29 August 2011

PINC Power Picks August 2011

NESTLE INDIA: SELL, TP-Rs3,400 (18% downside)::PINC Power Picks August 2011

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What’s the theme?
The rising competitive scenario in most of Nestle's categories along with high capex for capacity addition would
force the company to maintain volume market share. Therefore, we expect pressure on pricing power of key
brands. Nestle trades at a ~40% premium to the FMCG sector and we argue that this premium would narrow.
What will move the stock?
1) Intense competition in the noodle segment (consist ~35% of total EBITDA) would impact the pricing
power. We expect decline in EBITDA margin by 31bps and 40bps in CY11 and CY12; 2) Nestle currently
trades at ~40% premium over FMCG sector however considering lower pricing power for key products
and pressure on return ratios we argue that Nestle should trade at a 25% premium (last two-year average).
Where are we stacked versus consensus?
Our estimates and target price are among the lowest on the street, led by pressure on EBITDA margin and
argument of narrowing down the Nestle's P/E premium. We assign P/E of 30x on next 12-months earnings
to derive TP of Rs3,400.
What will challenge our target price?
1) We expect Nestle would focus on retaining the volume market share for Maggi noodles therefore
assumes volume driven growth going forward. This assumption would result in lower profitability for Nestle
and any change in this proposition might change our estimates; 2) We expect ITC, GSK consumer and
HUL to be very aggressive in noodle segment, any delay in such efforts would again help Nestle to earn
better profitability.

TATA STEEL: BUY, TP-Rs629 (32% upside)::PINC Power Picks August 2011

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What’s the theme?
We expect Tata Steel to undergo positive transformation led by : 1) Improving share of the highly profitable
integrated Indian operations (EBITDA/t of USD350+, one of the highest globally) with completion of 2.9mntpa
brownfield expansion at Jamshedpur in FY12; 2) Transformation steps taken at TSE (reduced headcount,
sale of TCP, downsizing at Scunthorpe) to improve profitability, 3) Improved capital structure: FY11 net
D/E of 1.0x - improved further to 0.76x following post proceeds from the TCP settlement and sale of
investment in Riversdale, Tata Refractories in Q1FY12; and 4) Hedging of high RM cost at TSE on
commencement of mining at Riversdale (2HFY12) and New Millennium (FY13). We find the stock attractively
valued at 4.7x FY12E EV/EBITDA.
What will move the stock?
1) Brownfield expansion of 2.9mntpa at Jamshedpur to increase share of the profitable Indian operations
(FY11 EBITDA/t of USD353 vs. consolidated USD138); 2) Improved capital structure with manageable
financial leverage (FY11 net D/E of 1.0x vs. 1.3x in FY10); 3) Progress in raw material integration at TSE;
4) Commencement of coal mining from Riversdale's Benga project, in which Tata Steel holds 35% stake
with 40% offtake rights; 5) Expected improvement in steel profitability as high raw material prices ease;
Where are we stacked versus consensus?
Our consolidated estimates are lower than the street. We value Tata Steel at Rs629 using SOTP
methodology.
What will challenge our target price?
1) Raw material prices remaining high, squeezing margin for the non-integrated operations of TSE resulting
in losses at the EBITDA level; 2) Delay in brownfield expansion; and 3) Delay in commencing mining at
Riversdale/ New Millennium.

SINTEX INDUSTRIES: BUY, TP-Rs240 (56% upside)::PINC Power Picks August 2011

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What’s the theme?
Sintex has a diversified business model marked by low volatility in sales, profit and cash flows. It is a
market leader in the Monolithic and Prefab segment.
What will move the stock?
We like Sintex primarily because of: -
􀁺 Its market leadership in the prime Monolithic and Prefab segments which are expected to show CAGR
of 25% and 27% during FY11-FY13E respectively.
􀁺 Acquisition of overseas and domestic subsidiaries showing operational improvement.
􀁺 Further WC improvement leading to increase in operational cash flow.
Where are we stacked versus consensus?
Our earnings EPS estimates for FY12 and FY13 are Rs20.2 and Rs23.6 respectively. Our FY12 earnings
estimate is 2% higher than consensus estimate of Rs19.9. We have a 'BUY' recommendation on the stock
with a target price of Rs240, which discounts FY12E earnings by 12x.
What will challenge our target price?
􀁺 Execution risks in the Monolithic and Prefab segments.
􀁺 Fluctuation in raw material prices denting margin.
􀁺 Delay in improvement of subsidiaries.

