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India Equity Research Reports, IPO and Stock News
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HDFC: Anchor for turbulent times, upgrade to Buy [Dipankar Choudhury]
We upgrade HDFC to Buy from Hold, raise TP to INR740 and promote it to our top
picks list. Three key changes in the last few months that have improved prospects
for HDFC: a less volatile regulatory and competitive environment with withdrawal
of teaser loans from the market, natural investor preference for a mortgage lender
when asset quality concerns elsewhere are rising, and stabilization of the life
insurance business after a slew of adverse regulatory prescriptions. Diversified
liabilities franchise is a big advantage in current high interest rate environment.
Tata Steel Limited: Tata Steel divests its stake in Riversdale [Abhay
Laijawala]
Tata Steel has announced that it will divest its 26.27% equity interest in Riversdale
Mining Limited (RIV AU) for a total consideration of A$1.06bn. As per the press
release, the decision has been taken as part of the ongoing review of the strategic
investments by Tata Steel and in light of recent Rio Tinto's actions leading to its
latest decision to delist Riversdale Mining Ltd. Unless there is a specific clause in
Tata Steel's JV agreement with Riversdale, this decision does not impair Tata
Steel's strategic stake (35%) in the Mozambique coal JV with Riversdale (special
SPV).
Telecommunications: First signs of a tariff hike? [Srinivas Rao]
Whats the news: Newsflow (Bloomberg) indicates that Tata Docomo (GSM) has
increased its prepaid tariffs in the Tamil Nadu circle. Our channel checks indicate:
Baseline tariff for Tata remains at 1p/second. It has increased the cost of certain
special vouchers in Tamil Nadu. For eg. the cost of a voucher for availing local onnet tariff of 1p/6 second has been increased from Rs 25 to Rs 46. Tata has
increased its baseline SMS tariffs for new customers enrolling after 16th June
2011 across all circles. The local/inter-circle SMS tariff has been increased from Rs
0.6/1.2 to Rs 1/1.5 respectively. We have not seen any headline tariff increases by
other operators at this stage.
India Equity Strategy: Portfolio Musings: Prefer rate sensitives [Abhay
Laijawala]
While RBI’s stance remains predominantly anti-inflationary in the immediate term,
we sense that it may be in the final stage of its near 15-month rate tightening
cycle. Our economist Taimur Baig expects a further 50bps hike (over next 2 policy
meetings) cumulating to a total of 325 bps. Recent global macro developments
(Greece’s sovereign debt crisis, end of QE2, concerns over slowing economic
growth in EU and US) will also influence RBI’s policy biases. Consequently we are
reiterating our preference for rate sensitives.
India Economics Weekly: Inflation and monetary policy, RBI's financial
stability report [Taimur Baig]
The Reserve Bank of India raised the repo and reverse repo rates by 25bps each in
its June policy meeting, stressing that inflation is persisting at "uncomfortable
levels." The RBI also noted that (i) interest rate sensitive sectors are being
impacted by monetary tightening but evidence of a broad-based economic
slowdown is marginal, (ii) current headline figures understate the true price
pressure in the economy as commodity price pass-through is incomplete
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HDFC: Anchor for turbulent times, upgrade to Buy [Dipankar Choudhury]
We upgrade HDFC to Buy from Hold, raise TP to INR740 and promote it to our top
picks list. Three key changes in the last few months that have improved prospects
for HDFC: a less volatile regulatory and competitive environment with withdrawal
of teaser loans from the market, natural investor preference for a mortgage lender
when asset quality concerns elsewhere are rising, and stabilization of the life
insurance business after a slew of adverse regulatory prescriptions. Diversified
liabilities franchise is a big advantage in current high interest rate environment.
Tata Steel Limited: Tata Steel divests its stake in Riversdale [Abhay
Laijawala]
Tata Steel has announced that it will divest its 26.27% equity interest in Riversdale
Mining Limited (RIV AU) for a total consideration of A$1.06bn. As per the press
release, the decision has been taken as part of the ongoing review of the strategic
investments by Tata Steel and in light of recent Rio Tinto's actions leading to its
latest decision to delist Riversdale Mining Ltd. Unless there is a specific clause in
Tata Steel's JV agreement with Riversdale, this decision does not impair Tata
Steel's strategic stake (35%) in the Mozambique coal JV with Riversdale (special
SPV).
Telecommunications: First signs of a tariff hike? [Srinivas Rao]
Whats the news: Newsflow (Bloomberg) indicates that Tata Docomo (GSM) has
increased its prepaid tariffs in the Tamil Nadu circle. Our channel checks indicate:
Baseline tariff for Tata remains at 1p/second. It has increased the cost of certain
special vouchers in Tamil Nadu. For eg. the cost of a voucher for availing local onnet tariff of 1p/6 second has been increased from Rs 25 to Rs 46. Tata has
increased its baseline SMS tariffs for new customers enrolling after 16th June
2011 across all circles. The local/inter-circle SMS tariff has been increased from Rs
0.6/1.2 to Rs 1/1.5 respectively. We have not seen any headline tariff increases by
other operators at this stage.
India Equity Strategy: Portfolio Musings: Prefer rate sensitives [Abhay
Laijawala]
While RBI’s stance remains predominantly anti-inflationary in the immediate term,
we sense that it may be in the final stage of its near 15-month rate tightening
cycle. Our economist Taimur Baig expects a further 50bps hike (over next 2 policy
meetings) cumulating to a total of 325 bps. Recent global macro developments
(Greece’s sovereign debt crisis, end of QE2, concerns over slowing economic
growth in EU and US) will also influence RBI’s policy biases. Consequently we are
reiterating our preference for rate sensitives.
India Economics Weekly: Inflation and monetary policy, RBI's financial
stability report [Taimur Baig]
The Reserve Bank of India raised the repo and reverse repo rates by 25bps each in
its June policy meeting, stressing that inflation is persisting at "uncomfortable
levels." The RBI also noted that (i) interest rate sensitive sectors are being
impacted by monetary tightening but evidence of a broad-based economic
slowdown is marginal, (ii) current headline figures understate the true price
pressure in the economy as commodity price pass-through is incomplete
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