04 April 2012

Special Pre-Open session for IPO & Re-Listed Scrips

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We hereby notify you that SEBI has prescribed to conduct pre-open session through call auction trading mechanism for Initial Public Offering and Re-Listed Scrips to determine the equilibrium price for IPO and Re-Listed Securities in the Capital Market Trading Segment.
NSE and BSE have introduced pre-open session through call auction trading mechanism for IPO and Re-Listed scrips.
Special Pre-Open session (SPOS) for IPO/Re-Listed scrips shall be for duration of 60 minutes i.e. from 9:00am – 10:00am for scrips participating in that session and shall be followed by continuous trading session. In other words, while the continuous trading session is on for all other scrips, SPOS for those IPO/Re-listed scrips shall go on concurrently.
The timings of the Special Pre-Open Session for IPO and Re-Listed scrips for both NSE and BSE will be as follows:
SessionTimeDescription
Order Entry Period9:00 a.m - 9:45 a.m
  • Order entry/Modification/Cancellation allowed for IPO/Relisted scrips.
  • Intraday, Stop Loss, Market, IOC, Disclosed Quantity orders not allowed for IPO/Relisted scrips.
Order matching and Confirmation Period9:45 a.m – 9:55 a.m
  • Order entry/Modification/Cancellation not allowed for IPO/Relisted scrips.
  • Open price is determined and order matching starts with trade confirmation
Buffer Period9:55 a.m – 10:00 a.m
  • Buffer time between Pre-Open and Continuous session to ensure that Continuous session starts at a defined time.
Continuous Trading Period (IPO/Relisted scrip)10:00 a.m - 3:30 p.m
  • Normal trading session starts
  • All unmatched orders of IPO/Relisted scrips are carried forward to normal trading session.

For More Information on Special Pre-open session for IPO/Re-Listed, please refer to links NSE SPOS and BSE SPOS

4/4/12 :FII trading activity on BSE and NSE on Capital Market Segment

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FII trading activity on BSE and NSE on Capital Market Segment

FII trading activity on BSE and NSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSale ValueNet Value
FII4/4/121,330.461,284.6445.82

  Disclaimer:
  • FII trading data across BSE and NSE collated on the basis of trades executed today by FIIs on BSE and NSE.
  • This trade data is provisional and subject to change, inter-alia, on account of custodial confirmation process, modifications etc. 

4/4/12: DII trading activity on BSE and NSE on Capital Market Segment.

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DII trading activity on BSE and NSE on Capital Market Segment.
DII trading activity on BSE and NSE on Capital Market Segment(In Rs.Crores)
CategoryDateBuy ValueSale ValueNet Value
DII4/4/12839.54712.84126.70


  • DII trading data across BSE and NSE collated on the basis of trades executed today by Banks, DFIs,Insurance and MFs on BSE and NSE.
  • This trade data is provisional and subject to change, inter-alia, on account of custodial confirmation process, modifications etc.

4/4/12: Categories Turnover (BSE) (Rs. crore) Clients NRI Proprietary Trade Data

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Categories Turnover (BSE)

(Rs. crore)
ClientsNRIProprietary
Trade DateBuySalesNetBuySalesNetBuySalesNet
4/4/121,464.901,514.92-50.021.220.340.88447.13448.03-0.90
3/4/121,468.621,488.50-19.872.410.471.94517.51515.651.85
2/4/121,269.401,271.29-1.895.530.245.29497.45471.8725.59
Apr , 124,202.924,274.70-71.789.171.068.111,462.091,435.5526.54
Since 1/1/12123,076.71125,000.86-1,924.1585.2783.222.0543,939.0542,675.051,264.00

  Disclaimer:
  • DII and FII turnover is consolidated information of BSE and NSE.
  • BSE data is compiled on the basis of marking of 'client type' while executing orders on BOLT-TWS in equity segment.
  • NSE Data has been compiled on the basis of trading codes entered by the trading members at the time of order entry and corresponding client category classification provided by the trading members as part of unique client code details upload.
  • NRI - Non Resident Indians
  • FII - Foreign Institutional Investors
  • DII -Domestic Institutional Investors (Includes Bank, DFIs, Insurance, New Pension Scheme and MF).

