Galaxy IPO issue withdrawn

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Attn Members: Book Running Lead Manager to the issue has informed the Exchange that the Book Building issue of GALAXY SURFACTANTS LIMITED has been withdrawn.

Avoid GALAXY SURFACTANTS IPO: No listing gains (unless operator activity) ::MS Advisory and PMS

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FII & DII trading activity on NSE and BSE as on 18-May-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 18-May-2011.





FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)

CategoryDateBuy ValueSell ValueNet Value

FII18-May-20112451.462830.9-379.44







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 18-May-2011.





DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)

CategoryDateBuy ValueSell ValueNet Value

DII18-May-20111115.971088.5127.46













--

FII DERIVATIVES STATISTICS FOR 18-May-2011

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FII DERIVATIVES STATISTICS FOR 18-May-2011
 BUYSELLOPEN INTEREST AT THE END OF THE DAY
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores
INDEX FUTURES586421590.24545231478.7576798220788.34111.49
INDEX OPTIONS2238496082.902119075809.32179634948683.90273.58
STOCK FUTURES913062398.02907202353.07126469930352.9944.95
STOCK OPTIONS13171339.2611782303.4424122600.7235.82
      Total465.83

10/5/11: trading activity, : Clients, NRI, Proprietary

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(Rs. crore)	Clients
Trade Date	Buy			Sales				Net
18/5/11	1,675.05			1,650.26				24.79
17/5/11	1,918.94			1,762.03				156.90
16/5/11	1,496.85			1,453.27				43.57
May , 11	22,802.78			22,558.90				243.87
Since 1/1/11	215,281.91			219,279.59				-3,997.68
(Rs. crore)	NRI
Trade Date	Buy	Sales			Net
18/5/11	0.72	1.13			-0.40
17/5/11	0.77	1.23			-0.47
16/5/11	0.32	0.68			-0.36
May , 11	20.06	13.09			6.97
Since 1/1/11	108.62	93.37			15.25
(Rs. crore)	Proprietary
Trade Date	Buy		Sales			Net
18/5/11	539.17		529.37			9.80
17/5/11	619.95		601.36			18.60
16/5/11	445.66		476.81			-31.15
May , 11	7,373.14		7,394.05			-20.91
Since 1/1/11	59,935.92		59,686.66			249.26

NSE, Bulk deals, 18-May-2011

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Date Symbol Security Name Client Name Buy / Sell Quantity Traded Trade Price / Wght. Avg. Price Remarks 18-May-2011 AMRUTANJAN Amrutajan Health Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. BUY 20,085 737.42 - 18-May-2011 AMRUTANJAN Amrutajan Health Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. SELL 19,885 736.34 - 18-May-2011 INNOIND Innoventive Ind Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. BUY 4,90,393 87.75 - 18-May-2011 INNOIND Innoventive Ind Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. SELL 4,89,392 87.71 - 18-May-2011 PARAPRINT Paramount Printpack Ltd AAKANKSHA MAGAN BUY 2,00,000 33.20 - 18-May-2011 PARAPRINT Paramount Printpack Ltd CARE WEALTH ADVISORS PRIVATE LIMITED SELL 1,51,000 33.58 - 18-May-2011 PARAPRINT Paramount Printpack Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. BUY 3,02,528 32.68 - 18-May-2011 PARAPRINT Paramount Printpack Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. SELL 3,02,528 32.71 - 18-May-2011 PARAPRINT Paramount Printpack Ltd ROHNIL R BORADIA BUY 1,45,000 33.55 - 18-May-2011 SABERORGAN Sabero Organics Gujarat CROSSEAS CAPITAL SERVICES PVT. LTD. BUY 2,18,139 75.74 - 18-May-2011 SABERORGAN Sabero Organics Gujarat CROSSEAS CAPITAL SERVICES PVT. LTD. SELL 2,18,139 75.80 - 18-May-2011 SERVALL Servalakshmi Paper Ltd PASHUPATI CAPITAL SERVICES PVT. LTD. BUY 2,27,761 15.35 - 18-May-2011 SERVALL Servalakshmi Paper Ltd PASHUPATI CAPITAL SERVICES PVT. LTD. SELL 2,27,761 15.36 - 18-May-2011 SHALPAINTS Shalimar Paints Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. BUY 58,267 403.70 - 18-May-2011 SHALPAINTS Shalimar Paints Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. SELL 58,267 408.03 - 18-May-2011 TELEDATAIT Teledata Technology Solut DELIGHT FINANCIAL ADVISOR PVT LTD SELL 45,76,910 0.35 - 18-May-2011 WEBELSOLAR Websol Energy Systems Ltd JUPITER ASSET MANAGEMENT LIMITED A/C PENINSULAR SOUTH ASIA I SELL 1,32,655 65.00 -

