Tullow Oil (LON:TLW.L) report:East African Rift acquisition
2 September 2010 | Tullow has bought a 50% operated interest in sis adjacent licenses in the East Africa Rift Basins of Kenya and Ethiopia covering an area of 97,000Km2.Tullow has signed agreements with Africa oil Corp for interests in five licenses: 10BB, 10A, 12A and 13T in Kenya and the South Omo Block in Ethiopia and expands on the farm-in to Block 10BA from Centric Energy.
Salamander Energy (LON:SMDR.L) report:Dambus-1 Exploration Well
2 September 2010 | The trident-1X jackup rig has arrived at the Kutai PSC, East Kalimantan, Indonesia and drilling operating have begun.The well is targeting multiple deltatic sandstone reservoirs to a depth of 2,700m sub sea.
JKX Oil & Gas (LON:JKX.L) report:Exploration Update
2 September 2010 | The first of two wells testing gas prospects onshore in Bulgaria have spudded today.The Staro Oryahovo South R-1 will drill to a TD of 1,800m to test a submarine fan target of the Eocene age in the Kamchia Basin. Estimates are for gas of between 20 - 30Bcf. Drilling should complete by end of September.
SOCO Petroleum (LON:SIA.L) report:Vietnam Discovery
1 September 2010 | The joint operating company Hoang Long and operator of Block 16-1 int eh Cuu Long basin announces that the Te Giac Den appraisal well TGD-2x has encountered hydrocarbons.The encounter was in clastics at c.4,450mMD in the Oligocene.
Rio Tinto (LON:RIO.L) report:Go-ahead for Hope Downs 4 iron ore project
31 August 2010 | Rio Tinto has announced the go-ahead for the Hope Downs 4 iron ore project in Western Australia. The total cost of the mine and associated infrastructure is US$1.6 billion, to be shared by Rio Tinto and its joint venture partner, Hope Downs Iron Ore.The project benefits from a proven reserve of 73Mt of ore grading 63.0% iron and a probable reserve of 64Mt grading 63.2% iron.
Gulfsands Petroleum (LON:GPX.L) report:Tunisia drilling updates
31 August 2010 | Australian listed ADX Energy, the operator of the Kerkouane exploration license, reports that it has drilled from 2,291m through the Aboid formation to a current depth of 2,785m.Plans are to drill to total depth and then proceed with formation evaluation and petrophysical analysis.Gulfsands is in the process of acquiring a 30% interest in the Kerkouane Licence and Pantelleria Permit.
First Quantum (LON:FQM.L) report:Suspension of operations at the Frontier Mine in the DRC
31 August 2010 | First Quantum has been forced to suspend operations at its Frontier copper mine in the DR Congo following the withdrawal of its exploitation permit.This is the culmination of a series of sequestrations of First Quantum’s mining assets in the DRC, allegedly because of licence violations. First Quantum is already challenging the legality of these actions in the international courts as it has been unable to get legal satisfaction within the DRC.
Chariot Oil & Gas Ltd (LON:CHAR) report:Pre Close Update
31 August 2010 | Prior to releasing its results for the period ending August 31st 2010 Chariot provides further updates on its Namibian assets.3D seismic data has been received from the Northern (1811A&B) and Southern (2714A&B) blocks and interpretation has been underway over the past several weeks.Once the seismic data has been interpreted and analysed Chariot intends to publish an update on its resources for these blocks.
BTG (LON:BGC) report:Further agreement with Nycomed US Inc
31 August 2010 | BTG announced that it signed an agreement with Nycomed US Inc. concerning the accelerated transition to BTG on 1 October 2010 of marketing rights to CroFab and DigiFab.Under the terms of the new agreement, the companies will cooperate to ensure an orderly transition of the sales, marketing, promotion and distribution functions to BTG and to ensure continued orderly product supply to end users.BTG will gain access to Nycomed's market data, customers and sales force, and from 1 October 2010 BTG will have exclusive rights to market and sell the products.
