NSE, Bulk deals, 01-Aug-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
01-Aug-2011	AMRUTANJAN	Amrutajan Health Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	18,109	876.07	-
01-Aug-2011	AMRUTANJAN	Amrutajan Health Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	18,109	879.06	-
01-Aug-2011	ARSSINFRA	ARSS Infra Proj. Ltd	SARAVANA STOCKS INVT. P LTD.	BUY	1,10,000	391.55	-
01-Aug-2011	ARSSINFRA	ARSS Infra Proj. Ltd	SSPL COMMODITIES PVT. LTD	SELL	1,10,000	391.55	-
01-Aug-2011	BASML	Bannari Amman Spinning Mi	ACCURATE FINSTOCK PVT LTD	BUY	81,144	75.21	-
01-Aug-2011	BGLOBAL	Bharatiya Global Info Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	1,71,928	28.53	-
01-Aug-2011	BGLOBAL	Bharatiya Global Info Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	1,71,928	28.22	-
01-Aug-2011	COX&KINGS	Cox & Kings Limited	CARLSON FUND EQUITY GLOBAL EMERGING MARKETS	SELL	7,00,000	219.98	-
01-Aug-2011	GPPL	Gujarat Pipavav Port Ltd	IDBI TRUSTEESHIP SERVICES LIMITED A/C IDFC INFRASTRUCTURE FU	SELL	44,09,000	73.50	-
01-Aug-2011	HOTELRUGBY	Hotel Rugby Ltd	DARSHANA MAHENDRA THACKER	SELL	2,53,378	11.90	-
01-Aug-2011	HOTELRUGBY	Hotel Rugby Ltd	S R OSWAL& COMPANY	BUY	75,000	11.90	-
01-Aug-2011	HOTELRUGBY	Hotel Rugby Ltd	SAI DEEPA ROCK DRILLS PVT LTD	BUY	80,000	11.90	-
01-Aug-2011	IFBAGRO	IFB Agro Industries Ltd	MBL & COMPANY LTD.	BUY	65,085	115.19	-
01-Aug-2011	IFBAGRO	IFB Agro Industries Ltd	MBL & COMPANY LTD.	SELL	65,085	115.55	-
01-Aug-2011	JSWSTEEL	JSW Steel Limited	MORGAN STANLEY MAURITIUS COMPANY LTD	SELL	11,99,895	701.09	-
01-Aug-2011	KSERASERA	K Sera Sera Limited	INDRAVARUN TRADE IMPEX PVT LTD	BUY	17,22,570	12.62	-
01-Aug-2011	KSERASERA	K Sera Sera Limited	INDRAVARUN TRADE IMPEX PVT LTD	SELL	13,70,523	11.88	-
01-Aug-2011	NESCO	Nesco Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	99,916	662.34	-
01-Aug-2011	NESCO	Nesco Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	1,00,125	663.28	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	AMBER ENCLAVE PRIVATE LIMITED	BUY	3,53,736	139.26	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	AMBER ENCLAVE PRIVATE LIMITED	SELL	2,99,736	134.65	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	BAKORI RASHMINBHAI HARIDASBHAI	BUY	76,242	138.55	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	BAKORI RASHMINBHAI HARIDASBHAI	SELL	76,242	138.77	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	CHANDARANA INTERMEDIARIES BROKERS P. LTD	BUY	1,62,337	139.67	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	CHANDARANA INTERMEDIARIES BROKERS P. LTD	SELL	1,62,153	139.64	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	4,40,088	139.23	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	4,40,088	139.15	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	DEEPAK ARUNBHAI RAITHATHA	BUY	1,00,785	143.46	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	DEEPAK ARUNBHAI RAITHATHA	SELL	1,00,785	136.70	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	HARIHAR KIRITBHAI DAVE	SELL	89,416	139.11	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	MANSUKH SECURITIES & FINANCE LIMITED	BUY	1,60,180	139.53	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	MANSUKH SECURITIES & FINANCE LIMITED	SELL	1,60,160	139.31	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	MARWADI SHARES AND FINANCE LIMITED	BUY	1,41,810	139.04	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	MARWADI SHARES AND FINANCE LIMITED	SELL	1,41,310	139.14	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	QUADEYE SECURITIES PRIVATE LIMITED	BUY	1,21,714	139.77	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	QUADEYE SECURITIES PRIVATE LIMITED	SELL	1,21,714	139.87	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	R.M. SHARE TRADING PVT LTD	BUY	1,23,837	138.75	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	R.M. SHARE TRADING PVT LTD	SELL	1,23,837	138.66	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	SAVITRI JAKHAR	BUY	2,34,364	141.86	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	SAVITRI JAKHAR	SELL	2,34,364	140.13	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	SHREE MALLIKARJUN TRADINVEST PRIVATE LIMITED	BUY	66,000	144.53	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	SHREE MALLIKARJUN TRADINVEST PRIVATE LIMITED	SELL	76,898	141.31	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	SIDHANT FINANCIAL SERVICES LTD.	BUY	1,01,500	143.00	-
01-Aug-2011	RUSHIL	Rushil Decor Limited	SIDHANT FINANCIAL SERVICES LTD.	SELL	1,01,500	144.10	-
01-Aug-2011	SUDAR	Sudar Garments Ltd	BMD EXPORTS PRIVATE LIMITED	BUY	1,00,000	113.50	-
01-Aug-2011	SUDAR	Sudar Garments Ltd	TULSHIRAM SITARAM MANWAL	SELL	1,47,500	113.50	-
01-Aug-2011	SUMEETINDS	Sumeet Ind Limited	MANAV N PATEL	BUY	3,07,689	37.32	-
01-Aug-2011	SUMEETINDS	Sumeet Ind Limited	MANAV N PATEL	SELL	3,20,735	33.52	-
01-Aug-2011	SUMEETINDS	Sumeet Ind Limited	SUNRISE INVESTMENT(AMIT SAMPATHRAJ SHAH)	BUY	6,67,682	37.32	-
01-Aug-2011	SUMEETINDS	Sumeet Ind Limited	SUNRISE INVESTMENT(AMIT SAMPATHRAJ SHAH)	SELL	6,67,682	36.63	-

