21 October 2011

Download: MNC/ FII brokerage reports (2 sets)

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��



Download - CLICK here: MNC/ FII  brokerage reports (set 1)


Download - Click HERE: MNC/ FII  brokerage reports (set 2)


MNC/ FII  brokerage reports (set 1) includes:

HCL_Tech_Citi_18Oct11.pdf
312K   View   Download  



Daiwa_Daily_19_Oct_11.pdf
1656K   View   Download  



Deutsche_-_Jindal_Steel_and_power.pdf
228K   View   Download  



Deutsche_-_Lanco_Infratech.pdf
355K   View   Download  



Deutsche_-_Time_to_look_at_banks.pdf
194K   View   Download  



GS _ Max India.pdf
158K   View   Download  



Nomura-_Sun_Pharmaceutical_Industries_[SUNP_IN]_-_Neutral_-_Sun_Pharma's_acquisition_proposal_for_the_remaining_Taro_stake_appears_positive.pdf
140K   View   Download  



HCL_Technologies_181011.pdf
149K   View   Download  



Hero_Motor.pdf
86K   View   Download  



India_Food_Services_Story_Maple_Capital_Advisors.pdf
968K   View   Download  



IT_Services.pdf
49K   View   Download  



Jindal_Steel_&_Power.pdf
75K   View   Download  



Macro_view_Citi_18Oct11.pdf
225K   View   Download  



Nomura_-_Titan.pdf
314K   View   Download  



Sun_Pharma.pdf
61K   View   Download  



Patni_Computer.pdf
85K   View   Download  



Rel_infra_Citi_18Oct11.pdf
314K   



MNC/ FII  brokerage reports (set 2) includes:



GS_ Americas_ Technology_ IT Services.pdf
71K   View   Download  
Citi_-_The_Point_for_Asia_Pacific.pdf
400K   View   Download
Coal_India.pdf
60K   View   Download
Daiwa_-_Asia_Pacific_Daily.pdf
1360K   View   Download
Deutsche_-_ONGC.pdf
578K   View   Download
goldman.pdf
179K   View   Download
Oppenheimer-_Infosys_Technologies_Limited-_INFY-__Solid_Trends_Sifting_Through_FX_Volatility.pdf
475K   View   Download
GS_ Infosys Ltd.pdf
185K   View   Download
GS_ IT Services Weekly Pulse.pdf
536K   View   Download
Janney_Montgomery_Scott-_Infosys_Technologies_Limited-_INFY-__First_Take-Results_Reflect_Stable_Business.pdf
375K   View   Download
JP_Morgan-_India_Autos_-_Higher_wages_under_NREGA_driving_mechanisation_of_agriculture.pdf
268K   View   Download
Nomura_-_India_capital_goods.pdf
1515K   View   Download
Nomura_-_India_Oil_and_gas_Q2_FY_12_Preview.pdf
274K   View   Download
goldman.pdf
212K   View   Download
citi_banks.pdf
198K   View   Download
CLSA-_Reliance_Industries_-_O-PF_(2QFY12_results__revise_EPS,_target,_rec).pdf
700K   View   Download
Comment_-_17_Oct_2011_(IRB-_Maruti_Suzuki-_Phoenix_Mills-_Indraprastha_Gas-_Blue_Star-_India_Mobile_Sector_-_Electric_Utilities-_Asia_Steel_Insights).pdf
2266K   View   Download
CS-_Asian_Daily_-_17_Oct_2011_(India_Construction_Sector_-_India_Utilities_Sector_-India_Utilities_Sector_-_Reliance_Industries).pdf
1219K   View   Download
g_Notes_-_India_-_17_October_2011_(India__inflation-_Banking_-_Life_insurance_-_Construction_&_Materials_-_Cairn_India_-_Reliance_-_ITC_-Tata_Motors).pdf
118K   View   Download
Nomura-_Tata_Motors_[TTMT_IN]_-_Buy_-_JLR_wholesale_volumes_up_41%_yoy_in_Sep-11.pdf
154K   View   Download
India_Power_-_increasing_blackouts.pdf
96K   View   Download
JP_Morgan-_India_Ahead_of_the_Pack-_17_October_2011.pdf
94K   View   Download
JP_Morgan-_India_IT_Services_-_SAP's_robust_preliminary_result_is_yet_another_indicator_boding_well_for_Indian_....pdf
299K   View   Download
morgan.pdf
80K   View   Download
NIIT20111016.pdf
243K   View   Download
Nomura-_Reliance_Industries_[RIL_IN]_-_Buy_-_In_line_2Q_results__GRMs_disappoint_but_petchem_gains_make_up_.pdf
229K   View   Download
UBS-_Maruti_Suzuki_India_-_Several_headwinds-__Downgrade_to_Neutral_(Neutral).pdf
217K   View   Download
Nomura-_Reliance_Industries_[RIL_IN]_-_Buy_-_In_line_2Q_results__GRMs_disappoint_but_petchem_gains_make_up_.pdf
229K   View   Download
RBS-_Power_Utilities_Industrials_-_Growth_pangs.zip
1592K   View   Download
UBS-_Asia_Steel_Insights_-_Strong_headwinds_but_priced_in.pdf
480K   View   Download
UBS-_IRB_-_Management_meeting_takeaways_(Buy).pdf
140K   View   Download   

