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  • Software tied to hardware is our core strategy: Amit Malhotra, Oracle India | The Financial Express
    great extent We are certain that they will see great adoption as it has the potential to completely abolish the exploitation of security vulnerabilities From which verticals do you see demand generation from Oracle traditionally has been very strong in banking and financial sectors In addition to this we are witnessing growth in telecom manufacturing e tailers and media entertainment sectors With Digital India programme gaining steam the government sector is another area on which Oracle is concentrating on Oracle recently launched the new M7 systems What does this mean for Oracle and what makes it so unique We see a lot of growth coming from our systems business in India and we are witnessing a great need for security today across key industries like banking telecom manufacturing e retailers etc The M7 systems are the newest generation of processors in the SPARC family The SPARC family has been there for a long time ever since the acquisition of Sun Microsystems by Oracle The M7 isn t only the most powerful version of SPARC technology to date it s also one of the most sophisticated processors on the market The M7 incorporates advanced software techniques guard against programming errors that can result in serious security breaches What is your strategy for your new range of products in the Indian subcontinent Oracle is approaching the Indian market in a comprehensive manner We are just not launching the servers pan India we are also increasing our presence in the region We have beefed up our sales teams significantly and expanded geographic presence in tier 1 and tier 2 cities We have a lot of interest from customers around M7 and are confident about that the product will be successful in the Indian market We are ensuring smooth transaction for our customers and are helping customers seamlessly move over to the new environment M7 We set up an ISV lab in Bengaluru where any independent software vendor can test their application and do performance testing in our lab for free The lab helps them understand how they can migrate their applications to our platform What are the growth areas for Oracle In the overall India hardware portfolio there are three areas where we are focused on The first is Engineered Systems which is the integration of hardware and software and is also known as converged infrastructure by the industry This is where we offer unique value to the customer and increasingly all competitors are focusing on this Netapp announced the acquisition of Solid Fire We have recently seen some announcements coming from EMC Dell and everybody is moving towards convergence This has been what we have been calling to the market for a long time The other piece is our standalone servers where we believe the opportunity is to increase our market share The third piece is storage and again with the introduction of flash storage we believe we are addressing the growth categories in the market to ramp up the business First

    Original URL path: http://www.financialexpress.com/article/industry/companies/software-tied-to-hardware-is-our-core-strategy-amit-malhotra-oracle-india/208567/ (2016-02-07)
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  • Calming influence in a sea of profit seekers | The Financial Express
    online lingerie store and Kaaryah the women s wear brand Tata s brand value is even more precious For them it s not just an icing on the cake Having him as a mentor is a huge deal for such players Up until now Tata has invested in 26 startups He entered some of them at a very early stage but with many others he came in when the valuations were pretty high So it does not look like he is trying to time the market He is willing to invest in a company at higher valuations if he is convinced That s very unlike an angel investor So here s where Tata is so different from others He has positioned himself as a calming influence and a guiding force in a sea of profit seekers An aspect to be noted about his investments is the sheer variety of his picks For instance his investment in Altaeros Energies which was founded at MIT to commercialise the world s first airborne wind turbine He has invested in mobile wallet player Paytm and in Chinese smartphone maker Xiaomi And then Bluestone an online jewellery retailer and a foodtech startup called Holachef The diverse nature of these startups is remarkable Tata has also picked out a company called Ampere which sells electric vehicles and vehicles for the differently abled Lybrate a healthcare startup is another So one can see that his portfolio is a near complete basket For him the story is not just about the unicorns This kind of long term vision can only from a champion like Tata who on Friday while at attending an event in Bengaluru said that the risk of investing in a startup was far less than investing in the stock market His new initiative the tie up with University of California to invest jointly in Indian startups seems to be a continuation of this kind of approach In November he had joined as the advisor to the investment head of the University of California He is looking an investment cycle of over 10 years indicating that he is not looking for quick fixes Tata s key startup picks March 2014 Alateros Energies August 2014 Snapdeal September 2014 Bluestone November 2014 Urban Ladder March 2015 Grameen Capital March 2015 One97 Communications Paytm April 2015 Xiaomi June 2015 Kaaryah July 2015 Lybrate September 2015 Holachef December 2015 Urban Clap January 2016 Tracxn January 2016 Dogspot in January 2016 Cashkaro First Published on February 8 2016 12 48 am Tags Ratan Tata Please Wait while comments are loading More on this story India suffers from inherently unequal environment Ratan Tata Ratan Tata on startups Some valuations are pricey Ratan Tata invests in specialty tea firm Teabox Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS

    Original URL path: http://www.financialexpress.com/article/industry/companies/calming-influence-in-a-sea-of-profit-seekers/208565/ (2016-02-07)
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  • Hold rating on JSW Steel: Preferred over its Indian peers but estimates down | The Financial Express
    its 3 9mt expansion 1 7mt Dolvi 2 2mt Vijayanagar in Q4 We have cut our FY16 volume estimate by 2 2 to 12 2mt and forecast volumes of 14 4mt in FY17 Steel price outlook remains tough Brief uptick in domestic steel prices in anticipation of minimum import price MIP has faded Domestic HRC prices are down 6 in Jan and are now 7 below third quarter average Prices are at around 5 discount to import parity which should offer support but we think meaningful relief is unlikely unless government imposes MIP Valuation Risks JSW is up 15 in the last three months and is trading at 7 3x FY17e Ebitda Our revised PT is based on SOTP sum of the parts valuation We value i India and overseas units at 7x FY17e Ebitda and ii invested capital in yet to be commissioned projects at 0 9x Key risks lower steel prices higher iron ore prices and rise in BS stress Changes to our forecasts We have cut our FY16 17e Ebitda forecasts by 17 6 Key changes to our estimates are summarised below Cut FY16 volume estimate by 5 JSW expects to miss its FY16 volume guidance of 12 9mn tonnes by 5 implies 12 3mn tonnes as commissioning of both Dolvi and Vijayanagar expansion has been delayed by 45 60 days However JSW remains confident of commissioning both the expansions in March quarter We have cut our FY16 volume estimates by 5 to 12 2mn tonnes In FY17 we are forecasting volumes of 14 4mn tonnes which broadly implies 85 utilisation of the expanded capacity Lowering FY16 steel realisation forecasts While steel prices had improved towards end Dec due to anticipation of government imposing minimum import price MIP soon prices have corrected sharply over last few weeks as MIP is yet to be announced Also end user demand has been sluggish Domestic HRC prices are at around R24000 25 000 tonne 6 in Jan and 7 below Q3 average We have lowered our FY16 realisation forecast by 5 factoring in lower realisation in Q4 We have marginally tweaked our FY17 realisation forecasts by 1 Our FY17 steel realisation forecasts assumes average HRC prices of R29 500 tonne well above spot We see downside to our estimates in case MIP is not imposed Minor tweaks in cost forecasts We have also made minor adjustments to our costs and depreciation forecasts First Published on February 8 2016 12 45 am Tags JSW Steel Please Wait while comments are loading More on this story Moody s downgrades JSW Steel s corporate family rating JSW Steel reports Rs 923 cr loss JSW Steel Q3 consolidated net loss at Rs 923 crore Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/hold-rating-on-jsw-steel-preferred-over-its-indian-peers-but-estimates-down/208564/ (2016-02-07)
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  • Overweight rating on ICICI Bank: Q3FY16; Poor show | The Financial Express
    highlights Asset quality Out of the total slippages of R65 4 bn R43 5 bn was on account of a change in asset reclassification as per RBI in only one account in the steel sector The normalised slippages excluding this were lower at 2 07 v s 2 22 in Q2FY16 Management expects slippages of R65 bn in Q4FY16 at similar levels as in Q3FY16 Almost 2 3rd of the slippages are expected to be due to the change in asset reclassification as per RBI in the power sector Management believes that the change in asset reclassification is not likely to impact the recoverability of the asset Management did not give any guidance on the asset quality in FY17e The bank will make additional provisions of R3 5bn for vulnerable restructured assets at 10 as per RBI directive The bank classified R4 5bn of assets under 5 25 scheme and R16 7 bn of assets under the SDR route The current pipeline under 5 25 scheme is at R7bn R12bn under the SDR route A substantial part of the incremental delinquencies were classified under the doubtful category the corollary of it is that the bank has taken a major provision hit on the incremental slippages We had estimated R75 bn of incremental stress through to FY18 this falls within that estimate but the lumpiness is a negative surprise We had expected the provision hit over the next ten quarters Given that the substantial part of stress recognition is front ended it is only the timing difference We will not change our FY17 18e estimates until we assess the impact of early recognition on LGDs Loan growth Retail loan growth was robust at 24 y y driven by strong growth in home loans at 24 y y Management expects retail loan growth of 25 y y driven by increasing distribution network focusing on existing customers Domestic corporate loan growth stood at 15 y y The incremental loans were mainly to highly rated corporates including PSUs SME loan growth was strong at 21 y y Fee growth Fee growth remained muted at 7 y y Though the retail fees continue to remain strong the overall fee income was impacted by subdued corporate fees Retail fees contributed 2 3rd of the total fees First Published on February 8 2016 12 42 am Tags ICICI Bank Please Wait while comments are loading More on this story Top 12 stocks that remained in focus today FTIL Shoppers Stop IRB Infra and more We expect similar NPA provisions in Q4 ICICI Bank net profit grows 4 as provisions soar Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/overweight-rating-on-icici-bank-q3fy16-poor-show/208563/ (2016-02-07)