Mphasis 1QFY2010 performance highlights and result update
28 August 2010 | For 3QFY2010, Mphasis reported top-line growth of 4.8% qoq to Rs1,279cr. The company reported mixed performance. Volume growth in the application and ITO segments stood robust, but pricing cut by HP stood steep at 9.6% for the application segment. However, the restructuring exercise in the BPO segment, change in business mix and favorable price review in the ITO segment led to 180bp and 470bp expansion in BPO and ITO margins, respectively, limiting the overall gross margin erosion to 110bp.Mphasis registered impressive volume growth of 7.6% qoq in the application segment and ~20% qoq growth in the ITO segment (including revenue from Fortify Infrastructure, which was acquired during the quarter).
Whirlpool of India Ltd. review and analysis by Keynote Capitals
28 August 2010 | Whirlpool of India Limited is a subsidiary of Whirlpool Corporation, USA and is one of the leading manufacturers of home appliances in the country primarily engaged in manufacturing and selling consumer durables such as Refrigerators, Washing Machines, Air Conditioners, Microwave Ovens and semi-finished goods caters to consumers in India and abroad.Consumer spending is one of the important aspect that determines the economic growth and development of a country. In India, the pattern of consumer spending includes increase in earnings and higher disposable income with individuals, consumption preference, availability of credit such as loans, credit cards etc., awareness of branded products and rapid urbanisation
Dana Petroleum (LON:DNX.L) report:Interim results
27 August 2010 | H1 income was £185.7m, pre tax profit £82m, cash generated from operations £191.5m, net income of 31.4m, EPS 33.68p.The company has net bank debt of £8.6m, convertible debt of 121.8m abd a new bank facility of US$900m.H1 production averaged 37,215b/d. Production guidance for the group before the effects of the Petro Canada Netherlands (PCN) acquisition remains at 37,000 – 41,000BOE/d. Its 2010 exit rate is estimated to be 51,000BOPE/d. PCN 2010 average production is c. 10,700BOE/d.
Shire plc (LON:SHP) report:European approval for VPRIV
27 August 2010 | Shire yesterday announced that the European Commission has granted marketing authorization for its VPRIV treatment, indicated for Type 1 Gaucher Disease.The treatment has been authorized as an orphan medicine through the Centralised Procedure, making it available in 30 countries across Europe.Shire’s approvals come at convenient time, given that competing drug, Cerezyme—manufactured by US player Genzyme—has had manufacturing issues which have led to a c. 34% drop in sales last year.
Premiere Oil (LON:PMO.L) report:Half yearly results
26 August 2010 | H1 production was up 17% to 46,600BOE/d. 2010 production guided to be 44,000BOE/d.The company is planning 20 wells over the next 12 months and targeting 300mmBOE.Cash on hand of $449m and it has $404m in available undrawn bank facilities.
Gulf Keystone Petroleum Ltd (LON:GKP) report:Four Site Visit Trip to Kurdistan
26 August 2010 | We have returned from a fascinating and very informative four day trip to Kurdistan to examine the progress that Gulf Keystone is making with its assets.We spent Sunday, Monday, Tuesday and Wednesday with the CFO and COO to see each of the company's blocks.We had high quality access to the management over the four days and learned more about GKP's operations and the regional setting.We started with a visit to the pipe yard as a way to place the four blocks into a regional context.
Cryo-Save (LON: CRYO) report:Interim Results
26 August 2010 | Cryo-Save Group announced interim results this morning.Revenue was up 5% to €19.5 million.Net profit came in at €1.3 million.Over 50% of new customers opted for a combined service of cord blood and cord tissue storage in the countries where it is offered.
