BUY Reliance Industries- 4Q in-line; Refining & petchem will be growth drivers :: JP Morgan

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Reliance Industries Ltd Overweight
RELI.BO, RIL IN
4Q in-line; Refining & petchem will be growth drivers


• 4QFY11 – in line; outlook on refining, petchem is positive: 4QFY11 net
profit of Rs53.8bn was in line with our expectations (Rs53.9bn). Refining
margins were a tad disappointing at US$9.2/bbl (US$9/bbl in 3Q) on
account of an extended secondary unit shutdown. With all units now
operational, we believe RIL is positioned to benefit from strong auto fuel
spreads, continued strength in polyester chain (with polyester/cotton
differentials at US$3000/MT) and bottoming of polymer cycle in 2011.

IT Services: Does It Make Sense That IBM's Consulting & SI Growth Is So Much Weaker Than Accenture's? Yes! :: Bernstein Research,

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Highlights
IBM Global Services' results for Q1:11 were mixed, but disappointing overall. This piece explains IT
services industry implications from IBM's report and our follow-up discussion with management.
On the somewhat positive side, overall Global Services revenue growth improved from 2% in Q4:10 to 3%
in Q1:11, and we see indications that add-on work is helping outsourcing revenues.

Buy IRB Infrastructure; First ultra mega project into its kitty …Target : Rs 237:: ICICI Securities,

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IRB: First ultra mega project into its kitty …
IRB Infrastructure (IRB) has emerged as preferred bidder for the
Ahmedabad-Vadodara project worth | 4,920 crore (including IDC
charges & part of premium payable to NHAI during construction
phase). The project is to be funded with debt to equity of 74:26. IRB
has offered a premium of | 309.6 crore with 5% increase per annum to
NHAI to emerge as L-1 bidder, which is at ~60% premium to its closest
bidder indicating aggressive bidding. Hence, we believe the
management guidance for equity IRR for this project at 15-17% seems
to be on the optimistic side. Nonetheless, the project is expected to
improve its construction division visibility. We have maintained our
BUY recommendation with our SOTP based price target of | 237.

Buy ITC; Target -Growth drivers in place; Rs229:: RBS

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ITC
Growth drivers in place
We believe the growth opportunity in all of ITC’s businesses remains exciting;
ITC has made aggressive investment plans to sustain the 17.2% PAT CAGR it has
seen in the last 10 years. Investment in its paper and hotel businesses should be
largely funded by its own cash flows. Buy, target price Rs229.

Capital Market Updates April 22, 2011

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Capital Market Updates

 

Areva T&D bags two contracts of Rs 290 crore from Essar

AREVA T&D India has bagged two contracts worth Rs 290 crore from Essar Projects for setting up latter's power projects in Jharkhand and Orissa. AREVA T&D India has been awarded two contracts by Essar Projects for their upcoming Power Projects at Tori, Jharkhand and Paradip, Orissa. Tori and Paradip are 1,200-MW Super Thermal Power and 120-MW Thermal Power Projects, respectively. The combined value of both contracts is around Rs 290 crore and the scope will include supply and installation of electrical Balance of Plant solutions for two 600-MW thermal power plants at Tori, Jharkhand and four 30 MW units thermal power plants at Paradip, Orissa.

ICICI Bank provides Rs.22 cr soft loan to TERI

The Energy and Resources Institute (TERI) and ICICI Bank signed a ‘soft loan agreement' to promote research and development in the areas of nano-biotechnology, energy efficient technology, micro enterprise systems and other vital areas of sustainable development. The financial assistance amounting to Rs.22 crore from ICICI Bank under the ‘Technology Institutions Programme' of the World Bank will strengthen TERI's activities working on the entire spectrum of sustainable development. TERI plans to utilise the loan to focus on energy efficient improvements in Indian industry.

