Forthcoming Results : 27-Oct-10

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄

27-Oct-10
Company	Company	Company	Company	Company
3M India	Eimco Elecon	HT Media	MOLDTKPACK	South Asian Entr
Abhishek Inds	Elecon Engr	IEC Edu	MRO Tek	Srinivasa Hatch
Adarsh Plant	Elnet Tech	IFCI	Mukand	Strides Arco
Aditya Birla Chem	Emmessar Bio	Igarashi Motors	Munoth Capital	Sukhjit Star
Anjani Fabrics	Everest Kanto	India Infoline	Neelamalai Agro	Sulabh Engr
Arms Paper	EVERONN	Indiaco Vent	Patni Computer	Sundaram Brake
Arrow Coated	Excel Crop	Indian Hotels	Peacock Inds	Sundaram Multi Pap
Asian Paints	Fedders Lloyd	IP Rings	Phillips Carbon	Suraj Products
Astra Micro	Fert & Chem Trv	Ishan Dyes	Piramal Glass	Suven Life
Astrazeneca Phar	Firstsource Sol	Josts Engr	Pochiraju Inds	TAK Machinery
Bajaj Elect	FORTIS MLR	Karur Vysya Bank	Popular Est	Tarrif Cine
Bata India	Frontline Bsns	KCP	Pricol	Tinna Overseas
Bharat Bhushan Share	Gabriel India	Kewal Kiran	Prism Cement	Torrent Power
Bharat Bijlee	Gati	Kirloskar Pneu	Rane Holdings	Trent
Blue Star Info	Glenmark Pharma	KMC Spec Hosp	Ratnabali Cap	Triumph Intl
Caprolactam Chem	Godrej Inds	Lakshmi Elect	Revathi Equip	Tulsyan NEC
Carborundum Uni	Gujarat State Pet	Lloyd Electric	Rose Invest	Union Bank
Cera Sanitary	Harita Seat	Mahindra Ugine	Ruchira Papers	United Spirits
Cholamandalam Inv	HCL Infosystems	Manali Petro	Shilchar Tech	Usha Martin
Cummins India	Heritage Foods	Max India	Shilpa Medicare	Vapi Paper
Dabur India	Hindoostan Spin	Metal Coatings	Shriram Trans	Visaka Inds
Dhanuka Agri	Hindustan Copp	MIC Electronics	SIL Investments	Wadala Comm
Dhruv Estates	Hindustan Hardy	Midday Multi	Sirdar Carbonic	Wearology
Dolphin Offsh	Hindustan Org	Minaxi Textiles	Sita Enter	Wire & Wireless
DS Kulkarni	Hitech Gears	MM Rubber	SJ Corp	Zee News

PTC: maintain Buy :: Motilal Oswal

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄


PTC India Ltd. is the pioneer in power trading in India, and over the years has become
a Power Solutions company. It was set up in April 1999 with a mandate to catalyze
the development of large power projects by acting as a single buyer for PPAs with
independent power producers on one hand and by entering multi-partite PPAs with
users and SEBs under long-term arrangements on the other. The GoI has identified
PTC as its nodal agency for trading power with neighboring countries. For FY10 PTC
India has market share of 44% in ST Volumes.
Key investment arguments
Change in business mix towards long-term contracts extends volume and margin
visibility and PTC to benefit from CERC regulation of no cap on long term volume.
Addressable market of PTC to rise due to open access to intra-state transmission,
easing of inter-state grid constraints, commissioning of new merchant power plants,
etc
PTC Financial Services (PFS) and PTC Energy (PEL) witnessing business traction. PFS
has book size of Rs15.1b as on Q1FY11 and sanctioned debt and equity of Rs19.5b
and Rs5b respectively.
Recent development
PTC Ashmore fund launched and expected to close with fund size of USD300m by
Q3FY11.
PTC has got in-principle approval from board for IPO in current financial year
Valuation and view:
PTC has cash and cash equivalent of Rs11b, and has investment of Rs7b into
subsidiaries/project SPVs (PFS Rs4.5b, PEL Rs410m, Athena Rs690m, Teesta Energy
Rs1.25b, Krishna Godavari Rs195m).We expect PTC to report net profit of Rs1.24b in
FY11E (up 32%) and Rs1.64b in FY12E (up 33%). We maintain Buy.

Indian Bank – 2QFY2011 Result Update ::Angel Broking maintains Accumulate; Target Rs324

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄


For 2QFY2011, Indian Bank reported moderate net profit growth of 11.8% yoy to
`416cr, which was above our estimates of `377cr because of lower provisioning
expenses. Operating income was on expected lines. While slippages continued to
be above comfortable levels, recoveries and upgrades helped the bank to keep
provision expenses low. Hence, we maintain our Accumulate view on the stock.

