Refining margins shot up -Refining and Petrochemicals update:: Macquarie Research

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Refining margins shot up
Refining and Petrochemicals update
 Refining margins shot up: Asian refining margins shot up 29% WoW last
week to over US$11/bbl, driven by strength in the prices of gasoline and fuel
oil. We believe Asian gasoline is benefiting from arbitrage trade to the U.S.
 Olefin spreads were also up sharply but were driven chiefly by a pullback
in naphtha prices. Aromatics spreads remained soft. New paraxylene
supply and re-starts at existing facilities are said to be putting pressure on
May pricing; PX spread is now on a three-week downward trend.

NTPC F2011: Marginally Better than Expected ::Morgan Stanley Research,

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NTPC

F2011: Marginally Better than

Expected

Quick comment: NTPC reported F4Q11 income of

Rs159.8bn (up 26% YoY), EBITDA of Rs130.9bn (up

18% YoY) and reported profit of Rs27.8bn (up 38% YoY).

Adjusted profit (primarily for higher ROE, expenses,

higher taxes and prior period sales) was about Rs28bn

(up 21% YoY). While NTPC was grossing up ROE with

MAT rate for the first nine months of F2011, it landed up

grossing up with the full tax rate in F4Q11, thus boosting

its profitability for the year by about Rs9.7bn. For F2011,

NTPC reported adjusted consolidated profit of Rs89.1bn,

roughly 5% ahead of our estimate.

Godrej Prop:: Strong 4Q :: CLSA

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Strong 4Q

Godrej Properties reported a strong 4Q driven by a combination of a jump

in execution on key projects as well as good sales across locations.

Margins came in better as higher priced projects contributed more to

revenues. Management has indicated a c.5m sf of launch pipeline for FY12

which should help in maintaining earnings momentum. Higher gearing

was a negative, though monetization of commercial assets may help.

While we upgrade earnings and NAV, we would be cautious on the

sustainability of premium valuations.

NSE, Bulk deals, 12-May-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
12-May-2011	BEDMUTHA	Bedmutha Indust Ltd	NITIN BABAJI PALANDE	BUY	1,09,797	111.91	-
12-May-2011	BEDMUTHA	Bedmutha Indust Ltd	NITIN BABAJI PALANDE	SELL	52,659	112.65	-
12-May-2011	NUTEK	Nu Tek India Limited	JAYNEEL SECURITIES PRIVATE LIMITED	BUY	12,06,612	8.07	-
12-May-2011	NUTEK	Nu Tek India Limited	JAYNEEL SECURITIES PRIVATE LIMITED	SELL	12,03,800	8.10	-
12-May-2011	NUTEK	Nu Tek India Limited	PLANET INVESTMENTS & FINANCE PVT LTD	BUY	24,04,884	8.39	-
12-May-2011	NUTEK	Nu Tek India Limited	PLANET INVESTMENTS & FINANCE PVT LTD	SELL	23,29,208	7.51	-
12-May-2011	PARAPRINT	Paramount Printpack Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	5,13,334	32.31	-

UBS:: BUY Coal India - Potential inventory monetisation in FY12 􀂄 target of Rs435

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UBS Investment Research

Coal India

P otential inventory monetisation in FY12

􀂄 Event: Media reports indicate CIL to sell 25% of inventory (70mt) in FY12

Media reports (quoting chairman, Mr N. C. Jha) indicate that Coal India (CIL) is

likely to liquidate 25% (c18mt) of inventory (70mt) in FY12 if current wagon

availability continues. CIL is currently getting 180 rakes/day vs 158 rakes/day in

Apr 2010 from Railways (1 rake=~1mtpa of coal). This would mean coal sales of

c470mt in FY12 (vs its recent guidance of 452mt). CIL has such high levels of

inventory (~2 months of sales) due to wagon availability issues from railways.

