17 August 2011

ICICI Bank ( TP: `1,281/ Upside: 35%): Angel Broking, TOP PICKS

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ICICI Bank (CMP: `952/ TP: `1,281/ Upside: 35%)


􀂄 ICICI Bank's substantial branch expansion from 955 branches at the end of
3QFY2008 to 2,533 branches as of 1QFY2012 and strong capital adequacy at
19.6% (Tier-I at 13.4%) have positioned it to gain CASA and credit market share,
respectively. During FY2011, the bank improved its market share of savings deposits
by 10bp over FY2010, capturing a substantial 5.8% incremental market share.
􀂄 The bank has been able to increase its CASA ratio to 45% as of FY2011 and,
contrary to the overall trend in the sector, we expect this favourable change in the
bank's liability mix to improve its NIM to ~2.7% by FY2013.
􀂄 The bank's asset quality continues to show further improvement, with a declining
trend in additions to gross as well as net NPAs. We expect the reduction in risk
profile of advances (and the consequent lower yield on advances) to result in a
~90bp decline in NPA provisioning costs by 2013E over FY2011.
􀂄 The stock is trading at attractive valuations of 1.7x FY2013E P/ABV. Hence,
we maintain our Buy view on the stock with a target price of `1,281, valuing the
core bank at 2.5x FY2013E P/ABV and assigning a value of `191 to its subsidiaries.
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Axis Bank (TP: `1,648/ Upside: 33%):Angel Broking, TOP PICKS

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Axis Bank (CMP: `1,237/ TP: `1,648/ Upside: 33%)


􀂄 Axis Bank has increased its CASA market share multi-fold over the last eight years
(4.2% as of FY2011) on the back of robust branch and ATM network expansion
(400 branches opened in FY2011 itself). Annual addition of 250+ branches hereon
is expected to lead to a 30-50bp increment in CASA market share every year.
􀂄 Fee income contribution across a spectrum of services has been a meaningful
2.0% of assets (almost twice the level in PSBs) over FY2009-11.
􀂄 We expect Axis Bank to raise capital in the next 12-18 months as per our calculations.
(Axis Bank had last raised capital in 2QFY2010, when its tier-I CAR was 9.4%).
Dilution is likely to be book-accretive and will aid in further enhancing the bank's
credit market share going forward.
􀂄 Axis Bank is trading at 2.0x FY2013E ABV (~35.5% discount to HDFC Bank). The
bank's ALM position vis-à-vis HDFC Bank is currently a disadvantage; however,
with the interest rate cycle close to its peak, in our view, the bank will also benefit
more once interest rates cool off a bit post 1HFY2012. Hence, we maintain our
Buy view on the stock with a target price of `1,648.
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BSE, Bulk deals, 17/8/2011

