19 November 2010

India event Update: by IIFL: Nov 19th, 2010

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Dabur India (Acquisition to strengthen African portfolio, ADD): Dabur’s acquisition of US-based Namaste Laboratories is a move to develop a complete personal-care portfolio for Africa. Namaste manufactures hair-care products specially formulated for African Americans, and draws c11% of its current sales from Africa. Dabur’s management looks to significantly expand its product footprint in Africa while maintaining stable growth in the US market. The transaction is EPS-accretive by 4-5% in the near term and is a good strategic fit over a 3-5 year horizon for Dabur’s fast-growing Africa business. While near-term margin pressures in the Indian FMCG business due to steep raw-material inflation remain an overhang on the stock, Dabur’s medium-term prospects remain strong, given its differentiated brand positioning and diversified domestic and international business. We retain ADD.

ABG Shipyard – 2QFY2011 Result Update -Angel Broking

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ABG Shipyard – 2QFY2011 Result Update

Angel Broking recommends a Neutral on ABG Shipyard.

ABG Shipyard (ABG) reported strong 2QFY2011 results, ahead of our estimates
on the back of revenue booking from the recent orders. ABG has seen revival in
fresh order additions (~`2,700cr in FY2011 till date) as compared to a listless
FY2010. The company’s unexecuted order book (OB) stands at ~`10,500cr and
executable by FY2014. Execution has also been healthy following ramp up at the
Dahej yard, and in 1HFY2011 ABG delivered seven vessels. The company’s net
debt has improved with the D/E ratio at 1.8x for 1HFY2011 v/s 3.1x for FY2010.
Nonetheless, owing to the recent sharp rally, at current levels the stock is trading
at fair valuations. Hence, we recommend Neutral on the stock.

FII & DII trading activity on NSE and BSE as on 19-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 19-Nov-2010.
FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
FII19-Nov-20103926.433558.52367.91

 
 
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 19-Nov-2010.
DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
DII19-Nov-20101697.721397.53300.19

FII DERIVATIVES STATISTICS FOR 19-Nov-2010

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FII DERIVATIVES STATISTICS FOR 19-Nov-2010 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES984492927.79983392924.2461424418126.483.54
INDEX OPTIONS45570713480.6843529413001.59191286656336.97479.09
STOCK FUTURES1858815073.901771024815.88150877440703.87258.02
STOCK OPTIONS17574551.4417862558.5635618994.24-7.12
      Total733.53

 

NSE, Bulk deals, 19-Nov-2010

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Security Name
Client Name
Buy / Sell
Quantity Traded
Wght. Avg. 
Price
Amtek India Limited
NEELANCHAL MERCANTILE PVT LTD
BUY
19,50,000
64.84
Amtek India Limited
SAFFRON FINANCE LIMITED
BUY
15,82,816
65.36
Amtek India Limited
SAFFRON FINANCE LIMITED
SELL
5,70,126
65.29
Amtek India Limited
STONERIDGE INVESTMENT LIMITED
SELL
38,02,085
64.80
Amtek India Limited
SWIFT TIE UP PVT LTD
BUY
11,00,000
64.25
Amtek India Limited
SWIFT TIE UP PVT LTD
SELL
5,90,000
65.02
Bombay Rayon Fashions Lim
PRADIPBHAI NATHALAL SHAH
BUY
5,68,312
213.35

Grey Market Premium Prices for India IPO: 19th 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
5 to 7
Manganese Ore
(MOIL)
600-660 (rumor)
 (+ 5% retail discount)
180 to 190

R.P.P. INFRA PROJECTS LIMITED

           
Total Issue Size6500000
Total Bids Received4954800
Total Bids Received at Cut-off Price2181200
No. of times issue is subscribed0.76

Sr.No.CategoryNo.of shares offered/reservedNo. of shares bid forNo. of times of total meant for the category
1Qualified Institutional Buyers (QIBs)305000000.00
1(a)Foreign Institutional Investors (FIIs)0
1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)0
1(c)Mutual Funds0
1(d)Others0
2Non Institutional Investors91500026732802.92
2(a)Corporates1333280
2(b)Individuals (Other than RIIs)1340000
2(c)Others0
3Retail Individual Investors (RIIs)213500022815201.07
3(a)Cut Off2181200
3(b)Price Bids100320
4Employee Reservation40000000.00
4(a)Cut Off0
4(b)Price Bids0

Updated as on 19 November 2010 at 1700 hrs

GSM Subscriber Update- October: Anand Rathi

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GSM Subscriber Update - Incumbents lead recovery in monthly net-adds in October

n       Monthly net adds post strong recover in October. Total SIM card additions of GSM telcos (ex RCom and Tata Tele) jumped to 14.7m in October vs. 12.4m in September. Combined net-adds of  GSM incumbents (Bharti, Vodafone, Idea) increased to 7.3m from 5.3m in September and accounted for almost the total increase in  GSM industry net adds in October. Monthly net-adds of GSM incumbents had sharply declined in 2QFY11, partly due to lower gross adds (stricter subscriber verification) and deactivations (related to subscriber re-verification exercise) undertaken to address government concerns about national security.
n       Bharti’s net-adds revisit 3m levels. Bharti’s average net-adds were 3m through Jan-Jun ’10; although they dipped in 2QFY11 (reaching 2m in Sep), they have rebounded in Oct. In 2Q, besides the subscriber verification/re-verification-related issues, Bharti’s net-adds were also impacted by withdrawal of some ‘free-minutes’ tariff plans, resulting in loss of a few ‘deal seeking’ subs. At current net-adds rate, Bharti is on track to meet our FY11 sub base forecast of 160m.
n       Idea, Vodafone’s net-adds also recover. Idea’s net-adds rose to 1.8m (vs. 1.5m in Sep) and, at this rate, are likely to cross our FY11e subs base by ~4%. Vodafone net-adds rose to 2.5m (1.8m in Sep). Net-adds of both are ~15% lower than their recent peaks. 
n       Other telcos. Uninor’s net-adds further increased to 2.5m (+14% mom). The company has been enjoying good subscriber/traffic growth (reflected in 3QCY10 results) on the back of its ‘dynamic discount’ tariff plan and aggressive promotions. Net adds of other new entrants (Videocon, S Tel, Loop) also recorded a sharp mom jump. Aircel’s net adds fell sharply, to 1m (-38% mom).

Clients, NRI, Proprietary: Categories Turnover:: 19/11/10

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(Rs. crore)
Clients
Trade Date
Buy
Sales
Net
19/11/10
3,179.32
3,174.71
4.61
18/11/10
3,526.43
3,574.53
-48.11
16/11/10
3,672.66
3,582.07
90.59
Nov , 10
47,568.33
49,422.11
-1,853.77
Since 1/1/10
734,574.18
747,015.77
-12,441.59
(Rs. crore)
NRI
Trade Date
Buy
Sales
Net
19/11/10
2.17
2.28
-0.11
18/11/10
2.42
1.75
0.67
16/11/10
3.36
4.01
-0.65
Nov , 10
44.62
33.97
10.65
Since 1/1/10
628.48
539.33
89.15
(Rs. crore)
Proprietary
Trade Date
Buy
Sales
Net
19/11/10
997.97
1,106.09
-108.12
18/11/10
1,297.08
1,217.78
79.3
16/11/10
1,206.62
1,295.15
-88.53
Nov , 10
16,362.60
16,361.60
1
Since 1/1/10
220,838.89
218,717.64
2,121.25