18 November 2010
Adhunik Metaliks:Mining and power to lead the way: ICICI Sec
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Adhunik Metaliks
Mining and power to lead the way…
Adhunik Metaliks’ Q2FY11 results came in a tad lower than our
estimates. The topline remained flat at | 378 crore (up ~1% YoY and
down ~11% QoQ) against expected | 390 crore. On the revenue front,
the iron and steel segment contributed ~| 344 crore growing just 0.4%
YoY. OMML’s revenues grew by a robust 56% YoY at | 65 crore due to
higher manganese ore sales volumes and realisations. Consolidated
EBITDA improved by ~630 bps YoY but declined by ~840 bps QoQ due
to higher raw material costs for coke and iron ore. Consolidated PAT for
Q2FY11 came in at | 32 crore against expected | 43 crore (up ~31% YoY
and down ~42% QoQ) due to higher interest cost (up ~38% YoY). With
the ramping up of mining activities both in iron ore and manganese ore
and commissioning of the 540 MW power plant by March 2012, we
maintain our positive outlook on the company and revise our target
price to | 132, with a BUY rating.
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Adhunik Metaliks,
ICICI Securities
Corporate News Roundup: SKP: Nov 18th, 2010
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Bharti Airtel to launch 3G services by Dec end
Bharti Airtel today will commercially launch 3G, or third-generation, services by the end of next
month. Bharti won spectrum (radio waves) for 3G services in 13 of the country's 22 telecom service
areas in the auction held by the government earlier this year. Its competitor, Tata DoCoMo, the GSM
arm of Tata Teleservices has already launched 3G services in nine circles where it has spectrum.
Besides, state-owned firms BSNL and MTNL are offering 3G services in the country. Another major
private player, Vodafone, plans to launch the services in the January-March quarter of 2011.
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SKP Securities
Bartronics -Revenue guidance pruned down…:: ICICI Sec
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Revenue guidance pruned down…
On a consolidated basis, Bartronics reported its Q2FY11 results. On the
topline front, the results were in line with our estimates while it was
below our estimates on bottomline. The topline stood at | 224.1 crore
against our expectations of | 224.0 crore. Revenues improved 37.7%
QoQ and 28.2% YoY. The EBITDA was at | 48.6 crore, improving 13.6%
QoQ and declined 10.2% YoY. The EBITDA margin at 21.7% declined
461 bps QoQ and 930 bps YoY. A QoQ increase of 213% and 42.7% in
other cost and COGS, respectively, led to a decline in the EBITDA
margin. The company reported a PAT margin of 7.4% that declined as
compared to 13.8% in Q1FY11 primarily due to lower other income and
forex losses accounted during the quarter. PAT for the quarter stood at
| 16.5 crore as compared to | 22.5 crore in Q1FY11.
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Bartronics,
ICICI Securities
Deccan Chronicle Holdings:Struggling for ad volumes: ICICI Sec
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Deccan Chronicle Holdings
Struggling for ad volumes…
On a standalone basis, Deccan Chronicle reported a disappointing set of
results for Q2FY11. The topline stood at | 236.7 crore, which was below
our expectation of | 272.5 crore. The topline was up 21.0% QoQ while it
declined 5.7% YoY. The decline was led by de-growth of ~5.4% YoY in
ad revenues to | 221.7 crore. EBITDA declined to | 117.9 crore in
Q2FY11 from | 138.7 crore in Q2FY10 and | 138.7 crore in Q1FY11. The
EBITDA margin declined by 545 bps and 189 bps YoY and QoQ primarily
due to a rise in newsprint cost coupled with higher personal cost, which
increased 3.1% and 18.4% QoQ, respectively. PAT for the quarter stood
at | 82.6 crore (I-direct estimate of Rs 82.6 crore) vs. | 99.9 crore a year
ago.
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Deccan Chronicle,
ICICI Securities
JK Lakshmi Cement:Paving recovery path: Elara
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Paving recovery path
Beat street estimates hollow by sustaining net profit
Revenues of JK Lakshmi Cement (JKL) were in line with our
expectations (INR2,660 mn vs our estimates of INR2,656mn). However,
net profit was much above ours and street estimates due to higher
than expected other income and EBITDA margins. The company
reported a net profit of INR58mn as compared to our estimates of a
net loss of INR106mn.
