Corporate action for the week -Oct 18th to Oct 22nd

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Company Name	Ex-Date	Purpose
Parsvnath Developers Limited	18-Oct-10	FACE VALUE SPLIT FROM RS.10/- TO RS.5/-
Supreme Industries Limited	18-Oct-10	FACE VALUE SPLIT FROM RS.10/- TO RS.2/-
Murudeshwar Ceramics Limited	19-Oct-10	RIGHTS 1:1 @ PREMIUM RS.10/- PER SHARE
Birla Power Solutions Limited	20-Oct-10	BONUS 1:5
Pantaloon Retail (India) Limited	20-Oct-10	DIVIDEND-RE.0.80 PER SHARE
Indo Asian Fusegear Limited	20-Oct-10	SPECIAL INTERIM DIVIDEND RS.10/- PER SHARE
Transport Corporation of India Limited	20-Oct-10	SCHEME OF ARRANGEMENT
Pantaloon Retail (India) Limited	20-Oct-10	DIVIDEND-RE.0.90 PER SHARE
Vishal Retail Limited	21-Oct-10	ANNUAL GENERAL MEETING
Modi Rubber Limited	21-Oct-10	ANNUAL GENERAL MEETING
Infosys Technologies Limited	21-Oct-10	INTERIM DIVIDEND RS.10/- PER SHARE AND SPECIAL DIVIDEND RS.30/- PER SHARE (PURPOSE REVISED)
Exide Industries Limited	21-Oct-10	INTERIM DIVIDEND-RE.0.90 PER SHARE
GATI Limited	21-Oct-10	ANNUAL GENERAL MEETING AND DIVIDEND RE.0.40 PER SHARE
C & C Constructions Limited	21-Oct-10	ANNUAL GENERAL MEETING AND DIVIDEND RS.2.75 PER SHARE
Unichem Laboratories Limited	21-Oct-10	INTERIM DIVIDEND RS.3/- PER SHARE AND FACE VALUE SPLIT FROM RS.5/- TO RS.2/- (PURPOSE REVISED)
Sezal Glass Limited	21-Oct-10	FACE VALUE SPLIT FROM RS.10/- TO RE.1/-
CRISIL Limited	22-Oct-10	3RD INTERIM DIVIDEND-RS.25/- PER SHARE (PURPOSE REVISED)
Jindal Poly Films Limited	22-Oct-10	BONUS 1:1
Merck Limited	22-Oct-10	INTERIM DIVIDEND
Genus Power Infrastructures Limited	22-Oct-10	FACE VALUE SPLIT FROM RS.10/- TO RE.1/-
HCL Technologies Limited	22-Oct-10	ANNUAL GENERAL MEETING/FINAL DIVIDEND RE.1/- PER SHARE/INTERIM DIVIDEND (PURPOSE REVISED)
Rei Agro Limited	22-Oct-10	INTERIM DIVIDEND-RE.0.10 PER SHARE

Jagran Prakashan previewed for Sept qtr by Centrum,

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Jagran Prakashan (Rating – Buy; Target Price – Rs143)
􀂁 Circulation revenues are expected to be muted on back of reduction in cover price in Jharkhand
from Rs4 to Rs2. We expect 11% YoY ad revenues growth and flat for QoQ since the festive
season was in Q2 last year compared to Q3 this year. However the ad rate hike affected by the
company should bear dividend on the revenues front.
􀂁 We expect a 13% increase in newsprint cost on the back of an increase in circulation and higher
newsprint prices on back of rising pulp prices. Hence, we expect the margins to decline by
230bps on YoY basis and 200bps on a sequential basis.
􀂁 Merger with Mid-Day Multimedia to come from Q3FY11 and not during this quarter on the back
of pending approvals.