Jindal Steel makes second attempt at acquiring Rocklands of Australia

After one prior failed attempt to acquire Australian coal miner Rocklands Richfield, Jindal Steel and Power is at it again with a second try. The company has launched an open offer to acquire all shares of the company at $0.25 per share valuing it at $88 million. Jindal Steel and Power (Australia) Pty Ltd, a wholly owned subsidiary of Jindal Steel and Power Ltd has initiated the open offer which will commence on May 5 and will end on June 6. The company is offering $0.25 per share which is at a premium of 43 per cent to the closing price of Rocklands as on April 18. Jindal Steel and Power, through its Mauritian subsidiary, Jindal Steel and Power (Mauritius) Ltd holds 14.46 per cent stake in Rocklands Richfields. Jindal has appointed Wilson HTM to act as its on-market broker for the share purchase. Deloitte Corporate Finance is the financial advisor to Jindal and Hopgood Ganim is the legal counsel to the company.

Powergrid Corp to develop transmission network in Kenya

PowerGrid Corp has signed an agreement for developing transmission network in Kenya. The details of the agreement are yet to be worked out. The company also signed an agreement for providing training to KETRACO engineers.

   

RIL: Decline in gas production from RIL-operated KG-D6 block under govt's scanner

The oil ministry will hold a meeting on Thursday to assess reasons for a sharp decline in gas production from Reliance Industries-operated KG-D6 block and may consider reallocating gas in favour of high-priority sectors, such as fertiliser and power. It is also considering moves to offset the shortfall with imports.

Reliance Infra arm close to tying up funds for Worli sea-link project

Reliance One Sealink Pvt Ltd, a special purpose vehicle floated by Reliance Infra, is close to securing financial closure for its Mumbai sealink project. ICICI Bank has given “in-principle approval” for a loan of Rs 2,000-crore - comprising $250-million (around Rs 1,125 crore) ECB and the rest (Rs 875 crore) by way of rupee term loan.

State Bank scraps teaser home loan scheme

SBI will discontinue the teaser home loan scheme from April 30. The prospect of having to make a two per cent provisioning for standard assets (against 0.4 per cent for other standard assets) entailing an outgo of Rs 587 crore on existing teaser loans in the March-end quarter clinched the decision to do way with the product. Otherwise, the bank's profitability for the reporting quarter would have been impacted to that extent.

Tata Steel, Rio Tinto to jointly develop new technology

Tata Steel may not have accepted Rio Tinto’s ongoing offer for Riversdale Mining shares as yet, but it has signed a licensing agreement with the global miner to support technological and commercial development of the environmentally friendly direct iron smelting process called HIsarna. The agreement covers how both parties will work together, sharing their existing knowledge of the two technologies that are combined in the new process. It also covers how benefits from future successful marketing of technology will be made available to both parties, as well as to the members of ULCOS, a consortium of European steelmakers in whose name the project was being carried out.

VIP may sell stake in Windsor Machines  

VIP Industries is likely to sell its stake in the Windsor Machines Ltd, to Renaissance Equipment Pvt Ltd, along with other promoters. VIP, one of the promoters, holds 17.49 per cent stake in Windsor Machines. The promoters are expecting a final decision from the Board for Industrial and Financial Reconstruction (BIFR) soon.

Source: Various Newspapers namely Business Line, Business Standard, Live Mint, Economic Times, Times of India, DNA Money, Financial Express, Moneycontrol etc

Tata Consultancy Services: In-line 4Q FY11 results :: Nomura

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TCS: :In-line 4Q FY11 results
Good quarter, but in line with
expectations; we see limited
upside in stock
April 21, 2011
Rating
Remains Neutral
Target price
Increased from 1230
INR 1240
Closing price
April 21, 2011
INR 1192
Potential upside +4%

HCL Tech - OUTPERFORM - Delivering ahead of promise :: Credit Suisse,

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● HCL Tech results were excellent with a positive surprise on
margins (up 130 bps QoQ) and good revenue growth (5.8% QoQ).
Revenue/EBIT/PAT were 2%/10%/13% ahead of our estimates.
● Management reiterated its view that EBIT margins should be
close to 15.5% in the Jun-11 quarter. Given strong margin
performance in the Mar-11 quarter, we believe that investors will
gain confidence in the company’s ability to deliver margins.
● Although BPO losses reduced in the quarter, this business still
remains in investment mode. We thus continue to build EBIT loss
of US$13.8 mn over next three quarters in BPO.
● Geographical revenue breakdown clearly indicates that the US
was slow in the quarter with 0.7% QoQ growth. However, strong
performance in emerging markets and Europe helped HCL Tech.
● Following the results, we largely maintain our EPS estimates but
increase our target price to Rs640, as we roll forward our model.
We maintain our OUTPERFORM rating on the stock.

