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Bulletin
CAPITAL MARKET Feb 14 – 27, 2005
BOOK CLOSURES & RECORD DATES
Company ABB Bajaj Hindustan Castrol India Cethar Inds. Cont. Chemicals Denisons Hydrau. Dhampur Sugar Essel Propack Fag Bearings Foseco India Dt. of Cl, Rec. Dt. Purpose 13.05 to 24.05 24.03 to 31.03 29.03 to 19.04 16.03 to 18.03 26.02 to 28.02 22.03 to 25.03 19.02 to 25.02 15.02 to 15.02 01.04 to 05.04 12.04 to 26.04 70% Div & AGM 40% Div & AGM 42.5% Final Div AGM AGM AGM & 21% Div AGM 80% Interim Div 35% Dividend AGM 100% Dividend J D Orgochem J K Inds. Mehta Integrated MRF 25.03 to 30.03 21.02 to 26.02 25.02 to 26.02 07.03 to 17.03 Hindoostan Spg. IDBI 01.03 to 09.03 25.02 to 24.03 Company Haryana Fin. Co. Dt. of Cl, Rec. Dt. Purpose 01.03 to 04.03 AGM AGM & 10% Dividend AGM Redemption of Bonds AGM 20% Div & AGM AGM 140% Final Div & AGM Ugar Sugar Works 14.03 to 28.03 Yash Papers 09.04 to 20.04 S Kumars Nation Saurashtra Cem. Shreyas Intermed SSI Thomas Cook (I) 17.02 to 24.02 19.03 to 29.03 24.03 to 30.03 23.03 to 30.03 24.02 to 17.03 Company Noida Medicare Riga Sugar Dt. of Cl, Rec. Dt. Purpose 21.02 to 24.02 16.02 to 18.02 AGM 11% Dividend & AGM AGM AGM AGM AGM 37.5% Dividend & AGM 30% Dividend 12.5% Dividend
Hazoor Media&Pow 21.02 to 24.02
Guj. Gas Company 01.04 to 05.04
FORTHCOMING BOARD MEETINGS
Date Company Purpose Date Company Purpose Date Company Purpose
14/02/2005 14/02/2005 14/02/2005 15/02/2005 15/02/2005
Escorts Finance Syndicate Bank Ucal Fuel Sys. Valiant Commun. Vesuvius India
Quarterly Results (Revised) Interim Dividend Quarterly Results Interim Dividend Accounts & Div
16/02/2005 18/02/2005 21/02/2005 23/02/2005 24/02/2005
SKF India Astrazeneca Phar Hexaware Vijaya Bank
Dividend & Accounts Accounts Stock Split Interim Dividend
25/02/2005 26/02/2005 28/02/2005 28/02/2005
Southern Ispat Wartsila India Bajaj Steel Inds
Bonus issue Dividend & Accounts Quarterly Results (Revised)
Database Finance Quarterly Results
Suashish Diamond Accounts
RIGHTS / BONUS / STOCK SPLIT RECORD DATES & EX-RIGHTS / EX-BONUS / EX-STOCK SPLIT
Company Ratio BONUS M M Forgings 1:1 R.D 17.02.2005 XB from 16.02.2005 R.D 17.02.2005 XB from 16.02.2005 R.D 21.02.2005 XB from 18.02.2005 Dt. of Cl, Rec. Dt, XR, XB, SS
Sesa Goa
1:1
Vyapar Inds.
7:2
RIGHTS / BONUS / STOCK SPLIT ANNOUNCEMENTS
Company RIGHTS Abee Info Consu. Ennore Foundries Lak. Vilas Bank Oudh Sugar Mills South Iron & St Tilaknagar Inds. Trent 1:1 14:10 7:10 3:4 23:10 1:2 1:10 Amit Intl. Ansal Properties Geojit Fin. Ser. Hi-Tech Gears Shivalik Bimetal Shrivatsa Intl. Sumeet Inds Ratio Company BONUS 1:2 1:2 1:1 1:1 1:1 1:1 1:2 Ratio
STOCK SPLIT I K F Finance 1:5 89 LCC Infotech 1:5
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Stock Watch
Stock Watch
CAPITAL MARKET Feb 14 – 27, 2005
Watch list
The following are fundamentally strong companies identified by Capital Market analysts. The list is constantly reviewed and updated, adding scrips with upward potential and removing those that have, in our opinion, exhausted their run.
