2011 Outlook: Auto (awaiting validation of structural demand , input cost pressures): ICICI Securities

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Auto (awaiting validation of structural demand , input cost
pressures) Neutral
The Indian automobile sector has seen strong demand across segments
resulting in 29.2% YTD volume growth. The market faces a dilemma as to
whether the industry is at an inflection point or is pent up demand getting
liberated now. Our expectation of robust volume growth in coming months,
if authenticated, would lend strong support to our assumption. The
structural demand shift could lead to a market re-rating but pressures from
higher input costs remain an overhang.

2011 Outlook: Banking (Tier I fundamental strong, to make for rich valuations): ICICI Securities

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Banking (Tier I fundamental strong, to make for rich
valuations) Positive
The banking sector, a heavyweight in the BSE Sensex with a 17% share,
has emerged stronger in CY10 with the Bankex delivering 30% YoY returns
till date. We continue our positive stance on the sector even for FY12E
buoyed by stable economic growth, leading to 20-21% credit growth (on a
higher base) and 18% deposit growth in the system, thus supporting the NII
growth trend. Near term pressure on NIM persists but the effect of base rate
and BPLR hikes will come into play and FY12E NIM should not see any
further erosion. We do not foresee any risk to banks on the treasury side
since yields are expected to remain in the range of 7.5-8% for a major part
of next year.

2011 Outlook:Capital Goods (Tier I Co’s order inflow robust, capex to broaden) : ICICI Securities

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Capital Goods (Tier I Co’s order inflow robust, capex to
broaden) Positive
Moving into CY11/FY12, all eyes would be on rate of order inflows (for Bhel
inflows are up 20% YoY in H1FY11) for capital goods companies. Given the
buoyant consumption demand in the economy and with the same expected
to remain strong going into CY11, this will require corporates to invest. This
will create opportunities for the capital goods sector. CY10 witnessed
robust order flows from the power generation segment whereas order
inflows from segments like power transmission and process sectors were
tepid. They will pick up in CY11.

2011 Outlook: Cement (Supply overhang elongated, large cap lack valuation comfort ): ICICI Securities

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Cement (Supply overhang elongated, large cap lack
valuation comfort ) Negative
Cement dispatches have been subdued during the current financial year as
they registered 5.4% growth in YTDFY11. This was on account of a
prolonged monsoon, delay in infrastructure activities and political turmoil in
the major cement consuming state of Andhra Pradesh. We expect demand
growth of ~7% for FY11E against our previous expectation of ~10%.
Moreover, huge effective capacity addition of ~40 MTPA has been
witnessed in YTDFY11 as the majority of capacities commissioned in FY10
and FY11 have stabilised during this year. Cement prices have been
showing weakness. It declined by | 10-15 per bag in December after an
artificial hike in prices by cement players in October by taking production
cuts. We believe prices will remain under pressure in the medium term on
account of the unfavourable demand supply situation.

2011 Outlook: Infrastructure (Robust order book, execution is missing) Neutral: ICICI Securities

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Infrastructure (Robust order book, execution is missing)
Neutral
The construction sector underperformed the broader markets in CY10
despite a bulging order book (adjusted order book to bill ratio of 2.3-3x
providing revenues visibility over a couple of years). This was led by factors
such as execution delays due to political uncertainty at the major region of
AP (exposure of 0-20% in current order book), delay in financial closure at
client specific and captive BOT orders, prolonged monsoons etc. Going
ahead, while we expect the execution rate to pick up, tightening liquidity
leading to rising interest rates could restrict earnings growth in H1CY11.
Significant earning growth can only be seen in H2CY11 with a benign
interest rate scenario. Hence, we remain selectively positive on the sector.
We believe players with a diversified order book, comfortable liquidity
position and low exposure to slow moving AP orders and less equity
commitment towards subsidiaries will emerge as preferred bets in CY11.