Infotech-Downgrade- Margin improvement remains a distant dream :: Credit Suisse

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Infotech-------------------------------------------------------------- Downgrade to UNDERPERFORM
Margin improvement remains a distant dream


● Infotech Enterprises reported in-line revenue growth, but
disappointed on margins leading to EBIT missing our estimates by
10%. Lower tax led to EPS in line with estimates.
● Management has remained optimistic on margins for the past few
quarters but have not been able to meet targets. The bigger
surprise is that the company does not have even one quarter of
margin predictability.
● Revenue growth over the past year has been decent (21% YoY
organic growth) but not outstanding. The company stated that
problems in a couple of large clients limited the revenue numbers.
● We thus find that management guidance of 25%+ revenue growth
(US$ terms) and 16-17% EBITDA margin optimistic and peg our
numbers at 23% revenue growth and 15% EBITDA margin.
● Our FY12/13 EPS estimates decline by 21%/24%. We now set a
target price of Rs140 at 11x FY3/12 EPS. We downgrade the
stock to UNDERPERFORM from (Outperform).

Hold Container Corporation; Impacted by de-growth in domestic volumes…Target : | 1250, ICICI Securities,

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Container Corporation

Impacted by de-growth in domestic volumes…
Container Corporation’s (Concor) Q4FY11 numbers were below our
estimates on the back of a sharp drop in domestic volumes. In the
current quarter, domestic volumes declined by 8.5% YoY. The fall in
domestic volumes was primarily on the back of a sharp increase in
haulage charges on specified commodities. The company recorded net
sales of | 995.38 crore, growth of 4.7% YoY and 2.5% QoQ in Q4FY11.
The EBITDA margin for Q4FY11 declined 550 bps QoQ to 23.4%
primarily on account of volume discount given to clients. Net profit
increased by 16.2% YoY to | 201.40 crore.

Strong Buy Development Credit Bank (DCB); Profits are here to stay… Target :Rs 72:: ICICI sec

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Profits are here to stay…
DCB’s FY11 results prove that its turnaround strategies have been
effective with the bank declaring a PAT of | 21.4 crore (Q4FY11: | 11.3
crore) as compared to a loss of | 78.5 crore in FY10. The core business
performance strengthened with NII surging 34% YoY to | 189 crore (Idirect
estimate: | 187 crore) as advances and deposits grew 23% YoY
and 17% YoY to | 4271 crore and | 5651 crore, respectively. The FY11
NIM was strong at 3.13% (up 34 bps YoY) with Q4FY11 margin
protected at 3.15% despite rising cost of funds. We had anticipated a
25-30 bps decline in NIM in Q4FY11. However, this impact should be
visible in FY12E as term deposits get repriced. Provisions declined 48%
YoY to | 65 crore boosting PAT further. We expect a 24% CAGR in
business and lower credit costs to boost NII and PAT by a CAGR of 24%
and 87%, respectively, over FY11-13E.

India strategy: Turning cautious:: CLSA's Model portfolio picks

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India strategy


Turning cautious
The market has run 11% from its Feb-11 low even as macro risks relating
to high crude prices and inflation have risen. While the pattern of flows in
1Q suggests that foreign investors are principally in for the longer-term
growth story, from a portfolio standpoint, some reduction in risk is
warranted. In our model portfolio, we have deleted some stocks that look
vulnerable to hardening rates and higher input commodity prices and
added defensive names from the consumer, utilities sectors. Banks,
Materials move to U-WT, while consumer discretionary is now O-WT.

INFOSYS TECHNOLOGIES LIMITED Uncertain margin prospects increase short-term pressure. Sell ::Societe Generale

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INFOSYS TECHNOLOGIES LIMITED
Uncertain margin prospects increase short-term pressure. Sell maintained