COMPANY
ACC ABBOTT INDIA ALFA-LAVAL AMBIKA COTTON ANDHRA SUGARS ASIAN PAINTS ATLAS COPCO (I) AVAYA GLOBAL AVENTIS PHARMA BHEL BAJAJ AUTO BALLARPUR INDS. BALRAMPUR CHINI BASF INDIA BATLIBOI BHARAT BIJLEE BHARAT ELECTRO. BHARAT FORGE BIHAR CAUSTIC BLUE STAR BOC INDIA BRITANNIA INDS. CHETTINADCEMENT CIBA SPECIALTY CLARIANT (INDIA) COLGATE PALM. CROMP. GREAVES CUMMINS INDIA DCM SHRIRAM CONS DHUNSERI TEA EICHER MOTORS EID PARRY EIMCO ELECON ENGINEERS INDIA ESAB INDIA FAG BEARINGS FOSECO INDIA GAMMON INDIA GLAXOSMITHKLINE GODREJ CONSUMER GOODLASS NEROLAC GRASIM INDS. GREAT EASTERN HDFC HCL INFOSYSTEMS HDFC BANK HERO HONDA HIND.CONSTRUCT. HONEYWELL AUTO INDIAN HOTELS INDO GULF FERT. INFOSYS TECH.
IND. PRICE (Rs) NO. 07.02.2005
18 73 44 94 108 63 25 91 73 39 8 64 88 22 44 39 43 17 23 2 22 54 19 22 22 66 39 46 107 89 5 88 44 45 41 13 22 31 73 65 63 107 82 51 26 12 9 31 43 57 49 27 366 719 715 155 141 348 698 392 1215 782 1064 91 696 195 44 2917 587 1354 57 270 87 900 129 318 270 201 337 136 453 67 273 547 201 331 153 170 283 767 686 280 437 1341 172 792 816 561 534 381 634 574 132 2029
TTM YEAR
200412 200411 200409 200412 200412 200412 200409 200412 200409 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200409 200412 200409 200409 200409 200412 200412 200412 200412 200412 200412 200412 200412 200412 200409 200412 200412 200412
TTM EPS (Rs)
17.0 45.8 39.2 23.8 13.4 17.6 47.6 13.6 59.6 37.8 72.5 9.4 51.8 13.6 4.0 267.8 46.5 37.4 7.9 16.3 4.7 62.3 5.3 18.2 15.2 8.9 18.7 7.1 54.8 4.8 16.0 35.5 12.9 18.7 7.2 18.6 23.7 25.5 26.4 14.2 30.8 101.5 37.5 39.8 35.5 20.2 36.9 19.9 32.6 18.3 14.7 62.4
P/E
21.5 15.7 18.2 6.5 10.5 19.8 14.7 28.9 20.4 20.7 14.7 9.7 13.4 14.4 11.0 10.9 12.6 36.2 7.2 16.6 18.4 14.4 24.5 17.5 17.8 22.7 18.1 19.3 8.3 13.9 17.1 15.4 15.6 17.7 21.2 9.1 12.0 30.1 26.0 19.8 14.2 13.2 4.6 19.9 23.0 27.8 14.5 19.1 19.5 31.4 9.0 32.5 92
COMPANY
KARUR VYSYA BANK KIRL. OIL ENGINE KPIT CUMMINS INF KSB PUMPS LARSEN & TOUBRO M&M MICO MACMILLAN INDIA MAZDA MERCK MONSANTO INDIA MPHASIS BFL NESTLE INDIA NICHOLAS PIRAMAL ORCHID CHEM. ORIENT ABRASIVES ORIENTAL BANK PETRON ENGG. PUNJAB TRACTORS RANBAXY LABS. RAYMOND RELIANCE INDS. SHANTHI GEARS SHREE CEMENT SIEMENS ST BK OF BIKANER ST BK OF INDIA SUNDARAM BRAKE SUNDRAM FASTEN. SUPER SALES AGE. SURYALAK. COTT. SWARAJ ENGINES SYNGENTA INDIA TISCO TATA CHEMICALS TATA INFOTECH TATA MOTORS TATA TEA THERMAX THOMAS COOK TRF UGAR SUGAR WORKS UPPER GANG. SUG. UTI BANK VEEJAY LAK. ENG. VESUVIUS INDIA WENDT INDIA WHEELS INDIA WILLIAMSON TEA WIPRO WOCKHARDT ZODIAC CLOTH. CO
IND. PRICE (Rs) NO. 07.02.2005
12 46 28 78 45 7 10 77 44 73 68 28 54 70 71 1 11 45 7 70 97 107 44 18 43 11 11 10 48 94 94 46 68 84 49 26 5 89 44 104 44 88 88 12 92 81 1 10 89 27 70 97 474 436 647 222 975 540 1944 404 58 496 1750 249 585 276 327 219 301 115 187 1062 309 530 41 300 1462 2370 643 393 117 110 128 379 414 399 163 412 492 505 580 474 124 197 240 222 118 196 414 287 148 688 362 469
TTM YEAR
200412 200412 200412 200409 200412 200412 200409 200412 200412 200412 200412 200412 200409 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200412 200409 200412 200412 200412 200412 200412 200412 200410 200409 200412 200412 200412 200412 200409 200412 200412 200412 200412 200409 200412
TTM EPS (Rs)
64.4 44.9 31.0 16.1 45.9 43.0 108.1 26.0 6.4 39.9 92.3 6.0 22.8 11.9 7.2 30.4 39.1 10.3 9.2 29.4 10.9 47.8 2.5 11.6 48.4 427.8 78.1 41.7 6.8 25.2 13.7 35.0 24.4 59.5 11.3 34.1 31.5 21.7 22.9 18.8 8.2 33.2 34.9 13.1 9.6 11.7 36.6 26.2 6.6 19.1 16.8 14.3
P/E