POWER GRID: BUY, TP-Rs122 (18% upside)::PINC Power Picks August 2011

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What’s the theme?
With 68% of the XIth Plan targeted capex of Rs550bn already spent over the first four years, PGCIL is the
only company in the power sector to be on track to meet its capex guidance. This, coupled with increased
capex run-rate should translate into 21% CAGR in its regulated equity base over FY11-15E. In addition,
the company is insulated from risks of rising fuel cost and SEB defaults (as payments are secured through
a tripartite agreement). We believe the stock offers safe and steady returns compared with its private
sector peers.
What will move the stock?
1) Conversion of the large CWIP into regulatory assets translating into increased earnings for the company,
2) Increase in capex run-rate to meet its XIIth Plan target of Rs1.2tn (which is more than double its XIth
plan target) 3) Increased capex leading to higher capitalisation and resulting in higher earnings and
4) Turnaround of the telecom division.
Where are we stacked versus consensus?
Our PAT estimate for FY12 and FY13 is lower than consensus by 3% and 1% respectively. We value
PGCIL on FCFE basis to arrive at a target price of Rs122 (terminal growth rate 3% and 14% Ke)
What will challenge our target price?
1) Delays in capitalisation of projects under construction.
2) Lower incentives and STOA income impact earnings estimates.

PHOENIX MILLS: BUY, TP-Rs240 (11% upside) ::PINC Power Picks August 2011

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What’s the theme?
PHNX's key project, High Street Phoenix (HSP) is now fully operational and is likely to generate rental
income of Rs2-2.2bn in FY12E. Q1FY12 saw the launch of Pune Market City (PHNX stake 58.5%). This
will strengthen the rental model of PHNX. Presently PHNX's rental revenue (FY11-Rs1,760mn) comes
from HSP and the launch of Pune Market City is likely to further add Rs500mn to top line of PHNX in
FY12E.
What will move the stock?
We see the following near-term triggers for the stock: (i) Commencement of Kurla and Bengaluru Market
City projects by Q3FY12 end. (ii) Commencement of the first phase of Shangri- La Hotel in Q3FY12.
(iii) HSP-Phase IV (at present 0.25 msf) will provide a strong delta to the company's valuation if it manages
to get hospitality FSI (5x). (v) The company may further choose to increase stake in the Bengaluru and
Chennai market city projects, which would enhance stock valuation.
Where are we stacked versus consensus?
Our EPS estimates for FY12 and FY13 are Rs14.3 and Rs15.8 respectively. Our FY12 earnings estimate
is 52% is higher than consensus estimate of Rs9.4. We have a 'BUY' recommendation on the stock with a
target price of Rs240, which discounts FY12E Gross NAV by 20%.
What will challenge our target price?
1) Slowdown in execution in Market City projects and extending free rental periods may hamper the holding
company's profitability; economic slowdown may affect revenue from Market City and HSP

MAHINDRA & MAHINDRA: BUY, TP-Rs844 (14% upside)::PINC Power Picks August 2011

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What’s the theme?
M&M has been successful in maintaining its dominance in the utility vehicle (UV) segment due to its
extensive product range. This has helped the company maintain profitability at a healthy level despite
increasing raw material costs. A strong rural presence places M&M in an advantageous position with a
forecast of normal monsoon and higher crop prices. Due to this, we expect the tractor segment to grow
11.1% during FY12. Volumes in the automotive segment too are expected to record double-digit growth of
13.2%.
What will move the stock?
1) New product launches in the pickup segment has helped M&M maintain the demand momentum. In the
UV segment, the company expects to launch a new SUV by the year end. 2) Demand for small commercial
vehicles (SCVs), the fastest-growing commercial vehicles (CV) segment, remains strong and M&M has
been successful in garnering 20% market share in the segment in less than 2 years of launch. 3) M&M is
working on turning around its recent acquisition of Ssangyong, Korea. In CY11, M&M targets revenue of
USD3bn from Ssangyong vs.USD2bn in CY10. Two SUVs from the Ssangyong Motors' portfolio (Rexton
and Korando) would be assembled at M&M's Chakan facility. 4) Through its JV with Navistar, M&M continues
to expand its sales network for commercial vehicles 5) Post separation with the JV partner, the passenger
car segment has been gaining strength every month and new launches in H2FY12 would fortify this.
Where are we stacked versus consensus?
We expect EPS of Rs41.6 and Rs47.9 in FY12 and FY13 respectively. Our FY12 earnings estimate is
7.8% lower than consensus estimate of Rs45.2. We value M&M using SOTP at Rs844, discounting the
standalone business at 13x FY13E earnings.
What will challenge our target price?
1) Imposition of additional taxes on diesel powered vehicles or dual pricing for diesel would adversely
impact demand for M&M's products; 2) Global turbulence may delay turnaround at Ssangyong.

