Two Tests for India: The Rupee Under Pressure, and SEPC Ltd (₹4.95) at a Valuation Crossroads

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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence Rupee Watch | Small-Cap Research Two Tests for India: The Rupee Under Pressure, and SEPC Ltd (₹4.95) at a Valuation Crossroads The RBI is reportedly weighing a ₹50 lakh sub-limit on some overseas remittances, paired with tax relief to attract inflows. SEPC trades at ₹4.95 against a ₹9.87 valuation report, with a Jharkhand stay, ₹154 crore freed and a 44% dilution from the Avenir share swap in play. India's markets are asking two very different questions. The first is macro: is pressure on the rupee pushing the RBI toward tighter limits on overseas remittances? The second is company-specific: can SEPC Ltd (₹4.95), trading at half the ₹9.87 in its July valuation report, close that gap? One concerns national economic policy. The other concerns corporate execution and shareholder value. Both deserve examination on their own merits, and both demand the same discipline: separate a proposal f...
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CENTRAL BANKS: RESULTS NOT THAT BAD
Central Bank of India has announced the following results for the quarter ended June 30, 2013: The Unaudited Standalone results for the Quarter ended June 30, 2013:

The Bank has posted a net profit after tax of Rs. 219.30 million (Rs.21.93 Cr) for the quarter ended June 30, 2013 as compared to Rs. 3359.50 million (Rs.335.95) for the quarter ended June 30, 2012. Total Income has increased from Rs. 56249.70 million for the quarter ended June 30, 2012 to Rs. 64434.50 million (Rs.644.35 Cr) for the quarter ended June 30, 2013.

BUT WHAT MOST OF US MISSED IS THAT THE NET PROFIT TOOK A HIT DUE TO HIGH PROVISIONING.
The operating profit in Q1FY13 is Rs.1000.57 Cr as against Rs.792.91 Cr on Q-o-Q basis. So, is this bad, in any case?

The provisions and Contingencies has increased from Rs.352.94 Cr in Q1FY13 to Rs.983.26 Cr in Q1FY14. This has actually dented the net profit margins.

Hence the results are not that bad as is made out to be. Still the bank is profit making organization.

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