CESC, Bhushan Steel, Idea, Motherson Sumi: 1QFY2012 Result Review- Angel Broking,

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Idea
Idea Cellular (Idea) reported its 1QFY2012 numbers, which were ahead of our
expectations on the revenue front; however, they were disappointing on the bottom-line
front. Revenue came in at `4,521cr, up 6.8% qoq, on the back of growth in ARPM (growth
came in after a continuous decline in ARPM since the last eight quarters) by 1.0% qoq to
`0.41/min and network traffic growth. However, MOUs and ARPU declined by 1.5% and
0.6% qoq to 391min and `160/month, respectively. Also, VAS share as a percentage of
revenue stood flat qoq at 12.1%, despite the launch of 3G in eight circles. EBITDA margin
grew by 124bp qoq to 26.6% on the back of lower subscriber acquisition costs. PAT came
in at `177cr, down 35.4% qoq, due to higher interest costs of `122.8cr and higher
depreciation and amortisation expenses of `65.6cr due to 3G and higher tax rates of 31%
vs. 17.5% in 4QFY2011. Idea has increased its tariff rates in six circles – A.P., M.P.,
Kerala, Maharashtra, U.P. (W) and Gujarat by 20%, which will lead to improvement in its
KPIs going forward. The stock is currently under review.
Motherson Sumi Systems
Motherson Sumi Systems (MSSL) registered an in-line 20.8% yoy increase (down 2.4% qoq)
in net sales to `2,300cr on a consolidated basis, driven by a 33.6% (down 15.7% qoq)
and 16.4% yoy (8.4% qoq) jump in domestic and overseas sales, respectively. Overseas
sales performance was led by strong 19.6% yoy (flat qoq) growth in SMR. On the
operating front, margin reported a 114bp yoy (318bp qoq) contraction to 8.6%, largely
due to input cost pressures and subdued operating performance at SMR (margins at 5.1%
against 7.2% in 1QFY2011) on account of start-up costs related to two new plants in
Hungary and Brazil. Raw-material costs during the quarter increased by 155bp yoy and
accounted for 64.1% of net sales. However, the decline in staff costs, other expenditure
and gains on the foreign exchange front arrested the further contraction in operating
margins. Net profit posted modest 9.6% yoy (down 53% qoq) growth to `65cr, significantly
lower than our estimates of `106cr. At `230, the stock is trading at 22.2x FY2012E and
16.3x FY2013E earnings. The stock rating is currently under review.
Bhushan Steel
Bhushan reported its 1QFY2012 results. Net sales grew by 62.6% yoy to `2,232cr mainly
on account of higher volumes of flat products. Flat products sales volume grew by 80.2%
yoy to 388,790 tonnes, while long product sales volume grew by 7.6% yoy to 100,664
tonnes in 1QFY2012. Long product average realisation increased by 18.2% yoy to
`42,915/tonne, while flat product average realisation decreased by 3.2% yoy to
`49,294/tonne. EBITDA increased by 62.1% yoy to `661cr, representing EBITDA margin of
29.6%. EBITDA/tonne increased to `13,505 in 1QFY2012 compared to `13,186 in
1QFY2011. Depreciation expense increased by 182.4% yoy to `151cr on account of
higher capacity, while interest expense increased by 173.8% yoy to `216cr due to
increased debt. A sharp increase in depreciation and interest costs resulted in net profit
growth of only 2.0% yoy to `210cr. We maintain our Neutral view on the stock.
CESC
During 1QFY2012, CESC reported 8.0% yoy growth in its standalone net sales to
`1,169cr, which was in-line with our estimates. Top-line growth was on account of better
realisation, as the volume of power sold fell by 2% yoy to 2,232MU. The company’s
operating profit rose by 4.3% yoy to `267cr. OPM came down by 80bp yoy to 22.6% on
account of higher power and fuel costs. Power and fuel costs rose by 16.1% yoy to `650cr,
despite a 2% fall in generation. International coal prices were higher by ~20% during the
quarter, resulting in higher power and fuel costs for the company. On the bottom-line
front, net profit remained flat at `111cr, impacted by higher depreciation and interest
costs. We maintain our Accumulate view on the stock with a target price of `380.

