Panacea Biotec - Panacea expects WHO pre-qualification for vaccine

The firm was pre-qualified by WHO in January to supply two other combination vaccines for paediatric immunisation

Vaccine and drug maker Panacea Biotec Ltd expects to get World Health Organisation’s (WHO) pre-qualification for its pentavalent combination vaccine in July-Sept quarter, its joint managing director said.
Pre-qualification acts as a guide to help countries and United Nations agencies select suppliers for the drugs.
“With only two players and both not able to meet the market demand, I think there is a huge opportunity lying in front of us,” Rajesh Jain told Reuters.
“It is a market of close to 120 million doses per year and market size of $350-400 million,” he added.
Panacea’s Easyfive is a combination of vaccines for immunising children against Hepatitis B, diphtheria, tetanus etc.
The firm was pre-qualified by WHO in January to supply two other combination vaccines for paediatric immunisation.

Link to the article: http://www.livemint.com/2008/06/27135521/Panacea-expects-WHO-prequalif.html

Alok - Alok Ind may launch IPO for retail biz

Alok Industries, a Rs 2,160-crore textile company, is planning an initial public offering (IPO) for its retail business to raise Rs 500-600 crore, sources said.

Alok, which entered the $15-billion organised retail sector in the country in 2006, operates 23 retail stores called ‘H&A’, short for Home & Apparel, in Mumbai, Bangalore, Vapi, Hyderabad, Ahmedabad, Silvassa and others.

A few days ago, chief financial officer Sunil Khandelwal had said that Alok would set up 100 new stores in FY09 with an investment of Rs 40 lakh per store. So the total investment marked is Rs 40 crore.

The expansion would be funded through a mix of internal accruals and debt. By 2010-11, the company hopes to take the number of stores to 400. The retail business presently contributes 1% to the company’s turnover.

In April, Alok’s board had approved the spin-off of the H&A business into a separate subsidiary called Alok Homes & Apparels.

“The fact that Alok is heavily increasing the number of stores means it wants to generate awareness about its retail presence and list the business as a separate entity,” said a source.

The retail division, however, is not doing too well. An H&A store in Pune shut down recently and a few in Mumbai too may shut shop soon.




Link to the article: http://finance.indiainfo.com/2008/06/26/0806261607_alok_ind_may_launch_ipo_for_retail_biz.html

Alok - Alok Ind may launch IPO for retail biz

Alok Industries announces its IPO. The details of the issue are as follows:



This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s outside the US available to the market and provides you with three key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s (excluding the US) >USD100 mn proceeds in the next 6-months

Daily Newsflash Service, providing up-to-date news flow on all companies in the IPO Calendar as well as identifying any new announcements or withdrawals

Preliminary IPO research reports with subscription recommendations.

Visit us at GEO Monitor for more information or contact us




Link to the article: http://finance.indiainfo.com/2008/06/26/0806261607_alok_ind_may_launch_ipo_for_retail_biz.html

Subex - Press Release

Press Release 26 June 2008
Leading service provider in Romania aims for increased flexibility and
maximum revenues using Subex’s Revenue Assurance solution
Will use Moneta to meet revenue assurance challenges
Bangalore, INDIA: Subex Limited, a leading global provider of Operations and
Business Support Systems (OSS/BSS), announced today that one of Romania’s
leading mobile service providers has contracted to implement Moneta™, Subex’s
leading Revenue Assurance system. Moneta will provide the company with increased
flexibility to meet its revenue assurance needs from a strategic as well as an
operational standpoint. The company is already using Subex’s NikiraTM for its Fraud
Management requirements.
Sudeesh Yezhuvath, COO, Subex Ltd, said, “We are very pleased to strengthen our
relationship with this customer. Since we are already well tuned into the service
provider’s operating environment, the upgrade to Moneta will be smooth and it will
meet the provider’s revenue assurance challenges quickly. This additional
implementation is a clear indication of the superiority of our products and the
confidence customers have in our solutions.”
The Moneta implementation will provide the service provider with an integrated
solution to address revenue assurance issues across areas such as service
fulfillment, usage integrity, retail billing, interconnect/wholesale billing and content
settlement.
A key component of the Subex suite of Revenue Maximization solutions, Moneta is
the leading choice for telecom operators looking to improve the health and vitality of
the entire revenue chain. It helps tackle critical Revenue Assurance challenges
across the enterprise and provides unprecedented automated correction capabilities
to improve bottom-line results and provide a quick return-on-investment.
Page 2 of 2
Leading service providers around the world turn to Subex to combat fraud, conduct
revenue assurance, correct configuration and interconnect billing errors, and manage
third-party relationships to maximize margins and adopt lean operations.
-ENDSAbout
Subex Limited
Subex Limited is a leading global provider of Operations and Business Support Systems
(OSS/BSS) that empowers communications service providers to achieve competitive
advantage and deliver new service experiences to subscribers. The company pioneered the
strategic concept of the Revenue Operations Center (ROC) – a centralized framework for
end-to-end control of a service provider's revenue and costs, fostering operational
dexterity for sustained profitability.
Subex's software portfolio powers the ROC and its best-in-class solutions enable new service
creation, operational transformation, subscriber-centric fulfillment, provisioning automation,
revenue assurance, cost management, data integrity management, fraud management and
interconnect/interparty settlement.
Subex's customers include 32 of the world's 50 largest service providers. The company has
more than 270 installations across 70 countries.
For more information please visit www.subexworld.com.
Forward Looking and Cautionary Statements
Certain statements in this release concerning Subex’s products, strategy and future growth
prospects are forward-looking statements, which involve a number of risks, and uncertainties
that could cause actual results to differ materially from those in such forward–looking
statements. The risks and uncertainties relating to these statements include, but are not
limited to, market acceptance of Subex’s products and services, Subex’s ability to implement
its growth strategy, competition in Subex’s areas of business and general economic
conditions affecting the telecom industry.
Media Contact:
Harshita Nair
Subex Ltd.
tel +91 80 6659 4157
harshita.nair@subexworld.com
Further information:
In the U.S. please contact Guy Murrel at Catapult PR-IR
tel +1 303-581-7760
gmurrel@catapultpr-ir.com
In India please contact Shivaram Lakshminarayan at Genesis Burson-Marsteller PR
tel: +91 9886136796
shivaram.l@bm.com

Alok - Alok Inds to invest 400 mln rupees on retail expansion

Textiles firm Alok Industries Ltd (ALOK.BO: Quote, Profile, Research) is investing 400 million rupees in FY09 to expand its domestic retail network and reduce dependence on the U.S. market and boost growth, a top official told Reuters on Monday.

"As part of our overall strategy, we are exploring other markets such as Europe and the Middle East and the domestic market," Chief Financial Officer Sunil Khandelwal said.

"We plan to add 100 stores and take our total retail stores (in India) to 125 this year," he said over the telephone.

The firm will invest 4 million rupees per store in this current fiscal, taking its total investment to 400 million rupees, Khandelwal added.

The money will be raised through a mix of internal accruals and debt, he said.

Alok Industries is in the process of separating its retail business into Alok Homes & Apparels Pvt Ltd, a wholly owned subsidiary, as part of a larger plan to open over 400 stores in India by 2010/11.

The company is increasing exports to regions like Europe, the Middle East and Latin America to cut dependence on the U.S., which is seeing a slowdown in consumer spending.

Exports, which currently form about 45 percent of Alok's revenue stream, is led by the U.S. which accounts for around 35 percent of total exports.

European and Asian countries account for 15 to 20 percent each of Alok's exports, Khandelwal said.

PE DEAL BY JULY

Alok Industries plans to raise funds by end-July from private equity investors for its realty unit Alok Infrastructure, which develops commercial and residential projects, Khandelwal said.

"It should have been done by now, but the market sentiments went down a bit...but our efforts are on and we hope to close the deal in July," he said.

The firm is in talks with some foreign private equity firms, operating in India to sell part of its stake in the unit and raise funds, he said.

"But it is difficult to say how much we can raise, as the deal for our realty venture will be done on a project by project basis. Investors are selecting projects which they would like to enter," he said.

Axis Bank, Motilal Oswal and IL&FS are advising the firm on the deal, while Ernst and Young is valuing the properties.




Link to the article: http://in.reuters.com/article/domesticNews/idINBOM628720080623

IVRCL - News Verification

Source: BSE - With reference to the news item appearing in a leading financial daily titled "IVRCL near $100m Swedish buyout", IVRCL Infrastructures & Projects Ltd has clarified to BSE that the Company deny the issue of the news item appeared in the financial daily. Date: 2008-06-20



Source: NSE - News Verification : The media had reports that IVRCL Infrastructures & Projects Ltd. may acquire a Swedish construction equipment manufacturer, for deal valued around $100 million. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. IVRCL Infrastructures & Projects Ltd. has vide its letter inter-alia stated, "We would like to deny the issue of the news item that has appeared in the media and we further confirm that we shall intimate the stock exchange as and when any such type of development takes place." Date: 2008-06-20

IVRCL - Buy IVRCL Infra, target of Rs 522: Religare

Religare Research has recommended a buy rating on IVRCL Infrastructure and Projects with a target price of Rs 522 in its June 16, 2008 research report. "At the current price of Rs 373, IVRCL’s core business (discounting other businesses at 50%) is trading at 12x one-year-forward earnings. Our DCF value for the core business stands at Rs 398 (which is 20x FY09E earnings), with other ventures valued at Rs 124. This gives us a combined target of Rs 522," says Religare's research report.



Link to the article: http://www.moneycontrol.com/india/news/recommendations/buy-ivrcl-infra,-target-of-rs-522:-religare/343484

IVRCL - IVRCL near $100m Swedish buyout

IVRCL Infrastructure and Projects is close to acquiring a Swedish construction equipment manufacturer. The deal, valued upwards of $100 million, will speed up the $1 billion company’s backward integration drive.

The deal is currently going through legal due diligence and should be closed soon if everything goes right, group chairman and managing director E Sudhir Reddy told DNA Money.

The acquisition will play a key role in IVRCL’s goal to be a $2 billion company within the next five years. Apart from meeting its IVRCL’s requirement for construction equipment, it will also help the construction major to foray into neighbouring countries like Pakistan and Bangladesh and regions like the Middle East and southeast Asia, Reddy added.

He did not name the target company, but said it was a well-know and established brand in the construction equipment business.

