Adhunik Metaliks:Mining and power to lead the way: ICICI Sec

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Adhunik Metaliks



Mining and power to lead the way…
Adhunik Metaliks’ Q2FY11 results came in a tad lower than our
estimates. The topline remained flat at | 378 crore (up ~1% YoY and
down ~11% QoQ) against expected | 390 crore. On the revenue front,
the iron and steel segment contributed ~| 344 crore growing just 0.4%
YoY. OMML’s revenues grew by a robust 56% YoY at | 65 crore due to
higher manganese ore sales volumes and realisations. Consolidated
EBITDA improved by ~630 bps YoY but declined by ~840 bps QoQ due
to higher raw material costs for coke and iron ore. Consolidated PAT for
Q2FY11 came in at | 32 crore against expected | 43 crore (up ~31% YoY
and down ~42% QoQ) due to higher interest cost (up ~38% YoY). With
the ramping up of mining activities both in iron ore and manganese ore
and commissioning of the 540 MW power plant by March 2012, we
maintain our positive outlook on the company and revise our target
price to | 132, with a BUY rating.

Corporate News Roundup: SKP: Nov 18th, 2010

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Bharti Airtel to launch 3G services by Dec end
Bharti Airtel today will commercially launch 3G, or third-generation, services by the end of next
month. Bharti won spectrum (radio waves) for 3G services in 13 of the country's 22 telecom service
areas in the auction held by the government earlier this year. Its competitor, Tata DoCoMo, the GSM
arm of Tata Teleservices has already launched 3G services in nine circles where it has spectrum.
Besides, state-owned firms BSNL and MTNL are offering 3G services in the country. Another major
private player, Vodafone, plans to launch the services in the January-March quarter of 2011.

Bartronics -Revenue guidance pruned down…:: ICICI Sec

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Revenue guidance pruned down…
On a consolidated basis, Bartronics reported its Q2FY11 results. On the
topline front, the results were in line with our estimates while it was
below our estimates on bottomline. The topline stood at | 224.1 crore
against our expectations of | 224.0 crore. Revenues improved 37.7%
QoQ and 28.2% YoY. The EBITDA was at | 48.6 crore, improving 13.6%
QoQ and declined 10.2% YoY. The EBITDA margin at 21.7% declined
461 bps QoQ and 930 bps YoY. A QoQ increase of 213% and 42.7% in
other cost and COGS, respectively, led to a decline in the EBITDA
margin. The company reported a PAT margin of 7.4% that declined as
compared to 13.8% in Q1FY11 primarily due to lower other income and
forex losses accounted during the quarter. PAT for the quarter stood at
| 16.5 crore as compared to | 22.5 crore in Q1FY11.

Deccan Chronicle Holdings:Struggling for ad volumes: ICICI Sec

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Deccan Chronicle Holdings



Struggling for ad volumes…
On a standalone basis, Deccan Chronicle reported a disappointing set of
results for Q2FY11. The topline stood at | 236.7 crore, which was below
our expectation of | 272.5 crore. The topline was up 21.0% QoQ while it
declined 5.7% YoY. The decline was led by de-growth of ~5.4% YoY in
ad revenues to | 221.7 crore. EBITDA declined to | 117.9 crore in
Q2FY11 from | 138.7 crore in Q2FY10 and | 138.7 crore in Q1FY11. The
EBITDA margin declined by 545 bps and 189 bps YoY and QoQ primarily
due to a rise in newsprint cost coupled with higher personal cost, which
increased 3.1% and 18.4% QoQ, respectively. PAT for the quarter stood
at | 82.6 crore (I-direct estimate of Rs 82.6 crore) vs. | 99.9 crore a year
ago.

JK Lakshmi Cement:Paving recovery path: Elara

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Paving recovery path
Beat street estimates hollow by sustaining net profit
Revenues of JK Lakshmi Cement (JKL) were in line with our
expectations (INR2,660 mn vs our estimates of INR2,656mn). However,
net profit was much above ours and street estimates due to higher
than expected other income and EBITDA margins. The company
reported a net profit of INR58mn as compared to our estimates of a
net loss of INR106mn.

Power Grid, RPP Infra, MOIL: Grey Market Premium Prices: 18th Nov, 2010

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Company Name	Offer Price	Premium
	(Rs.)	(Rs.)
Power Grid FPO	90 (+ 5% retail discount)	7 to 9
RPP Infra Projects	68 to 75	10 to 11
Manganese Ore (MOIL)	600-660 (rumor)  (+ 5% retail discount)	130 to 150

R.P.P. INFRA PROJECTS LIMITED

Total Issue Size	6500000
Total Bids Received	3095840
Total Bids Received at Cut-off Price	1737520
No. of times issue is subscribed	0.48

Sr.No.	Category	No.of shares offered/reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	3050000	0	0.00
1(a)	Foreign Institutional Investors (FIIs)		0
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		0
1(c)	Mutual Funds		0
1(d)	Others		0
2	Non Institutional Investors	915000	1340000	1.46
2(a)	Corporates		0
2(b)	Individuals (Other than RIIs)		1340000
2(c)	Others		0
3	Retail Individual Investors (RIIs)	2135000	1755840	0.82
3(a)	Cut Off		1737520
3(b)	Price Bids		18320
4	Employee Reservation	400000	0	0.00
4(a)	Cut Off		0
4(b)	Price Bids		0

Updated as on 18 November 2010 at 1700 hrs

FII DERIVATIVES STATISTICS FOR 18-Nov-2010

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FII DERIVATIVES STATISTICS FOR 18-Nov-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	87929	2640.72	119182	3580.34	612308	18502.78	-939.62
INDEX OPTIONS	581094	17439.92	612216	18387.55	1881985	56448.48	-947.63
STOCK FUTURES	182149	5177.06	170091	4814.44	1514579	42081.56	362.62
STOCK OPTIONS	26063	825.33	26897	857.92	35999	1042.20	-32.59
						TOTAL	-1557.22

FII & DII trading activity on NSE and BSE as on 18-Nov-2010

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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 18-Nov-2010.

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 18-Nov-2010 4062.11 4514.82 -452.71

 

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 18-Nov-2010.

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 18-Nov-2010 1664.85 1546.42 118.43

NSE, Bulk deals, 18-Nov-2010

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Security Name	Client Name	Buy / Sell	Quantity Traded	Wght. Avg.  Price
Accel Frontline Limited	KANCHAN CHHABRA	BUY	2,63,604	64.94
Accel Frontline Limited	KANCHAN CHHABRA	SELL	4,08,335	61.73
Compuage Infocom Ltd	RUPA PRADIP SHAH	BUY	30,000	236.42
Compuage Infocom Ltd	RUPA PRADIP SHAH	SELL	2,500	243.42
Delta Corp Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	9,02,854	127.35

BSE, Bulk deals, 18 Nov 2010

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Company	Client Name	Deal Type *	Quantity	Price **
Accel Front	CHANDER KANTA	S	249042	62.69
Amtek Auto	MORGAN STANLEY MAURITIUS COMPANY LIMITED	B	1174000	149.98
Anand Credit	SHILODAYA INVESTMENT & FINANCE PRIVATE LIMITED	B	40010	13.95
Anand Credit	BP FINTRADE PRIVATE LIMITED	B	61865	13.93
Anand Credit	BP FINTRADE PRIVATE LIMITED	S	73801	13.95
Arsi Cosmetics	BP WEALTH MANAGEMENT PVT LTD	B	37700	38.85