JK Tyre ; Madhucon:: 1QFY2012 Result Review- Angel Broking,

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Madhucon Projects

MPL reported a disappointing performance on the top-line front, with a yoy decline of

19.2% to `329.2cr (`407.4cr), below our expectations of `481.0cr. The company’s OPM

came in at 14.1% (10.7%), posting a whopping jump of 340bp yoy against our

expectations of 10.1%. On the earnings front, the company posted a decline of 41.0% yoy

to `8.0cr (`13.5cr), against our expectations of `11.7cr. We would be revising our

numbers and target price after the call with the management. The stock rating is currently

under review.

JK Tyre

JK Tyre reported a weak bottom-line performance for 1QFY2012 on account of

contraction in operating margin and high interest cost. Net sales during the quarter

reported healthy 21% yoy (5% qoq) growth to `1,413cr. On the operating front, the

company posted an 11.8% yoy (4.2% qoq) decline in operating profit to `65cr, as

operating margin dipped by 170bp yoy (44bp qoq) to 4.6%, primarily due to raw-material

cost pressures in the form of higher rubber prices. As a result, raw-material cost to sales

ratio stood at 77.3% of sales during 1QFY2012. However, margin erosion was arrested

due to a 67bp and 155bp yoy reduction in staff cost and other expenditure, respectively.

Net profit witnessed a substantial 95% yoy (92.3% qoq) decline to `1cr, primarily due to

margin contraction and a substantial increase in interest expense.

At `104, the stock is trading at 3.5x and 5.8x FY2013 earnings and EV/EBITDA,

respectively. We continue to maintain our Buy rating on the stock; however, our target

price is under review. We shall release a detailed note shortly.