Meanwhile, IVRCL is also scouting for smaller acquisitions in the $10-15 million range. These will add to its consulting and services portfolio in the oil and gas sector. “There will be one or two such acquisitions immediately and perhaps two more later,” Reddy added.

These smaller acquisitions will also add to the KPO capabilities of IVRCL’s wholly owned engineering and turnkey solutions subsidiary Hindustan Dorr Oliver (HDO).

IVRCL had acquired an ailing HDO about three years back and turned it around. Subsequent to the acquisition, HDO has emerged as an engineering and turnkey solutions company and IVRCL is looking to leverage its capabilities in the oil and gas business too.

The subsidiary currently has a 150 strong KPO team while another 100 odd engineers should be added to it in the next two months through the acquisitions, the IVRCL chairman said. In two years time, it should a 800-1000-people-strong knowledge provider.

More recently, IVRCL bought privately held oil and gas exploration and production company Alkor Petroo Ltd, including rights in five exploration blocks in Yemen and Egypt.

IVRCL has hitched its wagon to India’s development story. According to the planning commission, the country will need an investment of $103 billion in the 11th Plan period.

IVRCL implements water supply and environment projects in India on an EPC (engineering, procurement and construction) basis and has a presence across the value chain, Credit Suisse research analysts Amit Shah and Vinod Chari observed in report. They added that the company will be one of the major beneficiaries of the accelerating capex in the country going forward, given its expertise in executing such projects.

IVRCL has a current order book of Rs 14,000 crore which will be executed over the next 30 months. Significantly, 98% of its orders are government projects of which 55% are related to water projects.

“We should grow at a CAGR of 40-45% over the next three years to be a $2 billion entity within the next five years,” the company CMD said.


Link to the article: http://www.dnaindia.com/report.asp?newsid=1172335

IVRCL - HDO rides on high margin projects

With a current order book of Rs 7.4 bn, two major high-margin projects and and after completion of Uranium Corporation plant in Jharkhand, Hindustan Dor Oliver (HDO) is bidding for another in Andhra Pradesh which could be a $5 bn opportunity.

HDO reported a revenue of Rs 3.05 bn in 2007-08, an increase of 46 percent on a year-on-year basis. In the last quarter margins have shot up to 14.4% mainly because of two projects, one in Nalco in mineral beneficiation and second a fertiliser project with RCF, Mumbai, where HDO margins were better.

Of the current order book, environmental and mineral beneficiation accounts for Rs3bn and Rs3.7bn respectively. Paper, fertiliser and water accounts for another Rs750m. HDO recently won a Rs2.5bn order from Vedanta Aluminium.

Going ahead, the management expects its margin to improve by 1-1.5% from the current levels of 11.5%. At the current market price of Rs100, the stock trades at 10.8 x FY09E and 7.2x FY10E earnings of Rs9.2 and Rs13.8 respectively. “We maintain Outperformer rating on the stock with a price target of Rs138 and an upside of 38.5%,” according to Prabhudas Liladhar.

Company officials have said that around 40% of our revenue should be from minerals business, 35% from environmental and 25% from manufacturing, fertilisers and paper & pulp business.

The Vedanta order: HDO received an order worth Rs2.5bn from Vedanta Aluminium for design, engineering, procurement and other civil works for expansion of Vedanta's alumina refinery project in Orissa. This should be executable over 17 months. In the previous two years HDO completed Rs4bn worth of orders.

HDO intends to spend Rs500m on capital expenditure in FY09 which will be for manufacturing facility in Gujarat, to manufacture heat exchangers, pressure vessels, etc.

Hindustan Dorr Oliver Limited (HDO) is an Indian EPC company and a wholly owned subsidiary of IVRCL Infrastructure and Projects Ltd. It has its core business activities in providing Engineered Solutions, technologies and EPC installations in Liquid-Solid Separation applications.


Link to the article: http://www.commodityonline.com/news/topstory/HDO-rides-on-high-margin-projects-9700-3.html

IVRCL - Hindustan Dorr Oliver

Prabhudas Lilladher has maintained ‘outperformer’ rating on Hindustan Dorr Oliver with a price target of Rs 138, an upside of 38.5 per cent from current level. The company reported revenue of Rs 305 crore in 2007-08, 46 per cent year on year increase.

EBITDA margin for the year improved by 240 basis points to 11.3 per cent, while margin for Jan-Mar 2007-08 shot up to 14.4 per cent from 9.9 per cent in Jan-Mar 2006-07. The margin expansion has been mainly due to two projects with higher margins. The management expects its margin to improve by 1-1.5 per cent from the current levels of 11.5 per cent.

The company’s order book currently stands at Rs 740 crore. Out of this, environmental and mineral beneficiation accounts for Rs 300 crore and Rs 370 crore respectively. Paper, fertiliser and water accounts for another Rs 75 crore. The company recently won a Rs 250 crore order from Vedanta Aluminium. The current order book provides a reliable outlook on the growth targets set by the company management, says the brokerage.

The company intends to spend Rs 50 crore on capital expenditure in 2008-09, mainly for their manufacturing facility in Gujarat.

At the market price of Rs 100, the stock trades at 10.8 x FY09E and 7.2x FY10E earnings of Rs 9.2 and Rs 13.8 respectively.


Link to the article: http://economictimes.indiatimes.com/Prabhudas_picks_Hindustan_Dorr_Oliver_Ashok_Leyland_Suzlon/articleshow/3145241.cms

Panacea Biotec - Emkay recommends a `BUY` on Panacea Biotec

Emkay recommended a `BUY` on Panacea Biotec (Q, N,C,F)* (CMP: Rs 333) with a target price of Rs 536.

The analysts at Emkay visited the state-of-the-art vaccine facility (Baddi) of Panacea Biotec recently. After detailed discussions with the management they believe that Panacea Biotec has many catalysts going forward in the form of combination vaccines (USD 475 million opportunity), anthrax vaccine for US (USD 100 million opportunity for
Panacea, launch of IPV in domestic market and organ transplant products in Brazilian market and monetizing of innovative products (NDDS based pipeline) in the regulated markets, etc. after a somber FY08.

The analsyts firmly believe that Panacea is currently at an inflexion point and will have strong tractions of growth from FY10E onwards. On the back of muted performance in
FY08 & delay in the approval of combination vaccines, they have revised their FY09 numbers downwards. Their revised EPS estimate for FY09E is Rs 21.7.




Link to the article: http://www.myiris.com/newsCentre/newsPopup.php?fileR=20080618161607094&dir=2008/06/18&secID=livenews

IVRCL - IVR Prime plans Re-Sorts, eyes MICE pie

IVRCL arm to invest close to Rs 750 cr to set up 10-15 resorts

HYDERABAD: IVR Prime Urban Developers, the urban development arm of the $625-million realty giant IVRCL Infrastructures & Projects, will build holiday resorts and conference centres across India to cash in on the fast-growing meetings, incentives, conventions and events (MICE) market here.

Under the brand IVR Re-Sorts, the company will add 1,000 keys over the next 2-3 years, group chairman and managing director E Sudhir Reddy told DNA Money. IVR Prime will invest up to Rs 750 crore to set up 10-15 resorts, including six in North India and one 25-acre project in Panvel near Mumbai.

Other cities on its radar are Bangalore, Hyderabad and Pune.

Work on the first of the resorts will begin soon at Rewari near Delhi, followed by Sultanpur, Reddy said, adding that a total of 110 rooms each will come up in phase I and II. Spread over 10 acres, these new resorts will be four storeyed to make optimum use of floor space index (FSI).

With a total land bank of 3,000 acre, IVR Prime is into development of integrated townships and residential and commercial projects including hotels, malls and IT parks across seven Indian cities.

The company’s diversification into resorts comes at a time when the real estate market for residential and commercial space is seeing a slowdown. An analyst said that instead of building residential and commercial properties, the company could monetise big chunks of its land bank by developing such resorts. This would also increase the valuation for IVR Prime’s assets, the analyst added.

Thanks to the economic boom, the MICE segment, estimated at $300 billion globally, is growing at a healthy 15-20% per annum in India, show estimates. This segment contributes as much as 30% to the overall travel volume.

According to the International Congress and Convention Association, India has just 1% share in the global meetings business. Though small, this figure provides ample opportunities for India, which can claim a sizeable chunk of the Asian MICE business. Nearly 70% of MICE meetings are held in city hotels, with 21% being in resorts.

The management contract for all the IVR Prime resorts will go to Ellaa Compass Suites, a hospitality company that IVRCL owns with Malaysia’s Compass Hospitality. Ellaa currently runs a 123-room hotel and spa at Gachibowli in Hyderabad.



Link to the article: http://www.dnaindia.com/report.asp?newsid=1172098

Biocon - Pharma major Biocon plans unit to make tablets

Biopharma major Biocon is planning to set up a dedicated greenfield facility to manufacture tablet formulations.

The Bangalore-based company currently outsources this activity. Biocon is in the tablet formulation market in a small way now across the nephrology, diabetology, cardiology and oncology verticals.

This segment accounts for about 10% of Biocons revenues, which it hopes to more than double to 25% in the next three to four years with its own manufacturing facility. Biocon manufactures its own injectable formulations across all bio-pharma verticals that it operates in.

TOI had reported in April that Biocon was looking at manufacturing tablet formulations at its upcoming facility in Visakhapatnam.

Speaking to TOI this week, Kiran Mazumdar Shaw, CMD of Biocon, said, “We are looking at manufacturing our own tablet formulations, but it definitely won't happen at the new facility in Andhra Pradesh. We are planning to set up a greenfield facility for this purpose which will be finalized only in the next fiscal.”

According to analysts, this move will widen the company's base in the branded formulations market. Mazumdar said the facility would require an investment of a few hundred crore.


Link to the article: http://timesofindia.indiatimes.com/Business/India_Business/Pharma_major_Biocon_plans_unit_to_make_tablets/articleshow/3139146.cms

Subex - Buy Subex at current level: Baliga

Ambareesh Baliga of Karvy Stock Broking is of the view that one can buy Subex at the current level of Rs 125-126.

Baliga told CNBC-TV18, "We have been buying Sasken. We bought that stock closer to around Rs 110-115 levels because we had a target price of closer to around Rs 175-180. The levels were reached some time back when they had announced the buyback. But then on a day like this, when we have got a return of close to around Rs 40-50 on this stock, we have started booking profits."

