IIFL:: Conviction Buy Ideas ::August, 2011

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Credit downgrade for the US by S&P and fiscal distress in Eurozone
have clearly dominated sentiment across world markets. Indian
equities were no exception and suffered over the past three weeks,
correcting 7.5%. While many headwinds prevail and will continue to
impact the Indian economy in the medium term, the extent of the
fall in equities has made valuation reasonably attractive; Nifty is
trading at 12.5x FY13E earnings. Furthermore, crude prices have
cooled off and the RBI is likely to maintain status quo in next meet.
News reports also indicate towards a possible surprise by the
government on the policy front. Already, the CoS has recommended
51% FDI in multi-brand retail while urea decontrol has been cleared
by a GoM. We can expect a relief rally in the near to medium term
taking the Nifty to ~5400 levels. We have identified nine stocks for
investment which are trading at compelling valuations.

Axis Bank - BUY

Hindalco Industries - BUY

ICICI Bank - BUY

ITC - BUY

Lupin Pharma – BUY

Mahindra & Mahindra - BUY

Manappuram Finance Ltd - BUY

Tata Consultancy Services-BUY

Tata Motors - BUY

Stock details
Stock
CMP
(Rs)
Target
(Rs) Investment Rationale
Axis Bank 1,209 1,575
1) System outperforming loan growth to continue
2) NIM has bottomed-out; estimated at 3.5% for
FY12 3) Asset quality to remain strong 4)
Valuation attractive both in absolute and relative
terms
Hindalco 151 202
1) Aluminium production to witness volume
CAGR of 14% over FY11-13 2) Novelis has
benefited from strong demand across product
categories and increasing margins 3) Earnings
from Novelis would be resilient enough to
withstand any global shocks
ICICI Bank 940 1,275
1) On firm growth trajectory after a successful
transformation 2) NIM would remain resilient in
the longer term 3) Asset quality has been stable;
capital position is robust 4) RoE to improve;
valuation would re-rate
ITC 198 232
1) Strong brand portfolio and substantial pricing
power will result in robust growth for cigarettes
business 2) Other-FMCG segment to break even
by FY13 3) Recent decline in tobacco prices to
result in margin accretion
Lupin 453 520
1) Only Indian company having healthy
performance in branded business in US 2)
Growth in US market would continue led by
stabilized branded sales and growing generic
portfolio 3) Its recent tie-up with Eli -Lilly to
augment domestic growth
M&M 740 820
1) Tractor volumes to remain strong on better
credit availability and increased MSP for crops 2)
M&M leadership in Uvs to continue 3) Ssanyong
volume and financial performance to see
meaningful recovery
Manappuram 53 77
1) Fastest growing gold loan company 2) New
branches to drive 51% AUM CAGR over FY11-
13E 3) Operating leverage to cushion RoA while
RoE to improve 4) Valuation extremely attractive
in the light of robust earnings CAGR
Tata Motors 801 1,025
1) Valuations attractive at P/E of 5x FY13E EPS
2) JLR performance would remain strong
considering strong demand traction in emerging
economies 3) JLR margins to remain resilient on
back of TML's cost cutting initiatives
TCS 951 1,180
1)Relative out-performance to continue; recent
sharp correction provides a good entry point
2)Margin management strong; expect it to remain
range bound 3)Discretionary exposure relatively
less; well-diversified service mix to sustain growth
Source: India Infoline Research, Prices as on August 12, 2011

