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StatsGuru-02-November-09
Thanks to a sharp turnaround IN THE fortunes of PSU oil marketing companies due to lower oil subsidies, savings in overall costs of production and interest earnings on the cash piles it is sitting on, India Inc’s profits rose over 63 per cent in the September quarter. This is while topline sales fell 6.3 per cent. Once you net out sectors like oil and refining or steel where prices have fallen hugely over the year, the sales growth is a more respectable 8.3% — net profit margins also rise, from 8.9% to 11%. Sales and profits, however, tend to be concentrated and the top 10 firms account for over 40 per cent of sales/profits of our sample of 1,068 firms — remove these top 10 firms, and net profit margins for the sample fall around 30 per cent. Tax provisions are up 23 per cent due to the Minimum Alternate Tax. Most of the top companies — in terms of sales/profits — have seen a relatively poor quarter. Costs of raw materials to sales are down 80 bps on a year-on-year basis but are up 540 bps on a sequential quarter basis, suggesting the extra boost to profits from lower commodity prices in the quarter will reduce in the months ahead. Should that happen, though, it will boost the topline and bottomlines of commodity firms.

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Robotics start-ups come of age in India
Robots by Indian entrepreneurs are being developed at less than half the cost of imported ones.

News of the day

Amar rules out withdrawal of resignation
Senior Samajwadi Party leader Amar Singh today ruled out withdrawing his resignation from party posts, but said he would no longer ‘slog’ for the organisation like he used to.
Public Relations

UBI files DRHP for IPO to raise Rs 50 cr

Kolkata-based United Bank of India (UBI) has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), for an initial public offering (IPO), with the issue size of Rs 50 crore. - United Bank files for IPO - United Bank files DRHP with Sebi - 2009 was peppy for mutual fund investors - Sebi panel for compensating victims of public issue scam - Jindal Power files DRHP for Rs 7,200-crore IPO - IPO scam: Retail investors may be compensated The bank has appointed SBI Capital Markets (lead merchant banker), Enam Securities and Edelweiss Capital as merchant bankers for the issue, according to a source at a the bank. The government’s stake after the issue will come down to 84.20 per cent. The bank expects to raise Rs 350-400 crore through the issue, depending on the market conditions. Earlier, S C Gupta, chairman and managing director of the bank had said, it planned to issue 50 million shares of Rs 10 each at a premium. The IPO is expected to be launched by the last week of January, or first week of February 2010. The government has already restructured and reduced the equity capital of the bank from Rs 1,532 crore to Rs 266 crore, by allowing transfer of Rs. 1266 crore to the capital reserve account. With this, the book value of Rs 10 per share of the bank has gone up to Rs 104 per share, and will be close to Rs 94 per share after the IPO. The bank expects to get another Rs 550 crore capital before March 2010. Subsequently, the book value per share of the bank would be close to Rs 125, T M Bhasin, executive director, UBI, said. The bank had options like follow-on-public (FPO) at a later stage to raise further capital, he said. At present, UBI and Punjab & Sind Bank are the two nationalised banks yet to get listed on the stock exchanges. In March this year, the government had contributed Rs 250 crore as Tier-I capital at UBI, by subscribing to perpetual non-cumulative preference shares (PNCPS) at repo plus 100 basis points.


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