We cut our earnings estimates by 3-9% in FY16-18e as we factor in slower sales from Exquisite and slower sales of high ticket projects in Worli. We also roll forward our NAV to September 2016 from June 2016 previously, and increase our target price to R290 (up from R285) based on a 16% discount (unchanged) at 0.5SD above the historical mean from our NAV of R368 (down from R370).

Oberoi’s presence is limited to Mumbai currently. We remain negative on this market, as inventory levels are high with more than 40 months; however, Oberoi’s projects command premia and better offtake. We think the response to its newly launched Prisma and Mulund projects is testimony to its brand strength. Launches in Borivili, Mulund, Goregaon, Worli and Maxima would support continued sales momentum and enthusiasm.

The company launched its long-awaited Borivali project (25 acres) in the quarter, which received good response. The construction commencement certificate for Enigma (Mulund) has been received and construction has already begun.

On the Goregaon projects, Exquisite will likely not be fully monetised until 1QFY17 (versus earlier expectations of 4QFY16) and Esquire is likely to come for revenue recognition by 3QFY16.

The Securities and Exchange Board of India (Sebi) on Thursday approached the Supreme Court seeking transfer of a fresh plea filed by PACL from the Rajasthan High Court to the apex court.

Sebi has alleged that while PACL and its promoters had moved the Supreme Court against SAT’s August 12 order that directed it to refund close to over Rs 44,376 crore that it collected from around 58.5 million customers and winding up of its collective investment schemes (CIS), the real estate firm on October 12 again moved the Rajasthan HC seeking a direction to Sebi to register its CIS and for release of its sale deeds to enable it sell properties to raise money.

According to the market watchdog, the petition filed by PACL before the HC last month “is yet another attempt by it to continue its CIS, which have been found to be contrary to and unsustainable in law”.

It is another attempt on PACL’s part to delay and stall the implementation of Sebi orders that directed the company to wind up its CIS, the transfer petition filed by Sebi through counsel Pratap Venugopal stated. He further added that the petition pending before the HC should be transferrred to the SC “to avoid conflicting judgments that will adversely affect and jeopardise the interest of investors”.

According to Sebi, the purpose of regulating entities running CIS is to protect the interest of gullible investors who have lost or are likely to lose their life savings by the misdeeds of unscrupulous elements and fly-by-night operators.

“However, instead of complying with the statutory obligations, PACL has rushed to the HC… seeking at this point of time registration of its collective investment schemes under the CIS Regulations, which is impermissible and contrary to the said regulations,” Sebi said. The money was allegedly collected by Nirmal Singh Bhangoo-managed group via its two companies — PACL and Pearls Golden Forest — in ponzi schemes under the garb of sale and development of farm land.

On August 22 last year, Sebi had asked PACL to wind up its schemes and refund the money collected from investors as the CIS run by it was in violation of the Securities and Exchange Board of India Collective Investment Scheme Regulations, 1999 (CIS Regulations). This was challenged by the company before the SAT, which upheld the Sebi order.

The apex court had earlier appointed a special committee to probe other companies of the Pearl Group and had also cleared the decks for sale of more than 10,000 properties of the group’s companies spread across states like Punjab, Haryana, Rajasthan and Delhi.

As many as 27 small and medium enterprises (SMEs) got listed on capital markets with public issues worth Rs 182 crore in the first six months of the current fiscal. (Graphic: Sanjay Tambe)

As many as 27 small and medium enterprises (SMEs) got listed on capital markets with public issues worth Rs 182 crore in the first six months of the current fiscal.

In comparison, 21 SMEs had launched initial public offers (IPOs) and raised Rs 180 crore during the April-September period of the previous fiscal, 2014-15.

According to the data available with Sebi, 10 SMEs came out with public issues in September, raising a total of Rs 48 crore, while three companies had hit the capital markets in August to mop-up Rs 21 crore.

Further, five firms had launched their public offerings in July to mobilise Rs 69 crore, eight SME had hit the markets with an IPO worth Rs 39 crore in June, one firm had launched its public issue in May, while no issue was launched in April.

These companies are from sectors like trading, steel, manufacturing, textile and finance and are spread across the country, according to a report by Knowledge and News Network, a media platform that focuses on micro and SMEs.

BSE and the National Stock Exchange (NSE) had launched SME platforms in March 2012, becoming the only two bourses to offer such a segment in the country.

These platforms provide opportunity to entrepreneurs to raise equity capital for growth and expansion. It also provides immense opportunity for investors to identify and invest in good SMEs at an early stage.

BSE has about 117 companies listed on its SME platform, with a total market capitalisation of over Rs 7,615 crore. Of this 117, eight companies have migrated to the main board.

Further, the stock exchange is expecting about 100 IPO issues on its SME segment during the current fiscal. The NSE has nine companies trading on its SME platform.

Bata India shares slumped over 3 per cent in the noon trade on Thursday after the footwear major posted weak Q2 results on Wednesday post market hours. (Express Photo)

Bata India shares slumped over 3 per cent in the noon trade on Thursday after the footwear major posted weak Q2 results on Wednesday post market hours. For the second quarter ended September 30 2015, Bata India posted net sales of Rs 575.15 crore, up 5.02 per cent, against Rs 547.64 crore in the same quarter last year.

At 12.11 pm, the share price of Bata India was down 2.92 per cent at Rs 471.75. The scrip opened at Rs 468 and had touched a high and low of Rs 473.80 and Rs 464.50, respectively, in trade so far.

Religare in a research report said, “Bata India reported a poor set of Q2 numbers as net sales edged up 5 per cent year-on-year (YOY) on a muted same store sales growth (SSSg) of 2 per cent YoY (est) amid weak demand conditions.”

The company reported a 38.74 per cent rise in net profit at Rs 54.11 crore for the quarter under review. It posted net profit of Rs 39 crore during the same period of previous fiscal.

“Despite economic slowdown and a lower consumer sentiment, our second quarter performance for the period July-Sept 2015 has seen a growth of 5 per cent compared to the same period last year,” Bata India, group managing director, South Asia, Rajeev Gopalakrishnan said.

The company will be expanding its product offering, focusing on the same-store growth and strengthening e-commerce business to reach out to a larger consumer base, he added.

Post the announcement of Q2 results, Relgare said, “We pare our FY15-FY18 EPS by 6-8 per cent to build in the slower-than-expected recovery in demand. Valuations however at 32.2x/24.0x FY16/FY17 earnings look sustainable. We maintain ‘buy’ on Bata India shares with revised September 2016 target price of Rs 680 (Rs 725 earlier).”

(With inputs from PTI)