Tata Motors - BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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Valuations attractive at P/E of 4.7x FY13E consolidated EPS
Tata Motors has corrected 42% YTD on the back of rising concerns in
the European region (debt crisis) where its subsidiary JLR has
substantial exposure. Furthermore, slowdown in the domestic auto
business added to the concerns. However, this correction has
brought the valuations to attractive levels. The stock currently trades
at P/E of 4.7x FY13E consolidated EPS of Rs169.6. We believe the
concerns are overdone and the risk-reward ratio is highly favourable.
JLR volume momentum to continue
After reporting a 25% growth in volumes in FY11, JLR has registered
a 9% volume growth in Q1 FY12. Most of the growth has been
contributed by strong demand in the emerging economies. While the
demand in the western world might remain weak, demand from
emerging economies such as China and India would continue. The
momentum might gather pace in H2 FY12 with the launch of Evoque
under the Range Rover brand (one of the most widely anticipated
launch). We forecast a 7.5% CAGR in JLR volumes during FY11-13E.
Contribution of JLR earnings to improve substantially
Over the past few quarters contribution of JLR to TML’s consolidated
operating profit has increased considerably. JLR’s improved
profitability has been on the back of 1) strong volume growth 2)
production re-structuring, 3) sourcing of lower cost raw material, 4)
reduced man power and 5) currency tailwinds. While the currency
factor is uncertain, other factors are here to stay, thus, lending
strong visibility to JLR margins.
Domestic business facing headwinds, but scenario to improve
YTD, TML’s domestic passenger car volumes have fallen 21.6%.
However, CV volumes which account for 60% of the volumes have
registered a 16% jump in volumes. With interest rates close to their
peak levels and recent correction in crude oil prices, affordability for
fleet operators would improve. Nevertheless, we are factoring in only
4.3% and 8.8% growth in volumes in FY12E and FY13E respectively.
Any recovery in passenger car volume would provide upsides to our
estimate and price target.

Tata Consultancy Services-BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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TCS has been a consistent outperformer
Over the past six quarters, TCS has consistently out-performed industry
and comparable peers both on revenue growth and margin fronts.
Multiple large deal wins and guided strong employee addition imply that
robust revenue traction would continue in the medium term. The key
edge for TCS has been its strong go-to-market and commendable
execution (sharpened post the proactive restructuring in CY08).
Further, stability of top management vis-à-vis peers provides better
execution comfort.
Discretionary exposure relatively less; well-diversified service
mix to sustain growth
TCS’s end-to-end services approach and one of the highest exposures
to emerging markets has stood in good stead. Sustained broad-based
growth through FY11 validates the same. This facet gains more
prominence in the current scenario of increasing growth challenges in
the developed markets. Lower discretionary exposure also bodes well
as clients can possibly delay decision making in an uncertain
environment. BFSI, the largest vertical also remains stable as
commented by the management with the risk/compliance related spend
(non-discretionary) expected to continue its decent traction.
Margin management strong; expect it to remain range bound
TCS with its commendable execution and supply side management
delivered higher margin than Infosys for the first time in Q1 FY12.
Admirable SG&A management, better FPP execution, pricing and
structural up-tick in utilization have helped protect/improve its margins.
Strong traction in transformation projects, platform BPO, SMB related
services along with operational levers such as SG&A leverage and
improving employee pyramid are expected to keep margin range
bound.
Relative out-performance to continue; recent sharp correction
provides a good entry point
With minimal hiccups on multiple counts – supply side, organization
structure, industry exposure (especially telecom), TCS should continue
to capitalize and maintain industry-leading growth. Management
commentary has been re-assuring as yet with no material impact
expected from the ongoing macro weakness. The stock has corrected
sharply (~10%) over the past few days providing an attractive entry
point to long-term investors. On the back of sustained outperformance,
TCS has earned the reputation of ‘Safe Haven’ within the sector.

