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Morning Notes
uly
30th July 2008
From Our Research Desk Corporate News
- TVS Motors Hindustan Construction Company has bagged a contract
- Ranbaxy Laboratories Ltd worth Rs 639.27 crore from Andhra Pradesh Government for
- Sobha Developers Ltd. building a barrage. – ET
- Godrej Consumer Products Limited
ABB on Tuesday has bagged orders worth Rs 455 crore from
From our Technical Desk
Vedanta Aluminium Ltd to provide products, systems and
From our Derivatives Desk
solutions for expansion of their aluminium smelter plant at
Nifty Pivot Point Table
Jharsuguda in Orissa. – ET
Trade Details of Bulk Deals
Forthcoming Events Dr Reddy’s Laboratories will form a joint venture with one of
the world’s biggest biotech companies to make biosimilars
Market Statistics
or generic versions of patented biotech drugs – BS
INDEX CLOSING 1D (%) 3 M (%) 6 M (%)
SENSEX 13,791.5 (3.9) (20.2) (21.9)
UK-based Genesis Asset Managers has picked up 5 per cent
NIFTY 4,189.9 (3.3) (18.9) (18.4)
stake in pipe manufacturer Welspun Gujarat for over Rs 300
SECTORAL INDICES CLOSING 1D (%) 3 M (%) 6 M (%)
Mid-Cap 5,488.6 (2.5) (23.1) (29.3)
crore from the secondary market. – BL
Small Cap 6,831.0 (1.2) (22.1) (32.5)
Auto 3,573.2 (4.0) (24.4) (26.1) Exide Industries will increase exports from its Sri Lankan
Health 4,133.1 (1.7) (3.3) 14.7 subsidiary to India by 15 to 20 per cent this fiscal to take
FMCG 2,136.3 0.1 (13.2) (1.4) advantage of tax benefits in trade among South Asian
IT 3,588.6 (0.5) (15.8) (3.3)
Association for Regional Cooperation (SAARC) countries. BS
PSU 6,514.8 (3.1) (19.4) (20.4)
Bankex 6,199.6 (8.3) (29.7) (42.1)
Oil&Gas 9,303.6 (3.6) (19.1) (13.1)
Titagarh Wagons Limited (TWL) was looking at increasing
Metals 12,130.4 (1.9) (24.7) (20.8) its wagon out-run this fiscal togther with designing and
Capital Goods 11,320.6 (4.9) (18.7) (30.9) manufacturing special units for the defence ministry at its
Power 2,473.8 (4.1) (25.9) (33.9) Uttarpara facility. - BS
WORLD INDICES CLOSING 1D (%) 3 M (%) 6 M (%)
NASDAQ 2,319.6 2.5 (6.5) (3.9) Macro Economic News
DOW 11,397.6 2.4 (12.4) (10.6) Seeking to bring down inflation to 7 per cent from around 12
Niekkei 13,315.7 1.2 (3.3) (1.3)
per cent level by March 2009, the central bank has raised
Hang Seng 22,605.9 1.6 (12.2) (6.3)
banks' Cash Reserve Ratio by 0.25 per cent and short term
INDIAN ADR CLOSING 1D (%) 3 M (%) 6 M (%)
Tata Comm 20.4 6.5 (18.5) (23.2) lending rate to banks or repo rate by 0.50 per cent. - FE
Infosys 39.4 4.2 (11.0) (9.4)
Wipro 11.1 4.1 (15.5) (11.9) Global Cues
Satyam 2.8 (1.4) (44.7) (47.6) U.S. crude dropped $2.54 to settle at $122.19 a barrel after
Dr Reddy Lab 14.3 (2.1) (8.1) 2.4 dipping as low as $120.42 .Oil fell to its lowest level in nearly
VALUE TRADED (Rs Cr) 29-Jul-08 % CHG three months on Tuesday, extending a steep slide since mid-
Cash BSE 5,103.0 10.2
July on mounting evidence high prices and a souring economy
Cash NSE 12,190.7 9.8
were cutting into world energy demand. -Reuters
Derivative 64,804.2 44.0
NET INFLOW (Rs Cr) 29-Jul-08 MTD YTD TOP FIVE GAINERS(NSE) PRICE % CHG VOL (MN)
FII (538.3) (3,972.6) (23,653.6) NALCO 444.0 3.6 0.5
MF (As on 28.07.08) 203.7 782.6 10,399.2
HUL 237.8 3.0 1.7
ADVANCE/DECLINES(BSE) A B S Total
STERLITE 591.6 1.7 2.2
Advance 17 644 169 963
SUNPHARMA 1413.7 1.1 0.2
Decline 188 1,097 265 1,672
CAIRN 228.6 0.7 7.9
Unchanged 1 49 10 72
TOP FIVE LOSERS(NSE) PRICE % CHG VOL (MN)
COMMODITY 29-Jul-08 1D (%) 3M (%) 6M (%)
Crude (USD/Bbl) 121.8 (2.8) 8.2 36.9 HDFC BANK 1029.3 (8.7) 2.5
Gold (USD/Oz) 916.4 (1.2) 8.0 0.8 ICICI BANK 607.7 (8.4) 11.8
Silver (USD/Oz) 17.3 (0.5) 7.5 3.0 PNB 452.1 (7.9) 1.0
DEBT/FOREX 29-Jul-08 1D (%) 3M (%) 6M (%) REL INFRA 909.1 (7.9) 3.4
Rs/USD 42.4 0.4 (4.5) (7.3) MARUTI 566.4 (7.3) 0.7
10 Year G sec Yield 9.4 3.4 (15.2) (20.2) Source: ET = Economic Times, BS = Business Standard, FE = Financial Express,
Source : Reuters BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange
Reliance Money House, Plot No - 250 - A - 1, Baburao Pendharkar Marg, Off Annie Besant Road,
Behind Doordarshan Tower, Worli, Mumbai - 400025
30th July 2008
TVS Motors Result Update
Q1FY09 Result Update
REDUCE
Umesh Karne
umesh.karne@relianceada.com
EBITDA margins improvement in Q1FY09
+91 22 30443305
TVS Motors results were better than our expectations. For Q1FY09 net sales
Gaurant Dadwal of the company reported a surprise growth of 16% y-o-y and EBITDA margins
gaurant.dadwal@relianceada.com during the quarter improved by 99bps y-o-y to 3.4%. During the current
+91 22 30443321 quarter the company has launched a TVS Apache, which we believe will
help the company in improving volumes along with margins in the
forthcoming quarters. Although two wheeler market witnessed growth of
7% during Q1FY09, we believe rising interest rates and lesser availability of
finance will continue to impact the overall sector. We recommend a Reduce
Price: Rs.31
with price target of Rs.28.
12M Target Price: Rs.28
% Upside / (Downside) -10%
Q1FY09 net sales improve by 16% y-o-y
TVS reported 16% y-o-y growth in net sales for Q1FY09 which is better than our
expectations. The jump in net sales of the company was on account of improvement
in net sales realiastion by 12.2% y-o-y to Rs.27,459 per vehicle. Sales volume for
Stock details
Q1FY09 reported growth of 3.6% y-o-y to 331,789 vehicles, which was due to
BSE Code 532343 impressive exports and launch of Flame. Net sales of the company for Q1FY09
NSE Code TVSMOTOR went up by 16% y-o-y to Rs.9.1bn as compared to Rs.7.83bn in Q1FY08.
Bloomberg Code TVSL IN
Reuters Code TVSM BO Launch of flame in March and launch of three wheeler has helped the company in
Market Cap (Rs bn) 7 registering a marginal growth in the net sales of the company during the quarter.
Free Float (%) 43 In Q1FY09 the sales volume of the company reported a 3.3% growth which was
52-wk Hi/Lo (Rs) 79 / 23 largely on account of improved performance of motorcycles segment (up by 9%)
Avg Daily Vol (BSE) 431,534 and exports Segment (up by 50%). However, sales of scooterate and moped for
Avg Daily Vol (NSE) 849,137 Q1FY09 were marginally negative (down by 1.3%).In Q1FY09 the net sales
Shares o/s (mn) FV Rs 1 238 realizations of the company reported a fall of 1.3% as the company did not take
Source:Reliance Money Research any significant hike in its products.
EBITDA Margin improves by 99bps y-o-y
TVS reported improvement in EBITDA margins for Q1FY09 by 99bps y-o-y to
3.4% (as against our estimate of 3.2%). EBITDA for Q1FY09 registered increase
Shareholding pattern (30th June 2008) of 63% y-o-y to Rs.312mn. The improvement in EBITDA margins was on account
lower employee cost and other expenditure.
Public & Others
27%
Q1FY09 adjusted net profit declines by 7% y-o-y
In Q1FY09 the depreciation cost of the company went up only by 6% y-o-y and
interest cost declined by 2% y-o-y to Rs.96mn. TVS’ adjusted net profit for Q1FY09
declined by 7% y-o-y to Rs.70mn.
Financial
Institutions
We recommend REDUCE
13% Foreign Promoters
56%
At current market price, the TVS stock is available at 0.2x of Market cap/Sales
4%
and the current market cap of Rs.7.3bn is very low (compared to Gross Block of
Rs.17bn and Net Block of Rs.9.2bn – FY08E). But we prefer business valuation
Source:Reliance Money Research
method (earnings/cash flow method) than asset valuation method. Considering
the lower margins of 2.6% in FY09E and 3.4% in FY09E compared to its peers
like Bajaj Auto and Hero Honda and poor ROCE of 5% in FY09E and 7% in
FY10E we recommend REDUCE with a target price to Rs.28.
Stock Performance (Rel to sensex) Financials Summary Rs. Mn
FY07A FY08E FY09E FY10E
90 25000
BSE Net Sales 38,550 32,195 36,586 44,034
80
EBITDA margin % 3.6 2.2 2.6 3.4
20000
70
Net Profit 667 317 261 556
60
EPS (Rs) 2.8 1.3 1.1 2.3
15000
50 CEPS (Rs) 6.5 5.8 5.9 8.2
40
10000
EV/EBITDA 6.8 13.3 9.8 5.8
30 TVS Motor ROE % 8.5 3.9 3.1 6.5
20 5000
ROCE % 9.5 3.4 4.9 7.3
Jul-07 Sep-07 Oct-07 Dec-07 Jan-08 Mar-08 Apr-08 Jun-08 Jul-08
P/E (x) 11.0 23.2 28.2 13.2
Source: Capitaline Market cap/Sales (x) 0.2 0.2 0.2 0.2
Source: Company / Reliance Money Research Contd...
2
30th July 2008
Q1FY09 Financial Performance Rs Mn
Q1FY08 Q1FY09 YoY (%) FY07 FY08 YoY (%)
Net Sales 7,833.3 9,110.7 16.3 38,549.6 32,195.0 (16.5)
Other Income 182.3 136.7 (25.0) 732.3 719.0 (1.8)
Total Income 8,015.6 9,247.4 15.4 39,281.9 32,914.0 (16.2)
Total Expenditure 7,642.1 8,798.3 15.1 37,176.6 31,592.7 (15.0)
Operating Profits 191.2 312.4 63.4 1,373.0 602.3 (56.1)
OPM (%) 2.4 3.4 98.8 3.6 1.9 (169.1)
Interest 97.8 95.6 (2.2) 320.8 21.9 (93.2)
Depreciation 239.0 253.3 6.0 876.0 945.9 8.0
PBT 36.7 100.2 173.1 908.5 353.5 (61.1)
Provision for tax 33.5 30.0 (10.4) 242.5 36.0 (85.2)
PAT 3.2 70.2 2,094.7 666.0 317.5 (52.3)
EO Items 72.2 - (100.0) - - -
Adj PAT 75.4 70.2 (6.9) 666.0 317.5 (52.3)
Equity Capital 237.5 237.5 - 237.5 237.5 -
EPS (Rs) 0.3 0.3 (6.9) 2.8 1.3 (52.3)
Source: Company
Q1FY09 net sales up by 16% y-o-y on the back of jump in sales
realisation
TVS reported 16% y-o-y growth in net sales for Q1FY09 which is better than our
expectations. The jump in net sales of the company was on account of improvement in
Net sales of the company in Q1FY09
net sales realiastion by 12.2% y-o-y to Rs.27,459 per vehicle. Sales volume for Q1FY09
reported a growth of 16.3% y-o-y
reported growth of 3.6% y-o-y to 331,789 vehicles, which was due to impressive exports
and launch of Flame. Net sales of the company for Q1FY09 went up by 16% y-o-y to
Rs.9.1bn as compared to Rs.7.83bn in Q1FY08.
Launch of flame in March 2008 has helped the company in registering a marginal
growth in the net sales of the company during the quarter. In Q1FY09 the sales volume
of the company reported a 3.3% growth which was largely on account of improved
performance of motorcycles segment (up by 9%) and exports Segment (up by 50%).
However, sales of scooterate and moped for Q1FY09 were marginally negative (down
by 1.3%).
TVS’ sales were hit as the overall two wheeler industry is witnessing weak demand
due to rising interest rates and stringent financing norms adopted by financial institutions.
Apart from this delay in launch of new products has led to lower market share during
the quarter. Flame was launched in the month of March 2008 and this along with the
new launch of TVS Apache RTR FI 160cc is likely to improve the sales volumes of the
company in the coming quarters.
