The Bullpen: Temasek (Allamanda) achieves ICICI Bank target, Bharti Airtel 7% growth QOQ

Temasek sells ICICI Bank

The block deal for 16 mln shares went in at the proposed 925 and about and the market and the banks would seem to be done at this level, except for HDFC Bank which is still growing credit demand and ICICI Bank is not likely to be any inferior fundamentallt despite 3.5% and over contribution of Gross NPAs adding to the massive 30% NPA growth this fiscal to INR 770 bln or $16 bln. ICICI Bank net NPAs are a little less than 1%

Bharti Airtel

Bharti Airtel, seems to have been mercilessly hammered t, the buying opportunity open with same EBITDA of 32.5%, almost profitable African operations with a new #2 in Tanzania, and the tax hit likely to follow again while pricing power returns in the Indian market with ARPUs of 187 and 415 mins good to keep. 44.6 paisa per minute realisation is higher by 1.4 p than last quarter. Continuing Capex in Africa is a good sign. time for analysis later..

The 2.5 mln customers added in Africa are 30% of the new additions for all operators, something about mobile banking in Africa too ( Money transfers) giving it tremendous advantage esp with newer infrastructure taking shape

Digital TV still disappoints but is growing faster than the others. Service quality is good, despite reliance on automation for delivery and software enhancements, changes ot channel packs

GMR Infrastructure

Gross Revenue up 45% yoy, INR 63.2 bln for 9 months , Net Revenues INR 56.755 bln, EBITDA lower in Q3 (growth) , PAT affected by Tarriff loss at DIAL to INR 2.27 bln , Net Salesof 19.99 bln for the quarter. Highways EBITDA is up 88%, PAT of -0.01 bln

Expenses are hgher by more than 50% for the overall company. Fuel costs up 32% in Airport Vertical, INR 11.5 bln from Airports incl INR 3.5 bln from Male

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