Manappuram Finance Ltd - BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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Fastest growing gold loan company
Manappuram has been the fastest growing gold loan company in the
country. It has tripled its AUM in the past one year and grown it eight
times over two years. Manappuram is the second largest listed gold
loan company after Muthoot with more than 7% share of the organized
market. A phenomenal rally in gold prices and rapid network expansion
(79% CAGR in branches over FY09-11) has driven the exponential
growth in AUM. During Q1 FY12, AUM accretion was significantly ahead
of our expectation at Rs14.8bn, higher 20% qoq (13.5% volume
growth and 6.5% value growth).
New branches to drive 51% AUM CAGR over FY11-13E
After beating industry growth handsomely, we expect Manappuram’s
growth momentum to moderate over FY11-13 to 51% due to increased
penetration/competition in South (especially Kerala), slower adoption in
other regions and base effect. Net loans (on the balance sheet) would
witness a higher 60% CAGR on account of lower loan assignments. Bulk
of the anticipated growth would be driven by substantial uptick in
productivity of the new branches.
NIM to contract on declining yield and increase in funding cost
We estimate Manappuram’s margin to correct by ~370bps over FY11-
13 from 16.7% to 13%. Margin contraction would be a function of both
increase in funding cost and decline in loan yields. Company’s
borrowing cost increased significantly in Q1 FY12 (up 110bps qoq) due
to loss of PSL status on assignments and sharp increase in bank
lending/CP rates. Funding cost is likely to increase further in the shortterm.
Yield on gold loans though resilient in Q1 FY12 is expected to
correct in the longer term. It is currently materially higher than
Muthoot, a like-to-like competitor. Even at 13%, Manappuram’s NIM
would be the highest in the industry and amongst NBFCs in general.
Operating leverage to cushion RoA while RoE to improve
With company having significantly invested in capacity augmentation
and brand awareness, material operating leverage would kick-in over
FY11-13. We expect a substantial improvement in AUM/Branch from
Rs36mn to Rs56mn as new branches mature. Further, advertising
expenditure is estimated to only marginally increase. As such,
opex/average assets ratio is likely to decline considerably from 7% in
FY11 to 5.4% in FY13. This would cushion the impact of margin
contraction on RoA. However, RoE would improve as leverage
increases. Given the profitability and growth matrix, Manappuram’s
valuation at 1.5x FY13E P/BV is extremely attractive.

Mahindra & Mahindra - BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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Strong demand for tractors to continue
Following a 19% CAGR during FY03-07, tractor volumes in India
went through a sedate phase during FY08 and FY09 with volumes
remaining flat at 0.35mn tractors per annum. However, in FY10 and
FY11 the volume growth jumped to 27% and 25% respectively. The
factors that caused this change were 1) farm loan waiver scheme
worth Rs653bn benefiting about 36mn farmers, 2) raising of MSP for
crops, 3) RBI asking banks to increase lending to rural areas,
4) employment guarantee scheme, 5) increasing non-agriculture
usage of tractors. The effect of these factors will continue to last
over the next couple of years causing the demand to grow in the
range of 13-15%. M&M with ~43% market share would be a major
beneficiary.
Leadership position in UVs to be maintained
M&M is by far the leading player in the Indian UV industry with a
53% market share. With the next two largest players accounting for
33% of the market share, the competition is limited at price points
where M&M operates. With substantial portion of demand for UVs
arising from rural areas and M&M’s strong brand recall, UV volume
growth would remain strong for the company.
Ssangyong performance to improve going ahead
During Q2 CY11, Ssanyong sold 30,772 vehciles, highest since Q2
CY07. This trend is expected to continue considering M&M’s expertise
in the UV markets. Financial performance in Q2 CY11, however, was
plagued by higher wage costs and price hikes given to vendors.
Given M&M’s track record of cutting costs and expectations of
continued volume momentum, we expect Ssangyong to report
improved operating performance in the medium term.
Re-rating on the cards
M&M has historically been trading at a substantial discount to its
domestic peers owing to cyclicality of tractor business, exposure to
multiple business streams and losses at few of its subsidiaries. With
expected improvement in subsidiary performance and strong growth
in automotive and tractor volumes, a re-rating cannot be ruled out.

Lupin Pharma – BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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Strong and distinct business model
Lupin is one of the leading Indian pharma companies actively
targeting the generics opportunity in regulated markets. Lupin has a
strong and distinct business model as Lupin is the only Indian
company having healthy performance in branded business in US. In
past 6 years, Lupin has moved up in the value chain (API to
formulation player) and expanded its reach to various geographies to
be more profitable.
US growth momentum to continue
Lupin is the fifth largest and amongst the top 5 fastest growing
companies in the US. Growth in the US market would continue led by
stabilized branded sales and growing generic portfolio with new niche
product launches. Company intends to manage 30:70 ratio between
branded franchise and generics to have a stable and profitable
revenue stream. Lupin has a cumulative filing of around 148 ANDAs
with approval for more than 90 ANDAs pending.
Japan, a huge generic opportunity to be grabbed
Japan, the second the largest pharma market, is witnessing a
prototype shift. The Japanese government is geared up to reduce
healthcare costs and after the current natural catastrophe we expect
government efforts to strengthen. Lupin is at advantageous position
owing to its acquisition of Kyowa, which is among the top 10 generic
companies in Japan (ranked 7th and growing at 23%).
Domestic business to augment growth
Lupin is fifth-largest pharmaceutical company in India with market
share of around 3.5%. Lupin recently partnered with Eli-Lilly to
promote Eli Lilly’s insulin products in Indian and Nepal. The move will
complete Lupin’s diabetes portfolio and would strengthen the growth
in India as the country has the largest diabetic pool.
Attractive valuation coupled with favorable risk-reward
Given its differentiated business & improving profitability, valuations
appear attractive even after accounting some weakness in the USbranded
business, Lupin currently trades at 20x/15x FY12E/FY13E
EPS of Rs23 and Rs31 respectively, at material discount to peers.
Lupin has a strong balance sheet with a superior earning profile and
hence, we expect valuation to catch up. Recommend Buy.

