29 June 2011::Grey market premium, Indian IPO and Bonds (NCDs)

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Company Name	Offer Price (Rs)	Expected Listing Price Premium
Shriram Transport Finance  Bond	1,000	3% - 4%
IFCI Bonds	10,000	2% - 3%
Birla Pacific Medspa	10 to 11	Discount
Rushil Decor	72	Discount
Readymade Steel	90 to 108	1- 2

RUSHIL DECOR IPO: Price fixed at Rs 72

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RUSHIL DECOR  IPO: Price fixed at Rs 72 (upper band)


PRICE range was Rs 63 to Rs 72


CLICK HERE : IPO Grey Market Premium

29/6/11; 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
29/6/11	3,099.16	2,429.81	669.35	1,290.67	1,531.26	-240.59
28/6/11	2,774.22	1,954.81	819.41	999.42	1,574.48	-575.06
27/6/11	3,754.00	2,306.58	1,447.42	933.65	1,700.03	-766.38
Jun , 11	48,111.38	47,039.98	1,071.40	19,994.91	19,321.20	673.71
Since 1/1/11   *	320,869.38	331,430.05	-10,560.67	146,511.87	131,227.27	15,284.60

29/6/11; Categories Turnover (Rs. crore) Clients NRI Proprietary Trading

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Categories Turnover

(Rs. crore)
	Clients			NRI			Proprietary
Trade Date	Buy	Sales	Net	Buy	Sales	Net	Buy	Sales	Net
29/6/11	1,938.96	2,006.43	-67.47	0.74	1.71	-0.97	621.28	608.23	13.05
28/6/11	1,915.21	1,863.61	51.60	0.23	0.40	-0.17	555.55	527.90	27.65
27/6/11	1,702.50	1,781.26	-78.76	0.56	0.60	-0.04	582.23	553.25	28.98
Jun , 11	36,788.80	36,912.29	-123.49	26.57	26.07	0.50	11,799.76	11,653.82	145.93
Since 1/1/11	268,720.77	273,384.41	-4,663.63	147.76	126.07	21.69	76,831.91	76,341.70	490.20

NSE, Bulk deals, 29-June-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
29-Jun-2011	CREWBOS	Crew B.O.S. Products Limi	ABHINAV CAPITAL SERVICES LTD	SELL	2,50,000	93.00	-
29-Jun-2011	DELTACORP	Delta Corp Limited	MANISH VRAJLAL SARVAIYA	BUY	13,68,647	101.00	-
29-Jun-2011	DELTACORP	Delta Corp Limited	MANISH VRAJLAL SARVAIYA	SELL	13,68,647	101.10	-
29-Jun-2011	ECEIND	ECE Industries Limited	MUDRIKA GOODS PRIVATE LIMITED	BUY	3,84,246	107.55	-
29-Jun-2011	ECEIND	ECE Industries Limited	PAT Financial Consultants Pvt Ltd	SELL	2,17,240	107.55	-
29-Jun-2011	EXCELINFO	Excel Infoways Limited	JHAVERI TRADING AND INVESTMENT PVT LTD	BUY	1,16,116	29.93	-
29-Jun-2011	GTL	GTL Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	6,38,936	97.49	-

BSE, Bulk deals, 29/6/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
29/6/2011	522150	Aditya Forge	NITIN RASIKLAL PAREKH (HUF)	B	25000	9.72
29/6/2011	530499	AK Capital	DERIVE TRADING PRIVATE LIMITED	B	58000	315.00
29/6/2011	530499	AK Capital	MAULIK BIPIN BAGADIA	B	80000	315.00
29/6/2011	530499	AK Capital	DERIVE INVESTMENTS	S	138000	315.00
29/6/2011	590114	Arunjyoti Enterprises	SHASHIKANT KESHAVLAL SHAH	B	31000	50.65
29/6/2011	512535	Asahi Infra	INDRAVARUN TRADE IMPEX PVT LTD	B	396099	5.91
29/6/2011	512535	Asahi Infra	INDRAVARUN TRADE IMPEX PVT LTD	S	390641	5.81

Readymade Steel IPO : Final Subscription 1.68x

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READYMADE STEEL INDIA LTD

Total Issue Size	3860588
Total Bids Received	6503820
Total Bids Received at Cut-off Price	5169480
No. of times issue is subscribed	1.68

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)	1930294	62580	0.03
1(a)	Foreign Institutional Investors (FIIs)		62580
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		0
1(c)	Mutual Funds		0
1(d)	Others		0
2	Non Institutional Investors	579088	793560	1.37
2(a)	Corporates		423000
2(b)	Individuals (Other than RIIs)		368580
2(c)	Others		1980
3	Retail Individual Investors (RIIs)	1351206	5647680	4.18
3(a)	Cut Off		5169480
3(b)	Price Bids		478200

Updated as on 29 June 2011 at 1800 hrs

FII DERIVATIVES STATISTICS FOR 29-Jun-2011

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FII DERIVATIVES STATISTICS FOR 29-Jun-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	173494	4838.20	147439	4109.92	653937	18297.86	728.28
INDEX OPTIONS	307196	8512.52	210903	5850.06	1960310	54892.52	2662.46
STOCK FUTURES	276631	6829.81	253557	6882.09	1226831	33047.75	-52.28
STOCK OPTIONS	5814	151.78	5570	147.06	24817	623.40	4.72
						Total	3343.18

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FII & DII trading activity on NSE and BSE as on 29-Jun-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 29-Jun-2011.