Strong advances growth: The bank’s net advances and deposits grew by 2.1%
qoq (28.8% yoy) and 7.7% qoq (22.4% yoy), respectively. CASA deposits
witnessed 6.2% qoq growth (up 27.4% yoy), with current account deposits
growing by 7.3% qoq (33.0% yoy) and saving account deposits increasing by
5.9% qoq (up 25.9% yoy). The CASA ratio declined from 32.7% in 1QFY2011 to
32.2% in 2QFY2011. The bank was able to improve its NIM by 5bp sequentially
to 3.76% because of improvement in yield on advances to 10.22%. Consequently,
net interest income (NII) grew by healthy 6.1% qoq and 29.5% yoy to `983cr.
Gross NPAs in absolute terms declined by `85cr. Though slippages were above
comfortable levels (at `330cr, implying annualised slippage ratio of 2.1%),
recoveries and upgrades helped the bank to restrict annualised provision/average
assets to 0.4% in 2QFY2011.

Outlook and valuation: The bank’s predominantly rural and semi-urban presence
has enabled it to maintain reasonable cost of funds, resulting in more resilient
NIMs than other mid-size PSU banks. While slippages are above comfortable
levels so far, going forward strong recoveries and upgrades as well as declining
slippages are likely to result in lower provision expenses. At the CMP, the stock is
trading at 7.4x FY2012E EPS of `41.3 and 1.4x FY2012E ABV of `215.9, which is
below our target multiple of 1.5x FY2012 ABV. Hence, we maintain our
Accumulate view on the stock with a Target Price of `324, implying a 6.7% upside
from current levels.

26th Oct, 2010 :: Grey Market Premium Prices for India IPO

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄

Company Name	Offer Price	Premium
	(Rs.)	(Rs.)
B S Trans	248 (Lower band)	DISCOUNT
Prestige Estates	183 (Upper Band)	DISCOUNT
Gyscoal Alloys	71 (Upper Band)	12 to 14
Coal India	245  (Upper Band)	24 to 26 +  5% discount for retail

Ambuja Cements Subdued performance; to improve ahead:: Anand Rathi

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄



Ambuja Cements
Subdued performance; to improve ahead
 3QCY10 results. Ambuja’s net profit declined 44% yoy, lower than
our and consensus estimates. Decline in realizations and increase in
power & fuel cost led to the drop. We estimate CY11 earnings to be
strong, driven by recent price recovery, savings on clinker purchase
and strong volume growth. Maintain Buy.
 Realizations decline 10% yoy. Realisation fell 10% yoy and 6% qoq
to ~`3,595/ton. Cement dispatch volumes rose 7% yoy to 4.35m
tons (down 19% qoq). Domestic volumes increased 7.6% yoy, while
exports declined 32% yoy.
 EBITDA/ton nose-dives 39% yoy. EBITDA/ton, at `650, fell
39% yoy and 42% qoq mainly due to a drop in realisations. The
benefit of lower raw material cost (down ~`300/ton yoy due to no
clinker purchases) was offset by higher power & fuel cost at `1,025/
ton (up ~`265/ton due to higher clinker production and fuel prices).
‘Other expense’ at `780/ton (up ~`100/ton) increased due to higher
maintenance and selling & distribution cost.
 Outlook. New clinker units at Chhattisgarh and HP have achieved
50% utilisation levels. Two grinding units (Maratha & Bhatapara) will
commence by 4QCY10, taking capacity to 27m tons. A transporters’
strike at its HP plants (3.1m tons) since 7th Oct, stalled production
and dispatches. Ambuja expects demand to pick up towards the yearend.
It expects medium-term demand and realisations to improve.
 Valuations. At our target price of `148, the stock would trade at
7.5x CY11 EV/EBITDA, in line with its ten-year average. The target
price implies a PE of 14x CY11 and an EV/ton of US$160.

FII & DII trading activity on NSE and BSE as on 26-Oct-2010

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄

FII trading activity on NSE and BSE on Capital Market Segment

The following is combined FII trading data across NSE and BSE collated on the basis of trades executed by FIIs on 26-Oct-2010.

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 26-Oct-2010 3175.26 2693.82 481.44

Domestic Institutional Investors trading activity on NSE and BSE on Capital Market Segment

The following is combined Domestic Institutional Investors trading data across NSE and BSE collated on the basis of trades executed by Banks, DFIs, Insurance, MFs and New Pension System on 26-Oct-2010.

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 26-Oct-2010 1100.41 1808.59 -708.18

 

FII DERIVATIVES STATISTICS FOR 26-Oct-2010

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄

FII DERIVATIVES STATISTICS FOR 26-Oct-2010
	BUY		SELL		OPEN INTEREST AT THE END OF THE DAY
	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores
INDEX FUTURES	222930	6836.63	227324	6971.40	648725	19837.99	-134.78
INDEX OPTIONS	161854	4911.44	151419	4590.29	2122234	64537.58	321.16
STOCK FUTURES	250318	7708.60	275479	8561.49	1504773	45860.09	-852.89
STOCK OPTIONS	9630	341.21	9436	338.18	40365	1328.47	3.02
						Total	-663.49