2011 Outlook: FMCG (Stable, rich valuations at 80% premium to Sensex): ICICI Securities

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FMCG (Stable, rich valuations at 80% premium to Sensex)
Neutral
The FMCG sector witnessed a spate of new launches and acquisitions in
2010 contributing to the sector’s phenomenal topline growth of ~15% led
largely by volumes. Robust GDP growth estimated at ~8.75% in FY11,
increased income in rural areas, growing urbanisation and changing
lifestyle of consumers would be key growth drivers for companies. With
demand shifting from need based to want based we believe personal care
and home care categories would lead the growth momentum with ~20%
and ~15% growth, respectively, in CY11.

2011 Outlook: Hotels (In a recovery stage, occupancy to drive growth): ICICI Securities

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Hotels (In a recovery stage, occupancy to drive growth)
Neutral
After witnessing a severe contraction in the past two years, the hotel sector
is set to witness an improvement in its revenues (FY10-12E CAGR of 21%)
on an improved GDP outlook and lower-than-expected growth in room
supplies. The growth in revenues would mainly come from a rise in
occupancy by 16% to 74% from 64% in CY10 while ARRs are expected to
rise by 6% to | 8,400 during the same period. We believe moderate hotel
room supply and compelling valuations of the hotel sector would draw
attention of investors into this sector in 2011.

2011 Outlook: IT (Global growth, revival in discretionary spending): ICICI Securities

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IT (Global growth, revival in discretionary spending reaping
benefits, rich valuations) Positive
The IT sector had a favourable year led in part by strong volume growth as
clients across continents continued to spend top dollars on driving
efficiencies through IT. Business spending revived adequately but wage
inflation and attrition worries continue. Negotiations for upward price
revision bode well and could tame wage inflation. Discussions with Tier-I
vendors suggest CY11 budgets could have a positive bias towards
discretionary spending and off shoring within outsourcing. Consequently,
we believe, CY11 could be a year of discretionary spends led earnings
upgrade. We expect Tier-I companies to outperform Tier-II ones as they are
better positioned to manage operational headwinds such as currency,
attrition and wage inflation. Thus, TCS and HCL Tech remain our top picks.

2011 Outlook: Media (Healthy ad growth to continue) Positive: ICICI Securities

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Media (Healthy ad growth to continue) Positive
Post economic turmoil in FY09, the media sector has registered a healthy
growth in H1FY11. The trend is expected to continue in FY12 as well. Major
corporate have augmented their advertisement budget to keep pace with
higher economic growth. National level advertisers, which had seen
negative/stagnant ad growth, are expected to join the growth bandwagon
along with regional players this year. Margins across the sector are
expected to improve slightly with operating leverage coming into play.

2011 Outlook: Metals & Mining (Global demand revival, higher raw materials) Neutral: ICICI Securities

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Metals & Mining (Global demand revival, higher raw
materials) Neutral
In CY10, (YTD Nov ’10), world steel production stood at 1278 million tonnes
(MT), up 17% as compared to the similar period last year. Steel prices
globally have increased by 21% to $680 and are currently hovering in the
range of $650-700. Despite an increase in steel prices most steel companies
have witnessed margin pressures mainly on the back of higher prices of key
raw materials like iron ore, which was up ~55% to $170 (spot CFR price for
China import 62% FE grade) and coking coal prices, which were up 7% to
$298 (spot CFR price for China first grade coking coal). The global steel
demand scenario is hazy as the European construction sector is yet to pick
up and there was a softening of steel demand in China on the back of a
slowdown in investments in real estate. Domestic steel demand is expected
to be healthy but domestic steel companies are likely to face margin
pressures due to rising raw material prices.

Oil & Gas (Awaiting further regulatory reforms, but high oil prices a dampener): ICICI Securities

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Oil & Gas (Awaiting further regulatory reforms, but high oil
prices a dampener) Neutral
PSU upstream and gas utility companies are our preferred bets in the oil &
gas space for CY11. On the valuation front, the BSE oil & gas index, has
most of the times traded in the P/E range of 12-18x and is hovering at a P/E
of ~14x over the last couple of quarters. Based on FY10 numbers, OMCs
are currently trading at P/BV multiples of 1.2 to 1.9x. Upstream PSU
companies are currently trading at a P/E of 10-10.2x FY12E EPS.