ITC - BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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Cigarette volumes jump 8% yoy; highest in past ten years
ITC’s core cigarette business continues to display resilience with
strong 8% volume growth during Q1 FY12 – highest in the past ten
years. Cigarette EBIT margin witnessed a sharp 200bps expansion
led by ~5% price hikes undertaken by the company. We expect
further price hikes going ahead, which would ensure healthy margin
expansion. With firm consumer demand and strong brand portfolio,
we believe ITC is well-positioned to grow cigarette volumes at 6-8%
in FY12 (on a weak base of FY11).
Other-FMCG segment to break even by FY13
With the improving profitability in the foods segment (key factor in
narrowing FMCG losses) driven by higher margins in biscuits and
staples segment, the other-FMCG segment is becoming a stronger
business. Personal care segment is also gaining significant market
share in the key categories. The other-FMCG division continues to
record ~20% growth and the company expects this segment to
break even at EBIT level by FY13.
Lower tobacco prices to drive cigarette margin
We believe ITC’s cigarette EBIT margins in FY12 will benefit from the
~10% decline in domestic tobacco prices as against a 20-40%
increase in the past two years. ITC has already procured a large
portion of the tobacco for the FY12 cigarette production at ~5-10%
yoy lower prices. The lower input cost scenario coupled with ~5%
price hikes will drive profitability in FY12.
Margin to expand; earnings to witness ~18% CAGR
ITC remains one of our top picks in the sector given the strong
resilience in its core cigarette business. No change in the excise duty
structure on cigarettes in the FY12 union budget came as a major
positive surprise for ITC. We believe the earnings growth outlook for
ITC is improving, especially in the core cigarette segment, which is
witnessing a revival in volume growth coupled with improved
profitability across all the non-cigarettes segments. We expect ITC to
register ~18% CAGR in net profit over FY11-13. At the current
market price of Rs198, the stock is trading at 22.1x FY13E EPS of
Rs8.9. We maintain Buy.

ICICI Bank - BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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On firm growth trajectory after a successful transformation
Over FY08-11, ICICI Bank underwent a substantial transformation
elevating its profitability matrix significantly. From per-dominantly being
a retail bank with material exposure to unsecured credit, the loan book
profile has become more diversified and robust. The share of retail
segment in the bank’s advances has declined sharply by 20ppt+ over
the past three years. The liability franchise has structurally improved
with the share of CASA deposits increasing by 15ppt+ in the aforesaid
period. After contracting balance sheet during FY08-10, the bank
starting expanding from FY11 with 20% loan growth. The momentum
has continued in Q1 FY12 and we expect ICICI Bank to grow at least inline
with the system in FY12 and FY13.
NIM would remain resilient in the longer term
In spite of higher reliance on wholesale funding and material spike in
deposit rates over the past few months, ICICI Bank’s NIM stood resilient
at 2.6% in Q1 FY12. Timely and commensurate lending rate hikes
supported margin. Bank’s quarterly NIMs have been steady in the range
of 2.5-2.7% over the past two years aided by structural improvement in
CASA ratio. We expect bank’s NIM to gradually improve from current
levels with beneficial re-pricing of wholesale deposits, stable CASA and
reasonably strong pricing power. On July 1st, bank raised its Base Rate
by 25bps without taking any deposits rate hike.
Asset quality has been stable; capital position is robust
ICICI Bank’s asset quality has been sanguine over the past four quarters
with absolute GNPLs being flattish and GNPL ratio declining by 60bps.
Slippages continue to be modest in Q1 FY12 (0.5% of advances) and
outstanding restructured assets remained benign (0.9% of book). The
net NPL ratio has come-off significantly in the past two years driven by
conservative loan-loss provisioning (PCR at 77%). We don’t foresee any
significant deterioration in asset quality in the near term. ICICI Bank’s
capital adequacy stands robust with Tier-1 ratio at 13.4% and overall
CAR at 20%. Bank is well-capitalized for longer term.
RoE to improve; valuation would re-rate
RoA has structurally improved by 25-30bps over the past four quarters
aided by robust NIMs and lower credit cost on the back of asset quality
improvement. We estimate RoA to remain at credible 1.4% in FY12 and
FY13 while RoE is likely to improve by 250bps driven by higher financial
leverage. Quarterly performance would remain strong in the medium
term with dilution in profitability matrix unlikely. With current valuation
at steep discount to peers, we expect strong re-rating in medium term.