EBITDA Margin improves by 99bps y-o-y
TVS reported improvement in EBITDA margins for Q1FY09 by 99bps y-o-y to 3.4% (as
against our estimate of 3.2%). EBITDA for Q1FY09 registered increase of 63% y-o-y to
EBITDA for Q1FY09 increased by 63%
Rs.312mn. The improvement in EBITDA margins was on account of higher net sales
y-o-y
realisations, lower employee cost and other expenditure. The company has taken price
hikes on its products ranging from Rs.500-1000 in the month of April 2008. Employee
cost and other expenditure as a percentage of sales declined by 41bps y-o-y and
95bps y-o-y respectively during the quarter. It is noteworthy that although raw material
costs are going up, TVS could improve its margins by 99bps y-o-y.
Q1FY09 adjusted net profit declines by 7% y-o-y
Net Profit for Q1FY09 declined by 6.9%
In Q1FY09 the depreciation cost of the company went up only by 6% y-o-y and interest
y-o-y
cost declined by 2% y-o-y to Rs.96mn. TVS’ adjusted net profit for Q1FY09 declined by
7% y-o-y to Rs.70mn.
Contd...
3
30th July 2008
Launch of Flame , Apache and three wheeler
In the month of March 2008, TVS launched much awaited three wheeler in Indian
markets (Initially at Kerala). The company also launched TVS FLAME in the same
month and the motorcycles segment during the quarter witnessed improvement
Launch of Flame, Apache and three because of this launch. Motorcycle sales of the company during the quarter reported
wheeler to improve performance going a growth of 9.2% y-o-y. The company has now launched TVS Apache RTR FI in the
forward Month of July 2008 which we believe should also contribute towards the sales volume
of the company. We estimate TVS to sell ~1,200 three wheelers p.m. in FY09E and it
would help the company to improve its margins in FY09E and FY10E. We estimate
TVS to report EBITDA margins of 2.6% and 3.4% in FY09E and FY10E respectively
compared to 2.2% in FY08A.
EBITDA per vehicle continues to decline in FY08A
1,600 1,483 7.0
1,400 6.0
EBITDA per vehicle (Rs)
1,200
5.0
955
EBITDA (%)
1,000 899
4.0
800 697
559 3.0
600
2.0
400
200 1.0
- -
FY06 FY07 FY08A FY09E FY10E
Source:Reliance Money Research
Company Background
TVS, the flagship company of the TVS Group was incorporated in the year 1982. TVS
is third largest two-wheeler company in India. TVS manufactures two-wheeler like
mopeds, motorcycles & scooterates. The company offers motorcycle brands like Victor,
TVS is the third largest company in two StaR and Apache. In scooterate segment it offers famous brand Scooty. TVS enjoys
wheeler segment strong market share in southern India market and has a network of around 600 dealers
and 2000 authorized service centers across India. TVS operates through two
manufacturing plants based in Hosur & Mysore and has an installed capacity of 2mn
vehicles per annum. The company has recently set up a plant in Himachal Pradesh for
two wheelers with an installed capacity of 400,000 vehicles.
Valuation
In FY08 the domestic two wheeler industry witnessed drop of ~8% in sales volume
mainly because of rising interest rates, stringent policies adopted by financing
institutions. In Q1FY09 two industry reported growth of 7.4% y-o-y and motorcycle
segment grew by 8.3% y-o-y during this period and TVS reported growth of 9.2% y-o-
y in motorcycle segment. TVS has reported better than expectation results in Q1FY09
We estimate TVS to report decline of mainly on account of higher sales realizations. During Q1FY09, TVS improved its
18% y-o-y in net profit for FY09E market share in premium category to 9.5% compare to 7.4% in Q1FY08. In executive
category it has launched Flame which received good response, but in economy segment
the company lost market share 3.6% y-o-y.
But challenges in terms of rising interest rates and stringent financing norms adopted
by financing institutions remain even for near future. In the month of June 2008,
financing companies have already hiked the interest rates by 50bps-100bps. Today
RBI has announced one more CRR hike of 25bps which we believe will again induce
higher interest rates. We believe the overall two wheeler industry will continue to face
problems in near future as well.
We estimate TVS to report decline of 18% y-o-y in net profit for FY09E. We expect
TVS’ margins to improve on the back of launch of its three wheeler. In FY10E we
estimate TVS’ margins to improve up to 3.4%. Contd...
4
30th July 2008
ROCE and EBITDA margins continue to fall in FY08A
21.0 18.8 7.0
18.0 6.0
15.0 5.0
EBITDA (%)
ROCE (%)
12.0 9.5 4.0
9.0 7.3 3.0
6.0 4.9 2.0
3.4
3.0 1.0
- -
FY06A FY07A FY08E FY09E FY10E
Source:Reliance Money Research
Financials
Year Ended March FY08A FY09E FY10E
Net Sales (Rs Mn) 36,586 44,034.2
EBITDA (Rs Mn) 959 1,515.1
EBITDA (%) 2.6 3.4
PAT (Rs Mn) 261 556.5
EPS (Rs) 1.1 2.3
P/E (x) @ CMP Rs.29 26.4 12.4
Source: Reliance Money Research
At current market price, the TVS stock is available at 0.2x of Market cap/Sales and the
current market cap of Rs.7.3bn is very low (compared to Gross Block of Rs.17bn and
Net Block of Rs.9.2bn – FY08E). But we prefer business valuation method (earnings/
We recommend a Reduce with a price
cash flow method) than asset valuation method. Considering the lower margins of
target of Rs.28
2.6% in FY09E and 3.4% in FY09E compared to its peers like Bajaj Auto and Hero
Honda and poor ROCE of 5% in FY09E and 7% in FY10E we recommend Reduce
with a target price to Rs.28.
Contd...
5
30th July 2008
Profit & loss statement (Rs mn) Balance sheet (Rs mn)
Y
Year to Mar FY07 FY08 FY09E FY10E YYear to Mar FY07 FY08 FY09E FY10E
Net Sales 38,550.1 32,194.9 36,585.6 44,034.2 Equity Cap 237.5 237.5 237.5 237.5
% Growth 19.2 (16.5) 13.6 20.4 Reserves 7,858.0 8,103.1 8,173.0 8,538.2
EBIDTA 1,373.5 720.8 959.3 1,515.1 Networth 8,095.5 8,340.6 8,410.5 8,775.7
% Growth (32.2) (47.5) 33.1 57.9 Secured loans 4,461.6 4,611.6 3,911.6 3,211.6
Other Income 732.3 719.2 896.3 896.3 Unsecured loans 1,874.0 1,874.0 1,874.0 1,874.0
Total loans 6,335.6 6,485.6 5,785.6 5,085.6
Interest 320.8 21.9 392.7 347.9
Total Liability 14,431.1 14,826.2 14,196.1 13,861.3
Depreciation 876.0 945.9 1,144.5 1,384.9
Net Block 10,029.1 11,283.2 11,238.7 10,853.8
PBT 909.0 472.2 318.4 678.6
Investments 3,447.4 3,447.4 3,447.4 3,447.4
% Growth (46.0) (48.1) (32.6) 113.1
Deffered Tax Assets (1,590.1) (1,590.1) (1,590.1) (1,590.1)
Tax 242.5 36.0 57.3 122.1
Inventory 3,965.6 3,448.0 3,858.2 4,786.8
Adj PAT 666.5 436.2 261.1 556.5
Debtors 1,114.0 554.5 619.9 795.1
% Growth (43.0) (34.6) (40.2) 113.1
Cash balance 868.4 833.6 260.8 274.2
Extra-ordinary - (119.2) - -
Other CA 2,278.8 1,903.1 2,162.7 2,603.0
Reported PAT 666.5 317.0 261.1 556.5 Current Liabilities 5,770.2 5,508.0 6,234.6 7,677.1
% Growth (35.8) (52.4) (17.6) 113.1 Provisions 497.3 130.9 152.2 217.1
Dividend (%) 201.9 166.3 166.3 166.3 NCA 1,959.3 1,100.3 514.7 564.9
EPS (Rs) 2.8 1.3 1.1 2.3 Misc Exp 585.4 585.4 585.4 585.4
BVPS (Rs) 34.1 35.1 35.4 37.0 Total Assets 14,431.1 14,826.2 14,196.1 13,861.3
Ratio Analysis Cash Flow Statement (Rs mn)
YYear to Mar FY07 FY08 FY09E FY10E Year to Mar FY07 FY08 FY09E FY10E
OPM % 3.6 2.2 2.6 3.4 PAT 666.5 436.2 261.1 556.5
NPM % 1.7 1.0 0.7 1.3
Depreciation 876.0 945.9 1,144.5 1,384.9
ROE % 8.5 3.9 3.1 6.5
Change in WC (647.2) 824.2 12.7 (36.7)
ROCE % 9.5 3.4 4.9 7.3
Int. Cover (x) 3.8 22.5 1.8 3.0 Operating CF 895.3 2,206.4 1,418.4 1,904.6
D/E (x) 0.8 0.8 0.7 0.6 Capex (2,834.6) (2,200.0) (1,100.0) (1,000.0)
Asset Turnover (x) 2.3 1.7 1.8 2.1 Misc Exp 316.7 - - -
Debtors Days 10.4 6.2 6.1 6.5
Investing CF (2,517.9) (2,200.0) (1,100.0) (1,000.0)
Inventory Days 49.2 51.0 50.0 52.0
Dividends (232.2) (191.2) (191.2) (191.2)
Valuation ratios
P/E (x) 11.0 23.2 28.2 13.2 Debt 2,485.2 150.0 (700.0) (700.0)
P/CF per share (x) 4.8 5.3 5.2 3.8 Investments (5.5) - - -
EV/EBIDTA (x) 6.8 13.3 9.8 5.8 Financing CF 2,247.5 (41.2) (891.2) (891.2)
EV/Sales (x) 0.2 0.3 0.3 0.2
Net Change 624.9 (34.8) (572.8) 13.4
Mkt Cap/Sales(x) 0.2 0.2 0.2 0.2
Opening Cash 243.5 868.4 833.6 260.8
CEPS (Rs) 6.5 5.8 5.9 8.2
P/ BV (x) 0.9 0.9 0.9 0.8 Closing Cash 868.4 833.6 260.8 274.2
Source: Reliance Money Research
HOME
6
30th July 2008
Ranbaxy Laboratories Ltd Result Update
Q2CY2008 Result Update
BUY
Surya Narayan Patra Forex loss overshadows core performance
surya.patra@relianceada.com
+91 22 30443303
Ranbaxy Laboratories ltd reported 13% year on year (yoy) growth in its
Vinod Pushpanathan consolidated revenues to Rs18212mn in Q2CY08, which was in line with
vinod.pushpanathan@relianceada.com our expectations. The growth in revenues was attributable to 44% growth in
+91 22 30443320
the CIS sales and 18% improvement in the North America revenues.
Price: Rs.475 The OPM witnessed 350bps expansion to 16.9% largely due to higher revenue
12M Target Price: Rs.632 contribution from the better margin business from emerging markets. To be
% Upside / (Downside) 33% specific, the emerging markets contributed about 53% of the global sales
during the quarter. Also higher revenue realization from international sales
due to rupee depreciation (by 7.5%) has partially supported the margin
Stock details
Bloomberg Code RBXY IN
expansion, resulting in impressive 44% rise in operating income that was
Reuters code RAMB.BO better than our expectations.
BSE Code 500359
NSE code RANBAXY
Market Cap (Rs bn) 177.15 But the reversal in the Rupee (Re) movement (against US$), which caused a
Free Float (%) 65.16 notional forex translation loss of Rs 1931mn in Q2CY08 against a gain of
52-wk Hi/Lo (Rs) 614 / 300
Rs 2014mn in the corresponding previous period, has overshadowed the
Avg Daily Vol (BSE) 1505206
Avg Daily Vol (NSE) 3538061 core operating performance of the company. Thus the resultant net profit
Shares o/s (mn) FV Rs 5 373.23 stood at Rs 292mn, registering a dismal show at the botomline.
Source:Reliance Money Research
Valuation & View
Though Ranbaxy delivered subdued performance in Q2CY08 caused by notional
Shareholding pattern (30th June 2008) M-to-M forex loss, going forward we believe with its diversified business model
Ranbaxy can deliver better revenue growth on the back of improving revenue mix
Public & Others
8%
Promoters (i.e higher revenue about 53% coming from relatively better margin business of
35%
emerging markets) and backed by the monetization of FTF opportunities for next
4-5 years. Thus we get a fair value of Rs 632 per share for Ranbaxy.
Financial
Institutions
40% Further the strategic association of the company with a leading research based
FII
17% global pharma innovator like Daiichi Sankyo put Ranbaxy on a new and much
stronger platform and may surprise our estimates going forward. But looking at
Source:Reliance Money Research the scheduled open offer (from 8th Aug08 to 27th Aug08) at a price of Rs 735
(against CMP of Rs 475), we expect some sort of volatility in the share prices in
the short-term. Thus, we continue to recommend investors to tender the stock in
Stock Performance (Rel to sensex) the open offer and reenter subsequently.
700
BSE
25000
Financials Summary Rs. Mn
Year to Dec CY06 CY07 CY08E CY09E
600
20000 Total Revenue 61315.61 69822.46 76386.9 90877.3
Growth % 17.3 13.9 10.0 19.0
500
EBITDA 8706.74 9147.11 11731.1 14869.3
15000
400
EBITDA margin % 14.2 13.1 15.4 16.4
Net Profit 5251.45 7744.85 7723.32 10235.10
Ranbaxy
300 10000 PAT excluding forex gain 5095.99 9274.49 7447.3 11264.6
Jul-07 Sep-07 Oct-07 Dec-07 Jan-08 Mar-08 Apr-08 Jun-08 Jul-08
Core EPS excluding forex gain 13.7 23.2 15.3 23.2
Source: Capitaline Source: Company / Reliance Money Research
Contd...