Magma Fincorp - BUY - Q2FY12 : - A mixed bag:: Centrum

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


 Magma Fincorp

BUY
Target Price: Rs117
CMP: Rs65
Upside: 80%

A mixed bag
Magma’s Q2FY12 numbers were characterized by continued strong disbursement growth, healthy asset quality and sharp NIM contraction. It should be noted that the recent change in accounting policies renders YoY comparison inconclusive and misleading. As we factor in lower securitization benefit, steeper NIM contraction (55 bps YoY in FY12) and lower valuation multiple (due to challenging operating environment), we lower our target price to Rs117 (from Rs125 earlier). We retain Buy rating.
m      Strong disbursements growth momentum continues: Disbursements in Q2FY12 grew by a healthy 37% Y-o-Y led by a jump in lending to Cars & Utility segment and consistently strong growth in high yielding segments. The mix of the high-yielding assets increased to 23% in Q2FY12 vs 18% in Q2FY11. The strong growth in Cars & Utility segment, despite moderation in overall auto sales volumes in recent months, stems from Magma’s 1) rural and semi-rural focus where demand remains healthy and 2) new branch additions.
m      Spread contracts as costs increase outpaces yield expansion: Reported NIM contracted to ~4.2% in Q2FY12 from 4.6% in Q1FY12, led by a sharp jump in cost of funds which more than offset the gains on blended yields. Importantly, Magma’s credit ratings were upgraded recently and this should accrue benefit in terms of competitive cost of funds over the medium term.
m      Collection efficiency at 99.5%: Collection efficiency remains strong at 99.5% for Q2FY12 though marginally below 100.1% in Q1FY12. The strong collection efficiency and healthy credit quality of the book helped contain the provisions at Rs87mn (flattish QoQ). However, the secular improving trend in write-off ratio has reversed in Q2FY12 as write-off ratio inched up to 0.24% in Q2FY12 from 0.2% for Q1FY12.
m      Cheap valuations, Reiterate Buy: We continue to like the stock due to cheap valuations, large potential for growth, and a seasoned senior management team that has seen multiple cycles and has a clear focus on containing risks.  Its current multiple of 0.9x FY13 BVPS, Magma trades at a significant discount to its peers and factors in potential risks amply. We reiterate Buy.

