Subscription Figures of Ongoing Issues as on 23rd Jan 2014 at 5 pm

Dear All,

Subscription Figures of Ongoing Issues as on 23rd Jan 2014 at 5 pm

NHAI Tax Free Bond Subscription Figures with Green Shoe Option					Issue Closes: 05 Feb 14
Sr. No	Category	Issue Size (Rs. In Crs)	No of times subscribed	Total Amt Bided (Rs. In Crs)	Unsubscribed Amt (Rs. In Crs)
1	Category I (QIB)	369.84	1.61	597.00	(227.16)
2	Category II (NII)	1,109.52	1.00	1,110.63	(1.11)
3	Category III (HNI)	739.68	1.17	862.87	(123.19)
4	Category III (RII)	1,479.36	1.00	1,486.07	(6.71)
	Total	3,698.40	1.10	4,056.56	(358.16)
		Updated as on 23rd Jan 2014 at 5 pm
IRFC Tax Free Bond Subscription Figures with Green Shoe Option					Issue Closes: 07 Feb 14
Sr. No	Category	Issue Size (Rs. In Crs)	No of times subscribed	Total Amt Bided (Rs. In Crs)	Unsubscribed Amt (Rs. In Crs)
1	Category I (QIB)	866.30	0.33	287.30	579.00
2	Category II (NII)	2,598.90	0.27	703.97	1,894.93
3	Category III (HNI)	1,732.60	0.39	682.00	1,050.61
4	Category III (RII)	3,465.20	0.28	982.50	2,482.70
	Total	8,663.00	0.31	2,655.77	6,007.23
		Updated as on 23rd Jan 2014 at 5 pm
Muthoot Finance Limited - Subscription Figures with Green Shoe Option					Issue Closes: 27 Jan 14
Sr. No	Category	Issue Size (Rs. In Crs)	No of times subscribed	Total Amt Bided (Rs. In Crs)	Unsubscribed Amt (Rs. In Crs)
1	Category I (QIB)	25.00	0.00	0.00	25.00
2	Category II (NII)	25.00	0.15	3.63	21.37
3	Category III (RII/HNI)	450.00	1.12	502.02	(52.02)
	Total	500.00	1.01	505.65	(5.65)
		Updated as on 23rd Jan 2014 at 5 pm
SREI Infrastructure Finance Limited - Subscription Figures with Green Shoe Option					Issue Closes: 31 Jan 14
Sr. No	Category	Issue Size (Rs. In Crs)	No of times subscribed	Total Amt Bided (Rs. In Crs)	Unsubscribed Amt (Rs. In Crs)
1	Category I (QIB)	20.00	0.21	4.21	15.80
2	Category II (NII)	20.00	0.03	0.66	19.34
3	Category III (RII/HNI)	60.00	0.58	35.09	24.91
	Total	100.00	0.40	39.96	60.04
		Updated as on 23rd Jan 2014 at 5 pm

Thanks & Regards

_

M&M Financial Services - Earnings Revision - Weak quarter; asset quality concern to drag stock performance :: Centrum

Rating: Hold; Target Price: Rs240; CMP: Rs254; Downside: 6%



Weak quarter; asset quality concern to drag stock performance



MMFS’ Q3FY14 results surprised negatively with a) weak operational
performance b) higher than expected rise in NPAs and c) bleak
prospects of growth and NPA management.  Asset quality woes are
unlikely to recede and will warrant increased credit cost
provisioning. This, in addition to lower growth and margin pressures
will impact return ratios further. We have lowered our FY14/FY15 PAT
estimates by 11%/ 9% respectively, on the back of higher provisioning
and are now factoring in 18% CAGR in profits over FY13-16E. The stock
has underperformed the broad index in the past 1-month/ 6-months and
trades at 2.4x Dec’15E ABV of Rs105 which in our view seems reasonable
given relatively stable RoA profile when compared to its peers. Retain
HOLD with a revised target price of Rs240.

$ Challenging quarter: Q3FY14 NII at Rs6.7bn (+21% yoy) came in lower
than our/ consensus estimates and was led by interest reversal
(Rs400mn) on NPAs. Adjusted for this, growth was in line with
estimates. Asset quality surprised negatively with GNPA at Rs15.1bn,
+53% yoy and provisions at Rs1.8bn, +1.2x yoy. Net profit at Rs1.6bn
declined 18% yoy. NIM on AuM (calc) came in at 8.5% (-48bps qoq).