7
30th July 2008
Q2CY08 Earnings (Rs in Mn)
Q2CY08 Q2CY07 % Gr. H1CY08 H1CY07 % Gr.
Net Sales 18,212 16,110 13.0 34,349 31,645 8.5
Other Operating Income 1,074 743 44.5 1,923 1,029 86.9
Total Operating income 19,286 16,853 14.4 36,272 32,674 11.0
Cost of Sales 9,633 9,009 6.9 18,149 17,376 4.4
Selling, General & Administrative5,308 4,642 14.3 10,306 9,377 9.9
R & D Expenditure 1,084 937 15.7 2,004 1,748 14.6
Total Expenditure 16,025 14,588 9.9 30,459 28,501 6.9
Operating profit 3,261 2,265 44.0 5,813 4,173 39.3
OPM % 16.9 13.4 25.8 16.0 12.8 25.5
Interest and Other Income 99 37 167.6 184 82 124.4
Interest 465 351 32.5 849 664 27.9
Forex (Gain) / Loss 1,931 (2,014) (195.9) 2,729 (2,573) (206.1)
Depreciation & Amortisation 672 565 18.9 1,293 1,122 15.2
Operating Profit before Tax 292 3,400 (91.4) 1,126 5,042 (77.7)
Exceptional Items 0 0 895 0 100.0
Profit before Tax 292 3,400 (91.4) 2,021 5,042 (59.9)
Tax 63 738 (91.5) 424 1,093 (61.2)
Profit after Tax 229 2,662 (91.4) 1,597 3,949 (59.6)
Source: Company / Reliance Money Research
BRICS & North America drives revenue growth
The growth in revenues was attributable In Q2CY08, Ranbaxy reported 11% growth in its global consolidated sales to $440mn,
to 44% growth in the CIS sales and 18% while the sales growth in Rupee terms was 13% at Rs18212mn in Q2CY08. The growth
improvement in the North America in revenues was attributable to 44% growth in the CIS sales and 18% improvement in
revenues. the North America revenues.
The Company’s market mix remained steady during the quarter with the emerging
markets contributing 53% to global sales and recording a growth of 9%. The developed
markets contributed 40% to global sales and recorded a growth of 12%.
Revenue Break-up (Rs in Mn)
Revenue Break-up Q2CY08 Q2CY07 % Gr. H1CY08 H1CY07 % Gr.
Dosage Forms
India & Middle East 98 93 6 190 171 11
CIS (Russia & Ukraine Belt) 25 18 44 49 36 36
Rest of Asia Pacific 24 23 3 49 42 18
Asia Pacific Total 148 134 10 288 249 16
Europe (inc.Romania) 89 86 4 172 179 (4)
Africa 31 31 1 62 55 12
Latin America 20 18 15 36 26 35
North America 120 102 18 230 193 19
Dosage Forms- Total 408 370 10 787 702 12
APIs 32 25 31 62 48 29
Net Sales 440 395 11 849 750 13
Source: Company / Reliance Money Research
Continues progress in US operation
The overall market share of Ranbaxy In Q2CY08, USA operation recorded 12% sales growth to USD 106 Mn, which was
in the US generic market (in the driven by new product introductions by the Company and the continuing volume growth
molecules Ranbaxy is present) across the generics, branded generics and OTC segments of the business. The overall
remained at 10.3% in the quarter. market share of Ranbaxy in the US generic market (in the molecules Ranbaxy is
present) remained at 10.3% in the quarter.
Contd...
8
30th July 2008
Alongside, Ranbaxy continues to strengthen its US product pipeline and presently has
93 ANDA’s pending approval with the US FDA. These products, at an innovator market
size, are valued at USD 55 Bn and comprise a well-balanced mix of plain vanilla generics,
niche & potential First to File products.
Romania to see steady progress
Romania recorded sales of USD 31 Mn for the Quarter, a growth of 5% over the
corresponding previous period, while in H1, sales were at USD 57 Mn, a decline of
14%. Sales in Romania were impacted as a result of the ongoing healthcare reforms in
the market place However, sales in the current quarter grew 17% versus the trailing
quarter i.e. Q1 2008, signaling the gradual improvement in operations and the positive
impact of branded prescribing which was introduced from April 1, 2008.
FTF opportunities to Power earning growth
The Company believes that it has a The Company believes that it has a First to File status on approximately 19 Para IV
First to File status on approximately ANDA filings, with an innovator market size in excess of USD 27 Bn. It expects to
19 Para IV ANDA filings, with an monetise at least one FTF opportunity every year in next 4-5 years. It has FTF opportunity
innovator market size in excess of for Imitrex in FY08, Valtrex in CY09, Atorvastatin in CY11 and Nexium in 2014. The
USD 27 Bn. nearest one is Imitrex (the generic name – Sumatriptan Succinet), which would start
from the Dec2008. We estimate the product can add $106mn and $40mn to revenue
and bottom line during the 6months of exclusivity period (that would spread between
CY08-CY09).
Regains Numero Uno position in domestic market
In Q2CY08, Ranbaxy delivered flat revenues growth to USD 79 Mn. During the Quarter,
the Company launched 26 new products across several therapies like antibiotics,
cardiovascular, asthma, orthopedics and gastrointestinal. During the Moving quarter
(Mar - May 08), the Company garnered a market share of 5.28% (5.05% on MAT basis)
and regained its Numero Uno position in domestic market since April 2008.
Progressive margin improvement
The OPM witnessed 350bps The OPM witnessed 350bps expansion to 16.9% largely due to higher revenue
expansion to 16.9% largely due to contribution from the better margin business from emerging markets. To be specific,
higher revenue contribution from the the emerging markets contributed about 53% of the global sales during the quarter.
better margin business from emerging Also higher revenue realization from international sales due to rupee depreciation (by
markets. 7.5%) has partially supported the margin expansion, resulting in impressive 44% rise in
operating income that was better than our expectations.
1 8 .0
1 7 .0 1 6 .9
1 6 .0 1 6 .0
1 5 .6
1 5 .0 1 5 .0
1 4 .0
1 3 .4
1 3 .0
1 2 .0 1 2 .1
1 1 .0
Q 1 CY 07 Q 2 CY 07 Q 3CY 07 Q 4CY 07 Q 1 CY 08 Q 2 CY 0 8
Source:Reliance Money Research
Contd...
9
30th July 2008
Forex Translation loss hits the bottom line
The reversal in the Rupee (Re) movement (against US$), which caused a notional
forex translation loss of Rs 1931mn in Q2CY08 against a gain of Rs 2014mn in the
corresponding previous period, has overshadowed the core operating performance of
the company. Thus the resultant net profit stood at Rs 292mn, registering a 91% fall.
Valuation & View
Though Ranbaxy delivered subdued performance in Q2CY08 caused by notional M-
to-M forex loss, going forward we believe with its diversified business model Ranbaxy
can deliver better revenue growth on the back of improving revenue mix (i.e higher
revenue about 53% coming from relatively better margin business of emerging markets)
and backed by the monetization of FTF opportunities for next 4-5 years. Thus we get
a fair value of Rs 632 per share for Ranbaxy.
Further the strategic association of the company with a leading research based global
pharma innovator like Daiichi Sankyo put Ranbaxy on a new and much stronger platform
and may surprise our estimates going forward. But looking at the scheduled open
offer (from 8th Aug08 to 27th Aug08) at a price of Rs 735 (against CMP of Rs 475), we
expect some sort of volatility in the share prices in the short-term. Thus, we continue
to recommend investors to tender the stock in the open offer and reenter subsequently.
HOME
10
30th July 2008
Result Update Sobha Developers Ltd.
Sirish Hisaria
Tel.: +91 22 30443308
(Rs.242, FY09 - P/E : 6.3x, Unrated)
sirish.hisaria@relianceada.com
Key Takeaways
Sobha’s total Land Bank stands at 4029.70 acres (220.40 mn sq. ft of SBA) as on 30th
June 08 (Unchanged from 31st March 2008). Outstanding amount to be paid over next
2 years for the land acquired is Rs. 560 cr.
Land Reserve break up of the company is as follows Bangalore 1600 acres, Mysore
66 acres, Thrissur 49 acres Pune 177 acres, Hosur 719 acres, Cochin 514 acres,
Chennai 540 acres, Coimbatore 66 acres, Hyderabad 78 acres and Gurgaon 220
acres
No new projects were launched in No new projects were launched in Q1FY09. Ongoing projects stand at 10.3 mn sq. ft.
Q1FY09. Ongoing projects stand at and company plans to develop 23.4 mn sq. ft over next 2 years.
10.3 mn sq. ft. and company plans to
develop 23.4 mn sq. ft over next 2 years. Sobha in its contractual business has 33 projects under construction (7.76 mn sq. ft )
with a billing value of Rs.7387 mn
Average Realization for Q1FY09 stands at Rs. 3500 per sq. ft (compared to Rs. 3200
per sq. ft for FY08) and average construction cost is at Rs. 1800 per sq. ft (compared
to Rs. 1600 per sq. ft for FY08) for Q1FY09.
Average cost of Debt is 12%
During Q1FY09, Sobha generated 66% of its revenues from Real estate business,
21% business from contractual and 13% from manufacturing business. 85% of the
contract business is from Infosys.
During the first quarter company sold
0.53 mn sq. ft compared to 0.50 mn in Company has changed its accounting policy for revenue recognition for sale undivided
Q1FY08. share of land (group housing) on the basis of collection of dues (20%+) from the
customer rather than criteria relating to the project reaching a significant level of
completion. This has been resulted in additional revenue recognition and higher profit
before taxes of Rs 321 million and Rs 150 million respectively for Q1FY09.
Sobha has announced rights issue of During the first quarter company sold 0.53 mn sq. ft compared to 0.50 mn in Q1FY08.
Rs. 350 cr to bring down its debt equity
level. Sobha has announced rights issue of Rs. 350 cr to bring down its debt equity level.
Revenue Break up (Rs. mn)
Q1FY09 Q1FY08 Change (%)
Real estate 2294 1530 50
% of total 66% 57%
Contractual Income 744 893 -17
% of total 21% 33%
Manufacturing Income 456 275 66
% of total 13% 10%
Total Income 3494 2698 30
Source: Company / Reliance Money Research
Contd...
11
30th July 2008
Completed projects (Real Estate Business)
Description Area Types No. of Projects Total Area (Sft)
Residential Bangalore Apartments 31 7404249
Row house 5 645168
Vilas 1 89986
Coimbatore Plotted Development 1 1164359
Sub Total 38 9303762
Others Bangalore Factories 6 3104492
(Commercial Commercials 2 109178
Shops, Shops & Educational 3 38211
Factories)
Sub Total 11 3251881
Grand Total 49 12555643
Source:Company
Ongoing Projects (Real Estate Business)
Description Area Types No. of Projects Total Area (Sft)
Residential Bangalore Apartments 21 6224135
Row house 3 205368
Villas (Plots) 1 1170972
Coimbatore Plotted Development 1 265759
Pune Apartments 1 301060
Thrissur Apartments 3 1606214
Villas (Plots) 1 126475
Sub Total 31 9899983
Others (Office, Bangalore Club House, 5 3104492
Club House) Apartments Office 109178
Thrissur Club house 1
Coimbatore Club House 1 38211
Sub Total 7 3251881
Grand Total 38 13151864
Source:Company
Contd...
12
30th July 2008
Q1FY09 Performance Rs Mn
Q1FY08 Q1FY09 YoY (%) Q4FY08 QoQ (%)
Net Sales 2678 3468 29.50 4,741 (27)
Total Expenditure 2008 2452 22.14 3,661 (33)
EBIDTA 670.44 1016 51.54 1,080 (6)
EBIDTA Margin (%) 25.04 29.30 23
Other Income 14.98 20 33.51 24 (17)
Interest 101.66 267 162.64 192 39
Depreciation 82.86 89 7.41 92 (3)
PBT 501 680 35.76 820 (17)
Provision for tax 93 175 88.17 118 48
PAT 408 505 23.80 702 (28)
Extraordinary Items 0 0 -
Prior Period Items 0 0 -
Adj PAT 408 505 23.80 702 (28)
Equity Capital 729 729 729
EPS (Rs) 5.60 6.93 10
Net Profit Margin 15.23 14.56 15
Source: Company
Top line increased by 29.50% to Rs. 3468 mn in Q1FY09 compared
to Rs. 2678 mn in Q1FY08.
Top line increased by 29.50% to Rs. Better sale’s realization of Rs. 3500 per sq.ft and change in accounting policy led to
3468 mn in Q1FY09 compared to Rs. a 29.50% growth in topline for Q1FY09. Change in accounting policy has resulted in
2678 mn in Q1FY08. additional revenue recognition of Rs. 321 mn for Q1FY09. Sobha sold 40% stake in
a residential project to PAN Atlantic, Dubai for USD 10 mn during the quater.
EBITDA Margin improved by 426 bps and stands at 29.30% for
Q1FY09 compared to 25% for Q1FY08 on sequential basis margins
decline 630 bps.
