UBS :: Hindalco Industries -Benefits of Mahan expansion from FY14

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UBS Investment Research
Hindalco Industries
B enefits of Mahan expansion from FY14
􀂄 Event: site visit to Mahan & Renukoot facilities—construction in progress
1) Hindalco expects to part commission (40 of 360 smelting pots at Mahan) by
December 2011 and the remaining by March 2013; full ramp-up in FY14. 2)
Management is optimistic that the Mahan coal block will be allotted; a key
decision is expected at the 8 October GoM meeting. 3) Cost of Production (CoP) at
Mahan could be as high as US$2,100/t without captive coal and bauxite from
Utkal; 4) Renukoot Al CoP is US$1,750/t and Alumina CoP is at US$270/t.
􀂄 Impact: volume growth from Mahan/Utkal from FY14
We lower our alumina/aluminium volumes production and sales assumptions as: 1)
we forecast Mahan to contribute only 150kt in FY13 and fully ramp-up (359ktpa
capacity) in FY14; and 2) we forecast the Utkal refinery to start producing from
FY14. We assume Mahan will start contributing to earnings from FY14 given
ramp-up costs will be high in FY13. We also lower average blended ASP forecasts
for the aluminium business (assume slower ramp-up in downstream capacities as
well).
􀂄 Action: cut consolidated FY13E/14E EBITDA 15%/20%; coal remains key
We lower our consolidated EBITDA estimates by 15-20% in FY13/14 and our EPS
estimates by 33-36% driven by a reduction in standalone EBITDA estimates by
33%/38% (by Rs16/27bn). At the current aluminium price of cUS$2,200, no
captive/linkage coal, and partial bauxite sourcing from third-party sources, Mahan
is unlikely to contribute positively.
􀂄 Valuation: Buy with a price target of Rs180 (earlier Rs240)
We have a new sum-of-the-parts-based price target of Rs180 for Hindalco. We
value Hindalco’s Indian business at 5x FY13E EBITDA and Novelis at 6x FY13E
EBITDA and listed subsidiaries/investments at a 20/50% discount to market price.

UBS : JSW Steel - Looking beyond the current weakness

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UBS Investment Research
JSW Steel
L ooking beyond the current weakness
􀂄 Event: Mining ban disrupted iron ore supplies; e-auction sales increasing
(1) Though JSW’s iron ore supply and production has been disrupted, it has
increased iron ore purchases from the e-auction (1.98mt so far) which the market is
not factoring. In addition it is getting c8,000/t per day from NMDC Chattisgarh. 2)
Management is hopeful of running the plant at full capacity (11mt) utilisation by
Oct end. We are slightly more cautious & assume 6.9mt of sales in FY12 (JSW
produced 2.97mt in Apr-Aug) 3) Costs lower than est - JSW’s average cost in
auctions was Rs2,100/t while from NMDC was Rs4,780/t (incl Rs1,900 freight)
􀂄 Impact: Lower near term utilisations; higher iron ore costs
Given supply disruptions we lower volume estimates for FY12/FY13 by 20%/9%
to 6.9/9.2mt (from 8.6/10.2mt). We factor in iron ore costs of Rs3,723/Rs4,280 /t
in FY12/13 (Rs2,858/t in FY11) as JSW is likely to buy some ore from Chattisgarh
(incurring transport cost). Hence, our EBITDA/t est decline from US$137/175 in
FY12/13 to US$119/151 and consol PAT declines by 57%/45%.
􀂄 Action: Maintain Buy; trading significantly below replacement cost
Despite lowering earnings due to higher cost/lower volumes, we believe there is
value if we look beyond current earnings. JSW is trading significantly below
replacement cost (40% discount) - EV of US$7.2bn (market cap US$2.56bn/net
debt of US$4.1bn) vs replacement cost of US$11bn (11mt BF @ US$1000/t)
􀂄 Valuation: Reduce price target to Rs700 on lower earnings
We value JSW on 6x FY13 EVEBITDA (from 6.7x to reflect higher earnings
volatility). We now don’t value investment in Ispat (earlier @Rs100/share of JSW)

Jindal Steel & Power -Risks outweigh strong fundamentals:: UBS Investment Research