JYOTHY LABORATORIES: BUY, TP-Rs246 (23% upside) ::PINC Power Picks August 2011

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What’s the theme?
Jyothy Laboratories (Jyothy) is in the transformation phase following the acquisition of Henkel India. The
strong operational performance of Henkel India in Q2CY11 gives us confidence of a turnaround. We see
various operational synergies following the acquisition and expect numerous positives for Jyothy Labs in
the medium to long term, which would improve overall profitability. Jyothy is among the few companies in
the FMCG space which has immense potential for long-term profitability growth.
What will move the stock?
1) The acquisition of Henkel India added 4-5 established brands that improved Jyothy's sales mix; 2) Full
impact of the price increase of Ujala Supreme will support revenue and profitability growth; 3) Maxo Military
will add Rs600mn and Rs700mn revenue in FY12 and FY13 respectively; 4) We expect improvement in
profitability in Henkel India; 5) Debt restructuring can lead to higher profitability; 6) Merger of Jyothy and
Henkel India will engender massive tax benefits of Rs1.2bn; 7) Restructuring of Jyothy's distribution model
would improve EBITDA margin by 3%.
Where are we stacked versus consensus?
Our estimates for FY13 are among the highest on the street, led by expectation of profitability improvement
in Henkel India. We assign 16x to FY13 earnings and add Rs12/share NPV on tax saving of Rs1.2bn
@12% discount rate to derive the TP of Rs246.
What will challenge our target price?
1) We are cautious on FY12 performance due to restructuring over next 6-9 months; 2) Any delay in operational
improvement in Henkel India will impact the overall profitability; 3) Higher brand building investments; 4) Change
in our estimates for input costs owing to volatility in crude prices and 5) Inability to attract retail clients in the
laundry business.

JAGRAN PRAKASHAN (JPL): BUY, TP-Rs148 (35% upside)::PINC Power Picks August 2011

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What’s the theme?
We like JPL for its leadership in the UP market (the largest print market in terms of readership and print ad
value). The company's well-entrenched position in growing regions such as Bihar and Jharkhand, and its
phased and planned expansion into new media businesses and a wide portfolio (including Mid-day, I-next
and Cityplus) strengthen our belief that it is well poised to benefit from steady growth in the print media
sector. We take comfort from JPL’s well-balanced business model as it derives more than 30% revenue
from circulation and other media businesses. Moreover its growth strategy to further increase penetration
in its current market and monetisation of its high readership base insulates it from slowdown in the advertising
market given the current sluggish macroeconomic scenario.
What will move the stock?
1) Momentum in ad revenue underpinned by anticipated growth across sectors such as education and financial
services; 2) Broad-based growth across various other new media businesses; 3) Attractive valuation: At CMP,
the stock is trading attractively at 14xFY13E EPS.
Where are we stacked versus consensus?
Our revenue estimate for FY13 is in line with consensus. However our EPS estimate of Rs8.2 for FY13 is
5% below consensus. We have a 'BUY' recommendation on the stock with a target price of Rs148 (18xFY13E
EPS).
What will challenge our target price?
1) Increase in newsprint prices; 2) Slowdown in the economy; 3) Increased competition in current markets
where JPL has a presence.

IRB INFRASTRUCTURE: BUY, TP-Rs227 (37% upside)::PINC Power Picks August 2011

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What’s the theme?
Within the Infra segment that has been languishing due to fundamental issues, we prefer IRB due to its
unique ability to manage and win competitive projects. We strongly believe in the sustainability of IRB's
business model. The company is well positioned to add projects worth $1bn per annum.
What will move the stock?
1) NHAI's is likely to award 7,300km of projects in FY12. With the Ahm-Vado project in its bag, the road
ahead becomes easier. We expect IRB to maintain 8% share in the medium term.
2) Recent underperformance due to the Ahm-Vado project provides cushion to stock price; we expect this
project to be a strategic fit for IRB and forecast the project to provide 12% equity IRR and 7% project IRR.
Where are we stacked versus consensus?
Our FY12E and FY13E earnings estimates are at Rs14.3 and Rs11.5, which are 3.2% and 30.3% lower
for FY12 and FY13 consensus estimates respectively. We expect top-line growth of 27.7% at Rs 31.1bn
for FY12E and 18.1% at Rs36.8bn for FY13E vs. consensus estimate of 34.7% at Rs32.8bn and 31.7% at
Rs43.2bn.
We believe the recent correction in stock price provides a good entry point for long-term investors. The
stock offers upside potential of 36.9% at our SOTP-based target price of Rs227 vs. consensus target of
Rs233.
What will challenge our target price?
1) Further increase in interest rate would lower IRR. 2) Infusion of Rs12.8bn equity in Ahm-Vado project
may strain the balance sheet 3) Lower traffic growth would hurt revenue 4) Any change in government
policy would adversely affect IRB's tolling charges.