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Deal DateScrip CodeCompanyClient NameDeal Type *QuantityPrice **
17/8/2011521131Anjani FabricsKAPILABEN SOMABHAI PATELB12700021.25
17/8/2011521131Anjani FabricsPREMIUM HOSPITALITY SERVICES PRIVATE LIMITEDS5100021.31
17/8/2011532797Autoline IndsRKSV SECURITIES INDIA PRIVATE LIMITEDB95579133.17
17/8/2011532797Autoline IndsKAMAL KUMAR JALAN SEC. PVT. LTDB93924132.61
17/8/2011532797Autoline IndsKAMAL KUMAR JALAN SEC. PVT. LTDS93924133.21
17/8/2011532797Autoline IndsRKSV SECURITIES INDIA PRIVATE LIMITEDS95579132.60
17/8/2011524606Beryl DrugsAILISH TRADERS PRIVATE LIMITEDB11300034.71
17/8/2011524606Beryl DrugsPRAKASH DAVES10000034.73
17/8/2011532430BF Utilities-$A K G SECURITIES AND CONSULTANCY LTDB232183451.81
17/8/2011532430BF Utilities-$CROSSEAS CAPITAL SERVICES PRIVATE LIMITEDB230925454.02
17/8/2011532430BF Utilities-$A K G SECURITIES AND CONSULTANCY LTDS232183452.09
17/8/2011532430BF Utilities-$CROSSEAS CAPITAL SERVICES PRIVATE LIMITEDS230925451.46
17/8/2011533469Birla Pacific MedspaSPS SHARE BROKERS PRIVATE LIMITEDS80000019.91
17/8/2011509011CHISELMINI BUILDERS PVT LTDB37603171.56
17/8/2011509011CHISELCOASTAL FERTILISERS LIMITEDS19000171.55
17/8/2011509011CHISELGODAVARI COMMERCIAL SERVICES PRIVATE LIMITEDS19000171.56
17/8/2011533137DEN NETWORKEMERGING MARKETS MGT L.L.C. A/C EMSAF MAURITIUSS70080242.82
17/8/2011523329Eldeco HousACCURATE FINSTOCK PVT LTDB11000185.00
17/8/2011523329Eldeco HousDHIRESHBHAI SHAH SANJIVS11000184.90
17/8/2011530337Exelon InfraSHAISHIL TUSHARKUMAR JHAVERIB7495959.72
17/8/2011506186Galaxy Entert-$ECLIPSE TRADES PVT LTDB78093214.25
17/8/2011506186Galaxy Entert-$DANKE DEALERS PVT LTDB28059814.25
17/8/2011506186Galaxy Entert-$WINSTAR INDIA INV CO LTD PCC WINSTAR VALUE CELLS106153014.25
17/8/2011531055GFLFINGIRIRAJ SHARES PVT LTDB20000105.00
17/8/2011531055GFLFINABHIJAI INVESTMENTS15000105.00
17/8/2011505726IFB IndsDANKE DEALERS PVT LTDB802331123.75
17/8/2011505726IFB IndsWINSTAR INDIA INV CO LTD PCC WINSTAR VALUE CELLS802331123.75
17/8/2011532832Indiabulls Real EstMACQUARIE BANK LIMITEDB217811575.25
17/8/2011533506INVENTURENIMIT JAYENDRA SHAHB134440235.93
17/8/2011533506INVENTURECHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDB466013238.38
17/8/2011533506INVENTUREGKN SECURITIESB147337238.17
17/8/2011533506INVENTURENITIN BABAJI PALANDEB390475238.15
17/8/2011533506INVENTURECROSSEAS CAPITAL SERVICES PRIVATE LIMITEDB625149238.60