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Elara,
JK Lakshmi
Power Grid, RPP Infra, MOIL: Grey Market Premium Prices: 18th Nov, 2010
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Company Name | Offer Price | Premium |
(Rs.) | (Rs.) | |
Power Grid FPO | 90 (+ 5% retail discount) | 7 to 9 |
RPP Infra Projects | 68 to 75 | 10 to 11 |
Manganese Ore (MOIL) | 600-660 (rumor) (+ 5% retail discount) | 130 to 150 |
R.P.P. INFRA PROJECTS LIMITED
Total Issue Size | 6500000 |
Total Bids Received | 3095840 |
Total Bids Received at Cut-off Price | 1737520 |
No. of times issue is subscribed | 0.48 |
Sr.No. | Category | No.of shares offered/reserved | No. of shares bid for | No. of times of total meant for the category |
1 | Qualified Institutional Buyers (QIBs) | 3050000 | 0 | 0.00 |
1(a) | Foreign Institutional Investors (FIIs) | 0 | ||
1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | 0 | ||
1(c) | Mutual Funds | 0 | ||
1(d) | Others | 0 | ||
2 | Non Institutional Investors | 915000 | 1340000 | 1.46 |
2(a) | Corporates | 0 | ||
2(b) | Individuals (Other than RIIs) | 1340000 | ||
2(c) | Others | 0 | ||
3 | Retail Individual Investors (RIIs) | 2135000 | 1755840 | 0.82 |
3(a) | Cut Off | 1737520 | ||
3(b) | Price Bids | 18320 | ||
4 | Employee Reservation | 400000 | 0 | 0.00 |
4(a) | Cut Off | 0 | ||
4(b) | Price Bids | 0 |
Updated as on 18 November 2010 at 1700 hrs
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gray market,
Grey market premium,
IPO
FII DERIVATIVES STATISTICS FOR 18-Nov-2010
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FII DERIVATIVES STATISTICS FOR 18-Nov-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 | 87929 | 2640.72 | 119182 | 3580.34 | 612308 | 18502.78 | -939.62 | |
INDEX OPTIONS | 581094 | 17439.92 | 612216 | 18387.55 | 1881985 | 56448.48 | -947.63 | |
STOCK FUTURES | 182149 | 5177.06 | 170091 | 4814.44 | 1514579 | 42081.56 | 362.62 | |
STOCK OPTIONS | 26063 | 825.33 | 26897 | 857.92 | 35999 | 1042.20 | -32.59 | |
TOTAL | -1557.22 | |||||||
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derivative statistics,
FII
FII & DII trading activity on NSE and BSE as on 18-Nov-2010
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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 18-Nov-2010. | ||||||||||||||||
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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 18-Nov-2010. | ||||||||||||||||
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DII,
FII,
trading activity
NSE, Bulk deals, 18-Nov-2010
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Security Name | Client Name | Buy / Sell | Quantity Traded | Wght. Avg. Price |
Accel Frontline Limited | KANCHAN CHHABRA | BUY | 2,63,604 | 64.94 |
Accel Frontline Limited | KANCHAN CHHABRA | SELL | 4,08,335 | 61.73 |
Compuage Infocom Ltd | RUPA PRADIP SHAH | BUY | 30,000 | 236.42 |
Compuage Infocom Ltd | RUPA PRADIP SHAH | SELL | 2,500 | 243.42 |
Delta Corp Limited | CROSSEAS CAPITAL SERVICES PVT. LTD. | BUY | 9,02,854 | 127.35 |
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Bulk deals,
NSE
BSE, Bulk deals, 18 Nov 2010
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Company | Client Name | Deal Type * | Quantity | Price ** |
Accel Front | CHANDER KANTA | S | 249042 | 62.69 |
Amtek Auto | MORGAN STANLEY MAURITIUS COMPANY LIMITED | B | 1174000 | 149.98 |
Anand Credit | SHILODAYA INVESTMENT & FINANCE PRIVATE LIMITED | B | 40010 | 13.95 |
Anand Credit | BP FINTRADE PRIVATE LIMITED | B | 61865 | 13.93 |
Anand Credit | BP FINTRADE PRIVATE LIMITED | S | 73801 | 13.95 |
Arsi Cosmetics | BP WEALTH MANAGEMENT PVT LTD | B | 37700 | 38.85 |
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BSE,
Bulk deals
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