Centrum, previews Sept quarter for Sun TV,

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Sun TV Network (Rating – Buy; Target Price – Rs526)
􀂁 We expect 18% YoY ad revenue growth to be fuelled by greater advertising spends of FMCG
companies and advertisement rate hike taken inQ4FY10. Subscription revenues to be up 56%
YoY on the back of 75% growth in DTH and 47% in analogue subscription revenues.
􀂁 Sequentially, we expect revenues to degrow by 6% on back of lower movie revenues since in
Q1FY11 the company had three movies releases that generated Rs480mn in revenues.
Revenues and cost of Endhiran to be realised in Q3FY11, since the movie was released on 1
October 2011.
􀂁 PAT to grow by 28.9% YoY and de-grow by a mere 1.6% on the back of EBIT margin expansion
on a sequential basis.

ZeeEntertainment Q2FY11 Preview by Centrum

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ZeeEntertainment Enterprises (Rating – Buy; Target Price – Rs347)
􀂁 YoY numbers are not comparable since R-GEC was not merged in Q2FY10. Excluding R-GEC, we
expect the ad revenues to grow by 15% for ZEEL. Total revenues are expected to grow by a
mere 2.8% on the back of India-centric cricket revenues during the quarter. DTH subscription
revenues are expected to be at Rs700mn, while international revenues are to be flat.
􀂁 We expect operating margins to expand sequentially on back of higher advertisement revenues
and offset the higher programming cost for the sports business.
􀂁 We expect PAT to grow by 13.5% QoQ on the back of lower interest cost and high other income.

Centrum previews F2Q 2011 (Sept qtr) for HT Media

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HT Media (Rating – Hold; Target Price – Rs166)
􀂁 Expect ad revenue growth of 17% YoY and flat sequentially. Volume recovery in the English
space to spurt revenue growth, while a price hike in the Hindi space is likely to increase
revenues. Circulation revenues to de-grow by 5% on the back of a cover price decline in the
Jharkhand market.
􀂁 Margins are expected to remain flat on sequential basis and marginally grow on YoY basis.
􀂁 Net profit post minority interest (Hindi business has been listed during the quarter) to grow by
18% YoY.

ENIL Sept qtr preview by Centrum

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ENIL (Rating – Hold, Target Price – Rs 210)
􀂁 With the OOH business sold off to the parent company, the results will not be comparable on a
YoY and QoQ basis.
􀂁 In the radio business, we expect marginal improvement in utilization rates in newer stations,
while there should be a significant increase in the ad prices on back of a price hike that should
bolster revenues.
􀂁 We expect net sales of Rs710mn and an EBITDA of Rs143mn for the quarter. The main trigger for
the company still remains the next phase of the radio license auctioning, which is expected in
the coming quarter.

Info Edge- F2Q11 (Sept quarter) preview by Centrum

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Info Edge (Rating – Buy; Target Price – Rs 522)
􀂁 The stability in the Naukri JobSpeak Index in the last three months, driven largely by the
improvement in hiring in the IT sector (which is at pre-recession levels) should result in 24% YoY
and 5.7% QoQ growth in revenues.
􀂁 We expect margins to stay put on a QoQ basis at 31%, with a jump of 404bps on YoY basis on
back high revenue growth and fixed cost model.
􀂁 We expect PAT to grow by 20.6% YoY and a mere 2.7% QoQ on the back of lower other income,
due to decreasing yields.

Media: Q2FY11 Preview by Centrum

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Momentum to continue
With advertisers back in the business, we expect ad
revenues to show revenue growth for most of the
companies. Margin improvement is also expected due
to cost rationalization in the industry. Sun TV is
expected to post strong growth on the revenue and
margin front. We continue to be overweight on the
sector.
􀂁 Strong revenue growth expected: We expect 18.6%
YoY growth in sales for the coverage universe on back
of strong advertisement volumes across sectors and
rate hike taken earlier in the year. However, the festive
season falling in Q3 this year compared to Q2 last year
would mute the growth trajectory. Sequential revenue
to de-grow by -2.2%.
􀂁 Margin improvement: Due to the increases in
revenues and cost rationalization, we foresee a margin
expansion of 385 bps for companies under coverage.
Sun TV Network and HTML are expected to show
significant margin expansion, while ENIL, ZEEL
numbers are not comparable. On a sequential basis
margins are expected to remain flat.
􀂁 Profits to expand: With the recovery back on track and
revenues picking up, we expect the industry to show a
healthy 28.5% YoY growth in PAT for the quarter. Sun
TV Network and ZEEL are expected to positively
surprise.
􀂁 Valuations: We are overweight on the sector with Sun
TV Network, ZEEL, and Jagran Prakashan as our top
picks. We have a HOLD rating on HT Media and ENIL
and a SELL on Balaji.

