Cement is a key ingredient in the development of the economy as it is indispensable for nation building and has a direct linkage with the nation’s health and growth. It is also evolving from a mere commodity into a branded product. The demand for cement is strongly correlated to the rate of economic development and it gets adversely affected due to the slowdown in economic and infrastructure development activities. With a capacity of nearly 400 million tonnes, India is the second largest cement producer in the world. In India, the Housing Sector is the biggest demand driver of cement, accounting for about 67% of the total consumption. The other major consumers of cement include Infrastructure at 13%, Commercial construction at 11% and Industrial construction at 9%. Thus, construction of houses in rural and urban areas remains the biggest driver of cement consumption. Industry India’s cement industry is a vital part of the economy, providing employment to more than a million people.… (Read On…)

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SunEdison has filed for bankruptcy under chapter 11 of bankruptcy protection last week. Though it has mentioned that its subsidiaries, called Yield Companies (explained later) TerraForm Power and TerraForm Global are not included, there is some systemic risk is associated with it. SunEdison listed $16.1 Billion as its liabilities and $20.7 Billion as its assets. What they do? Sun Edison is organised in four business segment: Renewable Energy development, Renewable Energy Operating Systems, TerraForm power and TerraForm Global. Renewable Energy development segment develops, constructs and finance solar and wind projects. This segment also manufactures and subcontracts silicon wafers and solar module assembly respectively. The renewable Energy operating systems operates power generation projects. TerraForm Power owns and operates clean power generation assets in developed countries TerraForm global performs the same functionalities as that of TerraForm Power but owns and operates the assets based in emerging markets. TerraForm Power and TerraForm Global are subsidiary “YieldCos”. … (Read On…)

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Q4 Results are out! As the companies line up to disclose their performance report, we bring you a daily summary of the previous days results.  Here is a quick short summary of the 8 companies that came out with their results on 26-April-2016. Alembic Limited Axis Bank Bharti Infratel Mahindra Lifespace Developers Maruti Suzuki India Raymond State Bank of Travancore Tata Sponge Iron Ore Note: All values reported here are in crores except EPS and unless stated these are consolidated results Disclaimer Nothing in this newsletter is financial advice and should not be construed as such. Please do not take trading decisions based solely on the matter above; if you do, it is entirely at your own risk without any liability to Capital Mind. This is educational or informational matter only, and is provided as an opinion. … (Read On…)

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Jubilant Life Sciences Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in manufacturing and supply of APIs, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products, Advance Intermediates, Fine Ingredients, Crop Science Ingredients, Life Science Chemicals and Nutritional Products. It also provides services in Contract Manufacturing of Sterile Injectable and Drug Discovery Solutions. Over the years, Jubilant Life Sciences has extended its footprint beyond India in the USA, Canada, Europe, and other countries across the globe. The company has a network of 7 world class manufacturing facilities in India and 5 in North America and a team of around 6100 multicultural people across the globe with ~ 1200 in North America and ~900 in R&D. Deutsche Securitie s which held 3,103,408 shares or 1.95% exited the company with complete stake sale to  Citigroup Global Markets. Disclaimer Nothing in this newsletter is financial advice and should not be construed as such.… (Read On…)

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Kaveri Seeds You can view the earlier guest posts from Ravi Duggirala here: Guest Post: The Royalty Mess at Kaveri Seeds, by Ravi Duggirala Royalty Mess at Kaveri Seeds Revisited Kaveri Seeds is known for genetically enhanced premium quality seed. The Company has vast experience in seed production of major agricultural crops backed by a very strong in-house R&D programme for crops maize, cotton, sun flower, bajra, sorghum, rice and several vegetable crops. With over 600 acres of farm land owned by the company and dedicated team of researchers, the company designs and develops productive hybrids that excel in market and fetch rewarding returns.  ICICI Prudential Mutual Fund and East Spring Investments which held 3,569,885 shares or 5.17%  as of 5-Jan-16 , sold a part of their stake to bring their shareholding down to 2,146,752 shares or 3.11% as per the disclosure submitted earlier today . Disclaimer Nothing in this newsletter is financial advice and should not be construed as such.… (Read On…)