Asterand (LON:ATD) report:Interim results
26 August 2010 | Asterand's interim results demonstrate the difficult trading environment faced by many Contract Research Organisations (CRO) that are dependent on R&D outsourcing from a global pharmaceutical sector in retrenchment.In response, monthly costs were cut by c. $0.3m (which took full effect in August) and the group refocused its efforts on targeting revenue from other areas, including the diagnostics, biotech and government sectors
PTC India report : PTC India Financial Services gets IFC status
25 August 2010 | PTC India Financial Services (PFS), a subsidiary of PTC India, has been given the infrastructure financial company (IFC) status by the Reserve Bank of India (RBI). The RBI had earlier classified non-banking financial companies (NBFCs) under three categories, namely asset finance companies, loan companies and investment companies. Recently, the RBI introduced a fourth category of NBFCs, i.e. IFCs. Post this development, PFS would be allowed to have a higher exposure to lending and investment to a single borrower or a group of borrowers. Further, PFS would have better access to resources as the exposure limit for banks’ funding to IFCs has been improved. At the CMP of Rs119, PTC India is trading at 23.5x FY2011E and at 18.2x FY2012E earnings. We maintain our Buy recommendation on the stock with an SOTP fair value of Rs136
Paddy Power (LON:PAP) report:1H Results
25 August 2010 | Solid set of 1H results this morning, ahead of expectations. Total gross win €206m, ~12% ahead of expectations (€184m) and 53% ahead of 1H09 in CCY. EPS 82.2c vs 74.5c ~10% ahead of expectations and 30% ahead of 1H09 (62.6c). Strong performance from world cup as expected contributed €18m to gross win.Substantial increase in online business up 117% to €112m (€61m) and operating profits in online were up 66% to €36.1m and make up 73% of group profits. UK retail saw 6x increase in l-f-l EBITDA per shop in Britain up 27%. 22 shops opened year to date.
Dori Media (LON:DMG ) report:Interim results to June 2010
25 August 2010 | Dori Media Group (DMG) reported a strong set of 1H results inline with our expectations. Showing sequential top line growth on both 1H09 and 2H09. Further the outlook is improving and we expect a stronger 2H performance which should meet our forecasts for the group.DMG’s library of content continues to expand as does the international revenue base. New platforms such as internet and mobile offer significant opportunities for distribution of content. These factors underpin future revenue, profits and cash.
Axis-Shield (LON:ASD) report :Interim results
25 August 2010 | Axis-Shield today announced its interim results for the six months ended 30 June 2010.Revenues increased 2.8% to £50.9m. The group experienced slower sales of CRP tests, its single biggest revenue generator, as a result of a weak Influenza season—revealing the company’s over-exposure to a single product range
Vinati Organics Ltd 1QFY2010 performance highlights and result update
24 August 2010 | Robust growth in sales: Vinati Organics Limited (VOL) reported sales of Rs 70 cr, as compared to sales of Rs 50.8 cr in Q1FY10, registering robust growth of 37.6% yoy. ATBS demand drove growth and we expect it to remain strong in future also.Profitability declined: VOL reported EBITDA of Rs 13.5 cr, a growth of 11.8% yoy. However, EBITDA margins declined from 22.6% in Q1FY10 to 18.9% in Q1FY11. The company had onetime aberrations during the quarter with respect to their Lote plant, which mainly manufacture ATBS. As the company has quarterly contracts in ATBS the pass on of increased raw materials got delayed by one quarter hence the margins got impact. We believe going forward; this would correct taking the company margins to their normal levels of 22-23%.
Source BioScience (LON:SBS) report:Interim results
24 August 2010 | Source BioScience’s (SBS) interim results demonstrate that the group’s blended business model has again proven to be resilient in the face of trying economic times. All three of the group's business units showed continued operational progress.While group revenue was relatively flat at £6.9m (H1-09: £6.7m), EBITDA at £0.6m came in 26% higher YoY (H1-09: £0.4m)—moreover, H1-09 was a particularly strong half, in part due to the increased awareness of the need for screening as a result of publicity surrounding Jade Goody’s death from cervical cancer. Finally, the company closed the period with healthy cash reserves of £5.5m and no debt.
Antofagasta(LON: ANTO) report:Tipping Point
24 August 2010 | Antofagasta has released results for the first half of 2010. Unsurprisingly, given the recent strength in the copper price, the results were excellent. Turnover was up 49.5% at US$1,761m and earnings were up by 91.4% at US$451m. Copper production for the half year was 252.9m tonnes, up almost 16% with the plant expansion at the flagship Los Pelambres starting to make a contribution.
