19 April 2011

Allahabad Bank- Improving franchise at inexpensive valuations; initiate with OUTPERFORM:: Standard Chartered Research,

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Allahabad Bank
Improving franchise at inexpensive valuations; initiate with OUTPERFORM


 We initiate coverage with OUTPERFORM and price
target of Rs270 based on 1.4x FY12E P/BV.
 At the current valuation of 1.2x FY12E P/BV, Allahabad
Bank trades at a discount to other bank stocks.
 While the bank has a high proportion of savings
deposits at 27% of total deposits, it trades at a discount
to other banks due to its weaker technology platform
and perception that its loans carry higher NPL risks.
 We expect the stock to trade higher given likely good
earnings performance and with slippages under control.

India Financials- Rising risks, but healthy returns :: Standard Chartered Research,

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 Despite macro risks – high inflation and tight liquidity – we expect banks to deliver strong earnings growth of 21%
in FY12E. Lower operating and credit costs are likely to offset the impact of lower NIMs, more so for state-owned
banks, as rising deposit rates flow through with a lag.
 Our sector-specific bear and bull case analysis highlights the upside and downside risks for all stocks in our
coverage universe. We recommend SBI, Axis Bank, ICICI Bank, PNB, BoB, IndusInd Bank, Allahabad Bank,
M&M Finance and Shriram Transport. Among banks, we prefer those with strong deposit franchises, and among
non-bank financials, we prefer those operating in niche segments.
 Restructured loans, the key drivers of NPLs over the past two years, have peaked, in our view. While the stress
on restructured loans is behind us, there could be upside risks to our bad loan forecasts from regulatory changes
in telecom, microfinance and real estate.

HDFC -Solid fundamentals but valuations expensive; initiate with UNDERPEROFRM:: Standard Chartered Research,

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HDFC
Solid fundamentals but valuations expensive; initiate with UNDERPEROFRM


 We initiate on HDFC, India’s leading mortgage financier,
with UNDERPERFORM and price target of Rs640.
 It has strong fundamentals with current spreads higher
than historical averages, strong NIMs and superior asset
quality.
 We believe HDFC’s rich valuations are fully pricing in
these strengths.
 The stock trades at 5.8x P/ABV for FY12E, at a steep
premium to the market and to other bank stocks.
 We value the core business at Rs390/sh and
subsidiaries at Rs250/sh.

AXIS Bank- Still growing fast, still good quality; initiate with OUTPERFORM:: Standard Chartered Research,

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AXIS Bank
Still growing fast, still good quality; initiate with OUTPERFORM


 We initiate coverage with an OUTPERFORM rating and
price target of Rs1,675.
 Sustained, strong earnings growth of 29% over FY11-
13E, improving asset quality and a high proportion of
CASA relative to the sector are likely to be the key
drivers for the stock, in our view.
 Axis Bank ranks among the top banks in terms of
deposit mix and RoA.
 Our price target is based on a target P/BV multiple of 3x.
We expect the stock to re-rate given its strong earnings
outlook and decelerating new NPL formation.

Future Ventures sets IPO price band at Rs 10-11/share

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Issue Terms
 
Issue price / Floor Price (Rs)
10-11
Application per share (Rs)
10.00
Minimum investment amount (Rs)
6,000.00
Minimum bid (no of shares)
600 shares and in multiples of 600 thereafter
Maximum Shares for Retail
1980-1800



Issue Date and Size
 
Issue opens
25-Apr-11
Issue closes
28-Apr-11
Listing on
BSE, NSE
Issue size (Rs cr)
750



Lead Managers & Registrar
Lead Manager(1)
Enam Securities Private Limited
E-mail
fvil.ipo@enam.com
Lead Manager(2)
JM Financial Consultants Private Limited
E-mail
fvil.ipo @jmfinancial.in
Registrar
Link Intime India Private Limited
E-mail
fvil.ipo@linkintime.co.in



Company Contact Details
Company's address
Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (E), Mumbai
Pincode
400 060
Tel No.
91 22 3084 2200
Fax No.
91 22 3084 2201



Objects of Issue
  • To create, build, invest in or acquire, and operate business ventures.

IPO Grey market premium, Muthoot , Innoventive, Servalakshmi : April 19, 2011


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Company Name
Offer Price (Rs)
Premium (Rs)
Muthoot Finance
160-175
24 to 26
Paramount Print
32 - 35
1.5 to 2
Innoventive Ind 

-
Servalakshmi 
27-29
4



19-Apr-2011; NSE, Bulk deals,

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Symbol
Security Name
Client Name
Buy / Sell
Quantity Traded
Wght. Avg. 
Price
ACROPETAL
Acropetal Tech Ltd
INDRAVARUN TRADE IMPEX PVT LTD
BUY
1,96,733
44.72
ACROPETAL
Acropetal Tech Ltd
INDRAVARUN TRADE IMPEX PVT LTD
SELL
77,257
44.35
ATLANTA
Atlanta Limited
BLUEDIAMOND SUPPLIERS PVT LTD
BUY
4,51,380
130.44
ATLANTA
Atlanta Limited
BLUEDIAMOND SUPPLIERS PVT LTD
SELL
4,51,380
129.14
BANCOINDIA
Banco Products (I) Ltd
JAPAN METAL GASKET COMPANY LIMITED
SELL
4,00,000
78.12
BEDMUTHA
Bedmutha Indust Ltd
JAYNEEL SECURITIES PRIVATE LIMITED
BUY
1,09,664
119.70

19/4/2011; BSE, Bulk deals,

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Scrip Code
Company
Client Name
Deal Type *
Quantity
Price **
524412
Aarey Drugs
VARDHAMAN CHANDMAL SHAH
B
30000
22.95
524412
Aarey Drugs
VIPUL PANNALAL SHAH
S
28996
22.95
531678
Anand Credit
BRIJESH ASHOKBHAI HALARI
S
57750
6.13
531160
Arcadia Merc
ANAND CREDIT LIMITED
B
89500
51.50
531160
Arcadia Merc
AMRAPALI CAPITAL AND FINANCE SERVICES LIMITED
B
100000
51.50
531160
Arcadia Merc
VIJAY CHINUBHAI SHAH
S
57000
51.50
531160
Arcadia Merc
SHAH JIGNESH JITENDRAKUMAR
S
92500
51.50
512535
Asahi Infra
INDRAVARUN TRADE IMPEX PVT LTD
B
916024
11.69

19-04-2011 Clients, NRI, Proprietary trading activity

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(Rs. crore)
Clients
Trade Date
Buy
Sales
Net
19-04-2011
9,352.51
2,543.30
6,809.21
18-04-2011
2,438.63
2,353.43
85.2
15-04-2011
2,692.48
2,562.78
129.7
Apr , 11
33,690.07
26,683.89
7,006.18
Since 1/1/11
1,76,475.11
1,71,484.27
4,990.84
(Rs. crore)
NRI
Trade Date
Buy
Sales
Net
19-04-2011
0.30
0.91
-0.62
18-04-2011
3.56
3.13
0.43
15-04-2011
1.57
1.38
0.19
Apr , 11
11.22
16.46
-5.24
Since 1/1/11
81.17
74.47
6.70
(Rs. crore)
Proprietary
Trade Date
Buy
Sales
Net
19-04-2011
743.94
658.07
85.87
18-04-2011
642.67
697.00
-54.33
15-04-2011
733.13
726.74
6.39
Apr , 11
7,154.87
6,956.04
198.83
Since 1/1/11
48,335.56
48,085.19
250.38