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UBS Investment Research
Jindal Steel & Power
R isks outweigh strong fundamentals [EXTRACT]
􀂄 Risks not fully priced in, initiate with an anti-consensus Sell rating
We initiate coverage of Jindal Steel & Power (JSPL) with a Sell rating and price
target of Rs470. We think the operational synergy derived from JSPL’s integrated
business model is a key strength. But, despite a 37.5% share price correction YTD,
we believe the risk/reward profile is unfavourable as 1) JSPL’s capacity expansion
faces significant execution challenges, and 2) its valuation looks stretched.
􀂄 Power: execution risk in capacity additions, significant delays already
Although JSPL’s subsidiary, Jindal Power, operates a very profitable (operating
margins around 60%) 1,000MW captive-coal-based power plant, there is a risk of
significant delays to most of its new projects: 1) Tamnar II (2,400MW) has already
been delayed more than 12 months and the state government has not yet issued the
Consent to Establish (approval); 2) Dumka and Godda (1,320MW each) are
awaiting state government approval to start construction; and 3) the hydro projects
are scheduled to be completed only after 2017.
􀂄 Steel: risk in execution and regulatory uncertainty
Although JSPL has an integrated steel business model with steel capacity of 3mtpa,
captive thermal coal, and partial integration on iron ore (3mtpa captive), we believe
there are two key risks for its steel business: 1) delays in the 2mtpa direct reduced
iron expansion in Angul; and 2) regulatory overhang on mining operations in India.
􀂄 Valuation: sum-of-the-parts-based price target of Rs470
We derive our price target from a sum-of-the-parts valuation (power contributes
Rs285 and steel Rs189). We use EV/EBITDA to value the company’s domestic
steel business and DCF for its power business. We believe a continuing decline in
ROCE (from 41% in FY10 to 21% in FY14E) and ROE (from 45% in FY10 to
24% in FY14E) means a premium valuation is unwarranted.

Tata Steel - Downgrade to Neutral; Corus to be a drag 􀂄UBS

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UBS Investment Research
Tata Steel Ltd.
D owngrade to Neutral; Corus to be a drag
􀂄 Event: Lower earnings led by Corus; lower volumes in India; higher capex
We downgrade Tata Steel to a Neutral as we lower earnings led by 1) Lower
EBITDA/T estimates in Corus from US$50/65 to US$22/23. 2) Lower sales
volumes in the Indian business in FY13 from 9.5mt to 7.9mt given the 2.9mt
Jamshedpur expansion will only be commissioned by Mar 12. 3) We also increase
capex estimates to US$2.5bn in FY12/13 each (from US$1.9bn earlier in each
year). We lower our EBITDA estimates by Rs27bn/Rs54bn (-20/-29%) and PAT
estimates by Rs22bn/Rs43bn (-41% /-51%) for FY12-13.
􀂄 Impact: Earnings trajectory to decline; don’t expect recovery in Corus
(1) We estimate earnings/tonne have peaked out and earnings are likely to decline
going forward. We expect Tata Steel will generate breakeven EBITDA on Corus in
Q2FY12 (US$78/t in Q1) due to lower steel prices and higher raw material costs.
We expect EBITDA/t in Indian business to decline to US$375/t (from US$422/t in
Q1). (2) Given limited visibility in macro recovery in near-medium term in
Europe, we believe Corus will remain an overhang given its high financial leverage
and high cost structure.
􀂄 Action: Downgrade to Neutral; Consensus earnings likely to come down
We expect Net Debt/EBITDA to increase from 3.8x to 4.6x in FY11-FY13 (net
debt of Rs467bn-Mar 2011). We are 41%/51% below consensus (76% buy
ratings).
􀂄 Valuation: Lower price target to Rs460 given cut in earnings
We continue to value Tata Steel on SOTP basis with Indian business at 7.4x,

