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Saturday, December 31, 2011

Stock Review : DLF

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DLF Ltd , which was seeking approval from the Board of Approvals for SEZs to sell the
shares of its IT SEZ in Pune in which it owned a 67% stake, has finally sold it to PE
player Blackstone for an estimated amount of Rs. 810 Cr, after obtaining all necessary
approvals.

The DLF Ltd is expected to receive around Rs. 540 Cr and the rest will go
to Hubtown Ltd. (Ackruti City), which owned a 23% stake in the joint venture.

The firm plans to utilize the entire amount to reduce its debt, which stood at
Rs. 25,450 Cr at the end of 2Q FY 2011-12. The transaction is in-line with DLF Ltd's objective
of divesting its non-strategic assets.

Angle Broking maintain Neutral rating on the DLF Ltd stock.

Review by Angel Broking
 6th Floor, Ackruti Star
Central Road,MIDC
Andheri (E) , Mumbai-93
Website : www.angelbroking.com

Union Bank of India : Target Price Rs. 200

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Public sector Bank, Union Bank of India (UBI) has cut its base rate by 0.10% to 10.65% with effect from December 26, 2011. 


The move follows RBI's (Reserve Bank of India’s) pause in its previous monetary policy review on December 16,
2011.

The RBI had given clear indications that the interest rate cycle had peaked
and was likely to reverse from now on. However, we do not expect other banks to
follow suit as the deposit rates continue to remain high and systemic liquidity
continues to be extremely tight.

The overnight LAF borrowings by the banks from
the RBI have been well in excess of Rs. 1,00,000 Cr for about a fortnight now. The
move is likely to be bit of negative for UBI.

Having said that valuations at 0.7x 2012-13 E ABV are at a substantial discount to its historic trading range of 0.95-
1.50x with a median of 1.30x one year forward ABV.

Hence, Angel Broking maintain  Buy
recommendation on the stock with a revised target price of Rs. 198, implying an
upside of Rs. 20% from current market price.

Review by Angel Broking
6th Floor, Ackruti Star
Central Road,MIDC
Andheri (E) , Mumbai-93
www.angelbroking.com

Property Stamp Duty (%) of Indian States

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Property Registration Stamp Duty (%) of Indian States
 Stamp Duty (%)


State
Male
Female
Andra Pradesh
5
4
Assam
8.25
8.25
Chandigarh
6
6
Chhattisgarh
8
6
Delhi
6
3
Haryana
10
8
Himachal Pradesh
8
8
Jharkhand
4
4
Karnataka
5
5
Madhya pradesh
5
5
Maharashta
10
10
Punjab
6
6
Rajastan
11
11
Tamilnadu
8
8
Tripura
5
5
Uttarpradesh
14.5
14.5
West Bengal
7
7

(2012, January )

Friday, December 30, 2011

CRISIL : Degrades DLF's debt programmes

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The credit rating agency CRISIL downgrading India's largest real estate company DLF's  debt programmes and terming the outlook  negative.

The degrade might force DLF Ltd to accelerate the sell-off of its land banks and other assets in order to deleverage its reduce pile.

In fact, DLF Ltd recently announced that the company and its partner have sold an IT SEZ in Pune to private equity firm Blackstone for Rs. 810 crore, as part of an ongoing programme to divest ‘non-core' assets.
Recent sale is the second such deal this December (2011) month. DLF Ltd recently also announced the receipt of proceeds from divestment of Noida IT Park.

DLF Ltd , along with its joint venture partner in Galaxy Mercantile Ltd (Owner of IT park in Noida), received Rs. 200 crore towards the first tranche of infusion of capital from IDFC.

In other transaction, the DLF Ltd  also sold a 28 acre plot of land in Gurgaon to developer M3M India for Rs .440 crore.

However CRISIL said,''Weit believed that “DLF's debt levels will remain huge and that the weak business environment will result in moderate operating cash flows, leading to weak debt protection metrics. DLF's debt levels will remain higher than, ours earlier expectations because of delay in divestment of non-core assets"
CRISIL also said, "While we had initially expected DLF's debt levels to decline, supported by divestment of non-core assets of Rs 2,500 crore in 2011-12, DLF has mustered divestment proceeds of only Rs. 400 crore in the first6  months of the fiscal".

As on September 2011, DLF Ltd's total debt stood at  Rs. 25,450 crore. In fact, DLF Ltd's mounting debt has been a key monitoring metric for investors and analysts over the last few years.

 Mr Ashok Tyagi, Group CFO, DLF Ltd said, ''Few quarterly deviations notwithstanding, the DLF Ltd was very focused on its divestment target. I am confident that with upcoming action on launches in Mohali, Lucknow and Gurgaon, and the progress made on sale of non-core assets, this particular action by the rating agency  CRISIL will be corrected in the next few months”

We are welcome that change;  It is good to DLF Ltd, Investors and House buyers..!

Recommendations for 30 December 2011

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Recommendations for 30 December 2011
Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
DLF
BUY ABOVE
188.55
186.85
190.60
193.45
SELL BELOW
184.80
186.45
182.75
180.05
 
Top of Form

Bottom of Form
Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
UNITECH
BUY ABOVE
19.60
19.45
19.85
20.15
SELL BELOW
19.25
19.40
19.00
18.75

Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
IBREALEST
BUY ABOVE
47.70
47.25
48.20
48.95
SELL BELOW
46.75
47.15
46.25
45.55

Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
HDFC
BUY ABOVE
663.20
657.20
670.50
680.55
SELL BELOW
650.05
655.90
642.90
633.25
HDFC
BUY ABOVE
77.45
76.75
78.30
79.45
SELL BELOW
75.90
76.60
75.05
73.95
 
Top of Form

Bottom of Form
Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
ANANTRAJ
BUY ABOVE
41.35
40.95
41.80
42.40
SELL BELOW
40.50
40.90
40.05
39.45

Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
SOBHA
BUY ABOVE
199.20
197.40
201.40
204.40
SELL BELOW
195.25
197.00
193.10
190.20

Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
PHOENIXLTD
BUY ABOVE
162.60
161.10
164.35
166.85
SELL BELOW
159.35
160.80
157.60
155.25

Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
ORBITCORP
BUY ABOVE
28.30
28.05
28.60
29.05
SELL BELOW
27.75
28.00
27.45
27.00

Scrip
Trigger
Price
Stop Loss
Target 1
Target 2
PARSVNATH
BUY ABOVE
43.70
43.30
44.20
44.85
SELL BELOW
42.85
43.20
42.35
41.75

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