7.4 9.7 20.9 13.8 21.3 12.6 18.0 15.5 9.0 12.4 19.0 41.4 25.7 23.2 45.6 7.2 7.7 11.1 20.4 36.1 28.2 11.1 16.2 25.9 30.2 5.5 8.2 9.4 17.1 4.4 9.3 10.8 17.0 6.7 14.4 12.1 15.6 23.2 25.4 25.2 15.1 5.9 6.9 16.9 12.2 16.8 11.3 11.0 22.3 36.0 21.6 32.8
TTM: Trailing 12 months
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Stock Watch BOC India
CAPITAL MARKET Feb 14 – 27, 2005
18% to Rs 271.49 crore. OPM improved by 460 basis points to 18.9%. Subsequent to the commissioning of a state-of-the art modern liquid compression facility at a new site at Bangalore on 1 August 2004, the operations at the old Having rationalised its operational structure, the company is set to make unit at Tumkur Road, Yeshwanthpur, most of the rise in demand for gases Bangalore, have been discontinued. This has substantially improved the productivity and reduced costs. Over the past OC India (BOCI) is the leader in the period were up by 38% to Rs 110.35 couple of years, BOCI has undergone the gases business in India since crore. The operating profit margin substantial restructuring and 1935. The company is a constituent of (OPM) showed an increase of 740 basis rationalisation in the form of huge VRS, the $ 6-billion BOC Group Plc. of UK, points to 22%, resulting in a 108% inclosing down of unlivable plants, selling which is one of the largest and certainly crease in the operating profit to Rs 24.30 of unproductive assets, reduction in the most global of the world’s leading crore. The high OPM was mainly on acworking capital and adoption of intergases companies. The parent controls count of better price realisation from gas national productivity, quality and cus54.8% equity stake in BOCI. sales, improved billings from its project tomer service norms. Full benefits of The gases business is capital intenengineering arm and reduction in all exthese measures will be reflected in fusive with large production units and dispenditures except raw material cost. ture, specially when the economic scetribution and storage networks required In the nine months ended December nario is very favourable. to service bulk volumes at low costs. 2004, BOCI posted a 189% rise in the BOCI recently signed a long-term More than 20 production facilities, inprofit before tax before exceptional items contract with Jindal Vijaynagar Steel cluding one of Asia’s largest air separato Rs 32.56 crore on a sales growth of (JVSL) for supply of gases from an onsite tion units; 40 warehouses and depots; plant at Bellary in Karnataka. The 855100 dealers; and more than 100 dedicated Capitalising on the steel boom tpd plant, expected to be commissioned tankers in the distribution fleet give BOCI BOC India has a strong visibility by March 2006, will also cater to the mera geographic reach, which puts it in a of earnings chant market in the region. highly advantageous position. Earlier this year, BOCI announced Besides supplying gases, BOCI also that it is setting up a merchant plant and has a project engineering division, which cryogenic plant at Hyderabad. This achieved sales of Rs 40 crore last year. Rs 65-crore liquid gas plant, a standalone The recent winning of a large contract unit with a capacity of 19 tpd, will target for setting up a 1,260-tonne per day (tpd) the pharmaceuticals, biotechnology, fabair separation unit in western India furrication and metal cutting industries in ther reflects the confidence that customsouth India. The decision to foray into ers repose in the project execution skills south India is strategic. The company has of the