Reliance Industries - Investor e-survey: Poll Vault 2011! ::Macquarie Research,

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Reliance Industries
Investor e-survey: Poll Vault 2011!
Event
 Our 2nd independent, global investor survey: We conducted our yearly
independent poll of global investors through an e-survey to gauge perception,
stock ownership and potential triggers for RIL. Weighted analysis of the 48
responses representing US$32bn investments in India revealed that …
 Mindset shift – Neutral to positive: Investor portfolios have been materially
underweight RIL both this year as well as last. However, the mindset (stock
performance view) has shifted from neutral to positive (Fig 5). Perhaps this is
beginning to be reflected in recent stock outperformance of 6% QoQ vs the
broad market, reversing the underperformance trend of the past three years.
Impact
 Triggers may provide answer to recent outperformance – Interestingly,
investors attribute most of the triggers to upstream, which is currently onesixth
of EBIT; and a nominal 13% of the triggers to cyclical businesses, which
comprise the balance five-sixths! :
Clarity of KG-D6 production revival (29% of responses) remains the
largest trigger: Recent categorical statements by RIL and its partner, BP
Plc, toward a volume revival in two to three years may have spurred the
reversal in stock performance in the recent past.
Prospects for a hike in domestic gas prices: Four-fifths of investors do
not expect a gas price hike before March 2014, prior to expiry of the
company’s five-year contract. Investors expect a subsequent 24% price
hike (from US$ 4.2/mmBtu to US$5.21/mmbtu), which is even less than
forecast inflation (of ~40%); and also lower than the US$5.25/mmBtu
price recently approved for ONGC’s C-series block. In fact, according to
recent press reports, RIL has asked the government for international LNG
prices (of ~US$12–13/mmBtu) for its proposed CBM production.
Announcement of domestic finds (15%): A lack of ongoing drilling
suggests that this trigger is not likely to play out in the foreseeable future.
Cyclical uptick in petrochemicals and refining (13%) as a key trigger
has waned from last year (34%). Two-thirds of investors feel margins
have plateaued, with little downside risk. Perhaps RIL’s recent strong
outperformance (20–60%, Figs 17 - 18), as a defensive to global peers,
may be explained by cyclicality not being viewed as a material trigger.
 Key concerns: Besides a lack of KG ramp-up (25%), key concerns are:
The lack of strategy to deploy cash (20%) and lack of growth triggers (12%).
Unrelated diversifications (18%). The associated consensus
conglomerate discount remains unchanged from the last survey, at 15%.
Surprisingly, the CAG report (12%) stating irregularities with KG-D6, is
cited as only a modest concern.
Action and recommendation
 Compelling value – Upstream for free: We value RIL’s entire upstream
business at a nominal US$11bn. BP recently paid US$ 7.2bn for just a onethird
stake in RIL’s upstream blocks, suggesting to us that RIL’s upstream
business is available for free. Besides, a PBV of 1.3x FY12E is at the very low
end of RIL’s historical valuations.

India Strategy: Exploring the money trail ::Kotak Sec

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Our analysis of exports from India and FII inflows into India in FY2011 shows wide gaps between reported official and bottom-up data. We attribute this to data limitations partly but highlight that a better understanding of the nature and type of exports and foreign inflows is critical (1) to fully appreciate the drivers of exports and implications for BOP, reserves and exchange rate and (2) to mitigate risks to the India economy from illicit ‘foreign’ flows, if any.
Difficult to explain surge in exports of engineering goods in FY2011 and the few prior years
Our study of exports data of major engineering companies (including automobiles and metals) shows that the increase in their exports does not reconcile with the steep increase in official exports data. In fact, the gap is quite substantial. Reported exports of engineering goods as per official data jumped 79% yoy (US$30 bn) to US$68 bn in FY2011. On the other hand, exports of the ‘engineering’ companies in the BSE-500 Index increased 11% yoy to Rs638 bn in FY2011 from Rs577 bn in FY2010. Our observation holds true for the past few years too.
Difficult to explain surge in FII inflows in FY2011
Our bottom-up study of flows of FII funds and ETFs does not reconcile with the reported US$22 bn of FII inflows in FY2011. At best, we can account for US$4.5 bn of FII flows based on data of listed FIIs, ETFs and estimates of EPFR Global. We admit that EPFR Global data does not capture all the sources of foreign institutional investment (sovereign and private equity funds, for example) that can invest in India. Nonetheless, the difference is stark.
A few examples of remarkable growth in exports; hard to reconcile with publicly available dataA study of official exports data shows remarkable growth in two areas in the broad category of engineering goods—(1) metal and metal products and (2) transport equipment. Exports of copper cathodes grew 444% to Rs317 bn in FY2011 and was the key driver of US$17 bn growth in exports in metal products. Similarly, a huge jump in exports of cars, drilling rigs and unclassified ships accounted for the major portion of the US$9 bn increase in exports of transport equipment. We didn’t see the same growth in exports of large listed companies.
Looking for credible explanations; better and more disclosures imperative
The gap between the surge in exports as per official data and a more muted performance of the listed entities would suggest that (1) exports are largely being driven by smaller listed players or unlisted entities or (2) the quality of data is suspect. We would like to believe credible explanations exist for the aforementioned gaps with respect to (1) exports from India and (2) FII inflows into India.