17/8/2011533506INVENTUREA K G SECURITIES AND CONSULTANCY LTDB264842240.81
17/8/2011533506INVENTUREA K G SECURITIES AND CONSULTANCY LTDS264842240.83
17/8/2011533506INVENTURECROSSEAS CAPITAL SERVICES PRIVATE LIMITEDS625188238.68
17/8/2011533506INVENTURECHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDS466013239.11
17/8/2011533506INVENTURENITIN BABAJI PALANDES390475235.44
17/8/2011533506INVENTUREGKN SECURITIESS147337238.50
17/8/2011533506INVENTURENIMIT JAYENDRA SHAHS134440234.82
17/8/2011530165Kanchan IntlMILKWAY MERCANTILES PRIVATE LIMITEDB2148360.23
17/8/2011530165Kanchan IntlMILKWAY MERCANTILES PRIVATE LIMITEDS2148359.62
17/8/2011530165Kanchan IntlDHARMENDRA HARILAL BHOJAKS4079363.75
17/8/2011530165Kanchan IntlKAMLESH BHIMSEN SINGHS1839665.00
17/8/2011530547KEN Fin ServASHISH CHAUDHARYS4880055.48
17/8/2011526209KS Oils-$TRANSGLOBAL SECURITIES LTD.B23948998.56
17/8/2011526209KS Oils-$TRANSGLOBAL SECURITIES LTD.S23948998.56
17/8/2011526209KS Oils-$EDELWEISS FINANCE & INVESTMENTS LIMITEDS43095688.22
17/8/2011590117Mahaveer Infoway-$NILESH SHARE BROKERS LTDB3222315.17
17/8/2011531540Maruti InfraKETAN RAJNIKANT SHAHS4600010.75
17/8/2011532641Nandan EximCHIRIPAL INDUSTRIES LIMITEDB48855002.57
17/8/2011532641Nandan EximNISHI GOELS47900002.57
17/8/2011523820Neo CorpPARESH BHAGAT HUFS25000047.00
17/8/2011523820Neo CorpMEENAKSHI KANOONGOS19829645.75
17/8/2011500307NirlonDANKE DEALERS PVT LTDB71176140.75
17/8/2011500307NirlonWINSTAR INDIA INV CO LTD PCC WINSTAR VALUE CELLS71176140.75
17/8/2011500329Pentamedia GrapVESA HOLDINGSS975861.05
17/8/2011523642PI IndsIRONWOOD INVESTMENT HOLDINGSB457703528.85
17/8/2011523642PI IndsROWANHILL INVESTMENTS LIMITEDS403000526.02
17/8/2011530923RCL FOODSPAWANTAR AGRO AGENCIES PRIVATE LIMITEDS5000064.33
17/8/2011531952Riba TextilesAMAR NATH SINGHB4500016.13
17/8/2011531952Riba TextilesKAPILABEN SOMABHAI PATELS30000016.23
17/8/2011533470Rushil DecorEXCEL MERCANTILE PRIVATE LIMITEDB305000120.65
17/8/2011533470Rushil DecorKANUBAI LALJIBHAI VORAS72500119.96
17/8/2011590020Tera SoftwareNIPRA FINANCIAL SERVICES PRIVATE LIMITEDB6000057.20
17/8/2011590020Tera SoftwareRAJESH DINKAR FOWKARS6000057.20
17/8/2011532757Voltamp TransNALANDA INDIA EQUITY FUND LIMITEDB104202489.98
17/8/2011532757Voltamp TransRELIANCE CAPITAL TRUSTEE CO LTD A/C RELI. DIVER. POWER SECT FUNDS100000490.00
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

