Please find below mentioned
http://mis.karvycomputershare.
link to check
allotment status
of Power Grid - FPOhttp://mis.karvycomputershare.
17 December 2013
India Infoline Housing Finance Ltd- NCD issue- Early closure of the issue on December 18, 2013
India Infoline Housing Finance Ltd- NCD issue- Early closure of the issue on December 18, 2013
NTPC Tax Free Bonds Basis of Allotment Ratio
| Category | Applied | Allotment | % Allotment |
| QIB |
4230000
|
1750000
| 41.37 |
| Corporate |
13816550
|
4375000
| 31.66 |
| HNI |
7791768
|
4375000
| 56.15 |
| Ind (1st Day) |
6720204
|
6720204
| 100.00 |
| Ind (2nd Day) |
2044416
|
279796
| 13.69 |
Thanks & Regards
UPL On the righttrack:: Prabhudas Lilladher,
We met up with the Senior management of UPL to get an update on the business
environment and the outlook, going ahead. Postthe detailed interaction with UPL,
our conviction remains intact, as UPL is treading on the right track, improving
product mix, undertaking cost‐saving initiatives, consolidating supply chain,
reduction in working capital, FCF generation and gradual reduction of debt. For
FY14E, management maintained its organic top‐line growth of 12‐15% YoY, with
margin improvement of 100bps YoY. Net working capital islikely to remain range‐
bound within 90‐100 days. UPL continues to trade at attractive valuations of
7.7x/6.7x FY14E/15E earnings estimates, respectively, which is at a discount of 30‐
40% to its peers. With sustained earnings growth, lower working capital and
gradual reduction in debt, we believe, UPL is likely to get re‐rated. We roll‐over
valuationsto FY15E,resulting into target price of Rs210 (previous Rs185).
Focus on FCF generation and reduction in debt gradually: UPL repaid Rs4bn of
debt in H1FY14, while in H2, it plans to repay almost Rs2bn. However, due to a
steep Rupee depreciation witnessed in H1, net debt stood at Rs28bn in Sep’13
(compared to Rs25bn in Mar’13). Gross debt stood at Rs38bn (Rs42bn in
Mar’13).
UPL targets to reduce its net D/E to 0.3x (currently 0.6x) over the next two
years. Management acknowledged that their focus clearly is on generating FCFF
and utilizing it to reduce debt gradually. UPL’s optimum cash balance is Rs8-
10bn and any surplus cash will be likely used for reduction in debt.
environment and the outlook, going ahead. Postthe detailed interaction with UPL,
our conviction remains intact, as UPL is treading on the right track, improving
product mix, undertaking cost‐saving initiatives, consolidating supply chain,
reduction in working capital, FCF generation and gradual reduction of debt. For
FY14E, management maintained its organic top‐line growth of 12‐15% YoY, with
margin improvement of 100bps YoY. Net working capital islikely to remain range‐
bound within 90‐100 days. UPL continues to trade at attractive valuations of
7.7x/6.7x FY14E/15E earnings estimates, respectively, which is at a discount of 30‐
40% to its peers. With sustained earnings growth, lower working capital and
gradual reduction in debt, we believe, UPL is likely to get re‐rated. We roll‐over
valuationsto FY15E,resulting into target price of Rs210 (previous Rs185).
Focus on FCF generation and reduction in debt gradually: UPL repaid Rs4bn of
debt in H1FY14, while in H2, it plans to repay almost Rs2bn. However, due to a
steep Rupee depreciation witnessed in H1, net debt stood at Rs28bn in Sep’13
(compared to Rs25bn in Mar’13). Gross debt stood at Rs38bn (Rs42bn in
Mar’13).
UPL targets to reduce its net D/E to 0.3x (currently 0.6x) over the next two
years. Management acknowledged that their focus clearly is on generating FCFF
and utilizing it to reduce debt gradually. UPL’s optimum cash balance is Rs8-
10bn and any surplus cash will be likely used for reduction in debt.
India Building Products Furnishing the trends: Going strong ... What happens from FY16 onwards? :: JPMorgan
We believe the Indian building products industry has around two years of strong
sales growth lined up, however, as new project completions taper off from FY16
onwards across metro & tier-2/3 cities, sales growth could be at risk. In this
report, we analyze the recent quarterly performance of India building products’
companies to discern the broad trends, gauge management commentary and the
growth outlook ahead.
Growth trends are divergent with the paints/ceramics/lighting segments
delivering strong volume growth on the back of higher replacement demand,
increased penetration in tier-2/3 markets and consolidation of market share
towards organized players (especially for tile players). Weak real estate
trends, however, have resulted in growth moderation in the interior
infrastructure (plywood, laminate, MDF), sanitary ware and domestic cable
segments. Capex commitments remain largely intact, although most of the new
expansion is coming for premium value-added products (vitrified polished tiles,
value-added MDF, etc.). Commentary from Kajaria Ceramics (Not covered
[NC]) sounded most positive on the demand outlook and the company has
announced sizeable expansion plans for high-end polished vitrified tiles. HSIL
(NC), on the other hand, has delayed work commencement for its sanitary ware
plant given the growth moderation seen by the company.
