Commex Tech appoints Sudip Bandyopadhyay as independent director
Commex Technology at its meeting held on April 02, 2013, has appointed Mr. Sudip Bandyopadhyay as Independent Director of the Company with immediate effect. Further, the Board of Directors of the Company has accepted the resignation tendered by Mr. Kishore Hegde as the Independent Director of the Company w.e.f. March 31, 2013.
"Asian Paints, our dealer checks indicate that after a strong 3QFY13 (13 percent volume growth in decorative paints), led by festive season demand, 4QFY13 was a subdued quarter. Our recent interactions with (a) Indian Paints Association President, Mr Ramakanth Akula, and (b) Akzo Nobel management suggest a challenging environment in CY13. The dull macroeconomic backdrop is impacting consumer sentiment and discretionary spending. Given the positive correlation between decorative paints volume growth and GDP growth (decorative paint volumes usually grow at 1.5-2x GDP growth), we expect paint volumes to moderate in CY13.
Ti02 prices have corrected ~25 percent from the peak and this augurs well for APNT's gross margin. Industry participants believe that the correction in TiO2 prices is structural. (Until recently, TiO2 prices had remained stubbornly high despite weak global demand for paints. The high prices were, therefore, unnatural.) However, we note that the prices of other crude-based raw materials remain firm. We factor in 70/100bp expansion in gross/EBITDA margin in FY14.
Owing to weak capex spending and slowdown in the investment cycle, outlook for the industrial paints segment remains lackluster. Slowdown in auto sales portends incremental challenges ahead. However, this segment constitutes just 7 percent of APNT's revenue. Performance of the international division remains mixed and is heavily dependent on the Middle East.
Competition has intensified, with Berger and Akzo Nobel increasing investments in capacity and distribution. However, we believe that APNT enjoys a very strong first mover advantage with the trade and is unlikely to be impacted significantly.
APNT is currently trading at all-time high valuations of 33.6x FY14E and 26.8x FY15E EPS. It is now the third most expensive stock in our universe. We do not expect these multiples to sustain, especially when discretionary consumption is under stress and there are downside risks to volume growth. While we remain positive on the long-term prospects of the paints industry, at current valuations, we believe risk-reward is unfavorable. Downgrade to Neutral, with target price unchanged at INR5,000," says Motilal Oswal research eport.
FIIs holding more than 30% in Indian cos
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In an interview to CNBC-TV18, Homavazir says, "We are looking at the index as a bottoming out exercise. In this exercise, the index has corrected significantly and we do not expect it to go below 5,550 in any case at the moment. We are expecting 5,850 to come in this pullback before any downsides ensue again."
Talking about the rupee, Homavazir feels the Indian currency is likely to strengthen, with a pullback to 53.67.
Below is the verbatim transcript of Regan Homavazir's interview on CNBC-TV18
Q: We have seen an attempt at a pullback over the last couple of days but this morning is weakening again, what are your expectations from the index?
A: As far as the index is concerned, it has been falling since February and we have lost near 10 percent on the index. In this pullback, we are expecting the index to touch at least 5,850 where it will have to be assessed whether 6,000 is a possibility.
We are looking at the index as a bottoming out exercise. In this exercise, the index has corrected significantly and we do not expect it to go below 5,550 in any case at the moment. We are expecting 5,850 to come in this pullback before any downsides ensue again.
Q: What if we do not get to 5,850, a break below what level would force you to take stock of the situation again?
A: You will have to take stock of the situation when you start going below 5,660. So that is where the problem starts and then the 5,550 will look more certain than it is today.
Q: What about the rupee? What do you see on the charts there?
A: We are looking at rupee to strengthen and expect it to pullback to 53.67.
At 11:54 hrs Mahanagar Telephone Nigam was quoting at Rs 19.35, up Rs 0.95, or 5.16%. It has touched an intraday high of Rs 19.80 and an intraday low of Rs 18.20.
It was trading with volumes of 372,493 shares, compared to its five day average of 549,753 shares, a decrease of -32.24%.
In the previous trading session, the share closed up 1.66% or Rs 0.30 at Rs 18.40.
The share touched its 52-week high Rs 45.25 and 52-week low Rs 17.70 on 30 August, 2012 and 22 March, 2013, respectively.
Currently, it is trading 57.24% below its 52-week high and 9.32% above its 52-week low.
Gold futures declined on Thursday and also closed in negative by about 5percent for first quarterly on CY2013, as fears about Europe waned, equities surged and strong US economic data reduced demand for a safe haven asset. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,221.26 tons, as on March 21. Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,703.9 tons, as on March 28.
The euro rebounded from a 4-month low against the dollar, as investors continue to fret about the ramifications of the Cyprus crisis and political concerns in Italy. Euro declined to a 1-month low versus the yen, as the single currency was weighed down by concerns of capital outflows from the euro zone. The dollar index, a measure of the greenback's performance against six major global rivals, slipped to 82.387, compared with 82.833 Thursday evening.
Technical Alerts:
Gold June futures are trading below crucial resistance of 30300 and trend remains down till the given level holds. Since, the overall trend still remains bearish we advise selling on rallies. Other Resistance are seen at 30,818 (200-day SMA), 30,392 (100-day SMA).
Spot Gold Prices are currently trading below their long term Simple Moving Averages (SMA's), indicating that the trend remains bearish. Strong resistances are seen at USD1,664.4 (200-day SMA), USD1,620.6 (50-day SMA), USD1,658 (100-SMA day).
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
U.S. gold futures for June delivery settled down by USD11.50 at USD1595.70. Gold prices were down as a stronger dollar internationally and rally in equity markets boosted the risk appetite of investors and pushed gold prices down. Banks reopened in Cyprus without causing a massive run on deposits despite a controversial bailout plan which also kept gold prices in check. North Korea has entered a state of war with South Korea which could lead to uncertainty and can support gold prices.
Gold prices are expected to go up as safe haven buying can push gold prices higher. Gold in India is expected to follow international markets and rupee movement will not impact prices as currency markets are closed today. Gold for June delivery on the Multi Commodity Exchange (MCX) was down by 0.50percent at INR 30,044/10gms.
Strategy:
MCX Gold (June): Buy- Rs 29950-29900, stoploss- Rs 29850, target- Rs 30150.
MCX Silver (May): Buy- Rs 52700-52200, stoploss- Rs 52000, target- Rs 53700.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Mar 30, 2013, 05.55 PM IST
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Amazon to acquire book recommendations site Goodreads
Know Goodreads? Well, Amazon today announced that it is in the process of acquiring it. Goodreads, ...
Like this story, share it with millions of investors on M3
Amazon to acquire book recommendations site Goodreads
Know Goodreads? Well, Amazon today announced that it is in the process of acquiring it. Goodreads, ...
Know Goodreads? Well, Amazon today announced that it is in the process of acquiring it. Goodreads, the site for book recommendations, is where book lovers can find and share the books they love. While the terms of the acquisition were not made known, Russ Grandinetti, Amazon Vice President, Kindle Content, said, "Amazon and Goodreads share a passion for reinventing reading. Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike."
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