| Category | Buy | Sell | Net | |
| Value | Value | Value | ||
| FII | 2502.99 | 2328.37 | 174.62 | |
| DII | 856.72 | 1078.57 | -221.85 | |
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06 November 2012
FII & DII trading activity on NSE and BSE 06-11-2012
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FII DERIVATIVES STATISTICS FOR 06-Nov-2012
| FII DERIVATIVES STATISTICS FOR 06-Nov-2012 | |||||||
| BUY | SELL | OPEN INTEREST AT THE END OF THE DAY | |||||
| No. of contracts | Amt in Crores | No. of contracts | Amt in Crores | No. of contracts | Amt in Crores | ||
| INDEX FUTURES | 25961 | 696.17 | 29884 | 851.07 | 439549 | 11096.66 | -154.90 |
| INDEX OPTIONS | 307229 | 8804.22 | 344141 | 9842.26 | 1724438 | 49369.90 | -1038.03 |
| STOCK FUTURES | 34049 | 913.94 | 33894 | 934.80 | 1064004 | 29010.56 | -20.85 |
| STOCK OPTIONS | 33480 | 923.28 | 40985 | 1116.74 | 77010 | 2157.77 | -193.46 |
| Total | -1407.25 | ||||||
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RBI GUIDELINES FOR CHEQUES
As per RBI guidelines, there have been certain changes made to the cheques issued by the Bank. However, these changes are available only in cheque books issued after August 2011. If you have obtained the cheque book prior to this, the cheques will not be valid after December 31, 2012.
HDFC BANK website Show following Message
If the cheques you currently hold have the following features, they will be valid after the given date.
"Please sign above" is mentioned on cheque leaf on the lower right-hand side.
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Apollo Tyres - "QIP issue and SA operations weigh on the stock, cut target, maintain BUY" :: LKP Research
Impressive set of numbers
Apollo’s standalone net sales grew by 23.7% yoy and 6.1% qoq to Rs 22.8bn, most of which came out of volume improvement and the rest from a minimal price hike and product mix improvement. The standalone results were above our expectations as replacement cycle is showing some signs of reversal. Management said that they have seen improvement in demand in this quarter when compared sequentially, on the replacement segment especially TBR side, however are still witnessing softness on the OEM demand. EBITDA grew by 80% yoy, but just 2% qoq to Rs2.25 bn and EBITDA margins went down qoq to 9.9% from 10.3% as natural rubber prices slightly firmed up with other RM costs (74.6% of sales v/s 72.9% qoq). On yoy basis it improved significantly from 6.8%. In spite of higher depreciation on account of the ramp up in Chennai plant, PAT pulled a strong growth of 240% yoy and remained flattish qoq to Rs752 mn. Interest costs went up to Rs 694mn, 33% yoy and 12.4% qoq, while tax rate remained flat at 31.2%.
Titan Industries - 2QFY13 Review : Sales miss; margins better; pinning hopes on festive season :: JPMorgan
Titan’s Q2FY13 performance was a mixed bag with sales growth coming in ~6%
below our and street expectations, while margins were above expectations leading
to in-line EBITDA. Titan posted sales, EBITDA and PAT growth of 10%, 19%
and 18% y/y respectively. Management noted that sustained inflation, subdued
consumer sentiment and challenging macro weighed on sales growth; however
they expect festive sales to be better. Capital employed increased during 1H by
Rs3.2bn owing to higher inventory levels and investments in fixed assets.
Oil and Natural Gas Corporation-Finely balanced :: JPMorgan
We assume coverage with a Neutral rating and an Rs300 Sep-13 PT.
Elevated subsidies (~US$33bn–$9.2bn ONGC) despite reforms will impact
profitability. Muted near-term production growth (~2% CAGR over FY13-
14E) will be a drag on earnings, and incremental reserve accretion
overseas is likely to be return dilutive, in our view. While we believe
ONGC is fairly valued, we acknowledge its resilience to adverse policy
moves, and its counter-cyclicality with crude. We would look to add the
stock at Rs250 (implying 20% upside).
India Refining & Marketing Troubled waters downstream; Prefer BPCL :: JPMorgan
We remain cautious on the SOE R&M space. Elevated subsidy losses
(c$33bn), despite reform, will be a drag on earnings delivery, leaving
BPCL/HPCL/IOCL dependent on government/upstream support. Refining
performance has been volatile, compounded by large inventory losses. We
prefer BPCL – while earnings are sensitive to subsidies, we think an
emerging E&P portfolio will lead to value creation. HPCL remains the
least preferred, with high sensitivity to policy measures.
UTI Credit Opportunities Fund - NEW FUND ON THE BLOCKUTI Credit Opportunities Fund - NEW FUND ON THE BLOCK :: Business Line
With bank deposits not providing enough returns to compensate for the high inflation, fixed-income investors may have to look to riskier debt to prop up their returns.
To capture this set of retail investors, UTI AMC is launching a debt fund for investors with higher risk appetite. UTI Credit Opportunities Fund is an income fund that plans to invest up to 50 per cent of the portfolio in debt securities with ratings of AA or lower.
With interest rates on a downward trajectory, lower rated debt may be chased for better returns.
ADANI ENTERPRISES All eyes on coal mining:: Edelweiss
AEL’s Q2FY13 adj. PAT of INR2.3bn was in line with our estimate. Coal
trading volume at 8.8 MT was down 10% YoY but management remains
confident of 40MT coal trading and 116MT of port cargo targets. While
power business has near term challenges, domestic and overseas coal
mining would be the next trigger. Maintain ‘BUY’ with a TP of INR377.
