Tuesday, August 11, 2009

KOTAK Research Reports

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Hindustan Zinc: Plenty of steam left
Economy: Drought strikes North, GDP growth may drop to 4.8%

We believe the current stock price offers potential upside as HZ has, historically, traded at much higher multiples. Given the strong cash position (net cash of Rs101 bn as on 30th June, 2009) and potential upside triggers in the form of (1) higher zinc prices and (2) sale of balance government stake to Sterlite.

June 2009 quarter witnessed heavy buying by FII (RS 297 bln) through Promotor Stake Sales and QIPs. FII increased there positions in property and banking sectors, while Insurance Coes reduced there exposure in automobiles and utilities.

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All opinions are based on my technical study; however, I do not vouch for the accuracy or the completeness of the matter. I am not liable for any potential damages that may be incurred while acting upon any information mentioned in this report. The views expressed are not of binding nature. The report is intended for a restricted audience & I am not soliciting any action based on it. Please exercise discretion and due diligence in making your decisions. Investments in Capital Markets are not my obligation or guarantee and are subject to investment risks. In no event will I be liable for any damages, including without limitation direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with this report or use thereof or inability to use by any party, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation even if I am thereof, advised of the possibility of such damages, losses or expenses.