GODAWARI POWER: BUY, TP-Rs206 (31% upside)::PINC Power Picks August 2011

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What’s the theme?
We expect GPIL to record 25% earnings CAGR over FY11-FY13E on volume growth and margin expansion.
This would be driven by: higher output from Ari Dongri mines, 0.6mntpa pellet plant, and 20MW biomass
power plant. Further, 0.6 mntpa pellet plant of 75% subsidiary Ardent Steel has also started stabilising with
~40% CU in Q1FY12 and is expected to provide additional earnings growth.
What will move the stock?
1) Stabilisation of the newly commissioned 20MW biomass power plant; 2) Higher output from Ari Dongri
iron ore mine and 0.6mntpa pellet plant, helping revenue growth and margin expansion; 3) Stabilisation of
operations at Ardent Steel to provide additional volume and earnings growth; 4) Mining commencing at
the Boria Tibu, impacted by delay in handover of forest area.
Where are we stacked versus consensus?
Our earnings estimates are almost in line with the consensus estimates.
What will challenge our target price?
1) Impediments in ramping up output from the pellet plant (own as well as in sub. Ardent Steel) and 20MW
power plant; 2) Negative impact of foray into 50MW Solar power project. GPIL already invested Rs1.2bn
equity (valued at 10% discount to invested capital) and achieved financial closure for debt of Rs5.8bn for
the project,); 3) Continued delay in acquiring forest land in the Boria Tibu mine, and 4) Simultaneous
decline in steel prices and power tariff.

BAJAJ AUTO: BUY, TP-Rs1,665 (14% upside)::PINC Power Picks August 2011

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What’s the theme?
With the success of Pulsar135 and Discover twins (100cc and 150cc), Bajaj Auto's brand-centric strategy has
been validated. In its attempt to leverage these brands, Bajai Auto recently launched Discover125cc and is all
set to launch Pulsar250cc in Sep'11. The high-margin brands, Pulsar and Discover, now account for 70% of
the company's motorcycle sales. In addition, continued demand for 3-wheelers and robust exports would help
Bajaj Auto achieve volume growth of 16.2% in FY12 and 11.9% in FY13.
What will move the stock?
1) Despite rising macro headwinds, we expect Bajaj Auto to be less sensitive to such concerns. Given a slew of
product launches in the near future, Bajaj Auto would be able to maintain market share with domestic volume
growth of 16%, in line with industry growth. 2) Export outlook continues to be stable with total exports expected
to touch 1.4mn in FY12. 3) Management expects to improve market share with growth of 22% to 4.8mn units
during FY12 as against our volume estimate of 4.5mn units. 4) Increased proportion of high-margin motorcycles
and continued contribution of three-wheelers would enable the company to tide over the input cost pressures
and restrict the contraction in margins to 70bps 5) Opening up of new permits for three wheelers in Karnataka
would be a further boost to domestic sales 6) The company is in the process of reviving the Boxer brand with
a 150cc motorcycle especially targeted at the rural segment wherein Hero MotoCorp is the dominant player.
Where are we stacked versus consensus?
Our FY12 and FY13 earnings estimates are Rs107.5 and Rs123.3 respectively. We have a 'BUY'
recommendation on the stock with a target price of Rs1,665, discounting FY13E earnings at 13.5x. Our
FY12 earnings estimate is 6.1% higher than consensus estimate of Rs101.3.
What will challenge our target price?
1) Significant increase in prices of commodities such as steel and rubber are likely to pressurise margins.
2) The company draws significant benefits from the DEPB scheme and withdrawal of the same would
impact profitability. In case the incentive is entirely withdrawn, our earnings estimate would reduce ~10%.