TVS, Sadbhav, Sarda Energy:: 1QFY2012 Result Review- Angel Broking,

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TVS Motor
For 1QFY2012, TVS Motor (TSM) reported a strong 25.3% yoy (6.9% qoq) increase in its
top line to `1,746cr, slightly higher than our expectation due to better-than-expected
average net realisation. Top-line growth was led by a 15.6% yoy jump (flat qoq) in
volumes and a 7.8% yoy (5.9% qoq) increase in average net realisation to `31,884.
Average net realisation improved on account of a superior product mix (higher share of
exports) and price increases. On the operating front, EBITDA margin improved by 26bp
yoy (112bp qoq) to 6.7%, despite a 186bp yoy (207bp qoq) increase in raw-material
costs. Margin expansion was supported by a sharp 212bp yoy (303bp qoq) decline in
other expenditure. As a result, net profit jumped substantially by 45.7% yoy (41.1% qoq) to
`59cr against our expectation of `46cr. Further, the decrease in interest cost on account of
a decline in debt levels supported strong bottom-line growth.
At `49, the stock is trading at attractive valuations of 10.6x FY2012E and 9.4x FY2013E
earnings. We maintain our Buy view on the stock and value the company at 12x (20%
discount to the average multiple of the top two industry players at 15x) FY2013E earnings
to arrive at a target price of `62.
Sadbhav Engineering
For 1QFY2012, Sadbhav Engineering’s (SEL) numbers broadly came in-line with our
expectations. The company reported healthy 44.1% yoy top-line growth to `612.9cr
(`425.3cr) vs. our estimate of 54.0% growth. Ramp-up in the execution of captive road
BOT projects has led to this robust revenue growth. On the operating margin front, the
company posted OPM of 11.1% (11.9%), above our estimates of 9.7%. Interest and
depreciation costs came in-line with our estimates. On the earnings front, SEL reported
robust 32.4% growth yoy to `33.8cr (`25.5cr), higher than our expectations of `30.3cr.
We recommend our Accumulate view on the stock with the target price of `161.
Sarda Energy
Sarda Energy reported its 1QFY2012 results. Net sales grew by 17.2% yoy to `254cr,
driven by higher revenue of the steel segment. The steel segment’s revenue grew by 71.1%
yoy to `162cr, while the ferro alloys segment’s revenue declined by 29.9% yoy to `79cr.
The company’s EBITDA decreased by 19.8% yoy to `41cr due to subdued profitability
performance from the ferro alloy segment. The ferro alloy segment’s EBIT decreased by
73.1% yoy to `7cr, which was partially offset by the increase in the steel segment’s EBIT,
which grew by 35.1% yoy to `22cr. The company’s PAT decreased by 20.2% yoy
to `11cr. We maintain our Buy view on the stock, while we keep our target price under
review.

