Category-Wise Turnover 17-Sep-12

Trade Date	Category	Buy Value in Rs.Crores	Sell Value in Rs.Crores
17-Sep-12	Mutual Funds	135.73	40.44	95.29
17-Sep-12	Proprietory Trades	87307.45	89957.75	-2650.30
17-Sep-12	Others	70252.08	69672.78	579.30
Notes :
1.  Buy / Sell value at the end of day:
Options Value (Buy/Sell) = Strike price * Qty
Futures Value (Buy/Sell) = Traded Price * Qty
2. Others exclude FIIs, Mutual Funds, Proprietory Trades

BSE Sensex to hit record high in 2013: Morgan Stanley in moneycontrol

Morgan Stanley sets a new target for the BSE Sensex at 23,069 points by the end of December 2013, implying an index trading at 14.9 times estimated 2014 earnings. The target would surpass the index's record high of 21,206.77 points hit on January 10, 2008. "Conditions for a new bull market are getting slowly satisfied. The yield curve has stopped flattening, liquidity is improving, valuations appear supportive and profit margin expansion is a growing possibility in the coming months," the investment bank says in a note dated on Monday. Morgan Stanley expects domestic earnings growth of 10% in fiscal 2013 and of 19% in fiscal 2014. Morgan Stanley says cyclicals are "ultra cheap," and prefers "quality" cyclicals over defensives. As a result, the investment bank goes "underweight" consumer staples in its model portfolio, while raising energy and materials to "overweight" and taking industrials to "neutral." Morgan Staley also cuts technology exposure in its portfolio by 100 bps.

Global Political Insights US Elections Outlook: It's Not Just The Economy, Stupid  Citi Research

Global Political Insights
US Elections Outlook: It's Not Just The Economy, Stupid

We reiterate our view that President Barack Obama is likely to be re-elected November 6, with recent developments supporting our earlier call. Obama has led in the polls all year, and history suggests that incumbent presidents who maintain their lead go on to be re-elected. The US economy, although weak, has improved from its 2009 lows, potentially insulating Obama from the anti-incumbent “Ultravox Populi” effect evident in other mature democracies experiencing a decelerating economic trend. Nevertheless, the contest will be hard-fought.

Oil & Gas - Sector Update - Centrum

Sector Update

Oil & Gas

Finally some respite…..

After a long wait, the government finally gave some boost to the oil and gas sector with Rs5.0/lit diesel price hike, reduction in excise duty on petrol by Rs5.3/lit and limiting LPG cylinders to 6 per family per year. We believe these measures will lower the under-recoveries for the sector by about Rs200bn. Although, the announcement is positive for the whole sector, we believe upstream companies will benefit the most.

LKP LIKES : CUMMINS (Buy, Target Rs.515)

Cummins (Buy, Target Rs.515)

·         Cummins is a 51% subsidiary of Cummins Inc – USA and manufactures diesel engines and value packages for the power, industrial and automotive markets. Despite operating in the capital goods space which is witnessing the maximum headwinds, Cummins has held its fort pretty well and is growing on the back of exports and its domestic power-gen business despite the slackness in demand for industrial engines.

·         Cummins took a 2.5% price increase this June and we believe it can sustain a 16.5% EBIDTA margins which would enable a 30% ROE for this debt free company. The new emission norms for engine producers likely by June next fiscal could increase engine prices and would profitably impact Cummins on the margins front.

·         Cummins is spending close to Rs2.5bn this fiscal and is setting up a new facility at Phaltan and we believe that grid improvement in India is not likely soon as the issues are more structural in nature and Cummins by virtue of its 35% market share is better placed to leverage the power shortage in the country. BUY Cummins trading at 17x estimated one-year forward earnings with a price target of Rs515

Marc Faber: “Fed Will Destroy The World”

"Everything will collapse" is the consequence Gloom, Boom, & Doom's Marc Faber sees from the Fed's latest 'stimulus' (and the fallacy and misconception of how money-printing can help employment). In a wondrously clarifying interview on Bloomberg TV this morning, Faber explained why he was 'happy', since "the asset values of his holdings will go up" but as a responsible citizen he is worried because "the monetary policies of the US will destroy the world." It truly is class warfare under a veil of 'its good for you' as he notes: "the fallacy of monetary policy in the U.S. is to believe this money will go to the man on the street. It won't. It goes to the Mayfair economy of the well-to-do people and boosts asset prices of Warhols." Congratulations, Mr. Bernanke.

