Company Name | Offer Price | Premium |
(Rs.) | (Rs.) | |
VA Tech Wabag | 1310 (Upper Band) | 385 to 405 |
Ashok Buildcon | 324 (Upper Band) | 13 to 16 |
Sea TV Network | 100 (Upper Band) | 5 to 10 |
Bedmutha Ind | 102 (Upper Band) | 8 to 9 |
Commercial Engg | 127 (Upper Band) | DISCOUNT |
Oberoi Realty | 260 | 8 to 10 |
B S Trans | 247 to 257 | DISCOUNT |
Prestige Estates | 172 to183 | DISCOUNT |
Gyscoal Alloys | 65 to 71 | 4 to 5 |
Coal India | 225 to 245 | 11 to 12 |
12 October 2010
12th Oct, 2010: Gray Market Premium Prices for India IPO
CLICK links to Read MORE reports on:
gray market,
Grey market premium,
IPO
NSE: Bulk deals: Oct 12th 2010
Security Name | Client Name | Buy / Sell | Quantity Traded | Wght. Avg. Price |
20 Microns Limited | GUJARAT VENTURE CAP. FUND 1995 | SELL | 1,00,000 | 56.36 |
20 Microns Limited | VIKING INDUSTRIES PRIVATE LIMITED | BUY | 86,494 | 56.35 |
Ackruti City Limited | M/S CELLO PEN & STATIONARY PVT. LTD | BUY | 4,80,000 | 519.95 |
Aegis Logistics Ltd | SUNDEEP CREDITS PVT LTD | BUY | 1,84,974 | 408.80 |
CLICK links to Read MORE reports on:
Bulk deals,
NSE
BSE: Bulk deals: Oct 12th 2010
Company | Client Name | Deal Type * | Quantity | Price ** |
20 Microns | VIKING INDUSTRIES PRIVATE LIMITED | B | 93506 | 56.35 |
20 Microns | GUJARAT VENTURE CAP. FUND 1995 | S | 100000 | 56.35 |
Ackruti City | M/S CELLO PEN & STATIONARY PVT. LTD | B | 480000 | 519.96 |
AK Capital | AMIT SAMPATHRAJ SHAH | S | 35000 | 733.72 |
Anjani Fabrics | ROHNIL BORADIA | S | 54460 | 65.86 |
Arrow Sec | SUNIL BHANDARI | B | 63100 | 63.79 |
CLICK links to Read MORE reports on:
BSE,
Bulk deals
FII DERIVATIVES STATISTICS FOR 12-Oct-2010
FII DERIVATIVES STATISTICS FOR 12-Oct-2010 | ||||||||
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 | 27156 | 829.48 | 38642 | 1180.28 | 513988 | 15730.70 | -350.80 | |
INDEX OPTIONS | 166512 | 5026.79 | 142027 | 4311.60 | 1998837 | 60874.32 | 715.19 | |
STOCK FUTURES | 31254 | 1013.36 | 58955 | 1910.15 | 1426806 | 43593.74 | -896.79 | |
STOCK OPTIONS | 11421 | 389.41 | 13611 | 457.06 | 34115 | 1118.78 | -67.65 | |
Total | -600.05 | |||||||
CLICK links to Read MORE reports on:
derivative statistics,
FII
FII & DII trading activity on NSE and BSE as on 12-Oct-2010
FII trading activity on NSE and BSE on Capital Market Segment | ||||||||||||||||
The following is combined FII trading data across NSE and BSE collated on the basis of trades executed by FIIs on 12-Oct-2010. | ||||||||||||||||
|
Domestic Institutional Investors trading activity on NSE and BSE on Capital Market Segment | ||||||||||||||||
The following is combined Domestic Institutional Investors trading data across NSE and BSE collated on the basis of trades executed by Banks, DFIs, Insurance, MFs and New Pension System on 12-Oct-2010. | ||||||||||||||||
|
CLICK links to Read MORE reports on:
DII,
FII,
trading activity
BNP Paribas: Upgrade Bharti Airtel to BUY
Riding 3G and rural growth
􀂃 Stable tariff and minutes growth to drive wireless revenue.
􀂃 Best positioned to monetize on 3G opportunity in India.
􀂃 Zain impact limited; TRAI 2G recommendations unlikely to be accepted.