Indian Financials - NHB guidelines for HFCs by IDFC Sec

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


National Housing Board (regulator for Housing Finance Companies) has instructed HFCs to:
·         Charge the same floating rate of interest to old and new customers on home loans; and
·         Not to levy penalty on pre-closure of floating rate home loans even if pre-payment is made through borrowed funds. But for fixed rate housing loans the pre-payment charge will be waived only if the loan is pre-closed out of borrower’s own sources.
Impact
Regulatory arbitrage between banks & HFCs – not likely to sustain
o        Currently these norms apply to only HFCs and not banks. RBI had earlier suggested but not mandated these terms for banks. However, we expect RBI to also follow suit and introduce similar guidelines for banks to ensure level playing field for banks and HFCs

Could it be end of teaser rate schemes?
o        Most of the financiers offer a lower rate for new home loans (vs. old borrowers) to attract new business. Prima-facie financiers would have to increase the interest rates for new loans more (by 100-150bp). However, they could establish a credit profile of customers to mitigate the impact offering some flexibility in pricing.  
o        Also, our conversation with the managements reveals that select financiers offer an option to existing customers to re-finance their loans at prevailing lower rates for a fee. Hence, internal balance transfers through this have led to convergence of interest rates on existing loans into a narrow band for such players.
o        So, we expect new home loan rates to rise from the current levels and settle somewhere between the prevailing new and old home loan rates.
o        With the price of a new home loan going up, the growth in new home sales and mortgage portfolios would be impacted negatively in the current high interest rate scenario.

Waiver of pre-payment charges – a surge in re-finance?
o        The prepayment charges form a very small part of financiers’ income (~Rs260m in H1FY12 for HDFC).  However, waiver of these increases borrowers’ ability to refinance their existing loans. This could place players with a stronger liability franchise in an advantageous position vis-à-vis less competitive players.

Our view
Await more clarity; efficient players to gain
o        Prima-facie these norms appear to place HFCs in a weaker competitive position vis-à-vis banks, we would wait for further clarity to emerge on modalities of implementation and any similar regulations for banks.
o        Moreover, we believe that HFCs with low expense ratios and better customer service would be able to sustain their market share as also profitability levels.

BSE, Bulk deals, 21/10/2011

Please Share:: Bookmark and Share India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


