Ranbaxy Laboratories: Aricept approval secures earnings upside from FTF pipeline—Kotak Sec

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Ranbaxy Laboratories (RBXY)
Pharmaceuticals
Aricept approval secures earnings upside from FTF pipeline—already factored in.
Key points: (1) Aricept has been approved after successfully switching the site from
Dewas/Ponta Sahib to Ohm Laboratories. (2) After the exclusivity ends the market
would be open to other players as well (Sun Pharma has already announced tentative
approval). (3) FDA flexibility on allowing a site switch augurs well for the eventual
monetization of Lipitor. Upside from this opportunity is already built into our estimates.
We therefore retain our estimates and reiterate a SELL on Ranbaxy.

MOIL, RPP , SCI, Claris IPO: Grey market premium: Dec 2nd, 2010

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Company Name	Offer Price	Premium
	(Rs.)	(Rs.)
RPP Infra Projects	75	Discount
Manganese Ore (MOIL)	340-375  (+ 5% retail discount)	265 to 275
Claris Life	228-235	4 to 6
Shipping Corp FPO	135- 140 (+ 5% retail discount)	3 to 5

THE SHIPPING CORPORATION OF INDIA LTD - QIB subscribe 4.2x

Total Issue Size	84690730
Total Bids Received	196886350
Total Bids Received at Cut-off Price	8676350
No. of times issue is subscribed	2.32

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)	42133638	176702850	4.19
1(a)	Foreign Institutional Investors (FIIs)		8501150
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		166068100
1(c)	Mutual Funds		1990750
1(d)	Others		142850
2	Non Institutional Investors	12640091	3528200	0.28
2(a)	Corporates		1845900
2(b)	Individuals (Other than RIIs)		1678300
2(c)	Others		4000
3	Retail Individual Investors (RIIs)	29493547	16645000	0.56
3(a)	Cut Off		7698700
3(b)	Price Bids		8946300
4	Employee Reservation	423454	10300	0.02
4(a)	Cut Off		7350
4(b)	Price Bids		2950

Updated as on 02 December 2010 at 1700 hrs

CLARIS LIFESCIENCES - Final Over-subscription details; 1.5x

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CLARIS LIFESCIENCES LIMITED

Total Issue Size	10789474
Total Bids Received	16168900
Total Bids Received at Cut-off Price	5101712
No. of times issue is subscribed	1.50

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)	5736484	7524374	1.31
1(a)	Foreign Institutional Investors (FIIs)		5334472
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		1743148
1(c)	Mutual Funds		446754
1(d)	Others		0
2	Non Institutional Investors	1263247	2565112	2.03
2(a)	Corporates		1380720
2(b)	Individuals (Other than RIIs)		1184392
2(c)	Others		0
3	Retail Individual Investors (RIIs)	3789743	6079414	1.60
3(a)	Cut Off		5101712
3(b)	Price Bids		977702

Updated as on 02 December 2010 at 1700 hrs

FII & DII trading activity on NSE and BSE as on 02-Dec-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 02-Dec-2010.

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 02-Dec-2010 4114.46 3728.34 386.12

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 02-Dec-2010.

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 02-Dec-2010 1317.29 1542.33 -225.04

GREAVES COTTON:management meeting: Kotak Sec

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GREAVES COTTON LTD
PRICE: RS.97
RECOMMENDATION: BUY
TARGET PRICE: RS.110
FY12E P/E: 13.2X

We recently met the management of GCL. The management is positive on
the growth outlook of the company and expects a good year ahead.
Supplies to Tata Motors LCV in 0.5 ton range has started but volumes are
thin. The company plans to expand capacity significantly in FY11 by adding
80000 units pa Greenfield plant near Aurangabad.
We maintain BUY with a revised DCF based target price to Rs.110 (Rs.102
earlier).

FII DERIVATIVES STATISTICS FOR 02-Dec-2010

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FII DERIVATIVES STATISTICS FOR 02-Dec-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	57993	1756.53	38229	1150.42	623448	18836.38	606.11
INDEX OPTIONS	146720	4379.29	143459	4227.11	1705849	51196.82	152.17
STOCK FUTURES	70894	2042.93	47898	1349.39	1296584	35079.80	693.54
STOCK OPTIONS	10355	320.69	10829	333.33	20612	599.74	-12.64
						Total	1439.19

 

Capital infusion-positive for PSUs Banks: Analysis by Kotak Sec.

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Banks/Financial Institutions
India
Capital infusion-positive for PSUs. Media reports suggest that the Indian government
is likely to increase its stake in nine PSU banks to 58% with an infusion of `97 bn as
equity capital (BOB, Union Bank, OBC etc). We view this initiative as positive for banks,
as it enhances their growth leverage over the next 2-3 years. BoB will be a clear
beneficiary as the capital infusion is coming in at a higher premium relative to others.
We retain our positive view of PSU Banks. Our top picks are BOB, PNB and Union Bank.

Oil prices rising; policy uncertainties continue:: Motilal Oswal

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Wall of Worry – the whistleblower series

Oil prices rising; policy uncertainties continue

-     Post the partial deregulation in June 2010, the government has been silent on the next phase of deregulation. While the markets have been expecting diesel deregulation and subsidy rationalization before FPO/divestment of IOC and ONGC, we believe the government is unlikely to deregulate in the near term due to (1) higher oil prices, (2) impact on inflation and (3) forthcoming state elections.

-     Though just four months remain for the end of the current fiscal year and five months have elapsed since partial deregulation, the government is yet to announce any formula for subsidy sharing for the current year.

FII & DII Turnover (BSE + NSE) 2/12/10

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FII & DII Turnover (BSE + NSE)

(Rs. crore)
	FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
2/12/10	4,114.46	3,728.34	386.12	1,317.29	1,542.33	-225.04
1/12/10	3,516.48	3,024.60	491.88	1,250.84	1,450.69	-199.85
30/11/10	6,499.13	5,609.67	889.46	1,507.32	1,942.35	-435.03
Dec , 10	7,630.94	6,752.94	878.00	2,568.13	2,993.02	-424.89
Since 1/1/10   *	668,524.27	604,632.30	63,891.97	306,291.39	327,588.69	-21,297.30

Clients, NRI and Proprietary trading activity, 2/12/2010

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(Rs. crore)	Clients
Trade Date	Buy	Sales	Net
2/12/2010	2,963.58	2,960.38	3.2
1/12/2010	3,130.67	3,158.32	-27.65
30/11/10	3,014.02	3,025.98	-11.96
Dec , 10	6,094.25	6,118.70	-24.46
Since 1/1/10	762,725.70	775,450.37	-12,724.66
(Rs. crore)	NRI
Trade Date	Buy	Sales	Net
2/12/2010	2.44	1.29	1.15
1/12/2010	1.25	1.12	0.12
30/11/10	2.52	0.89	1.63
Dec , 10	3.69	2.41	1.28
Since 1/1/10	648.20	550.38	97.82
(Rs. crore)	Proprietary
Trade Date	Buy	Sales	Net
2/12/2010	949.26	950.99	-1.73
1/12/2010	1,071.62	1,048.80	22.83
30/11/10	1,067.91	1,047.06	20.85
Dec , 10	2,020.88	1,999.78	21.09
Since 1/1/10	230,396.84	228,314.17	2,082.67