$ Asset quality woes unlikely to recede anytime soon: Management
attributed the reason for higher than expected increase in GNPA to a)
weak cash flows following delay in announcement of minimum support
price (MSP) in some pockets, b) stress in Southern India (45% of GNPAs
are from this region), c) migration of NPA into lower buckets and d)
repossession. While the trend is expected to reverse to a certain
extent in Q4FY14 (seasonally it has been a strong quarter). The
outlook on asset quality however remains bleak in H1FY15 given
seasonally weak quarters, growth slowdown and pain in southern India.

$ AuM grows +28% yoy, disbursements YTD +14% yoy: AuM growth at 28%
yoy was driven by segments of cars (+36% yoy), tractors (+28% yoy) and
refinancing (+64% yoy).  Q3 disbursement growth at 8% yoy was from
tractors and refinancing.  On liability, despite easing money market
rates, the proportion of bank loans continues to remain high at ~50%.
Incremental borrowing for the quarter was under bank loans and
commercial paper window (94%).

$ Weak asset quality outlook warrants earnings revision: In our recent
report, we highlighted that industry-wide auto volume slowdown and
pain in south India, will translate into lower growth and impact
margins for MMFS. Management guided that in addition to lower growth,
NPA concerns will stay elevated for few more quarters. This implies
increased credit cost provisioning and further pressure on return
ratios. We have thereby revised our credit cost assumptions upwards by
30bps (avg) to 1.6% and consequently lowered our earnings estimates.
We value MMFS at 2.3x Dec 15E ABV of Rs105 and arrive at a target
price of Rs240.



Thanks & Regards

--

Yellow or White?:: Business Line

In the investment sweepstakes, silver has always been regarded as the poor cousin of its more glitzy relative — gold. Therefore, can silver deliver in a year where gold is out of favour?

Gold and silver move in a lockstep with a correlation of 0.8-0.9. But, in times of an economic recession, silver behaves more as a commodity rather than as a precious metal. Take, for instance, the white metals’ behaviour in 2011. That year, though gold did well (up 11 per cent), silver prices corrected (down 9 per cent) tracking industrial metals. Silver’s correlation with gold dropped to a low of 0.3 that year. The year 2008 is also a case in point. In 2008, when the US economy slipped into recession, gold closed the year with a 1 per cent return, but silver dropped 3 per cent.

However, in good times of the economy, silver prices rise faster than gold on industrial demand. In 2012, economic revival hopes saw silver surge out of the gate with a 5 per cent return even as gold made only a 2 per cent return. Copper gave a return of 4 per cent that year.

2013 was an unusual year — havens didn’t do well and industrial metals too faced heat. But now it looks like assets that play on global economic recovery may again do well. Silver may move in the direction of industrial metals.

Technically, the white metal could go as high as $24.25/ounce. MCX Silver (Rs 45,136/1000 gm) can go to Rs 49,000 and if volumes support even rise to Rs 51,420. However, one risk that stays is the failure of economic recovery. If this happens, silver would have lost more than gold at the end of the year, but it would have fallen less steeply than copper.

IDFC Equity: Invest:: Business Line

Invest smart, save tax:: Business Line

Besides saving on taxes, choose instruments that meet your objectives.

With March around the corner, it’s time you start thinking about your tax-saving investments for the year if you haven’t done so already.

Scrambling at the eleventh hour could mean getting rushed into investments not best suited for you.

Especially when there’s so much to choose from — provident funds, bank deposits, equity, insurance, equity-cum-insurance, pension plans, and many more.

An investment of up to Rs 1 lakh each year in any or all of these instruments is allowed as deduction from your taxable income under Section 80C of the Income Tax Act.

This can save you a tidy sum in taxes — up to Rs 30,900 for those in the 30 per cent tax slab; Rs 20,600 in the 20 per cent tax slab; and Rs 10,300 in the 10 per cent tax bucket.

But the tax saving is just a carrot; these investments are really meant to help build a corpus for the future by salting away a tidy pile year-after-year in long-term investments.

Most 80C investments have long lock-in periods — from three years for equity-linked savings schemes (ELSS) to as many as 15 years for the safe-as-houses public provident fund (PPF).