Increase in raw material prices lead to a rise in construction and manufacturing cost
from Rs. 1289 mn in Q1FY08 to Rs. 1604 mn a growth of 24%. Construction cost for
the company for the first quarter was at Rs. 1800 per sq.ft compared to Rs. 1600 per
sq. ft for FY09.
Net profit margin at 14.5% for Q1FY09 compared to 15.23% Q1FY08.
Net profit margin at 14.5% for Q1FY09 Net profit increased from Rs. 408 mn in Q1FY08 to Rs. 505 mn in Q1FY09 rise of
compared to 15.23% Q1FY08. 24%. However, due to rise in interest cost and higher tax provisioning net profit margin
of the company declined by 67 bps from 15.23% in Q1FY08 to 14.56 in Q1FY09.
Business Background
Sobha Developers is a Bangalore based company incorporated in 1995; It is one of
the leading real estate development and construction companies in India, which
focuses on residential and contractual projects. In the area of Real Estate, the company
plans to be present in over 10 cities across India. Company has a ‘backward integration’
model, which helps them to deliver a project from its conceptualization to completion.
Company has been successfully able to complete projects in a timely and cost efficient
manner without compromising on quality. This backward integration includes an
architectural and design studio, concrete block-making plant, metal and glazing factory,
interiors and wood working factory, mechanical, electrical and plumbing division, and
project implementation team. Sobha is planning to diversify its presence in varied
industries including Hotels & Resorts, Hypermarkets, Home Stores, and Building
Materials.
Business Outlook And Valuations
Sobha Developers is a regional player with major concentration in Bangalore (40% of
Land bank). Company mainly targets upper segment of the business. Due to its
backward integration model sobha is not dependant on third party suppliers for its
key products and services in the process & development and construction of projects.
The company is planning to extend its reach in 10 cities going ahead.
Contd...
13
30th July 2008
Rising raw material and interest cost remains concerns for the company going ahead.
Regional slowdown and high
Bangalore market has shown decline/correction in property prices due to oversupply
dependence of the Bangalore market
in the region which is a cause of concern. Regional slowdown and high dependence
on IT/ITES sector remains a concern. of the Bangalore market on IT/ITES sector remains a concern.
Financials - Standalone
Year Ended FY07 FY08 FY09* FY10*
Net Sales (Rs Mn) 11,865 14,226 19,504 26,587
EBITDA (Rs Mn) 2,562 3,527 4,884 6,838
EBITDA (%) 22 25 25 26
PAT (Rs Mn) 1,615 2,283 2,783 4,055
EPS (Rs) 22 31 38 56
P/E (x) @ Rs.242 10.9 7.7 6.3 4.3
*Consensus numbers / Source: Reliance Money Research
We don’t have any active rating on the At Current market price of Rs. 242 , stock is trading at PE multiple of 6.3x of its FY09E
stock. consensus earnings. We don’t have any active rating on the stock.
HOME
14
30th July 2008
Result Update Godrej Consumer Products Limited (GCPL)
Surya Narayan Patra
surya.patra@relianceada.com
(Rs.120, Unrated )
+91 22 30443303
Priyadarshini Dembla On a consolidated basis GCPL reported a robust volume driven growth of 26%
priyadarshini.dembla@relianceada.com from 2862.9mn in Q1FY08 to 3616mn in Q1 FY09 primarily on the back of strong
91-22-3044 3315
growth witnessed in toiletries segment which grew by 66% and 40% growth in
liquid detergent segment. However the operating margins declined by almost 415
GCPL reported a robust volume driven bps due to steep rise in the advertisement & promotional expenses which grew
growth of 26%. by 66% during the quarter along with the rise in inflation and crude oil prices.
Even though the operating profits declined, PBT grew by 9.4% in Q1FY09 with
133% decline in interest expenses and 174% surge in other income. However with
an upward shift in tax provisioning net profit grew by mere 1% during the quarter
from 386mn in Q1FY09 to 391mn in Q1FY08.
Q1FY09 Performance (Rs Mn)
Q1FY09 Q1FY08 Grth (%) FY08
Net Sales 3,616.3 2,862.9 26.32 11,025.70
Other Income 34.6 12.6 174.6 40.30
Total Expenditure 3,120.5 2,351.5 32.7 8,880.7
Operating Profits 495.8 511.4 (3.1) 2,145.0
OPM (%) 13.7 17.9 (415.3) 19.5
Interest (11.50) 34.9 (133.0) 128.7
Depreciation 55.0 44.2 24.4 181.7
PBT 486.9 444.9 9.4 1,874.9
Provision for tax 95.9 58.5 63.9 282.5
PAT 391.0 386.4 1.2 1,592.4
Adj PAT 391.0 386.4 1.2 1,592.4
Equity Capital 258.1 225.8 14.3 225.8
EPS (Rs) 1.5 1.7 (11.5) 7.1
Net Profit Margin 10.8 13.5 (268.5) 14.4
Source: Company
Volume driven sales
On a consolidated basis, GCPL reported 26.32% revenue growth from 2862.9 mn in
Q1FY08 to 3616.3mn in Q1FY09 backed by 15% growth in domestic operations and
Strong growth witnessed in toiletries significant growth from international brands like Keyline and Rapidol. Growth in domestic
segment which grew by 66% and 40% business was primarily on the back of 66% growth in toiletries with re-launch of Cinthol
growth in liquid detergent segment. range of Deo’s and Talcs. Liquid detergents grew by 40% while soaps grew by mere
13% in Q1FY09. Hair color witnessed a strong volume growth of 15% in this quarter
with minimal price hike led growth.
Higher Ad spends hit margins
EBITDA margins fell sharply by 415bps to 13.7% on account of cost pressures due to
EBITDA margins fell sharply by 415bps rise in vegetable oil prices and significant rise in the ad spends. For Q1FY09, vegetable
to 13.7% on account of cost pressures oil prices were higher by 40% YoY along with this the absence of major price increases
and higher as spends. impacted the company’s margins. The management has guided a 5%-7% price increase
(incl. weight reduction) across all brands, going forward. The company’s gross margins
dropped 352bps to 54.7% and A&SP spends increased by 213bps partly on account of
expenses arising from the re-launch of Cinthol.
Contd...
15
30th July 2008
Bottomline remains flat
Even though the margins declined, GCPL’s consolidated PBT grew by 9.4% from 444.9
Net profit after tax grew by mere 1% mn in Q1FY08 to 486.9mn in Q1FY09 with a decline of 133% in interest expense and
to 391mn in Q1FY09. 174% rise in other income on account profit from processing of soaps on contract
basis. However with an upward shift in tax provisioning from 13% , the Net profit after
tax grew by mere 1% from 386mn in Q1FY08 to 391mn in Q1FY09.
Segment Revenue (Rs Mn)
Segment Revenue Q1FY09 Q1FY08 Grth (%) FY08
Soaps 1,853.0 1,628.1 13.8 5,689.9
Hair Colours 733.4 637.5 15.0 2,518.3
Toiletries 908.5 547.1 66.1 2,229.7
Liquid Detergents 15.6 11.1 40.5 384.7
By-Products 105.8 39.1 170.6 203.1
Total 3,616.30 2,862.90 26.3 11,025.70
Source: Company
Personal and Household care segment
The company has only one business segment in which it operates viz. personal and
household care.
Soaps
Soaps reported a growth of 14% from GCPL continues to be the second largest toilet soaps player with a market share of
1628 mn in Q1FY08 to 1853 mn in 9.1% for Q1FY09 and contributes 66% of the net sales of GCPL. The segment has
Q1FY09 on the back of the Cinthol reported a growth of 14% from 1628 mn in Q1FY08 to 1853 mn in Q1FY09 on the back
range. of the Cinthol range which was relaunched with new range of soaps, talcs and deo
sprays. However according to AC Neilsen the overall soap category growth has slowed
Industry GCPL down. Further high vegetable oil prices and high A&P impacted the margins in this
Growth sales segment.
(AC Nielsen) growth
Toilet soaps 13.6% 13.8% Hair Colorants
Hair Colours 11.8% 15.0%
Hair colour business witnessed a robust growth of 15% in Q1FY009 on the back of
improved performance especially from Godrej Expert Powder Hair Dye, Godrej Kesh
Kala and Renew. Godrej Expert Powder Hair Dye that was relaunched early in this
Hair colour business witnessed a calendar year has continued to receive an encouraging response from consumers.
robust growth of 15%. Hair colour contributes 22% of the net sales and the market share for this quarter stands
at 34.2%.
Toiletries
Toiletries witnessed a healthy growth This segment witnessed a healthy growth 66% from 547mn in Q1FY08 to 908 mn in
66% with relaunch of Cinthol talcs and Q1FY09 as against the ooverall category growth of 28%. All offerings including the
deo’s. Cinthol range of talc and deo sprays and Godrej Deluxe shaving cream continued to
deliver strong growth.
Liquid Detergents
Liquid detergents surged by 40% from 11.5mn in Q1FY08 to 15 mn in Q1FY09. The
market share however has gone down from 81% in Q1FY08 to 75.6% in Q1FY09.
Contd...
16
30th July 2008
International Business Division (IBD)
Godrej Netherlands B.V.
This comprises performance of Godrej Netherlands BV, Godrej onsumer Products
Keyline brands witnessed strong growth (UK) Limited, Keyline Brands Limited, Inecto Limited & Inecto Manufacturing Limited.
due to bad base effect in the previous Revnue for the quarter reported a growth of 55% from GBP 4.89 mn to GBP 7.56 mn.
corresponding quarter. PAT for the quarter stood at GBP 0.80 million compared to GBP 0.23 million, in Q1FY08.
Keyline brands witnessed strong growth due to bad base effect in the previous
corresponding quarter. Keyline Brands relaunched Rieimann range of Perspirex
products.
Rapidol Pty Ltd.
Rapidol's sales for quarter grew from ZAR 19.04 mn in Q1FY08 to ZAR 21.56 million
Rapidol sales were stagnant, impacted in Q1FY09 up by 13%. PAT for the quarter was ZAR 2.66 million compared to ZAR
by 6% on account of currency 2.17 million in Q1 FY2007-08 up 23%. Rapidol sales were stagnant, impacted by 6%
fluctuation. on account of currency fluctuation.
Godrej SCA Hygiene Ltd.
Godrej SCA Hygiene's recently introduced "Libero" baby diapers continue to receive
an encouraging response. The brand has been introduced in the top 50 cities across
India in packs of 2s, 5s and 10s alongwith "Tena" incontinent diapers, a world leader
in absorbent incontinence products. The Company launched its Sanitary Napkin Brand
'Libresse'. Libresse forms part of SCA's global portfolio. The brand offerings include
Classic Regulars (8+1 pack), Classic Singles (10 pcs pack), Extra Thick Regular with
wings (8 pcs pack), Extra Thick Large (8 pcs pack), Ultra Thin (8 pcs pack). Godrej
SCA Hygiene Ltd. has procured 10 acres of land at Sinnar, Nasik for construction of its
factory
Kinky Group (Proprietary) Ltd. (Kinky)
This represented the first quarter of performance of the Company as a subsidiary of
GCPL. For the quarter under review the Company's sales amounted to ZAR 20.39.
There was a decline in the revenue growth as against FY08 due to restructuring and
merger of smaller companies in the parent company.
Business Background
Godrej Consumer Products Limited was promoted by Godrej & Boyce Manufacturing
Company and was formed in November 2000 to take over the consumer products
division of Godrej Soaps pursuant to a scheme of demerger which was effective from
1st April, 2001.
The company manufactures personal and household products. The company operates
in two segments namely soaps and personal care. It is the second-largest toilet soap
marketer after Hindustan Lever with a 10% market share. The soap segment includes
the Godrej brand and other brand toilet soaps and personal care segment includes
hair color, shaving cream and gel, talcum powder, deodorant, fairness cream, liquid
detergent and other toiletries. The company also undertakes contract manufacturing
of toilet soap for third parties.
Major brands of the company are Cinthol, Fairglow, Allcare, Ezee and Nikhar. In 2003-
2005, it launched new products including hair colors/dyes, shaving gel, deo saop,
diapers and sanitizer.
The Company has manufacturing facilities at Malanpur (Madhya Pradesh) Baddi- Thana
(Himachal Pradesh), Baddi- Katha (Himachal Pradesh), Sikkim and Guwahati (Assam).
Contd...
17
30th July 2008
Business Outlook and Valuation
GCPL is a major player in the toilet soap and hair colour categories in the Indian
International business continues to FMCG market. It is a leader in the hair colour category. International business continues
contribute significantly to the top line. to contribute significantly to the top line. GCPL recently acquired Kinky, one of the
leaders in the South African hair products business making an effort to expand its
geographic presence. Revenues from the recently acquired Kinky stood at Rs108mn
in Q1FY09. Similarly Keyline and Rapidol have witnessed strong growth during the
quarter.
Soaps business which is the largest segment for GCPL contributing close to 66%
Company expects to witness a continues to maintain its position as the second largest player in this segment. Even
slowdown in volume growth in the though the growth in this segment has been in line with the industry growth the company
soaps category with increasing expects to witness a slowdown in volume growth in this category with increasing
competition especially from HUL and competition especially from HUL and ITC. However with necessary price hikes the
ITC. company expects to achieve value growth and in turn maintain the margins.
Going forward the company expects to see softening in the raw material prices. Also
the advertisement spends for the coming quarter will be lowered as a result the company
expects to see improvement in margins in the coming quarter.