He further added, "At the same time, we are continuing to buy a stock like Subex, which we were buying at Rs 110-115 levels. Even at the current levels of around Rs 125-126, we continue buying this stock."


Link to the article: http://www.moneycontrol.com/india/news/stocks-views/buy-subex-at-current-level-baliga/16/21/342929

Dwarikesh - Dwarikesh Sugar pays Rs 21 cr cane dues to farmers

Uttar Pradesh-based Dwarikesh Sugar Industries Ltd today said it has cleared all cane price dues worth over Rs 21 crore for 2007-08, even as another leading firm Bajaj Hindusthan is embroiled in a controversy over default in payment.

"This was in compliance with the order of the Supreme Court. It has thus become one of the few companies in the state to have done so," Dwarikesh Sugar said in a statement.

It had also paid Rs 21.15 crore as cane price dues in 2006-07, a company spokesperson said.

The company has three units -- two in Bijnor and one in Bareli -- with a total capacity of 21,500 tons crushing per day (TCPD).

It has crushed around 19.40 lakh tons of sugarcane and produced 2.02 lakh tons of sugar in the current season that would come to end in September 2008.

The company has also embarked upon projects to generate additional power and targets to supply 56 MW to the state grid. It also runs a distillery with a capacity of 30 kilo liter per day (KLPD) to manufacture ethanol and has contracts to supply it to oil marketing companies.

Bajaj Hindusthan on June 11 had to pay Rs 19 crore and promised to pay the balance in a week time as part of a solution to the strike at its Kinanuni sugar mill, which was locked by farmers over cane dues.

Earlier, the company had said it has paid Rs 1,283.87 crore to farmers for their sugarcane during the current season while only Rs 66.31 crore remains to be paid.




Link to the article: http://www.tradingmarkets.com/.site/news/Stock%20News/1689374/

Dwarikesh - Dwarikesh Sugar Industries clears cane price dues

Dwarikesh Sugar Industries Ltd has informed BSE that the Company has cleared all cane price dues for all its units for the crushing season 2007-08.

This was in compliance of the order of the honorable Supreme Court. It has thus become one of the few companies in the state of UP to have done so.


Further the company has informed that it was amongst the first to clear the cane dues for the season 2006-07.


As of now, the company has no arrears of cane dues in its books of accounts.


Most recently, Bajaj Hindusthan, one of the largest sugar producers in the country has been in the eye of storm for not honouring farmer's commitments.


Link to the article: http://www.business-standard.com/common/storypage_c_online.php?leftnm=10&bKeyFlag=IN&autono=40021

Subex - Subex can bounce back to Rs 200-225: Baliga

Ambareesh Baliga of Karvy Stock Broking is of the view that Subex can bounce back to Rs 200-225 in the next couple of months.

Baliga told CNBC-TV18, "At the small and midcap space, I don’t think you can really be sector specific and you need to have a bottom up approach and we have been tracking a couple of stocks, which are actually quoting at major discounts to its intense value and in fact we have been buying those on dips. We have few in the IT space, which we will buy. Allsec Technologies which is basically in to BPO space, which has cash in books of around Rs 85-90 which is quoting at closer to Rs 60, so its quoting to even a discount to which the cash which it has in its books. Subex has moved from levels of Rs 600 odd to levels closer Rs 100-112, an at least today its quoting at around Rs 123-124, here we see it again bouncing back at least around to Rs 200-225 levels in the next couple of months."



Link to the article: http://www.moneycontrol.com/india/news/stocks-views/subex-can-bounce-back-to-rs-200-225:-baliga/342707

Biocon - Buy Biocon: Bose

Technical Analyst, Rajat K Bose is of the view that one can buy Biocon.

Bose told CNBC-TV18, "One can buy into Biocon. This is another Indian pharma company and it is likely to move up to something like Rs 556 levels. If it crosses that then it can even move up further. But for now one can go long in it because its performance seems to be pretty good technically speaking."



Link to the article: http://www.moneycontrol.com/india/news/stocks-views/buy-biocon:-bose/342653

Next leg of the bull run likely to begin soon

What the Sensex started in May 2003 at 2904 was part of a multi-year bull run. It finished a larger third wave up at 21206, but the larger move, which is subdividing into a five-wave pattern called an impulse, seems incomplete, implying that after this correction is over we should resume the last or fifth leg of this bull market. The answer lies in wave personalities and wave equalities.

We have had one major panic low on the chart at 2594, post 9/11, which is characteristic of the start of any bull run. We then started a larger wave-III move from the lows of 2904, which itself subdivides into five waves. The break-up of the move: ‘Wave I’ started at 2904 (2003) and ended near the election time at 6249 (January 2004). From there a ‘wave II’ started and ended precariously after the BJP rule at 4227 (May 2004) after completing a 61.8% retracement of the previous ‘wave I’.

The rally that started afterwards was the mother of all bull runs to date and saw the index going from 4227 to 14723 (February 2007) in three years, with the ‘wave III of 3’ extending as much as 200% of ‘wave I’ on log scale charts.

The ‘wave IV’ then played out between February-March 2007 made a significant bottom at 12316. The ‘wave V’ then scorched its way till 21206 and completed wave III.

Then came the spanner in the India story and investors were ‘surprisingly disappointed’ (wave personality), suffering a rude awakening when a larger wave IV, which has already retraced more than 35% of wave III played out from the upper channel resistances at 21206.

This leaves us with one pending move-up and investors could have one last but risky chance at making some moolah. Risky, as this would be the last leg after which a 1-2 year bear market is in store. The wave IVcould extend worst case till 13800.

The pending wave V should target, at least, 18350, which is 61.8% retracement levels for the fall from 21206-13800. The wave equality target would leave us near to 20000 levels and that’s the second alternative target level for the Sensex, going forward. But investors should start booking some profits from 18000 levels on long positions, as 18350 looks a better bet meaning that the wave V is likely to truncate.

Heavy weight RIL holds the key to this view and should not break 2050-2100 levels. The stock looks good till 2800-2900 levels. Couple of banking stocks like SBI, too, have completed corrections. So, bargain hunting at 13800-14000 levels could be a good bet for the next six months.


Link to the article: http://economictimes.indiatimes.com/Next_leg_of_the_bull_run_likely_to_begin_soon/articleshow/3132137.cms

Alok - Alok Ind resumes talks to sell 20% in realty arm to PEs

MUMBAI: Alok Industries, the Rs 2,200-crore Mumbai-based textile firm, has resumed talks with private equity players to dilute about 20% equity it owns in its unlisted unit, Alok Infrastructure. A realty company, Alok Infrastructure has been looking at options to raise around Rs 600 crore for developing its large land bank, said sources.

Alok Industries plans to sell part of its stake in its realty unit to 3-4 private equity firms by August end. The company’s chief financial officer Sunil Khandelwal is currently in the UK for negotiations on this issue.
“We are working out different options and strategies for our realty venture and something will happen before August. I am not in a position to divulge anything more now,” he told ET from London. Ernst & Young is advising Alok Industries on the equity dilution in Alok Infrastructure.

Alok Industries had initiated talks with private equity firms in October last year, but had to discontinue after crashes in the stock markets led to a steep correction in valuations. According to analysts, Alok could be looking at increasing the valuation of the realty company through a private equity deal and subsequently list it.

Alok Infrastructure plans to invest large amounts in real estate development and is also developing over 180 acres in its textile SEZ in Silvassa. It has already acquired 220 acres at Silvassa. The company has also acquired 130 acres at Panvel at the rate of Rs 25 lakh per acre in a 50-50 joint venture.

Earlier, Alok had acquired office premises of around 575,000 sq ft at Lower Parel in Mumbai, in the Peninsula Business Park office complex, which is currently being developed by Peninsula Land Holdings. The company had also bought about 57,000 sq ft of office premises at Ashford Centre in Lower Parel, for Rs 18,000 per sq ft.

According to India Real Estate sector report Global Research, the Indian real estate market is expected to grow at a CAGR of 20%, driven by an 18-19% growth in residential real estate, 55-60% in retail real estate, and 20-22% in commercial real estate, over the next five years.

The size in terms of total economic value of real estate development activity of the Indian real estate market is $40-45 billion (5-6% of the GDP), of which residential forms 90-95% of the market, commercial segment is a distant second with 4-5% of the market, and organised retail 1% of the market.

Link to the article: http://economictimes.indiatimes.com/News/News_By_Industry/Cons_Products/Garments__Textiles/Alok_Ind_resumes_talks_to_sell_20_in_realty_arm_to_PEs_/articleshow/3107614.cms

Biocon - Biocon eyeing top slot in nephrology space

Over a year after its nephrology foray, Biocon Ltd says it is eyeing to be the top domestic player in the growing segment in the next 4-5 years.

Its erythropoietin (EPO) brand to treat anaemia in renal failure patients is alone targeted to be number one in 3-5 years with 30 per cent market share, according to Biocon’s CEO, Ms Kiran Mazumdar Shaw. The red blood cell enriching product is among 18 competing brands, among them nine pre-filled syringes (PFSs). It is also the largest EPO producer in the country.

The nephrology range with six branded products was launched in March 2007 and at least as many as said to be coming out over the next three years. These formulations, currently contributing about 8 per cent of the company’s revenues, are expected to grow to 15 per cent next year. The portfolio includes Renodapt - S (mycophenolate sodium); Renodapt (mycophenolate mofetil); Cyclophil ME (cyclosporine) Tacrograf (Tacrolimus) and Erypro Safe.

Ms Shaw earlier announced the launch of two non-reusable life-saving PFS products – Erypro Safe for kidney failure patients and Nufil Safe containing a growth hormone or GCSF (granulocyte-colony stimulating factor) to treat chemotherapy patients.

These are said to be the first such products in the country and “We will look at making other products available in this format,” both in the country and in other markets, Ms Shaw said. Biocon has tied up with Safety Syringes Inc., US, to present its products in novel PFS drug delivery versions. “The [PFS] allows product differentiation and means simplified drug administration” for self-injecting patients, Ms Mazumdar Shaw said.

Mr Raghava Vempati, Head-Nephrology, said the division ranked fourth for the company after diabetology, oncology and cardio-vascular formulations.