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Axis Bank has revealed in its results today that seem shocking. For one, their profit fell for the quarter – a decline of about 1% year on year. For the full year, they were able to show a growth of 12% on EPS though, but much of that is because of the previous quarters. What’s changed? The massive increase in provisions .  They saw much higher NPAs – about 30 basis points more at both the gross and the net levels. The increase in both levels means that they saw more defaults, and then didn’t provision so much for them. (Net NPAs are Gross NPAs minus provisions, roughly) But that WatchList! Axis Bank has a new disclosure. It has Rs. 22,600 cr. in a “ Corporate Lending Watch List “, which is: Only large corporates (SME and Retail not included) Not yet NPAs Contains groups, projects or sectors that are stressed, and includes restructured accounts Now this is 13% of Axis Bank’s total corporate loan book .… (Read On…)

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Q4 Results are out! As the companies line up to disclose their performance report, we bring you a daily summary of the previous days results.  Here is a quick short summary of the 3 companies that came out with their results on 25-April-2016. ABB India Indiabulls Housing Finance UltraTech Cement Note: All values reported here are in crores except EPS and unless stated these are consolidated results Disclaimer Nothing in this newsletter is financial advice and should not be construed as such. Please do not take trading decisions based solely on the matter above; if you do, it is entirely at your own risk without any liability to Capital Mind. This is educational or informational matter only, and is provided as an opinion. … (Read On…)

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Wipro has announced it will buyback 40 million shares at a premium of Rs 625 per share. The buyback accounts to 1.62% of the total shares outstanding. The buyback will cost Wipro Rs 2500 Cr. The share buyback will be on proportionate and tendering basis. Wipro has announced May 6 2016 as the record date for share buyback in its BSE filing. The shareholding pattern of Wipro as filed in BSE for March 2016 is as follows: The announcement also stated the promoters are also willing to participate in share buyback. What does this mean? The share buyback is done on proportionate and tendering basis. It means that if you own 10000 shares  and you are willing to tender all your shares, then only 162 shares of yours will be bought by the company. Which is a small amount. But if you see from the promoters angle, Azim Premzi and his family owns 73.34% shares, so out of the 40 million shares to be bought back, maximum will be bought from promoters.… (Read On…)

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The whole trade situation continues to suck. I mean big time. India’s merchandise (physical goods) trade deficit narrowed to the lowest in nearly 5 years, at a tiny $5 billion for the month of March. However, this is largely because of the sudden drop in Gold imports, as Jewellers were on strike for most of March. The budget in 2016 introduced a clause requiring jewellers to pay 1% excise duty and to require more documentation of gold buyers, which prompted them to shut shop. This has provided a big relief to imports as the rupee also gained from the temporarily lopsided merchandise trade balance. Gold imports have fallen 80% to $0.97 billion in March (Source: the Hindu ) after a 34% drop in February ( Economic Times ). Are Indians losing their gold fascination? It’s too early to call, but a reduced rate of inflation, a potential success in the Gold Monetization and Gold Bond schemes and a falling price of Gold will change consumption patterns over time.… (Read On…)

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Salzer Electronics Salzer Electronics is the market leaders in India for Rotary Switches, PV application switches & PVC wiring ducts.. Salzer manufactures Rotary Switches, Load Break Switches, Wiring Ducts, Terminal Connectors, Selector Switches, Ammeter Switches, Voltmeter Switches, DC Disconnectors, Electro Magnetic Relays and Magnetic Wires. Elara India Opportunities Fund which held 544,361 shares or 3.99% as of March, 2016 – sold 145,495 shares or 1.07% over a period of 3 days thereby reducing its stake to 398,866 shares or 2.92%. Elara Capital journey in the global financial markets began in 2002 when Raj Bhatt and a clutch of finance professionals teamed up to set up a firm with an entrepreneurial DNA and a strong value system. Elara has emerged as one of the leading investment banks for Indian companies looking at overseas fund raising, and was ranked amongst the top investment banks in the Bloomberg league tables. Since the first deal in 2003, Elara has successfully completed over 60 fund raising assignments.… (Read On…)

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