May 17:: News headlines ::RBS

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News headlines


Automobiles
􀀟 Auto industry sees further demand slump due to fuel price hike (Economic Times)
􀀟 Toyota to resume full-scale production in India from May 20 (Economic Times)
􀀟 Auto industry to continue to grow at rate of 12-15%: M&M (Economic Times)
􀀟 Auto parts industry to invest Rs1570bn by 2020 (Business Standard)
􀀟 Atul Auto forays in Bangladesh with 6 seater vehicle (Business Standard)

Apply for PFC FPO only for LONG Term Gains. Listing Gains Less Likely

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Apply for PFC FPO only for LONG Term Gains. Listing Gains Less Likely



Current Over subscription for Power Finance Corp Follow On Offering is already 3.58x led by QIB which have subscribe 6.92x



Bid is mostly at upper end of price band 193-203

Final price will be at Rs 203.



While stock price is around 215.90 in BSE and 215.85 in NSE



May 26 futures are at 205.30 and going down!! By the time you get FPO shares stock may be near price of Rs 203



Long term good stock. Listing gains may be difficult.





POWER FINANCE CORPORATION LTD Follow On Oversubscription After end of May 12th (QIB's last day) HNI and retail can apply on May 13th Friday

Total Issue Size	229553340
Total Bids Received	821348108
Total Bids Received at Cut-off Price	21320908
No. of times issue is subscribed	3.58

Sr.No.	Category	No.of shares offered/reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	114638937	793573340	6.92
1(a)	Foreign Institutional Investors (FIIs)		252324744
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		444764264
1(c)	Mutual Funds		93969736
1(d)	Others		2514596
2	Non Institutional Investors	34391682	312956	0.01
2(a)	Corporates		134652
2(b)	Individuals (Other than RIIs)		178304
2(c)	Others		0
3	Retail Individual Investors (RIIs)	80247257	27420792	0.34
3(a)	Cut Off		21291004
3(b)	Price Bids		6129788
4	Employee Reservation	275464	41020	0.15
4(a)	Cut Off		29904
4(b)	Price Bids		11116

Updated as on 12 May 2011 at 1700 hrs

FII & DII Turnover (BSE + NSE) 17/5/11

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FII & DII Turnover (BSE + NSE)

(Rs. crore)
	FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
17/5/11	1,968.92	2,456.12	-487.20	814.27	1,384.56	-570.29
16/5/11	1,854.03	1,806.96	47.07	752.71	749.30	3.41
13/5/11	2,315.61	2,476.96	-161.35	870.44	881.97	-11.53
May , 11	24,676.95	29,218.61	-4,541.66	13,963.52	10,809.60	3,153.92
Since 1/1/11   *	243,657.51	256,125.85	-12,468.34	115,389.80	101,718.21	13,671.59

Shree Renuka Sugars :: Focus shifts to Brazil now ::Macquarie Research,

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Shree Renuka Sugars

Focus shifts to Brazil now

Event

 Shree Renuka reported 2Q’SY11 results. Reported profit was weak due to

decline in domestic sugar profits despite higher trading and cogeneration

profits. These numbers reflect primarily the domestic sugar and trading

businesses, as it was an inter-crop period in Brazil. We expect an earnings

boost from Brazilian operations from the current quarter. We reiterate our

Outperform with a revised TP of Rs80/share from Rs105.

UBS:: Adani Power 4 Q FY11 Results: In line with estimates

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UBS Investment Research

Adani Power

4 Q FY11 Results: In line with estimates

􀂄 Q4 PAT up 77% YoY, in line with UBS estimates

Adani Power has reported revenues of Rs8.6bn and PAT of Rs1.74bn for 4QFY11.

Revenues were higher than UBS-e of Rs5.4bn but the PAT came in line with UBSe

of Rs1.7bn (consensus est. Rs2.2bn). Adani Power’s EBITDA margin came in at

60%, which is in line with UBS-e (consensus est. 57%). The realisation for 4Q

FY11 is Rs3.1/unit (Rs2.93/unit in 3Q FY11).