The EPO market is worth Rs 75 crore and growing at 20 per cent a year. Biocon aims to first make it a Rs 25-crore, top EPO brand in the country in three years, said Mr Rakesh Bamzai, President, Marketing. The product is to hit other markets in the coming months.

Four quantities of Erypro Safe are available in the range of Rs 975 for 2000 IU and Rs 2995 for 10,000 IU; Nufil is priced Rs 1975.

According to Biocon, PFS which is replacing the vials is the current best form in injectable drugs. The syringe breaks after use and cannot be repeated. The pre-filled syringes segment has seen growing demand in the last ten years. With India having the largest number of USFDA-approved plants outside the US, PFS adds another edge to the country’s low-cost biotech manufacturing advantage.





Link to the article: http://www.moneycontrol.com/india/news/business/biocon-eyeing-top-slot-in-nephrology-space-/341149

Jaiprakash - Heard on the Street

Another stake sale in the offing?

Grapevine has it that Noida-based infrastructure developer Jaiprakash Associates is considering a dilution of its equity to fund the initial expenses of the Rs 40,000-crore Ganga Expressway Project. If market sources are to be believed, the company is in talks with a handful of foreign investors.

However, company sources denied any such development. An email query to the company also elicited no response. Jaiprakash Associates had outbid Reliance Energy, Unitech India and Gammon India to bag the 1,047-km expressway project.

This is not the first time Jaiprakash Associates is offloading stake to fund a project. The company had raised Rs 1,150 crore by selling 1% stake to ICICI Bank. The dilution was effected to capitalise Jaypee Infratech, a subsidiary company formed to develop, construct and operate Taj Expressway, a 165-km, six-lane access controlled toll expressway between Noida and Agra in Uttar Pradesh. The stock has been under pressure ever since corporate governance issues cropped in February relating to its stake in a subsidiary company. On Wednesday, the stock ended nearly 4% lower at Rs 198 on the BSE. It has shed over 13% during the past one week, and more than 30% over the past one month.



Link to the article: http://economictimes.indiatimes.com/Market_News/Heard_on_the_Street/articleshow/3101299.cms

JaiPrakash - UP drive to finish Taj Expressway by ‘10

Setting itself a stiff target, the Uttar Pradesh government has thrown itself head-long into getting the 165 km-long, 6-lane Taj Expressway project completed before the Commonwealth Games in 2010. The state government, late on Tuesday, called a meeting of district magistrates of all the districts through which the Taj Expressway is expected to cross, in order to sensitise them about the need for “launching a drive” and facilitate the acquisition of land for the Rs 2,250-crore project.

The project, which is being implemented on build-operate-transfer basis by the concessionaire Jaiprakash Associates Ltd, will connect Greater Noida to Agra and is expected to reduce travel time between Delhi and Agra from the current four hours to around two hours.

Speaking to the FE, senior officials of the industry department said that with the fields now empty of crops, the government has asked its officials to launch a drive for the acquisition of land. “We expect to acquire the land in the next two to three weeks,” he said.

When asked how the government would deal with stiff opposition of farmers from certain districts, the official said that in order to deal with the farmers in a cordial way, without any strife, the DMs are being sensitized to deal with the situation. “Also, it is being impressed upon them that the project is of immense importance and thus, a drive has to be launched for acquiring land at the earliest,” added the official.

It may be mentioned that work on the project was so far moving at a snail’s pace due to the resentment of the farmers in parting with their agricultural land. As a result, a special committee had been constituted under Taj Expressway Authority to sort out the land acquisition tussles in each of the district involved. The 165 kilometer long 2,250 hectare land for the Expressway is to be acquired from five districts - Gautambudh Nagar, Aligarh, Mathura, Hathras and Agra. At each district the Authority has been facing opposition from the farmers, as with the proposed Taj International Aviation Hub and Airport all set to get a green signal soon, land prices have suddenly spiralled.

The Taj Expressway Authority has been able to acquire only 7.25 kilometres of land so far and handed it over to the construction agency Jaiprakash Associates Limited (JAL).

The Rs 2250 crore Taj Expressway will be constructed largely along the Yamuna touching Taj International Aviation Hub and airport. Separate roads leading to Mathura and Vrindavan will branch off from the Expressway. There will be service lanes on both sides besides development at different locations for commercial, amusement, industrial, institutional and residential purposes.

Link to the article: http://www.financialexpress.com/news/UP-drive-to-finish-Taj-Expressway-by--10/318624/

Biocon - Biocon launches ‘ERYPRO Safe™’ and ‘NUFIL Safe™’ Pre-filled Syringes in collaboration with Safety Syringes Inc., USA

Bangalore: June 4, 2008: Biocon Limited, India’s pioneering biotechnology company has announced the launch of a Safety Device in the form of pre-filled syringes for two of its life saving products, GCSF (granulocyte-colony stimulating factor) and EPO (Erythropoietin). This innovative product has been launched in collaboration with Safety Syringes Inc. and is being introduced for the first time in India. ERYPRO Safe™ and NUFIL Safe™ will be the first two drugs that will marketed using this novel device with other injectable products to follow in the future.

Pre-filled syringes are advantageous for self-injecting patients. This allows patients a high degree of flexibility, independence and simple handling in a home setting. Biocon’s pre-filled syringe device incorporates features that provide for simple and safe handing, a discrete appearance of the injector and a retractable needle that reduces the chances of injuries during injection. The device is tamper proof and ensures that the syringe is non-reusable thus ensuring safety of the highest order. Biocon has decided to launch two of its life saving drugs using this novel device viz. ERYPRO Safe™ and NUFIL Safe™ . These products will be available across the country at the prices listed in the table below.

ERYPRO Safe™
2000IU
MRP – 715 (Incl Tax)

ERYPRO Safe™
3000IU
MRP - 975 (Incl Tax)

ERYPRO Safe™
4000IU
MRP – 1295(Incl Tax)

ERYPRO Safe™
5000IU
MRP – 1465 (Incl Tax)

ERYPRO Safe™
10000IU
MRP – 2995(Incl Tax)

NUFIL Safe™ 0.5ml
MRP -1975 (Incl Tax)



Ms. Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon Limited said, “In line with our philosophy of differentiation, we are pleased to introduce ERYPRO Safe™ and NUFIL Safe™ as pre-filled syringes with advanced safety features. Safety Syringes Inc. of USA have developed a novel pre-filled device that enhances safety and convenience of use. We are delighted to be able to collaborate with them and introduce this proprietary device to the Indian market for the first time which will greatly benefit Indian patients.”

Commenting on the launch, Mr. Rakesh Bamzai, President, Marketing, Biocon Limited said, “Biocon is committed to cater to the needs of patients across the country and this technology will be advantageous to our patients. The launch of this new drug delivery system is significant as it allows for product differentiation in the market. This also means simplified drug administration and better patient compliance. With this launch, Biocon has placed great emphasis on the safety of patients and the medical fraternity involved in the administration of ERYPRO Safe™ and NUFIL Safe™. We are excited about our collaboration with Safety Syringes Inc. and will look at making other products available in this format.”

“We are very pleased to add Biocon Limited as our newest valued pharma partner. The introduction of the ERYPRO Safe™ and NUFIL Safe™– the UltraSafe Passive® Delivery System – represents a significant advantage for Biocon over other drug delivery devices for prefilled syringe presentations.” added Mr. Mark Hassett, Executive Vice President, Safety Syringes Inc.

Biocon Limited will also look at launching this product in other markets in the coming months.

The pharmaceutical industry has registered an increasing demand in the market segment of pre-filled syringe systems over the past ten years. These systems have the endorsement of healthcare professionals worldwide. There is a growing trend of injectable drugs moving into the pre-fill syringe as a presentation format. Worldwide, prefilled syringe volumes have reached more than two billion units. The opportunity for Indian biotech companies in pre-filled syringes is immense as India is being viewed as a low-cost, high-quality manufacturing base. It has the largest number of USFDA approved plants outside the US.

About Safety Syringes, Inc.

Safety Syringes, Inc., headquartered in Carlsbad, California, develops and manufactures delivery systems for vaccines, low molecular weight heparins, epoetins, and other medicines including many of the newer biotechnology drugs.
Safety Syringes offers proven and preferred drug delivery systems for a full range of prefilled glass syringe presentations ranging from 0.5mL to 2.25mL and for use with staked needle, luer lock and luer slip configurations.
The UltraSafe Passive® Delivery System is overwhelmingly chosen by leading pharmaceutical companies around the world for ease of use and protection against needle stick injuries.




Link to the article: http://www.biocon.com/biocon_inv_press_releases_jun04.asp

Biocon - Accumulate Biocon at Rs 439-463: Manghnani

Anil Manghnani of Modern Shares & Stock Brokers is of the view that one can accumulate Biocon at Rs 439-463 with a stoploss below Rs 439.

Manghnani told CNBC-TV18, "Biocon has already started moving up today so maybe wait for the next fall. Somewhere between Rs 463-439 sort of levels is a good accumulation zone with a stoploss below Rs 439. But I think the upside immediately Rs 487 is very close but if you can hold on a little longer through the month even closer to Rs 510 levels and I think this stock is majorly bottomed out in January at Rs 350 or Rs 300 sort of levels and now looking very positive along with the rest of the pharma sector."


Link to the article: http://www.moneycontrol.com/india/news/stocks-views/accumulate-biocon-at-rs-439-463:-manghnani/341032

IVRCL - Prabhudas Target Rs 548

Prabhudas Lilladher has picked IVRCL, L&T, Mundra Port, Glaxo Smithkline Pharma and Anant Raj Industries.

Prabhudas has maintained ‘outperformer’ on IVRCL and has reduced price target to Rs 548 from Rs 653. During Jan-Mar 2007-08, the company has reported 33 per cent year on year growth in topline to Rs 1,321 crore, higher than the brokerage expectations. EBIDTA margin was at 10.5 per cent as against 11.4 per cent in the previous quarter. Interest cost was higher at Rs 20.8 crore, which also included forex losses of Rs 2.2 crore.

IVRCL continues to avail of 80IA benefits, and so adjusting for prior

period tax of Rs 8.2 crore, IVRCL provided for tax at 25 per cent. Profit after tax for the quarter was flat at Rs73.3 crore. For the full year, revenue grew 59 per cent to Rs 3,660 crore and profit after tax grew 49 per cent to Rs 210 crore.