BSE, Bulk deals, 18/5/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
18/5/2011	590006	Amrutanjan Health-$	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	20146	736.60
18/5/2011	590006	Amrutanjan Health-$	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	20146	737.89
18/5/2011	590114	Arunjyoti Enterprises	ARJUN JAGDISH DUNGARSHI	B	32500	42.00
18/5/2011	531358	Choice Intl	ASHIRWAD SHELTERS PRIVATE LIMITED	B	50000	79.66
18/5/2011	511672	Clarus Finance	SAMEER GUPTA	S	137000	147.89
18/5/2011	522001	Cranex	REKHA KIRAN MEHTA	S	57000	8.95
18/5/2011	530337	Exelon Infra	SALMA SHARAFAT KHAN	B	70002	74.05
18/5/2011	533333	FINEOTEX CH	VANRAJSINGH KAHOR	B	192409	269.88
18/5/2011	533333	FINEOTEX CH	VANRAJSINGH KAHOR	S	146636	271.11
18/5/2011	513579	Foundry Fuel	FUTURES & OPTIONS PRIVATE LIMITED	B	93635	10.77
18/5/2011	513579	Foundry Fuel	MAKSONS PROPERTIES P LTD	S	50000	11.00
18/5/2011	513579	Foundry Fuel	DIMPLE PROPERTIES PVT LTD	S	50000	10.59
18/5/2011	531601	GCV Services	MOHAMMED ALI BUDHWANI	B	127500	62.49
18/5/2011	500151	Golden Tob	PROGRESSIVE STAR HOLDINGS & CONSULTANTS PVT LTD	B	100000	75.90
18/5/2011	500151	Golden Tob	MAN MOHAN DAMANI	S	100000	75.90
18/5/2011	532951	GSS America	BEAUMARIS INVESTMENTS LIMITED	B	300000	170.00
18/5/2011	532951	GSS America	RDMK IMPEX PRIVATE LIMITED	S	300000	170.00
18/5/2011	533402	INNOV IND	A K G SECURITIES AND CONSULTANCY LTD	B	474669	87.64
18/5/2011	533402	INNOV IND	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	489645	87.72
18/5/2011	533402	INNOV IND	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	490494	87.82
18/5/2011	533402	INNOV IND	A K G SECURITIES AND CONSULTANCY LTD	S	474669	87.74
18/5/2011	506128	Krishna Deep	MANOJ JAIN HUF	B	34700	91.01
18/5/2011	531731	Kuvam Intl	SHITANSHU BIPIN VORA	B	694000	24.64
18/5/2011	590117	Mahaveer Infoway-$	OSS STOCK BROKING PRIVATE LTD	B	46901	27.44
18/5/2011	590117	Mahaveer Infoway-$	SHANTABEN CHINUBHAI PATEL	B	36065	27.63
18/5/2011	590117	Mahaveer Infoway-$	OSS STOCK BROKING PRIVATE LTD	S	46619	27.53
18/5/2011	512626	Orbit Exports	VISION MILLENIUM EXPORTS PVT LTD	B	73896	82.92
18/5/2011	512626	Orbit Exports	PRAKASH K SHAH SHARES & SECURITIES PVT LTD	S	61117	83.00
18/5/2011	533399	PARAMOUNT PR	K RAMANLAL AND CO (PROP- SHARADBHAI JHAVERI)	B	199225	32.96
18/5/2011	533399	PARAMOUNT PR	SNEH BHARAT	B	145000	33.21
18/5/2011	533399	PARAMOUNT PR	SHALINI MAGAN	B	200000	33.20
18/5/2011	533399	PARAMOUNT PR	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	302028	32.67
18/5/2011	533399	PARAMOUNT PR	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	299082	32.67
18/5/2011	533399	PARAMOUNT PR	K RAMANLAL AND CO (PROP- SHARADBHAI JHAVERI)	S	199225	31.74
18/5/2011	533399	PARAMOUNT PR	RONAK BRIJBALLABH CHANDAK	S	178210	33.31
18/5/2011	505525	Parichay Invest	PRANAV NARENDRA BHATT	S	10000	78.50
18/5/2011	513611	Pithampur Steel	POONAM KASTURI	B	22800	15.25
18/5/2011	513611	Pithampur Steel	MANDEEP SINGH BHATIA	S	25000	15.24
18/5/2011	530695	Prime Property-$	SHITANSHU BIPIN VORA	B	100000	26.00
18/5/2011	530695	Prime Property-$	RUPA PRADIP SHAH	S	100000	26.00
18/5/2011	524446	Sabero Organics	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	218239	75.87
18/5/2011	524446	Sabero Organics	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	218239	75.82
18/5/2011	531886	SCOPE IND	KOGANTI PHANEEDRANADH	B	56008	62.32
18/5/2011	531886	SCOPE IND	CH PRAVEEN KUMAR	S	57136	62.43
18/5/2011	519031	Shah Foods	RAKESHKUMAR MANGILAL RANKA (HUF)	S	10657	87.48
18/5/2011	509874	Shalimar Paint-$	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	58309	407.58
18/5/2011	509874	Shalimar Paint-$	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	58309	403.54
18/5/2011	512257	SVARTCORP	ASHIRWAD SHELTERS PRIVATE LIMITED	S	400000	6.50
18/5/2011	512449	SVC RES	PRJ INFRACON PRIVATE LIMITED	B	350000	26.11
18/5/2011	533089	TELE TECHNO	DELIGHT FINANCIAL ADVISOR PVT LTD	B	4223070	0.37
18/5/2011	533089	TELE TECHNO	DELIGHT FINANCIAL ADVISOR PVT LTD	S	3314255	0.37
18/5/2011	506808	Tuticorin Alk	R M FINANCIAL SERVICES PRIVATE LIMITED	B	160000	18.00
18/5/2011	506808	Tuticorin Alk	MOHIT KHULLAR	S	80000	18.00
18/5/2011	506808	Tuticorin Alk	ROHIT KHULLAR	S	80000	18.00
18/5/2011	531676	Vaghani Tech	B SHAHI TRADE PRIVATE LIMITED	B	60000	15.13
18/5/2011	531676	Vaghani Tech	RAICHAND CHUNILAL THAKKAR	S	33801	15.09
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

