We recommend to BUY Karur Vyasa Bank (KVB)::Motilal oswal,

We recommend to BUY Karur Vyasa Bank (KVB) with a 12month
price target of `725 , valuing it at 2.25x P/ABV multiple on FY14
estimated book.
INVESTMENT ARGUMENTS:
Reasonable Presence:
Karur Vyasa Bank (KVB) is a 96 years old private bank headquartered
at Karur, Tamil Nadu with a network of 514 branches and 1400 ATMs
with business size of `58,000crs. Tamil Nadu/AP/Maharashtra has
45%/17%/13% of its branch network. KVB's 58% of the branches
are located in rural and semi-urban areas. Corporate advances/
Commercial/Agriculture contribute 42%/ 34%/15% of total loan
book.
Robust business growth:
KVB's loan book grew at 35% during FY12. KVB's deposit and loan
book grew at CAGR of 28% during the last 5 years ending FY12 v/s
18% and 19% respectively for the industry. We expect the bank to
deliver NII & PAT CAGR of 22% and 19% respectively during FY12-
14. Business growth is likely to remain strong for KVB as
management has guided for increasing branches to 700 from 514
by FY16. Asset quality is very good with restructured loans and net
NPA as % to loan book standing at 2.7% and 0.33% respectively.
Future Plans to aid profitable growth:
KVB has drawn up a road map to increase its business 2x from
`58000Cr currently to `125000Cr in FY16 by focussing on (a)
Significant Improvement in CASA ratio (b) Thrust on management
of stressed portfolio along with recovery of NPAs (c) Improvement
in fee based income by launching new products (d) Increase pan
India branch presence.
Valuation and View
KVB trades at 2x/1.7x FY13E/14E P/ABV, which is at discount of ~
10% to other listed in Private Banks (ex-Hdfc Bank). KVB has
consistently maintained payout of ~30% , which results in dividend
yield of ~3%, which is the highest amongst all private sector banks.
We believe, discount to Private Banks will vanish owing to a very
consistent performance, high dividend yield and better than
industry growth rates. New capital raising seems to be away by
more than 18 months. We recommend BUY with 12 month target
price of `725 (P/ABV 2.25x FY14E, P/E 11x FY14E).

We recommend to BUY Tribhovandas Bhimji Zaveri -- Motilal oswal,

We recommend to BUY Tribhovandas Bhimji Zaveri Limited
(TBZ) with a price target of `330.
INVESTMENT ARGUMENTS:
India - the largest jewellery market, highly unorganized, huge
potential to organize: India is the largest consumer of gold in the
world. According to a CARE Report, the Indian domestic gems and
jewellery industry has the potential to grow from an ~ `2,20,000Cr
(Gold Jewellery share ~80%) in FY12 to ~`3,00,000 Cr by FY14,which
implies a CAGR of 14% with the organized sector expected to grow
by ~30% during the same period. Currently market is fragmented across
the value chain. There are ~ 450,000 unorganised players across the
gems and jewellery sector. The Organized National Jewellers and Large
Regional Jewellers account for ~ 6% and ~10% of this market
respectively. Changing demographics, fast urbanization, more women
in work force and reliable quality of gold will lead to sustained increase
in the share of organized market. We believe, companies such as TBZ
will be a natural beneficiary of this change. (Data Source: CRISIL
and CARE)
Strong brand, huge expansion to drive profit growth: TBZ is a
148 year old brand in premium and wedding jewellery. Promoters are
in the business of jewellery for the last 4 generations. Jewellery is a
business of customer's trust and therefore vintage with a credible track
record gives jewellers immense competitive edge and moat. The
company makes money primarily by making charges and mark up it
levies on the gold and diamond. TBZ raised `200 crore from the IPO
in year 2012 and plans to use funds for expanding its retail presence to
57 stores spread across 43 cities by FY2015 from 19 stores currently.
High brand recall for wedding and fashion jewellery along with
aggressive expansion will drive net profit growth during the years
to come.
Valuations & View: TBZ has delivered 65% CAGR in net profit
during FY08-FY12. We expect profit CAGR of 40-45% over FY12-
FY16E on the back of huge expansion in retail presence. Stock currently
trades at PE and EV/EBIDTA of 13.5x and 9x FY14E, which looks
reasonable considering the growth potential. Listed peer like Titan
trades at ~27xFY14E. We believe, high double digit growth, high
RoE(25%+) and good and visible brand will lead to rerating of the
stock valuation over time. Recommend BUY with a target of `330
(19xFY14E EPS and 12xFY14E EV/EBIDTA)

