Sterling Holiday Resorts: Total Resorts 18, Plans 13 Additional Sites

Sterling Holiday Resorts (India), India’s leading Vacation Ownership & Leisure Hospitality company, announced its results for the quarter ending March 31, 2012 along with its annual results for FY12.

The quarterly Total Operating Income of the Company was reported as Rs. 27.8 crore, as compared to Rs. 12.73 crore for the same period of the previous fiscal, representing a 118.4% growth. The Company witnessed an all - round impressive growth with Income from Sales of Vacation Ownership Plans and Resort Operations increasing by 336.3% & 39.4% respectively over the same period last year.

The Company turned EBITDA positive, reporting an EBIDTA of Rs. 1.34 crore.
For the financial year ended March 31, 2012, the Total Operating Income of the Company was reported as Rs. 77.43 crore, as compared to Rs. 43.95 crore for 2010-12, representing a 76.2 % growth in revenues. Sales of Vacation Ownership Plans rose to Rs. 26.91 crore, an increase of 174.3 %, while Total Income from Resort Operations rose to Rs. 41.06 crore, up by 48.2 %.

During the year, the Company added four resorts – Thekkady, Karwar, Corbett & a second resort in Goa - taking the total number of resorts to 18. In addition, the Company has signed MOUs for 4 more resorts in popular holiday locations.

The Company is continuing its plans to upgrade and renovate its existing resorts to raise the product and service standards across its network.

Mr. Siddharth Mehta, Chairman, Sterling Holidays said, “We are committed to delivering an enhanced holiday experience to Indian families and have been investing significantly in renovating our resorts to global best-in-class standards. Already, 2 of our resorts in Kodaikanal & Munnar have undergone a complete makeover and we will soon begin renovation work in several of our other resorts. ”

Mr. Ramesh Ramanathan, MD, Sterling Holidays said “With 76.2 % year - on - year growth, and EBITDA turning positive in the last quarter, the 2011-12 results clearly establish that Sterling Holidays is on track to becoming a dominant player in the Leisure Hospitality space in India. We intend to build on the momentum gained in 2011-12 by continuing the process of rebuilding the Company through additional investments in our product, service, people and technology as this will be key to consolidating and accelerating Sterling’s resurgence.”

About Sterling Holiday Resorts (India) Limited
Sterling Holiday Resorts (India) Limited is a pioneer in Vacation Ownership & a leading Leisure Hospitality company in India. Sterling was incorporated in 1986 with the vision of delivering Great Holiday experiences to Indian Families. To achieve this vision, the company pioneered Vacation Ownership in India and set about building a network of leisure resorts at some of the best holiday destinations in India. Currently, Sterling has 18 resorts located in Corbett, Darjeeling, Gangtok, Goa, Karwar, Kodaikanal, Lonavala, Manali, Munnar, Mussoorie, Ooty, Puri, Thekkady, Yelagiri and Yercaud.

The company also has 13 additional sites where it plans to add new resorts in the coming years.

For more do visit: www.sterlingholidays.com

Sterling Holiday Resorts (India)
Corporate Office
Citi Tower, No.7, 3rd Cross Street, Kasturba nagar,
Adyar, Chennai 600 020 (Landmark – Nalli Silks, Adyar)

Board line : 044-33573300 / 044-3355 3300, Fax  044-33573423
Email holidays@sterlingholidays.com

Registered Office:
163, TTK Road, Alwarpet, Chennai - 600 018
   



For further information, please contact:
Deepak Kapoor/ Hardik Desai                                                    
Mobile: 9833528474/9819562380/
E mail:  deepak@torquemail.com/ hardik@torquemail.com
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2012 - 13 : Cement prices to rise by 5.9 %

In India, Cement prices are expected to rise by 5.9%in 2012-2013.

According to CMIE (Centre for Monitoring Indian Economy), "With costs expected to continue to rise, cement prices are likely to increase in tandem &  remain on the higher side. We believe prices are expected to rise by 5.9% during 2012-13" .

The average cement prices ruled Rs. 260 per 50 kg bag in 2010-11. The price started moving up from Rs. 283 per bag in April 2011 to Rs.312 in March 2012 and Rs. 323 in April 2012.

Prices in many of the cities rose by 3 to 6% during the month. The rise in prices can be attributed to the increase in railway freight charges announced in March, 2012 & excise duty hike announced in the Union Budget 2012-13.