IPOs, auctions set to drive divestment in 2012-13 :rediff

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Considering the disvestment mop-up target of Rs 30,000 crore (Rs 300 billion) for financial year 2012-13, the government is thinking of optimising the collection from stake sales in central public sector enterprises (CPSEs).

The strategy includes focusing on initial public offerings (IPOs), rather than follow-on public offerings (FPOs), in the coming months, if the market situation doesn't improve. It also plans to auction shares of companies whose stocks were trading at traditional levels despite the sluggish market situation, providing the possibility of maximising revenue collection.

An official of the department of disinvestment told Business Standard the buyback of shares by CPSEs and allowing cash-rich companies to buy equities of other public sector companies were the other options, as and when companies brought their plans to the department.

"The circular for allowing buybacks has already been issued, and another for providing the option of taking equities of other companies to CPSEs is expected soon," the official said. He added National Buildings Construction Corporation's IPO last month had indicated despite the market condition, there was a good appetite for IPOs.

He said retail investor participation had been encouraging, with subscriptions at about 3.39 times the offers from this segment. The department would try to push the IPOs in the pipeline till the market situation improves.

Currently, IPOs of Rashtriya Ispat Nigam Limited (RINL) and Hindustan Aeronautics Limited are being considered. The government has approved the disinvestment of 10 per cent of its stake in RINL through an IPO.

On auctions, the official hinted OIL India  would be preferred over Bharat Heavy Electricals Limited. "Basically, it is the maximisation of revenue consideration. If some stock was trading at a high level and currently, it is trading at around half of that, then, obviously, you can't bring it to that level. However, if some scrip was trading at Rs 100 and it is now at Rs 95, an auction may be able to get Rs 100 or more," he said.

On buybacks, the finance ministry would discourage Coal India-like companies whose stock price was already trading at levels higher than the IPO price. However, the company is being seen as a good candidate for buying equities of other companies. The official said with these options, the government expected the stake sale process would pick up after May. "The next disinvestment is expected to happen only after the passage of the Budget in Parliament," he said.

4 April: NBCC, MT Educare IPO: Grey market premium

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Company Name
Offer Price (Rs)
Expected Listing Price Premium



National Buildings Construction Corporation (NBCC)
Rs 90/- to Rs 106/-
(retail 5% discount)
None. Expected to list at IPO price. Retail may expect 5% as they get discount.
MT EDUCARE
Rs.74 to Rs.80
Discount


BSE, Bulk deals, 4/4/2012

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Deal DateScrip CodeCompanyClient NameDeal Type *QuantityPrice **
4/4/2012512149Avance TechVORA FINANCIAL SERVICES PRIVATE LIMITEDB111100000.26
4/4/2012512149Avance TechVORA FINANCIAL SERVICES PRIVATE LIMITEDS45000000.26
4/4/2012512149Avance TechABIJAH REAL ESTATE PVT LTDS80464870.26
4/4/2012512149Avance TechARISTO MEDIA AND ENTERTAINMENT PRIVATE LIMITEDARISTO MEDIA AND ENS62967740.26
4/4/2012512608Bhandari HosMUKESH AGARWALB5500039.96
4/4/2012530457Cinerad CommGREHA RAVI VANWARIB267679.40
4/4/2012533288Claris LifesciencesSHIVANAND SHANKAR MANKEKARB683224140.60
4/4/2012533288Claris LifesciencesOM KEDAR INVESTMENTSS661500140.04

