.3 bn Reliance Infra
Projects International).
�� Further, current assets include INR 5.1 bn towards premium receivable on redemption
of the aforementioned preference shares.

Mahindra & Mahindra- Annual Report Analysis:: Edelweiss

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Mahindra & Mahindra


Direct debit to reserves and exceptional income boosts profitability
�� Mahindra & Mahindra (M&M) adjusted provision for diminution in investments of INR 0.7
bn against investment fluctuation reserve; otherwise, PBT would have been lower by INR
0.7 bn (~1.9%). The investment fluctuation reserve stood at INR 6.2 bn as at FY10 end.
�� The company has FCCBs outstanding of USD 189.5 mn convertible at INR 461.0/share
on or before March 7, 2011. M&M adjusts the redemption premium payable on bonds
against the securities premium account in the year of issue. Had the same been charged
through P&L on YTM basis, FY10 PBT would have been lower by INR 533 mn (1.3%).
�� ESOPs have been accounted on the intrinsic value basis. Had the company accounted
the same on fair value basis, PAT would have been lower by INR 264.4 mn (~1.1%).
�� Net exceptional gains for FY10 stood at INR 2.5 bn [FY09: INR (0.8) bn], of which, INR
1.8 bn pertains to the profit realised on sale of investments; and INR 0.8 bn, ~2% of
PBT, is deemed divestiture gain on account of effective dilution of its investments (refer
table on page 2 for details).
�� The company accounts deemed divesture gain as exceptional income instead of the
conventional practice of adjusting it against reserves.

Ashok Leyland- Annual Report Analysis:: Edelweiss

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Revenues and margins improve; new ventures to propel future revenue growth
�� Ashok Leyland’s (ALL) revenues jumped 21.1%, from INR 59.8 bn in FY09 to INR 72.4
bn in FY10, due to increased sales volume of commercial vehicles (CV).
�� EBITDA margin also increased from 7.8% to 10.5%, primarily on the back of improved
realisation and reduction in excise duty rates.
�� ALL invested INR 1.5 bn in joint ventures (JVs) and associates during FY10. Of these,
investments in Nissan and John Decree JVs amount to INR 0.9 bn; these are likely to
start commercial production FY11 onwards.
�� In March 2010, the company commissioned a new plant in Pantnagar (Uttarakhand),
which enjoys income tax exemptions and has an installed capacity of 50,000 vehicles
(nearly half of ALL’s existing capacity).

Buy Rallis India- Q3FY11 Result Update: Future growth drivers remain intact:: Emkay

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Rallis India

Future growth drivers remain intact

BUY

CMP: Rs 1,313                                       Target Price: Rs 1,800

---

n     Q3FY11 revenue growth of 31% yoy - driven by strong exports - was ahead of our estimates

n     APAT at Rs 337 mn (+14% yoy) was below estimates due to lower than expected EBITDA margins of 18.9%

n     Adjust FY11E estimates downward by 7% to Rs 72.3 (from Rs 77.3) while maintain FY12E/FY13E at Rs 96.3 / Rs 120.5

n     Entry into seeds business, commissioning of Dahej plant and initiatives to sell pulses are future growth drivers. Maintain BUY

Forthcoming Results for Indian companies (December 2010 quarter): Jan 19 -Jan 21, 2011

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19-Jan-11
Company	Company	Company
Aditya Birla Money	Chandrika Trad	Kirloskar Pneu
Agro Tech Foods	Emmsons Intl	Landmark Prop
Aptech	GEI Indl	LIC Housing Fin
Bajaj Auto	HCL Tech	Nippo Battr
Bajaj Holdings	Hindustan Zinc	Noida Medicare
Bengal Steel	Indag Rubber	Noida Toll
Bharat Seats	Infomedia 18	Orchid Chem
Cera Sanitary	Infotech Enter	Panasonic Carb
Peninsula Land	Shakti Pumps	Torrent Pharma
Premier	Shree Ganesh Jewel	TTK Prestige
Reliance Indl Infra	Sterling Tools	Uflex
SCOPE IND	Suraj Stainl	Wabco TVS India
Wall Street Fin	Wipro
20-Jan-11
Company	Company	Company
Abirami Fin	Info Edge India	Mahindra Compo
Ajanta Pharma	Intec Cap	Mangalam Timb
Asutosh Enter	JSW ENERGY	Monotype India
Biocon	Kajaria Cerm	Northern Proj
Cheslind Tex	KAR Mobiles	NRC
Facor Steel	Kilpest India	Oil Country Tub
Foseco India	Kirloskar Bros	Paushak
Golkunda Diam	Kotak Mah Bank	Persistent Sys
Hindoostan Spin	Kovai Medical	Polyspin Expo
Indoco Remedies	KPIT Cummins	Rainbow Papers
Rasandik Engr	SRF	Shukra Bullions
Riga Sugar	Torrent Cables	Shukra Jewel
Rose Invest	Transpek Fin	Sirdar Carbonic
Sasken Comm	Transport Corp	South Indian Bank
SER Inds	TVS Motor	Yes Bank
Shristi Infra	United Bank	Zee News

21-Jan-11
Company	Company	Company
Action Fin	DHANLAK BANK	ITC
Ador Welding	Dish TV India	Jayant Agro
AKZOINDIA	DLINK IND	Kakatiya Tex
Arrow Coated	Edelweiss Cap	Khatau Makan
Asahi Songwon	Excel Inds	Kilburn Office
Astral Poly	Greaves Cotton	Kirloskar Oil Engines
Bank of India	GS Auto	LKP FIN
Bank of Maharashtra	Hindustan Const	Mahindra & Mah Fin
BHEL	IFCI	Mahindra Forg
Biopac India	Indiabulls Fin	Mount Everest Min
Corporation Bank	Indo Asian Fin	Netlink Sol
NIIT	Raymond	Polaris Soft
Nivi Trading	RIL	Praj Inds
Orient Paper	Savant Info	PUNJABNSIND
Parrys Sugar	Shriram Asset	Rane Madras
Piramal Glass	Suraj Products	Zuari Inds
PNB	Tea Time
Poddar Pigm	Tech Mahindra

FII & DII trading activity on NSE and BSE as on 18-Jan-2011

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FII trading activity on NSE and BSE on Capital Market Segment

The following is combined FII trading data across NSE and BSE collated on the basis of trades executed by FIIs on 18-Jan-2011.

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 18-Jan-2011 2699.71 2627.17 72.54

 

Domestic Institutional Investors trading activity on NSE and BSE on Capital Market Segment

The following is combined Domestic Institutional Investors trading data across NSE and BSE collated on the basis of trades executed by Banks, DFIs, Insurance, MFs and New Pension System on 18-Jan-2011.

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 18-Jan-2011 1149.84 1176.04 -26.2

FII DERIVATIVES STATISTICS FOR 18-Jan-2011

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FII DERIVATIVES STATISTICS FOR 18-Jan-2011
	BUY		SELL		OPEN INTEREST AT THE END OF THE DAY
	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores
INDEX FUTURES	59506	1688.21	56282	1598.75	436669	12428.64	89.45
INDEX OPTIONS	284310	8046.82	227348	6425.85	1824588	52217.84	1620.97
STOCK FUTURES	102401	2851.99	89239	2446.79	1313310	33714.72	405.20
STOCK OPTIONS	12182	351.75	12351	359.04	22111	618.86	-7.29
						Total	2108.33