The demand for cement remained muted during the April to October 2011 period. However, the demand picked up in the second half of the year and led to a 10 to 11% increase in dispatches.

Thus, sales volumes rose to 2,233.5 lakh tonnes for 2011-12, 7% higher than the previous year. The 2011-12 also saw recovery in cement prices, CMIE said.

CMIE expects cement dispatches to remain healthy in the coming months. An expected improvement in demand coupled low-base is likely to aid the growth. For the 2012 -13, dispatches are expected to rise by 7.5%.
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Share Review Britannia Industries : Target Price Rs.650.

Britannia Industries (Britannia) is slated to announce its 4Q FY 2012 numbers. For the quarter, we expect Britannia to post decent 15.3%  y o y growth in its top line to
 Rs.1,299 cr aided by price hikes.

OPM is expected to in crease by 65bp  y o y to 7.1%. The bottom line is expected to grow by 23.5 %  y o y to  Rs.53 cr, aided by good operational performance.

We maintain our Buy recommendation on the stock with a target price of  Rs.650.

By Angel Broking,  6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93  
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
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Share Review Sadbhav Engineering : Target Price Rs.199

We expect Sadbhav Engineering (SEL) to post a weak numbers on account of high base in 4QFY2011. Revenue is expected to decline by 18.2% to  Rs.856.2 cr.

However, on a sequential basis, it implies growth of 18.3%. EBITDA margin is expected to witness a jump of 130bp  y o y to 10.0% on account of low EBITDAM
posted in 4QFY2011 due to higher sub-contracting charges.

On the earnings front, the company is expected to post a decline of 1.9%  y o y to  Rs.52.9 cr.

We maintain our Buy view on the stock with a target price of  Rs.199.


By Angel Broking,  6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93  
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com

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Share Review Indoco Remedies: Target Price Rs.81

For the 4Q FY 2012, Indoco Remedies is expected to report top-line growth of 28.7 %  y o y to  Rs.155 cr.

The company's OPM is expected to expand by 120bp  y o y to 14.1%, driven by growth in domestic formulation sales. As a result, net profit is
expected to in crease by 31.6%  y o y to  Rs.16.0 cr on the back of improvement in OPM.

We maintain our Buy view on the stock with a target price of  Rs.81.

By Angel Broking,  6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93  
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com



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Share Review NMDC: Target PriceRs.185

NMDC is slated to announce its 4Q FY 2012 results. We expect the company’s top
line to de crease by 33.1 %  y o y to  Rs. 2,524 cr on account of lower sales volumes as
well as realizations.

On the operating front, EBITDA is expected to de crease by 29.2 %  y o y to  Rs.1,939 cr.

The bottom line is expected to de crease by 27.2%  y o y to  Rs.1,528 cr.

We recommend Accumulate on the stock with a target price of  Rs.185.

By Angel Broking,   6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93  
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
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Share Review TVS Srichakra: Target Price Rs.460

For 4Q FY 2012, TVS Srichkara posted a decent set of numbers. The company
reported 15 %  y o y growth in its top line; however, it was flat on a qoq basis and
came in at  Rs. 348 cr against our estimate of  Rs. 376 cr.

The company was able to sustain its operating margin for the quarter at 7.4 % , which was a marginal
expansion of 0.34% on a q o q basis; however, it contracted by 1.03b% y o y. Other
income for the quarter in creased by 180 % on a q o q basis to  Rs. 5.4 cr.

The company reported profit of  Rs.10 cr, 48.2 % q o q growth, in-line with our estimate for
4Q FY 2012. For FY 2012, the company reported a 28.6 % in crease in its revenue to
 Rs.1,396 cr ( Rs.1,085 cr).

Operating margin was flat on a  y o y basis to 8.3 %, in-line with our estimate. Profit for the year was also flat at  Rs.40 cr ( Rs.39 cr), in-line with our
estimate.

The stock is currently trading at PE of 3.7x for FY2014E. The company has recommended dividend at 135%, i.e.,  Rs.13.50 per share for FY 2012. Backed
by stabilizing rubber prices, depreciating INR and the company’s rigorous advertisements, our outlook for the company remains positive. We maintain our

Buy recommendation on the stock with a target price of  Rs. 460.

By Angel Broking,   6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93  
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
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Share Review Crompton Greaves : Target Price Rs.164

Crompton Greaves announced a weak set of 4Q FY 2012 results. The company
reported a 5.8 % in crease in its top line to  Rs. 3,077 cr, slightly lower than our
expectation of  Rs. 3,170 cr.