The company has a strong order book of Rs 12,800 crore and L1 status for Rs1,400-1,500 crore worth of projects, which is expected to materialize over the next few days. Effectively, its order book stands at Rs 14,300 crore, which translates to 3.9x FY08 revenue, thus providing it strong revenue visibility.

Given its strong order book position and stronger than expected revenue growth during the year, Parbhudas has upgraded their revenue estimates for 2008-09 and 2009-10 by 9.4 per cent and 10 per cent to Rs 5,300 crore and Rs 6,980 crore respectively, and consequently profit after tax estimates for 2008-09 and 20069-10 by 9.3 per cent and 9.4 per cent to Rs 295 crore and Rs 398 crore respectively.

Prabhudas has cut their target multiple for its core business to 17x from 21x FY09 EPS. On account of conservatism, the brokerage has valued IVR Prime at 30 per cent discount to the NAV value.

Subex - AVEA to target revenue leakage with Subex’s Moneta

AVEA to target revenue leakage with Subex’s Moneta
Enabling innovative billing transformation
Bangalore, INDIA: Subex Limited, a leading global provider of Operations and Business
Support Systems (OSS/BSS) for communications service providers, today announced
that its regional partner in Turkey (GANTEK) has won a contract to implement Subex’s
Moneta™ Revenue Assurance system for Turkish mobile operator AVEA. The
installation of Moneta will help the company tackle critical Revenue Assurance
challenges across the entire business, and identify potential revenue leakages as the
company rolls out several new Business Support Systems (BSS) during 2008.
Founded in 2004 AVEA is Turkey's fastest growing mobile communications company
with a customer base of over 10 million subscribers, representing 16% of the total
market.
Subex’s Moneta solution, a key component of the strategic Revenue Operations Center
(ROC), was chosen by AVEA following a competitive tender. The solution will be jointly
managed by regional partner Gantek. The implementation of the solution will enhance
AVEA’s operational efficiency, enabling the company to preserve its competitive
superiority.
Okan Cengaver, Revenue Assurance and Fraud Manager, at AVEA said, ”During the
selection process, it was clear that the Subex Revenue Assurance system was much
more mature and technically advanced. As our business continues to grow, we wanted
to deploy a flexible system that can handle both current demands as well as scale.
Moneta is ideal for this and working with both Subex and Gantek will enable Avea to
proceed with safe steps in terms of Revenue Assurance as the company expands its
subscriber base and service spectrum.”
Sudeesh Yezhuvath, COO, Subex Ltd, said, “We are extremely pleased to have been
selected by AVEA to manage its Revenue Assurance needs, alongside our regional
partner Gantek. This is an excellent endorsement of the strength of our Revenue
Assurance solution and we are delighted to be helping mobile operators in Europe
reduce potential revenue leakage and improve efficiencies.”
Subex is the trusted partner of communications service providers around the world seeking
to achieve enhanced operational dexterity, offering rapid and flexible delivery of innovative
new services while running lean operations. Subex’s award-winning family of best-of-breed
solutions in Revenue Maximization and Fulfillment and Assurance, is the foundation of the
ROC, enabling operational assurance and, as a result, improved operational dexterity.
Moneta is a comprehensive suite of automated Revenue Assurance tools and
capabilities. It offers a set of pre-configured solution templates to address Revenue
Assurance issues across areas such as service fulfilment, usage integrity, retail billing,
interconnect/ wholesale billing and content settlement.

IVRCL - Accumulate IVRCL Infra, tgt Rs 463: Angel

Angel Broking has recommended an accumulate rating on IVRCL Infrastructure and Projects with a target price of Rs 463 in its May 30, 2008 research report. "IVRCL Infrastructure Projects, one of the leading infrastructure players, reported a 31% yoy growth in Topline to Rs 1326 crore (Rs 1,009 crore) for 4QFY2008, which was in-line with our estimates of Rs 1,330 crore. For FY2008, the company registered a yoy growth of 58% in Topline to Rs 3,698 crore (Rs 2,347 crore). This robust performance came on the back of strong order book and good conversion of order to bill by the company."

"We have valued IVRCL's standalone business at Rs 350 assigning a PE of 14x FY2010E EPS of Rs 25. IVRCL’s BOT projects, majority stake in Hindustan Dorr Oliver (HDO) and IVR Prime Urban Development (IVR PUDL) contribute Rs 32, Rs 15 and Rs 65 to our target price, respectively. We have revised our target price to Rs 463 (Rs 535) on the back of higher then expected debt, slowdown in the Real Estate sector and pressure on margins due to the sharp run up in commodity prices. Thus, we currently recommend an Accumulate on the stock," says Angel's research report.




Link to the article: http://www.moneycontrol.com/india/news/recommendations/accumulate-ivrcl-infra,-tgt-rs-463:-angel/340702

IVRCL Infra wins Rs 837 cr order

The company has bagged order worth Rs 837 crore from ONGC, reports CNBC-TV18.


IVRCL Infrastructures & Projects Ltd has announced that the Company bagged the contract of entire scope of work for infrastructure development including accelerated soil stabilization in 532 hectors valued Rs 8376 Million from ONGC PETRO ADDITIONS LTD, a subsidiary of ONGC or its Dahej Petrochemical Complex (in notified SEZ) on lumpsum turnkey.

IVRCL - Target Rs 610 - Merrill Lynch

Merrill Lynch has kept buy rating on IVRCL Infra; with a target of Rs 610

Hyderabad-based infrastructure IVRCL is the top pick of the broking house in the mid-cap construction space. The company has just recorded a strong performance for financial year 2008-09 with net profit up 49 per cent to Rs 210 crore and the order backlog up 67 per cent to Rs 12,800 crore. Merrill Lynch expects the firm to post an earning per share (EPS) growth of 25 per cent over 2008-10. The triggers for the company are its focus on the water sector, potential wins in infrastructure sector in the BOT (build operate and transfer) space and scaling up of its subsidiaries IVR Prime and Alcor Petroo. Some of the projects where the firm is a developer, including toll roads and the Chennai desalination plant, are set for completion during the current fiscal.

Subex - Press Release

Bangalore, INDIA: Subex Limited, a leading global provider of Operations and
Business Support Systems (OSS/BSS) for communications service providers, today
announced the launch of the first edition of The ROC Resource Book, a publication
that provides perspectives on Revenue and Operational Assurance, targeted at
communication service providers.
The book carries articles written by industry experts, analysts and researchers of the
telecom software industry, veteran journalists and leading writers, providing different
perspectives on ideas and opportunities for service providers to transform operations
and business processes to increase revenue.
“The telecom software industry, specifically the OSS/BSS space, is on a fast growth
track with exciting changes on the anvil. This publication is aimed at helping service
providers explore the strategies and best practices to manage the impact of
operations on profit”, said Adam Boone, VP – Marketing of Subex Ltd and the
publisher of the book.
Subex recently unveiled a new, expanded version of the ROC, which brings in the
ability to conduct operational assurance, enabling service providers to monitor and
manage the impact of operations on revenues, costs and profit. Like a service
provider's Network Operations Center (NOC) monitors the health of the network, a
ROC enables a service provider to manage the health of the financial and operational
chains that are critical to sustainable profitability and growth. The ROC Resource
Book explores these issues and discusses strategies for building a ROC that is
aligned to the business objectives of the service provider.

IVRCL - Dividend

Ivrcl Infrastructures & Projects Ltd. has informed the Exchange that the Board of Directors of the Company at its meeting held on May 28, 2008 has recommended dividend for the year 2007-08 @70% i.e. Rs. 1.40 per equity share of Rs.2/- each.

IVRCL - Interview

IVRCL sees turnover at Rs 4,800-5,200cr ahead

Sudhir Reddy, CMD, IVRCL, said there was a 31% EBITDA growth over the previous quarter. "The company is looking at a 45-50% growth." He expects a turnover of Rs 4,800-5,200 crore going forward.



Excerpts from CNBC-TV18's exclusive interview with Sudhir Reddy:



Q: Your bottomline is lower than our expectations, have your margins slipped quite a bit in Q4 then?



A: No;this is some other revenue. We have taken into account managerial remuneration of Rs 4.4 crore, foreign currency convertible bonds, and notional forex loss of above Rs 6 crore. On a net aggregate basis, there is a 31% growth on EBITDA over the last quarter.



Q: In terms of pure orders that were executed, can you just break up what it stood at between water and road?



A: Water constitutes about 53%, roads would be about 9%, and the balance would be in the power sector.




Q: Can you just walk us through again the figure that you indicated in terms of operating profit margin performance and whether or not you have had some cost pressures because of input cost?



A: No, we didn’t. It was not input cost pressures, these were tenders with full price escalations which we were involved in. Close to Rs 10-12 crore is what we had to deduct this Q4 as per suggestions from auditors. In absolute terms there is a growth of almost 31% on EBITDA. For FY08, there is a 58% growth on topline from Rs 2,346 crore to Rs 3,700 crore.



Q: Could you take us through the kind of order flow that you have seen in Q4 and where does your orderbook stand now at the end of FY08?



A: We have Rs 13,000 crore of orders in hand and are L1, or lowest bidders, in another Rs 1,100 crore. We normally get 98-99% of full works. In total, we have orders worth Rs 14,000 crore. Out of which, 53-55% is in water. We have not taken any roads project on the build, operate, and transfer side last year. We are concentrating on completing whatever we have. So, the balance is coming out from the power side.



Q: There has been quite a few execution concerns about the entire space. For FY09, what sort of growth do you think IVRCL can maintain?



A: We are quite confident. I am sure we can do it as we have had 40-45% growth in the last 8-10 years. On a higher base, 45-50% might be a tough asking, which we would attempt to. However, we can execute a turnover of Rs 4,800-5,200 crore going forward.



Link to the article: http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=340094

IVRCL Results

IVRCL Infra Q4 net profit up at Rs 73.3 cr

IVRCL Infrastructure and Projects has announced its fourth quarter results. The company's Q4 net profit was up at Rs 73.3 crore from Rs 73 crore.

Its net sales were up at Rs 1326 versus Rs 992 crore.