Gujarat Pipavav Port IPO review and analysis by Angel Broking
23 August 2010 | Gujarat Pipavav Port Limited (GPPL) is a private port in proximity to the north-western region which handles around 65% of the container cargo in India. We believe that GPPL is well-positioned to attract incremental container traffic given high capacity utilisation and port congestion at JNPT. We recommend Subscribe to the IPO at the lower price band with a long-term perspective.GPPL is not a major port and hence is not covered under the purview of the Tariff Authority for Major Ports (TAMP). Thus, GPPL is free to set its own tariffs making it nimble to respond to changes in market dynamics. In order to attract volumes and combat with global recession, GPPL had reduced tariff in CY2009. However, management has indicated to hike its container tariff by ~25% from CY2010 following improvement in the economy.
Gujarat Pipavav Port Ltd. IPO review and analysis by Keynote Capitals
23 August 2010 | Gujarat Pipavav Port Limited (GPPL) is developer and operator of APM Terminals Pipavav, India’s first private sector port, which has multi-cargo and multi-user operations. GPPL has the exclusive right to develop and operate APM Terminals Pipavav and related facilities until September 2028 pursuant to the Concession Agreement with Gujarat Maritime Board (GMB) and the Govt. of Gujarat.GPPL are principally engaged in providing port handling and marine services for container cargo, bulk cargo, and LPG cargo. In addition, it also operates a Container Freight Station (CFS) and also generates revenue from land-related and infrastructure activities.
Sirius Exploration (LON:SXX) report:Moving ahead with potash prospects
23 August 2010 | Sirius is moving ahead with the exploration of its potash prospects in the USA and Australia. In the USA, it has received permission to drill a deep borehole to test the potash at its Dakota Salts project. Work should start in Q4 2010.In Australia, the company has just received the results of technical studies, examining the geological potential of the licences in Queensland. These studies will be used to plan a drilling campaign to test the potential for potash there.
Eurasian Natural Resources(LON: ENRC) report:Fear and Greed in the Congo
23 August 2010 | On Friday afternoon, ENRC announced that it has acquired a 50.5% interest in a private company, Camrose Resources. Camrose is controlled by an Israeli named Dan Gertler who has been involved with mining in the DR Congo for some while, focussing on diamonds, copper and cobalt.Camrose holds rights to several exploration licences that are contiguous to licences that ENRC acquired when it bought CAMEC late last year. These are highly prospective for both copper and cobalt.
McNally Bharat Engineering1QFY2010 performance highlights and result update
21 August 2010 | McNally Bharat Engineering (MBE) posted disappointing set of numbers for 1QFY2011, and well below our estimates. MBE has robust order book of Rs4,803cr (2.4x FY2010E consolidated revenues) led by the power sector, which lends high revenue visibility. We maintain our Buy recommendation on the stock.For 1QFY2011, MBE posted muted yoy sales growth of 12%, while EBITDA margin came in lower at 5.5% (6.8%) due to which EBITDA de-grew by 9%. PAT registered 16% yoy growth to Rs6cr. MBE’s subsidiary, McNally Sayaji (MSE), also posted disappointing performance for the quarter clocking yoy sales growth of mere 17%, while EBITDA margin contracted by 700bp to 13.9%. PAT declined by a substantial 64% to Rs1cr
Sesa Goa report Strategic investment in Cairn India
21 August 2010 | Vedanta Resources Plc, along with Sesa Goa, has entered into an agreement with Cairn Energy Plc to acquire a 51–60% stake in its Indian subsidiary, Cairn India, at a price of Rs405 per share. While Rs355per share is being paid towards the sale and purchase of the agreement, the balance Rs50 per share is being paid as non-compete fee. The non-compete fee will be paid in consideration for Cairn Energy agreeing not to engage in the business of oil or gas extraction in India, Sri Lanka, Pakistan and Bhutan, or any other business that competes with the business of Cairn India and its subsidiaries, for a period of three years. Vedanta, along with Sesa Goa, will make the 20% mandatory open offer to other shareholders (except Cairn Energy Plc) of Cairn India at Rs355 per share; Sesa Goa will make a strategic investment of 20% in Cairn India. The 20% stake will be acquired through a combination of share purchase from Vedanta (at a price of Rs405 per share) less the number of Cairn India’s shares acquired under the open offer (at a price of Rs355 per share).
