27 January 2012

Reliance Industries (RIL) :: Buy-back program details a pleasant surprise, results not so. ::Kotak Sec,

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Reliance Industries (RIL)
Energy
Buy-back program details a pleasant surprise, results not so. RIL reported lower
3QFY12 net income at `44.4 bn (-22.1% qoq and -13.6% yoy) versus our estimate of
`47 bn. The weak results reflect (1) sharp decline in refining margins, (2) lower
production from KG D-6 block and (3) weak performance of the chemical segment.
RIL’s Board has approved a buy-back program of up to 120 mn shares at a price of up
to `870/share. We retain our BUY rating and 12-month SOTP-based target price of
`925/share for RIL.
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Mahindra & Mahindra Financial Services:: Q3FY12 – Rural demand supports disbursement growth •GEPL

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Q3FY12 – Rural demand supports disbursement growth
• PAT registered growth of 28.1% Y-o-Y mainly supported by low cost to income ratio as new staff
intake was low.
• Margins were lower Y-o-Y as cost of borrowing was high and margins improved 20bps
sequentially as the company was able to pass majority of the increase in cost to customers.
• Asset quality remained intact as Gross NPA stood at 4.1% in Q3FY12 vs 4.0% in Q2FY12.
• The company has branch network of 592 and plans to take total branch count to 600 by Mar’12.
Result Highlights
Business growth supported by rural demand
Disbursements have grown 38.8% Y-o-Y in Q3FY12 as the company witnessed major demand from
rural areas. The company is witnessing strong demand in used vehicle, construction equipment and
commercial vehicle. AUM stood at `194.6 bn growing by 40.1 Y-o-Y in Q3FY12. We expect the
growth trend to continue as good monsoon is expected to increase fund flow towards these areas.
Margins improve sequentially
Due to high borrowing cost margins have come down for the company on a Y-o-Y basis to 5.1% in
Q3FY12. On other hand margins improved sequentially by 20bps as the company was able to pass on
the cost to customers.
Profitability supported by low operating cost and low provisions
PAT grew 28.1% Y-o-Y mainly on account of low operating income as new staff intake was low and
as the company tried to exploit the potential from its current staff strength. As the company was
able to maintain its asset quality, the provision cost remained low which again added to PAT
growth. Low provisions also led to PCR coming down to 74.4% in Q3FY12 vs 81.6% in Q3FY11 and
75.3% in Q2FY12.
Valuation & Viewpoint
The major factor that helped the company to sustain business growth is its presence in rural and
semi urban areas. High borrowing cost has impacted margins drastically but as interest rate cycle is
expected to turnaround this would help the company to improve margins. The company is expected
to clock 23.6% RoE and 3.7% RoA in FY13E. At the CMP, the stock is trading at 1.9x and 1.6x Book
value of FY13E and FY14E respectively.
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BSE, Bulk deals, 27/1/2012

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Deal DateScrip CodeCompanyClient NameDeal Type *QuantityPrice **
27/1/2012590006Amrutanjan Health-$CROSSEAS CAPITAL SERVICES PRIVATE LIMITEDB23726793.36
27/1/2012590006Amrutanjan Health-$CROSSEAS CAPITAL SERVICES PRIVATE LIMITEDS23596788.30
27/1/2012531448ARROW SECURISUNITA RAMESHCHANDRA SHAHB5510016.60
27/1/2012531448ARROW SECURIMORNING VANIJYA PVT LTDB6250016.61
27/1/2012531448ARROW SECURIAANIR SHARES SERVICESS6250016.61
27/1/2012531448ARROW SECURIPREMALSINH PUNJAJI GOLS5510016.60
27/1/2012532435Asia HR TechNITA KAPIL BHUPATANIB552905.53
27/1/2012532435Asia HR TechMITESH MAHESH PUJARAB500005.51
27/1/2012532435Asia HR TechKUNAL ZAVERILAL DEDHIAB500005.50
27/1/2012532435Asia HR TechM SARASWATHYS1500005.50
27/1/2012531336Auroma CokeVISHWAKARMA TECHNO PRIVATE LIMITEDB5000010.61
27/1/2012531336Auroma CokeDOLPHIN RESIDENCY PRIVATE LIMITEDB5000010.81
27/1/2012531336Auroma CokeACM FINVESTS PRIVATE LIMITEDS9660010.72
27/1/2012531358Choice IntlPRAVEEN KUMAR BANSALS4500040.51
27/1/2012531270Dazzel ConfYOGESHKUMAR SURESHBHAI PARMARB7400423.81
27/1/2012531270Dazzel ConfBRIJESH ASHOKBHAI HALARIB8820773.81
27/1/2012531055GFLFINYOGESH BHOGILAL CHAUHANB3655727.73
27/1/2012514312Jaihind SynPRAVIN KESHRIMAL CHOUHANB500005.93
27/1/2012514312Jaihind SynSURESH JAYANTILAL SHAHS701305.93
27/1/2012530165Kanchan IntlSLP TRADERS (SATISH VASANT GHONE )B1985075.70
27/1/2012530165Kanchan IntlDHARMENDRA HARILAL BHOJAKB3479175.87
27/1/2012530165Kanchan IntlKUNJAN NARENDRAKUMAR VORAS3320075.90
27/1/2012531515Mahan IndsSHRIRAM CREDIT COMPANY LIMITEDS39436690.16
27/1/2012531664Mahavir ImpexASHOK HIRALAL SHAHS484012.22
27/1/2012531456Minaxi TextilesSAROJ SATYANARAYAN KABRAS2857550.82
27/1/2012530971Nimbus IndsMEHTA FINSTOCK PRIVATE LIMITEDB3830043.54
27/1/2012511734Pasupati FinROHNIL BORADIAB8040931.10
27/1/2012511734Pasupati FinPASUPATI OLEFIN LIMITEDS12483831.10
27/1/2012531855Prabhav IndsSARWANKUMAR DEVIDUTT SARAFB2305484.64
27/1/2012531855Prabhav IndsABIJAH REAL ESTATE PVT LTDS2810004.64
27/1/2012531611Prraneta IndsB M TRADERSB25000000.32
27/1/2012531611Prraneta IndsVORA FINANCIAL SERVICES PRIVATE LIMITEDB148950450.32
27/1/2012531611Prraneta IndsVORA FINANCIAL SERVICES PRIVATE LIMITEDS150231320.33
27/1/2012531611Prraneta IndsNAROIS IMPEX PRIVATE LIMITEDS12799000.33
27/1/2012531611Prraneta IndsBP FINTRADE PRIVATE LIMITEDS11500970.32
27/1/2012531611Prraneta IndsB M TRADERSS42000000.32
27/1/2012531611Prraneta IndsMULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITEDS29700030.32
27/1/2012526823Rajeswari FoundPRANAV NARENDRA BHATTB2400034.52
27/1/2012590077Ranklin Sol-$VENKATA KONDA REDDY BEERAMB7200010.98
27/1/2012590077Ranklin Sol-$APURVA NITIN CHANDRA MITHANIB3500010.95
27/1/2012590077Ranklin Sol-$GOPALA KRISHNA BONAMB7700111.27
27/1/2012590077Ranklin Sol-$ANITHA MARADANIS3500011.26
27/1/2012590077Ranklin Sol-$VENKATESH VADDEPALLYS3755411.28
27/1/2012590077Ranklin Sol-$GOPALA KRISHNA BONAMS6535610.95
27/1/2012590077Ranklin Sol-$PANAKALA RAO SODISETTYS4450011.00
27/1/2012590077Ranklin Sol-$KRISHNA KUMAR MAKAMS4500010.95
27/1/2012504378Ravinay TradDIAMOND TOUCH TRADING CO PVT LTDB27000369.93
27/1/2012530651Softech InfMAUNIKABEN CHIRAG SHAHB2100036.33
27/1/2012530651Softech InfKANDARPKUMAR RATILAL PATELB2500035.79
27/1/2012531499Sybly Inds-$PARVEEN KUMARS39039930.20
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price
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NSE, Bulk deals, 27-Jan-2012

