Grey Market Premium: Punjab Sind Bank, A2Z, Claris, Ravi Kumar: Dec 17, 2010

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Company Name	Offer Price	Premium	Listing Date
	(Rs.)	(Rs.)
Claris Life	228	Discount	20-Dec
	(lower band)
Ravi Kumar Distilleries	56 to 64	Discount	27-Dec
A2Z Maintenance	400 to 410	Discount	27-Dec
Punjab & Sind Bank	113 to 120	40 to 42	3-Jan
	(+ 5% retail discount)

JP Morgan: ENIL- Tuning in: Entertainment Network (India) Limited

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Entertainment Network (India) Limited 
Initiation as Overweight
ENIL.NS, ENIL IN
Tuning in 


• Initiate with Overweight, price target of Rs290: Our PT implies a
potential upside of 27% from current levels. ENIL is the leading FM
radio operator in India, operating 32 stations across India under the
‘Radio Mirchi’ brand. We believe  it is well positioned to benefit from
rising share of radio advertising in the Indian advertising market.

JP Morgan: PNB - Management meeting takeaways, remain Overweight

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Punjab National Bank
Overweight
PNBK.BO, PNB IN
Management meeting takeaways, remain Overweight


We met with the management of PNB recently. Management expects
margins to moderate from current  levels but remain >3.5%, given two
PLR hikes taken over the last six months. Gross NPAs are expected to
remain <2.0%, with slippages expected to stabilize by year-end. With a
strong deposit franchise, PNB is relatively better positioned in a high
interest rate scenario and remains our top pick in the PSU space.

Nifty is forming a double bottom pattern suggesting uptrend:: IndiaBulls Research

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Nifty is forming a double bottom pattern suggesting uptrend

Last week, we had recommended that Nifty formed a "falling wedge" and a breakout could be in upper side. During the week the breakout was witnessed and Nifty rose more than 2%, in line with our expectation. Nifty wrapped the week on positive note and managed to closed at 5,948.75 level. Nifty is forming double bottom pattern on daily chart which is a bullish signal for market. A breakout would be confirmed of this pattern if Nifty trades above 6,060, in that case upside could be seen more than 200 points to 6,300 level. For the coming week resistance for Nifty seems at 5,980-6040 while support stand at 5,907-5,857 level. On upside if level of 5,980 breaches decisively then we could see rise up to mark of 6,040, on the lower side if level of 5,907 is breaches then Nifty could retrace up to support of 5,800 mark. Bullish Trend can only be confirmed if Nifty trades above 6,040 level.

India Business Update: CNBC TV18: Thursday, Dec 16, 2010

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SPECIAL LEAD

HERO, HONDA PART WAYS AFTER 26 YEARS
Munjals promoted Hero Group said today it will buy the entire 26% stake of its Japanese partner Honda in the company for an undisclosed amount. No financial details were disclosed. Royalty to remain in line or even lower. The board has approved a Memorandum Of Understanding between Hero Honda and Honda. The two companies will sign a definitive agreement within the next few weeks. read more

UBS: Asia Oil and Chemicals- Alpha Preferences

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UBS Investment Research
Asia Oil and Chemicals 
Alpha Preferences 

„ Add SinoTech to Most Preferred
We are adding SinoTech to our list of Most Preferred stocks following UBS
initiation of coverage with 135% potential upside to our price target. (Please see
"SinoTech Energy: Riding China's EOR wave," 14 December, 2010, by Ying Lou.)
The stock looks cheap at 2011E PE of 9.2x and EV/EBITDA of 4.4x particularly
considering that we expect a rapid roll-out of its lateral hydraulic drilling (LHD)
business in China to lead to doubling of EPS from 2011 to 2013.

Morgan Stanley Agribusiness & Food: Global Food for Thought

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 Dry La Niña weather pattern emerging in South America, posing potential risk to crop yields. While we acknowledge that room still exists for the weather to improve from here, we see production shortfall risk increasing should wetter weather in Argentina and Southern Brazil not materialize over the next 2 weeks. Planting progress, particularly in Argentina, has been delayed due to dry weather, and the second corn crop in Brazil could also fall short due to the delayed soybean harvest. No-return point in just 2-3 weeks.
India exporting sugar again: it has allowed exports of 0.5 mn MT under open license. We believe this will be enough to catalyze next up-cycle in Indian prices supported in the tight global balance (in Brazil, Unica expects total crushing to be below 560 mn MT).
 Agriculture poised for new records in 2011: Production shortfalls in the US, concerns over the Australian wheat crop, continued issues in Eastern Europe, and extremely strong demand has continued to lift ag commodity prices and benefit farmers’ bottom lines. 2011 farm profitability now appears poised to reach a new record. We would play it by owning fertilizer producers (POT.N, MOS.N, CF.N), seed producers (MON.N.), fertilizer retailers (FHER3.SA), or land/farming companies (SLC, BrasilAgro).

JP Morgan: India Oil & Gas, Chemicals - the year that was, and a look ahead

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• 2010: the year that was, and a look ahead:  In this note, we look
briefly at the key trends that impacted the sector over the past year, and
the possible direction these trends may take in the coming year.

Macquarie :Supply-side issues to support Natural Rubber prices higher in 2011

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Macquarie Agri-view
Supply-side issues to support Natural
Rubber prices higher in 2011
Feature article
 Natural rubber prices reached new 30-year highs this week amid very tight
supply/demand fundamentals. Adverse weather conditions in Southeast Asia
have no doubt worsened the near-term supply outlook, at a time of strong
rubber demand. But there are longer-term, structural issues at play here as
well, which threatens to prolong the global supply tightness into the New Year
too. We believe high rubber prices will remain a feature for most of 2011.

Macquarie Research, Commodities - Weaker stainless in the short run

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Commodities Comment
Weaker stainless in the short run
Feature article
 Finnish stainless steel producer Outokumpu has warned of a short-term
deterioration in the stainless steel outlook. We review the reasons why.

MacqTech Express- Implications of Best Buy results: Macquarie Research

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MacqTech Express
Implications of Best Buy results
Event
 Best Buy (BBY US, NR) released weak FY1Q11 results overnight and continued to
lose market share (110bp YoY decline) to discount outlets like Walmart/Costco.
BBY’s weaker results are more company specific in our view (underperformed
Walmart and Costco by 18% and 31% since 29 Oct), and we continue to remain
positive on overall demand elasticity.