Financial
Year Ended Mar06A Mar07A Mar08A
Net Sales (Rs Mn) 6997.2 9515.2 11025.7
EBITDA (Rs Mn) 1412.6 1796.9 2145
EBITDA (%) 20.2% 18.9% 19.5%
PAT (Rs Mn) 1213 1440.4 1592.4
EPS (Rs) 4.7 5.6 6.2
P/E (x) @ Rs.120 25.5 21.5 19.4
Source: Company / Reliance Money Research
At Current market price of Rs 120, the stock trades at a PE multiple of 15.2x on FY09CE
of Rs 7.9 and 13.3x on FY10CE of Rs 9 respectively.
HOME
18
30th July 2008
FROM OUR TECHNICAL DESK
INDICES
Indices Previous Current % Chg
Close Close
Sensex 14,349.1 13,791.5 (3.9)
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MIDCAP 5,239.4 5,257.0 0.3
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FMCG 2,135.1 2,136.3 0.1
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PSU 6,724.4 6,514.8 (3.1)
OIL&GAS 9,652.9 9,303.6 (3.6)
AUTO 3,723.8 3,573.2 (4.0)
POWER 2,579.8 2,473.8 (4.1)
CG 11,906.8 11,320.6 (4.9)
REALTY 5,079.1 4,797.7 (5.5)
BANKEX 6,761.8 6,199.6 (8.3)
Key Levels
Sensex Nifty
Day’s High 14,153.1 4,332.2
Day’s Low 13,727.1 4,159.2
20 D EMA 14,013.0 4,206.0
50 D EMA 14,613.0 4,366.0
200 D SMA 17,267.0 5,143.0
INDEX COMMENTS:
BEARS once again dominated today's trade as RBI hikes rates. In monetary policy announced today, RBI raised CRR by 25
basis points while repo rate was hiked by 50 basis points. Markets which had started on a weaker note saw sharp wave of sell-
off no sooner monetary policy announcement was made. NIFTY closed the day LOOSING 142.25 points or -3.28% at 4189.85
levels. SENSEX closed the day LOOSING 557.57 points or -3.89% at 13791.54 levels.
Strong sell-off was observed in sectoral indices. BSE BANKEX (-8.31%) as well as BSE REALITY (-5.54%) ended the session
loosing the most. BSE FMCG (+1.17%) was highest gainers.
Turnover in NSE Cash segment improved a bit & stood at Rs.12190.70 crores vis-à-vis turnover of Rs.11097.96 crores, observed
in earlier trading session. Market Breadth turned in favor of BEARS. Out of 2707 stocks traded on BSE, 963 stocks advanced,
1672 stocks declined while 72 stocks remained unchanged.
Key Levels To Watch for NIFTY (spot):
Support at 4086 levels. Resistance at 4225 levels.
MARKET VIEW:
Negative global cues combined with negative domestic triggered shocked investor who resumed to fresh sell-off. It is clearly
seen that market needs to find some equilibrium point around current levels to make a fresh UP MOVE. However, in near term
with so much uncertainty surrounding the market, it is unlikely to hold on to any particular levels for time being. All in all, with
major negative news out of market we may see indices trying to find support around 4000 levels. With market getting cooled-off
from near term high fresh investment opportunity will be visible soon. Investors who were waiting on sideline may re-enter once
NIFTY stabilize above 4000 levels. Traders should keep strict stop loss till indices do not show any signs of stabilization.
Contd...
19
30th July 2008
SECTOR INDICES:
BSE POWER (2473.81)
For the day we are covering BSE POWER index. Yesterday this sector had closed loosing 106 points or -4.11% at 2473.81
levels. From past few day's action it is clearly visible that traders are using any move above 2650 to book profits and EXIT. On
downside levels of 2000 remains good support. We continue to like Suzlon(214/-) (previously mentioned around 185/- levels)
with strict stop loss at 200/-.
Bhavin Y Mehta
Technical Analyst HOME
20
30th July 2008
FROM OUR DERIVATIVES DESK
KNEE-JERK REACTION.
Markets opened on very 'weak' note, with NIFTY having a 'gap-down' opening, on the back of 'Negative' global cues. Further
blow came in the noon from RBI, in terms of CRR and REPO RATE hike. Markets reacted adversely to this step and were
pushed further down in deep Red. NIFTY finally closed with heavy losses of 142 points or 3.28% lower at 4189.85. CNX NIFTY
JULY FUTURE closed the day with 139 points loss or 3.19% lower at 4198.90. CNX NIFTY JULY FUTURE 'Premium' widened
to 9 points from that of 5 points in the previous trading session.
Volumes in F&O were higher, with total turnover rising to Rs.64,804 crs. Vs. Rs. 45,000 crs. in the previous session. The Top
gainers in the F&O were NAT.ALUM., STER. BIO., HIND. UNILEVER, TVS MOTORS and HIND. ZINC. The Top losers AXIS
BANK, BOI, KOTAK BANK, SUN TV and VIJAYA BANK.
Indices
Cash Market Futures Open Interest (for 3 mts)
Basis
29/July/08 28/July/08 % Chg 29/July/08 28/July/08 % Chg 29/July/08 28/July/08 % Chg
BANKNIFTY 5422.15 5919.15 -8.40 5418.95 5911.20 -8.33 -10.77 297700 302250 -1.51
CNX100 3983.05 4130.50 -3.57 0.00 0.00 0.00 -18250.00 200 200 0.00
CNXIT 3645.00 3664.00 -0.52 3650.85 3672.55 -0.59 29.29 45450 46100 -1.41
JUNIOR 6650.65 7024.80 -5.33 6801.00 0.00 0.00 412.57 1200 425 182.35
NFTYMCAP50 2084.00 2157.30 -3.40 2090.00 0.00 0.00 52.54 975 975 0.00
Source NSE
Nifty Futures PUT CALL RATIO (PCR-OI)
Prev. Close Close Change Volume (Rs.Cr.) OI Nifty 29/July/08 28/July/08 % Chg
Spot 4332.10 4189.85 -142.25 - - Call OI 704456 664078 6.08
JULY 4337.15 4198.90 -138.25 5901.70 1,94,92,250
Put OI 880429 905106 -2.73
AUG 4333.10 4188.70 -144.40 5901.70 1,94,92,250
SEPT 4330.45 4183.05 -147.40 61.09 2,82,850 PCR (OI) 1.25 1.36 -8.09
Index Futures and Index Options
Index futures saw a trading volume of Rs.15,104.74 crores arising out of 7,28,543 contracts and Index options saw 4,88,161
contracts getting traded at a notional value of Rs.10,714.37 crores.
Futures on individual securities
The total number of contracts traded was 10,31,655 with a traded value of Rs. 18,118.45 crores.
Options on individual securities
The total number of contracts traded was 56,036 with a notional value of Rs. 1063.34 crores.
NIFTY AUG Cost of Carry slipped but still in ‘Positive’, at ‘+0.89’ vis-à-vis ‘+1.53’ in the previous trading session.
NIFTY JULY FUTURES ‘Premium’ rose to 9 points vis-à-vis ‘Premium’ of 5 points in the previous trading session.
NIFTY AUG FUTURES closed at a just 1 point ‘Premium’ to the spot.
NIFTY Open Interest fell by Rs.825 crs( -1.60%), now at Rs.50,489 crs.(FUTURES OI-Rs.17,287 cr and OPTIONS OI- Rs.33,202 cr).
Implied Volatility
NIFTY 4400 AUG CALL-IV is at 34.76% (HV: 55.51%) and NIFTY 4400 AUG PUT IV at 40.01%.
Put Call Ratio Analysis
PCR of NIFTY (OI) slipped by about 8% to 1.25 from 1.36 in the previous trading session.
Roll-Over
Market-wide Roll-over picking up, now at 43%; NIFTY Roll-over, bit higher around 47%.
Highest Roll-over seen in GTL (81%), BOB(81%), ULTRATECH (79%), LUPIN(78%) and INDIA CEM(7
6%).
Lowest Roll-over seen in WELSPUN(13%), CHAMBAL FERT(16%), BHARTI(24%), ESSAR OIL(26%), and RENUKA(27%).
Other Highlights:
FIIs were Net SELLers for Rs.1457 crs in F&O with their Net OI, now stand at 21,37,323 contracts in Index (Futures and
Options), and at 10,32,516 contracts. in Stock Futures.
NIFTY-CALLs added 20.19 L shares to the OI, NIFTY- PUTs shed 12.33 L shares from the OI; NIFTY-FUTURES added
12.67 L shares to OI.
NIFTY-CALLs OI rose by 6.08% whereas NIFTY- PUTs OI fell by 2.73%. NIFTY FUTURES OI increased by 3.17%.
NIFTY 4200 CALLs JULY added 7.50 L shares to OI; NIFTY 4500 CALLs AUG added 2.70 L shares to OI .
NIFTY 4400 CALLs AUG added 2.51 L shares to OI; NIFTY 4100 CALLs JUL added 2.42 L shares to OI .
Stock Futures shed 70 L shares from the Open Interest, Total OI now at 105.81 cr shares
Stock Futures OI value at Rs. 24,487 crs.- ‘DOWN’ by Rs.965 crs.( -3.79%) Contd...
21
30th July 2008
INCREASE IN OI FUTURE DECREASE IN OI FUTURE
Script OI Change % Price Movement % Script OI Change % Price Movement %
BATAINDIA 19.45 0.67 3IINFOTECH -11.08 -4.47
AXISBANK 13.72 -11.13 DENABANK -10.87 -5.35
BANKINDIA 10.66 -12.53 IFCI -9.46 -5.26
STERLINBIO 8.53 3.39 UNITECH -8.06 -6.35
LITL 5.54 -10.59 BANKBARODA -8.31 -9.49
INCREASE IN OI - OPTIONS HIGHEST OI - FUTURES
Script OI Change-Shares OI Change % Script Shares (crs) Script Shares (crs)
CAIRN- CALLS 1928750 74.69 NIFTY 12.05 RNRL 4.29
IDFC- CALLS 525100 26.51 RPL 7.46 TTML 4.34
LT- CALLS 95100 14.65 IFCI 5.85 IDEA 2.65
RPOWER- CALLS 287500 11.05 ISPAT 5.71 SAIL 2.45
ISPATIND-CALLS 1149550 10.31 NTPC 4.97 POWERGRID 2.19
Market Outlook:
Finally the axe of RBI action had fallen on markets. And the reaction too was in expected fashion. However market doesn't seem
to have gone excessively 'short'. Unwinding of positions both on INDEX as well as STOCK FUTURES was witnessed and was
bit on the lower side. NIFTY OI PCR has eased off to 1.25. Roll-overs are picking up now but still on the lower side, with NIFTY
roll-over around 47%. Mild build-up of fresh 'LONG' positions was observed around 'at-the-money' strikes, of this month as well
as next series. All in all, now that uncertainty about RBI-action getting over and with 'Positive' global cues this morning
from global arena, we could see recovery happening in markets. As mentioned previously, the 'recent lows' of NIFTY
are now likely to act as 'intermediatary bottom' at least for near term.
FII's Derivative Statistics for 29/July/2008
Open Interest Open Interest Change in FIIs Open
Buy Sell as on 28/July/2008 Interest
as on 29/July/2008
No. of Amt in No. of Amt in No. of Amt in No. of Amt in No. of Amt in
FII Contr. Crs. Contr. Crs. Contr. Crs. Contr. Crs. Contr. Crs.