Faber on more Federal Reserve stimulus:



“I own corporate bonds and I recently, as I wrote, I pulled some bonds from Kazakhstan because Kazakhstan economically is a much sounder country than the United States or any European country. But it is in small doses. I wouldn't put all of my money in corporate bonds. They have an equity character. I also own equities still in Asia and as I pointed out already four months ago for the first time in my life I bought equities in Portugal, Spain, Italy and France because they were unbelievably distressed. I think what people overlook today is they look at markets but they don't look at what happens within the market. In the last 12 to 18 months the U.S. has massively outperformed European markets, Asian markets with a few exceptions and now some markets are relatively depressed. I could argue the Chinese stock market is now relatively depressed. So the asset allocators may move some money in Chinese stocks and then they can rally 10% to 20%.”

BSE, Bulk deals, 17/9/2012

Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
17/9/2012	524412	Aarey Drugs	DEEPIKA JASMIN SHAH	S	73400	48.39
17/9/2012	530261	Arcuttipore Tea	DEELEEP (INDIA) GRAINS PVT LTD	S	30000	25.28
17/9/2012	531192	Associated Fin	KASHMIR ARTS	B	30000	35.55
17/9/2012	532759	Atlanta	ACG ASSOCIATED CAPSULES PRIVATE LIMITED	S	591000	44.39
17/9/2012	531795	Atul Auto-$	VIJAY KISHANLAL KEDIA	B	61000	100.99
17/9/2012	531795	Atul Auto-$	NIRAJ JAYANTIBAHI CHANDRA	S	60000	101.00
17/9/2012	531458	BOSTON BIO	RAKESH PUKHRAJ DOSHI	B	50000	5.00
17/9/2012	531458	BOSTON BIO	KAMLA POKHRAJ DOSHI	B	50000	4.90
17/9/2012	531458	BOSTON BIO	POKHRAJ PIRCHAND DOSHI	B	50000	4.90
17/9/2012	531458	BOSTON BIO	KAVITABEN DOSHI	B	50000	4.95
17/9/2012	531458	BOSTON BIO	BHAVANA DOSHI	B	50000	4.95
17/9/2012	531458	BOSTON BIO	CHANDRAPRAKASH P DOSHI	B	50000	5.00
17/9/2012	531458	BOSTON BIO	PATEL SANJAYBHAI NARANDAS	S	100000	4.90
17/9/2012	531458	BOSTON BIO	MONA VIMESH MODI	S	201131	4.98
17/9/2012	509011	CHISEL	COMFORT INTECH LIMITED	S	12030	5.58
17/9/2012	524506	Coral Lab	CHETAN DOSHI	B	30000	69.33
17/9/2012	524590	Dinesh Allorga	SHREYAS DILIPBHAI PATEL	B	51000	28.40
17/9/2012	524590	Dinesh Allorga	KAMINIBEN NITINBHAI SHAH	S	21320	28.40
17/9/2012	523754	EPC Industrie	RELIANCE CAPITAL LTD	B	600000	112.95
17/9/2012	523754	EPC Industrie	CREDIT RENAISSANCE DEVELOPEMENT FUND LP	S	769671	112.95
17/9/2012	506803	Fulford India-$	PRANAVA ELECTRONICS P LTD	B	25350	940.97
17/9/2012	506803	Fulford India-$	KARE ELECTRONICS AND DEVELOPMENT PRIVATE LIMITED	B	24970	941.11
17/9/2012	506803	Fulford India-$	K R PRADEEP	S	26000	940.66
17/9/2012	531137	Gemstone Invest	KISHAN B SHIGVAN	B	416813	19.53
17/9/2012	531137	Gemstone Invest	KISHAN B SHIGVAN	S	386751	19.46
17/9/2012	514312	Jaihind Syn	MUKESH OMPRAKASH LADHA	B	25000	7.91