􀂃 Upgrade to BUY; TP of INR440 (core: INR452; & Zain: -INR12).
Stable tariff & minutes growth
We expect the majority of the impact of
the tariff war to be reflected in the ARPM
in Bharti’s 2QFY11 results. We do not
expect new entrants to initiate another
round of tariff cuts below ARPM of
~INR0.40. Bharti has reported a
sequential improvement in the minutes
carried after bottoming out in 2QFY10.
We estimate the sequential growth in
volume of minutes, stable ARPM and
improvement in Africa operations will
enable EPS CAGR of 26% over FY11-13.
Best positioned to monetize 3G
We think that Bharti is best positioned of
Indian telecom operators to benefit from the 3G and BWA auction by
virtue of the superior spending power of its subscribers, as reflected in its
industry-leading ARPU. Based on our analysis, 5MHz of 3G spectrum is
adequate to decongest voice and accommodate demand for wireless
broadband services. We think that the capex required for 3G will be
minimal, and that operators can control the pace of deployment by falling
back on their 2.5G network beyond top cities. We see a business case
for Bharti’s 3G investments with data ARPU of INR150 and 3G capex per
subscriber of USD100.
Zain and regulatory drag on valuations within limits
We cut our FY11 and FY12 EPS estimates for Bharti due to higher
interest outflow and dilution due to the Zain acquisition. We attribute a
negative value of INR12 per share for Zain Africa, using a DCF valuation
method. The recent 2G recommendations, which were perceived to be
negative for the incumbents, have been referred back to an empowered
group of ministers for review, and are unlikely to be accepted in their
current form. In the worst case, we estimate an impact of INR51 on our
fair value in case recommendations are implemented without change,
which still provides upside potential from current levels.
Upgrade to BUY (from Hold) with TP of INR440.00
We upgrade Bharti to BUY. We raise our SoTP-based TP from INR300 to
INR440.00 (implying 8.6x FY12 EBITDA). We now value the core India
operations at INR452/share based on DCF, compared with EV/EBITDA
previously. We attribute a negative value to Zain operations at INR12 per
share, after accounting for the acquisition debt and minority interest. Key
risks to our thesis are: an outbreak of a tariff war in Africa leading to
lower-than-expected profitability from Zain; African currency depreciation;
poor response to 3G; negative regulations, and another round of tariff
cuts with the launch of MNP in India.
CLICK links to Read MORE reports on:
Bharti Airtel,
bnp paribas
HDFC sec: Buy Pantaloon: Restructuring story
Pantaloon: Restructuring story
Pantaloon is the largest listed retail firm in the country present across consumers’
consumption basket. After years of super normal growth, the company is
streamlining its costs and inventory. At the same time, it will be adding 2.5-3.0
million square feet of retail space across formats. The key catalyst for the stock will
be reduction in inventory in value retail. Between FY10 and FY13, we expect standalone
revenues and adjusted profits to grow by 26.4% and 80.4% respectively.
Restructuring story all the way…
From an aggressive growth play, Pantaloon is now focusing on building an efficient
retail franchise. In the fashion business, the company has streamlined operations,
product assortment and reduced inventory. Already, sell through rates have
increased from 74% to 86%. On the home retail front, the company has localized
sourcing of furniture and is engaging the customer by providing services.
In value retail format, focus is on reducing net working capital which stands at
Rs.1557 psf. For this, company is integrating its 3.5 million square feet of
warehouse space with its retail operations. Already, fill rates have improved from
~70% to ~90%. The company has implemented Warehouse Management System
(WMS), Auto Replenishment System (ARS) and Put to Light (PTL) system.
Well placed to capture consumer spend…
Pantaloon is present across consumers’ consumption basket. In modern retail, in
top 10 cities, it has 10-15% market share in some categories. With pickup in
growth, we expect better throughput in durables, home retail and fashion. This will
improve margins. Given the huge size of India’s middle class, value retail business
will continue to grow.
Private labels
Share of private labels is as high as 75% in Pantaloons. However, private labels
constitute only 25% of sales in value retailing. In value retail, private label gross
margins ~25% compared to 10-12% for branded products. The company has
launched Ektaa portfolio and expects this to be Rs.3000 million in two years.