Index Futures 287952 6066.86 358376 7537.30 992191 20748.98 910121 19696.97 82070 1052.01
Index Options 31334 659.20 13072 280.56 1145132 23874.61 1139866 24583.29 5266 -708.68
Stock Futures 202097 3644.28 226770 4039.23 966212 17040.12 963161 17633.69 3051 -593.57
Stock Options 1805 29.76 3 0.05 66304 1207.11 64590 1225.09 1714 -17.98
Cash Market 2207.80 2746.07
DII 811.16 1065.75
Source NSE
Lowest Cost of Carry Highest Cost of Carry
Scrip Cash Price Futures Price COC % Scrip Cash Price Futures Price COC %
PIRHEALTH 314.40 - - MCDOWELL-N 1256.05 1256.25 2.91
CNX100 3983.05 - - SRF 127.45 127.5 7.16
REDINGTON 304.20 - - MPHASIS 202.15 202.25 9.03
NAUKRI 853.60 - - IDEA 88.45 88.5 10.32
CHAMBLFERT 70.90 69.35 -398.98 PNB 452.05 452.4 14.13
Most active Calls Most active Puts Top traded stock futures
Scrip Expiry Strike No Of Scrip Expiry Strike No Of Scrip Expiry No Of
Price Shares Price Shares Price Shares
NIFTY 31-Jul-2008 4300 6769200 NIFTY 31-Jul-2008 4200 6779300 NIFTY 31-Jul-2008 35728400
NIFTY 31-Jul-2008 4200 6047950 NIFTY 31-Jul-2008 4300 4287650 RNRL 31-Jul-2008 32461140
NIFTY 31-Jul-2008 4400 2648450 NIFTY 31-Jul-2008 4100 3891500 IFCI 31-Jul-2008 30692600
CAIRN 28-Aug-2008 240 1906250 NIFTY 31-Jul-2008 4000 1245450 RPL 31-Jul-2008 28158425
ISPATIND 31-Jul-2008 25 1361200 NIFTY 31-Jul-2008 4400 1152400 POLARIS 31-Jul-2008 27322400
Nilesh Kulkarni
HOME Senior Derivative Analyst
22
30th July 2008
DAILY NIFTY PIVOT POINT
Support 2 Support 1 Pivot Resistance 1 Resistance 2
S&P CNX Nifty 4054.02 4121.93 4227.07 4294.98 4400.12
CNX IT 3458.20 3551.60 3606.85 3700.25 3755.50
CNX Nifty Junior 6421.28 6535.97 6742.38 6857.07 7063.48
S&P CNX Defty 3302.92 3356.43 3434.47 3487.98 3566.02
BANK Nifty 5122.65 5272.40 5544.70 5694.45 5966.75
CNX Midcap 5337.07 5389.88 5478.37 5531.18 5619.67
S&P CNX 500 3276.38 3313.42 3371.48 3408.52 3466.58
CNX 100 3886.45 3934.75 4006.85 4055.15 4127.25
Nifty Midcap 50 2035.07 2059.53 2101.07 2125.53 2167.07
Support 2 Support 1 Pivot Resistance 1 Resistance 2
ABB LTD. 744.95 758.80 778.90 792.75 812.85
ACC LIMITED 546.23 557.37 571.18 582.32 596.13
AMBUJA CEMENTS LTD 77.32 78.43 80.17 81.28 83.02
BHARTI AIRTEL LIMITED 746.03 761.97 778.98 794.92 811.93
BHEL 1536.83 1565.32 1604.48 1632.97 1672.13
BHARAT PETROLEUM CORP LT 295.45 303.00 311.50 319.05 327.55
CAIRN INDIA LIMITED 215.58 222.07 227.93 234.42 240.28
CIPLA LTD 212.45 215.70 220.60 223.85 228.75
DLF LIMITED 447.33 459.67 477.33 489.67 507.33
DR. REDDY’S LABORATORIES 558.33 575.57 598.28 615.52 638.23
GAIL (INDIA) LTD 344.43 353.87 365.53 374.97 386.63
GRASIM INDUSTRIES LTD 1719.65 1754.20 1784.55 1819.10 1849.45
HCL TECHNOLOGIES LTD 194.03 196.77 200.73 203.47 207.43
HDFC LTD 1976.00 2042.00 2121.00 2187.00 2266.00
HDFC BANK LTD 933.97 981.63 1050.67 1098.33 1167.37
HERO HONDA MOTORS LTD 707.85 721.70 740.85 754.70 773.85
HINDALCO INDUSTRIES LTD 132.20 135.70 141.55 145.05 150.90
HINDUSTAN UNILEVER LTD. 222.67 230.23 234.62 242.18 246.57
ICICI BANK LTD. 575.10 591.40 619.55 635.85 664.00
IDEA CELLULAR LIMITED 84.05 86.25 88.00 90.20 91.95
INFOSYS TECHNOLOGIES LTD 1493.50 1517.10 1531.50 1555.10 1569.50
ITC LTD 181.60 185.60 188.25 192.25 194.90
LARSEN & TOUBRO LTD. 2419.75 2483.20 2588.60 2652.05 2757.45
MAHINDRA & MAHINDRA LTD 465.68 482.77 505.63 522.72 545.58
MARUTI SUZUKI INDIA LTD. 531.73 549.07 576.53 593.87 621.33
NATIONAL ALUMINIUM CO LTD 402.53 423.27 436.63 457.37 470.73
NTPC LTD 170.03 174.27 179.38 183.62 188.73
OIL AND NATURAL GAS CORP. 929.28 956.37 987.68 1014.77 1046.08
PUNJAB NATIONAL BANK 418.22 435.13 463.52 480.43 508.82
POWER GRID CORP. LTD. 91.08 92.67 95.08 96.67 99.08
RANBAXY LABS LTD 456.10 465.80 477.90 487.60 499.70
RELIANCE COMMUNICATIONS L 473.22 482.03 494.02 502.83 514.82
RELIANCE INDUSTRIES LTD 2021.73 2052.42 2105.68 2136.37 2189.63
RELIANCE INFRASTRUCTU LTD 853.03 881.07 928.03 956.07 1003.03
RELIANCE PETROLEUM LTD. 156.05 157.75 159.70 161.40 163.35
STEEL AUTHORITY OF INDIA 125.57 128.43 132.22 135.08 138.87
SATYAM COMPUTER SERVICES 360.05 364.80 368.95 373.70 377.85
STATE BANK OF INDIA 1235.08 1276.87 1347.78 1389.57 1460.48
SIEMENS LTD 480.45 496.80 520.35 536.70 560.25
STERLITE INDS (IND) LTD 549.28 570.42 586.18 607.32 623.08
SUN PHARMACEUTICALS IND. 1344.55 1379.10 1404.55 1439.10 1464.55
SUZLON ENERGY LIMITED 202.87 207.43 211.67 216.23 220.47
TATA COMMUNICATIONS LTD 389.37 397.03 404.07 411.73 418.77
TATA MOTORS LIMITED 363.45 379.90 407.45 423.90 451.45
TATA POWER CO LTD 1008.42 1024.73 1041.32 1057.63 1074.22
TATA STEEL LIMITED 561.88 573.17 589.08 600.37 616.28
TATA CONSULTANCY SERV LT 783.12 796.03 804.92 817.83 826.72
UNITECH LTD 142.65 149.85 159.40 166.60 176.15
WIPRO LTD 306.68 354.67 380.33 428.32 453.98
ZEE ENTERTAINMENT ENT LTD 203.80 210.60 215.20 222.00 226.60
Source: NSE
HOME
23
30th July 2008
BULK DEALS TRADE DETAILS OF BULK DEALS
Deal Scrip Name Client Name Deal Quantity Price **
Date Type
29-Jul-08 Akanksh Finv Rita Rajkumar Singh. S 25200 10.44
29-Jul-08 Anku Dr Ph Morgan Stanley Mauritius Co Ltd B 50000 234.22
29-Jul-08 Bihar Tubes Apl Infrastructure Private Lim B 476487 162.44
29-Jul-08 Bihar Tubes Securocrop Securities India P S 460000 162.49
29-Jul-08 Cybermat Inf Basmati Securities Pvt Ltd B 2122692 4.49
29-Jul-08 Cybermat Inf S V Enterprises B 574989 4.51
29-Jul-08 Cybermat Inf S V Enterprises S 574989 4.46
29-Jul-08 Dmc Inter J A Financial And Management Consult P L B 28500 10.44
29-Jul-08 Gremac Infra Sophia Growth A Class Of Somerset India F S 100000 88
29-Jul-08 Ifl Prmoter J A Financial And Management Consult P L B 16000 19.98
29-Jul-08 Indocity Inf Anil Jain Huf B 70518 5.44
29-Jul-08 Infotech Enr Courage Cap Mgt Llc Ssif B 463817 205
29-Jul-08 Infotech Enr Citigroup Global Markets Mauritius Pvt Ltd S 463817 205
29-Jul-08 Jaisal Secur Venugopal Reddy S B 25000 37
29-Jul-08 Jaisal Secur Canos Trading Pvt Ltd. S 25000 37
29-Jul-08 Prerna Infr Vijay Chandulal Shah S 39000 15.5
29-Jul-08 South India Courage Cap Mgt Llc Ssif B 629039 107
29-Jul-08 South India Citigroup Global Markets Mauritius Pvt Ltd S 629039 107
29-Jul-08 Spanc Telesy Kapil Puri B 100054 96.68
29-Jul-08 Tyche Periph Nandini Pasari B 200000 66.55
Source : BSE / * B - Buy, S - Sell / ** = Weighted Average Trade Price / Trade Price
HOME
24
30th July 2008
FORTHCOMING EVENTS BOARD MEETINGS
Effective Summary Action Type
Date
30-Jul-08 21Cen Man Se Results
30-Jul-08 A V Cottex I Results
30-Jul-08 Aadi Indus L Results
30-Jul-08 Abc Paper Dividend, Results
30-Jul-08 Abg Shipyard Results
30-Jul-08 Abm Knowledg Results
30-Jul-08 Accel Frontl Results
30-Jul-08 Ace India Lt Results
30-Jul-08 Action Fin Results
30-Jul-08 Adarsh Pla P Results
30-Jul-08 Adlabs Films Dividend
30-Jul-08 Advanta Results
30-Jul-08 Adven Com Se Results
30-Jul-08 Aftek Ltd Results
30-Jul-08 Agro Tech F Results
30-Jul-08 Aimco Pestic Results
30-Jul-08 Aishwarya Te Results
30-Jul-08 Ajanta Pharm Results
30-Jul-08 Ajcon Global Results
30-Jul-08 Alcobex Met Results
30-Jul-08 Alfred Herbe Results
30-Jul-08 Allied Digit Results
30-Jul-08 Almondz Cms Dividend, Results
30-Jul-08 Alna Trad. Results
30-Jul-08 Alok Industr Results
30-Jul-08 Amarjot Sp M Results
30-Jul-08 Ambika Coton Results
30-Jul-08 Amit Securit Results
30-Jul-08 Amrit Corp Dividend, Results
30-Jul-08 Andhra Petro Dividend, Results
30-Jul-08 Anka India L Results
30-Jul-08 Anna Infra Results
30-Jul-08 Ansal Infras Results
30-Jul-08 Anshuni Com. Results
30-Jul-08 Aplab Ltd Results
30-Jul-08 Arex Ind. Results
30-Jul-08 Aroni Comm Results
30-Jul-08 Arrow Webtex Results
30-Jul-08 Arshyia Intl Dividend, Employees Stock Option Plan, Results
30-Jul-08 Artefact Pr Results
30-Jul-08 Artheon Results
30-Jul-08 Arvin Remedi Results
30-Jul-08 Arvind Inter Results
30-Jul-08 Asahi India Results
30-Jul-08 Asahi Infr P Results
30-Jul-08 Ashiana Hou Results
30-Jul-08 Ashiana Ispa Results
30-Jul-08 Ashirw Ste I Results
30-Jul-08 Ashis Polypl Results
30-Jul-08 Asia Cerc In Results
30-Jul-08 Asia Ind Net Results
30-Jul-08 Asian Hotels Results
30-Jul-08 Astra Micro Results
30-Jul-08 Atlas Cyc Hr Results
30-Jul-08 Aurobindo Ph Results
30-Jul-08 Autoind Results
30-Jul-08 Automat Axle Results
30-Jul-08 Avant Feed L Results
30-Jul-08 Avantel Soft Results
30-Jul-08 Avaya Global Results
30-Jul-08 Axon Infotec Results
30-Jul-08 B2B Software Results
30-Jul-08 Bafin Eng Pr Results
30-Jul-08 Bag Fil Med Results
30-Jul-08 Bagalkot Udy Results
30-Jul-08 Bal Pharma L Results
30-Jul-08 Balaji Distl Results
30-Jul-08 Balasore All Results
30-Jul-08 Balmer Lawri Results
30-Jul-08 Balmr Law In Results
30-Jul-08 Bata Indi Lt Results
30-Jul-08 Bcc Fuba Ind Results
30-Jul-08 Bdh Industri Results
30-Jul-08 Bemco Hydrau Results
Contd...
25
30th July 2008
30-Jul-08 Berge Paint* Results
30-Jul-08 Bgr Energy Results
30-Jul-08 Bhageri Dyec Results
30-Jul-08 Bhagwand Met Results
30-Jul-08 Bhagwat Gase Results
30-Jul-08 Bhagwati Oxy Results
30-Jul-08 Bhagyashree Results
30-Jul-08 Bhand Hos Ex Results
30-Jul-08 Bharat Ferti Results
30-Jul-08 Bhartiya Int Results
30-Jul-08 Bhilwara Spi Results
30-Jul-08 Bin.Tex.Pr(P Results
30-Jul-08 Binny Ltd. Results
30-Jul-08 Bio Green I Results
30-Jul-08 Bio Whgo Ind Results
30-Jul-08 Bkv Industrs Results
30-Jul-08 Bloom Dekor Results
30-Jul-08 Bloom Indust Results
30-Jul-08 Blue Bl.Fin. Results
30-Jul-08 Blue Chi Tex Results
30-Jul-08 Bnr Udyog Lt Dividend, Results
30-Jul-08 Bobshell Ele Results
30-Jul-08 Bodal Chem Results
30-Jul-08 Bom.Oxygen Results
30-Jul-08 Bombay Burma Results
30-Jul-08 Bongaigaon R Results
30-Jul-08 Bosch Cha Sy Results
30-Jul-08 Brabourne Results
30-Jul-08 Brad Mor Eng Results
30-Jul-08 Brilliant Se Results
30-Jul-08 Bsl Limited Results
30-Jul-08 Cambridge Results
30-Jul-08 Camlin Fine Dividend
30-Jul-08 Camp Alli Pr Results
30-Jul-08 Capita Trust Results
30-Jul-08 Carn Nut Ana Results
30-Jul-08 Carol Info* Results
30-Jul-08 Cat Technol Results
30-Jul-08 Cdr Industri Results
30-Jul-08 Celebrityfas Results
30-Jul-08 Cent 21St Po Results
30-Jul-08 Century Ext Results
30-Jul-08 Cera Sanitry Results
30-Jul-08 Cerebra Int Results
30-Jul-08 Cesc Ltd Results
30-Jul-08 Cg Vak Sof E Results
30-Jul-08 Chamanl Seti Results
30-Jul-08 Chambal Fert Dividend
30-Jul-08 Champagn Ind Results
30-Jul-08 Champagne Vn Results
30-Jul-08 Chand Prab I Results
30-Jul-08 Chd Dev Ltd Results
30-Jul-08 Chi Invest Results
30-Jul-08 Choksi Imag Results
30-Jul-08 Chola Dbs Results
30-Jul-08 Citurgia Bio Results
30-Jul-08 City Union B Results
30-Jul-08 Class Diam I Results
30-Jul-08 Claurs Results
30-Jul-08 Clio Infote Results
30-Jul-08 Cmi Limited Results
30-Jul-08 Cni Res Ltd Results
30-Jul-08 Coastal Road Results
30-Jul-08 Cochin Min R Results
30-Jul-08 Combat Drugs Results
30-Jul-08 Comp Disc In Results
30-Jul-08 Contech Soft Results
30-Jul-08 Contil I Ltd Results
30-Jul-08 Coral Labora Results
30-Jul-08 Cords Cable Results
30-Jul-08 Country Cond Results
30-Jul-08 Coven Coilom Results
30-Jul-08 Ct Coton Yar Results
30-Jul-08 Cupid Ltd Results
30-Jul-08 Cupid Trade Results
30-Jul-08 Dagger Forst Results
30-Jul-08 Dai Ich Kark Results
30-Jul-08 Daulat Secui Results
30-Jul-08 Dcm Limited Results
30-Jul-08 Dcwltd. Results
30-Jul-08 Decolight Ce Results
Contd...
