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Fundamentals - January 07, 2013


Nik's Diary
The Indian market was expected to open flat to negative tracking  and flat opening in SGX Nifty. Most of the Asian markets were trading in the red.  US stocks moved mostly higher over the course of the trading day on Friday, although buying interest was somewhat subdued. The markets benefited from a positive reaction to the release of some relatively upbeat economic data. Most major averages finished the day in positive territory, with the S&P 500 reaching its best closing level since December of 2007. The European markets overcame their early weakness on Friday and ended the session in positive territory. The initial weakness was caused by indications that policymakers in the US would probably end their $85 billion monthly bond-purchase program before year-end. However, the markets recovered following the release of US jobs report for December, which was in line with expectations. Indian shares recovered early losses to finish marginally higher on Friday, as gains in oil & gas as well as IT stocks outweighed losses in metal stocks amid speculation about an early end to Fed's quantitative easing. 

LIC Housing Finance plans to raise upto  `1,000cr through ECB route 
LIC Housing Finance is planning to raise a sum of  `700-1,000cr through External Commercial Borrowings (ECB) route. The Reserve Bank of India (RBI) had in last month allowed real estate developers and housing Finance companies to raise up to US$ 1bn through ECBs in the current fiscal to promote low-cost housing projects. As per the management, company belongs to the segment which has been permitted by the RBI. In our view, the ECB funding which the company has planned would be around 1.6% of total interest bearing liabilities and considering the interest rate differential associated with ECB funding compared to domestic borrowing, the benefit at the FY2014E PBT level would be nearly 3%. At CMP, the stock trades at 2.0x
FY2014 ABV


Indraprastha gas raises price of CNG
Indraprastha Gas (IGL) has increased the price of CNG in Delhi by `1.55/kg to `39.9/kg due to increase in input costs. The company has been importing higher quantities of natural gas (which is expensive) due to shortage in domestic gas production. Since the increase in price will be offset by higher costs, we do not expect a material impact on the company's financials.



Result Calendar
Date           Company
January 09, 2013 IndusInd Bank
January 10, 2013 Sintex, Cera Sanitaryware Ltd
January 11, 2013 Infosys
January 12, 2013
January 13, 2013 Petronet LNG
January 14, 2013 TCS, Electrosteel Castings
January 15, 2013 Axis Bank, South Ind.Bank
January 16, 2013 Bajaj Auto
January 17, 2013 Hero Motocorp, HCL Tech, Exide Industries, Infotech Enterprises
January 18, 2013 HDFC Bank, M&M, Mindtree
January 19, 2013 Force Motors
January 20, 2013
January 21, 2013 HDFC, Asian Paints, Alembic Pharma
January 22, 2013
January 23, 2013
January 24, 2013
January 25, 2013 Maruti, LMW
January 26, 2013
January 27, 2013 Persistent
January 28, 2013
January 29, 2013 Dabur India
January 30, 2013 Colgate, Central Bank
January 31, 2013 Godrej Consumer

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