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NSE, Bulk deals, 17-Aug-2011

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DateSymbolSecurity NameClient NameBuy / SellQuantity TradedTrade Price /
Wght. Avg.
Price		Remarks
17-Aug-2011BASMLBannari Amman Spinning MiARUMUGAM S VBUY1,58,00068.00-
17-Aug-2011BASMLBannari Amman Spinning MiVEDANAYAGAM ENTERPRISES PRIVTE LIMITEDSELL1,58,00068.00-
17-Aug-2011BFUTILITIEBF Utilities LimitedCROSSEAS CAPITAL SERVICES PVT. LTD.BUY2,30,999450.82-
17-Aug-2011BFUTILITIEBF Utilities LimitedCROSSEAS CAPITAL SERVICES PVT. LTD.SELL2,30,972453.67-
17-Aug-2011BFUTILITIEBF Utilities LimitedQUADEYE SECURITIES PRIVATE LIMITEDBUY2,40,819461.15-
17-Aug-2011BFUTILITIEBF Utilities LimitedQUADEYE SECURITIES PRIVATE LIMITEDSELL2,40,819461.20-
17-Aug-2011DENDen Networks LtdEMERGING MARKETS MGT LLC A/C EMSAF MAURITIUSSELL9,42,87542.81-
17-Aug-2011ESCORTSEscorts India Ltd.RELIANCE CAPITAL TRUSTEE CO A/C RELIANCE GROWTH FUNDBUY7,28,00067.58-
17-Aug-2011IBREALESTIndiabulls Real Estate LiMACQUARIE BANK LIMITEDBUY27,16,59673.94-
17-Aug-2011INVENTUREInventure Gro & Sec LtdCHANDARANA INTERMEDIARIES BROKERS P. LTDBUY4,89,686238.99-
17-Aug-2011INVENTUREInventure Gro & Sec LtdCHANDARANA INTERMEDIARIES BROKERS P. LTDSELL4,89,686238.38-
17-Aug-2011INVENTUREInventure Gro & Sec LtdCROSSEAS CAPITAL SERVICES PVT. LTD.BUY6,29,644238.57-
17-Aug-2011INVENTUREInventure Gro & Sec LtdCROSSEAS CAPITAL SERVICES PVT. LTD.SELL6,29,605238.57-
17-Aug-2011INVENTUREInventure Gro & Sec LtdGKN SECURITIESBUY1,43,301238.17-
17-Aug-2011INVENTUREInventure Gro & Sec LtdGKN SECURITIESSELL1,43,301237.90-
17-Aug-2011INVENTUREInventure Gro & Sec LtdMARWADI SHARES AND FINANCE LIMITEDBUY1,19,079235.93-
17-Aug-2011INVENTUREInventure Gro & Sec LtdMARWADI SHARES AND FINANCE LIMITEDSELL1,19,079236.12-
17-Aug-2011INVENTUREInventure Gro & Sec LtdNITIN BABAJI PALANDEBUY2,43,860237.71-
17-Aug-2011INVENTUREInventure Gro & Sec LtdNITIN BABAJI PALANDESELL3,09,461234.05-
17-Aug-2011INVENTUREInventure Gro & Sec LtdR APPALA RAJUBUY1,60,000239.67-
17-Aug-2011INVENTUREInventure Gro & Sec LtdR APPALA RAJUSELL1,60,000237.88-
17-Aug-2011INVENTUREInventure Gro & Sec LtdSANDEEP MITTALBUY4,56,373244.62-
17-Aug-2011INVENTUREInventure Gro & Sec LtdSANDEEP MITTALSELL4,56,373243.11-
17-Aug-2011INVENTUREInventure Gro & Sec LtdTOUCHSTONE FINVEST SERVICES PRIVATE LIMITEDBUY1,57,464235.36-
17-Aug-2011INVENTUREInventure Gro & Sec LtdTOUCHSTONE FINVEST SERVICES PRIVATE LIMITEDSELL1,57,464231.68-
17-Aug-2011KSOILSK S Oils LimitedEDELWEISS FINANCE & INVESTMENTS LIMITEDSELL120,50,0008.23-
17-Aug-2011KSOILSK S Oils LimitedSATGURU CAPITAL & FINANCE PVT. LTD.BUY26,00,8888.49-
17-Aug-2011KSOILSK S Oils LimitedSATGURU CAPITAL & FINANCE PVT. LTD.SELL26,00,8888.40-
17-Aug-2011KSOILSK S Oils LimitedSICOM LTDSELL49,86,0008.81-
17-Aug-2011KSOILSK S Oils LimitedTRANSGLOBAL SECURITIES LTD.BUY44,80,3088.55-
17-Aug-2011KSOILSK S Oils LimitedTRANSGLOBAL SECURITIES LTD.SELL44,80,3088.55-
17-Aug-2011RUSHILRushil Decor LimitedAMBER ENCLAVE PRIVATE LIMITEDBUY76,062122.73-
17-Aug-2011RUSHILRushil Decor LimitedAMBER ENCLAVE PRIVATE LIMITEDSELL1,93,562119.74-
17-Aug-2011VOLTAMPVoltamp Transformers LimiNALANDA INDIA FUND LIMITEDBUY1,05,876489.97-
17-Aug-2011VOLTAMPVoltamp Transformers LimiRELIANCE CAPITAL TRUSTEE COMPANY LTD A/C RELIANCE DIVIRSIFIESELL1,00,000490.00-
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