Hindalco Industries - BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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Volume CAGR at 14% over FY11-13E
Hindalco has embarked upon an ambitious Rs450bn expansion plan
to raise its domestic aluminium capacity 3.6x and alumina 3x by
FY16. The projects are running with delay of 6-9 months compared
to their original schedule and we expect further slippages of 3-6
months. We expect the Mahan smelter to contribute 0.1mn tons in
FY13 against the management guidance of 0.24mn tons. We expect
volume CAGR of 14% over FY11-13 as expansions are back ended.
Rising coal costs to cap standalone margin expansion
Hindalco’s standalone business is impacted by rising raw material
and power costs. We expect the pressure to rise further following the
price hikes by Coal India (70% of coal supply). Pressure on margins
would further accentuate as the company would be required to buy
e-auction or imported coal as the allotted mine for Mahan is MoEF’s
‘No-Go’ zone and tapering linkages would be hard to come by. As a
result, we expect the impact of strong aluminium prices to be offset
by rising input costs, and margins to be capped over FY11-13E.
Novelis margins to climb further
Novelis has benefited from strong demand across various product
categories and increasing margins, given capacity constraints in the
rolled products market. Margins have expanded as the company
managed to reduce energy consumption and earn better conversion
premium for its products on the back of an improving product mix.
Over the next two years, debottlenecking activities would drive 4-5%
volume growth for Novelis. We expect adjusted EBIDTA/ton to
increase from US$346/ton in FY11 to US$362/ton in FY12 and
US$383/ton in FY13. We also believe that Novelis would be able to
meet its FY12 EBIDTA guidance of US$1.15-1.2bn.
Novelis to drive earnings
Hindalco has corrected sharply over the last three months on
account of 1) delay in capacity expansion plan 2) rising interest costs
3) high coal costs 4) weak commodity prices. We believe that most
of the negatives are priced in. We expect the company to witness an
EBIDTA CAGR of 15.2% over FY11-13 led by higher contribution
from Novelis. Earnings from Novelis would be resilient enough to
withstand any global shocks and would provide downside support to
the stock price. We recommend a BUY on the stock based on our
sum-of-the-parts (SOTP) fair value of Rs202.