The quarter witnessed EBITDA margin contraction of 5.9%  y o y to 6.9%, in-line with the previous 3 quarters and lower than our
expectation of 8.0%.
PAT for the quarter declined by 60.1%  y o y to  Rs.100 cr ( Rs. 251 cr), against our expectation of  Rs.150 cr.

At the CMP of  Rs.106, the stock is trading at 9.7x and 9.0x on our FY 2013E and FY 2014E earnings estimates,
respectively.

Currently, we maintain our Buy view on the stock with a target price of  Rs.164.

by Angel Broking,  6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93  
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
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Share Review Jagran : Target Price Rs.137

For 4Q FY 2012, Jagran Prakashan’s consolidated net revenues grew by moderate
10.1%  y o y to  Rs.303 cr. Top-line growth was mainly on account of 11.5 %  y o y
growth in advertisement revenues to  Rs. 210 cr and healthy 12.4 %  y o y growth in
circulation revenues to  Rs.63  cr.

The company’s EBITDA margin declined by 3.9 5%  y o y to 19.4 %, on back of higher newsprint costs on a  y o y basis.
Consequently, Net profit for the company remained flat on a  y o y basis to  Rs. 43 cr.

Currently, the stock is trading at FY2014E price to earnings multiple of 12.6x.

We maintain our Buy view on the stock with a target price of  Rs.137.

By Angel Broking,  6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93  
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
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Share Review ITC : Target Price: Rs.252

For 4Q FY 2012, ITC posted impressive17.2 %  y o y growth in its net sales to
 Rs.6,861 cr. While growth in the cigarette business stood at 17.4%  y o y, other FMCG
business posted strong 23.6 % growth.

The agri business also posted strong 30.8%  y o y growth. However, the hotels business reported a benign performance due to
the economic slowdown in the domestic and global economy. The company’s operating margin stood at 31.6%, up 96bp  y o y due to higher realization on cigarettes. However, the company faced margin pressures due to in creased packing-related and other input costs.

Net profit rose by 26%  y o y to  Rs.1,614 cr. We maintain an Accumulate view on the stock with a target price of  Rs.252.

By Angel Broking,  6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93  
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
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Tax saving Rajiv Gandhi Equity Savings through Mutual Fund: SEBI

In Budget 2012 (For the year 2012-13) , for those with less than Rs. 10 lakh income, a new tax deduction was introduced for direct equity investments. Under the RGESS, investor will be able to claim 50% of their investments in direct equity up to the maximum investment limit of Rs. 50,000. The investment is subject to a lock in period of 3 years, similar to the current ELSS (Equity linked saving schemes).

The modalities of the scheme are not yet specified, and further details are still awaited. A retail investor can avail the scheme only once in a life time. This is the first ever tax benefit scheme announced by the central government to encourage retail investors participation in the equity market.

To minimise risk associated with direct stock investment for new investors, SEBI (Securities and Exchange Board of India) has asked the central government to route tax-saving RGESS (Rajiv Gandhi Equity Savings Scheme) through MF (mutual fund).

Recently, the market regulator SEBI has submitted a proposal in this regard to the finance ministry.

According to SEBI, the first time investors may not have adequate information about the share market &  they should enter the market through institutional investors.

By offering this scheme, the central government aims at channelising household savings into share markets. SEBI also said there would be clarity on the ELSS once the Direct Taxes Code (DTC) Bill is finalised.
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More Sops For Affordable Homes: Govt to Raise Loan Ceiling to Rs.5 Lakh

In a major push for affordable (low cost) housing, the central government is set to raise both the subsidy given to developers, as well as the cost ceiling for affordable housing.

The central government plans to increase the subsidy (capital assistance) from the current Rs. 50,000 to Rs. 80,000 per dwelling house. This subsidy will be given to developers building affordable housing meant for EWSs (economically weaker sections)

The cost ceiling is also proposed to be raised substantially.

Raise Loan Ceiling..!

According to a senior central government official “The cost of construction has gone up. With Rs. 1 lakh, one can no longer build a dwelling house on 25 square meters ( About 270 Square feet) meant for EWS's. That is why the thinking is to raise the loan ceiling for subsidy to Rs. 5 lakh from Rs 1 lakh for such dwelling houses.”

The government is also mulling a change in the interest subsidy payout. “The thinking is to give the subsidy as annuity over a period of  ten years,” said an official close to the developments.

Annuity payout is akin to EMIs (Equated monthly instalments). This will reduce the overall burden of subsidy payout.