04-Apr-2012: NSE, Bulk deals,

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DateSymbolSecurity NameClient NameBuy / SellQuantity TradedTrade Price /
Wght. Avg.
Price
Remarks
04-Apr-2012HARRMALAYAHarrisons Malayalam LtdCARNIWAL INVESTMENTS LIMITEDBUY2,00,00074.00-
04-Apr-2012HARRMALAYAHarrisons Malayalam LtdOFFSHORE INDIA LTD.SELL2,00,00074.00-
04-Apr-2012HGSHinduja Global Sols LtdAASIA EXPORTSBUY2,27,288316.00-
04-Apr-2012HGSHinduja Global Sols LtdHINDUJA ESTATE DEVELOPERSSELL2,27,288316.00-
04-Apr-2012HINDUJAVENHinduja Ventures LimitedAASIA EXPORTSBUY1,77,288384.00-
04-Apr-2012HINDUJAVENHinduja Ventures LimitedHINDUJA ESTATE DEVELOPERSSELL1,77,288384.00-
04-Apr-2012KALECONSULKale Consultants LimitedMANJU PURISELL92,320130.56-
04-Apr-2012KARURVYSYAKarur Vysya Bank LtdGOLDEN OAK (MAURITIUS) LIMITEDBUY11,00,500382.00-
04-Apr-2012KARURVYSYAKarur Vysya Bank LtdKENT RESORTS PRIVATE LIMITEDSELL11,00,000382.00-
04-Apr-2012KFAKingfisher Airlines Ltd.TRANSGLOBAL SECURITIES LTD.BUY57,63,41817.84-
04-Apr-2012KFAKingfisher Airlines Ltd.TRANSGLOBAL SECURITIES LTD.SELL57,63,41817.85-
04-Apr-2012MAXMax India LtdJM FINANCIAL PRODUCTS LIMITEDBUY52,90,000174.99-
04-Apr-2012MAXMax India LtdMADISON HOLDING LTDSELL20,72,500175.00-
04-Apr-2012MAXMax India LtdMELANY HOLDINGS LIMITEDSELL20,72,500174.99-
04-Apr-2012MAXMax India LtdPARKVILLE HOLDINGS LIMITEDSELL41,45,000175.00-
04-Apr-2012RAJOILRaj Oil Mills LimitedASSOCIATED CAPSULES PVT LTDSELL8,50,00010.61-
04-Apr-2012STELSentinel Tea and Exp LtdCARNIWAL INVESTMENTS LIMITEDBUY2,00,00013.10-
04-Apr-2012STELSentinel Tea and Exp LtdOFFSHORE INDIA LTD.SELL1,37,70013.10-

Strategy - Can Spring Be Far Behind? : Edelweiss PDF link

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·       Global backdrop: Liquidity prunes financial risks in the system
·       Liquidity infusions by central banks, better than expected recovery in the US have boosted global risk appetite. India has benefitted in the form of improved capital flows
·       Chinas growth concerns could potentially exert pressure on commodities. This could be positive for India

Kajaria Ceramics Reco: BUY - Target Price: Rs 225 ::Emkay PDF link

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Kajaria Ceramics
Reco: BUY
CMP: Rs 170
Target Price: Rs 225
Acquires stake in Vennar Ceramics- in Southern India
·      Kajaria acquires 51% stake in Vennar Ceramics (for Rs 136.5mn), which is putting a 2.3mn sqm  plant for manufacturing high end ceramic wall tiles in Andhra Pradesh
·      This 3rd acquisition in last twelve months has increased Kajaria’s total capacity to 38.3 mn sqm and acquired capacity contributes 26% of total manufacturing capacity
·      Though expensive compared to its earlier acquisitions this plant will meet the demand from southern region and help it to reduce the transportation cost and working capital
·      With Kajaria’s aggressive inorganic growth and momentum in earnings coupled with sustained RoE we reiterate our Buy rating with target of Rs 225


Click here to read report: Event Update

Emami - Amidst Price Hike & Acquisition ::Emkay PDF link

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Emami
Reco: NOT RATED
CMP: Rs 404
Target Price: NA
Amidst Price Hike & Acquisition, Not Rated
We met the management of Emami during our Kolkata visit with institutional clients
·      Moderation in growth momentum is getting addressed; eyeing normalcy in international business and reviving sales in seasonal brands
·      Cost pressures retain; mainly led by mentha oil contributing 20% of raw materials; but implemented price hikes in core portfolio ranging from 2% to 16% in March 2012
·      Retain market shares, despite challenges in cooling oil and antiseptic category; Also, managed operating lever (A&P spends) to offset reduction in gross margins
·      Few overhangs - Continues to explore new segments within ‘Beauty and Health’, despite few failures; Also open to large acquisition risking the balance sheet