FII & DII Turnover (BSE + NSE)

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FII & DII Turnover (BSE + NSE)

(Rs. crore)
	FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
18/5/11	2,451.46	2,830.90	-379.44	1,115.97	1,088.51	27.46
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
May , 11	27,128.41	32,049.51	-4,921.10	15,079.49	11,898.12	3,181.37
Since 1/1/11   *	246,108.97	258,956.75	-12,847.78	116,505.77	102,806.72	13,699.05

News Round-up 􀁠 Kotak Sec :May 10, 2011

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News Round-up
􀁠 Need to delink gas, crude prices : Oil ministry to panel. ONGC (ONGC IN), Reliance
(RIL IN) among the companies likely to be affected by deregulation. Once
implemented, producers will get exposed to market forces and the price discovery
will purely be on demand-supply situation. (BSTD)
􀁠 After entering the polymer business, dominated by RIL (RIL IN), IOC (IOCL IN) plans to
invest USD 1 bn in a polypropylene project at its Paradip refinery. (BSTD)
􀁠 Tata Motors (TTMT IN) has five months to work out a solution to the Singur
imbroglio, to save the lease agreement from being terminated. (BSTD)
􀁠 Tata Motors (TTMT IN) will be launching eight more models of its Prime (World Truck)
range this year. (FNLE)
􀁠 Infosys Technologies (INFO IN) has started offering Indian cooperative banks a cloud
version of its core banking product Finacle, dabbling into what some experts said is a
USD 444 mn market. (FNLE)
􀁠 SBI (SBIN IN) net profit slumps 99% to USD 4.62mn for the quarter ended March 31,
2011, a number that is one of the lowest among listed banks. (ECNT)
􀁠 BSNL has started talks on synergising operations with MTNL (MTNL IN) which offers
telecom services in Delhi and Mumbai. (BSTD)
􀁠 MTNL (MTNL IN) is planning to restructure its USD 1.55 bn loans taken for buying 3G
and BWA spectrum last year. (FNLE)
􀁠 JSW Steel (JSTL IN) will raise about USD 2.35 bn debt in the current financial year for
its proposed steel plant in West Bengal. (BSTD)
􀁠 Dr Reddy's Laboratories (DRRD IN) gets rights to sell, distribute Deflux in India. (FNLE)
􀁠 Force Motor (FML IN) is planning to launch an 8-9 seater premium Multi-Purpose
Vehicle (MPV) by next year. (THBL)
􀁠 Aurobindo Pharma Australia Private Ltd, a wholly-owned subsidiary of Aurobindo
Pharma Ltd (ARBP IN), has received approval for Risperidone and Alendronate tablets
from the Therapeutic Goods Administration (TGA), Australia. (THBL)
􀁠 Bartronics (BAIL IN) may go for divestment of subsidiaries post revamp. To invest USD
22 mn on expansion. (THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.