Now , the ISHUP (Interest Subsidy Scheme for Housing the Urban Poor) provides housing loan with Central Government subsidy to EWS/LIG (low Income group) persons for acquisition and construction of houses.

The subsidy is 5% per annum on interest charged on the admissible loan up to Rs. 1 lakh, for construction or acquisition of a new house.

Similarly, the existing provision under Affordable Housing in Partnership Scheme says the Central assistance under the scheme will be limited to Rs. 50,000 per rental / dwelling house for all houses meant for EWS, LIG and MIG (middle income group).

A Parliamentary committee has also suggested revising the schemes.

 Developers Also..!

The revision aims at encouraging not just the end user, But also the developers to go for more and more affordable housing projects, which will reduce the housing shortage in urban areas. The Ministry of Housing and Urban Poverty Alleviation (HUPA) is the nodal ministry for both the schemes.

Src: Business Line
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Sankalp Group : Launches India's first zero carbon village

Sankalp Group has launched India's first zero carbon village namely Coral Village with ultra luxurious villas at Malvan, Sidhudurg district of Maharashtra. The project in 510 km away from Mumbai in Sidhudurg district, shares its border with Goa state.

Mr. Bhushan Satam, CMD, Sankalp Group  said, "The project is being constructed with 6% cement contribution compared to the conventional 22% and we are generating our own power of 4 MW through non-conventional resources to keep the construction methodology totally green. In India there is no concept of Zero Carbon Village yet. However, with our Coral project at Wayri Village, near Tarkarli Beach in Malvan, Sidhudurg, we are committed to make it completely carbon emission free through our policies and initiatives"

Highlights of Coral Village ..!
* It Spread above 47 acres, the first phase of 80 villas spread above 10 acres will be priced about  Rs. 2 crore each will be ready by the year 2014 while the total project of 180 villas will be ready for occupancy by 2016.

* Appraised by Bank of India, the pre-rated LEED (Leadership in Energy and Environmental Design) platinum green project has already fully developed 2 villas and 4 more are under construction while the rest will be developed in cluster of 4 to10 villas.

* The construction is being undertaken in such a way that the internal temperature &  humidity is kept at bay by the porosity of the clay block walls crafted from the nearest mines.

* The plaster is imported from Istanbul, made from 100% recycled glass fibre granules which offers a beautiful white texture.



Sankalp GroupD/6A, Temple Road, V.V.Mohalla,
Mysore - 570002
P: 0821.241 5477, 251 8969 F: 0821.241 5889
E: sankalp_mysore@yahoo.com. info@sankalpgroup.com

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Urban Housing Shortage in India : 247.1 Lakh Houses

A technical group constituted by Ministry of Housing and Urban Poverty Alleviation (HUPA) had estimated urban housing shortage at the beginning of the Eleventh Plan (2007-08) at 2.471 lakh dwelling houses, which it projected will increase to 265.3 lakh by the end of Eleventh Plan (2011-12).

The Ministry constituted a new technical group in September 2011 under the Chairmanship of Prof. Mr. Amitabh Kundu to estimate the housing shortage in urban areas for the Twelfth 5 Year Plan (2012 to 17).

Urban Housing Shortage


Category                                     Shortage
Economically Weaker Section        217.8   Lakh
Lower Income group                        28. 9   Lakh
Middle & Higher Income Group       0.4    Lakh
Total                                                 247.1   Lakh


Urban Housing Shortage - States  


States                     Shortage
 Maharashtra          37.2   lakh
Tamil Nadu               26.2  lakh
Uttar Pradesh         23.8   lakh
West Bengal           20.4   lakh
Andhra Pradesh     19.5   lakh
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Investors Awareness Programme: Lakshmanaraman Speaks On 2nd June

Madras Stock Exchange is conducting Investors Awareness Programme every first Saturday of the month.

The topic for June (2012) month is 'Mitigation of Risks and Fundamental Analysis For Beginners',  Which will be handled by Mr. S. Lakshmanaraman,  (Fundamental and Technical Analyst), Member, Madras Stock Exchange.

Date: Saturday, 2nd June,  2012
Mr. S. Lakshmanaraman

Time: 04.00 p.m. to 06.00 p.m.

Venue: Madras Stock Exchange Building, IV Floor,
30, Second Line Beach,
Chennai-600 001

No Registration Fee

Request confirmation of Participation:
on or before 1-6-2012

Contact Details: 25228951/52/53

Email: mse.investoredu@gmail.com, investoredu@mseindia.in

Tea : 3.30 p.m.