 Update Following disappointing FY11 results (to end-March) and poor FY12 guidance
reported on 15 April, we reduce our FY12 EPS to $2.88 (from $3.06). We maintain our
Sell rating (new TP $56, from $58) on Infosys. While we believe market demand remains
solid (for FY12, Nasscom revenue estimates: +16-17% for Indian providers, SGe +18%
for Infosys), we remain cautious on Infosys’s margin prospects for two reasons: 1/ Poor
execution in Q4 FY11 potentially spreading into FY12. Despite a strong demand
environment (pricing +2% for a third quarter in a row), Infosys reported a 2% volume
decline in Q4, indicating poor execution in our view; a large decline in utilisation rate
(FY12e: -120bp) due to aggressive hiring (FY12 target: 45k gross hiring); a sharp
increase in unbilled revenue ($92m at end-March) and stable DSO (63 days) at a high
level; 2/ Potential additional investments to regain market share from offshore peers
(TCS, Cognizant): reorganisation (alongside industry lines across all geographies,
creation of a new vertical – public services and healthcare); investment in Europe (23%
group revenue) by hiring more local resources; consolidation of services offering; buildup
of the global delivery platform outside India (e.g. China, Mexico, Brazil) and wage
hikes (2-3% onsite and 10-12% offshore, effective 1 April). Infosys needs to regain
momentum in the insurance and telecoms sectors, where it has been struggling over the
last four quarters.

Reliance Industries -- 4QFY11 results: tad lower :: Target price Rs985 :: RBS

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Reliance Industries
4QFY11 results: tad lower
4QFY11 net profit was  just 2% below  our estimate  mainly on lower GRMs.  As
expected, management did not provide any guidance on gas production or use of
cash, though it did admit that finding suitable projects would be a key challenge.
No major changes to our estimates. Our target price remains Rs985; Hold.

HCL Infosystems --Increasing headwinds:: Target price Rs112:: RBS

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HCL Infosystems
Increasing headwinds
We see near-term headwinds to HCLI’s SI business due to execution delays and
Nokia’s volumes expected to be under pressure. We lower our FY11/12F EPS
12%/11%. Consensus downgrades should follow, but a 7% dividend yield and
strong order book give some comfort of a back-ended recovery. Hold, from Buy.

RBS:: Buy Hindustan Zinc 4QFY11 results: Above expectations; Target price Rs167.00

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Hindustan Zinc
4QFY11 results: Above expectations
Hindustan Zinc reported strong results earlier today. 4QFY11 EBITDA was
Rs19.3bn and net profit was Rs17.7bn. The earnings beat does not come entirely
as a surprise with the robust production numbers it reported last week.  We have
a Buy rating on the stock with target price of Rs167.

TCS: Strong 4Q, well on track for a strong FY12 too : raise TP to INR1,360 :: HSBC

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TCS (TCS BO)
OW: Strong 4Q, well on track for a strong FY12 too
 Continued robust hiring, along with strong margin
performance, was the highlight of the quarter
 Demand outlook remains positive and management is
confident of maintaining margins in FY12, on the back of
pricing improvements
 We remain OW, and raise our TP to INR1,360 (from INR1,300)

Reliance Industries: Q4FY11 results point to better Q1FY12 but flat thereafter, HSBC Research,

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Reliance Industries (RIL)
N: Q4FY11 results point to better Q1FY12 but flat thereafter
 4QFY11 results were moderately lower than our and
consensus estimates on lower refining margin. Consolidated
earnings disappointed on dry well write-off
 We expect robust earning in 1QFY12 on resumption of all
refining units but brace for several flat quarters thereafter in
the absence of any earnings trigger
 Maintain Neutral and target price of INR1,084

Nestle India 1QC11: Strong Quarter; Pricing Power to the Fore:: Morgan Stanley Research,

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Nestle India
1QC11: Strong Quarter;
Pricing Power to the Fore
Domestic revenue growth solid, export revenues
recover: Nestle reported revenues, operating profit and
adjusted net profit growth of 22%, 26% and 33%,
respectively, as against our expectations of 23.5%,
16.9% and 19.6% for 1QCY11. Domestic FMCG sales
grew +23% yoy driven by continued volume and pricing
momentum. Export sales recovered this quarter,
growing at 10% despite tough comps in Q1 last year.

Sterlite Industries : Zinc Division Results in F4Q11: Boosted by Silver :: Morgan Stanley

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Sterlite Industries (India) Limited
Zinc Division Results in F4Q11: Boosted by Silver
Quick comment: We remain OW on Sterlite on a oneyear
perspective due to our view that the stock’s
valuation, at 3.6x EV/EBITDA based on our F2012
estimates, seem attractive – especially given the 50%
EBITDA CAGR that we forecast over F2011-13.
However, near-term movement in the stock also
depends on progress on commissioning of power
projects and coal mining and on volume progression of
silver output.