Particulars Mar-08 Dec-07 Sep-07 Jun-07
Net Sales / Interest Earned / Operating Income 1321.728 974.857 688.454 677.318
Other Income 1.135 0.786 1.568 1.041
Total Income 1322.863 975.643 690.022 678.359
Expenditure -1182.98 -863.449 -633.147 -617.291
Operating Profit 139.883 112.194 56.875 61.068
Interest -20.772 -17.675 -7.599 -5.685
Profit Before Depreciation and Tax 119.111 94.519 49.276 55.383
Depreciation -9.91 -8.659 -7.634 -6.615
Profit before Tax 109.201 85.86 41.642 48.768
Tax -35.898 -21.804 -6.391 -10.808
Net Profit 73.303 64.056 35.251 37.96
Equity Capital 26.698 26.489 25.932 25.932



Link to the article: http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=340050

IVR Prime - Results

IVR Prime Q4 net profit at Rs 42 cr

IVR Prime has announced its Q4 numbers. It has posted net profit of Rs 42 crore as against Rs 116.3 crore and revenue of Rs 240 crore versus Rs 296 crore, QoQ.

Particulars Mar-08 Dec-07 Sep-07
Net Sales / Interest Earned / Operating Income 233.419 295.951 45.613
Other Income 7.1 7.136 4.272
Total Income 240.519 303.087 49.885
Expenditure -170.582 -149.261 -26.798
Interest -5.228 -0.657 -0.97
Profit Before Depreciation and Tax 64.709 153.169 22.117
Depreciation -0.187 -0.215 -0.203
Profit before Tax 64.522 152.954 21.914
Tax -22.481 -36.631 -5.988
Net Profit 42.041 116.323 15.926
Equity Capital 64.15 64.15 64.15


Link to the article: http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=340085

Alok - Mr Dilip Jiwrajka, Managing Director, Alok Industries Ltd

Alok Industries Ltd, established in 1986, is amongst the fastest growing vertically integrated textiles solutions provider in India. A diversified manufacturer of world-class home textiles, apparel fabrics, garments and polyester yarns, Alok has capacities of 82.50 mn meters of sheeting fabric and 6700 tons of terry towels for its home textiles business, 105.00 mn meters of apparel width woven fabrics, 67200 tons per annum of knitted fabrics and 22 million pieces per annum of garments. With the commencement of spinning of cotton yarn (32000 tons per annum), Alok has achieved complete integration. The company also has a strong presence in the polyester segment with a capacity of 114000 tons per annum of polyester textured yarn supplanted by 182500 tons per annum of POY and 182500 tons of PET. The company has a blue chip international customer base comprising of world renowned retailers, importers and brands.



Dilip Jiwrajka, Managing Director, Alok Industries Ltd, is a science graduate with a diploma in Business Entrepreneurship and Management., Mr Jiwrajka has 25 years experience in the manufacturing and trading of fabric for the garment industry. He is responsible for the weaving and processing divisions and overseeing the strategic planning, administration, finance functions and overall working of the company.


In a detailed reply to Anil Mascarenhas of India Infoline, Dilip Jiwrajka says, Alok’s business model is quite diversified which, while ensuring risk mitigation and stability of earning places it at a distinct competitive advantage.


The rupee did take its toll on many companies such as yours. Brief us about your financial performance.
We had a record export growth in a year when the rupee was in an appreciation mode and generally testing conditions had set in towards the latter half of the year. This proves that if one has the right size, right product, right quality and right price, then most challenges can be surmounted. We will consolidate operations this year and enhance efficiencies and endeavor to surpass expectations.

To briefly sum up, Alok Industries Limited reported net sales of Rs7.24bn for the quarter ended March 31, 2008, which is a jump of 26.25% over the same period last fiscal. Operating Net Profit for Q4 stood at Rs609mn, a growth of 24.45% yoy. The operating margin for Q4 FY08 was at 24.89% as against 23.34% recorded in Q4 FY07.

For the year ended March 31, 2008, net sales grew by 18.34% to Rs21.59bn compared to Rs18.24bn in the previous year. Operating net profit for the year ended March 31, 2008 rose by 23.79% to Rs1.67bn, as against Rs1.35bn posted in the same period of last fiscal. Earnings Per Share (EPS) for FY08 works out to Rs11.51 as compared to Rs9.70 for the same period last fiscal.


You mentioned about your record exports. Could you give the figures?
Export Sales for the fourth quarter stood at Rs3.85bn, a growth of 50.16% as compared to Rs2.56bn posted in the same period of last year. The figure of export sales for 2007-08 rose by 59.87% to Rs10.25bn as compared to Rs6.41bn in FY07.

The fire in one of your units had hit production. To what extend was your margin hit?
A fire broke out at the Sayali texturising unit with 70 machines on August 16, 2007, impacting the unit totally. The other units in the premises (weaving, knitting and POY), however, were not impacted. There was no major impact on the overall operations of the company due to a couple of reasons.


The Company has adequate Insurance Cover for its Building, Plant and Machinery and Stock. The total damage to the fixed assets is estimated at Rs2.25bn (including Rs250mn as loss of profit) and the same has been admitted by the insurance company. We have received an interim settlement of Rs1bn towards loss of assets and Rs100mn towards loss of profit. The balance claim is expected by June 2008.

Secondly, the company has rebuilt the new texturising unit in a record time of 90 days and inaugurated the new unit on 24th November 2007.

What about the impact on sales, margin and market share?
The net impact on sales of texturised yarn was expected to be in the region of Rs500 – 550mn. However, the same has been compensated by higher revenues from other divisions like Apparel fabrics, Home textiles and POY. There has been no impact on margins.

As far as market share is concerned, Alok is amongst the market leader in the texturised yarn segment. About one third of the texturised yarn is exported and the balance is sold in the domestic market. In view of the rebuilding of new texturising unit in 90 days and inauguration of the same on November 24, 2007, there was no impact in the market share.

What impact has the currency had on your performance? What kind of hedge are you doing? How do you read the situation?
The company has adopted a multi prone strategy to improve its overall performance including appreciating rupee.

We made a shift towards value added products:

Alok has tied up for contract farming spread over 140000 acres for exclusive supply of Organic and Fair Trade Cotton (approx 175000 bales) duly certified by SKAL and ECO CERT. Organic products are now getting more popular and fetch extra premium. This would not only give company additional margins but also provide a fair price for the farmers.

Institutional work wear with special finishes like Flame Retardant, Water Repellent, Anti-Bacteria, Vitamin –E finish, Ice Finish fabric, Anti Static, Aroma finish, Mosquito Repellent, etc., which have a distinct market and application such as Defence, Oil exploration, Hospitals, Hotels, Auto Industry, etc..

In Apparel woven fabrics, Alok is focused on manufacturing of Premium Yarn Dyed Fabrics and Bottom Weight fabrics which are always in demand and fetch higher margins.

In Home textiles, Alok is concentrating more on Higher Thread Cont bed sheets (500 TC to 1000 TC). Similarly, it is producing more quantities of quilts and comforters, where realizations and margins are high.


Alok has acquired brands from Mileta International, a Czech based company, like "Daks", "Lord Nelson", "Erba", which are being introduced in India in a gradual manner. It has also entered into licensee arrangement with Peacock Alley, a premium home textile brand of USA for distribution in India.

The second strategy was backward and forward Integration and economies of scale:

Alok has created large scale capacities with state-of-the-art technology to derive the benefits of economies of scale. It has further reduced its cost by going into backward integration into manufacturing of cotton yarn and POY. On the forward integration front, we have gone into manufacturing of finished products i.e. Garments, Bed sheets and Retailing. Further, the proportion of value added products in our overall product offering is also increasing.

The third is systematic approach of hedging:

The company has a systematic policy of hedging. The company has treasury department who take suitable heading measures from time to time and monitory it closely.

All the above strategies helped in improving the overall performance of the company and also mitigate the exchange fluctuation risk.

What is the expected utilization in your new facilities?
Normally, the machines take about 2 years for stabilization from the initial setting up. The capacity utilisation is about 70%, 80%, and 90% in the 1st, 2nd and 3rd year onwards. The company’s order booking position is comfortable and expects to achieve capacity utilisation of over 90% from the existing capacities and about 70% from the newly set up capacities i.e. capacities set up in FY2008.

What kind of value addition are you doing? What increase would it bring to your margins?

The company in order to improve its margins is concentrating on three main centers, which are as under:

1) Diversified Product Mix and Markets:

Alok has a diversified product mix and market segments. The business model of the company is briefly tabulated below:


Products Markets % share in revenue
Home Textiles Direct exports to Importers / Retailers 21%
(Sheet sets/Comforters, etc.,)
Apparel Fabrics & Cotton Yarn a) Sale to garment exporters in India / converter countries 50%
(Woven & Knits) b) Sale to domestic garment manufacturer / traders / retailers
Garments Direct export to Retailers / Importers 3%
(Woven & Knits)
Polyester Yarn a) Sale to domestic power loom weavers 25%
(Texturised yarn) b) Direct exports
Retailing Retailing of all products manufactured by company i.e. home textiles, apparel fabrics and garments through retail stores. 1%
(H & A)



Alok’s business model is quite diversified which, while ensuring risk mitigation and stability of earning also places the company at a distinct competitive advantage over other players in the industry. Alok has also ensured that its target market is a diverse mix of the international market, garment export trade and domestic market. The company has established itself both in the international and domestic market and has emerged as a leader in each of the product segment it operates.

The company’s sales comprise about 48% exports and 52% domestic sales. The company exports to more than 50 countries and its markets are well diversified into USA, Europe, Latin America, Africa, and Middle East.

Besides what I detailed earlier, on the domestic front, company has adopted multi prone strategy:
a) It supplies fabric to leading domestic and export garment manufacturers.
b) It markets through its distribution network to wholesalers, traders and retailers.
c) It supplies to the private labels of the big retailers.
d) It has started its own retail chain by the name ‘H&A’ and has opened 20 stores in Mumbai, Vapi, Bangalore and other parts of the country. The number of stores would increase to about 150 stores by FY09 and further to about 400 stores by FY10.

All these have started showing results and with the new capacities in place, the EBITDA margin is expected to improve further.

By when would we see the benefits of Alok Infrastructure on the company? Tell us more about your plans here. Two to three years down the line how do you see this business shaping up?

All the projects are expected to be commence from 2010-11. All the infrastructure related companies are subsidiaries of Alok Industries Limited (Alok) and the profits generated by these companies will be reflected in Alok in the form of dividend.

The company is into development of commercial and residential projects. It intends to develop only select projects which have good commercial viability thereby ranking amongst the top 15 developers in India.

