Ashok Leyland – April sales volume shrink:: RBS

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For April, Ashok Leyland sales volume shocked us (15% yoy dip), only automobile company to do
so. The slowdown in South India impacted its volume and ballooned inventory. Considering
recent RBI tight credit policy and expected fuel price hike, we will be reviewing volume growth
and recommendation.

Polaris Software Lab – Open season:: RBS

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We see healthy revenue growth continuing (FY11-13F CAGR of 23%) as Intellect makes inroads
into big-ticket deals. FY12 revenue guidance of 22% looks achievable, but we are more
circumspect on margins staying flat. Longer term, we see aggressive S&M hiring translating into
growth and better margins.

Punjab National Bank – Asset quality concerns persist: RBS

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FY11 core earnings remained strong but increased slippages are a concern. The level of
PNB's standard restructured loans, at 5.5% of loans, remains higher than its peers'. A sharp
economic downturn could accentuate asset quality concerns for PNB, but we maintain our
Buy rating due to relatively strong ROEs and ROAs.

The IPL Brand-wagon: Not all hunky dory:: by IIFL

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In its fourth and longest edition yet, IPL (Indian Premier
League) continues to grow as a brand, with over 70 sponsors,
national and regional, associated with it. The principal owner,
BCCI (Board of Control for Cricket in India), remains in a
sweet spot, as franchisee fees touch astronomical highs.
Meanwhile, pre-emptive ad sales by the broadcaster, Sony-
Set Max, have put it in a profitable position, though ratings
for the current edition are down ~20% YoY. On the other
hand, challenges exist for the franchisee owners, as cashflows
remain muted, and the lack of growth avenues limits
upside. Our DCF estimate for an older franchise yields a value
of US$87m, which suggests the bids for the newer franchises
are unviable. We believe the franchises have to outgrow the
umbrella brand, IPL, and build a loyal fan base to better
exploit alternative revenue streams.
BCCI in a sweet spot: The principal owner of brand IPL, BCCI, is
likely to garner revenues (post-sharing) close to Rs10bn from this
year’s IPL. The 3x jump in bid amounts for the new franchises, an
increase in BCCI’s share of the central pool of revenues, and
lucrative deals for online rights have also contributed to the surge in
BCCI’s revenues.

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PFC FPO price band set at Rs 193-203/share

Issue Opens: Tuesday May 10th

Issue Closes: Friday, May 13th

BSE, Bulk deals, 6/5/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
6/5/2011	519105	AVT Nat Products	THE NELLIAMPATHY TEA AND PRODUCE COMPANY LTD	B	304568	150.00
6/5/2011	519105	AVT Nat Products	TENROSE CAPITAL SERVICES LTD	S	54648	150.00
6/5/2011	519105	AVT Nat Products	TECHNO MGTAND COMPUTER SERVICES	S	38790	150.00
6/5/2011	519105	AVT Nat Products	ZIBI JOSE	S	175452	150.00
6/5/2011	522650	Bemco Hydr	VSL SECURITIES PVT LTD	B	20000	45.65
6/5/2011	522650	Bemco Hydr	SNOWDROP REALTY PVT LTD	S	18700	45.65
6/5/2011	522292	Chandni Tex	AILISH TRADERS PRIVATE LIMITED	S	150000	45.38
6/5/2011	507910	Fiberweb India	PATEL NITABEN SHAILESHBHAI	B	128802	8.95

06-05-2011 Clients, NRI, Proprietary trading activity

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(Rs. crore)	Clients
Trade Date	Buy	Sales	Net
06-05-2011	1,870.85	1,970.25	-99.4
05-05-2011	1,696.29	1,649.02	47.26
04-05-2011	1,775.84	1,752.13	23.71
May , 11	9,041.54	8,914.11	127.43
Since 1/1/11	201,520.68	205,634.80	-4,114.12
(Rs. crore)	NRI
Trade Date	Buy	Sales	Net
06-05-2011	2.13	0.32	1.81
05-05-2011	0.85	1.09	-0.24
04-05-2011	0.67	0.20	0.47
May , 11	10.12	3.23	6.89
Since 1/1/11	98.68	83.51	15.17
(Rs. crore)	Proprietary
Trade Date	Buy	Sales	Net
06-05-2011	689.42	657.00	32.42
05-05-2011	547.72	592.84	-45.12
04-05-2011	565.31	574.71	-9.4
May , 11	2,928.91	2,987.77	-58.86
Since 1/1/11	55,491.69	55,280.38	211.31