26
30th July 2008
30-Jul-08 Dev Crbank Results
30-Jul-08 Devinsu Trad Results
30-Jul-08 Dgp Securiti Results
30-Jul-08 Dham Sugar Results
30-Jul-08 Dhandapan Fi Results
30-Jul-08 Dhar Mor Che Results
30-Jul-08 Dhp India Results
30-Jul-08 Dhunse Tea I Results
30-Jul-08 Diana Tea Co Consolidation of Shares
30-Jul-08 Dic India Results
30-Jul-08 Dishman Phar Results
30-Jul-08 D-Link India Results
30-Jul-08 D-Link India Dividend
30-Jul-08 Dmc Inter Results
30-Jul-08 Dunlop India Results
30-Jul-08 Duroflex Eng Results
30-Jul-08 Dynam Por Ma Results
30-Jul-08 Dynamatic Te Results
30-Jul-08 East C.Steel Results
30-Jul-08 Elcid Inv Dividend, Results
30-Jul-08 Electra Fina Results
30-Jul-08 Elf Trading Results
30-Jul-08 Elnet Techno Results
30-Jul-08 Emmso Intern Results
30-Jul-08 Empire Ind. Results
30-Jul-08 Envair Elect Increase in Authorised Capital, Results, Rights
30-Jul-08 Euro Ceramic Results
30-Jul-08 Everedy Indl Results
30-Jul-08 Everest Buil Results
30-Jul-08 Everest Fint Results
30-Jul-08 Everest Kant Results
30-Jul-08 Excel Indust Results
30-Jul-08 Exelon Infra Results
30-Jul-08 Explicit Fin Results
30-Jul-08 Facor Alloys Results
30-Jul-08 Facor Steels Results
30-Jul-08 Falcon Tyre Dividend, Results
30-Jul-08 Fem Care Pha Results
30-Jul-08 Fenoplast Lt Results
30-Jul-08 Ferro Allo C Dividend, Results
30-Jul-08 Fics Consult Results
30-Jul-08 Filmcit Medi Results
30-Jul-08 Financ Eye I Results
30-Jul-08 Fir Cust Fun Results
30-Jul-08 Flex Foods L Results
30-Jul-08 Flex Foods L Dividend
30-Jul-08 Fluidomat Lt Results
30-Jul-08 Foods & Inns Results
30-Jul-08 Fortis Healt Results
30-Jul-08 Freshtrop Fr Results
30-Jul-08 Fsl Results
30-Jul-08 Fusion Fitin Results
30-Jul-08 Futura Polys Results
30-Jul-08 Future Cap Results
30-Jul-08 G V Films Lt Results
30-Jul-08 G. K. Consul Results
30-Jul-08 G.P.Electron Results
30-Jul-08 Garwa Mari I Results
30-Jul-08 Gccl Con Rea Results
30-Jul-08 Gccl Infrast Results
30-Jul-08 Geekay Finan Results
30-Jul-08 Gemini Commu Results
30-Jul-08 Geometric L Results
30-Jul-08 Global Vect Results
30-Jul-08 Glodyne Tech Dividend, Increase in Authorised Capital, Results
30-Jul-08 Gmr Ferro Results
30-Jul-08 Gmr Indstrs Results
30-Jul-08 Gokul Refoil Results
30-Jul-08 Gold.Leg.Lea Results
30-Jul-08 Gonterm Peip Results
30-Jul-08 Goodrick Grp Results
30-Jul-08 Gopala Polyp Results
30-Jul-08 Great Offsh Results
30-Jul-08 Gremac Infra Results
30-Jul-08 Grm Overseas Results
30-Jul-08 Gsl (India) Results
30-Jul-08 Gtn Indus Results
30-Jul-08 Guj Alkali Results
30-Jul-08 Guj Apo Ind Results
30-Jul-08 Guj Cred Cor Results
30-Jul-08 Guj Min Devl Results
Contd...
27
30th July 2008
30-Jul-08 Guj Narmada Results
30-Jul-08 Gujara Cap V Results
30-Jul-08 Gujara Sid C Results
30-Jul-08 Gujarat Boro Results
30-Jul-08 Gujarat Gas Results
30-Jul-08 Gulsha Sug C Results
30-Jul-08 Gulshan Poly Results
30-Jul-08 Haldyn Gla G Results
30-Jul-08 Hanjer Fibre Results
30-Jul-08 Hansaflon Pl Results
30-Jul-08 Harita Seat Results
30-Jul-08 Harita Seat Dividend
30-Jul-08 Harya Capfin Results
30-Jul-08 Hb Lea Fin C Results
30-Jul-08 Hb Stockholi Results
30-Jul-08 Hcl Techno Dividend, Results
30-Jul-08 Hem Holdings Results
30-Jul-08 Hemadri Cem Results
30-Jul-08 Heritage Fo* Results
30-Jul-08 Him.Fibre(P) Results
30-Jul-08 Himla Intern Results
30-Jul-08 Hind Housing Results
30-Jul-08 Hind Sanitar Results
30-Jul-08 Hind.Oil Exp Dividend
30-Jul-08 Hinduja Vent Results
30-Jul-08 Hindus Dor O Results
30-Jul-08 Hipolin Ltd Results
30-Jul-08 Hiran Orgoch Results
30-Jul-08 Hmt Ltd Results
30-Jul-08 Hov Services Results
30-Jul-08 Hyderbd Flex Results
30-Jul-08 I T C Ltd Results
30-Jul-08 Ibretails Results
30-Jul-08 Ifb Agro Ind Results
30-Jul-08 Ifl Prmoter Results
30-Jul-08 Ikab Secu In Results
30-Jul-08 Ikf Financ L Results
30-Jul-08 Impex Ferro Results
30-Jul-08 In Hou Prod Results
30-Jul-08 Inca Finleas Results
30-Jul-08 Incon Engine Results
30-Jul-08 Ind Cem Cap Results
30-Jul-08 Ind Tourism Results
30-Jul-08 Indag Rubber Results
30-Jul-08 Indagiv Comm Results
30-Jul-08 Indbul Real Results
30-Jul-08 India Cement Results
30-Jul-08 India Glycol Dividend
30-Jul-08 India Hume P Results
30-Jul-08 India Niveh Results
30-Jul-08 Indiaco Ven Results
30-Jul-08 Indian Oil C Results
30-Jul-08 Indo Asi Fu Results
30-Jul-08 Indo Asian H Results
30-Jul-08 Indo Gulf In Results
30-Jul-08 Indo Texprnt Results
30-Jul-08 Indocastle M Results
30-Jul-08 Indocity Inf Results
30-Jul-08 Indoco Rem Results
30-Jul-08 Indotechtr Results
30-Jul-08 Ind-Swift La Results
30-Jul-08 Ind-Swift Lt Results
30-Jul-08 Indtradeco L Results
30-Jul-08 Indus.Cables Results
30-Jul-08 Infotrek Sys Results
30-Jul-08 Ingersol Rnd Final Dividend
30-Jul-08 Innov Tec Pa Results
30-Jul-08 Intedigital Results
30-Jul-08 Inter Digi Results
30-Jul-08 Intern Comb Results
30-Jul-08 Intern Conve Dividend, Results
30-Jul-08 Intra Infotc Results
30-Jul-08 Io System Results
30-Jul-08 Iol Net Com Results
30-Jul-08 Iqms Softwar Results
30-Jul-08 Ircon Intern Results
30-Jul-08 Ishwar Bhuv. Results
30-Jul-08 Ishwarshakti Results
30-Jul-08 Ist Limited Results
Contd...
28
30th July 2008
30-Jul-08 Iti Limited Results
30-Jul-08 Ivr Prime Results
30-Jul-08 Ivrcl Inf Pr Results
30-Jul-08 J&K Bank Results
30-Jul-08 Jain Studio Results
30-Jul-08 James Hotels Results
30-Jul-08 Jaus Polymer Results
30-Jul-08 Jbf.Ind.Ltd Results
30-Jul-08 Jeet Machine Results
30-Jul-08 Jindal Onlin Results
30-Jul-08 Jmc Project Results
30-Jul-08 Jmg Corp Ltd Results
30-Jul-08 Jolly Boards Dividend
30-Jul-08 Josts Eng Co Results
30-Jul-08 Jupiter Bios Results
30-Jul-08 Kaira Can Co Dividend, Results
30-Jul-08 Kakat Cem Sg Results
30-Jul-08 Kalptaru Results
30-Jul-08 Kamadgi Synt Results
30-Jul-08 Kampani Cons Results
30-Jul-08 Kamper Conca Results
30-Jul-08 Karnav Alf I Results
30-Jul-08 Karuturi Glo Results
30-Jul-08 Kaushal Infr Results
30-Jul-08 Kaveri Seed Results
30-Jul-08 Kbs Cap Mana Results
30-Jul-08 Kddl Ltd Results
30-Jul-08 Kedia Const Results
30-Jul-08 Keerthi Results
30-Jul-08 Kerala Che&P Results
30-Jul-08 Kerala Rubbr Results
30-Jul-08 Khaitan Elct Results
30-Jul-08 Khatau Exim. Results
30-Jul-08 Kiduja India Results
30-Jul-08 Kinetic Engi Results
30-Jul-08 Kinetic Trus Results
30-Jul-08 Kirloskar El Results
30-Jul-08 Kisan Mouldg Results
30-Jul-08 Klg Capi Ser Results
30-Jul-08 Koa Tool In Results
30-Jul-08 Kohinorfoods Results
30-Jul-08 Koltepatil Results
30-Jul-08 Kopran Ltd. Results
30-Jul-08 Kothari Ferm Results
30-Jul-08 Krishna Fila Results
30-Jul-08 Ksb Pumps Lt Results
30-Jul-08 Kushagra So Results
30-Jul-08 Lafan Petroc Results
30-Jul-08 Lahot Overse Results
30-Jul-08 Lalit Poly Results
30-Jul-08 Lanco Infra Results
30-Jul-08 Lead Financ Results
30-Jul-08 Leena Cons. Results
30-Jul-08 Livingroom L Results
30-Jul-08 Lohia Securi Results
30-Jul-08 Longvi Tea C Results
30-Jul-08 Luminai Tech Results
30-Jul-08 Madras Cemnt Results
30-Jul-08 Mafatla Indu Results
30-Jul-08 Magico Exp. Results
30-Jul-08 Magna Elec C Dividend
30-Jul-08 Magnum Vent Results
30-Jul-08 Maharash Sea Results
30-Jul-08 Mahashree Results
30-Jul-08 Mahindra & M Amalgamation, Results
30-Jul-08 Majestic Aut Results
30-Jul-08 Malu Paper Results
30-Jul-08 Manap Gen Fi Results
30-Jul-08 Mangal Ven Results
30-Jul-08 Master Trust Results
30-Jul-08 Maytas Infra Results
30-Jul-08 Mayu Uniquot Results
30-Jul-08 Medi-Caps Lt Dividend, Results
30-Jul-08 Mefcom Cap M Results
30-Jul-08 Meghmani Results
30-Jul-08 Merck Ltd Results
30-Jul-08 Mercury Trad Results
30-Jul-08 Metro Indust Results
30-Jul-08 Mideas Por M Results
30-Jul-08 Mile Global Results
30-Jul-08 Millennium B Results
Contd...