For Contact 
Mr. S. Lakshmanaraman
RMR Shares Pvt Ltd
+(91) -  (44) - 2432 0040
20 Apex Chambers 5th Floor,
Thiagaraya Road, T. Nagar, Chennai - 600017
E mail : rmrmeena@gmail.com,

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TAKE Solutions: Net profit for 2011-12 Rs. 85.6 crore Up By 23%

TAKE Solutions a leader in the Supply Chain Management (SCM) & Life Sciences (LS) domains, announced the financial results for the quarter & the year ended March 31st 2012,  The company has posted healthy revenues of Rs. 718.90  crore for financial year ending March 31st2012 which is 42% in crease against year ended March 31st, 2011. Net profit for 2011-12 was Rs. 85.6  crore; an in crease of 23% Y-o-Y
Mr. S. Sridharan, MD, TAKE Solutions
 
Mr. S. Sridharan, MD, TAKE Solutions said,  “Past year’s performance was as per our expectations. The most satisfying aspect has been the efforts to in crease wallet share in customers. This has given us good results in the form of in creased order books and visibility into revenue for the upcoming year. As we enter the new financial year 2012-13, the environment looks uncertain, so we are looking at heightened emphasis on sales and marketing.”


2011-12 (Rs.  mn)
Y- o -Y change (%)
Total Revenue
7189
42%
EBITDA
1602
47%
Net Profit
856
23%
Diluted Earnings Per Share (EPS)
7.13
22%

TAKE’s global headquarters is in Chennai, India; its U.S. headquarters is located in Princeton, New Jersey.
TAKE has a proven track record as a trusted partner in delivering world-class solutions to above  400 customers worldwide.
For more information, please visit www.takesolutions.com.


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Homes Of India’s Super Rich : Ambani’s Antilia will provide jobs to 600 people

By Mr. Anuj Puri, Chairman,  JLL India

India is reeling under the continued onslaught of inflation, petrol price hikes & generalized insecurity about where the economy is headed. Against all expectations, property prices in our metros have held firm and even show signs of upward movement. While the man on the street continues to wonder when he will be able to buy a modest home of his own, India’s super-rich are raising palatial homes at truly astronomical expense.
Mr. Anuj Puri

Mukesh Ambani - Vijay Mallya..!
Antilia, Mukesh Ambani’s 27-floor fortress at Altamount Road in South Mumbai, is already being talked of as the most expensive house in the world.

Vijay Mallya has levelled his 4.5 acre ancestral house on Vittal Mallya Road in Bangalore to make way for the 82 apartment ‘White House’, in which he will be occupying an a cre-sized ‘palace penthouse’ on the 33 rd &  34 th floors.

On the surface, India’s super rich appear to operate in an entirely separate dimension which has no overlap at all with the ‘real’ world. There is certainly an element of truth in this – wealth tends to beget more wealth, and at some point a perpetual motion machine grinds into motion – a cycle of money generation which vibrates on a rather unique frequency. The question is – does this frequency broadcast an ever-widening social divide? Not quite.
Mr. Mukesh Ambani’s 27 floor - Antilia

There are more elements to these super-houses than meets the eye. The trend of India’s extremely high networth individuals building palatial homes needs to be viewed from various angles. Of course, it is to a great extent a lifestyle statement that broadcasts the fact that the individual and his family have ‘arrived’ &  should be numbered among the country’s wealthiest and most influential people. This statement alone brings inalienable social benefits with it.

Fundamentally, these palaces serve the same purpose that the houses of other affluent people do. At the same time, they also encompass a number of practical functions – they serve not only as residences but also as business centres and entertainment complexes.

In other words, these residences have strategic importance to their owners and are not mere indulgences.

Generate  Employment..!

They also generate considerable employment and commerce in and around the localities they occupy. For instance, Ambani’s Antilia will provide jobs to no less than 600 people from all levels of the services industry. Many of the supplies that go into building such houses and keeping them operational must necessarily come from the local markets. Coupled with the employment-generation factor, they should be seen as economic dynamos in their own right.

Beyond doubt, the houses of the super-rich  create a certain upward pressure on the price tags of luxury and premium homes in the immediate vicinity. However, it is also true that the real estate market in general is not affected, as these luxury developments represent a minuscule segment of the wider fabric.
Vijay Mallya's  82 apartment ‘White House

Affordable housing - Middle income housing - Super-luxury housing..!