The brief details of each of the subsidiaries are as under:

a) Alok Realtors Pvt. Ltd. (Peninsula Business Park)

575,000 sq ft of ultra modern office premises with world-class amenities, large open complex, landscaped gardens and water bodies
The first level starts at a height of 80 feet from the ground, thereby offering a fabulous view of the Arabian Sea and Mahalaxmi Race Course
500 car parking for occupants and visitors
8 high speed intelligent elevators
Club House with facilities for Gymnasium, Steam, Sauna and shower, exclusive designed lounge for CEOs, food court, coffee shop, indoor sports
High end security systems, advanced fire detection and fire fighting systems and power back up
Property would be professionally managed by Peninsula Facility
Proximity to Lower Parel and Currey Road station; 5 star hotel ITC;
Possession by March 2010
b) Ashford Infotech Pvt. Ltd (at Lower Parel & Nahur)

64,800 square feet of prime office space in Lower Parel
8 storey with floor plate of 8,100 sq. ft
40 car parks
Modern architecture with latest amenities
Proximity to Lower Parel and Currey Road station; 5 star hotel ITC
Possession by March 2009
Ashford Investment & Trading Company Pvt. Ltd and Alok Infrastructure Pvt. Ltd. proposes to develop an office complex in the CEAT factory compound at Nahur
The project is being developed in 50:50 Joint Venture with Ashford Group
A total area of approximately 7 acres of land has been acquired out of the 30 acres plot of the CEAT factory
Site demography – 3 min from Nahur and 5 min from Eastern Express Highway and Goregaon Mulund Link Road
The project to have an approximate saleable area of 10,31,100 Sq. ft.
Multi Level car parks for 1,000 cars
Air-conditioned lobbies on every floor
Air-conditioned atrium entry
Full height glass curtains
The complex would have most modern infrastructure and world class amenities with large open complex, landscaped gardens and water bodies. The complex would be supplemented with a Club house, gymnasium, pool, sauna, steam, banquet hall, business lounge, cafeterias and indoor sports
The project to be operational in 30 months
c) Silvassa Textile Specific Special Economic Zone (STSEZ)

Land fully purchased
Formal approval received for 183 acres. Notifying 145 acres in the first phase
Company would be developing and maintaining the SEZ and would be providing world class supporting infrastructure like power sub-station, Common ETP plant, commercial centre, training centre etc.
Strategically located with proximity to Mumbai Airport (150 Kms) and JNPT port (200 Kms)
To be fully developed by 2011-12
d) Alspun Property, Vapi

The company has acquired a 50% stake in Alspun Infrastructure Pvt Ltd. which in turn is developing an integrated township spread over 100 acres in Balitha, Vapi
The township would comprise of residential, commercial, retail and entertainment area with provision for schools, hospitals, clubhouse etc.
The township would be developed in a phased manner commencing from September 2008 and likely completion by 2012
You also have acquired land in Silvassa and Panvel. What are your plans here?
Alok Infrastructure has acquired 220 acres of land at Velugam, Silvassa for developing townships / SEZ. It is in the process of acquiring 130 acres of land at Panvel in 50% joint venture suitable for developing theme based township. The proposed land is about 15 kms distance from the proposed new airport and 8 km from the railway station. The project is at drawing board stage and the details would be conveyed as soon as they are finalised.

What kind of revenues do you see from the SEZ. What is the business model for the SEZ?
The company acquired 183 acres of land at Silvassa out of which 145 acres of land is being notified for SEZ in the first phase. The company proposes to provide open plots on long-term lease basis (one time lease) as well as constructed factories to textile units (on annual lease basis).

The company shall develop and maintain the SEZ and also provide world-class support infrastructure, viz, power substation, common ETP plant, commercial centre and training centre.

16 acres of open plots have already tied up for long-term lease. The SEZ is expected to be fully operational by March 2011-12.

The SEZ is expected to generate substantial revenue because of the above business model and amenities. However, the forward numbers cannot be disclosed because of SEBI guidelines.

The first tranche of warrants have been converted into equity from 28th April 2008. By when will the second tranche be converted. At what price?
The second tranche is expected to be converted on or before 31 July 2009 at a price of Rs102 (premium of Rs92 and face value of Rs10)

What is your outlook on branded retail. What is the progress with H&A? By when would this be hived off?
The increase in the per capita income, demography and penetration of economic activity in interiors of India has fuelled overall economic growth of India and it is expected to grow further. About 40% of the clothing in India is through retailing. With this background, branded retail would be the driving force going ahead.

H & A is Alok’s foray into branded retail segment targeted towards the mass market and offering ‘Value for money’ proposition. The company already has 20 stores and has plans to reach 40 stores by June 2008 with a two-year target of having 400 stores pan India.

The company in its board meeting held on 28th April 2008, has approved the hiving off of H&A division into a separate wholly owned subsidiary of Alok by the name “Alok Homes and Apparel Pvt. Ltd.” The company would seek the approval of the same from its shareholders soon.


What kind of tie-ups are you looking at?
Alok has acquired brands from Mileta International, a Czech based company, like "Daks", "Lord Nelson", "Erba", which are being introduced in India in a gradual manner. It has also entered into licensee arrangement with Peacock Alley, a premium home textile brand of USA for distribution in India.

Apart from the above, the company is keen to have long-term strategic tie-ups for marketing of its diversified multi product range in overseas markets.

Your dividend policy? Your message to shareholders?
The company has been consistently paying dividend from last 15 years and would certainly share its wealth with the share holders. We would like to inform all our share holders that with the above measures being taken by the company, the share holders will be benefited.


Link to the article: http://www.indiainfoline.com/news/showleader.asp?storyId=636&lmn=1

IVRCL - Desalination project could be delayed

The commissioning of the 100-million litres a day (mld) desalination plant at Kattupalli near suburban Minjur is likely to be delayed by four months. It was scheduled to be commissioned in August this year.

Attributing the delay to unseasonal rain in March, Chennai Metrowater officials said about 70 per cent of the works had been completed. Dredging operation also could not be carried out due to rough sea. Dredging would facilitate laying of a separate pipeline to draw seawater from 10-metre-depth below sea level and discharge waste water, a Metrowater official said.

Though about 15 mld of water was to be supplied on completion of the first phase of the project, envisaged to be completed in May, the delay had pushed the project deadline to December, he said.

Chennai Water Desalination Limited, a special purpose vehicle formed by IVRCL Infrastructures and Projects Limited and its technical partner Befesa Construccion y Tecnologia Ambiental, Spain, started implementing the project on a DBOOT (design, build, own, operate and transfer) basis last year.

The official said work for constructing units such as sand filters and cartridge filters, used to remove minute particles as part of the preliminary treatment, was under way. The process to erect five reverse osmosis units, an important component in desalinating seawater, was also in progress. Each of the unit that had a capacity to treat 20 mld of seawater would be commissioned one after another during December, the official said.

About Rs.118 crore was expected to be spent on purchase of water from the Minjur plant.


Link to the article: http://www.hindu.com/2008/05/26/stories/2008052657300100.htm

Jaiprakash - Jaypee's Municipal Solid Waste Processing Plant inaugurated

General (retd) S.F.Rodrigues, the Administrator Union Territory, Chandigarh and Governor of Panjab inaugurated the municipal solid waste processing plant in Dadu Majra in Sector 25 West, Chandigarh, India, on 21st May. " This project is for the benefit of the common man and only need is to sustain this project to make it a success," he added. This would not only rid the city of stink and pollution but would provide eco-friendly alternative fuel The plant, a public private initiative between Jaiprakash Associates Ltd and the Municipal Corporation, Chandigarh, has been completed in a stipulated time frame as per the agreement which was signed on 30th December 2005 and its foundation stone was laid by Gen Rodrigues on 21st February 2006, said Mr. Rajiv Gaur, President, Jaiprakash Associates Limited.

The plant shall be operational after about three months when complete process gets stabilised, he informed. Set up at a cost of Rs.30 crores on a 10 acres land, the plant which is one of its kind in northern India, has the installed capacity to process 500 ton per day of municipal solid waste, which will be converted into refuse-derived fuel to be used in a thermal power plant in Ropar and a cement plant of Jaypee Group in Himachal Pradesh. Mr. Pradeep Mehra, Advisor to the Administrator, said that the leaves sheded by trees in the city, which is the greenest city in the country today, shall also be processed in the plant for converting to fuel pellets.

Dr. Roshan Sunkaria, Commissioner, Municipal Commissioner, informed that the city has simultaneously launched another complimentary project at the site to cap 42 acres of landfill site, and make it usable for putting up playground or sports facilities. The plant is eco-friendly conforming to the norms laid down by Pollution Control Committee of Chandigarh Administration, and has been fenced, with green cover of trees planted around it to create the green buffer zone.

The plant is fully-covered to minimise exposure to atmosphere, and arrangements to spray culture on the garbage to eliminate insects, flies and odour have also been made. All critical equipment have been imported from Dopastadt Germany and the plant has been commissioned successfully in the supervision of German engineers, which has a fully-equipped laboratory, a workshop, and a fully-automatic control room, effluent treatment plant and fire safety equipment.

The project will give much needed relief to the residents of Chandigarh, and the localities near Dadu Majra waste dump site in particular, which suffered from methane emission due to anaerobic decomposition of MSW in uncontrolled open landfill site, which had so far been the only practice of disposal of garbage. The project shall also help in conservation of fossil fuels, enhance nations's energy security, prevent ground water contamination due to leakage of leachate, stop open dumping, enhance the city's aesthetics and overall hygiene of the area in and around the landfill sties, said Mr. Gaur.

The function was attended by Home Secretary Mr Sanjay Kumar, Deputy Commissioner, Mr. R.K. Rao, former Mayor of Chandigarh Mrs. Harjinder Kaur, municipal councillors, and various officers of the city. Jaypee Group a Rs.4,500 crores industrial conglomerate having rich presence in infrastructure, hydro-power, cement, education and hospitality sectors, embarking on environmental friendly projects to fulfill its social objectives, has taken up this project on BOOT basis - transforming challenges into opportunities - true to its reputation.

- End -

Jaypee Associates Limited is a Rs.4500 crore company that has set up in Chandigarh, the north India's first municipal waste processing plant at a cost of Rs.30 crore, in association with the Municipal Corporation Chandigarh.

