23 November 2010

FII & DII Turnover (BSE + NSE) 23/11/10: Month to date; year to date

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FII & DII Turnover (BSE + NSE)
(Rs. crore)
FIIDII
Trade DateBuySalesNetBuySalesNet
23/11/102,868.014,361.20-1,493.192,255.28752.311,502.97
22/11/102,906.162,570.36335.801,373.001,160.88212.12
19/11/103,926.433,558.52367.911,697.721,397.53300.19
Nov , 1056,423.1849,640.286,782.9023,015.4221,349.241,666.18
Since 1/1/10   *637,174.75572,896.2564,278.50293,986.18315,685.14-21,698.96

Banks Revisiting pension liabilities—impact manageable:: Kotak Sec

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Banks/Financial Institutions
India
Revisiting pension liabilities—impact manageable. We believe that the impact of
pension costs is likely to be about 10% of networth for banks—likely to be provided
through P&L over next 5 years. We still remain unconvinced by the retirement benefit
estimates of Indian banks given the discrepancies vis-Ă -vis their earlier estimates or
accounting practices. We are factoring this liability in our current estimates (banks are
already making provisions) and believe that the high RoA/RoEs are sufficient to absorb
the extra cost. We maintain our positive view on PSU banks, with our top picks being
BOB, PNB and Union Bank.

Agro Tech Foods - well oiled to make ACT stronger; visit note: Edelweiss

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key takeaways of our recent meeting with Mr. Sachin Gopal, CEO, Agro Tech Foods (Agro Tech).

·          Margin improvement the key focus area
Agro Tech’s revenues declined at 14% CAGR, while PAT grew at 16% CAGR, in the past three years, a testimony to the management’s efforts at improving the company’s margin profile. As part of its long-term margin improvement strategy, the company also sold its Rath brand to Cargill. Currently, Agro Tech’s gross and PAT margins, at 23% and 3.8%, respectively, are far lower against its peers, as the company is highly dependent on the low-margin refined oil business. However, going forward, the company intends to expand its packaged food business, and launch new products with gross margins greater than 30%. Overall, the company intends to expand gross margin to 40% over the long term. Also, it is increasing product prices in its cooking oil segment more than raw material cost inflation. The company has zero debt on its balance sheet and INR 890 mn in cash.

FII & DII trading activity on NSE and BSE as on 23-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 23-Nov-2010.
FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
FII23-Nov-20102868.014361.2-1493.19
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 23-Nov-2010.
DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
DII23-Nov-20102255.28752.311502.97

 

FII DERIVATIVES STATISTICS FOR 23-Nov-2010

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FII DERIVATIVES STATISTICS FOR 23-Nov-2010 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES3105639215.1736414310807.1467143920018.82-1591.97
INDEX OPTIONS60783517929.8452174515454.53197962258743.042475.31
STOCK FUTURES36377210026.013431659478.23149875940600.88547.78
STOCK OPTIONS19805623.0120414638.2734028936.17-15.25
      TOTAL1415.87

 

real estate update by IIFL,

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Real Estate (High-rise construction: towering ambitions): Leading developers in Mumbai, such as Lodha, IBREL, and DB Realty, have launched a slew of high-rise projects in the past 6-12 months. Regional high rises completed over the last decade indicate average construction cost of cRs14,000p sq ft and average length of construction of 5-7 years using sophisticated construction technologies and skills that are available with only a handful of contractors. This is due to the high complexity in each phase of development (design, foundation, casting of slabs, etc). Additionally, town planners have to ramp up support infrastructure for roads, electricity, water and sewage treatment for high-rises.

NRI, Proprietary and Client Categories Turnover: 23/11/10

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(Rs. crore)
Clients
Trade Date
Buy
Sales
Net
23/11/10
3,358.98
3,305.35
53.63
22/11/10
2,601.34
2,695.97
-94.64
19/11/10
3,179.32
3,174.71
4.61
Nov , 10
53,528.65
55,423.43
-1,894.78
Since 1/1/10
740,534.50
753,017.09
-12,482.60
(Rs. crore)
NRI
Trade Date
Buy
Sales
Net
23/11/10
2.07
1.4
0.68
22/11/10
1.42
1.2
0.22
19/11/10
2.17
2.28
-0.11
Nov , 10
48.12
36.57
11.54
Since 1/1/10
631.97
541.93
90.05
(Rs. crore)
Proprietary
Trade Date
Buy
Sales
Net
23/11/10
950.29
990.3
-40.01
22/11/10
870.37
830.38
39.99
19/11/10
997.97
1,106.09
-108.12
Nov , 10
18,183.26
18,182.29
0.97
Since 1/1/10
222,659.55
220,538.32
2,121.23


Bharati Shipyard Tebma acquisition – No near term benefits:: EMkay

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Bharati Shipyard
Tebma acquisition – No near term benefits


REDUCE

CMP: Rs 239                                       Target Price: Rs 196

n     Bharati Shipyard plans to acquire controlling 51% stake in Tebma Shipyard at an investment of Rs757.5 mn
n     Tebma (an offshore vessel manufacturer) has order book of Rs7.5 bn. In FY10, it posted loss of Rs1.9bn, had a networth of Rs(-)0.5 bn and debt of Rs4.3 bn
n     Expect no positives from the above deal in near-to-medium term in view of (1) un-conducive business environment and (2) deteriorating financial health and (3) strained cash flows
n     Retain ‘Reduce’ rating for BSL with target of Rs196/Share (Core shipbuilding: Rs117 + Great Offshore Stake: Rs79); Only caveat is meaningful subsidy disbursement