division. From this, BOCI on-site plants in western and eastexpects to get Rs 100 crore in a BOC India: Financials ern India. two-part payment. In FY 2005, BOCI can report The steel industry, which is 0203(12) 0303(12) 0403 (12) 0503(12P) 00603(12P) sales and net profit of Rs 381.84 one of the key users of gases, is Sales 303.79 322.27 312.97 381.84 458.21 crore and Rs 30.83 crore, givexpanding rapidly. The recent OPM (%) 12.1 12.1 15.4 19.8 22.0 ing an EPS of Rs 6.3, which will survey of investment projects OP 36.68 38.97 48.12 75.71 100.81 increase to Rs 10 in FY 2006. indicates outstanding capital exOther income 9.89 10.02 4.04 1.87 2.00 Commissioning of the captive penditure of Rs 138663 crore in plant for JVSL will ensure earnPBIDT 46.57 48.99 52.16 77.58 102.81 the ferrous metals sector as of ings growth even in FY 2007 October 2004, which was just Rs Interest 18.77 14.86 9.52 4.30 1.00 and beyond. 46821 crore as of October 2003. PBDT 27.80 34.13 42.64 73.28 101.81 BOCI’s share currently The steel industry is expected to Depreciation 25.00 23.10 22.50 22.49 25.00 changes hands at around Rs 87, invest Rs 123921 crore, up 227% PBT 2.80 11.03 20.14 50.79 76.81 which discounts the FY 2005 compared to October 2003. EO -1.72 8.95 23.55 2.79 0.00 EPS by 13.8 times and FY 2006 All this augurs well for a susPBT after EO 1.08 19.98 43.69 53.58 76.81 EPS by just 8.7 times. In view tained growth in demand for of the strong visibility of earnBOCI’s products. The results are Tax (incl Deferred) -1.50 3.65 14.40 22.75 27.65 ings for the next few years, leadalready visible. In the quarter PAT 2.58 16.33 29.29 30.83 49.16 ership position in a fast growended December 2004, the comEPS (Rs)* 0.4 1.8 2.8 6.3 10.0 ing industry and support of a pany posted an increase in * Annualised on current equity of Rs 49.08 crore. Face Value: Rs 10. EO: very strong and large parent, profit (before tax and extraorExtraordinary items. EPS is calculated after excluding EO and relevant tax. the company deserves much Figures in Rs crore. (P): Projections dinary income) of 340% to Source: Capitaline Corporate Database better discounting. Rs 18.23 crore. The net sales for
Bullish prospects
B
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Capitaline Corner
Capitaline Corner Bharat Bijlee
CAPITAL MARKET Feb 14 – 27, 2005
Power-packed
The company has everything going for it: excellent performance, valuable investment and large cash
B
HARAT Bijlee is one of the leaders expenses due to VRS and Rs 15.08 crore in the electrical engineering indusExpect a bonus and hefty dividend on gain from transfer of the lift division). try in India. The company manufactures PBT after EO, thus, stood at Rs 24.17 crore. Selloff of lift division lifts Bharat and markets a wide range of low-tenThe current tax in the quarter ended DeBijlee’s fortunes sion standard and made-to-order mocember 2004 was Rs 3.09 crore with a detors and power and distribution transferred tax at Rs 15 lakh. Consequently, formers. It makes transformers up to the profit after tax stood at Rs 20.93 crore. 100 MVA and is in the process of In the nine months ended December upgradation to manufacture high-end 2004, Bharat Bijlee registered Rs 169.36 power transformers. This segment also crore as net sales. OPM was 21.3% with markets submersible pumps and mainOP at Rs 20.86 crore. PBT before EO rose tenance products. 