Syndicate Bank, Lower Provisions and Tax reversal props -Karvy

Lower Provisions and Tax reversal props
Profits
In Q3FY13, Syndicate Bank’s performance came better than our
expectations with PAT growing at 50.4% YoY (up 9.7% QoQ) to Rs5.1 bn,
owing to higher than expected tax write back and lesser than expected
credit costs. NII grew 6% YoY (up 1% QoQ) and NIM declined 4 bps QoQ
at 3.29% due to decline in yield on advances. Asset quality improved
during the quarter owing to lesser slippages. However, balance sheet
growth continues to remain moderate.
 Moderate loan Growth: Advances grew at 17.3% YoY (up 6.2% QoQ)
and Deposits grew 14.6% YoY (up 5.3% QoQ). Consequently, C‐D ratio
increased 70 bps to 82.1%. The management has guided 15‐16% credit
growth for FY13.
 Asset Quality promising: Syndicate Bank’s asset quality showed further
improvement during the quarter, as net incremental slippages declined
by Rs 186 mn and fresh slippage ratio declined to 2.7% from 3.3% in
H1FY13. Gross NPA ratio declined by 16 bps to 2.31% and net NPA ratio
reduced by 7 bps to 0.85%. The provision coverage ratio is maintained at
83%. The bank restructured loans worth Rs1 bn and the cumulative
restructured loan book stood at Rs 100 bn (7.4% of loan book).
 Contraction in NIMs: NIMs declined 4bps sequentially to 3.29% as yield
on advances declined 31 bps sequentially to 9.17%. This was partially
offset by decline in cost of deposits by 30 bps to 6.7%. We expect NIM to
remain around 3.25% in FY13.
Outlook & Valuation
At the CMP the stock is trading at 4.0x and 3.8x FY13E and FY14E EPS, and
at 0.8x and 0.7x FY14E and FY15E P/ABV respectively. We have maintained
our estimates and our price target at Rs175 valuing the stock at 0.9x FY15 and
maintain BUY rating on the stock.

Sintex Industries Ltd:: IFCI research

Clouds beginning to clear!
We believe Sintex Industries Ltd (SIL) is all set for re-rating from current levels as the short term issue of repayment of Foreign Currency Convertible Bonds (FCCB) has been resolved. From the long term perspective, we believe there is a concerted effort on the part of the management to focus on balance sheet strength and quality of earnings. We therefore initiate coverage on SIL with a BUY rating and TP of Rs91 per share.  Short term concern of FCCB repayment issue resolved: SIL is required to repay US$292mn by Mar’13. It has unutilised deposits of US $110mn and has raised funds through three modes for repayment of FCCB - Qualified Institutional Placement (QIP – Rs1.72bn/ US $31.7mn), Preferential Warrants to promoters (Rs2.1bn/US $38.5mn) and New Step down FCCB (Rs7.6bn/US $ 140mn – interest for first two years fixed at 7.5% and reduced to 3.75% for the next three years i.e. YTM of 5.37%). Due to this, the equity will be diluted by 13% in FY13, 4% in FY14 and 21% in FY16 and FY17.  Focus on quality of earnings and stable growth: During period FY07-10, SIL aggressively targeted top line growth, which affected balance sheet health and impacted cash flow once the environment turned cloudy. Realising this, SIL has shifted its focus towards quality earnings and stable growth.  Custom moulding to support growth for next two years: SIL is a domestic leader in the custom moulding / composites business. The company has a portfolio with diversified applications and has all the major global technologies available for manufacturing of composites. The management plans to leverage on acquisitions and focus on expansion of client base in India with cross selling of products and technologies in the automotive sector. We estimate custom moulding business to grow 15% YoY in FY13 and in FY14.  Focus on high growth and high return prefab business: Prefabricated structures are building structures fabricated in the factory and delivered as turnkey projects. Over the past five years, government spending on medical and public health, housing urban development and education has increased at 20% CAGR. Government focus on these social initiatives is expected to continue in the near term (FY13 and FY14) as well. We expect the prefab business to grow at 20% YoY in FY13 and FY14 respectively.  Monolithic Business: Cash flow improvement and stable order inflow: SIL introduced plastic composite based monolithic construction in India and does activity for slum rehabilitation, state housing boards etc. In the last few years due to the unearthing of multiple scams, and the resulting cautious approach of the government (from investment perspective). SIL witnessed slowdown in cash receivables and order inflows. It has therefore exercised deliberate restraint in the monolithic business to improve the working capital cycle.  Valuation: At CMP of Rs70 the stock is trading at 4.6x FY13E earnings and 5.0xP/E, 0.6x P/BV and 5.4 x EV/EBDITA of FY14E. We initiate coverage on the stock with a “BUY” rating and value the stock at 6.5x EV/EBDITA multiple of FY14 with a target price of Rs.91 per share.