Cairn India report Vedanta buys majority stake in Cairn India
21 August 2010 | Cairn Energy Plc has entered into an agreement with Vedanta Resources Plc for sale of 40-51% stake in Cairn India. The success of the 20% mandatory open offer to minorities will determine the extent of stake sale by Cairn Energy Plc. The all-cash deal is being executed at Rs405/share, wherein Rs355/share will be towards the sale and purchase agreement and the balance Rs50/share constituting the non-compete fee. Thus, the open offer to the minorities will be at the lower price of Rs355/share, which is at 6.7% premium to the close price. Thus, the minority shareholders are at a disadvantage. The offer is subject to the government approval. The open offer will be made through Sesa Goa. Post the transaction, Sesa Goa will hold 20% in Cairn India, with Vedanta holding 31- 40%.If Petronas tenders its share, the acceptance ratio in case of 100% tendering, will be 53%. However, if Petronas does not tender its share, the acceptance ratio would be higher at 88%. Under both scenarios, at our target price for the stock, we believe that there are limited upsides from current levels in case one decides to tender the shares. Thus, one should be indifferent between tendering the shares in the open offer or retaining them.
Bharti Airtel 1QFY2010 performance highlights and result update
21 August 2010 | For 1QFY2011, Bharti Airtel posted robust top-line performance, up 13.8% qoq, aided by the acquisition of Zain Africa. However, margins declined due to high SG&A, network operation and access costs, while the bottom line was severely affected due to the loss reported by its African operations.Bharti Airtel’s net revenue grew 17.4% yoy (13.8% qoq), which included revenue contribution of Rs958cr from Zain Africa, which has been accounted for 23 days (June 8–June 30, 2010) in 1QFY2011. The company’s global subscriber base stood at 177mn as of 1QFY2011. The company reported a 518bp yoy (189bp qoq) drop in EBITDA margin in combined operations. Further, a) the net interest payable of Rs420cr v/s net interest income of Rs128cr and Rs36cr in 1QFY2010 and 4QFY2010, respectively, b) higher depreciation cost and c) higher tax rate, resulted in a 32% yoy (18% qoq) decline in the bottom line of combined operations (including Africa) to Rs1,682cr. This was mainly due to a net loss of Rs224cr incurred in its African operations. However, comparing its India and South Asia financials, the company’s top line grew 8.2% yoy (4.9% qoq) to Rs11,273cr, while posting a 360bp yoy (80bp qoq) margin decline. Thus, the bottom line, excluding Africa, declined by 23% yoy (6.8% qoq) to Rs1,905cr.
Shiv-Vani Oil & Gas 1QFY2010 performance highlights and result update
21 August 2010 | Shiv-Vani Oil and Gas (SOGES) reported good set of numbers for 1QFY2011 on the back of deployment of additional two rigs during the quarter. One rig remains to be deployed with ONGC, which is likely to happen in the current quarter. For 1QFY2011, the company registered top-line growth of 43.8% yoy, while bottom-line grew 53.4%. We remain positive on the company’s future growth prospects on account of strong order book and substantial investment commitments under NELP. We maintain a Buy on the stock.SOGES registered strong top-line growth of 43.8% for 1QFY2011 driven by newer asset deployment. This growth was despite the 6.5% yoy appreciation in the rupee during the quarter. OPM expanded by 302bp yoy. Excluding the impact of forex fluctuations, OPM increased by 381bp yoy, driven by deployment of high-end rigs, benefits of operating leverage and increased contribution of the integrated projects in the revenue mix of the company. Bottomline registered an increase of 53.4% yoy to Rs65cr (Rs42cr).