Centrum previews balaji telefilms September quarter

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Balaji Telefilms (Rating – Sell; Target Price – Rs49)
􀂁 We do not expect any improvement in realizations because of the lack of any high TRP
programs from the Balaji stable. Revenue is expected to grow by 4% QoQ and de-grow by 21%
YoY on back of closure of two programs during the quarter.
􀂁 We expect EBIDTA to remain negative on the back of high launch expenses for four new
programming launched during Q1FY11 and closure of two programs.
􀂁 PAT is expected to be positive on the back of high other income and negative tax.

GSM net adds in Sep down 8% MoM says Anand Rathi

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INDIAN WIRELESS: GSM net adds in Sep down 8% MoM on tightened verification norms for existing subscribers; Bharti, Uninor steady at ~2m

-          GSM subscriber net adds (excluding RCOM and Tata DOCOMO) is 12.4m in Sep-10 vs 13.5m in Aug-10, MoM decline of 8% led by lower net additions by Idea and Vodafone.

-          Subscriber additions for GSM incumbents are being impacted by more stringent security requirement for verification of existing subscriber base. While this led to a 22% decline in net adds for Bharti in Aug-10, net additions for Idea / Vodafone are down by ~23-26% in Sep10.

-     GSM subscriber base as reported by COAI (excl RCOM in 14 circles and TATA DOCOMO) is up 3% MoM and 44% YoY to 478m.

-          Bharti’s net adds were flat MoM but down 19% YoY to 2.04m. Bharti's subscriber base is up 30% YoY and 1% MoM to 143.3m.

-          Vodafone Essar recorded net adds of 1.78m, down 23% MoM and 10% YoY. Vodafone's subscriber base is up 39% YoY and 2% MoM to 115.6m.

-          Idea's net adds declined to 1.48m, down 26% MoM but up 6% YoY; Idea’s subscriber base reached 74.2m; up 44% YoY and 2% MoM.

-          BSNL's net adds increased ~2% MoM and 79% YoY to 2.34m. BSNL's GSM subscriber base is up 36% YoY and 3% MoM to 72.7m

-          Aircel’s net adds were flat MoM but increased 23% YoY to 1.61m; Aircel’s subscriber base is up 81% YoY and 4% MoM to 46.5m;Aircel reported negative net adds in J&K likely due to continued disruptions related to ongoing security issues.

-     Uninor, which launched operations during Dec-09, recorded net adds of 2.17m in Sep-10 vs 2.22m in Aug-10.

-     S-Tel net adds increased ~27% on MoM basis.

-          Etisalat’s operations likely remain in the test launch phase with total reported subscriber base of ~57,000.

-          Videocon net adds declined 8% MoM to 0.82m taking its total subscriber base to 4.5m.

-          Greenfield operators like Videocon, Etisalat, and Loop have not launched commercially in several circles but have started reporting small subscriber base across circles possibly to meet roll-out obligations.

-          Our estimates for FY11 incorporate monthly net adds run-rate of 2.7m (vs 2.6m for 1HFY11) for Bharti (BHARTI IN, Mkt Cap US$28b, CMP Rs334, Buy) and 1.7m (vs 1.7m for 1HFY11) for Idea (IDEA IN, Mkt Cap US$5.3b, CMP Rs72, Buy). Sector valuations are attractive at 7-8x FY12 EV/proportionate EBITDA.

FII DERIVATIVES STATISTICS FOR 18-Oct-2010

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FII DERIVATIVES STATISTICS FOR 18-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	69464	2097.71	74963	2271.84	531111	16246.25	-174.13
INDEX OPTIONS	243448	7358.32	251374	7600.35	2083241	63288.81	-242.04
STOCK FUTURES	55363	1648.08	82041	2518.13	1477596	44869.02	-870.05
STOCK OPTIONS	8373	298.40	8541	303.45	39507	1292.18	-5.05
							-1291.27