Zee Entertainment:: Strong growth Zee Entertainment Enterprises reported strong topline in Q3FY13 results on the back of 24.4% YoY ad revenue growth and 25.6% YoY subscription revenue growth (33% domestic and 9.4% international). Operating margins jumped sequentially on the back of lower programming cost with sports losses under check. We have increased our earnings estimates and upgraded the stock to BUY. --- centrum,

Strong growth
Zee Entertainment Enterprises reported strong topline in Q3FY13
results on the back of 24.4% YoY ad revenue growth and 25.6% YoY
subscription revenue growth (33% domestic and 9.4% international).
Operating margins jumped sequentially on the back of lower
programming cost with sports losses under check. We have increased
our earnings estimates and upgraded the stock to BUY.
Strong results: ZEEL posted 24.4% YoY increase in net sales to Rs9389mn
backed by strong advertising revenue growth of 28.8% to Rs5094mn.
Subscription revenues were up 26%YoY to Rs4098mn led by domestic
revenues which were up by 33% YoY. Operating profit was up by 21% to
Rs2612mn on the back of lower sports loss. PAT was 2.5% above our
expectations at Rs1941mn, up 42.8% YoY.

Sun TV,-Ad revenue growth bounces back:: centrum,

Sun TV Network posted healthy 14.3%YoY growth in revenues on the
back of 20% YoY ad revenue growth along with 28% YoY growth in
analog subscription revenues. Digitisation in Chennai and
implementation of Phase-II will help the company grow its DTH and
analog subscription revenues. We maintain our BUY rating on the stock.
Q3FY13 above expectations: Revenues grew by 14.3% YoY to Rs4859mn
on the back of 20%YoY growth in advertising revenues and 27%YoY
growth in analog subscription revenues. Operating profit was up 10% YoY
to Rs3763mn as margins contracted by 279bps. Profitability was up by
13.1%YoY to Rs1899mn, 8.7% above expectations.
Healthy advertising growth: Advertisement revenues grew by 20%YoY
during the quarter on the back of strong festive season demand with
growth across sectors. We have modeled 8.8% growth for FY13 and 15%
for FY14E.
Subscription revenues to grow: On a sequential basis analog subscription
revenues grew by 8.8% and 28% YoY. On the back of strong DTH offtake, DTH
subscriber numbers have increased by 5% QoQ to 8.3mn and hence the
company posted 5% sequential growth in revenues. International
subscription revenues were flat on a sequential basis.