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 29-Jun-2011 3099.16 2429.81 669.35

 

 

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 29-Jun-2011.

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 29-Jun-2011 1290.67 1531.26 -240.59

 

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Sun Pharmaceuticals Limited — This one never sets; New Buy::BofA Merrill Lynch,

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Sun Pharmaceuticals Limited — This one never
sets; New Buy
Initial Opinion
Initiate with Buy, 18% potential upside
We initiate coverage on Sun Pharma with a Buy rating and PO of Rs565.  Sun
Pharma is fastest growing company with 5-yr sales/profit CAGR of 29%/26%
respectively and enjoys highest margins amongst peers. Over FY11-13E, we
expect 21% profit CAGR, driven by (1) integration with Taro Pharma, and (2)
sustained growth momentum in domestic formulations and US generics. Our PO
is based on 22x P/E FY13E, in line with historical 10% premium to peers.
Our forecast towards lower end of guidance
We expect 28% growth in FY12E, compared to 28-30% growth guidance by
management, but ~24% for consensus. This should be driven by (1) sustained
momentum in domestic formulations, similar to historic growth rates, (2) full
impact of Taro Pharma integration, and (3) niche launches in US market, partially
offsetting significant contribution from Eloxatin last year i.e. Taxotere, Lexapro.
Margins to moderate slightly
We expect margins to moderate over the next two years, due to (1) full impact of
acquisition of relatively lower contribution of Taro (~26% EBITDA margins vs
~35% ex-Taro), and (2) lower contribution from niche products in US. However,
with integration benefits expected to flow, we expect rebound post-FY12E.
Premium valuation to sustain
Sun Pharma trades towards higher end of historical P/E band, and 15% premium
to peers. We justify historical peer premium due to superior margin/return
parameters, stronger balance sheet (net cash US$950mn) and richest ANDA
pipeline with likely Para IV opportunities.

HDFC Floating Rate Income Fund Long-term: Invest:: Business Line

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Fresh investments can be considered in HDFC Floating rate fund-Long Term (HDFC FRIF-LT) with a one year investment horizon. HDFC FRIF-LT is an open-ended income fund which invests in a mix of corporate and money market instruments, not necessarily with a floating interest rate.

The RBI, for the tenth time in the last one-and-a-half years, hiked its policy rates and there is a possibility of further hikes, thanks to the uncertainty regarding the movement of inflation. Until such time that the uncertainty prevails, the rates on short-term instruments may continue to be higher than the longer-term rates. Additionally, long-term bond funds do carry higher interest rate risk.

This makes a good case for investing in ultra short-term funds or floating rate funds. HDFC FRIF-LT has given a good 7.5 per cent return over the last one year as against 7.1 per cent return provided by the benchmark CRISIL Liquid Fund index.

Strategy: Investors in this fund need to have a one-year investment horizon for two reasons. One, we expect some clarity to emerge on inflation and interest rates over one year. Two, the fund (effective from June 24 2011) has revised its exit load to 2 per cent for exit within one year of holding the fund.

Given the single-digit return in this category, exit earlier than a year would be sub-optimal for investors. This fund is better suited than fixed deposits for the investors in higher tax brackets as the income on fixed deposit is taxed based on the slab rates, where as capital gains tax on this fund is flat at 10.3 per cent (without indexation).

Portfolio and performance: Sharp rise in rates of money-market rates over the last one year have aided the performance of many short term funds including HDFC FRIF-LT. However, the fund has managed superior returns even over the longer term. Over a 3-year and 5-year periods it delivered an 8 per cent and 7.9 per cent annualised returns respectively.

During the same periods, category average of ultra short-term funds was 6.47 per cent and 7 per cent respectively. There is also consistency in the fund's performance as it outperformed its benchmark more than 85 per cent of the time on a one-year rolling return basis, considering the NAVs of the last five years.

This level of consistency separates HDFC FRIF-LT from other funds which have turned in a good return over one year.

HDFC FRIF-LT has never given a negative return over a one-year period, unlike a few long-term bond funds. It has also contained downside better than its benchmark. Even during 2010, when the rates were at the rock-bottom it delivered a 4.9 per cent return. The current portfolio is fully invested in certificates of deposits of banks. HDFC FRIF-LT has been actively managing its portfolio and taking advantage of the flexibility to invest in debentures as well.

The current certificate of deposit rates for one year are close to 9.7 per cent while commercial paper rates are in excess of 10 per cent, even after the rates have fallen marginally. The first half of the fiscal has lower financing activities, as we approach the second half of the year, the rates may trend higher given the credit demand and higher borrowing costs