Ranbaxy Labs: Canadian jolt
September 28, 2008
The stock closed at almost a six-year low on Friday on a report that the Canadian drug regulator, Health Canada, had issued a notice to the company to review its medicines. Earlier, the stock was under pressure on the USFDA’s decision to ban import of 30 of its drugs manufactured at its facilities in Paonta Sahib and Dewas.
The scrip fell from Rs 356.85 to Rs 272.39 during the week, reporting an almost four-fold rise in the combined turnover on the bourses. A total 30.6 million equity shares were traded on BSE and NSE last week against 8.24 million shares changing hands in the previous week.
Ranbaxy Laboratories, the country’s largest drug-maker by sales, dropped as much as 40 per cent from Rs 453.95, after the US drug regulator blocked the sale of more than 30 generic medicines and seven APIs made at its two facilities.
Sunday, September 28, 2008
Thursday, September 18, 2008
ICICI Bank denies talk of share sale by top management
17 Sep, 2008.
MUMBAI: ICICI Bank has dubbed rumours about top management selling the company’s shares over the last few days as baseless and irresponsible.
No shares have been sold by members of the top management of the bank during the current year, the bank said in a release.
ICICI Bank is taking up this matter with regulatory authorities for necessary action against those responsible for the rumours.
Towards end of Wednesday’s trade, ICICI Bank shares were down 4.92 per cent at Rs 362.25 on BSE. The stock had fallen to a low of Rs 530 earlier.
17 Sep, 2008.
MUMBAI: ICICI Bank has dubbed rumours about top management selling the company’s shares over the last few days as baseless and irresponsible.
No shares have been sold by members of the top management of the bank during the current year, the bank said in a release.
ICICI Bank is taking up this matter with regulatory authorities for necessary action against those responsible for the rumours.
Towards end of Wednesday’s trade, ICICI Bank shares were down 4.92 per cent at Rs 362.25 on BSE. The stock had fallen to a low of Rs 530 earlier.
Wednesday, September 10, 2008
Indiabulls Real Estate
Deutsche Securities puts 'hold' on Indiabulls Real Estate
10 Sep, 2008,
Indiabulls Real Estate
cmp: Rs 286.80
target price: Rs 300
Deutsche Securities has initiated coverage on Indiabulls Real Estate with a ‘hold’ rating as it feels the company has limited track record in execution. Weakness in the Mumbai office market for high-end office properties, and a large free float — which allows much larger head-room for “borrowing” and selling short — are downsides for the stock.
According to a Deutsche Bank note, Indiabulls’ revenue growth would be driven by volumes and stake sale of associate and/or subsidiaries. “We expect a revenue CAGR (compound annual growth rate) of 41% over FY08 to FY11 (estimated). \
We expect EBITDA margins to drop from 72% in FY08 to 55% in FY11 (estimated), mainly driven by higher costs (land, construction, employees, SG&A).
Further, we expect the tax rate to increase from around 28% in FY08 to nearly 30% in FY11 (estimated). Thus, while we expect volume growth (around 40%), we expect PAT (profit after tax) to grow by only a 19% CAGR over FY08-11 (estimated),” the note to clients said.
However, the Deutsche Bank note added that the demerging and listing of its forays in power and retailing would drive growth and shareholder value in the near term. Meanwhile, SEZs, townships and annuities from completed projects will drive long-term growth, it added.
10 Sep, 2008,
Indiabulls Real Estate
cmp: Rs 286.80
target price: Rs 300
Deutsche Securities has initiated coverage on Indiabulls Real Estate with a ‘hold’ rating as it feels the company has limited track record in execution. Weakness in the Mumbai office market for high-end office properties, and a large free float — which allows much larger head-room for “borrowing” and selling short — are downsides for the stock.
According to a Deutsche Bank note, Indiabulls’ revenue growth would be driven by volumes and stake sale of associate and/or subsidiaries. “We expect a revenue CAGR (compound annual growth rate) of 41% over FY08 to FY11 (estimated). \
We expect EBITDA margins to drop from 72% in FY08 to 55% in FY11 (estimated), mainly driven by higher costs (land, construction, employees, SG&A).
Further, we expect the tax rate to increase from around 28% in FY08 to nearly 30% in FY11 (estimated). Thus, while we expect volume growth (around 40%), we expect PAT (profit after tax) to grow by only a 19% CAGR over FY08-11 (estimated),” the note to clients said.
However, the Deutsche Bank note added that the demerging and listing of its forays in power and retailing would drive growth and shareholder value in the near term. Meanwhile, SEZs, townships and annuities from completed projects will drive long-term growth, it added.
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