BSE, Bulk deals, 25/01/2013

Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price ** 25/01/2013 533022 20 Microns VIJETA BROKING INDIA PRIVATE LIMITED S 77,392 145.2 25/01/2013 533022 20 Microns VIJETA BROKING INDIA PRIVATE LIMITED B 77,392 145.46 25/01/2013 533022 20 Microns DOBARIYA ASHVINBHAI THOBHANBHAI S 254,165 145.29 25/01/2013 533022 20 Microns DOBARIYA ASHVINBHAI THOBHANBHAI B 254,165 145.36 25/01/2013 533022 20 Microns CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 72,301 142.66 25/01/2013 533022 20 Microns CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 72,301 141.63 25/01/2013 533022 20 Microns ARSENAL FINSTOCK SERVICES PRIVATE LIMITED B 145,000 147.52 25/01/2013 533022 20 Microns JINESH HARESH SHAH S 100,000 138 25/01/2013 533022 20 Microns JAYNEEL SECURITIES PRIVATE LIMITED S 79,027 144.54 25/01/2013 533022 20 Microns JAYNEEL SECURITIES PRIVATE LIMITED B 80,368 142.87 25/01/2013 533022 20 Microns CHIRAG PADSHAH HUF S 174,992 145.41 25/01/2013 533022 20 Microns CHIRAG PADSHAH HUF B 181,792 144.09 25/01/2013 530621 Akar Tools PANKAJ BABULAL SHAH S 29,500 25.92 25/01/2013 531519 Ankush Finstock ASHRAF H. HALAI B 110,000 11 25/01/2013 531519 Ankush Finstock ANKIT PANKAJBHAI SHAH B 52,112 11.49 25/01/2013 531519 Ankush Finstock ALPESH V SOJITRA S 30,729 11.41 25/01/2013 506074 Arshiya Intl GAJANAN ENTERPRISES S 984,836 38.28 25/01/2013 506074 Arshiya Intl GAJANAN ENTERPRISES B 999,830 38.17 25/01/2013 506074 Arshiya Intl CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 450,240 39.64 25/01/2013 506074 Arshiya Intl CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 450,240 39.94 25/01/2013 590114 Arunjyoti Enterprises VIMAL RAJ MATHUR B 35,500 14.06 25/01/2013 531568 Ashutosh Paper ELESH HASMUKHLAL SANGHAVI B 34,500 51.85 25/01/2013 531568 Ashutosh Paper MALAY CORPORATE SERVICES PRIVATE LIMITED B 63,650 54.99 25/01/2013 531568 Ashutosh Paper PATEL NITABEN SHAILESHBHAI B 37,000 53.73 25/01/2013 531591 Bampsl Sec POKHRIYAL INFIN PRIVATE LTD. S 2,394,773 .63 25/01/2013 531591 Bampsl Sec ACHINTYA SECURITIES PVT. LTD. B 2,494,934 .63 25/01/2013 531458 BOSTON BIO VIPUL JIVANLAL PATEL B 50,000 4.34 25/01/2013 531458 BOSTON BIO NISHABEN ASHOKBHAI AGARWAL B 50,000 4.34 25/01/2013 531327 Charms Inds SAMIR SURESHBHAI DESAI S 30,000 5.28 25/01/2013 511668 Fact Enterprise OFFERLINK INFRAPROJECTS PRIVATELIMITED B 92,074 3.13 25/01/2013 521167 Frontline Bsns POOJA JINESH BHATT S 54,781 221 25/01/2013 521167 Frontline Bsns POOJA JINESH BHATT B 54,681 220.03 25/01/2013 524754 Gujarat Medi PRAMOD MAHESHWARI S 54,546 17.3 25/01/2013 524754 Gujarat Medi OM PRAKASH MAHESHWARI S 32,584 17.27 25/01/2013 524754 Gujarat Medi MAHESHWARI BROTHERS S 35,000 17.25 25/01/2013 532873 HDIL CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 2,968,574 78.35 25/01/2013 532873 HDIL CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 2,970,957 78.17 25/01/2013 530273 Liberty Phos RAJASTHAN GLOBAL SECURITIES LIMITED B 156,172 216.81 25/01/2013 530273 Liberty Phos BLUE DEEBAJ CHEMICALS LLC S 590,000 214.27 25/01/2013 530273 Liberty Phos RAJASTHAN GLOBAL SECURITIES LTD B 150,315 212.15 25/01/2013 530273 Liberty Phos CREDIT SUISSE (SINGAPORE) LIMITED A/C CREDIT SUISSE (SINGAPO B 300,000 221.97 25/01/2013 530273 Liberty Phos MORGAN STANLEY ASIA SINGAPORE PTE B 217,350 217.55 25/01/2013 530273 Liberty Phos DEUTSCHE SECURITIES MAURITIUS LIMITED B 145,000 220.04 25/01/2013 500284 Lords Chloro SRISHTI DHIR B 2,500,000 13.5 25/01/2013 500284 Lords Chloro ALOK DHIR S 2,500,000 13.5 25/01/2013 511688 Mathew Easow URMILA GARG B 50,000 33.5 25/01/2013 511688 Mathew Easow ALIPORE COMMERCIAL PRIVATE LIMITED S 39,803 33.5 25/01/2013 590074 Ortin Lab-$ RAJKUMARI HANUMANPRASAD SABOO S 40,815 34.23 25/01/2013 590074 Ortin Lab-$ RAJKUMARI HANUMANPRASAD SABOO B 38,698 33.78 25/01/2013 511734 Pasupati Fin PAWAN KUMAR AGGARWAL S 55,013 11.69 25/01/2013 511734 Pasupati Fin ORION STOCKS LTD S 31,106 11.58 25/01/2013 511734 Pasupati Fin ORION STOCKS LTD B 62,702 11.64 25/01/2013 513403 PM Telelinnks PATEL NITABEN SHAILESHBHAI S 51,934 21.7 25/01/2013 531228 Rander Corp BAHUBALI PROPERTIES LIMITED S 75,000 89.55 25/01/2013 504378 Ravinay Trad GRACEUNITED REAL ESTATE PVT LTD S 47,200 267.04 25/01/2013 531886 SCOPE IND SRIHARICHARAN DAMARAJU B 77,600 18.81 25/01/2013 523359 Sharp Inds YADUKA FINANCIAL SERVICES LIMITED S 187,406 10.43 25/01/2013 513515 SR Inds NILESH KARWA S 150,298 5.15 25/01/2013 513515 SR Inds AVN CORPORATE RESEARCH PRIVATE LIMITED B 196,688 5.16 25/01/2013 510245 Swasti Vinay Syn SABIHA SHAIKH S 410,271 2.12 25/01/2013 590111 VAISHNAVI GANGADHARA RAO ILAPARTI S 150,000 7.08 25/01/2013 590111 VAISHNAVI GANGADHARA RAO ILAPARTI B 100,000 7.05 25/01/2013 590111 VAISHNAVI AGADHANDI SAI KRISHNA S 315,421 7.05 25/01/2013 590111 VAISHNAVI SAI NITHISHA PARVATHANENI B 281,035 7.11 25/01/2013 526441 Vision Cinemas SRINIVAS KARROTHI S 245,521 10.87 25/01/2013 526441 Vision Cinemas SRINIVAS KARROTHI B 249,662 10.64 25/01/2013 526441 Vision Cinemas SRINIVAS KARROTHI S 322,081 10.67 25/01/2013 526441 Vision Cinemas SANJAY BABULAL PANDYA S 150,000 10.5 25/01/2013 533427 VMS Inds TRIPURARI PROPERTIES PRIVATE LIMITED B 120,000 35.7 25/01/2013 503675 WAGEND AASHISH DEVELOPER S 759,000 20.22