BSE, Bulk deals, 1/8/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
1/8/2011	533412	Aanjaneya Lifecare	AMBER ENCLAVE PRIVATE LIMITED	S	84409	378.41
1/8/2011	590006	Amrutanjan Health-$	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	18119	878.59
1/8/2011	590006	Amrutanjan Health-$	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	18119	876.43
1/8/2011	524760	Arvind Intl-$	CHACHAN COMMODITIES BROKING PRIVATE LIMITED	B	35294	14.00
1/8/2011	512535	Asahi Infra	BASMATI SECURITIES PRIVATE LIMITED	B	251019	6.00
1/8/2011	505029	Atlas Cycle	A K G SECURITIES AND CONSULTANCY LTD	B	19545	462.01
1/8/2011	505029	Atlas Cycle	A K G SECURITIES AND CONSULTANCY LTD	S	19545	461.87
1/8/2011	533499	BGLOBAL	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	171928	28.35
1/8/2011	533499	BGLOBAL	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	171928	28.62
1/8/2011	531695	Dhvanil Chem	AASHWINA CONSTRUCTION PRIVATE LIMITED	B	51000	54.90
1/8/2011	533333	Fineotex Chem	V P PATEL	B	83369	310.53
1/8/2011	533189	Goenka Diamond	RUPAK TRADING PRIVATE LIMITED	B	268000	54.75
1/8/2011	532951	GSS America	SATYAMITRA STOCK CONSULTANTS PRIVATE LIMITED	B	92500	154.88
1/8/2011	532951	GSS America	MADHUKAR CHIMANLAL SHETH	S	90000	154.95
1/8/2011	530315	Hindustan Tin-$	SAFE ENTERPRISES	B	70000	93.85
1/8/2011	532342	IT People-$	EITBIZ INDIA PRIVATE LIMITED	B	1500000	27.90
1/8/2011	532342	IT People-$	TAIB BANK E C	S	1500000	27.90
1/8/2011	532081	KSERASERA-$	INDRAVARUN TRADE IMPEX PVT LTD	B	1246838	12.63
1/8/2011	532081	KSERASERA-$	INDRAVARUN TRADE IMPEX PVT LTD	S	1758583	12.11
1/8/2011	533080	MOLDTKPACK	NAZMUDDIN GULAMHUSEIN KHERAJ	B	60000	67.02
1/8/2011	505355	NESCO	A K G SECURITIES AND CONSULTANCY LTD	B	160373	664.60
1/8/2011	505355	NESCO	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	100038	662.77
1/8/2011	505355	NESCO	A K G SECURITIES AND CONSULTANCY LTD	S	160373	664.77
1/8/2011	505355	NESCO	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	99829	662.44
1/8/2011	505525	Parichay Invest	MAYUR NARAYANDAS DARJI	B	25000	37.25
1/8/2011	505525	Parichay Invest	NILESH KUMAR LAHOTI	B	25050	37.26
1/8/2011	505525	Parichay Invest	PREETI HAZARILAL CHHABRA	S	11000	37.25
1/8/2011	505525	Parichay Invest	KRUNAL GOPALDAS RANA	S	16000	37.25
1/8/2011	505525	Parichay Invest	KRINA JITENDRAKUMAR VYAS	S	20600	37.25
1/8/2011	511702	Parsharti Inv	KIRANBEN FATESING RAJPUT	B	16014	37.15
1/8/2011	511702	Parsharti Inv	KRUNAL GOPALDAS RANA	B	23500	37.01
1/8/2011	513403	PM Telelinnks	SHAH JIPAL PINESHKUMAR	B	51000	38.35
1/8/2011	513403	PM Telelinnks	THAORLAL ATMARAM MODI	S	51000	38.00
1/8/2011	513403	PM Telelinnks	BHAVINI VIJAYKUMAR SHAH	S	134018	38.34
1/8/2011	511585	Regency Trust	NANDABEN DIPAKKUMAR THAKKER	S	67700	90.00
1/8/2011	533470	Rushil Decor	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	B	158084	139.54
1/8/2011	533470	Rushil Decor	R M SHARES TRADING PRIVATE LIMITED	B	122977	138.60
1/8/2011	533470	Rushil Decor	SIDHANT FINANCIAL SERVICES PVT LTD	B	94801	143.21
1/8/2011	533470	Rushil Decor	ARUNBHAI RAITHATHA DEEPAK	B	244712	142.89
1/8/2011	533470	Rushil Decor	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	439921	139.06
1/8/2011	533470	Rushil Decor	A K G SECURITIES AND CONSULTANCY LTD	B	179512	139.39
1/8/2011	533470	Rushil Decor	AMBER ENCLAVE PRIVATE LIMITED	B	73914	134.44
1/8/2011	533470	Rushil Decor	AMBER ENCLAVE PRIVATE LIMITED	S	205914	139.69
1/8/2011	533470	Rushil Decor	A K G SECURITIES AND CONSULTANCY LTD	S	179512	139.30
1/8/2011	533470	Rushil Decor	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	439921	139.22
1/8/2011	533470	Rushil Decor	SIDHANT FINANCIAL SERVICES PVT LTD	S	94801	144.00
1/8/2011	533470	Rushil Decor	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	S	157818	139.44
1/8/2011	533470	Rushil Decor	ARUNBHAI RAITHATHA DEEPAK	S	244712	136.72
1/8/2011	533470	Rushil Decor	R M SHARES TRADING PRIVATE LIMITED	S	123069	138.78
1/8/2011	531901	SAARC Net	UPASNA DISTRIBUTORS PVT LTD	B	996000	0.79
1/8/2011	531901	SAARC Net	GOVIND SHARDA	S	1162200	0.80
1/8/2011	531886	SCOPE IND	REDDY SREENIVAS KALLEM	B	41660	18.61
1/8/2011	590046	Smruthi Org-$	DILIP KUMAR RUNGTA	B	27474	215.29
1/8/2011	533332	SUDAR GARM	BMD EXPORTS PRIVATE LIMITED	B	100000	113.50
1/8/2011	533332	SUDAR GARM	TULSHIRAM SITARAM MANWAL	S	147500	113.50
1/8/2011	514211	Sumeet Inds-$	MANAV NARESHBHAI PATEL	B	294950	38.12
1/8/2011	514211	Sumeet Inds-$	MANAV NARESHBHAI PATEL	S	294950	32.01
1/8/2011	517429	VJIL Consulting-$	VENKAT RAO JALAGAM	S	40000	15.10
1/8/2011	519602	VMF Sof Tech	UDAYAN KANUBHAI MANDAVIA	B	72000	3.82
1/8/2011	519602	VMF Sof Tech	HITESH RASIKLAL JOSHI	S	72000	3.82
1/8/2011	533427	VMS Inds	MAN MOHAN DAMANI	S	124600	14.02
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price