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Eros International announces expansion of Punjabi slate Eros International Plc (Eros), a leading global company for Indian filmed entertainment, announces its further expansion into the small but rapidly growing Punjabi film market via its co-production of a slate of films with leading Punjabi actor, Jimmy Shergill's production company. The first film in the four-strong slate to be released in collaboration with Jimmy Shergill Productions is Taur Mitran Di. This is currently in production and stars Amrinder Gill, Ranvijay Singh, Surveen Chawla and Amita Pathak. Following this will be a project featuring Jimmy Shergill himself for which principal photography will begin in early 2012. Eros' initial foray into regional Punjabi films was in 2008 with Hashar which has been followed by Heer Ranjha, Tera Mera Ki Rishta and Dharti and today's announcement strengthens Eros' presence in the Punjabi arena further. Eros' first Punjabi film release of the current financial year, Tirlok Malik's Khushiyaan, starring Jasbir Jassi, Kulbhushan Kharbanda, Rama Vij, Tisca Chopra and Deep Dhillon will release worldwide on 14 October 2011.

http://www.investegate.co.uk/Article.aspx?id=201109230700107894O

On valuation grounds TUI looks interesting at just 6.7 times 2011 forecast earnings while yielding 7.5 per cent. What's more, its majority German owner, TUI AG, should provide a floor for the price. Hold, the Independent says

Travel group TUI is on course for pre-tax profits of about £360 million for the year to the end of September, putting the shares, off 4% at 148½p, on a little more than six times earnings, which looks cheap. They have lost about 40% of their value this year, not helped by the upheavals at rival Thomas Cook. But given the limited visibility for next summer’s season, the Times would not be in a hurry to buy now, even if an eventual bid from majority shareholder TUI of Germany will one day arrive.

At 17 times this year's forecast earnings, United shares are not so cheap. But the company's selling point is its yield. It's 5.2 per cent and UU is committed to growing the dividend at RPI inflation plus 2 per cent until 2015. Now look at the returns from cash (pitiful) and on trustworthy bonds, corporate or sovereign (also poor). Buy, says the Independent.

If your concern is the state of the global economy, then United Utilities, a company with a virtually guaranteed revenue base and a dividend yield in excess of 5% might seem appealing enough. That is not to say water and other utilities are exciting places to be, except when, as in the case of Northumbrian Water this summer, someone steps in and snaps you up for that guaranteed income stream. United has said it will raise dividends by inflation plus 2%, which equates to a dividend this year of about 32p, suggesting a yield of 5.3%. In today’s markets, pretty attractive for the retail investor, the Times says

The financials do not read well

Philip Shotter, Chairman of Richoux Group plc said: "The Group's established brand, Richoux, continues to trade profitably. Following the significant expansion that the Group undertook towards the end of the last financial year the focus has been on trying to improve and develop the Group's other development concepts, while continuing to assess their longer term viability. Villagio, a modern local style Italian concept is being trialled in four sites."

Key points: § Currently fifteen restaurants trading. § New Villagio concept launched. § Established part of the business continues to trade well.

http://www.investegate.co.uk/Article.aspx?id=201109230700077872O

Energetix Group (EGX) shares jumped 2.97p to 28.125p as the company announced revenue in the six months to June rose over 700% to 100,000 pounds. Focus on the commercialisation of its leading products, including the microCHP domestic boiler led to the sales increase for the energy technology firm, and resulted in pre-tax losses of 1.66 million pounds, a 4.9% improvement on than the previous comparable. The company is currently in discussions with potential customers to commence trials of its boiler system before the end of the year.

Micro Focus International (MCRO) announced that total revenues and adjusted EBITDA remain ahead of its original expectations. The software business reported cash of 0.8 million dollars (0.5 million pounds), following its share buy back of 20.5 million shares for a total cost of 104.9 million dollars (67.9 million pounds), at an average price of 319p per share. Micro Focus shares grew 4.9p to 323p.

Hercules Unit Trust, in which UK property investment firm British Land (BLND) has a 38.6% interest, has signed a 350 million pound five year loan facility. The retail warehouse investment company will use 250 million pounds to pay off half of an outstanding 500 million pound facility that expires in October 2012, while the remaining funds will be used for acquisition and general business purposes. British Land shares sunk 29.7p to 479.3p.

In a trading update, water treatment group United Utilities (UU.) reported an increase in revenues for the first half of the financial year, due to a regulated price increase of 4.5%. However, it also anticipates an increase in operating expenses caused by higher infrastructure costs as well as depreciation and inflation. The group adds that its financial position remains strong and gives it sufficient working capital up the the second half of 2013. The shares declined 8.5p to 601.5p.

Morgan Stanley downgrades Go-Ahead Group from equal weight to underweight, target price cut from 1535p to 1331p.

Panmure Gordon reiterated it "buy" recommendation for Babcock International (BAB) with a target price of 780p. Despite the shares already bouncing back 5% following rumours of the acquisition of the Ministry of Defence's equipment maintenance division, the broker believes there is further value in the engineering group. Panmure notes that the firm has a growing order pipeline and has potential for synergies following its VT Group acquisition. Babcock shares descended 17p to 641p.

Alternative Networks (AN.) retained is "buy" rating from Arbuthnot Securities, with a target price of 310p, ahead of a trading update next month. The broker expects the telecoms group to report a positive performance for the financial year to September. Previous interim results showed a 24% year-on-year growth in EBIT and Arbuthnot expects this performance to continue in the second half of the year. Additionally, with net cash of 7.9 million pounds, the broker believes the firm is well positioned to pursue acquisitions. The shares dropped 9p to 248p.

Numis downgrades TUI Travel from add to hold, target price cut from 180p to 160p

JM - Yes agree - you could be involved in a lot worse investments than here

22 September 2011 Pursuant to our obligations under Disclosure Rule 3.1.4, we hereby advise you that the Company has been notified of the following automatic vesting of shares today under the Transformation Incentive Plan, in accordance with the outcome against the performance conditions and as previously reported in our 2010 Annual Report and Accounts and our announcement on 6 April 2011: 83,295 shares were sold at 896.5 pence per share by Mr McHoul in accordance with the Plan rules to meet the UK tax and National Insurance liabilities which arose on vesting and which the company is obliged to account for under the PAYE provisions. Following this transaction Mr McHoul holds 223,834 ordinary shares in the Company (representing 0.07% of the voting rights in the Company). Mr McHoul also has an interest in 401,423 Restricted Shares under the Performance Share Plan and 1,512 shares under the Savings Related Share Option Scheme.