BSE, Bulk deals, 12/10/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
12/10/2011	530621	Akar Tools	HARI OM TRADERS & AGENCIES LTD	S	45400	40.00
12/10/2011	531560	Aroma Enterprises	SHAILESH JHAVERI	B	66000	74.00
12/10/2011	506027	Bhoruka Alum	ALFA FISCAL SERVICES PVT LTD	B	319022	8.63
12/10/2011	506027	Bhoruka Alum	VARMORA KAMLESH DINESHBHAI	B	156000	8.58
12/10/2011	506027	Bhoruka Alum	SHREE BHUVANAKARAM TRADINVEST PRIVATE LIMITED	B	301096	8.59
12/10/2011	506027	Bhoruka Alum	SHREE BHUVANAKARAM TRADINVEST PRIVATE LIMITED	S	252076	8.51
12/10/2011	511672	Clarus Finance	GUJARAT FLUOROCHEMICALS LIMITED	B	400000	63.50
12/10/2011	532180	DHANLAK BANK	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	553976	65.14
12/10/2011	532180	DHANLAK BANK	GENUINE STOCK BROKERS PVT. LTD.	B	479510	65.60
12/10/2011	532180	DHANLAK BANK	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	553976	65.17
12/10/2011	532180	DHANLAK BANK	GENUINE STOCK BROKERS PVT. LTD.	S	479510	65.63
12/10/2011	532139	G Tech Info	MONAECUM PROPERTIES PRIVATE LIMITED	S	500000	0.71
12/10/2011	531137	Gemstone Invest	JIGAR PRAFUL GHOGHARI	B	900000	8.63
12/10/2011	531137	Gemstone Invest	ANIMESH KANJIBHAI PATEL	S	777525	8.62
12/10/2011	531055	GFLFIN	Parvati Tea Company Private Limited	B	25000	102.66
12/10/2011	531055	GFLFIN	KARUNAMOYEE TRADE LINK PRIVATE LIMITED	B	23000	104.00
12/10/2011	531055	GFLFIN	RENU CHATRATH	S	16500	102.00
12/10/2011	533282	Gravita India	R M SHARES TRADING PRIVATE LIMITED	B	141041	474.45
12/10/2011	533282	Gravita India	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	B	156584	475.65
12/10/2011	533282	Gravita India	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	97915	472.09
12/10/2011	533282	Gravita India	A K G SECURITIES AND CONSULTANCY LTD	B	146240	474.23
12/10/2011	533282	Gravita India	Quadeye Securities Pvt Ltd	B	83183	474.72
12/10/2011	533282	Gravita India	Quadeye Securities Pvt Ltd	S	83183	475.32
12/10/2011	533282	Gravita India	A K G SECURITIES AND CONSULTANCY LTD	S	146240	474.29
12/10/2011	533282	Gravita India	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	97915	472.22
12/10/2011	533282	Gravita India	R M SHARES TRADING PRIVATE LIMITED	S	141041	474.65
12/10/2011	533282	Gravita India	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	S	156584	475.42
12/10/2011	513691	JMT Auto	RAMKRISHNA FORGINGS LIMITED	S	75000	51.33
12/10/2011	530165	Kanchan Intl	SORAB WADIA	B	20622	46.26
12/10/2011	530165	Kanchan Intl	DHARMENDRA HARILAL BHOJAK	B	28516	46.00
12/10/2011	530165	Kanchan Intl	PINABEN SANJAYKUMAR SHAH	S	45000	46.00
12/10/2011	532067	Kilpest India	CHIRAG D PAREKH	B	111000	18.83
12/10/2011	532067	Kilpest India	LAKE CITY TRADERS PRIVATE LIMITED	S	120004	18.82
