Presidential Elections: Support Dr.Meira Kumar

Bihar and Jharkhand governments have no choice but to support Dr.Meira Kumar. As defeat of "Bihar ki Beti" will invariably bring Shame to the Biharis and Jharkhandis (or erstwhile unified Bihar). Do you think that, people of Bihar will leave Nitish Kumar Scott - free, if Dr.Meira Kumar loses ? So, Nitish Kumar has very little option left but to support, Dr.Meira Kumar.

Moreover, if Nitish Kumar wants to fall in the BJP's well calculated electoral TRAP no one can save him in the next election.

Also, I am surprised to see Mr.Navin Pattanayak, so easily chewing the RSS bait. Orissa is a state, where there is large chunk of Tribal Christian voters loyal to the BJD (Biju Janata Dal). I am still to fathom, BJD's sudden electoral gamble of siding with the RSS and the BJP; when Mr.Pattanayak has been maintaining distance from them since some time.

Besides, the election of Dr.Meira Kumar, who is educated, experienced and very sober, might also correct some of the historical mistakes of not making her father, the Prime Minister of India.

Also, I don't think all the Muslim and Christian MPs and MLAs from the TDP and TRS will ever support a RSS backed Candidate, who acted against Dalit Christian and Muslin reservations. Therefore, invariably cross voting will take place, which might give the underdog, Ms.Kumar, a win. Support Dr.Meira Kumar, give a conscience vote and make her the 2nd Female President of India.

All the best to Dr.Meira Kumar.....👍✌

Wednesday, June 18, 2014

Speedy project clearances can help battered infra stocks
[Editor: In case of IVRCL Ltd (Rs.24.55), after the approval of the CDR Package, the entire picture could change dramatically as the company has an order book of more than Rs.20, 000 Cr and this year too, it bagged orders of around Rs.1000 Cr]
June 17, 2014:  After spending years plumbing ever deeper lows, infrastructure stocks soared in the past year. Nine stocks doubled since the previous Budget and sixteen are up between 50 and 100 per cent. The CNX Infrastructure Index was up 42 per cent in this period, against the Nifty’s 32 per cent.

Budgets over the years have tried to address the trouble of tying up funding at reasonable rates for projects. Initiatives such as setting up infrastructure debt funds, credit guarantees and refinancing options from IIFCL, tax-free bonds, infrastructure bonds, have all been rolled out.

Addressing funding
But apart from tax-free bonds, other initiatives haven’t met with much success. Funding remains one of the biggest hurdles for infrastructure and construction companies. For FY14, aggregate interest costs for these players were up 31 per cent, against a 7 per cent growth in revenues.

As a result, net profits collectively dropped 77 per cent in the 2013-14 fiscal. Companies such as Pratibha Industries and Sadbhav Engineering have seen interest outgo rise by over 50 per cent coupled with a drop in interest cover. 

IVRCL, BL Kashyap, CCCL, and Punj Lloyd have interest covers of less than one time. More than half the companies have debt-equity ratios over 2 times.

Higher budget allocations have been made towards roads, ports, airports, rail connectivity, industrial corridors, and the like, but it hasn’t translated into a stream of fresh orders for companies. Pace of sales growth is therefore slow. Apart from a handful of companies such as Larsen & Toubro, Sadbhav Engineering and MBL Infrastructure, others have seen sales grow at less than five per cent in the recently ended fiscal.

Steps to speed up clearances are now underway, which can help improve execution. This can also shorten working capital cycles, in turn reducing short-term funding requirements.

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