29
30th July 2008
30-Jul-08 Mindteck Ind Results
30-Jul-08 Mini Diamond Results
30-Jul-08 Mirza Inter Results
30-Jul-08 Moldtek Tech Results
30-Jul-08 Monotona Sec Results
30-Jul-08 Monotype Ind Results
30-Jul-08 Morarjetex Results
30-Jul-08 Morgan Cru Results
30-Jul-08 Mro-Tek Ltd Results
30-Jul-08 Mrugesh Trad Results
30-Jul-08 Mtz Polyfilm Results
30-Jul-08 Mukand Eng Results
30-Jul-08 Muller & Phi Results
30-Jul-08 Munjal Show Results
30-Jul-08 Murli Indu Results
30-Jul-08 Murudeshwar Results
30-Jul-08 N.S.Duncan Results
30-Jul-08 Nat.Oxygen Dividend, Results
30-Jul-08 Nationa Plyw Results
30-Jul-08 Natraj Proti Results
30-Jul-08 Natural Caps Results
30-Jul-08 Ncj Internat Results
30-Jul-08 Ncl Industri Results
30-Jul-08 Neelkanth Ro Results
30-Jul-08 Neemtek Org Results
30-Jul-08 Network Ltd General
30-Jul-08 New Bombay P Results
30-Jul-08 Ngl Fine Chm Results
30-Jul-08 Nicco Corp Results
30-Jul-08 Nila Infrast Results
30-Jul-08 Nirlon Ltd Results
30-Jul-08 Nissan Coper Dividend, Results
30-Jul-08 Nitin Alloy Results
30-Jul-08 Nitinspinner Results
30-Jul-08 Niyat Indust Results
30-Jul-08 Noble Exploc Results
30-Jul-08 Northgate Te Results
30-Jul-08 Npr Finance Results
30-Jul-08 Nuc Net Gis Results
30-Jul-08 Nuc Net Gis Dividend
30-Jul-08 Numech Embal Results
30-Jul-08 Numeri Po Sy Results
30-Jul-08 Oasis Securi Results
30-Jul-08 Ok Play Indi Results
30-Jul-08 Omkar Overse Results
30-Jul-08 Online Media Results
30-Jul-08 Orchid Chem Results
30-Jul-08 Oricon Ent Results
30-Jul-08 Orie Car Che Results
30-Jul-08 Oriental Results
30-Jul-08 P.H.Capital Results
30-Jul-08 Pacific Cots Results
30-Jul-08 Panam Petroc Results
30-Jul-08 Panch.Steel Results
30-Jul-08 Pankaj Polym Results
30-Jul-08 Paramo Commu Results
30-Jul-08 Parijat Results
30-Jul-08 Parsh Hous Results
30-Jul-08 Pasupati Acr Results
30-Jul-08 Paushak Ltd Results
30-Jul-08 Pbm Polytex Results
30-Jul-08 Pearl Eng Po Results
30-Jul-08 Pearl Fashon Results
30-Jul-08 Pearl Global Results
30-Jul-08 Permanent Ma Results
30-Jul-08 Pfl Infotech Results
30-Jul-08 Pharmasia Results
30-Jul-08 Phil Car Blk Results
30-Jul-08 Phoenix Inte Results
30-Jul-08 Photoquip In Results
30-Jul-08 Pioneer Agro Results
30-Jul-08 Pithampur St Results
30-Jul-08 Pitti Lamina Results
30-Jul-08 Pokarna Ltd Results
30-Jul-08 Polyspin Exp Dividend
30-Jul-08 Power Grid Results
30-Jul-08 Powersoft Results
30-Jul-08 Praveen Prop Results
30-Jul-08 Prem Som Fin Results
Contd...
30
30th July 2008
30-Jul-08 Prime Indust Results
30-Jul-08 Provogue Ind Results
30-Jul-08 Pulsar Inter Results
30-Jul-08 Punit Commer Results
30-Jul-08 Punj Alk Che Results
30-Jul-08 Punjab Natbk Results
30-Jul-08 Punjab Tract Amalgamation
30-Jul-08 Puravankara Results
30-Jul-08 Pyramid Saim Results
30-Jul-08 R S Softw I Results
30-Jul-08 Radico Khait Results
30-Jul-08 Raj Agro Mls Results
30-Jul-08 Rajapal Mill Final Dividend
30-Jul-08 Rajdarsha In Results
30-Jul-08 Rajen.Mech. Results
30-Jul-08 Rajes Found Results
30-Jul-08 Rajesh Strip Results
30-Jul-08 Ram Ratn Wir Results
30-Jul-08 Ramco Indusr Results
30-Jul-08 Ramco System Results
30-Jul-08 Rane Holdin Results
30-Jul-08 Ranklin Solu Results
30-Jul-08 Rapicu Carbi Dividend, Results
30-Jul-08 Rashel Agrot Results
30-Jul-08 Rasoi Ltd Results
30-Jul-08 Rayban Sun O Results
30-Jul-08 Real Strip L Results
30-Jul-08 Regency Cera Results
30-Jul-08 Reliance Cap Results
30-Jul-08 Remi Metals Results
30-Jul-08 Remi Process Results
30-Jul-08 Ren Jewelery Results
30-Jul-08 Respon Ind Results
30-Jul-08 Riba Textile Results
30-Jul-08 Rich Cap Fin Results
30-Jul-08 Richa Knits Results
30-Jul-08 Rico Aut Ind Results
30-Jul-08 Rohit Pulp P Results
30-Jul-08 Roopa Indust Results
30-Jul-08 Rotam Comm. Results
30-Jul-08 Roto Pumps L Results
30-Jul-08 Rswm Ltd Results
30-Jul-08 Ruchi Soya. Results
30-Jul-08 S A L Steel Results
30-Jul-08 S.S.Organics Results
30-Jul-08 S.V.Electric Results
30-Jul-08 Saag Rr Infr Results
30-Jul-08 Sadha Nit Ch Dividend, Results
30-Jul-08 Sahil Financ Results
30-Jul-08 Sakuma Expo Results
30-Jul-08 Sambhaav Med Results
30-Jul-08 Sanco Trans Results
30-Jul-08 Sandesh Ltd Results
30-Jul-08 Sandur Man Results
30-Jul-08 Sangam India Results
30-Jul-08 Sanjay Leas Results
30-Jul-08 Sanjiva Para Results
30-Jul-08 Sarasw.Comm. Results
30-Jul-08 Sarda Papers Results
30-Jul-08 Satyam Silk Results
30-Jul-08 Sbec Systems Results
30-Jul-08 Scooters Ind Results
30-Jul-08 Se Investm Results
30-Jul-08 Sg Global Ex Results
30-Jul-08 Sh Raja Synt Results
30-Jul-08 Sh.Precoated Results
30-Jul-08 Sha Eng Pla Results
30-Jul-08 Shah Alloy L Results
30-Jul-08 Shakti Press Results
30-Jul-08 Shakti Pumps Results
30-Jul-08 Shalimar Pro Results
30-Jul-08 Shanthi Gear Results
30-Jul-08 Shilchar Tec Results
30-Jul-08 Shilp Gravue Results
30-Jul-08 Shr Jagd Pol Results
30-Jul-08 Shreenath Results
30-Jul-08 Shreenath In Results
30-Jul-08 Shrenuj &Com Results
30-Jul-08 Shukr Bull Results
30-Jul-08 Shukra Jew Results
30-Jul-08 Si Cap.&Fina Results
Contd...
31
30th July 2008
30-Jul-08 Sika Interp Results
30-Jul-08 Silver Anima Results
30-Jul-08 Silverline T Results
30-Jul-08 Simplex Cast Results
30-Jul-08 Sinclair Hot Results
30-Jul-08 Singer Indi Results
30-Jul-08 Sinnar Bidi Results
30-Jul-08 Sip Indust L Results
30-Jul-08 Sir Shadi La Results
30-Jul-08 Siyar Silk M Results
30-Jul-08 Sks Log Ltd Results
30-Jul-08 Smc Credit Results
30-Jul-08 Smruthi Org Dividend, Results
30-Jul-08 Sms Pharmace Results
30-Jul-08 Solar Expl Results
30-Jul-08 Solid Stone Results
30-Jul-08 Soma Tex Ind Results
30-Jul-08 South Asia E Results
30-Jul-08 Southbiotec Results
30-Jul-08 Southern Isp Results
30-Jul-08 Sovereign Di Results
30-Jul-08 Sparc System Results
30-Jul-08 Spectra Indu Results
30-Jul-08 Spice Tele Results
30-Jul-08 Spicejet Ltd Results
30-Jul-08 Sps Internat Results
30-Jul-08 Sreechem Res Results
30-Jul-08 Srei Infra Results
30-Jul-08 Sri Laks Sar Results
30-Jul-08 St Trad Corp Results
30-Jul-08 Stanrose Maf Dividend
30-Jul-08 Star Paper Results
30-Jul-08 Stelco Strip Results
30-Jul-08 Sterling Too Dividend
30-Jul-08 Sterlite Pro Results
30-Jul-08 Stocknet Int Results
30-Jul-08 Stone Indi L Results
30-Jul-08 Sturdy Inds Results
30-Jul-08 Subhkam Cap Results
30-Jul-08 Subway Fin. Results
30-Jul-08 Summit Sec Results
30-Jul-08 Sun Ir Steel General
30-Jul-08 Sundarammul Results
30-Jul-08 Sundram Fast Results
30-Jul-08 Sunraj Dia E Results
30-Jul-08 Super House General
30-Jul-08 Surab.Che.&I Results
30-Jul-08 Su-Raj Diamo Results
30-Jul-08 Surat Textil Results
30-Jul-08 Surbhi Ind Results
30-Jul-08 Sutlej Tex Results
30-Jul-08 Suzlonenergy Results
30-Jul-08 Sybly Indusr Results
30-Jul-08 Syschem Indi Results
30-Jul-08 Systel Infot Results
30-Jul-08 T. Spiritual Results
30-Jul-08 Tajgvk Hotel Results
30-Jul-08 Take Solut Dividend
30-Jul-08 Talbro Aut C Results
30-Jul-08 Tamiln Telco Results
30-Jul-08 Tanu Heal Results
30-Jul-08 Tarrif Cine Results
30-Jul-08 Tasty Bite Results
30-Jul-08 Tata Chemica Results
30-Jul-08 Tata Coffee Dividend
30-Jul-08 Tata Comm Results
30-Jul-08 Tata Motors Results
30-Jul-08 Techtran Pol Results
30-Jul-08 Texmaco Ltd Results
30-Jul-08 Thacker Results
30-Jul-08 Thana Ele Su Results
30-Jul-08 Thyrocar Lab Results
30-Jul-08 Time Guarant Results
30-Jul-08 Titan Biotec Results
30-Jul-08 Tivoli Const Results
30-Jul-08 Today Writ Results
30-Jul-08 Torent Cable Results
30-Jul-08 Tornt Power Results
30-Jul-08 Trans Asiac Results
30-Jul-08 Transcorp In Results
30-Jul-08 Transwarrant Results
Contd...
32
30th July 2008
30-Jul-08 Trent Results
30-Jul-08 Trigyn Techn Results
30-Jul-08 Trijal Indus Results
30-Jul-08 Trish Elec I Results
30-Jul-08 Triumph In F Results
30-Jul-08 Triveni Engi Results
30-Jul-08 Tudor India Results
30-Jul-08 Tulip Tele Results
30-Jul-08 U G Hotels R Results
30-Jul-08 U P Hotels L Results
30-Jul-08 Uni Legewear Results
30-Jul-08 Uni Royal In Results
30-Jul-08 Unitech Ltd Results
30-Jul-08 Unity Infra Results
30-Jul-08 Univ Prime A Results
30-Jul-08 Univer Starc Results
30-Jul-08 Upasana Fin. Results
30-Jul-08 Usha Martin Results
30-Jul-08 Ushamrtn Inf Results
30-Jul-08 Vadilal Ente Results
30-Jul-08 Vadilal Indu Results
30-Jul-08 Vaghani Results
30-Jul-08 Valecha Engi Bonus, Results
30-Jul-08 Valuemart In Results
30-Jul-08 Venus Vent Results
30-Jul-08 Victoria Mil Dividend, Results
30-Jul-08 Victory Pape Results
30-Jul-08 Vij.Shanti B Results
30-Jul-08 Vijay Textil Results
30-Jul-08 Vikas Wsp Lt Results
30-Jul-08 Vikram Therm Dividend, Results
30-Jul-08 Vimta Labs L Results
30-Jul-08 Vintage Card Results
30-Jul-08 Vintage Secu Results
30-Jul-08 Vintron Infm Results
30-Jul-08 Vinyoflex Lt Results
30-Jul-08 Vip Industri Results
30-Jul-08 Vippy Spinpr Results
30-Jul-08 Vishal Expo Results
30-Jul-08 Vishal Retai Results
30-Jul-08 Vishvprab Tr Results
30-Jul-08 W H Brady Co Results
30-Jul-08 W.Ministil Results
30-Jul-08 Warren Tea L Results
30-Jul-08 Watson Softw Results
30-Jul-08 West Ind Cot Results
30-Jul-08 Western Indi Results
30-Jul-08 Wheels India Results
30-Jul-08 Winro Commr. Results
30-Jul-08 Woolite Merc Results
30-Jul-08 Yenkey Dru P Results
30-Jul-08 Yes Bank Results
30-Jul-08 Zee Enter Buy Back of Shares
30-Jul-08 Zenit Healtc Results
30-Jul-08 Zenotech Lab Results
30-Jul-08 Zf Steering Results
30-Jul-08 Zicom Ele Se Results
30-Jul-08 Zodiac Cloth Results
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Reliance Money Research and Sales
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Reliance Money Stock Rating
Rating Stock Performance
BUY Appreciate more than 15% in next 12 months
HOLD Appreciate upto 15% in next 12 months
REDUCE Depreciate upto 10% in next 12 months
SELL Depreciate More than 10% in next 12 months
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