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

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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 Turning Point SEPC has cleared restrictions on about ₹154 crore of receivables, won a Jharkhand stay and signed a ₹854.57 crore SAIL-IISCO contract, yet trades at ₹4.95 against a ₹9.87 NAV-based valuation. The RBI, meanwhile, is reportedly weighing a ₹50 lakh remittance sub-limit alongside tax relief to attract inflows. 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 about half the ₹9.87 NAV-based valuation in its July 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 reward ...
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Tulip Telecom Ltd: Annual Report For FY13
In case of Tulip Telecom Ltd (Rs.7,71), its flagship Data Center commenced operation only in 4QFY12 against earlier guidance / project of 3QFY12. This has probably brought in some trouble in the company in the short term. 

Last year (CY12) Tulip Telecom Ltd booked orders worth Rs.6 bn (Rs.600 Cr) for 5 years for 30,000 sq ft. The company has achieved financial closure for its funding requirement of Rs.5bn over a 3-year period. It has already got visibility of ~40% of usable capacity. Tulip Telecom Ltd's Fibre segment is enabling higher wallet share per customer driven by expanded product and service offerings. Therefore, the key triggers for the stock would be: 
  • Stake sale in data center subsidiary. It debt increased during the last couple of years, basically, due ongoing expansion in both NLD & Data Centre space.
  • Higher-than-expected growth in business. Till February, 2012, its order book was whopping Rs.2700 Crores.
  • Besides, the the reduction in capex from FY14, an expected lower interest rate in the coming quarters and restructuring of its loans is likely to provide the much needed cushion on interest burden going forward and improve return ratios.
Also, with the improved outlook in the Indian Telecom,  the cash flow from the going concern is expected to improve considerably in the coming quarters.

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