Deal DateScrip CodeCompanyClient NameDeal Type *QuantityPrice **
21/10/2011531560Aroma EnterprisesJAYANTKUMAR & COMPANY PROP :JAYANTKUMAR MANUBHAI PB4900083.49
21/10/2011531560Aroma EnterprisesKANDARP KANCHANBHAI PATELB3500082.50
21/10/2011531560Aroma EnterprisesCHUNILAL MISHRIMAL SANGHVIS3500082.50
21/10/2011590114Arunjyoti EnterprisesRAJUL PREMAL DOSHIB11111173.67
21/10/2011590114Arunjyoti EnterprisesM K MARKETINGS4000073.80
21/10/2011590114Arunjyoti EnterprisesVENKAT NARESH MAJETIS4222273.80
21/10/2011531568Ashutosh PaperKPM INFOTECH PRIVATE LIMITEDB100500174.27
21/10/2011506027Bhoruka AlumALFA FISCAL SERVICES PVT LTDB1531614.00
21/10/2011506027Bhoruka AlumCHETAN LAXMIKANT DAVEB3865314.15
21/10/2011506027Bhoruka AlumALFA FISCAL SERVICES PVT LTDS1531614.19
21/10/2011533469Birla Pacific MedspaDIVYADRISHTI TRADERS P LTDB105000018.04
21/10/2011533469Birla Pacific MedspaSPARK FINWIZ PRIVATE LIMITEDS69917618.01
21/10/2011511672Clarus FinanceVINSAN CREDIT & SECURITIES LTDS9550048.57
21/10/2011531237Dhruva CapitalPREMIER EXIM SERVICES PVT LTDB2200049.98
21/10/2011531237Dhruva CapitalGURJEEV SINGH ANANDS1933149.99
21/10/2011530337Exelon InfraHITEN VALLABHJI HARIAB9500024.00
21/10/2011530337Exelon InfraMANISH RATILAL SHAHS10600024.00
21/10/2011533638FLEXITUFFSHANKAR SHISHA SUVARNAB151000163.63
21/10/2011533638FLEXITUFFMANGILAL GAUTAMCHAND RAKHECHA HUFB155625163.66
21/10/2011533638FLEXITUFFPARESHKUMAR MAJHURADAS KATIRAB163975163.45
21/10/2011533638FLEXITUFFQuadeye Securities Pvt LtdB153680164.10
21/10/2011533638FLEXITUFFAMIT SHAHB131000164.40
21/10/2011533638FLEXITUFFPASUPATI TRADELINK PVT LTDB135067166.38
21/10/2011533638FLEXITUFFGKN SECURITIESB129842164.00
21/10/2011533638FLEXITUFFMUSKAN AGENCIES & TRADING LIMITEDB373479162.39
21/10/2011533638FLEXITUFFALL CITY TRANSPORT INDIA PRIVATE LIMITEDS125000158.11
21/10/2011533638FLEXITUFFMUSKAN AGENCIES & TRADING LIMITEDS346107163.67
21/10/2011533638FLEXITUFFGKN SECURITIESS129842164.26
21/10/2011533638FLEXITUFFAMIT SHAHS131000164.48
21/10/2011533638FLEXITUFFQuadeye Securities Pvt LtdS153680164.11
21/10/2011533638FLEXITUFFPARESHKUMAR MAJHURADAS KATIRAS163975163.73
21/10/2011533638FLEXITUFFMANGILAL GAUTAMCHAND RAKHECHA HUFS155625163.59
21/10/2011533638FLEXITUFFSHANKAR SHISHA SUVARNAS151000163.39
21/10/2011531137Gemstone InvestJIGAR PRAFUL GHOGHARIB4300009.30
21/10/2011531055GFLFINVIVEK MOHTAB22500100.00
21/10/2011531055GFLFINParvati Tea Company Private LimitedB15000100.01
21/10/2011531055GFLFINVIJAYKUMAR J JHAS15000100.00
21/10/2011531401Khodiyar IndsJAVERCHAND JAINS650004.06
21/10/2011506128Krishna DeepParvati Tea Company Private LimitedB50000138.78
21/10/2011506128Krishna DeepMAYROSE CAPFIN PVT LTDS33900138.77
21/10/2011533644MB SWITCHA K G SECURITIES AND CONSULTANCY LTDB1688173321.91
21/10/2011533644MB SWITCHEUREKA STOCK & SHARE BROKING SERVICES LTDB155983324.63
21/10/2011533644MB SWITCHGKN SECURITIESB528061317.16
21/10/2011533644MB SWITCHCHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDB728508314.59
21/10/2011533644MB SWITCHMARWADI SHARES AND FINANCE LIMITEDB129905319.96
21/10/2011533644MB SWITCHREEMA MAHESH ASWANIB107760327.28
21/10/2011533644MB SWITCHNAVEEN TAPARIAB219092347.91
21/10/2011533644MB SWITCHMILLENNIUM STOCK BROKING PVT LTDB102617317.56
21/10/2011533644MB SWITCHGENUINE STOCK BROKERS PVT. LTD.B199217326.29
