Reliance Industries - 4QFY2011 Result Update Angel Broking recommends Buy with a Target Price of Rs. 1189

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Reliance Industries - 4QFY2011  Result Update

Angel Broking recommends Buy with a Target Price of Rs. 1189

For 4QFY2011, RIL reported 14.1% yoy growth in its bottom line due to higher
refining and petrochemical margins. On a qoq basis, PAT growth was restricted
to 4.7% because of the dip in production from KG-D6 field. Overall, numbers
were below our expectations on the top-line and bottom-line fronts on account of
lower-than-expected refining margins (due to the impact of FCCU shutdown) and
output from KG-D6 field. We maintain Buy on the stock.

IL&FS Investment Managers Ltd - Q4FY11 Result Update:: LKP Research

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ILFSVC consolidated nos. include 8 months of income of SAAPL. The AUM of the company increased by USD 400 mn, however the profitability of the company was negatively impacted on account of amortization of consideration paid for amalgamation of Saffron Capital and also interest cost on loan taken to acquire Saffron Capital. We introduce FY13E earnings estimates and downgrade the stock to HOLD.

Event- GE dispatches turbines in advance for Reliance Power’s Samalkot project: Emkay

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Event- GE dispatches turbines in advance for Reliance Power’s Samalkot project

General Electronics (GE) has dispatched the first batch of gas turbines for Reliance Power's (RPL)2,400 MW Samalkot power project. This dispatch has been made ahead of schedule (scheduled delivery was in May 2011).

Impact:

Early dispatch of the turbines increases our confidence of timely commissioning of capacities by the company. We expect 2400MW Samalkot plant to be operational in FY13E

GE- RPL deal

RPL had placed the main plant equipment order (order size Rs10,000cr) for Samalkot power plant (2,400MW) with GE in October 2010. The order was for six gas turbines, three steam turbines and generators. GE is responsible for maintenance of the power project throughout its operating life, along with guaranteed availability, output and efficiency.

Outlook & Valuations

Early dispatch of turbines by GE increases our confidence that RPL would be successfully be able to commission its capacities as per schedule commissioning dates. Also, RPL with one of the highest pit head and relatively high quality coal reserves (2bn MT), is likely to be one of the most sustainable private utility business model (fuel cost per unit of less than Rs0.45/unit for 14000MW at least). The recent competitive bid win from UPPCL (2470MW at Rs3.7/unit) strengthens its position.

Also, with the domestic coal shortage, international coal prices inching higher and utilities scouting for coal supplies, RPL might emerge as a coal play. At CMP of Rs131/Share, RPL is trading at 1.8xFY13E Book value with long term ROE of 18%+. The current valuations imply (1) Rs2.8/unit Levellized tariffs (relatively lower) for the open capacity (mainly for Chitrangi and Sasan II), (2) EVM of Rs30mn/MW, 8% discount to average universe.

Given (1) most sustainable business model, (2) higher margin of safety, we relatively prefer RPL along with Lanco in our private utility coverage. We maintain Accumulate with price target of Rs157/Share.

RBI issues new guidelines on PCR : Emkay

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RBI issues new guidelines on PCR

The RBI last week issued new guidelines on maintaining provision coverage ratio (PCR). Under new guidelines the banks are advised that

n    The PCR of 70% may be with reference to the gross NPA position in banks as on September 30, 2010;

n    The surplus of the provision under PCR vis-a-vis as required as per prudential norms should be segregated into an account styled as “countercyclical provisioning buffer”, computation of which may be undertaken as per the annexed format; and

n    This buffer will be allowed to be used by banks for making specific provisions for NPAs during periods of system wide downturn, with the prior approval of RBI.

We believe that the new guidelines with be positive for all the banks in short term as they need not provide aggressively now on fresh NPAs to keep provision cover at 70%. However, its most positive for SBI as it has now jack up provisions to 70% based on September 2010 NPAs which reduces its additional provision burden by half to Rs9.8bn only.

These are only interim guidelines and RBI will come out with final guidelines later on.

FII & DII trading activity on NSE and BSE as on 26-Apr-2011

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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 26-Apr-2011.

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 26-Apr-2011 2334.31 2888.34 -554.03

 

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 26-Apr-2011.

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 26-Apr-2011 1106.75 944.94 161.81

 

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26-Apr-2011; NSE, Bulk deals,

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Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Wght. Avg. Price
AGRE	Agre Developers Ltd	MANPHOOL EXPORTS LTD	SELL	1,27,697	60.45
APIL	Alstom Projects India Lim	C D INTEGRATED SERVICES LTD.	BUY	4,14,234	648.91
APIL	Alstom Projects India Lim	C D INTEGRATED SERVICES LTD.	SELL	4,14,234	649.36
APIL	Alstom Projects India Lim	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	4,97,246	652.77

26/4/2011; BSE, Bulk deals,

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Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
532309	Alstom Projects	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	487031	653.84
532309	Alstom Projects	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	487031	653.36
509499	Centron Indl	TARUN KUMAR BHARGAVA	S	11550	21.62
509499	Centron Indl	CHARTIST SECURITIES LIMITED	S	18650	20.60

FII DERIVATIVES STATISTICS FOR 26-Apr-2011

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FII DERIVATIVES STATISTICS FOR 26-Apr-2011
	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	335864	9819.22	345267	10083.44	635737	18752.81	-264.23
INDEX OPTIONS	324302	9432.98	299344	8740.20	1772637	51814.10	692.79
STOCK FUTURES	348600	9142.18	368788	9685.62	1320174	34853.47	-543.44
STOCK OPTIONS	6837	199.44	5844	174.47	20525	580.05	24.97
						Total	-89.91

 

26/4/11; Clients, NRI, Proprietary trading activity

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(Rs. crore)	Clients
Trade Date	Buy	Sales	Net
26/4/11	2266.63	2211.92	54.71
25/4/11	2011.05	2022.87	-11.82
21/4/11	2582.91	2594.51	-11.6
Apr , 11	43209.5	45642.72	-2433.23
Since 1/1/11	185994.54	190443.1	-4448.56
(Rs. crore)	NRI
Trade Date	Buy	Sales	Net
26/4/11	0.86	0.72	0.15
25/4/11	0.7	0.67	0.03
21/4/11	1.06	0.52	0.53
Apr , 11	14.42	19.55	-5.14
Since 1/1/11	84.36	77.56	6.8
(Rs. crore)	Proprietary
Trade Date	Buy	Sales	Net
26/4/11	628.98	597.54	31.45
25/4/11	518.95	515.76	3.19
21/4/11	722.58	683.85	38.74
Apr , 11	9772.79	9443.79	329
Since 1/1/11	50953.48	50572.93	380.55

26/4/11; FII & DII Turnover (BSE + NSE) (Rs. crore)

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FII & DII Turnover (BSE + NSE)

(Rs. crore)
	FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
26/4/11	2,334.31	2,888.34	-554.03	1,106.75	944.94	161.81
25/4/11	1,560.16	1,937.75	-377.59	1,082.10	845.48	236.62
21/4/11	2,799.78	2,491.99	307.79	1,076.57	1,346.19	-269.62
Apr , 11	39,656.35	37,417.61	2,238.74	15,343.78	16,672.86	-1,329.08
Since 1/1/11   *	209,546.67	215,239.01	-5,692.34	96,773.63	87,026.77	9,746.86