173% to Rs 19.55 crore. Bharat Bijlee is a twin beneficiary of Bharat Bijlee holds 2,82,516 shares the investment upcycle in the Indian of Siemens India. At the current price of economy and power sector reforms. Iraround Rs 1450, the company’s holding respective of the party in power, the govin Siemens India is worth around Rs 40 ernment is committed to continue with crore, which means around Rs 700 per the power reforms. This is evident from share of Bharat Bijlee. Disinvestment of the clearance of the pro-reforms Nathis holding, as and when it happens, tional Power Policy by the current govwill unlock substantial value. Even if this ernment. As a reason, the Indian power investment is not sold, its value will only Capital Market’s sector is all set to witness heightened acincrease due to the excellent growth recommendations up 45%! tivity in the coming years as investments prospects of Siemens India. Sensex up 14%! in major power projects rise. On the The consideration for the divestment other hand, the rise in industrial activiContact: Tel: 91-022-522-9720 in lift business works out to Rs 33 crore, email: capitalmarket@vsnl.com ties will enable Bharat Bijlee to improve which means a potential additional cash sales of its electric motors and other digiper share of Rs 585 (of which Rs 440 is http://www.telefolio.com tal drives used in industrial sector. already realised). In total, the value of See page 95 The exit from the works and coninvestment in Siemens shares and construction contracts and service (lift sideration from the lift division Bharat Bijlee: Financials division) has been a great boon for give potential cash close to Bharat Bijlee. This divestiture has 0103 (12) 0203 (12) 0303 (12) 0403 (12) 0503 (12P) Rs 1300 per share — almost half enabled the company to register a the current price of Rs 2917. Sales 149.32 127.69 149.40 204.3 232.00 quantum jump in its profit marIn FY 2005, Bharat Bijlee can OPM (%) 1.4 1.0 4.7 8.2 12.9 gin, apart from strengthening its report EPS of Rs 326.5 (excludOP 2.05 1.25 7.00 16.82 29.91 balance sheet. ing EO and relevant tax). The Due to the divestiture of the share price trades at Rs 2917. Other inc. 3.44 1.51 2.22 1.22 3.50 lift division, Bharat Bijlee has regP/E at this price works out to PBIDT 5.49 2.76 9.22 18.04 33.41 istered a net sales growth of just just 9. It has potential cash of Interest 6.7 6.13 4.39 4.09 3.50 5% to Rs 59.46 crore in the quarter Rs 1300 per share. Adjusting PBDT -1.21 -3.37 4.83 13.95 29.91 ended December 2004 (on a comfor this, the scrip is available at Depreciation 1.5 1.46 1.39 1.35 1.53 parable basis, sales from the cona P/E of just 5. In view of tinuing business is up 58%). Howstrong performance and prosPBT -2.71 -4.83 3.44 12.6 28.38 ever, the operating profit (OP) pects, besides huge one-time EO 3.4 -1.59 -1.59 -1.59 13.90 rocketed 85% to Rs 9.05 crore with cash flow, the company should PBT after EO 0.69 -6.42 1.85 11.01 42.28 the operating profit margin (OPM) give a liberal bonus and a hefty Tax 0.06 -1.78 0.08 3.67 14.80 jumping from 8.7% to 15.2%. The dividend. Bharat Bijlee can profit before tax (PBT) before exalso split the face value of its PAT 0.63 -4.64 1.77 7.34 27.48 traordinary items (EO) was up a shares from Rs 100 to Rs 10, EPS* (Rs) 58.3 149.7 326.5 whopping 150% to Rs 9.49 crore. which will improve liquidity in On current paid up equity of Rs 5.65 crore, Face value of Rs 100. Figures in There was an EO income of Rs crore. EPS is calculated after excluding EO and relevant tax. (P): Projections the scrip. These triggers will Source: Capitaline Corporate Database Rs 14.68 crore (net of Rs 40 lakh expedite the gains.
96