National Aluminium 1QFY2010 performance highlights and result update
21 August 2010 | National Aluminium’s (Nalco) 1QFY2011 net revenue came in at Rs1,292cr, below our estimates of Rs1,459cr. However, net profit at Rs284cr was in line with our estimates of Rs279cr.: Nalco’s net revenue increased by 40.2% yoy to Rs1,292cr, mainly driven by higher realizations and increased sales volumes. During the quarter, while aluminium production increased by 6.6% yoy to 111,663 tonnes, sales volume was higher by 16.7% yoy to 108,620 tonnes (93,104 tonnes in 1QFY2010). During the quarter, the aluminium segment reported revenue growth of 49.1% yoy to Rs1,121cr and the chemical segment reported revenue growth of 15.3% yoy to Rs403cr. However, the company’s energy segment reported a 25.1% yoy decline in revenue to Rs360cr despite power generation increasing to 1,659mn units (1,600mn units). EBITDA margin expanded by 1,233bp yoy to 30.5%. This was mainly due to decline in a) rawmaterial cost (as a % of net sales), from 13.6% in 1QFY2010 to 7.3% in 1QFY2011; b) power cost (as a % of net sales) from 30.9% in 1QFY2010 to 28.6% in 1QFY2011; and c) staff cost (as a % of net sales) 18.3% in 1QFY2010 to 16.9% in 1QFY2011. Consequently, EBITDA grew by 135.4% yoy to s394cr. The effective tax rate for the quarter declined to 27.5% (as compared to 34.1% in 1QFY2010). As a result, net profit increased by 124.8% yoy to Rs284cr.
Gujrat Pipavav Port Ltd IPO review and analysis by Nirmal Bang
21 August 2010 | Gujarat Pipavav Port Ltd (GPPL) is the developer and operator of “APM Terminals Pipavav” port. It was incorporated in 1992 by Gujarat Maritime Board (GMB) & SKIL Infrastructure Limited (SKIL). APM Terminals, one of the world’s largest terminal operators with a global network of 50 terminals in 34 countries, acquired 13.5% equity in the company in 2001. In 2005 APM terminals acquired management control by purchasing shares from SKIL group. Currently APM Terminals own 57.9% of the company’s stake. Though the port is a non-major port and was operational since 1996, post acquisition of management control by APM, it upgraded its facilities at par with international standards and enhanced the facilities to handle 0.60 million TEU of container cargo and about 5 mn tonnes of bulk of cargo per year. The company has leased land of 1561 acres, out of which only 485 acres has been developed and balance land can be utilized for further expansion of the port.
Allcargo Global Logistics 1QFY2010 performance highlights and result update
21 August 2010 | Allcargo Global Logistics’ (AGL) consolidated 2QCY2011 results were marginally above our expectations owing to strong performance by ECU Line. Management expects ECU Line’s performance to sustain and double capacity at JNPT CFS by CY2011 end and enhance profitability. There was strong volume growth across segments with improvement in Exim visibility. The stock has underperformed in the last one year on account of subdued performance in ECU Line and is currently available at reasonable valuations. We upgrade the stock to Accumulate.AGL reported a 22.2% yoy and 9.2% qoq jump in revenues to Rs639cr due to strong pick-up in volumes across segments. ECU Line reported 15.6% yoy and 65.6% yoy growth in revenues and profit respectively in 2QCY2010. OPM came in at 10.4%, down by 150bp yoy on lower ground rent in the CFS segment and the Indian MTO segment registered higher depreciation charges coupled with only the absolute hike in freight rates getting passed on. Reported PAT fell 18.7% yoy, but higher by 11.3% qoq to Rs38cr in 2QCY2010 as the company booked other income of Rs18cr on sale of investments in GDL in 2QCY2009. AGL also continued to claim MAT entitlement, which resulted in lower tax rate of 17.6% (20.4%) for 2QCY2010.