21/10/2011533644MB SWITCHD.C.SECURITIES SERVICES PRIVATE LIMITEDB281814320.46
21/10/2011533644MB SWITCHINVENTURE FINANCE PVT LTDB109433345.84
21/10/2011533644MB SWITCHR M SHARES TRADING PRIVATE LIMITEDB679600318.20
21/10/2011533644MB SWITCHKAILASH FICOM LTDB202438321.74
21/10/2011533644MB SWITCHJIVRAJ BACHUBHAI ZALAB216178321.25
21/10/2011533644MB SWITCHJIVRAJ BACHUBHAI ZALAS216178321.49
21/10/2011533644MB SWITCHD.C.SECURITIES SERVICES PRIVATE LIMITEDS266814337.97
21/10/2011533644MB SWITCHR M SHARES TRADING PRIVATE LIMITEDS679600317.23
21/10/2011533644MB SWITCHKAILASH FICOM LTDS202438323.71
21/10/2011533644MB SWITCHGENUINE STOCK BROKERS PVT. LTD.S199217326.24
21/10/2011533644MB SWITCHMILLENNIUM STOCK BROKING PVT LTDS102617316.20
21/10/2011533644MB SWITCHNAVEEN TAPARIAS219092331.11
21/10/2011533644MB SWITCHREEMA MAHESH ASWANIS107760324.52
21/10/2011533644MB SWITCHMARWADI SHARES AND FINANCE LIMITEDS129905319.83
21/10/2011533644MB SWITCHCHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDS728508315.35
21/10/2011533644MB SWITCHEUREKA STOCK & SHARE BROKING SERVICES LTDS155983325.10
21/10/2011533644MB SWITCHGKN SECURITIESS528061316.63
21/10/2011533644MB SWITCHA K G SECURITIES AND CONSULTANCY LTDS1688173322.14
21/10/2011533310MidValley EntertainmentTIRTHANKAR SHARES AND SER PVT LTDS34701793.81
21/10/2011532895Nagreeka CapBODHESH TRADE INVEST PVT LTDS8071120.77
21/10/2011532895Nagreeka CapNARMINA TRADE-INVEST PRIVATE LIMITEDS8005520.77
21/10/2011531272Nikki GlobalNEIL INDUSTRIES LTDS25430340.95
21/10/2011533015Nu Tek IndiaALFA FISCAL SERVICES PVT LTDB14432572.18
21/10/2011533015Nu Tek IndiaCHETAN LAXMIKANT DAVEB9339012.11
21/10/2011533015Nu Tek IndiaCHETAN LAXMIKANT DAVES11464811.91
21/10/2011533632Onelife CapitalPRAKASHBHAI ISHWARBHAI RANAB131925199.67
21/10/2011533632Onelife CapitalPRAKASHBHAI ISHWARBHAI RANAS132481199.58
21/10/2011511734Pasupati FinAMIT KRISHNAKANT THAKKERB2500016.30
21/10/2011511734Pasupati FinNIHARIKA AGARWALS2800016.35
21/10/2011526381Patel Integ-$PARIKH MANHARLAL CHIMANLAS10000032.00
21/10/2011531467Polypro FibrilsAJAY RAVINDRA SHAHB6000011.17
21/10/2011531467Polypro FibrilsGEETA AJAY SHAHS5000011.20
21/10/2011512481Polytex IndiaKIRAN BHIKU BHANAESS145000125.24
21/10/2011503873Priyadarshini SpnGIRIJESH SURANAS6820034.76
21/10/2011500357Rama PaperHASSARAM REWACHAND BUDHRANIB55000101.26
21/10/2011590077Ranklin Sol-$KANAKAVALLI TAYARAMMA MIKKILENENIB2607013.29
21/10/2011590077Ranklin Sol-$AGADHANDI SAI KRISHNAS2800013.30
21/10/2011530923RCL FOODSHASSARAM REWACHAND BUDHRANIS3055097.93
21/10/2011511585Regency TrustNILESH BHOGILAL SHAHS6334173.45
21/10/2011511585Regency TrustSONAL INTERNATIONAL LTDS5300073.50
21/10/2011512413SPECTACLEIFCI FINANCIAL SERVICES LTDS42250014.29
21/10/2011514211Sumeet Inds-$ALBULA INVESTMENT FUND LTDS30000023.55
21/10/2011533639TAKSHEELBP FINTRADE PRIVATE LIMITEDB11166835.82
21/10/2011533639TAKSHEELVORA FINANCIAL SERVICES PRIVATE LIMITEDB26618535.82
21/10/2011533639TAKSHEELVORA FINANCIAL SERVICES PRIVATE LIMITEDS15078636.18
21/10/2011533639TAKSHEELROSE VALLEY MERCHANDISE PRIVATE LTDS15000035.83
21/10/2011533639TAKSHEELOVERALL FINANCIAL CONSULTANTS PVT. LTDS14424235.80
21/10/2011590111VAISHNAVIMANGALMAYEE HIRISE PRIVATE LIMITEDS1246567.42
21/10/2011530109Vantage CorpREKHA KISHOR SHAHB200008.24
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price