INNOVENTIVE INDUSTRIES IPO: All information: Prospectus, Application Forms, ASBA, Grading reports

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INNOVENTIVE INDUSTRIES LIMITED
Symbol - Series	INNOIND EQ
Issue Period	Apr 26, 2011 to Apr 29, 2011[* For QIB bidders Issue closes on Apr 28, 2011]
Post issue Modification Period	Apr 30,2011
Issue Size	Public Issue Of (*) Equity Shares of Rs. 10/- each aggregating to Rs. 21,958 Lacs
Issue Type	100% Book Building
Price Range	Rs.117 to Rs.120
Face Value	Rs.10/-
Tick Size	Re. 1/-
Market Lot	50 Equity Shares
Minimum Order Quantity	50 Equity Shares
IPO Grading	IPO GRADE 3
Rating Agency	ICRA
Maximum Subscription Amount for Retail Investor	Rs.200000
IPO Market Timings	10.00 a.m. to 5.00 p.m.
Book Running Lead Manager	Axis Bank Limited, Avendus Capital Private Limited
Syndicate Member	Avendus Securities Private Limited,Reliance Securities Limited,ENAM Securities Private Limited and SBICAP Securities Limited
Categories	FI,IC,MF,FII,OTH,CO,IND,and NOH
No. of Cities with Bidding Centers	51
Name of the registrar	Karvy Computershare Private Limited
Address of the registrar	46, Avenue 4,Street No. 1, Banjara Hills,Hyderabad - 500 024, Andhra Pradesh, India
Contact person name number and Email id	Mr. M Murali Krishna, Telephone (toll free): 1-800-345 4001Fax No.: +91-40-2331 1968,Email: innoventive.ipo@karvy.com
Prospectus	Click Here
Trading Member List	Click Here
Application Forms	Click Here
ASBA e-form link	e-Forms
Grading Report	Click Here

INDIA/AUTOMOBILES :: Switch from CVs to cars:: BNP Paribas

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􀂃 Sector earnings growth to moderate to 14% in FY11-13E; turning NEUTRAL

􀂃 Most positive on cars followed by 2W; best for CV sales seems to be over
􀂃 Downgrading TTMT to HOLD, as we expect earnings momentum to slow
􀂃 Maruti is top pick on strong volumes, stable margins and cheap valuation

Tata Motors:: Earnings momentum to slow 􀂃 BNP Paribas

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Earnings momentum to slow
􀂃 Domestic and JLR businesses entering a low growth phase
􀂃 Best of CV cycle seems behind us; TTMT losing share in cars
􀂃 JLR margins peaking as incentives bottom and forex benefits go
􀂃 Downgrade to HOLD (from Buy); cut TP to INR1,245

Buy Maruti Suzuki India:: Our top pick 􀂃 BNP Paribas

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Our top pick
􀂃 FY11-13E EPS CAGR of 20% highest among auto stocks we cover
􀂃 Our checks reveal Maruti dealers most bullish of all OEMs
􀂃 We believe FY11 will mark the bottom for EBITDA margins
􀂃 We increase FY12-13 EPS estimates by 4-9%; TP to INR1,525

Buy Ashok Leyland:: Growth moderation priced in 􀂃 BNP Paribas

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Growth moderation priced in
􀂃 High growth phase of CV cycle behind us; growth to moderate
􀂃 Uttarakhand production to help margins & FY12 earnings growth
􀂃 The stock trades at 9.7x P/E on our revised FY12 estimates
􀂃 Cut TP to INR70 based on mid-cycle EV/EBITDA multiple of 7x

UBS : TVS Motor Company- Scaling up for a turnaround

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UBS Investment Research
TVS Motor Company Ltd.
Scaling up for a turnaround [EXTRACT]
􀂄 TVS is India’s third-largest company in a fast-growing 2-W sector
We initiate coverage of TVS Motor (TVS), India’s third-largest 2-W company by
volume, with a 15% market share. TVS has a monopoly in mopeds, which account
for 6% of the 2-W market and the second position in scooters with a 22% market
share. We forecast TVS’s volume will grow 19%/16% YoY in FY12/13, mainly
driven by rapid growth across all product categories, particularly scooters and
exports of 2-Ws and 3-Ws.