FII & DII Turnover (BSE + NSE) 6/5/11

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FII & DII Turnover (BSE + NSE)

(Rs. crore)
	FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
6/5/11	2,579.11	3,234.45	-655.34	2,065.76	1,047.72	1,018.04
5/5/11	2,005.09	2,784.57	-779.48	1,826.36	889.13	937.23
4/5/11	2,137.74	3,129.88	-992.14	1,775.52	861.42	914.10
May , 11	11,211.83	15,078.49	-3,866.66	8,381.22	5,055.54	3,325.68
Since 1/1/11   *	230,192.38	241,985.72	-11,793.34	109,807.50	95,964.14	13,843.36

06-May-2011; NSE, Bulk deals,

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
06-May-2011	3IINFOTECH	3i Infotech Limited	SARAVANA SECURITIES D.SATHYAMOORTHI	BUY	10,00,000	45.50	-
06-May-2011	3IINFOTECH	3i Infotech Limited	SARAVANA STOCKS PRIVATE LIMITED	SELL	10,00,000	45.50	-
06-May-2011	ABAN	Aban Offshore Ltd.	GRANTHAM A/C GMO EMERGING MARKET F	BUY	2,87,593	611.74	-
06-May-2011	APTECHT	Aptech Limited	SARAVANA SECURITIES D.SATHYAMOORTHI	BUY	5,00,000	101.50	-
06-May-2011	APTECHT	Aptech Limited	SARAVANA STOCKS PRIVATE LIMITED	SELL	5,00,000	101.50	-
06-May-2011	ARSSINFRA	ARSS Infra Proj. Ltd	SARAVANA SECURITIES D.SATHYAMOORTHI	BUY	1,00,000	500.50	-
06-May-2011	ARSSINFRA	ARSS Infra Proj. Ltd	SARAVANA STOCKS PRIVATE LIMITED	SELL	1,00,000	500.50	-

PARAMOUNT PRINTPACKAGING IPO to list on Monday, May 9th 2011

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PARAMOUNT PRINTPACKAGING IPO to list on Monday, May 9th 2011

UBS :: Asia Oil Explorer- Olefin spreads continue to decline

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UBS Investment Research
Asia Oil Explorer
O lefin spreads continue to decline
􀂄 Refining margins increase slightly
The Reuters Singapore complex refining margin index averaged US$8.5/bbl last
week, up from US$8.2/bbl the previous week. The fuel oil and diesel spread fell
US$1.6/bbl and US$2.0/bbl, respectively. The gasoline spread improved by
US$3.2/bbl. The ethylene-naphtha spread fell 6.2% WoW to US$281/t, while the
HDPE-naphtha spread fell 3.1% to close at US$266/t. The PX-naphtha spread fell
9.6% to US$506/t. The spread has fallen 39% from its peak in February 2011.
􀂄 US crude inventories surge on higher imports
The WTI crude oil prices rose 2.0%, ending last week at US$113.9/bbl, while
Brent prices rose 1.5%, ending last week at US$126.1/bbl. Crude prices were
pushed higher by a weak dollar and ongoing turmoil in North Africa and the
Middle East. Concerns about fuel demand and slowing US economic growth were
offset by a weak dollar. According to the US Department of Energy (DOE), for the
week ended 22 April, crude inventories rose 6.2mbbls against a Reuters’ consensus
of 0.8mbbls build. Crude imports rose 1.2mbpd to 9.2mbpd.
􀂄 Refining stocks have outperformed in the past month
For the month ended 2 May and based on simple average performance, refining
stocks in Asia under UBS coverage rose 1.7%, while, on an average, E&P stocks
rose 1.0% and integrated stocks remained flat.
􀂄 Top picks
Our most preferred stocks in Asia are SinoTech, Essar Oil and Thai Oil.

FII DERIVATIVES STATISTICS FOR 06-May-2011

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FII DERIVATIVES STATISTICS FOR 06-May-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	99046	2734.24	66489	1838.48	700823	19468.97	895.76
INDEX OPTIONS	266506	7368.98	247099	6855.40	1657303	46002.50	513.57
STOCK FUTURES	75799	1985.21	47406	1210.94	1233457	30133.21	774.26
STOCK OPTIONS	8984	229.29	9026	232.11	17206	418.78	-2.82
						TOTAL	2180.78

 

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