Axis Bank - BUY:: IIFL:: Conviction Buy Ideas ::August, 2011

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System outperforming loan growth to continue
After delivering industry-best loan growth of 36% in FY11, Axis Bank
has guided to outgrow system again in FY12. Yoy loan growth in Q1
FY12 considerably moderated to 21.5% driven by repayment of
~Rs60bn telecom loans (wrt 3G, essentially one-time), slowdown in
infrastructure disbursements and cautious moderation by the
management. We welcome the sharp deceleration in loan growth as it
is prudent in the current challenging macro and therefore would
support profitability in the longer term. We estimate 24% loan CAGR
for the bank over FY11-13 with the key driving segments being retail,
SME and working capital loans to corporate.
NIM has bottomed-out; estimated at 3.5% for FY12
Bearing the brunt of heavy reliance (~40%) on wholesale deposits, Axis
Bank faced a severe NIM contraction of 50bps over Q3 FY11-Q1 FY12.
We expect NIM to marginally improve in Q2 FY12 driven by re-pricing
of high-cost bulk deposits at lower rates and tailwinds from cumulative
lending rate increases of recent months (~70% of advances are
floating). The bank has increased its Base Rate/BPLR by 25bps each at
the start of July and August without taking any deposit rate hikes.
Margin is therefore expected to improve sharply in H2 FY12. We
estimate full-year NIM at 3.5%, at the higher end of bank’s guidance.
Asset quality to remain strong; capital raising likely in FY13
During Q1 FY12, absolute GNPLs declined sequentially aided by lower
slippages (0.9% of advances) and robust recoveries. Going ahead,
GNPL ratio is anticipated to be stable with slippages run-rate anticipated
below Rs3.5bn/quarter. Further, bank does not foresee any large
restructuring in short-term except for the Andhra Pradesh-based MFI
exposure (~0.4% of overall book). We therefore expect credit charge to
decline by 10bps in FY12 to 0.9%. With Tier-1 ratio near 9.4%, bank
plans to raise equity capital during CY12 that would suffice 2.5-3 years
of growth requirement.
Valuation attractive both in absolute and relative terms
Axis Bank’s valuation at 2x FY13E P/adj.BV is at marginal discount to its
mean and steep ~40% lower than HDFC Bank. Despite strong
performance in the past two quarters, the stock has been an
underperformer with key concerns being margin contraction and
deterioration in asset quality. We believe that smart margin recovery
and relatively resilient NPL performance over the next two quarters
would drive-up valuation significantly. Industry-best RoA and RoE
should support higher valuations in the longer term.

UBS :: Oberoi Realty - Well placed amid Mumbai headwinds

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UBS Investment Research
Oberoi Realty
Well placed amid Mumbai headwinds

􀂄 We initiate coverage with a Buy rating
Oberoi Realty (Oberoi) is a premium developer with diversified exposure to
Mumbai (residential, office, retail and hotel). We believe the company’s prime
landbank, core presence in Mumbai, net cash reserve of Rs15.6bn, growing rental
asset/income and premium brand positioning differentiates it from the competition.
􀂄 Good proxy to Mumbai market; slow now, but long-term demand intact
While affordability issues after the sharp price hikes, FSI policy uncertainty and
construction approval delays amid tight liquidity have dampened near-term presales,
we believe the Mumbai market is resilient with long-term demand potential
(rising per capita income, and an increase in nuclear/dual-income families and
migrants). We think Oberoi is well placed to grow due to its balanced portfolio
(development and lease assets) and net cash reserve.
􀂄 Potential triggers: efficient cash utilisation and strong Mumbai recovery
We expect the key catalysts to be: 1) net cash utilisation of Rs15.6bn for large land
acquisition/joint developments at distressed prices; 2) a strong residential recovery
in Mumbai; and 3) good corporate governance and benefits accruing to Oberoi
from the monetisation of the co-founder’s prime land holding (0.2msf) in Worli.
􀂄 Valuation: Rs300 price target; an attractive 42% discount to NAV
We base our price target on a 25% discount to our NAV estimate of Rs400 to
factor in the risk of a near-term slowdown in Mumbai. We believe a high cash
surplus (Rs47/share) and rental assets (Rs59/share) will drive outperformance and
position Oberoi as a relatively defensive play in the current risk-averse
environment.