UBS : Hero Honda - Key beneficiary of rural growth

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UBS Investment Research
Hero Honda Ltd.
Key beneficiary of rural growth
􀂄 Raising earnings estimates due to strong volume growth
Hero Honda (HH) remains our preferred pick given strong rural demand and its
growing share in India’s scooter market. Almost two-thirds of HH’s sales come
from rural areas and agriculture-related towns. We believe the positive pricing
environment will offset the company’s input cost pressures. We raise our FY12/13
sales volume growth forecasts for HH from 13%/11% to 17%/14% given our
strong sector outlook. We raise our FY12/13 EPS estimates by 10.4%/9.3%.

UBS : Bajaj Auto- Strong exports, robust domestic

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UBS Investment Research
Bajaj Auto
Strong exports, robust domestic

�� Export growth likely to remain strong
The company expects strong momentum in exports and targets 20%YoY growth in
FY12 lead by strong growth in Africa and other emerging markets. 3W exports could
grow equally quickly in FY12. Bajaj has debottlenecked 3W capacity from 40,000
units/month to 45,000 units/month in Apr 2011. We raise our EPS estimates, driven by
higher-than-expected 3W volume in FY11 and stronger growth in export markets for
3Ws in FY12, in line with guidance.

Zee Entertainment : Sports business drives strong performance for Q4FY11:: JP Morgan

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Zee Entertainment Enterprises
Neutral
ZEE.BO, Z IN
Sports business drives strong performance for
Q4FY11


• Q4FY11 earnings beat our and street expectations by a wide margin
driven largely by the better than expected performance of the sports
business. ZEEL reported 23%, 23% and 47% y/y growth for revenue,
EBITDA and PAT respectively. Advertising and subscription revenue
growth was 36% and 24% y/y respectively. Overall Q4 was a reversal of
Q3FY11’s weak performance on two key parameters - sports business
profitability and DTH revenue growth. Sports losses declined significantly
from Rs1030mn in Q3FY11 to Rs152mn in Q4.

Tata Consultancy Services -Just good may not be enough:: Standard Chartered Research,

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 4Q financials marginally ahead of our estimates; margin
out-performance helped by currency tailwinds.
 We see volume momentum holding on. But that is built
in the 14%/15% upgrades to consensus FY12/13F EPS
over the past six months, in our view.
 We believe lower intensity of realization growth (+90bp
qoq in 4Q11 versus Infosys’ 210bp) and INR strength
could restrict further revisions. We expect the stock to
remain range-bound in the near term.
 Stay at IN-LINE. PT raised to Rs1,280 (Rs1,170 earlier)
on EPS roll-forward.

Yes Bank 4QFY11 - strong and inline results:: Standard Chartered Research,

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 Yes Bank reported strong loan and deposit growth,
stable NIMs and substantial increase in loan loss cover.
 We maintain our UNDERWEIGHT rating on Yes Bank
as we are concerned about its low CASA in a rising rate
environment.
 We believe Yes Bank’s key productivity parameters
have peaked.
 We maintain our earnings and price target of Rs310.
The bank plans to raise a maximum of US$500m over
the next 12-15 months.

UBS:: Sesa Goa Acquires 10.4% in Cairn from Petronas

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UBS Investment Research
Sesa Goa
Acquires 10.4% in Cairn from Petronas
􀂄 Event: Sesa Goa acquires 10.4% stake in Cairn India from Petronas
Sesa has acquired 10.4% stake (200mn shares) at Rs331/share for Rs66.2bn
(US$1.5bn) in Cairn India from Petronas. This will be in addition to the Open offer
for acquiring 20% stake in Cairn India (offer closes on 30th April 2011). Sesa will
own between 20%-30.4% in Cairn India (vs 20% earlier) depending on the success
of the open offer and Vedanta will own between 51%-70.4%.