Astral Poly Technik Ltd 1QFY2010 performance highlights and result update
20 August 2010 | Revenue for the Q1FY11 stood at Rs 71.04 crores, up by 37.2% on YoY basis. Increase in revenue is driven by volume growth. On QoQ basis revenue decreased by 30.4% on account of lower sales as compared to Q4FY10. Due to nature of business sales volume are usually higher in Q4.EBITDA margins declined by 281bps on YoY basis and stood at 12.8% as against 15.6% in Q1FY10, and on QoQ basis it declined by 82 bps. CPVC resign is the key raw material, which is imported from Lubrizol. Depreciating rupee has increased the material cost and it was not able to pass on the increased cost. In addition to this it has written off inventory due to decline in PVC price. Collectively, deprecating rupee and inventory write off has dented the margins. However it has effected the price increase of 4% to 5% from the month of August, which will help it to cool off the pressure on the margins
Xcite Energy (LON:XEL.L) report:Fund Raising
20 August 2010 | Xcite has engaged Arbuthnot and FirstEnergy who have received indicative commitments in excess of CAD$8.5m.The funds will be used for an enhanced work programme which should provide greater certainty on the planned horizontal flow test, significant additional data and acceleration of the planned first stage production.
Metminco (LON: MNC) report:Interest in Hampton increased from 71.9% to 72.3%
20 August 2010 | Metminco has increased its interest in Hampton Mining from 71.9% to 72.3% after taking up its full entitlement in a rights issue. The total cost was A$982,615.The deal is in line with Metminco’s strategy to take control of Hampton.
Dana Petroleum (LON:DNX.L) report: Cash offer terms
20 August 2010 | KNOC announces the terms of a cash offer for Dana Petroleum valuing the company at £1.87bn. KNOC have received letters of support from 48.62% of shareholders.Cash offer of 1,800p/share which KNOC believes to be full and fair for its entire portfolio of production, development and exploration assets.Convertible bond holders will receive £141.5 for every £100 they hold.
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World stock markets daily report (September 02, 2010)
A hump day rally sparked by strong Chinese PMI and Aussie GDP data was followed up by much better than expected US ISM and the sentiment was for sure “RISK-ON” this was also helped by WSJ article about further stimulus from Obama administration and rumours of massive $6bn asset reallocation trade out of German bunds (the bond bubble) into S&P 500 futures as it was the start of a new quarter.
Indian stock market daily closing report (September 02, 2010)
The markets traded within a tight range after the positive momentum witnessed for two days and ended with modest gains. All the major sectoral indices ended on a very flat note. Sugar counters witnessed a significant spike on decontrol reports. The Sensex closed at 18,238 up 34 points and the Nifty was at 5,486 up 14 points after making an intra-day high of 5,513. The Mid cap and Small cap indices were up by 0.78% and 1.11% respectively. The breadth of the market was positive and the total turnover recorded at Rs.1,02,680 Cr. The Sept future ended with 3 points discount
World stock markets news summary (US, UK, Europe, Asia) (September 02, 2010)
Nationwide House Prices SA (Aug) M/M -0.9% vs. Exp. -0.3% (Prev. -0.5%); NSA (Aug) Y/Y 3.9% vs. Exp. 4.9% (Prev. 6.6%) (RTRS) UK house prices fell the most in six months in August as increased supply of property gave buyers more bargaining power, according to Nationwide Building Society.Britain’s deficit is constraining public finances, says IMF report. (Independent) Britain’s public finances remain “constrained” and among the most precarious of the major advanced economies, the International Monetary Fund (IMF) warned yesterday. Ranking nations by their “fiscal space” – the insulation that they have against further unforeseen shocks to their economic systems – the IMF said the UK was only one notch above those countries most commonly thought of as being bust.
