18 April 2011

Goldman Sachs, top Picks -India April 2011

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Please click on picture to enlarge

Please click on picture to enlarge

CRISIL - Lower bond ratings take toll; Target Price: Rs 7,000:: Emkay

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


CRISIL
Lower bond ratings take toll


HOLD

CMP: Rs 6,834                                       Target Price: Rs 7,000


n     CRISIL’s Q1CY11 operating revenue were flat qoq at Rs1.8bn driven by 3% qoq decline in rating revenues and 30% qoq drop in advisory revenues
n     The operating margins declined by 280bps yoy (755bps qoq) to 32% driven by sharp increase of 29% in expenditure and lower contribution from high margin bond rating business
n     Rating revenues likely to remain lackluster till there is a pick up in the corporate bond market. However, costs  likely to remain elevated
n     Valuations have seen sharp run up. The stock is currently quoting at 24.7x/19.7x CY11E/CY12E EPS. Downgrade to HOLD with TP of Rs7000

JP Morgan: March PLF data - imported coal based projects continue to outshine domestic fuel peers

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


Know Your Power
March PLF data - imported coal based projects
continue to outshine domestic fuel peers


• In March, imported coal based plants continued to score over peers
using domestic coal. Adani's Mundra (1,980MW), JSW's Vijaynagar
(860MW), and RPWR's Rosa (600MW, blending imported coal) reported
>85% PLFs, maintaining their Feb run-rate. Lanco’s Amarkantak
(600MW @ 66%) and Udupi (600MW @ 60%) failed to show a pick up,
and were impacted by delay in offtake agreement and evacuation issues,
respectively. JSWE’s Barmer (270MW) which has improved from its
early days, is still <60%. NTPC, which is largely dependent on linkage
coal, reported 94% PLF for its coal capacity, owing to fuel supply
agreements in place.
• Gas availability from KG-D6 and therefore PLFs remain a concern:
March continued to be a weak month. Lanco’s Kondapalli recorded ~68%
PLF (down 240bps mom); GVK’s plants showed improvement mom yet
<80% level. NTPC’s 4GW capacity generated ~72% PLF. GMR was the
only exception with Kakinada plant (220MW) now operating at 100% and
the other two plants operated at ~85%.
• The quarter as a whole saw sharp improvement for: (1) RWPR (87%
vs. 54% in 3Q): with Rosa blending imported and e-auction coal to meet
shortfall from linakge coal (2) GMR’s gas based plants: (65-82% vs. 38-
76% in 3Q) with the re-location and resumption in production of Kakinada
plant. (3) NTPC: Coal based plants with a ~600bps improvement qoq to
92%, while production at gas based plants also improved qoq, albeit still at
72%. vs. 83% a year ago. (4) Adani: (89% vs. 85%) despite Mundra-III
(660MW) being commissioned only in March, implying >90% PLF for
Mundra I&II (1,320MW).
• 4Q to be seasonally weak for hydro. JPVL will typically show higher
PLFs from Apr-Sept. The March-q was a weak one with only ~15% PLF.
• As expected, beaten down names in the IPP space (Lanco, JPVL,
JSWE) have seen a bounceback with improving market sentiment. We
continue to have fundamental concerns on fuel availability, SEB exposure
and execution. We prefer the fuel-immunes like TPWR (OW) and PWGR
(OW), and strong execution plays like Adani (OW)

PINC Research is bullish on Infosys Technologies; target of Rs 3690

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


PINC Research is bullish on Infosys Technologies and has recommended buy rating on the stock with a target of Rs 3690 in its April 15, 2011 research report.
"Infosys reported below expected revenue and EPS growth. USD revenue grew 1.1%QoQ to USD1,602mn, led by pricing increase of 2.5%QoQ and volume decline of 1.4%QoQ. The operating margin declined 120bpsQoQ. Higher other income supported the PAT which grew 2.1%QoQ to Rs18.18bn (PINCe Rs19.1bn). For FY12, outlook was robust with 18-20%YoY USD revenue growth but a bit conservative on profitability front (EPS guidance of Rs126-128).”
“Revenues grew 2%QoQ to Rs72.5bn tad above their upper guidance of Rs72.3bn (PINCe Rs74.49bn). USD revenue grew 1.1%QoQ lower than upper guidance of 2%. EBIT margin declined 122bpsQoQ to 29% despite rupee depreciation, primarily due to dip in utilisation (420bpsQoQ decline to 68.4%). EPS grew 2%QoQ to Rs31.8 led by higher other income compared to Q3. BFSI was flattish with 35.7% contribution, manufacturing grew 5.2%QoQ and transport & logistics grew strongly 17.9%QoQ on a small base. Telecom was laggard with 3.8%QoQ decline. US was flattish but India grew 24%QoQ. App dev grew 4.3%QoQ much higher than company average. SI and IMS grew 10.1%QoQ and 2.8%QoQ, respectively. The utilisation rate declined and attrition (LTM) was down 50bpsQoQ to 17%. Infosys has added 7 Fortune 500 clients, total count to 155. Overall 620 clients.”
“Infosys plans to hire 45,000(gross adds) in FY12. Deal pipeline is strong with large transformational programs. Q4FY11 performance was marginally below expectations but growth outlook is robust with 18-20%YoY USD revenue growth and 6%CQGR in Q2-Q4FY12. We expect EBIT margin to decline lower than assumed 300bps for FY12. We maintain our ‘BUY’ recommendation with a target price of Rs 3690 based on 21xFY13E earnings,” says PINC Research report.