BSE, Bulk deals, 17/5/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
17/5/2011	513513	Aditya Ispat	ANJULABEN D LALCHETA	S	31936	6.05
17/5/2011	521174	Arora Fibres	NITIKA VINAYAK	S	9250	12.10
17/5/2011	590114	Arunjyoti Enterprises	P V MOHAN RAO	B	26434	43.14
17/5/2011	590114	Arunjyoti Enterprises	P V MOHAN RAO	S	26440	43.08
17/5/2011	512535	Asahi Infra	INDRAVARUN TRADE IMPEX PVT LTD	S	177138	10.30
17/5/2011	532719	BL Kashyap	MERRILL LYNCH INDIA EQUITY FUND (MAURITIUS) LTD.	B	1500000	21.60
17/5/2011	511196	Can Fin Homes	RAJEN CHANDRAKANT SHETH	B	106405	119.16
17/5/2011	511196	Can Fin Homes	RAJEN CHANDRAKANT SHETH	S	110605	119.22
17/5/2011	522001	Cranex	REKHA KIRAN MEHTA	B	38205	8.31
17/5/2011	522001	Cranex	REKHA KIRAN MEHTA	S	74205	8.54
17/5/2011	522001	Cranex	DEEPAK CHANDRA	S	41610	8.25
17/5/2011	524590	Dinesh Allorga	VAIBHAV AJMANI	B	32500	15.36

NSE, Bulk deals, 17-May-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
17-May-2011	ABBOTINDIA	Abbott India Limited	ABBOTT CAPITAL INDIA LIMITED	SELL	2,24,000	1437.93	-
17-May-2011	ABBOTINDIA	Abbott India Limited	RELIANCE MUTUAL FUND (SCHEME : RELIANCE CAPITAL TRUSTEE CO.	BUY	1,99,441	1437.00	-
17-May-2011	BLKASHYAP	B. L. Kashyap and Sons Li	MERRILL LYNCH INV MANAGERS LTD A/C MERRILL LYNCH INDIA EQUIT	BUY	15,00,000	21.60	-
17-May-2011	CANFINHOME	Can Fin Homes Ltd	RAJEN CHANDRAKANT SHARE A/C	BUY	1,07,173	119.13	-
17-May-2011	CANFINHOME	Can Fin Homes Ltd	RAJEN CHANDRAKANT SHARE A/C	SELL	93,689	118.44	-
17-May-2011	DAAWAT	LT Foods Limited	RAJAT GANDHI	BUY	2,35,938	57.62	-
17-May-2011	DAAWAT	LT Foods Limited	RAJAT GANDHI	SELL	2,88,518	57.30	-

17-05-2011 Clients, NRI, Proprietary trading activity

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(Rs. crore)	Clients
Trade Date	Buy	Sales	Net
17-05-2011	1,918.94	1,762.03	156.9
16-05-2011	1,496.85	1,453.27	43.57
13-05-2011	1,857.86	1,896.01	-38.16
May , 11	21,127.73	20,908.64	219.09
Since 1/1/11	213,606.87	217,629.33	-4,022.47
(Rs. crore)	NRI
Trade Date	Buy	Sales	Net
17-05-2011	0.77	1.23	-0.47
16-05-2011	0.32	0.68	-0.36
13-05-2011	3.72	2.48	1.24
May , 11	19.33	11.96	7.37
Since 1/1/11	107.89	92.24	15.65
(Rs. crore)	Proprietary
Trade Date	Buy	Sales	Net
17-05-2011	619.95	601.36	18.6
16-05-2011	445.66	476.81	-31.15
13-05-2011	635.47	577.39	58.08
May , 11	6,833.97	6,864.68	-30.71
Since 1/1/11	59,396.75	59,157.29	239.47

FII DERIVATIVES STATISTICS FOR 17-May-2011

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FII DERIVATIVES STATISTICS FOR 17-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	60370	1647.30	75922	2069.22	767301	20862.36	-421.92
INDEX OPTIONS	243551	6640.91	242841	6685.47	1777415	48334.16	-44.56
STOCK FUTURES	89034	2308.75	70258	1786.70	1252177	30269.49	522.05
STOCK OPTIONS	15489	422.06	17440	473.50	23299	581.76	-51.44
						Total	4.13

 

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