* B - Buy, S - Sell 
** = Weighted Average Trade Price / Trade Price 

HUDCO tax free bond --1.83x oversibscrobe as on 25 Jan 2013 at 1700 hrs

HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED
Sr. No	Category	No.of Bonds/NCDs offered/ reserved	No. of Bonds bid for	No of times subscribed
1	Category I	18,75,000	45,02,050	2.4
1(a)	Public Financial Institutions		200
1(b)	Scheduled Commercial Banks		41,01,850
1(c)	Provident Funds with minimum corpus of Rs.25 crores		0
1(d)	Pension Funds with minimum corpus of Rs.25 crores		0
1(e)	Insurance Companies registered with the IRDA		4,00,000
1(f)	National Investment Fund		0
1(g)	Mutual Funds registered with SEBI		0
1(h)	Alternative Investment Funds		0
1(i)	State Industrial Development Corporations		0
1(j)	Insurance Funds set up and managed by army/navy or air force of the Union of India		0
1(k)	Insurance Funds set up and managed by the Department of Posts		0
1(l)	Foreign Institutional Investor		0
1(m)	FII Sub Account Corporate/Individual		0
1(n)	Others		0
2	Category II	11,25,000	8,71,045	0.77
2(a)	Companies and Bodies Corporate authorised to invest in the Bonds		8,71,045
3	Category III	15,00,000	19,09,963	1.27
3(a)	Resident Indian individuals more than Rs.10 lacs		16,70,663
3(b)	Hindu Undivided Families more than Rs.10 lacs		49,700
3(c)	NRI (Repatriation Basis) more than Rs.10 lacs		25,300
3(d)	NRI (Non - Repatriation Basis) more than Rs.10 lacs		1,64,300
4	Category IV	30,00,000	64,63,852	2.15
4(a)	Resident Indian individuals upto Rs.10 lacs		60,38,931
4(b)	Hindu Undivided Families upto Rs.10 lacs		2,97,222
4(c)	NRI (Repatriation Basis) upto Rs.10 lacs		77,212
4(d)	NRI (Non - Repatriation Basis) upto Rs.10 lacs		50,487
	Total	75,00,000	1,37,46,910	1.83
Updated as on 25 Jan 2013 at 1700 hrs