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Hotchips- NAVNEET PUBLICATIONS (India) & IDFC

NAVNEET PUBLICATIONS (India)  BSE Code: 508989 Volume: 237283  CMP: Rs 63.75

The company has published more than 5000 titles in Hindi, English, Marathi, Gujarati and foreign languages under the brand-names ‘Navneet’, ‘Gala’ and ‘Vikas’. With the changes proposed in the syllabi in Maharashtra and Gujarat, the company is likely to benefit as it is one of the prominent players in both these states for supplementary books. The brands mentioned above have been able to maintain leadership to some extent owing to their quality of content, which gives the company pricing power. On the margins front, the company has been maintaining an EBITDA margin of about 20 per cent, average ROE of 22 per cent and lower debt to equity of 0.28 times for the past five years. This gives an indica-tion of the level of consistency that the company has been able to maintain. It is likely to perform well and, therefore, it can be looked upon for medium-term gains.


IDFC     BSE Code: 532659            Volume: 375774    CMP: Rs 158.85

An expected slowdown in the number of new infrastruc-ture projects, likely pressure on NIMs and unfavourable macro conditions have taken their toll on Infrastructure Development Finance’s (IDFC) valuations. The share price has fallen by 38 per cent from its peak in November 2010. At present the com-pany trades at a price to book value of 1.6 times, which at present looks to be on the positive side that may invite investors’ interest back in the stock. For Q3FY11 the gross approv-als and gross disbursement increased 121 per cent and 183 per cent on a YoY basis, indicating buoyancy in the infrastructure financing space. The loan book grew 51 per cent on a YoY basis for the same period largely from the power and transport sector. The management is targeting three times growth in its balance-sheet over the next three to four years. The company is likely to perform well in the near term. Therefore, it can be looked upon for medium-term gains.

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