BSE, Bulk deals, 22/8/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
22/8/2011	590006	Amrutanjan Health-$	A K G SECURITIES AND CONSULTANCY LTD	B	18532	748.47
22/8/2011	590006	Amrutanjan Health-$	A K G SECURITIES AND CONSULTANCY LTD	S	18532	749.41
22/8/2011	511664	BGIL Films	MAHENDER SINGH	B	40000	4.80
22/8/2011	511664	BGIL Films	MUKESH KUMAR GUPTA	B	40000	4.80
22/8/2011	511664	BGIL Films	INDER PAL	B	78441	4.80
22/8/2011	511664	BGIL Films	KAILASH CHANDRA	S	80000	4.80
22/8/2011	511664	BGIL Films	MUKESH KUMAR GUPTA	S	40000	4.80
22/8/2011	511664	BGIL Films	MAHENDER SINGH	S	40000	4.80
22/8/2011	506027	Bhoruka Alum	VANRAJSINGH KAHOR	S	152730	17.87
22/8/2011	533469	Birla Pacific Medspa	GAGAN ASHOK KUMAR KHEMKA	B	1105000	19.30
22/8/2011	533469	Birla Pacific Medspa	V P PATEL	B	851331	19.43
22/8/2011	533469	Birla Pacific Medspa	SPARK FINWIZ PRIVATE LIMITED	B	800000	19.20
22/8/2011	533469	Birla Pacific Medspa	JALAN CEMENT WORKS LIMITED	S	1000000	19.50
22/8/2011	533469	Birla Pacific Medspa	V P PATEL	S	853699	19.25
22/8/2011	511672	Clarus Finance	MEENA AGARWAL	B	130829	95.29
22/8/2011	511672	Clarus Finance	MEENA AGARWAL	S	119829	102.28
22/8/2011	530337	Exelon Infra	SHAISHIL TUSHARKUMAR JHAVERI	B	154771	59.28
22/8/2011	530337	Exelon Infra	SHAISHIL TUSHARKUMAR JHAVERI	S	138517	59.09
22/8/2011	509550	Gammon India	AMBIT CAPITAL PRIVATE LIMITED (PROP)	B	1458453	68.00
22/8/2011	509550	Gammon India	TREE LINE ASIA MASTER FUND (SINGAPORE) PTE LTD	S	1460000	68.00
22/8/2011	532832	Indiabulls Real Est	MACQUARIE BANK LIMITED	B	2045680	80.92
22/8/2011	533506	INVENTURE	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	336446	153.91
22/8/2011	533506	INVENTURE	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	B	230930	156.15
22/8/2011	533506	INVENTURE	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	S	230930	156.92
22/8/2011	533506	INVENTURE	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	336446	154.22
22/8/2011	506128	Krishna Deep	SUDHIR CREDIT PRIVATE LIMITED	B	22000	108.51
22/8/2011	506128	Krishna Deep	SAI KANAKA MAHALAKSHMI FINANCE PRIVATE LIMITED	B	19200	108.83
22/8/2011	506128	Krishna Deep	TANISHA BUSINESS PRIVATE LIMITED	B	30000	108.79
22/8/2011	506128	Krishna Deep	PARKIN MARKETING PRIVATE LIMITED	B	30000	108.94
22/8/2011	506128	Krishna Deep	FALCON HOLDINGS P LTD	B	30000	108.91
22/8/2011	506128	Krishna Deep	SHIV SHARMA	S	50000	108.89
22/8/2011	506128	Krishna Deep	CHANDRA GUPTA	S	50000	108.90
22/8/2011	533343	LOVABLE	A K G SECURITIES AND CONSULTANCY LTD	B	224905	488.57
22/8/2011	533343	LOVABLE	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	B	114649	488.73
22/8/2011	533343	LOVABLE	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	168851	481.77
22/8/2011	533343	LOVABLE	A K G SECURITIES AND CONSULTANCY LTD	S	224905	488.69
22/8/2011	533343	LOVABLE	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	168851	482.73
22/8/2011	533343	LOVABLE	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	S	114649	489.60
22/8/2011	519279	Madhur Inds	DILIP AGARWAL	B	30978	62.02
22/8/2011	519279	Madhur Inds	DILIP AGARWAL	S	24231	62.44
22/8/2011	531597	Midland Poly	BRIJMOHAN CHANDULAL	B	40000	24.65
22/8/2011	531597	Midland Poly	ALKA LAKHOTIA	S	134500	24.65
22/8/2011	531597	Midland Poly	KRISHAN KUMAR JORA	S	65500	24.65
22/8/2011	512481	Polytex India	KIRAN BHIKU BHANAES	B	69590	215.94
22/8/2011	530525	Sheetal Diam	ARUN DASHRATHBHAI PRAJAPATI	B	27000	11.04
22/8/2011	530525	Sheetal Diam	PANKAJ VINOD SHAH	S	27000	11.04
22/8/2011	531433	Sungold Cap	VIJAYBHAI KANUBHAI THAKOR	B	59067	25.01
22/8/2011	521200	Suryalakshmi	VINODCHANDRA MANSUKHLAL PAREKH	B	161570	51.01
22/8/2011	521200	Suryalakshmi	TECK CONSULTANCY AND SERVICES PRIVATE LIMITED	S	162702	51.01
22/8/2011	531574	VAS Infra	SANJAY BALKRISHNA BANE	B	97332	70.00
22/8/2011	531574	VAS Infra	KAIZEN STOKTRADE PRIVATE LIMITED	S	110000	70.09
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