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  • Add rating on Larsen & Toubro: Another weak quarter | The Financial Express
    a whole cycle becomes really important Over the past one year or so L T s three segments have reported losses in one or more quarters and pain in some segments could last for some more time We revise our EPS estimates to R41 5 and R53 6 from R43 7 and R57 2 for FY2016e and FY2017e respectively largely led by lower order inflow and margins Q3FY16 earnings call takeaways w Execution in domestic infrastructure remains challenging Slow customer payments and delayed clearances led to L T holding back execution in some infrastructure projects w Legacy hydrocarbon projects getting phased out L T s loss making legacy hydrocarbon projects in the Middle East are close to completion and will gradually get phased out As the completion approaches the company may incur certain closure costs and will make corresponding compensation claims against customers If there is a timing mismatch between the two the Ebitda margins for the segment can show a volatile trajectory w Margin volatility a characteristic of project businesses and the company s exposure to various sectors The company attributed the quarterly Ebitda margin volatility to several factors w Recognition of accrued margins The company recognises project revenues only to the extent of costs incurred till 25 of the project is completed Once this threshold is crossed the company can recognise the accrued profits on the completed share of work which can be quite lumpy As a result for project business companies like L T margins can be volatile on a quarterly basis w Changes in business mix The company reported higher employee costs at 9 4 of sales during the quarter up from 8 0 in 3QFY15 The increase in employee costs was on account of higher share of international execution that led to the deployment hiring of more manpower in other geographies w One off items The company sold its Elante shopping mall in Chandigarh and recognised the profit as other operational income during the quarter Further it also had a reallocation of expenses in one of its joint ventures Such factors further contributed to Ebitda margin volatility w MMH and Heavy Engineering to remain muted focus on new product launches in E A Given weak metal and commodity prices investment in the metal industry remains weak As a result Metallurgical and Material Handling segments are likely to face muted environment Similarly the heavy engineering business is dependent on process plant equipment Oil Gas investments nuclear power plants and defence All these three end markets currently remain weak The Electronic Automation segment however can provide meaningful support to margins w Outlook unchanged broad based ordering expected in 4QFY16 The company maintained the guidance of 10 15 revenue growth and flat y o y order inflows for the full year FY2016 It expects broad based ordering to materialise in 4QFY16 which is also in line with historically observed annual cycle trends If the ordering and execution improves the company believes that the core E C margins could

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/add-rating-on-larsen-toubro-another-weak-quarter/208562/ (2016-02-07)
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  • Buy rating on HDFC: Momentum of growth in retail portfolio strong | The Financial Express
    growth was led by 25 y o y growth in both two wheelers and CV segments The management indicated that urban retail demand has been strong but some part of the uptick was also led by festive demand and cut in base rates w Retail mix is turning favourable for HDFCB and is now closer to 50 vs 47 in 3Q15 This is supporting NIMs despite cuts in base rates HDFC Bank bought R12 bn of home loans from HDFC HDFC IN Neutral during Q3FY16 The management explained that uptick in growth in mortgages is because HDFC is retaining 70 of the loans originated vs buying only priority sector loans earlier No Red flags on asset quality w GNPA ratio remained largely flat q o q at 1 and the management indicated that there was no increase in NPA non performing assets due to RBI audit HDFCB had to make additional provision of R100m towards Essar Steel which it sold to ARC asset reconstruction company in 1Q16 w The bank did not do any 5 25 refinancing or SDR during the quarter and indicated that asset quality in wholesale book held up very well and the segments contributing to incremental slippages were agri business banking credit cards this was due to change in NPA recognition by RBI The bank has not made any floating provision during the quarter Slower fee growth led to PPOP growth moderating to 20 y o y w While NIMs marginally improved to 4 3 up 10bp q o q due to improving loan mix fee growth during the quarter moderated to 11 y o y which led to some moderation in PPOP growth While this was partly due to higher base of last year lower third party fees led to the moderation in fee growth w The management indicated that third party fees were lower due to change in mix from equity to debt funds while mutual fund volumes held