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IDFC - Stock Update

Project financing loan book to see moderation in the wake of
slow down in the infrastructure project development
IDFC historically has demonstrated a significantly higher growth in its infrastructure
project financing business. The business segment has grown at the pace of 46%
CAGR over FY04-08. Going forward this business is likely to witness some modera-
tion. Besides the unfavorable macro-economic environment, liquidity constrain
(higher CAR recommendations by credit rating agency to maintain credit rating at
AAA) would lead to moderation in the loan book growth for IDFC. We expect a
30% yoy growth in FY09E and a 25% yoy growth in FY10E to Rs 323.45bn

Pfizer - Stock Update

The pharmaceuticals and animal healthcare business is growing stably and is ex-
pected to grow at around 10% during the CY08. In 9mCY08, both the businesses
have grown 11.3% and 18.1% to Rs.4.35bn and Rs.623mn, respectively. The com-
pany has launched two new products (CHAMPIX and CYKLOKAPRON) from the
parents' portfolio during the Q1CY08 and might launch two more products in
CY08. The management expects the animal health business to grow at around
15% in CY08. However, the income from clinical research and development service
will remain under pressure due to severe competition at the international level
along with the entry of new players from other Asian countries like Korea, Malay-
sia, Philippines and Indonesia.
The company has transferred four consumer healthcare brands to J&J for Rs2.15bn
in January 2008. The transfer includes the trademarks relating to Benadryl,
Caladryl, Benylin and Listerine and certain assets related thereto. All other brands
and the consumer healthcare team wil…

Economy Update

The US Senate has voted in favour of the US – India Nuclear Cooperation
Approval and Non-Proliferation Enhancement Act. Two proposed killer
amendments were also struck down by the Senate. (ET)
The RBI and SEBI are in discussion to relax the currency trading norms,
following demands from the market participation, a top SEBI official has
said. Relaxation in currency trading norms is expected to enable all
categories of market participants to trade in currency futures. (ET)
The government is looking at hiking FDI in direct-to-home TV services to
74% from the current 49%, a senior official said on Wednesday. The
government is also looking at calculating revenue share for the DTH
operators from adjusted gross revenue (AGR) basis rather than the
current practice of gross revenue. (BL)
India’s merchandise exports in August rose by 27% and stood at US $16
bn as against US $12.61 bn in the same month of the previous year.
Imports during the month rose 51.2% and stood at US $ 29.94 bn as
against US $19.80 bn …

Maducon Projects

Company Update: Madhucon Projects Ltd (MPL)
• Madhucon projects is set to benefit from continued focus of government on infrastructure especially road projects
• Company’s core business is diversified across roads, buildings, irrigation and power while construction on the road BOT projects is likely to get over in FY10.
• We upgrade our price target for the company based on significant re-rating of the construction sector post the election results
• We now value core business of the company at 7.5x one year forward earnings as against 4x assumed earlier and arrive at a price target of Rs.167 on sum of the parts methodology based on FY10 estimates. (Rs.113 earlier). However, based on limited upside from the current levels, we downgrade the stock to ACCUMULATE from BUY earlier.

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