NSE, Bulk deals, 22-Aug-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
22-Aug-2011	ARSSINFRA	ARSS Infra Proj. Ltd	FELEX ENTERPRISES PRIVATE LIMITED	BUY	1,00,000	284.95	-
22-Aug-2011	ARSSINFRA	ARSS Infra Proj. Ltd	KORP SECURITIES LTD	BUY	80,000	289.44	-
22-Aug-2011	ARSSINFRA	ARSS Infra Proj. Ltd	KORP SECURITIES LTD	SELL	80,000	287.23	-
22-Aug-2011	DCHL	Deccan Chronicle Hold Ltd	DECCAN CHRONICLE HOLDINGS LTD	BUY	11,25,021	65.66	-
22-Aug-2011	IBREALEST	Indiabulls Real Estate Li	MACQUARIE BANK LIMITED	BUY	21,97,516	80.54	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	ALFA FISCAL SERVICES PVT LTD	BUY	4,38,798	157.31	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	ALFA FISCAL SERVICES PVT LTD	SELL	4,47,511	159.10	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	ANIL FINATURE PVT LTD	BUY	1,69,569	150.16	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	ANIL FINATURE PVT LTD	SELL	1,69,569	156.24	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	BUY	2,30,380	156.78	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	SELL	2,30,380	156.53	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	3,35,959	154.14	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	3,35,959	154.02	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	MEENA AGARWAL	BUY	1,99,375	155.04	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	MEENA AGARWAL	SELL	1,99,375	154.84	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	NITIN BABAJI PALANDE	BUY	1,39,045	149.16	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	NITIN BABAJI PALANDE	SELL	1,39,045	154.23	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	QUADEYE SECURITIES PRIVATE LIMITED	BUY	1,31,155	155.38	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	QUADEYE SECURITIES PRIVATE LIMITED	SELL	1,31,155	155.04	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	SUNRISE INVESTMENT(AMIT SAMPATHRAJ SHAH)	BUY	1,42,863	152.86	-
22-Aug-2011	INVENTURE	Inventure Gro & Sec Ltd	SUNRISE INVESTMENT(AMIT SAMPATHRAJ SHAH)	SELL	1,42,863	154.26	-
22-Aug-2011	LOVABLE	Lovable Lingerie Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	BUY	1,14,366	489.86	-
22-Aug-2011	LOVABLE	Lovable Lingerie Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	SELL	1,14,366	489.54	-
22-Aug-2011	LOVABLE	Lovable Lingerie Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	1,68,190	482.94	-
22-Aug-2011	LOVABLE	Lovable Lingerie Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	1,68,190	482.11	-
22-Aug-2011	NUTEK	Nu Tek India Limited	ALFA FISCAL SERVICES PVT LTD	BUY	7,86,053	3.55	-
22-Aug-2011	NUTEK	Nu Tek India Limited	ALFA FISCAL SERVICES PVT LTD	SELL	7,69,453	3.25	-
22-Aug-2011	NUTEK	Nu Tek India Limited	SYNDICATE NIRMAN PVT.LTD.	BUY	10,00,000	3.60	-
22-Aug-2011	NUTEK	Nu Tek India Limited	SYNDICATE NIRMAN PVT.LTD.	SELL	10,27,934	3.20	-
22-Aug-2011	NUTEK	Nu Tek India Limited	VANRAJSINGH KAHOR	BUY	11,79,569	3.62	-
22-Aug-2011	NUTEK	Nu Tek India Limited	VANRAJSINGH KAHOR	SELL	4,25,921	3.16	-