up well Retail loan fees were also weak during the quarter as the bank offered higher fee waivers due to festive season Capex growth remains high as the bank continues to invest in expansion w Opex growth run rate has remained high for three four quarters now at 20 y o y levels The bank is continuously investing in expansion of branches and digital platform which has led to higher growth in opex w Increased focus on transaction banking has also led to higher opex run rate The bank added 8 000 employees during the year which had led to uptick in staff cost the management indicated Strong traction in retail to support earnings momentum Maintain Buy We roll forward to Sep 17F with a revised TP of R1 250 which implies 3 5x Sep 17F book of R360 Current valuations at 2 9x Sep 17F book look reasonable given strong traction in retail segment which can lead to earnings surprise and hence we maintain HDFCB as our top pick within retail private banks Risks

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/buy-rating-on-hdfc-momentum-of-growth-in-retail-portfolio-strong/208560/ (2016-02-07)
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  • Buy rating on Maruti Suzuki: Q3 results; Bad miss | The Financial Express
    in that quarter Higher closing inventory will increase inventory items in the balance sheet and reduce overall expenses in the income statement Changes in factory inventory impacted gross margins by 10 40 bps in last 7 8 quarters As per our calculations fixed manufacturing overheads accounted for 27 of total employee cost and other expenses of Maruti in FY2015 Assuming a similar ratio we note that fixed manufacturing overheads was in the R16 000 21 000 range per vehicle for the company over the past 7 8 quarters Thus reduction of factory inventory by 37 000 units in Q3FY2016 would have negatively impacted gross margins by 40 bps and there was a positive benefit of 30 bps in 2QFY16 We expect Ebitda margins of Maruti to improve to 15 5 in Q4FY16 First Published on February 8 2016 12 29 am Tags Maruti Suzuki Please Wait while comments are loading More on this story Maruti Suzuki India begins Baleno shipments to Japan launch slated for March New Maruti Baleno RS Concept and S Cross limited edition Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis crossover concept makes India debut Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/buy-rating-on-maruti-suzuki-q3-results-bad-miss/208557/ (2016-02-07)
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  • Sell rating on Bajaj Auto: Nothing to cheer about | The Financial Express
    to some extent by lower than expected other income resulting in PBT coming in 3 ahead of our expectation The tax rate during the quarter came in lower than expected at 32 0 versus our expectation of 33 0 leading to PAT beating our estimates by 4 On the balance sheet front the company reported net cash and cash equivalents of R94 3bn as at end December 2015 vs R96 7bn as at end September 2015 Where do we go from here Bajaj Auto s 3QFY16 results were marginally ahead of our expectations primarily on account of higher than expected export sales realisation During the quarter the average realisation for exports was R66 0 USD vs R65 2 USD in 2QFY16 On Bajaj s domestic motorcycle volumes we remain concerned of the industry demand rising competition and scooterisation Domestic motorcycle industry volumes declined 2 YoY in 9MFY16 driven by weak demand trends particularly in rural areas We expect the industry s near term growth to remain subdued 2 in FY16 On the market share front Bajaj s market share has remained constant in 3QFY16 at 17 9 vs 17 8 in 1HFY16 However Bajaj has lost 861bps market share in its core and highly profitable premium bike segment over FY12 YTDFY16 to Royal Enfield Yamaha and TVSM While Bajaj will launch new Pulsars including 400cc variants over the next 1 2 years the expanding Royal Enfield capacities and competitive launches from TVSM Honda are likely to result in further market share losses to the tune of 100bps over FY16 to FY18 in this segment Absence of scooters will add to the overall market share loss in domestic 2Ws ex mopeds 33bps over FY16 FY18 Overall we expect Bajaj Auto to post volume CAGR of 9 over FY16 FY18E in the domestic motorcycle segment In exports 3QFY16 2W and 3W exports declined 16 YoY clocking 410k units 137k units month lower than the 166k units per month in 1HFY16 driven by macro headwinds fall in crude oil prices foreign exchange availability and political issues in key geographies such as Africa Latin America and Nepal With such macro political issues persisting strong market share already having been reached across most export markets and rising competition in exports from players like TVSM we factor in much lower 11 CAGR in FY16 FY18 export volumes 15 over FY10 FY15 We will await greater clarity on the 3QFY16 performance and the management outlook from the conference call in the coming days before making any changes to our estimates The stock is trading at 16 0x FY17E net earnings We retain SELL Ambit First Published on February 8 2016 12 26 am Tags Bajaj Auto Please Wait while comments are loading More on this story Bajaj Auto shares down 2 post Q3 results Bajaj Auto Q3 net up 4 67 per cent at over Rs 901 cr Bajaj Auto looks to ride on V to dominate executive segment Calculators Tax Calculator House Loan Calculator Financial Planner

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/sell-rating-on-bajaj-auto-nothing-to-cheer-about/208556/ (2016-02-07)
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