>Textile sector outlook(CLSA)

Our meetings with textile and apparel majors and outsourcing arms of US
retailers indicates that outsourcing out of India is still on the increase
even as US retailers are brutally hurt. India is seeing incremental benefit
as growth in China slows, cost pressures in China increase and Pakistan
remains embroiled in social strife and tension. However, over the last 12
months, vendor consolidation has accelerated and even as larger vendors
gain market share, smaller ones are losing out. The outlook for 2009 is
very challenging given cost pressures and lower growth than the last five
years. We expect both prices and volumes to be under pressure in 2009.
While textile sector has underperformed, there is no reason to merit
investment given the medium term outlook.

To read full report Textile sector outlook(CLSA)

>India Telecom(BNP PARIBAS)

GSM net adds at new high, cross 8m in October
Indian GSM operators continued to exhibit healthy subscriber growth in
October, taking the GSM subscriber base to 242m. GSM subscriber
additions in August came in at 8.08m, compared with 7.69m in
September 2008 assuming steady net additions for RCOM GSM. Aircel
and BPL maintained their run rate. BSNL continued to lose market
share, adding 669,551 subscribers.
Bharti maintains lead; under pressure in Bihar circle
Bharti maintained its run rate adding 2.72m subscribers but remains well
ahead of the competition in terms of subscriber additions. Bharti
witnessed pressure in net additions in Bihar circle with the launch of
operations by Idea and Vodafone. Bharti’s marketshare of GSM net
additions has declined to 33.7% from 40.4% in August 2008. Decline in
marketshare for Bharti due to expansion of operations by regional
players is already built into our estimates.

To read full report India Telecom(BNP PARIBAS)

>ABAN(EDELWEISS)

Aban Offshore’s (Aban) standalone PAT was at INR 1.6 bn vis-à-vis INR 1.2 bn for
consolidated entity. High financing expenses and losses in a few subsidiaries subdued
profits.
�� Losses reported in a few subsidiaries were significantly higher than their respective
revenues (please refer subsidiary analysis section for details).
High leverage: Future incremental cash flows will be key to deleveraging BS
�� The debt-equity (DE) ratio as at end-FY08 was 16x; however, on considering nonconvertible
redeemable preference shares as debt, D/E would stood at 26.3x. D/E for
the standalone entity as at the end of FY08 was at 1.4x and on considering nonconvertible
redeemable preference share as debt , D/E was at 2.5x. Preference shares
are redeemable at par during 2011 & 2012
�� Loan book has increased from INR 11 bn in FY06 to INR 130 bn in FY08, primarily due
to the USD 2.2 bn Sinvest acquisition.
�� Loan repayable in FY09 is INR 17.02 bn, which is ~8 times net cash from FY08
operations. However, with delivery and full-year contributions of many new-build rigs,
future cash flows may be significantly higher, facilitating debt repayment. Also, the
company had significant cash and cash equivalents of INR 8.4 bn.

Read full report here ABAN(EDELWEISS)

>INFOSYS (William Blair & company)

Dominant Provider of Offshore IT Services. Infosys is the leading provider of
offshore IT services, with what we believe is the strongest brand and one of the
largest talent pools, and arguably the best technology resources. The company’s
customers include 99 of the U.S. Fortune 500 and 47 Fortune 100 companies.
Existing customers accounted for 97% of fi scal 2008 revenue—important in the
technology space, since IT buyers often make vendor selections based on which
company is the market leader and has a strong referenceable customer base.

Read full report here INFOSYS (William Blair & company)