Saturday, January 24, 2009

Dr Reddy's Laboratories - Imitrex shines, core business struggles

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The performance of authorised generic Imitrex has so far been surprisingly good, and looks set to continue its good run into 4Q. In our view...

ITC - Cigarettes provide strength

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ITC's EBITDA grew 13% yoy in 3Q09 despite three of its businesses reporting negative EBIT growth. Cigarette EBIT increased 17.5% in 2Q/3...

NIIT Technologies - Digging its heels in

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3Q09 results showed good margin management despite a sluggish top line and forex losses. With long-term contracts securing revenue stability...
Tuesday, December 2, 2008

When debt is not a burden

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Do not invest in companies merely because they have lots of cash. Instead select those that use the cash better An economic a slowdown leads...
Saturday, November 22, 2008

India Cements - Value in the gloom

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We have a negative view on the cement sector's earnings and pricing outlook, but we believe ICEM at its current valuation has priced in ...
Thursday, November 20, 2008

Associated Cement - A long winter ahead?

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ACC seems financially well placed with moderate expansion plans, but we believe its earnings outlook has weakened, given the industry is lik...
Tuesday, November 18, 2008

For all Warren Buffet Fans

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A version of this article appeared in print on October 17, 2008, on page A33 of the New York edition. Buy American. I Am By...

Grasim Industries - Earnings outlook deteriorates

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Grasim's ongoing capex should raise its cement capacity by 59%, but the underlying demand outlook has weakened. We expect just 75-80% ut...
Saturday, November 15, 2008

Jyoti Structures Limited - 2QFY09 update

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JSL’s 2QFY09 numbers were inline with our estimates. Top line grew by 32% yoy to Rs4.2bn & bottom line growth of 18.5% yoy to Rs201mn. E...
Monday, November 10, 2008

Maruti Suzuki India - Small car for the long haul

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Maruti looks well placed to recover from its weak Sep 08 quarter results with the help of product launches amid easing commodity and fuel pr...