ASHOKA BUILDCON: BUY, TP-Rs365 (36% upside)::PINC Power Picks August 2011

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What’s the theme?
Ashoka Buildcon (ABL) with an experience of decade in BOT road projects currently has 23 projects under its
portfolio, with 16 projects operational. ABL is amongst the few BOT developers, who has seen a complete life
cycle of project and has handed over four BOT assets back to the govt. ABL also has a strong in-house EPC
arm, which executes captive as well as third party contracts.
What will move the stock?
1) Post IPO, ABL is aiming for the next league with aggressive but calculated bidding strategy. In FY11
ABL has won projects worth more than Rs30bn. We expect ABL to maintain its market share of 3.5%
for FY12 & FY13 in NHAI bidding.
2) No dilution likely in medium term; ABL would require equity of Rs8bn in next three years, which is likely
to come from internal accrual and securitization of existing projects.
Valuation & Recommendation
We value BOT (DCF basis) at equity multiple of 1.6x and 1.1x FY12E and FY13E. Our SOTP based target
price is Rs365, where BOT is valued at Rs220 and EPC division at Rs145 at 9x FY12E earning. We have
a 'BUY' recommendation on the stock.
What will challenge our target price?
1) Further increase in interest rate, would lower IRR; 2) Lower traffic growth; 3) Slowdown in execution of
current orders; 4) Any change in government policy that may adversely affect tolling charges.

Southwest Monsoon -Stable progress ::Emkay

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Southwest Monsoon
Stable progress


Stable progress
The advancement of the Southwest monsoon after gathering some momentum in the earlier three weeks showed stable progress during the week ended 24th August 2011. The cumulative rainfall for the season till Aug 24, 2011 remained stable at 1% below normal with number of deficient/scanty divisions at 4, similar to preceding week.
The total rainfall till date is about 73.8% of the normal (see table VI) rainfall for the full season compared with 57.8% for the corresponding period last year.
…with some improvement in rain dependent areas
For the week ended Aug 24, 2011, cumulative rainfall in rain dependent areas improved to 3.4% above normal from 2.9% above normal in preceding week. The improvement was primarily drive by higher rainfall in Maharashtra and Southern region. However rainfall in the eastern region continues to remain deficient with orissa and chattisgarh reporting 15-23% below normal rainfall. 
Reservoir levels at 71% of their FRL’s
The reservoir levels stand at 71% of their full reservoir level (FRL) as against 56% Long Period Average (LPA).
Forecast rainfall for central and western coastal regions
As the advancement of the monsoon continues, central region and western coastal region in India are likely to receive a good amount of rainfall with rest of India expected to receive subdued rainfall.
Overall acreage broadly stable; Pulses and coarse cereals reported substantial decline in acreage
Though acreage under major crops remained broadly stable at ~93.9mn hectares, crops like Pulses and Coarse cereals reported decline of 11% and 8.5% in acreage.

Rollover in Nifty higher than average::Emkay

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Rollover in Nifty higher than average


Nifty rollover stands at 54.90% on E-1 day basis, above its 3-month average of 51.60%. Despite higher open interest base in the current series and lower long roll cost, rollover remained above average. Nifty August futures registered a highest open interest of 23.72 million shares in the current series as against 22.70 million shares in the previous expiry.
Market-wide rollover (excluding index) stands at 62.27% as against 66.58% observed in the previous expiry. Higher rollover was observed in Auto (65.42% Vs 61.56%), Media (68.09% Vs 66.23%) and Energy (64.65% Vs 63.09%). Lower rollover was seen in sectors such as Telecom (54.04% Vs 71.04%), Metals (63.80% Vs 68.38%) and Cement (60.69% Vs 67.50%). Rollovers in Power (73.23% Vs 73.43%) and Capital Goods (60.65% Vs 60.70%) remained in line.
Nifty futures witnessed significant accumulation in open interest yesterday. The open interest increased by 16.50% to 29.62 million shares from 25.42 million shares. Maximum of accumulation seems to be on a long side as indicated by FIIs data. FIIs turned net buyers in the index futures segment to the tune of Rs3386 million.

Q1FY12 Result Review - IT & Education Sector

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Q1FY12 Result Review – IT & Education Sector

Outlook:

Q1FY12 for large cap IT firms was a mixed bag. While Infosys and Wipro disappointed the streets, HCL Technologies and Tata Consultancy Services Ltd. continued to outperform market expectations. Volume growth was more or less inline with estimates except for Infosys while Pricing has remained relatively stable in comparison to the previous quarter. Mid-cap firms posted robust revenue growth. However, most IT companies posted a decline in net profit margins as well as PAT growth on a quarterly basis due to the impact of wage hikes and the increased tax burden due to the withdrawal of STPI.