12/10/2011	531134	LE WATERINA	KAMAL KUMAR BARARIA	B	500000	10.30
12/10/2011	531134	LE WATERINA	SANGAM AGRO AGENCIES PRIVATE LIMITED	S	500000	10.30
12/10/2011	519279	Madhur Inds	RAJENDRAKUMAR R PATEL	B	22678	70.17
12/10/2011	519279	Madhur Inds	RAJENDRAKUMAR R PATEL	S	24255	65.67
12/10/2011	512267	Media Matrix	DIGIVISION HOLDINGS PRIVATE LIMITED	B	11321100	1.82
12/10/2011	512267	Media Matrix	VIMOCHAN PICTURES LTD	S	11321100	1.82
12/10/2011	531597	Midland Poly	SAILESH PRABHAKAR DALVI	B	32500	27.60
12/10/2011	531597	Midland Poly	BRIJMOHAN CHANDULAL	S	73600	27.60
12/10/2011	533605	PRAKASH CON	Quadeye Securities Pvt Ltd	B	144111	181.71
12/10/2011	533605	PRAKASH CON	CHETAN LAXMIKANT DAVE	B	163605	182.81
12/10/2011	533605	PRAKASH CON	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	B	101301	186.48
12/10/2011	533605	PRAKASH CON	R M SHARES TRADING PRIVATE LIMITED	B	82812	185.16
12/10/2011	533605	PRAKASH CON	GKN SECURITIES	B	66245	184.25
12/10/2011	533605	PRAKASH CON	GKN SECURITIES	S	66245	186.91
12/10/2011	533605	PRAKASH CON	R M SHARES TRADING PRIVATE LIMITED	S	82812	187.07
12/10/2011	533605	PRAKASH CON	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	S	103256	188.35
12/10/2011	533605	PRAKASH CON	CHETAN LAXMIKANT DAVE	S	163605	183.18
12/10/2011	533605	PRAKASH CON	Quadeye Securities Pvt Ltd	S	144111	181.75
12/10/2011	500357	Rama Paper	MANISHA VIKAS SHINDE	B	47253	105.40
12/10/2011	530923	RCL FOODS	JALALUDIN KURBANALI LOKHANDWALA	B	29151	92.58
12/10/2011	530923	RCL FOODS	SUCHITKUMAR VIJAYSHANKAR GOUND	B	32300	92.87
12/10/2011	530923	RCL FOODS	JALALUDIN KURBANALI LOKHANDWALA	S	29151	91.46
12/10/2011	530923	RCL FOODS	SUCHITKUMAR VIJAYSHANKAR GOUND	S	32300	91.64
12/10/2011	530923	RCL FOODS	PAWANTAR AGRO AGENCIES PRIVATE LIMITED	S	30000	91.73
12/10/2011	511585	Regency Trust	SHRI KHODIYAR INDUSTRIES LIMITED	S	57181	64.79
12/10/2011	511585	Regency Trust	DEEPAK RAMANLAL THAKKAR	S	50000	65.60
12/10/2011	533470	Rushil Decor	SHREE MALLIKARJUN TRADINVEST PRIVATE LIMITED	B	108000	184.97
12/10/2011	533470	Rushil Decor	SHREE MALLIKARJUN TRADINVEST PRIVATE LIMITED	S	108000	172.69
12/10/2011	533470	Rushil Decor	BMD EXPORTS PRIVATE LIMITED	S	88786	172.18
12/10/2011	512413	SPECTACLE	IFCI FINANCIAL SERVICES LTD	S	300000	15.00
12/10/2011	532311	Tutis Tech-$	LAKE CITY TRADERS PRIVATE LIMITED	B	105000	21.01
12/10/2011	533427	VMS Inds	UDIT AGARWAL	B	100000	20.88
12/10/2011	533427	VMS Inds	SAIBA AGARWAL	B	100000	20.88
12/10/2011	533427	VMS Inds	BIKAJI MERCANTILES PVT LTD	B	150000	20.92
12/10/2011	533427	VMS Inds	GUNNY CHEM TEX INDIA LIMITED	S	200000	21.00
12/10/2011	533427	VMS Inds	ACME PRIVATE LIMITED	S	138104	20.86
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

