11:41AiRUnion to be merged with Atlant Soyuz
The merger of AiRUnion with other state assets around a new aviation company, to be controlled by the state-owned Russian Technologies corporation, substantially reduces the risk of bankruptcy for the aviation alliance. After having its debts rescheduled, AiRUnion should be able to streamline its operations to the benefit of its shareholders.
11:38NLMK acquires US-based steelmaker, Beta Steel
NLMK continues its active business development through new acquisitions. The acquisition of Beta Steel should enable NLMK to boost the productivity of its US division, given that it also plans to acquire US-based pipe-maker John Maneely Company (JMC), which purchases semi-processed materials from Beta Steel.
11:31Severstal publishes consolidated 1H 2008 financials
Severstal has released its consolidated 1H 2008 financials. The statement indicates growth in the company's financial indices and a marginal decrease in its profit margins. Robust growth in net profit is partially linked with revenues gained from non-core activities. The posted results generally met our expectations. Despite unfavorable short-term trends in the industry, we believe that Severstal shares are fundamentally underestimated.
11:27Sollers to pay dividends for 1H 2008
The Sollers BoD has recommended that an EGM approve interim dividends for 1H 2008. We expect the dividend yield to be in the 1% to 1.5% range. According to our estimates, the payout should not have a tangible effect on the company's stock valuations.
11:25China boosts export duty on nitrogen fertilizers by 50%
China has raised its export duty on nitrogen fertilizer by 1.5x. This should further fuel growth in nitrogen fertilizer prices on world markets, which could play into the hand of Russian fertilizer producers, enabling them to boost their revenues.
11:21Open Investments sums up 1H 2008 performance
We are neutral about the 1H 2008 financials reported by the company and believe they will not have any tangible effects on its stock valuations in the short term. However, the company's workable strategy, which aims to expand its land reserves for housing construction in the Moscow and Tver regions may send a positive message to investors in the mid term.
11:19Avtovaz buys licenses for Renault engines and chassis
The Avtovaz carmaker has bought licenses for Renault chassis and engines with a view to improving product quality and expanding its range of customers: this should benefit its financials and fundamental value. Even thought the carmaker has paid more for the licenses than other Russian automotive companies, the cost of developing the relevant parts from scratch would have been much higher.
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