It must be remembered that the Indian residential property sector operates on 3 distinct levels.

1. The first is affordable or budget housing, for which the demand is constant and highest. Such housing does not occur anywhere near the prime areas where HNIs tend to build their homes, and remains entirely unaffected by these developments.

2. The next is mid-income housing, which is most sensitive to price movements. Though certain mid-income housing projects do happen near the prime areas of our cities, buyers in this segment have very little tolerance for unnatural spiking of property prices. Builders of such projects have to keep the larger market in mind and can ill afford to price themselves out of the market. This segment is therefore also not significantly affected, either.

3. This leaves premium and luxury housing, which does happen in the neighbourhoods in which India’s mega-rich build their houses. This rarefied segment caters to a class of buyers that tends to be, at least to a large extent, insulated from the usual financial concerns of housing loan interest rates and percentile in creases in property rates.

In the super-luxury housing segment, home buying is also a lifestyle-related undertaking. In creased property rates can and are often borne as long as there is a commensurate in crease in the capital value and aspirational quotient of the property. Ironically, for this segment, a higher ticket size is sometimes valued more as it attaches an esteem value to the property & limits its accessibility to the masses.

Many tend to look at these super-luxury residential properties as irrational extravagances. However, the ground reality is that the homes of India’s super-rich play their own role in boosting commerce, even as the larger industry remains demo cratized and oriented to the needs of the masses.

About the author..!

Mr. Anuj Puri is Chairman and Country Head in Jones Lang LaSalle India

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National Housing Banks RESIDEX : Indian Real Estate Price Trends ..!

Keeping in view the prominence of housing & real estate as a major area for creation of both physical  &  financial assets and its contribution in overall National wealth, a need was felt for setting up of a mechanism, which could track the movement of prices in the residential housing segment.  
Regular monitoring of the house prices can be useful inputs for the different interest groups. Accordingly, NHB (National Housing Bank), at the behest of the Ministry of Finance, undertook a pilot study to examine the feasibility of preparing such an index at the National level.

Bangalore, Bhopal, Delhi, Kolkata and Mumbai..! 


Launching of NHB RESIDEX on July, 2007
The pilot study covered five cities viz. Bangalore, Bhopal, Delhi, Kolkata and Mumbai. Besides, a TAG (Technical Advisory Group), with Adviser, Ministry of Finance, as its Chairman and comprising of experts members form RBI (Reserve Bank of India), NSSO (National Sample Survey Organisation), CSO (Central Statistical Organisation), Labour Bureau, NHB and other market players, was constituted to deal with all the issues relating to methodology, collection of data and also to guide the process of construction of an appropriate index .

NHB  RESIDEX..!


Based on the results of the study &  recommendations of the TAG, NHB launched RESIDEX for tracking prices of residential properties in India, in July 2007 by Mr. P. Chidambram (then Hon’ble Finance Minister). Till now it has been updated up to quarter ended March 2012.

 In order to guide and oversee the construction of NHB RESIDEX and extension of its coverage, to include all the 63 cities under JNNURM  (Jawaharlal Nehru National Urban Renewal Mission ); a Standing Committee of technical experts has been constituted under the Chairmanship of CMD, NHB with representations from the Government of India, (Ministry of Finance, NSSO, CSO, Labour Bureau), RBI, and other prominent market players.
P. Chidambaram (Hon’ble Finance Minister) and Ms.  Kumari Shailja

Now, index is being developed only for residential housing sector. However, at a later stage, based on experience of constructing this index for a wider geographical spread, the scope of the index could be expanded to develop separate indices for commercial property & plot of land, which could be combined to arrive at the real estate price index.
 
NHB RESIDEX: Salient Features..!

·         Pilot study covered five cities viz. Delhi, Mumbai, Kolkata, Bangalore & Bhopal representing the various regions of India.

·         Actual transactions prices considered for the study in order to arrive at an Index which will reflect the real estate market trends.

·         Thee year 2001 was taken as the base year for the study to be comparable with the WPI (Wholesale Price Index)  and CPI (Consumer Price Index).  Year to year price movement during the period 2001-2005 has been captured in the study, and subsequently updated for 2  more years i.e. up to 2007.

·         From quarter January to March, 2012, NHB RESIDEX has been further expanded to cover five more cities viz Bhubaneshwar, Guwahati, Ludhiana, Vijayawada and Indore.