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DateSymbolSecurity NameClient NameBuy / SellQuantity TradedTrade Price /
Wght. Avg.
Price		Remarks
27-Jan-2012AMRUTANJANAmrutajan Health LtdCROSSEAS CAPITAL SERVICES PVT. LTD.BUY23,676789.36-
27-Jan-2012AMRUTANJANAmrutajan Health LtdCROSSEAS CAPITAL SERVICES PVT. LTD.SELL23,676793.39-
27-Jan-2012ESCORTSEscorts India Ltd.GMAM INVESTMENT FUNDS TRUSTSELL8,00,00083.53-
27-Jan-2012GALLISPATGallantt Ispat LtdGODAVARI COMMERCIAL SERVICES PVT LTDSELL1,74,80043.20-
27-Jan-2012GALLISPATGallantt Ispat LtdVIJAYKUMAR SUSHILKUMAR SARAFFBUY1,93,80043.20-
27-Jan-2012GVKPILGVK Power & InfrastructurSUNTECK WEALTHMAX CAPITAL PRIVATE LIMITEDBUY84,61,91015.32-
27-Jan-2012GVKPILGVK Power & InfrastructurSUNTECK WEALTHMAX CAPITAL PRIVATE LIMITEDSELL87,93,91315.34-
27-Jan-2012RANKLINRanklin Solutions LimitedPANAKALA RAO SODISETTYBUY50,00011.02-
27-Jan-2012SB&TINTLSB&T International LtdTHE FEDERAL BANK LTDSELL1,00,0009.01-
27-Jan-2012ZEELEARNZee Learn LimitedESSEL MEDIA VENTURES LIMITEDSELL30,73,55214.50-
27-Jan-2012ZEELEARNZee Learn LimitedESSEL MEDIA VENTURES PRIVATE LIMITEDBUY30,73,55214.50-
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FII DERIVATIVES STATISTICS FOR 27-Jan-2012

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FII DERIVATIVES STATISTICS FOR 27-Jan-2012 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES643311666.86581171502.1447739812363.59164.72
INDEX OPTIONS2863697297.282660716776.10110807628817.81521.18
STOCK FUTURES686961905.09492911382.9295203226076.23522.16
STOCK OPTIONS20500561.3921099590.2623885659.94-28.87
Total1179.19
 


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27/1/12: Categories Turnover (BSE) (Rs. crore) Clients NRI Proprietary Trade Data

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Categories Turnover (BSE)

(Rs. crore)
ClientsNRIProprietary
Trade DateBuySalesNetBuySalesNetBuySalesNet
27/1/121,697.451,783.33-85.880.671.68-1.01617.63596.8420.79
25/1/121,784.501,813.87-29.371.232.69-1.46679.42643.0436.38
24/1/123,540.833,589.92-49.090.714.10-3.38767.79732.3835.41
Jan , 1231,419.1331,728.18-309.0515.4618.30-2.8410,731.7910,394.18337.62
Since 1/1/1231,419.1331,728.18-309.0515.4618.30-2.8410,731.7910,394.18337.62
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