NSE, Bulk deals, 12-Oct-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
12-Oct-2011	DHANBANK	Dhanlaxmi Bank Limited	CPR CAPITAL SERVICES LTD.	BUY	5,24,791	65.66	-
12-Oct-2011	DHANBANK	Dhanlaxmi Bank Limited	CPR CAPITAL SERVICES LTD.	SELL	5,14,791	65.57	-
12-Oct-2011	DHANBANK	Dhanlaxmi Bank Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	5,61,840	65.14	-
12-Oct-2011	DHANBANK	Dhanlaxmi Bank Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	5,58,165	65.16	-
12-Oct-2011	DHANBANK	Dhanlaxmi Bank Limited	GENUINE STOCK BROKERS PVT LTD	BUY	12,30,585	65.64	-
12-Oct-2011	DHANBANK	Dhanlaxmi Bank Limited	GENUINE STOCK BROKERS PVT LTD	SELL	12,30,585	65.68	-
12-Oct-2011	DHANBANK	Dhanlaxmi Bank Limited	SWISS FINANCE CORPORATION (MAURITIUS) LIMITED	SELL	4,84,095	66.16	-
12-Oct-2011	GRAVITA	Gravita India Limited	CHANDARANA INTERMEDIARIES BROKERS P. LTD	BUY	1,66,119	475.36	-
12-Oct-2011	GRAVITA	Gravita India Limited	CHANDARANA INTERMEDIARIES BROKERS P. LTD	SELL	1,66,119	475.84	-
12-Oct-2011	GRAVITA	Gravita India Limited	CPR CAPITAL SERVICES LTD.	BUY	79,967	477.81	-
12-Oct-2011	GRAVITA	Gravita India Limited	CPR CAPITAL SERVICES LTD.	SELL	79,967	477.84	-
12-Oct-2011	GRAVITA	Gravita India Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	97,850	472.14	-
12-Oct-2011	GRAVITA	Gravita India Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	97,850	472.26	-
12-Oct-2011	GRAVITA	Gravita India Limited	R.M. SHARE TRADING PVT LTD	BUY	1,41,041	474.59	-
12-Oct-2011	GRAVITA	Gravita India Limited	R.M. SHARE TRADING PVT LTD	SELL	1,41,041	474.66	-
12-Oct-2011	MPSLTD	MPS Limited	ADI BPO SERVICES PRIVATE LIMITED	BUY	103,39,980	36.15	-
12-Oct-2011	MPSLTD	MPS Limited	HM PUBLISHERS HOLDINGS LIMITED	SELL	103,39,980	36.15	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	BUY	1,05,820	187.49	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	SELL	1,04,616	186.42	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	DAVE CHETAN L.	BUY	86,587	190.43	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	DAVE CHETAN L.	SELL	86,587	190.95	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	GKN SECURITIES	BUY	65,878	186.38	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	GKN SECURITIES	SELL	65,878	183.86	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	JAYNEEL SECURITIES PRIVATE LIMITED	BUY	54,535	178.27	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	JAYNEEL SECURITIES PRIVATE LIMITED	SELL	1,27,626	180.03	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	NILESH N SHETH	SELL	82,079	184.00	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	R.M. SHARE TRADING PVT LTD	BUY	82,812	186.63	-
12-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	R.M. SHARE TRADING PVT LTD	SELL	82,812	184.89	-
12-Oct-2011	RUSHIL	Rushil Decor Limited	BMD EXPORTS PRIVATE LIMITED	BUY	1,27,840	179.00	-
12-Oct-2011	RUSHIL	Rushil Decor Limited	BMD EXPORTS PRIVATE LIMITED	SELL	74,500	173.00	-
12-Oct-2011	RUSHIL	Rushil Decor Limited	BMD EXPORTS PRIVATE LIMITED	SELL	97,784	174.34	-
12-Oct-2011	RUSHIL	Rushil Decor Limited	PRAKASHBHAI ISHWARBHAI RANA	BUY	1,33,536	184.98	-
12-Oct-2011	RUSHIL	Rushil Decor Limited	PRAKASHBHAI ISHWARBHAI RANA	SELL	63,536	172.18	-
12-Oct-2011	SUDAR	Sudar Garments Ltd	SHASWAT STOCK BROKERS LIMITED	BUY	1,16,964	66.04	-
12-Oct-2011	SUDAR	Sudar Garments Ltd	SHASWAT STOCK BROKERS LIMITED	SELL	1,16,964	67.49	-