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Canadian equities research firm Veritas Investment Research, which hit the headlines last year for raising fingers at corporate governance of some of the top business groups in the country, is back doing what it does best — ripping apart companies which it finds overvalued and not shying away or mincing words while doing so.
According to the latest report by Veritas, the stock should be valued at Rs per share. As the report surfaced in the market, quite a few realty analysts across brokerages agreed with Veritas' research rationale. However, this report in question is presumptive and mischievous as the analysts have never contacted the company to seek any information or clarification. The company adheres to the highest standards of corporate governance and financial integrity, and the audited financials of the company are always in the public domain.
It also points out that after the mega IPO of the realtor in at an issue price of Rs per share, the company has seen its share price declining 57 per cent, compared to an approximate gain of 29 per cent in the stock benchmark market index Sensex in the same period. Other large companies which have come under the Veritas scanner are Reliance Industries, Reliance Communications and financially stressed aviation firm Kingfisher Airlines.
The Veritas duo believes that DLF will seek assistance from financial institutions to restructure its loans. According to the report, DLF has faltered at every step — by selling its hotel assets and exiting mega township projects in Karnataka and West Bengal, to name a few. Also, the report cites an example of its Capital Greens project and abusing the percentage completion method POCM in the same. POCM is the most favoured way of booking revenues by realty players in the country but its authenticity has been widely questioned by analysts.
The report does not spare the promoters either. While DLF said that it had accepted the recommendation of the special committee, which consisted of independent directors, its independent advisors and valuers for the merger, nowhere had it stated the valuation figure.
But it could not meet its non-core asset sale guidance on Aman Resorts and other assets which had, once again, put a question mark on its ability to reduce debt on books. Currently, it has gross debt of around Rs 25, crore. Log in Keep me signed in. Get New Password. Home Infrastructure Infrastructure. By Pooja Sarkar. Leave Your Comment s.
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Veritas report says DLF overpriced, stock starts falling
India-born Monga, executive vice-president and head of research at Veritas, has written a bunch of reports since then, and those involved in the inner machinery of BSE stocks will certainly be paying serious attention to his work. After all, his reports on Reliance Industries and Reliance Communications exactly five years from the day the Yellow Pages report was published , and then on UB Holdings and Kingfisher Airlines and, most recently, on DLF, have generated tremors—and headlines. There are very few visionary people out there, mostly in North America, creating businesses from scratch. In India, some of the biggest companies are trying to rip other people off. Led by Monga, the unit expects to deliver between reports in itself.
Veritas hammers DLF, doubts realtor's accounts; says stock worth just Rs 100
Canadian equities research firm Veritas Investment Research, which hit the headlines last year for raising fingers at corporate governance of some of the top business groups in the country, is back doing what it does best — ripping apart companies which it finds overvalued and not shying away or mincing words while doing so. According to the latest report by Veritas, the stock should be valued at Rs per share. As the report surfaced in the market, quite a few realty analysts across brokerages agreed with Veritas' research rationale. However, this report in question is presumptive and mischievous as the analysts have never contacted the company to seek any information or clarification.
Indiabulls started life in as a brokerage firm. A file photo of the Indiabulls office in Gurgaon. The Bombay and National stock exchanges on Nov. Indiabulls said in its first email that the allegations have ignored disclosures in the public domain made through the annual reports of FY11 and FY12, which have also been circulated to all shareholders. China Pushes for Primacy in Space.