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Godrej Properties IPO review and analysis by Angel Broking, 9 December 2009
Godrej Properties Limited (GPL) intends to develop its projects through joint development agreements with land owners. Under this asset-light model, GPL will enter into revenue, profit or area-sharing agreements with land owners, instead of an outright purchase of the land. This model avoids direct land dealings for GPL and the locking-up of extensive capital in land. Around 80% of GPL's existing land bank will be executed through joint developments with partners. The Godrej brand name has been associated with quality and strong corporate governance. Both of its existing listed entities, Godrej Consumer Products and Godrej Industries have given CAGR Returns of 48% and 77%, respectively, to investors since 2001. We believe that GPL could leverage its parentage brand (with respect to access to the land at Vikhroli and a strong customer preference towards it), assuring a timely delivery of execution. More than 50% of GPL's existing land bank is exposed towards township projects and in one location (Ahmedabad), which will be executed over the next ten years. Any delay in this execution or a fall in property prices in Ahmedabad will impact our NAV estimates, as 50% of our NAV is derived from this project.
JSW Energy Ltd IPO review and analysis by Nirmal Bang, 8 December 2009
JSW Energy Ltd. (JSWEL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has two thermal power projects under operation, with a combined installed capacity of 860 MW. JSWEL is a part of the JSW Group, a leading business group in India. JSW Group has a presence in high growth sector like Steel, Energy, Aluminium, Cement, Infrastructure and Logistics. Post IPO holding of Promoter and Promoter Group would be 78.12%
JSW Energy IPO review and analysis by Angel Broking, 7 December 2009
JSW Energy (JSWEL) currently has operational capacity of 995MW and is in the process of executing projects with capacity of 2,655MW. In addition, the company has 7,740MW power generation projects at an early stage of development. A major portion (2,145MW) of JSWEL’s upcoming capacities is expected to be operational by FY2011E thereby providing near-term visibility. Out of the plants under construction, the company expects to commission 570MW by end FY2010E, while another 1,575MW is expected to get operational in FY2011E. Thus, a robust portfolio and near-term Revenue visibility is a major positive for the company.
Surgutneftegas: Currency rates are putting away the dividends..., 26 November 2009
We have revised our model of Surgutneftegas. The reason for that was the output of the 3Q 2009 report, correction of our suppositions of the company’s future development, and also the postponing of the target time and evaluation one year forward. Particularly, in our model of Surgutneftegas we have corrected the former forecast of income for the current year towards reduction: on EBIT – by 2.2%, on the net profit – by 21.5%. Mainly that happened due to the corrections on the operating estimates, and also due to the continuing strengthening of Russian ruble, which, considering significant dollar liquidity of the company, turns into negative currency exchange. Due to the negative currency exchange precisely For the second quarter in a row Surgutneftegas shows low level of the net profit. The fourth quarter, as we see it, will not make an exception and we expect negative currency exchange similar to the ones in the third quarter.
Gazprom: Having passed the bottom, 23 November 2009
We have revised our estimation of Gazprom’s shares. The reason for up-dating the company’s model was the report by IAS for 1H 2009, the budget draft for the next year and corrections of WACC method calculation. The provided financial report of the gas monopoly totally brought no surprises. As it has been expected, the second quarter was worse than the first one and likely was the weakest within the whole year. In 1H 2009 the financial estimates were affected by the decline of the gas sale at all markets by 22.3% average, and by the reduction of the retail price of gas by 9.6% in the state of the far abroad and by 24% in Russia. As a result within the six months of the year 2009 sales slipped by 24.1 bn USD or by 32.8% and formed 49.285 bn USD, operating profit and EBITDA showed reduction by 56.7% and 52.6% respectively and formed 12.98 bn USD and 16.18 bn USD.
Cox and Kings IPO review, analysis and recommendation, 18 November 2009
Cox and Kings proposes to make its IPO in the price band of Rs316-330/share, at a face value of Rs10 each, and to issue 1.85cr shares, of which 30.5lakh shares are offered for sale by Lehman Brothers Opportunity, Deutsche Securities Mauritius and Merrill Lynch Capital Markets Espana. Therefore, the fresh issue by the company will be to the extent of 1.55cr shares. The company plans to use the proceeds for debt repayment (Rs129.6cr), acquisitions and other strategic initiatives (Rs150cr), investment in overseas subsidiaries (Rs62.5cr), and investment in corporate offices and upgrading its existing operations (Rs60cr).
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