17/9/2012	514312	Jaihind Syn	NIRALI NILESHKUMAR SHAH	S	117900	7.91
17/9/2012	534623	Jupiter Infomedia	KUSUMBEN VASANTLAL MODI	B	36000	23.26
17/9/2012	526015	Kemrock Inds	VORA FINANCIAL SERVICES PRIVATE LIMITED	B	104003	80.42
17/9/2012	526015	Kemrock Inds	VORA FINANCIAL SERVICES PRIVATE LIMITED	S	105503	80.79
17/9/2012	534422	Monarch Health	VISHAL SHARMA	B	39000	42.28
17/9/2012	534422	Monarch Health	NETWORTH STOCK BROKING LTD	S	39000	42.28
17/9/2012	590074	Ortin Lab-$	LOHA COMMODITIES TRADING LIMITED	B	30000	25.50
17/9/2012	590074	Ortin Lab-$	RAJKUMARI HANUMANPRASAD SABOO	B	35058	25.30
17/9/2012	590074	Ortin Lab-$	RAJKUMARI HANUMANPRASAD SABOO	S	35250	25.53
17/9/2012	531280	Pankaj Poly	SARYU PANDEY HUF	B	49949	6.08
17/9/2012	531280	Pankaj Poly	RAMAKANT MANGALCHAND GAGGAR	S	50013	6.08
17/9/2012	523648	Plastiblends-$	ANAND SHREEVALLABH KABRA	B	200000	76.00
17/9/2012	523648	Plastiblends-$	VARUN SATYANARAYAN KABRA	B	200000	77.19
17/9/2012	523648	Plastiblends-$	KABRA EXTRUSIONTECHNIK LIMITED	S	400000	76.59
17/9/2012	513613	PRESHA MET	SUNSTAR SHARE BROKERS PRIVATE LIMITED	B	100000	221.80
17/9/2012	534618	Sangam Advisors	SHATRUNJAYA ESTATES PRIVATE LIMITED	B	246000	22.10
17/9/2012	534618	Sangam Advisors	DEAR PROJECTS PRIVATE LIMITED	S	108000	22.10
17/9/2012	534618	Sangam Advisors	KCL INFRA PROJECTS LIMITED	S	132000	22.10
17/9/2012	533401	Servalakshmi Paper	ARUNACHALAM VAIRAVAN	B	400001	4.89
17/9/2012	533401	Servalakshmi Paper	D N GOYAL	S	400000	4.89
17/9/2012	511754	Shalibhadra Fin	SANJAY BABULAL PANDYA	B	31625	62.07
17/9/2012	511754	Shalibhadra Fin	SANJAY BABULAL PANDYA	S	31625	62.16
17/9/2012	511754	Shalibhadra Fin	HINABEN ROMESHBHAI SHAH	S	31500	62.07
17/9/2012	509874	Shalimar Paint-$	SAL REAL ESTATE PRIVATE LIMITED	B	20022	678.73
17/9/2012	531695	SHREYCHEM	VISHAL BHARATBHAI SOLANKI	B	36230	73.08
17/9/2012	531695	SHREYCHEM	PRAFULCHANDRA DALICHANDBHAI VASANI HUF	S	35000	72.80
17/9/2012	532025	Sowbhagya Media	SURYASUBRAHMANYA PRASAD GOTTIPATI	B	70800	18.50
17/9/2012	532025	Sowbhagya Media	SATINDER NATH MAIRA	S	100100	18.50
17/9/2012	513515	SR Inds	AVN STOCK AND SECURITIES BROKER PRIVATE LIMITED	B	90675	4.96
17/9/2012	513515	SR Inds	DINESH GARG	S	87024	4.96
17/9/2012	526139	Transgene Bio	BLACKHORSEMEDIA ANDENTERTAINMENT PRIVATELIMITED	B	1382350	13.71
17/9/2012	526139	Transgene Bio	BLACKHORSEMEDIA ANDENTERTAINMENT PRIVATELIMITED	S	1303930	13.71
17/9/2012	526139	Transgene Bio	SYNDICATE NIRMAN PRIVATE LIMITED	S	336265	13.67
17/9/2012	526957	UV Board	AMIT AGARWAL	B	100000	18.20
17/9/2012	530109	Vantage Corp	DINESH KHIMJIBHAI SAVLA	B	41880	9.50
17/9/2012	530109	Vantage Corp	MAYUR K DESAI	S	40000	9.50
17/9/2012	520003	Vybra Automet-$	PREMIER CAPITAL & SECURITIES PRIVATE LIMITED	B	55000	21.00
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