Sterlite Industries : Zinc Segment-Higher Pb+Silver conc realization and lower CoP drive above expectation results:: JP Morgan

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Sterlite Industries Overweight
STRL.BO, STLT IN
Zinc Segment-Higher Pb+Silver conc realization and
lower CoP drive above expectation results


• Hindustan Zinc (HZ), Sterlite Industries’ subsidiary, reported
4QFY11 earnings ahead of estimates: HZL reported 4QFY11
EBITDA at Rs19.69bn (+27% y/y; +31% q/q), well ahead of both JPM
estimates (Rs15.6bn) and Bloomberg consensus (Rs16.1bn). The higher
than expected EBITDA was driven by strong zinc, silver volumes and
high Pb conc realization aided by higher silver content. PAT at Rs17.7bn
(+43% y/y; +37% q/q) was also ahead of estimates (JPMe: Rs13.0bn;
BBGe: Rs13.8bn).

JP Morgan: Tata Consultancy Services : Rounding out a commanding FY11 with a good exit; all signs pointing to an equally robust FY12; stay OW

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Tata Consultancy Services
Overweight
TCS.BO, TCS IN
Rounding out a commanding FY11 with a good exit;
all signs pointing to an equally robust FY12; stay OW


• TCS rounded out a commanding FY11 with a strong 4QFY11 quarter:
Besides its now recognized consistency, the highlight of the quarter was the
ability of the company to sustain margins despite robust hiring (or higher bench
costs). International revenues grew 5.1% Q/Q (USD), underpinning that TCS
continues to admirably manage the balance between revenue growth and
margins and does not see a conflict between the two (growth is the biggest lever
for margins). Growth was all around and industry-wide with the exception of
Telecom (an industry-specific issue). We reiterate our long-standing OW on
TCS and continue to mark it out as among our top picks in the sector.

Nestlé India :: Good start to 2011 :: JP Morgan

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Nestlé India Limited
Neutral
NEST.BO, NEST IN
Good start to 2011

• Impressive performance once again. Nestle India reported net sales,
EBITDA and adjusted PAT of Rs18.1bn (+22% y/y), Rs3.9bn (+27%
y/y) and Rs2.6bn (+33% y/y) for Q1CY11. While revenue growth was
2% ahead of our estimates, EBITDA and PAT came in 6-7% ahead of
our expectations.

Buy Zee Entertainment:: 4QFY11 Results analysis by CLSA

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4QFY11 Results
Zee Entertainment’s 4QFY11 pre-exceptional profit of Rs1.94bn was up
70% QoQ on revenue increasing by a better-than-expected 6% QoQ and
23% YoY, and a 85% QoQ reduction in its sports business losses.
Advertising revenue was a surprise, increasing 9%QoQ, aided by an
improving ad environment and the strength of a 20-plus channel network.
While DTH revenues were up 20%QoQ and 44%YoY. Despite a surprising
improvement in advertising sales, we maintain our revenue and Ebitda
estimates to factor in a sports business loss significantly ahead of
management guidance, and anticipate earnings growth of 19% over
FY12-13. We reiterate our BUY call.

HCL Technologies: 3QFY11 results :: review by CLSA

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3QFY11 results
5.8%QQ $-revenue growth (4.8% in constant currency) was strong and
at the top end of peer comparables, thus far this quarter. Tailwinds from
large deal ramp-ups, especially in infrastructure services and applications
aided the top-line performance, even as BPO remains a problem area.
100bpsQQ increase in EBITDA margins was in-line with management
guidance and driven by utilisation improvement and SG&A leverage. In
our view, disconnect between street’s FY12 margin expectations (+70-
100bpsYY) and reality (which could be closer to flattish YY) remains the
key hindrance to stock performance ahead. Underperform stays.