Valuation
During FY12 and FY13, we estimate PRIL’s adjusted profits to increase by 31.4%
and 30.2% respectively. This will be achieved by reduction in debt and increase in
gross margins. With consolidation of warehouses, the inventory in the system will
reduce. We initiate coverage with a buy rating on the stock with a target price of
Rs.603. This is based on PE of 24 times FY12 EPS for the parent. We have added
Rs.105 from FVRL based on P/sales of 0.5 for FY12; Rs.29 from future capital
holdings (holding company discount of 25%) and Rs.32 from other investments.
Finolex Cables (CMP: Rs.59/ TP: Rs.85/ Upside: 45%)- recommends Angel Broking
Finolex Cables (CMP: Rs.59/ TP: Rs.85/ Upside: 45%)
􀂄 Finolex Cables is poised for strong growth over the next few years, owing to entry
in the verticals of High Tension (HT) and Extra High Voltage (EHV) Cables and
market share expansion in the existing Low Tension (LT) Cables segment.
􀂄 The rapid ramp up of production at the Roorkee plant has already started
delivering results. The company has further increased the capacity at this plant by
50%. The proximity to the growing North Indian markets and tax benefits from this
plant are expected to boost the turnaround of the company.
ô€‚„ Company’s derivatives losses are expected to decline going ahead. By FY2012E,
these losses are estimated to decline to Rs 24cr from Rs76cr in FY2010.
􀂄 We believe attractive valuations of 6.3x FY2012E EPS and 1.1x FY2012E BV
provides a good entry point for investors. We have valued the stock at 9x FY2012E
EPS which result into target price of Rs85. Moreover, the company has a holding in
Finolex Industries, which has a book value of Rs152cr but a market value of
Rs483cr. This is not captured in our target price, providing further upside potential.
􀂄 Finolex Cables is poised for strong growth over the next few years, owing to entry
in the verticals of High Tension (HT) and Extra High Voltage (EHV) Cables and
market share expansion in the existing Low Tension (LT) Cables segment.
􀂄 The rapid ramp up of production at the Roorkee plant has already started
delivering results. The company has further increased the capacity at this plant by
50%. The proximity to the growing North Indian markets and tax benefits from this
plant are expected to boost the turnaround of the company.
ô€‚„ Company’s derivatives losses are expected to decline going ahead. By FY2012E,
these losses are estimated to decline to Rs 24cr from Rs76cr in FY2010.
􀂄 We believe attractive valuations of 6.3x FY2012E EPS and 1.1x FY2012E BV
provides a good entry point for investors. We have valued the stock at 9x FY2012E
EPS which result into target price of Rs85. Moreover, the company has a holding in
Finolex Industries, which has a book value of Rs152cr but a market value of
Rs483cr. This is not captured in our target price, providing further upside potential.
CLICK links to Read MORE reports on:
Angel Broking,
finolex
Mphasis (CMP: Rs.660/ TP: Rs.872/ Upside: 32%)- Angel Broking top pick
Mphasis (CMP: Rs.660/ TP: Rs.872/ Upside: 32%)
ô€‚„ The company steered the pricing headwind from HP’s renegotiation exercise very
prudently by making up the cuts in application services with higher price points in
Infrastructure services. The major pricing review overhang is done and, going
forward, management expects a stable pricing arrangement with HP given that the
50% of rate card pricing will remain fixed and 50% will be market driven
ô€‚„ Management is focused on enhancing the company’s growth trajectory in the
Non-HP business going forward. This initiative coupled with the effective rate card
implementation, which has witnessed cost optimisation, would see improved
operational performance for Mphasis going ahead.
􀂄 Mphasis has strong cash position of Rs1,487cr as on July 2010, which would help
it to go for acquisitions of strategic fit in the size of US $50mn–$100mn annual
revenue run rate.
ô€‚„ Considering the company’s parentage of one of the largest IT companies globally
(HP-EDS), driving rapid growth and bringing it closer to Top Tier status, we expect
Mphasis to be rerated from the FY2012E P/E of 10.8x that it is currently trading at.
We value the stock at 14.3x FY2012E EPS of Rs60.9 (at 35% discount to Infosys’
target PE of 22x and in line with target multiple for HCL Tech) and maintain our
Buy rating on the stock with a Target Price of Rs872.
CLICK links to Read MORE reports on:
Angel Broking,
MphasiS
Subscribe to:
Posts (Atom)