Link to the article: http://www.indiaprwire.com/pressrelease/environmental-services/200805229726.htm

Jaiprakash - Jaiprakash acquires Bina Power from Aditya Birla group

ET reported that Jaiprakash Power Venture Limited has acquired Bina Power Supply Limited from the Aditya Birla Group for INR 150 to INR 175 crore. Aditya Birla Group had formed BPSCL in the early 1990s to develop a 1,000 MW power plant in two phases of 500 MW each at Bina in Madhya Pradesh, but did not pursue it after the initial progress.

Mr Suren Jain MD of JPVL said that "JPVL has now approached the Madhya Pradesh government for revival of the various approvals required for the setting up of the plant." He added that the first phase of the project would commence operations within 48 months of receipt of all approvals. JPVL plans to commission 500 MW in the first phase at an investment of INR 2,500 crore and subsequently raise the capacity to 1,000 MW.

Post the Bina acquisition, JPVL will have interests in almost 7,000 MW of power assets. These projects, which are at different stages of implementation include 1,000 MW Karcham Wangtoo Hydro Electric Project, 1,320 MW super critical technology coal based power plant at Nigrie in MP, two projects totaling 2,500 MW in Arunachal Pradesh and two projects totaling 720 MW in Meghalaya.



Link to the article: http://steelguru.com/news/index/2008/05/23/NDY3NDk%3D/Jaiprakash_acquires_Bina_Power_from_Aditya_Birla_group.html

Subex - Romtelecom selects Subex for centralized operations center for mitigating risks to the revenue chain

Subex Limited, a leading global provider of Operations and Business Support Systems (OSS/BSS) for communications service providers, today announced that Romtelecom, Romania’s largest fixed-line operator, has selected Subex Rocware™ solutions to form the core of a Revenue Operations Center (ROC).

Romtelecom‘s objective is to reduce the risk of financial loss from revenue leakage, fraud or bad debts. The ROC environment at Romtelecom will include Subex’s Moneta™ Revenue Assurance Solution, NikiraTM Fraud Management Solution and the Prevea™ Risk Management Solution.

Anastasios Tzoulas, Chief Financial Officer, Romtelecom said, “We found Subex to be a knowledgeable partner who is ready to help us achieve this important risk management objective. The ROC will provide us with a centralized, integrated platform to maximize, control and secure our revenue chain.”

Like a Network Operations Center (NOC) ensures the health of the network, a ROC ensures the integrity of a telco’s revenue streams, processes and improves visibility of the financial impact of the enterprise’s operations. The ROC at Romtelecom will provide advanced revenue and risk management capabilities as it combines revenue assurance, fraud management and risk management in one integrated framework.

Subex pioneered the concept of a ROC as a centralized collection of systems and processes correlating operational activities to the impacts on revenues, costs and, ultimately, profit. A ROC can enable an operator to adopt Operational Assurance, gaining better understanding and control over how operations support critical business goals.

Mark Nicholson, CTO, Subex said, “We are delighted that Romtelecom has selected Subex and the ROC. We are pleased to have this opportunity to assist Romtelecom in meeting its important revenue risk mitigation objectives.”

Subex is the trusted partner of communications service providers around the world seeking to achieve enhanced operational dexterity, offering rapid and flexible delivery of innovative new services while running lean operations. Subex’s award-winning family of best-of-breed solutions is the foundation of the ROC, enabling operational assurance and, as a result, improved operational dexterity.

At TM Forum Management World Nice, May 20 -22, Subex will demonstrate a ROC as part of the Content Encounter 2 Catalyst project, the premier demonstration of the delivery of advanced, content-based services involving Tier 1 operators from around the world

Link to the article: http://www.equitybulls.com/admin/news2006/news_det.asp?id=30839

Subex - Subex unveils groundbreaking new OSS and BSS solutions

Subex is unveiling a new version of its industry-leading Revenue Operations Center (ROC) and is launching new products in its revenue maximization and fulfillment and assurance business lines. The solutions are debuting at the TeleManagement Forum's Management World 2008, held between May 18 - 22 in Nice, France.
Subex will unveil a new version of its industry-leading ROC through demonstrations at Management World 2008. The ROC is a centralized collection of systems and processes correlating operational activities to the impacts on revenues, costs and, ultimately profit, and ensures the integrity of a Lelco’s revenue streams and processes.

With the previous version of the ROC, operators could conduct advanced revenue management and maximize efficiencies around revenue assurance and fraud management. The new version of the ROC builds on this capability to enable an operator to adopt Operational Assurance, gaining better understanding and control over how operations support critical business goals. Demonstrations of the ROC will take place at the Subex booth and in the ‘Content Encounter II' a Catalyst demonstration program covering emerging best practices and techniques for delivering advanced content-based services.

The company also is taking part in a Catalyst project highlighting an end-to-end B/OSS Framework for streamlining and standardising the processes of bringing new telecom products to market, using Syndesis Controlle. The project will demonstrate concept-to-market and order fulfillment processes, as well as order and trouble ticket fall-out management.

Subex will also launch its WiMAX-enabled Syndesis Express solution, designed to help operators to quickly and efficiently define and deliver value-added, next- generation services, like VolP and IPTV, over WiMAX. Also at Management World, Subex will launch Optima 4.6, the new version of its route optimization system, a part of its revenue maxmization offerings, designed to help service providers to create optimized route plans for automatic switch upload as well as facilitating a full reporting suite for data analysis.

In addition to the above, Subex’s CTO, Mark Nicholson will be chairing a presentation track on Strategies & Solutions for monetizing digital media services to held be on May 20. Subex also will present on the topic of revenue assurance for next generation services, providing insights on proactively identifying, analyzing and implementing scalable revenue integrity solutions to maximize revenue.

Subex is known around the world as a leader in revenue maximization and fulfillment solutions that enables communications service providers to achieve their business objectives. Its industry leading products help service operators gain that competitive advantage in quickly rolling out services, while mitigating costs, through the concept of operational assurance. The company has a significant presence in all the leading telecom markets of the world, Mark Nicholson was also recently appointed as advisory director on the TM Forum board.

Management World 2008 is the annual global event for the management of information, communications and entertainment services organised by TM Forum, the world’s leading trade consortium focused on enabling digital services.


Link to the article: http://www.ndtvprofit.com/2008/05/19165106/Subex-unveils-groundbreaking-n.html

Subex - Subex launches Optima 4.6 to help telecom operators to make efficient and informed call routing decisions

Subex Ltd, a leading global provider of Operations and Business Support Systems (OSS / BSS) for communications service providers, today announced the launch of OptimaTM 4.6, a new version of its Route Optimization system designed to help service providers to create optimized route plans for automatic switch upload as well as facilitating a full reporting suite for data analysis.

The latest version of Optima supports Oracle Database 10g, one of the most widely deployed enterprise databases in the industry. Additional enhancements also include localization to support multiple languages, switch interface support for Nortel DMS-300, and percentage-based volume agreements.

Anuradha, Senior VP - Engineering, Subex Ltd said 'Optima is an end-to-end Route Optimization solution that is modular in design and provides service providers with the ability to quickly adapt to changing operational requirements.

Optima's modularity reduces initial system costs and allows additional modules to be easily added at a later date, as the business grows." Optima is part of the Rocware suite of solutions, supporting the concept of the Revenue Operations Center (ROC) - a consolidated framework of systems that enables advanced revenue management, cost control and profit enhancement.

Subex is the trusted partner of communications service providers around the world seeking to achieve enhanced operational dexterity, offering rapid and flexible delivery of innovative new services while running lean operations. Subex's award-winning family of best-of-breed solutions is the foundation of the ROC, enabling operational assurance and, as a result, improved operational dexterity. At TM Forum Management World Nice, May 20-22, Subex will demonstrate a ROC as part of the Content Encounter II Catalyst project, the premier demonstration of the delivery of advanced, content-based services involving Tier 1 operators from around the world.


Link to the article: http://www.equitybulls.com/admin/news2006/news_det.asp?id=30612

Subex - launches WiMAX-enabled fulfillment solution

Bangalore-based Subex today announced the availability of its wimax-enabled Syndesis Express solution, designed to help operators to quickly and efficiently define and deliver value-added, next-generation services, like VoIP and IPTV, over WiMAX.

Syndesis Express, a pre-integrated solution bundle that provides subscriber-centric fulfillment for high-speed internet, IPTV, VoIP and other advanced service offerings, now allows service providers to seamlessly introduce and automate the delivery of WiMAX-based services to their customers, across multi-vendor, multi-technology networks.

``Service providers are looking for new ways of bridging the last mile to the customer for residential and enterprise broadband services and WiMAX is gaining increasing acceptance as an access technology,`` said Mark Nicholson, CTO of Subex.



Link to the article: http://www.myiris.com/newsCentre/newsPopup.php?fileR=20080515120921130&dir=2008/05/15&secID=livenews

IVRCL

IVRCL: The strong business momentum of IVRCL is expected to be driven by an order backlog of Rs.110bn which is 4.75x FY07 sales. Water continues to dominate the revenue of the company which is closely followed by building and industrial infrastructure space. Water and environment forms the lions share at 59.1% followed by building and industrial infrastructure at 18.2%, transportation at 13.6% and power & distribution at 9.1%. IVRCL has reported strong growth in its topline and bottom line for the past few years. Income grew at a CAGR of 43.9% during FY2004-2007 and stood at Rs.23.13bn at the end of Mar 31, 2007. During the same period, cost of construction expenses grew at a CAGR of 42.4% to Rs.19.5bn in FY07. This resulted in PBT and PAT growing at a CAGR of 76.1% and 53.4% to Rs.1.85bn and Rs.1.41bn respectively during the same period. IVRCL recorded revenue of Rs.23.44bn for the nine months ended December 31, 2007 as compared to Rs.13.22bn during the same period last year representing robust growth of 78.2%. Operating margins of the company stood at 9.82% for the first nine months of 2008 and was lower as compared to 9.92% recorded for 9MFY2007 due to increase in raw material prices of various inputs like cement and steel. We initiate our coverage of IVRCL with a Buy rating and value IVRCL’s share at an intrinsic value of Rs.470.06 based on Sum of the Parts valuation method. The intrinsic value is higher than the current market price of Rs.413.5 (as on April 28, 2008) by 13.68%.