We believe that revenue growth should remain more or less in-line with NASSCOM’s 16 – 18% growth estimates in FY12 as most IT spending budgets in developed markets are already fixed for CY11. However, in view of the deteriorating economic conditions in the USA and Europe, we expect IT spending to drop by approximately 10 – 15%. This would impact IT services companies’ topline like Infosys, TCS as well as select midcaps like MphasiS and Polaris. Companies in the product development domain like Persistent, Rolta, however may not be impacted in the near run as demand for software continues to remain robust.

Recommendations: Amongst large caps, we like HCL Technologies and Tata Consultancy Services Ltd. HCL Tech is trading at a discount relative to its large cap peers. Amongst mid caps, we like Persistent Systems and Rolta India Ltd.

--
Thanks and Regards
Unicon Wealth Research

FII DERIVATIVES STATISTICS FOR 29-Aug-2011

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FII DERIVATIVES STATISTICS FOR 29-Aug-2011 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES1310473170.79857492091.6650041312268.701079.13
INDEX OPTIONS3320208061.823452248330.29184084045275.15-268.46
STOCK FUTURES681651626.73537111265.51111110126371.93361.22
STOCK OPTIONS9415205.9310057225.5917302405.08-19.66
      Total1152.23

 


-- 

NSE, Bulk deals, 29-Aug-2011

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DateSymbolSecurity NameClient NameBuy / SellQuantity TradedTrade Price /
Wght. Avg.
Price
Remarks
29-Aug-2011AMRUTANJANAmrutajan Health LtdRAHUL DOSHIBUY22,663801.05-
29-Aug-2011AMRUTANJANAmrutajan Health LtdRAHUL DOSHISELL22,663801.88-
29-Aug-2011GOENKAGoenka Diamond&Jewels LtdRUPAK TRADING PVT LTDSELL3,00,00044.35-
29-Aug-2011INVENTUREInventure Gro & Sec LtdALFA FISCAL SERVICES PVT LTDBUY1,74,563143.08-
29-Aug-2011INVENTUREInventure Gro & Sec LtdALFA FISCAL SERVICES PVT LTDSELL1,74,563140.93-
29-Aug-2011INVENTUREInventure Gro & Sec LtdRASHMI DILIP SHAHBUY1,19,580140.45-
29-Aug-2011INVENTUREInventure Gro & Sec LtdRASHMI DILIP SHAHSELL16,056137.40-
29-Aug-2011INVENTUREInventure Gro & Sec LtdSAAKSHI SHARES PVT.LTD.BUY2,19,316143.22-
29-Aug-2011INVENTUREInventure Gro & Sec LtdSAAKSHI SHARES PVT.LTD.SELL3,10,915141.34-
29-Aug-2011MANINDSMan Industries (I) LtdMANSUKHANI KIMATADEVI JAMAKLALSELL12,72,814124.75-
29-Aug-2011MANINDSMan Industries (I) LtdVAZE NAKUL DILIPBUY12,72,814124.75-
29-Aug-2011NEHAINTNeha International LtdBALMIKI AGENCIES PVT LTDBUY1,20,84598.50-
29-Aug-2011NEHAINTNeha International LtdSRI SILVERDALE OPPORTUNITIES FUNDSELL1,20,00098.50-
29-Aug-2011NEHAINTNeha International LtdSRI SILVERDALE OPPORTUNITIES FUND GDRSELL1,20,00098.50-
29-Aug-2011RUSHILRushil Decor LimitedCROSSEAS CAPITAL SERVICES PVT. LTD.BUY93,957132.10-
29-Aug-2011RUSHILRushil Decor LimitedCROSSEAS CAPITAL SERVICES PVT. LTD.SELL93,957132.49-
29-Aug-2011RUSHILRushil Decor LimitedEXCEL MERCANTILE PRIVATE LIMITEDBUY1,98,460135.22-
29-Aug-2011RUSHILRushil Decor LimitedEXCEL MERCANTILE PRIVATE LIMITEDSELL1,73,460127.95-
29-Aug-2011RUSHILRushil Decor LimitedJHAVERI TRADING AND INVESTMENT PVT. LTD.BUY3,11,100133.92-
29-Aug-2011RUSHILRushil Decor LimitedJHAVERI TRADING AND INVESTMENT PVT. LTD.SELL3,11,100135.86-
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