NSE, Bulk deals, 17-Sep-2012

Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
17-Sep-2012	AMAR	Amar Remedies Limited	L&T FINANCE LIMITED	SELL	1,89,000	36.25	-
17-Sep-2012	ATLANTA	Atlanta Limited	ACG ASSOCIATED CAPSULES PRIVATE LIMITED	SELL	5,50,000	44.77	-
17-Sep-2012	EVERONN	Everonn Education Limited	JM FINANCIAL PRODUCTS PVT LTD	SELL	1,41,900	150.30	-
17-Sep-2012	HDIL	Housing Development and I	CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED	BUY	42,05,081	79.98	-
17-Sep-2012	HDIL	Housing Development and I	GENUINE STOCK BROKERS PVT LTD	BUY	38,06,634	81.03	-
17-Sep-2012	HDIL	Housing Development and I	GENUINE STOCK BROKERS PVT LTD	SELL	38,06,634	81.04	-
17-Sep-2012	IFCI	IFCI Ltd.	ADROIT SHARE & STOCK BROKER PVT. LTD.	BUY	38,86,196	27.94	-
17-Sep-2012	IFCI	IFCI Ltd.	ADROIT SHARE & STOCK BROKER PVT. LTD.	SELL	38,50,196	27.91	-
17-Sep-2012	KEMROCK	Kemrock Industries and Ex	AJAY ASSET MANAGEMENT PRIVATE LIMITED	BUY	81,936	82.39	-
17-Sep-2012	KEMROCK	Kemrock Industries and Ex	AJAY ASSET MANAGEMENT PRIVATE LIMITED	SELL	1,05,053	81.62	-
17-Sep-2012	KEMROCK	Kemrock Industries and Ex	GAJANAN ENTERPRISES	BUY	1,00,057	79.62	-
17-Sep-2012	KEMROCK	Kemrock Industries and Ex	GAJANAN ENTERPRISES	SELL	1,28,487	80.93	-
17-Sep-2012	KEMROCK	Kemrock Industries and Ex	SUNIL CAPITAL CAPITAL & SECURITIES PVT LTD	BUY	1,02,318	77.36	-
17-Sep-2012	KEMROCK	Kemrock Industries and Ex	SUNIL CAPITAL CAPITAL & SECURITIES PVT LTD	SELL	1,08,318	77.38	-
17-Sep-2012	KEMROCK	Kemrock Industries and Ex	VIJIT ASSET MANAGEMENT PRIVATE LIMITED	BUY	94,530	80.95	-
17-Sep-2012	KEMROCK	Kemrock Industries and Ex	VIJIT ASSET MANAGEMENT PRIVATE LIMITED	SELL	1,12,533	79.50	-
17-Sep-2012	ONMOBILE	OnMobile Global Limited	ONMOBILE SYSTEMS INC	SELL	10,04,026	38.43	-
17-Sep-2012	TV18BRDCST	TV18 Broadcast Limited	MAHALAXMI CRESEC PRIVATE LIMITED	BUY	37,50,000	24.02	-

RBI Policy Review - Surprises by CRR cut; guidance less hawkish :Edelweiss

In its mid-quarter monetary policy review, the RBI has left the repo rate unchanged as expected but cut the CRR by 25 bps, largely in order to pre-empt the liquidity tightness that might arise due to seasonal factors. More importantly, the RBI has acknowledged the favourable impact of the Govt’s actions on growth-inflation dynamics and accordingly, the policy guidance has been less hawkish than in the past. The central bank is now talking about supporting growth while focusing on inflation compared to its earlier stance of fighting inflation even at the cost of growth. 

Going ahead, the likelihood of a rate cut in Oct policy seems to be low as inflation is on a rising trajectory although if the Govt undertakes further actions in coming weeks, it can move RBI’s hand. However, we do expect monetary easing of ~50bps in Dec-Mar period. 

RBI Policy Review - Surprises by CRR cut; guidance less hawkish

Regards,