·         NHB RESIDEX has been expanded to cover 10 more cities, viz, Ahmedabad, Faridabad, Chennai, Kochi, Hyderabad, Jaipur, Patna, Lucknow, Pune and Surat.

·          Further, with 2007 as base, NHB RESIDEX has been updated up to quarter ended March, 2012 with quarterly update (January to March 2012).

·         At the time of last updation and expansion of coverage of NHB RESIDEX to ten  more cities, the base year has been shifted from 2001 to 2007.

·          NHB RESIDEX is now being up dated on quarterly basis. In the first phase NHB RESIDEX will be expanded to cover 35 cities having million plus population.

·         The proposal is to expand NHB RESIDEX to 63 cities which are covered under the JNNURM  to make it a truly national index.

·         Prices have been studied for various administrative zones / property tax zones constituting each city.

·         The index has been constructed using the weighted average methodology with Price Relative Method (Modified Laspeyre’s approach). 

·         Primary data on housing prices is being collected from real estate agents by commissioning the services of private consultancy / research organisatons of national repute; in addition data on housing prices is also being collected from the housing finance companies &  bank, which is based on housing loans contracted by these institutions.   

At present, NHB RESIDEX has covered 20 cities in the first phase, it is proposed to cover 35 cities having million plus population.

The proposal is to expand NHB RESIDEX to 63 cities, which are covered under JNNURM , to make it a truly national index, in a phased manner. It is envisaged to develop a residential property price index for select cities &  subsequently an all India composite index by suitably combining these city level indices to capture the relative temporal change in the prices of houses at different levels.

  Photo 1: Launching of NHB RESIDEX on July, 2007    


Photo 2 : Mr. P. Chidambaram (Hon’ble Finance Minister) and Ms.  Kumari Shailja ( Hon’ble  Minister, Urban Employment & Poverty Alleviation)
 
                           
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Despite Surge in Real Estate Prices in India: Homes most affordable

Housing may be perceived to have gotten very expensive at the present sky high levels. But data compiled by Indian major mortgage company  HDFC, shows that house prices are near their most affordable level in over 3 decades (30 years).

The house prices have indeed been rising for above ten years, except for a temporary slump in 2009. But the affordability of purchasing a house has been mostly on a declining trend for almost 2 decades now, as per HDFC data.

This affordability ratio, which takes into account the annual income of the home buyer along with the price of the house, declined to 4.6 in the previous financial year 2011-12, ended March 31, from as high as 22 in the year 1995.

This means that a house buyer, on an average, needed an amount equivalent to nearly 22 times his or her annual income in 1995. But now an amount less than 5 times of the annual earnings was required for purchasing a house.
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Share Review JK Lakshmi Cement : Target Price Rs.79

JK Lakshmi Cement (JKLC) reported a strong performance for 4Q FY 2012, with the company’s adjusted net profit coming in at  Rs.73 cr in 4Q FY 2012 as against Rs.32 cr in 4Q FY 2011.

Bottom-line growth was driven by strong 12.8%  y o y growth in realization, coupled with a similar 12.7%  y o y improvement in volumes.

During 4Q FY 2012, the company changed its method of charging depreciation on captive power plants from straight line to WDV with retrospective effect, which resulted in additional depreciation of  Rs.63 cr, of which  Rs.39 cr pertaining to previous years was charged as exceptional expenses.

We maintain our Buy rating on the stock. OPM at 21.5%, up 2.91% y o y: During 4Q FY 2012, JKLC registered top-line growth of 26.3%  y o y to  Rs.527 cr on account of higher volumes and better
realization.

The company’s volumes (including clinker) for the quarter stood at 1.42 mn tonnes, up 12.7%  y o y. Realization growth of 12.8%  y o y was aided by strong demand in the company’s prime markets. Despite the substantial in crease in raw-material costs, OPM was boosted by a significant 14.5%  y o y decline in per tonne power and fuel (P&F) cost.  P & F cost declined due to lower pet coke prices, higher use of bio-mass and better energy efficiency.

Outlook and valuation:
Going forward, we expect JKLC to post a healthy 14.5% CAGR in its top line over FY 2012 - 14E, aided by an 11.7 % CAGR in dispatches over the period.

At the CMP, the stock is trading at cheap valuations in terms of replacement cost (EV/tonne of US $ 43 on FY 2014 E capacity), even after considering its presence in unfavorable locations.