Margins pressured on high RM costs. Price hikes, value mix change should
provide an offset ahead – Margins across segments seem to have been adversely
impacted by higher RM costs and sharp rupee depreciation. Most companies also
highlighted elevated fuel & power costs as key reasons for margin disappointment.
However, we note that price hikes have been taken across segments to offset cost
pressures. Flow-through of these price increases, coupled with value mix change
(premiumization), should abate margin pressures ahead, in our view.
Valuations – There is sizeable valuation divergences between various segments
within the building products space, while underlying demand drivers and
fundamentals are largely similar. Within the space, the paints sector is trading at
a significant premium to the other segments, based on Bloomberg consensus
estimates. We note that Akzo Nobel (NC), HSIL and Greenply (NC) are
trading at significant discounts to peers (based on consensus valuations).
Please see inside for detailed segment and company wise commentary on
growth outlook, margins and capex
sales growth lined up, however, as new project completions taper off from FY16
onwards across metro & tier-2/3 cities, sales growth could be at risk. In this
report, we analyze the recent quarterly performance of India building products’
companies to discern the broad trends, gauge management commentary and the
growth outlook ahead.
Growth trends are divergent with the paints/ceramics/lighting segments
delivering strong volume growth on the back of higher replacement demand,
increased penetration in tier-2/3 markets and consolidation of market share
towards organized players (especially for tile players). Weak real estate
trends, however, have resulted in growth moderation in the interior
infrastructure (plywood, laminate, MDF), sanitary ware and domestic cable
segments. Capex commitments remain largely intact, although most of the new
expansion is coming for premium value-added products (vitrified polished tiles,
value-added MDF, etc.). Commentary from Kajaria Ceramics (Not covered
[NC]) sounded most positive on the demand outlook and the company has
announced sizeable expansion plans for high-end polished vitrified tiles. HSIL
(NC), on the other hand, has delayed work commencement for its sanitary ware
plant given the growth moderation seen by the company.
Margins pressured on high RM costs. Price hikes, value mix change should
provide an offset ahead – Margins across segments seem to have been adversely
impacted by higher RM costs and sharp rupee depreciation. Most companies also
highlighted elevated fuel & power costs as key reasons for margin disappointment.
However, we note that price hikes have been taken across segments to offset cost
pressures. Flow-through of these price increases, coupled with value mix change
(premiumization), should abate margin pressures ahead, in our view.
Valuations – There is sizeable valuation divergences between various segments
within the building products space, while underlying demand drivers and
fundamentals are largely similar. Within the space, the paints sector is trading at
a significant premium to the other segments, based on Bloomberg consensus
estimates. We note that Akzo Nobel (NC), HSIL and Greenply (NC) are
trading at significant discounts to peers (based on consensus valuations).
Please see inside for detailed segment and company wise commentary on
growth outlook, margins and capex
Power Grid FPO Allocation Method- How many shares did you get?
|
Lots Bid
|
Share bid
|
Price/ Share
|
Amount Paid (Rs)
|
Allotment (shares)
|
Allotment (Rs)
|
Refund (Rs)
|
|
1
|
150
|
84.5
|
12,675
|
150
|
12,675
|
-
|
|
2
|
300
|
84.5
|
25,350
|
213
|
17,999
|
7,352
|
|
3
|
450
|
84.5
|
38,025
|
275
|
23,238
|
14,788
|
|
4
|
600
|
84.5
|
50,700
|
338
|
28,561
|
22,139
|
|
5
|
750
|
84.5
|
63,375
|
401
|
33,885
|
29,491
|
|
6
|
900
|
84.5
|
76,050
|
464
|
39,208
|
36,842
|
|
7
|
1050
|
84.5
|
88,725
|
526
|
44,447
|
44,278
|
|
8
|
1200
|
84.5
|
101,400
|
589
|
49,771
|
51,630
|
|
9
|
1350
|
84.5
|
114,075
|
652
|
55,094
|
58,981
|
|
10
|
1500
|
84.5
|
126,750
|
715
|
60,418
|
66,333
|
|
11
|
1650
|
84.5
|
139,425
|
778
|
65,741
|
73,684
|
|
12
|
1800
|
84.5
|
152,100
|
840
|
70,980
|
81,120
|
|
13
|
1950
|
84.5
|
164,775
|
903
|
76,304
|
88,472
|
|
14
|
2100
|
84.5
|
177,450
|
966
|
81,627
|
95,823
|
|
15
|
2250
|
84.5
|
190,125
|
1,029
|
86,951
|
103,175
|
On Full application (15 lot /2250 share) 23 applicatant out of 910 have got 1,030 shares. Rest 1,029 shares
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