FUTURE VENTURES IPO: All the details, forms, ASBA, rating and views

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FUTURE VENTURES INDIA LIMITED
Symbol - Series	FVIL EQ
Issue Period	Apr 25, 2011 to Apr 28, 2011[* For QIB bidders Issue closes on Apr 27, 2011]
Post issue Modification Period	Apr 29,2011
Issue Size	Public Issue of [.] Equity Shares of Rs. 10/- each aggregating upto Rs. 75000 lakhs.
Issue Type	100% Book Building
Price Range	Rs.10 to Rs.11
Face Value	Rs.10/-
Tick Size	Re. 1/-
Market Lot	600 Equity Shares
Minimum Order Quantity	600 Equity Shares
IPO Grading	IPO GRADE 3
Rating Agency	CARE
Maximum Subscription Amount for Retail Investor	Rs.200000
IPO Market Timings	10.00 a.m. to 5.00 p.m.
Book Running Lead Manager	Enam Securities Private Limited, JM Financial Consultants Private Limited and Kotak Mahindra Capital Company Limited
Co Book Running Lead Manager	Edelweiss Capital Limited and ICICI Securities Limited
Syndicate Member	Kotak Securities Limited
Categories	FI,IC,MF,FII,OTH,CO,IND,and NOH
No. of Cities with Bidding Centers	44
Name of the registrar	Link Intime India Private Limited
Address of the registrar	C- 13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbai - 400 078
Contact person name number and Email id	Mr. Sachin Achar, Tel: +91 22 2596 0320 Fax: +91 22 25960329,fvl.ipo@linkintime.co.in
Prospectus	Click Here
Trading Member List	Click Here
Application Forms	Click Here
ASBA e-form link	e-Forms
Grading Report	Click Here

Hindustan Zinc: Best is priced in 􀂃 BNP Paribas

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Best is priced in
􀂃 Better-than-expected 4QFY11 led by SK production ramp-up
􀂃 Cost pressures resurface; costs to rise further in FY12
􀂃 Cautious on base metal price outlook
􀂃 Positives seem factored into the stock's premium valuations; HOLD
SK leads 4QFY11 beat
Hindustan Zinc’s (HZL) 4QFY11 PAT exceeded BNPP and Bloomberg
consensus estimates by 28-29%, as top line came in 15% above our estimate.
Lead concentrate premiums grew 397% q-q to USD4,237/tonne, with production
ramp-up at the silver-rich Sindesar Khurd (SK) mine.

Reliance Industries:: 4Q Operationally Below; E&P Clarity Still Eludes::: , Citi,

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Reliance Industries (RELI.BO)
4Q Operationally Below; E&P Clarity Still Eludes
 4Q EBITDA below estimates — RIL’s 4Q EBITDA came in at Rs98.4bn, below
estimates primarily due to weaker than expected refining performance, though E&P
was in line (50.4 mmscmd gas production). 4Q PAT of Rs53.8bn (+14% yoy, +5% qoq)
was, however, only marginally below mainly due to higher other income.
 GRMs disappoint — RIL’s 4Q GRMs came in well below expectations at US$9.2/bbl,
with premium to S’pore margins shrinking to US$2.2/bbl (vs. $3.5/bbl in 3Q). As per
mgmt, this was mainly due to: 1) FCCU shutdown, which impacted production of higher
value products, 2) lower internal generation of fuel due to the shutdown, which
necessitated purchase of additional higher-priced LNG and 3) lower margins for
petcoke and other solid products.

Steel Authority of India (SAIL) Domestic Safety: But Low Growth Citi Research

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Steel Authority of India (SAIL.BO)
Domestic Safety: But Low Growth
 Maintain Hold — SAIL has the highest iron ore integration (100%) relative to Tata
Steel’s cons ~30% and JSW Steel’s ~20%. The recent environmental clearance for iron
ore mines with 1bnt of reserves at Chiria helps secure reserves for expansions. Flattish
steel prices, falling iron ore prices, likely equity issuance in 1HFY12 and lower volume
growth (relative to domestic majors for 2 years) means we do not expect Sensex
outperformance. However with a 23% fall in the past 6 months, underperformance is
unlikely. Hence we maintain Hold but change to Low Risk from Medium Risk.

Nestle India: Strong 1QCY11 Results Citi Research

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Nestle India (NEST.BO)
Strong 1QCY11 Results
 In line revenues; Profit beats expectations — Revenue growth of ~22% Y/Y to
Rs18.1bn was healthy and in line with estimates, on the back of ~23% Y/Y growth in
the domestic business (volumes + price) and ~10% Y/Y exports growth. However,
reported PAT at Rs2.6bn (+27% Y/Y) was ahead of both our & Street estimates of
~Rs2.4bn – driven by 70bps EBITDA margin expansion Y/Y to 21.3%. Material costs as
% of sales decreased 100bps Y/Y – mgmt attributed this to improved product/channel
mix and reduction in free goods promotion.