Hence, we maintain our Buy recommendation on the stock with a target price of  Rs.79. Investment Period 12 Months

Review by Angel Broking

V Srinivasan
022-39357800
v.srinivasan@angelbroking.com

Angel Broking  6th Floor, Ackruti Star Central Road,MIDC,  Andheri (E) , Mumbai-93                               Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
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TVH : Ongoing Projects - Chennai, Kovai

Chennai based real estate company TVH (True Value Homes)  has impressed you ; constantly aiming at setting the highest standards in the construction industry through various innovations & delivery has made us one of the most admired real estate brands in the South India. 

Using state of the art construction technology, building elegant Eco - friendly buildings, ensuring prompt delivery & establishing long term relationship with the customers  and also by providing facility management services, especially maintain your property or give your apartment for rent etc. .

With 80 lakh square feet of cumulative residential space already built and 12 lakh  square feet of residential & commercial space in the pipe line, we endeavor to perform beyond our customer's expectations at every step of the process. 






Listed below are few of our ongoing projects:

Project
Name
Location
Rate
/Sq. ft (in Rs.)
Apt.
Size/Sft
Svasti
OMR-Thoraipakkam
4,500
onwards
630 to1600
Taus
OMR-
Navalur
4,000 onwards
2286 to 3823
Ouranya
Bay
OMR-
Padur
3,550 onwards
1210 to 2084
Svaya
Sriperumbudur
2,450
555 to 1085
Ekanta
Coimbatore
3,400
onwards
1121 to 2609
Vista
Heights
Coimbatore
3,400 onwards
496 to 2014


Arrange for a project visit  
 Do call  on 044 - 4444 6666


Sales office:
 TVH Novella 4th floor,
17 First Cross Street,
Raja Annamalai Puram,
Opp. Sangeetha Hotel,
Chennai - 600 028.


Corporate OfficeTVH Beliciaa Towers, Tower 2, 9th floor, Block No 94, MRC Nagar, Chennai - 600 028, India.
Phone: +91 44 2464 0022 / 55 / 77 / 99

Sales Office - ChennaiTVH Novella 4th floor, 17 First Cross Street, Raja Annamalai Puram, Chennai - 600 028.
Phone: +91 44 4444 6666 Email: sales@tvh.in

Sales Office - CoimbatoreExcellence Tower, 4th Floor, 104 Race Course, Coimbatore -     641 018.
Phone: +91 422 434 6666 Email: cmbsales@tvh.in

Sales Office - TrichyJanani Towers,B-29 Sastri Road,Thillai Nagar,Trichy-620 018.
Phone:+91 431 2765 234 / 66 234 Email: cmbsales@tvh.in

Dubai Sales - officeTVH,P.O.Box 120042,Mezzanine Floor, Room 10,
Al Wasl Building, No. R421,Karama, Dubai.
Phone:+971 4 3578797 Fax:+971 4 3578798     Contact Beena: +971 50 8324573

Singapore - Sales office

TVH,International Plaza, 03-09, Third Floor,10, Anson Road,Tanjong Pagar,Singapore -079 903
Phone: +658 3100 161 Email: sales@tvh.in

Customer Care - Chennai
Contact No.044-4444666 Email: customercare@tvh.in
 
TVH Corporate Profile : 
Since it was formed in 1997 TVH has come a long way. What was once a small team of Civil engineers with big dreams, has today become one of South India's most respected realty companies. With ongoing projects across South India, marketing offices in India, Dubai & Singapore, the team at TVH has its eyes clearly set on the future. 
A synergy of extensive experience, professional expertise & constant focus on innovation TVH has many firsts to its credit, including Coimbatore's largest mall, the tallest residential building in Chennai, one of Chennai's first truly green homes and lots more. 
Incorporating the very latest technology combined with green building practices into every project ensures that all TVH buildings are future ready. The TVH ensures that the very highest quality and safety standards are maintained at all projects. Giving customers a wide range of quality projects that suit every budget.
At True Value Homes, it has always been about values. Not just about principles, standards and ethics but also about reaching out to humanity at large. Making the world a better place, in whatever humble way we can, is a wholesome part of everything we do at True Value Homes - TVH.
TVH strives to continually enhance performance to reach above customer expectations and build partnerships based on trust and commitment, all with the aim to become the benchmark for the construction industry. On the wings of obsession for reliability, excellent service & quality, TVH also aspires to achieve the goal of consistently constructing 30 lakh square feet of world-class spaces every year.


Website  www.tvh.in would give a quick reference of all ongoing projects & details of TVH.



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