Click here to read report: Company Update


Buy eClerx Services; Target : Rs 820 : ICICI Securities, PDF link

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http://content.icicidirect.com/mailimages/ICICIdirect_eClerx_InitiatingCoverage.pdf


D i f f e r e n t i a t e d   y e t   s i m p l e !
eClerx services (ESL), the only listed KPO service provider, continues to
deliver a strong revenue & earnings performance with industry leading
financial metrics. ESL operates in a strategically chosen sweet spot
between pure play BPO & high end KPO (equity research). Current capital
market client engagements have at most ~500-550 people/client while
large organisations typically have ~5,000 such offshorable roles in high
cost geographies & costs anywhere from ~$60,000-75,000/annum. Back
of the envelope calculation suggests an outsourcing market opportunity
of $2.25 billion from just 15 organisations alone. That said, Q4FY12E &
Q1FY13E revenue growth could be soft led by CY12 budget spend delays
for select customers. However, we would buy ESL in weaknesses caused
by such earnings volatility. Rationale being revenue/earnings growth of
19.3%/12% (our estimate) in FY13E, modest relative to 41%/40% CAGR
during FY08-11, yields FY11-13E CAGR of 28.9%/24.9%, respectively.
This implies an attractive PE/G of 0.5x based on FY11-13E earnings CAGR.
Attractive valuation coupled with superior RoE (56.5%) & dividend payout
ratio (~53%) for FY12E influences our BUY rating.

IT - Q4FY12 Result Preview - Infosys to update on demand realities : Edelweiss PDF link

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Bulls gaining grip Ø : CSEC Research

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Bulls gaining grip

Ø    The indices rallied to one-week highs in late trade after Finance Minister Pranab Mukherjee said holders of participatory notes, or P-notes, will have no tax liability in India.

Ø    The market breadth was strong. All the sectoral indices on BSE were in the green. Interest rate sensitive banking stocks edged higher on bargain hunting after recent fall triggered by fears banks' bad loans could increase in a slowing economy.

Ø    Shares of sugar companies rose on fresh buying as the reports claimed that the Government may allow the export of another 1 million tonnes of sugar under the open general license.

Ø    Coal India gained 2% as the management reported that the company will seek more time from the government to sign fuel supply agreements (FSA) with power generation companies due to a disagreement among the coal producer's board members on assured supply commitment clauses.

Outlook

Ø    U.S. stocks on Friday snared their biggest first-quarter gain in more than a decade, after a better-than-anticipated rise in consumer confidence and spending boosted views of the economy
Ø     In early trade Asian markets are up two third of a percent and the SGX Nifty is trading a above 5300 levels. Going ahead Indian market is likely to open on a soft note with positive.

Regards,
CSEC Research

Oil and Gas - Under recoveries soar; : Edelweiss PDF link

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Brent crude prices surged in March averaging USD126.4/bbl (up 4.4% MoM) due to concerns around Iran. INR depreciated 2.4% against USD. Indian complex GRMs and Singapore GRMs dipped USD2.0/bbl and USD2.1/bbl, respectively, due to fall in diesel spreads. In marketing, LPG under-recoveries spiked ~11% MoM to INR424/cyl due to increase in prices of propane and butane (touched interim high of INR550/cyl on March 29). Petrol, diesel and kerosene under-recoveries averaged INR5.5/ltr, INR11.8/ltr and INR28.8/ltr, respectively. Top Picks: BPCL, ONGC, RIL.
Some major company events during the month
ü       In Union Budget FY12-13, GoI increased cess on domestic crude production from INR2,500/mt to INR4,500/mt. 
ü       Niko hinted that there may be a cut in KG-D6 reserves.
ü       Essar Oil, MRPL, CPCL announced completion of refinery expansion programmes.
ü       GAIL received commissioning cargo for its Dabhol LNG terminal in last week of March 2012.
ü       IGL hiked CNG prices by INR1.8/kg on March 06 to INR35.45/kg in Delhi.