Property Radar India – False optimism: remain cautious: RBS

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


PropEquity data suggests a recovery in sales volumes in CY11 ytd. But our channel checks
suggest this is speculator driven and not sustainable as home buyer sentiment remains weak.
Developers are resorting to costly NCDs from NBFCs as banks are restricting funding. This could
add to pressure on earnings.

Infosys – 4QFY2011 Result Update: Angel Broking

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


For 4QFY2011, Infosys reported results that were below street as well as our
expectations. The sluggish performance was because of lack of budget flush from
few clients due to unstable macros resulting in lower utilisations. However,
management’s commentary on FY2012 outlook is upbeat with strong hiring
numbers (~45,000 in FY2012), cooling attrition, emergence of higher number of
transformational engagements and positive client budgets across verticals. Hence,
we expect revenue growth (in USD terms) to record a 23.4% CAGR over
FY2011–13E. We maintain our Accumulate view on the stock.
Disappointing results: Infosys reported revenue at US$1,602mn, a 1.1% qoq
increase – marginally above the lower end of its revenue guidance of
US$1,601mn – with a 1.4% qoq decline in volumes. Revenue growth in INR terms
came in higher by 2.0% qoq at `7,250cr, on the back of INR depreciation of
1.0% qoq against USD. The company’s EBITDA and EBIT margins declined by
120bp and 122bp qoq to 32.1% and 29.0%, respectively, due to poor utilisation
level, which dropped off by 550bp qoq to 75.2% (excluding trainees) in
4QFY2011.
Outlook and valuation: Management is witnessing a surge in its deal pipeline and
has bagged four transformational deals of size of US$30mn plus and six large
deals of US$150mn plus. Further, management has indicated 45,000 as the
gross hiring number for FY2012, of which ~27,000 people will be employed to
map into growth and the rest to backfill attrition. This translates into ~21% growth
in headcount for incremental work. However, margin headwinds ex-currency such
as 1) weak utilisation due to strong fresher hiring and 2) wage inflation of
10–12% offshore and 2–3% onsite is likely to pull down margins. Thus, we expect
Infosys to continue to report strong revenue (INR terms) CAGR of 21.3% but lower
CAGR in EBITDA and PAT at 16.4% and 17.0%, respectively, over FY2011–13E.
We maintain our Accumulate view on the stock with a target price of `3,435.

FII & DII trading activity on NSE and BSE as on 18-Apr-2011

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
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 18-Apr-2011.
FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
FII18-Apr-20112528.23509.76-981.56
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-Apr-2011.
DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
DII18-Apr-20111395.14733.67661.47
 


--

Muthoot Finance IPO, Kotak FMP (0% equity) & Reliance Dual Advantage FTF

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


The Initial Public Offer (IPO) from gold loan provider, Muthoot Finance Ltd. (Muthoot).  Exceptional growth in gold loan disbursements (loans against gold jewellery) in recent years, the under-penetrated nature of this market and the high yields from these loans, despite being secured, make the gold lending business attractive within the banking/NBFC space
Issue Details:
  »»  Issue Open: Apr 18, 2011 - Apr 21, 2011 
  »»  Issue Type: 100% Book Built Issue IPO 
  »»  Issue Size: 51,500,000 Equity Shares of Rs. 10 
  »»  Issue Size: Rs. 824.00 - 901.25 Crore 
  »»  Face Value: Rs. 10 Per Equity Share 
  »»  Issue Price: Rs. 160 - Rs. 175 Per Equity Share 
  »»  Market Lot: 40 Shares

FII DERIVATIVES STATISTICS FOR 18-Apr-2011

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��



FII DERIVATIVES STATISTICS FOR 18-Apr-2011 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES906892637.92927792693.6657522016495.50-55.74
INDEX OPTIONS46100713314.1242529312388.37169453148344.85925.75
STOCK FUTURES742712036.95778122219.76124094131993.19-182.81
STOCK OPTIONS19046540.1019053540.0424631661.040.06
      Total687.26
 
 


-- 

18-Apr-2011; NSE, Bulk deals,

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


Symbol
Security Name
Client Name
Buy / Sell
Quantity Traded
Wght. Avg. 
Price
BEDMUTHA
Bedmutha Indust Ltd
SAAKSHI SHARES PVT.LTD.
SELL
1,77,858
123.52
EVERONN
Everonn Education Limited
CROSSEAS CAPITAL SERVICES PVT. LTD.
BUY
2,42,056
701.74
EVERONN
Everonn Education Limited
CROSSEAS CAPITAL SERVICES PVT. LTD.
SELL
2,42,056
699.78
GLORY
Glory Polyfilms Limited
MEENA AGARWAL
BUY
6,00,000
4.00
GLORY
Glory Polyfilms Limited
MEENA AGARWAL
SELL
4,11,986
3.75

18/4/2011; BSE, Bulk deals,

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


Scrip Code
Company
Client Name
Deal Type *
Quantity
Price **
530027
Aadi Inds
HEMANT SARVAIYA
B
50000
19.43
530901
ACIL
KAMINI BHARAT TAKWANI
S
608780
1.60
531678
Anand Credit
BRIJESH ASHOKBHAI HALARI
S
43947
6.45
521131
Anjani Fabrics
VEDAWALA PANKAJKUMAR SHANTILAL
B
70000
38.60
532397
Arms Paper
DHARAMSHI VASHRAM DESAI
B
27650
7.74
512535
Asahi Infra
INDRAVARUN TRADE IMPEX PVT LTD
B
594652
11.70