BUY:: RIL turns FCF positive :raise target to Rs1,142.: Credit Suisse,

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RIL--------------------------------------------------------------------------------- Maintain OUTPERFORM

New report: RIL turns FCF positive

● We analysed RIL’s FY11 annual report.

● As expected, RIL turned FCF positive in FY11; this is despite

capex (US$6.0 bn) turning out higher than initial estimates—due

to inorganic spends at US Shale and 4G broadband. FY11 E&P

capex (US$2.3 bn) appears large, though spends at US Shale ($1

bn) and rig rentals can explain a large part of the difference.

● RIL has, in its annual report, provided data on E&P producing

properties (gross of US$13.4 bn). This is a large part of estimated

gross E&P assets (US$17.6 bn). It means DD&A charges can

have higher-than-expected leverage to production volumes and

reserves on the balance sheet. The latter sees some reduction in

FY11, implying the FY12 unit depletion rates can surprise.

● We update our model for FY11 actual numbers, roll forward DCF to

FY13, introduce FY14 numbers and increase WACC from 9.9% to

10.9%. We add RIL’s planned polyester capacities and capex to the

model. Our EPS estimates change marginally and target price

increases from Rs1,132 to Rs1,142. Maintain OUTPERFORM.

UBS : Hindustan Unilever - Robust underlying volumes 􀂄

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UBS Investment Research

Hindustan Unilever

R obust underlying volumes

􀂄 Revenues +14% yoy, EBITDA +9% yoy

Q4 FY11 volume growth was +14% and revenue grew 14% to Rs48.9bn (UBS-e

Rs49bn), while EBITDA grew 9% to Rs5.7bn (UBS-e Rs4.6bn). The key reason

has been flat A&P spends at 12.7% of sales (UBS-e 14.5% ad/sales) COGS, came

in at 54.3% (51.1% in Q311) reflective of the commodity pressures and lack of

pricing power. PBT +13% and PAT (pre-exp) +26% on lower tax.

Apollo Tyres- Sharp rise in input cost hurts earnings ::Standard Chartered Research,

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 Consolidated revenues were up 27% yoy led by a 34%

yoy growth in India operations

 Led by a sharp 70% yoy increase in rubber,

consolidated margin was down 550bps yoy to 8.5%

 As a result, consolidated earnings declined 57% yoy to

Rs854m

 However, led by the recent round of price hikes, rampup at the Chennai facility, improved outlook at both

Dunlop and Vredestein operations, we believe the worst

for the company is behind

 Stock attractive at current levels, reiterate

OUTPERFORM

Tata Steel - results takeaways: 2H concerns reiterated; balancing mining vs smelting profits:: Credit Suisse

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Tata Steel ------------------------------------------------------------------- Maintain UNDERPERFORM

AM results takeaways: 2H concerns reiterated; balancing mining vs smelting profits





● ArcelorMittal (AM) reported 1Q results: They give colour to Tata

Europe’s environment. Some takeaways from the results and call:

● AM’s EBITDA missed CS estimates by 8%; 2Q EBITDA guidance

($3-3.5 bn) was also lower than our previous estimate ($3.2-3.6 bn)

but up sharply QoQ. The increase is explained by a recovery in iron

ore shipments, higher shipments (utilisation 80% vs 75% in 1Q), a

delayed impact of price rises and a strong North American business.

● EU volumes were up 6-12% QoQ (Fig 1): EBITDA/t fell marginally

QoQ in flats (EU), but was up in Longs. AM’s EU profitability is now

again higher than Tata Steel’s (Fig 2). Concerns reiterated on 2H: (1)

EU (esp. South) remains weak, (2) import pressure continues and

spot may weaken, and (3) ~25% of rise in RM costs to be felt in 2H.

● AM has started to make tactical operating decisions (whether to sell

raw material or convert it to steel): this shows the pressures on

steelmaking. Separating mining also helps with capital allocation.

● Working capital increased $1.8 bn, and AM guided further

increases in 2Q11. We expect the same for Tata Steel—this

erodes fair value as net debt rises with no increase in EBITDA.

ArcelorMittal (AM) reported 1Q results: the results help give some

colour on Corus’ environment. We provide takeaways from the results

and call.

UBS:: BUY Glenmark Pharmaceuticals Upgrade on robust outlook, cheap vals

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UBS Investment Research

Glenmark Pharmaceuticals

Upgrade on robust outlook, cheap vals



„ Event: Accounting change, weak FY11 margins lead to stock correction  

Co. reported only FY11 IFRS GAAP nos. Adj. EBITDA margin for FY11 at

19.7% significantly below our est. of 23.3%. However, higher other income, lower

depreciation and low tax rate helped PAT to Rs 4.58bn, only 6% below UBS-e.