ASIAN PAINTS Volumes recover; margins to follow:: Edelweiss
Asian Paints’ Q2FY13 revenue came ahead of our estimate while PAT
came bang in line. Key positives were: (1) Recovery in domestic volume
growth at ~6% YoY (vs flattish volumes in Q1FY13) and (2) Slight
improvement in domestic EBITDA margin. Key negatives include: (1)
lowest consolidated EBITDA margin in the last 14 quarters (likely to have
bottomed out) and (2) Spurt in interest cost by 37.7% YoY (on a low
base). We remain positive due to re-launch of brand identity in India
(after 10 years), innovation (entered the construction chemicals business
in “dampness correction”) and scaling up of benefits. Although the
discretionary spending remains under pressure in near term, this could
reverse if sentiments improve (due to recent reforms and a possible cut
in interest rates). Maintain ‘BUY’.
Oriental Bank of Commerce:: TP: INR415 Buy:: Motilal oswal,
Oriental Bank of Commerce (OBC) reported 80% YoY growth in 2QFY13 PAT to INR3b, 9% below our estimate. Inline
NII (stable NIM QoQ at 2.8%) and 13% higher than estimated non-interest income led to 4% higher than
estimated operating profit. However, higher provision of INR4.6b and tax rate of 34.5% (expected 30%) led to
lower than estimated PAT. Key highlights:
Bank restructured INR5.3b in 2QFY13, as a result outstanding (o/s) restructured loans increased to INR115b
(9.7% of loans). Excluding government entities (SEB and Air India), o/s restructured loans was at 4.8% of loans.
GNPA was stable (+3% QoQ), led by higher write-offs; slippages were INR6.5b v/s INR7b in 1QFY13.
Momentum from recoveries from written-off accounts remains strong at INR1.4b v/s INR260m in 1QFY13.
Management guidance for FY13: (1) NIM of 2.85% (3% for 4Q) v/s 2.79% in 1HFY13, (2) GNPA of 2.8% (2.92% in
2Q) and NNPA of 1.75% (2.04% in 2Q), (3) PCR of 70% (64.5% in 2Q) and (4) Loan growth of 16%.
Valuation and view: Reduction in high cost deposits and easing interest rate in the system are likely to be margin
accretive for OBC. Management’s focus to strengthen its balance sheet even at the cost of growth is a step in the
right direction. Restructuring pipeline of INR25b over the next couple of quarters and a challenging macro
environment will keep asset quality under pressure. However, valuations at 0.7x FY14E BV discount this. Buy.
OBC: Target Price Rs 351: Nirmal Bang
Results above expectation; improving asset quality
The bank reported good results for Q2FY13 with control over slippages, improving provision coverage ratio and reducing bulk deposits. In a challenging environment, the bank has been able to post good results backed by an improvement in asset quality which is encouraging. We believe that an improvement in the economic scenario will lead to an improvement in the bank’s performance as well; albeit at a faster pace.
Earlier, the bank had witnessed significant deterioration in the asset quality. However, going forward, with a significant improvement in the recovery efforts of the bank and control over fresh slippages, Gross NPAs have started showing an improving trend.
The new management so far been successful in bringing about a meaningful change in the banks overall performance. The determination to deliver what has been committed makes it stand apart from other PSU banks. Management has identified some focus areas which includes focus on retail portfolio, improving CASA ratio and thereby improving the NIMs, improving the asset quality of the bank with focus on recoveries.
Going forward, we believe that all such efforts will lead to an improvement in the bank’s overall performance. However, we remain concerned about the expected restructuring (~Rs 2500 cr) in Q3FY13. Nevertheless, given the improvement in the bank’s earnings and the structural improvements in the balance sheet, we expect the bank’s profitability to grow at 23.1% CAGR over FY12-FY14E.
At CMP, the stock is trading at 0.9x and 0.79x FY13E and FY14E Adj BVPS and 6.66x and 5.21x FY13E and FY14E EPS respectively. We recommend to HOLD the stock and BUY at dips with a target price of Rs 351 (0.9x FY14E BV) indicating potential upside of 13.7% from current levels. NIM for the quarter stood at 2.79%, being 15 bps higher on YoY basis. Advances grew 12.7% YoY and 3.4% QoQ to Rs 117,821.4 cr driven by retail (14.5% YoY), large corporate (11.6%) & mid corporate (9.0% YoY). Gross NPA of the bank increased by 2.6% QoQ to Rs 3465.6 cr whereas net NPA increased by 3.8% QoQ to Rs 2393.4 cr. Gross NPA ratio stood at 2.92% while Net NPA ratio stood at 2.04%. The bank added Rs 529 cr to its restructured book of which Rs 329 cr was fresh addition and balance Rs 200 cr was Rs 200 cr was extension of working capital loan to existing accounts. The total restructured book stands at Rs 11,483 cr (9.8% of total advance book)- one of the highest in the industry Tax rate during the quarter came in higher at 35%. Management maintained its Tax rate guidance of 20% as it highlighted that higher tax in Q2 is due to the buffer being created. Capital adequacy ratio stands at 12.06% with Tier 1 ratio at 9.7%
SGX Nifty 5,750.00 +0.50; Markets to Open flat today
SGX Nifty 5,750.00 +0.50; Markets to Open flat today
8:45 AM India time
Nov 6, 2012
8:45 AM India time
Nov 6, 2012
Should you go for zero interest finance schemes? :: Business Line
Compare the processing fee across various dealers before you finalise the purchase.
Planning to buy an LCD TV this Diwali? Besides the usual price discounts and freebies, retailers offer easy financing options at zero per cent interest. But should you opt for it?
Here are three important aspects that you need to understand before making a decision.
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