2011 Outlook: Pharma (US Generics business to drive growth) Positive: ICICI Securities

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Pharma (US Generics business to drive growth) Positive
In CY10, the BSE Healthcare Index gave ~35% returns vis-à-vis Sensex
returns of 13% (as on November 30). We believe the outperformance was
on account of a strong show by pharma companies both in domestic
formulations and exports especially the US Generics, buoyant sentiment on
account of passage of the US Healthcare bill, mega deals such as Abbott-
Piramal and Pfizer-Biocon, scores of inbound and outbound deals and lastly
some major first to file monetisations. We believe this trend will continue in
2011 as well although the margin of outperformance may not be as high as
2010.

2011 Outlook: Power (Sluggish Capacity addition, premium valuations): ICICI Securities

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Power (Sluggish Capacity addition, premium valuations)
Neutral
The power sector in CY10 was marred by sluggish capacity addition. We
expect capacity to gather steam in CY11 especially from private players. We
estimate ~ 14000 MW of capacity addition in CY11/FY12. India is likely to
miss even the revised capacity addition of 62000 MW in the Eleventh Five
Year Plan. We estimate the same will be at ~48000 MW for the Eleventh
Plan. Going ahead, companies with robust execution capability, financial
closure in place and secured fuel linkages will outperform the sector. We
are positive on companies that have an integrated business model over
regulated and merchant plays.

2011 Outlook: Real estate (Rising unaffordability) Negative: ICICI Securities

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Real estate (Rising unaffordability) Negative
Property prices in Mumbai and the NCR region have again reached peak
levels. Given the rise in prices, sales volume has moderated, particularly in
Mumbai. Furthermore, the lukewarm response towards real estate IPOs has
weakened the sentiments towards the sector. Additionally, the recent
bribery scam and the recent RBI action (increased risk weighting) could
potentially limit bank borrowing towards the sector. In such a scenario,
sales collection through new project launches and monetisation of non-core
assets would be key funding avenues for the sector in CY11.

2011 Outlook: Shipping (Subdued earnings, valuations compelling): ICICI Securities

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Shipping (Subdued earnings, valuations compelling)
Negative
⇒ China has hiked its interest rates for the second time in the last two
months and the trend is expected to continue in CY11. This would
lead to a moderation in growth and a resultant drop in demand for
commodities. As China is the main driver of dry bulk trade, a drop in
commodity demand from China would lead to subdued demand for
dry bulk carriers

2011 Outlook: Sugar (prices remain firm, Bottomline back to black) Positive: ICICI Securities

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Sugar (Sugar prices to remain firm, Bottomline back to
black) Positive
The sugar sector is expected to witness an improvement in fundamentals
led by 30-year high global prices increasing to 34c/lb and firming domestic
prices at | 31/kg from | 24/kg in June, 2010. Also, the higher availability of
sugarcane is expected to pass on bargaining power in the hands of millers
and keep their costs low at | 22/kg of cane in comparison to | 28/kg paid in
SY10. We remain positive on Shree Renuka Sugars on the back of positive
earning outlook from Brazilian operations. We are also positive on
Balrampur Chini and Dhampur Sugar as valuations are at the lower end of
the replacement cost band.

2011 Outlook: Telecom (Tepid growth, regulatory uncertainty) Negative: ICICI Securities

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Telecom (Tepid growth, regulatory uncertainty) Negative
The telecom sector is reeling under overcapacity leading to stagnant
revenue, high operating cost and huge debt resulting in dwindling earnings
and regulatory uncertainty led contracting multiples. While subscribers
have grown at 10.1% CQGR, revenue has grown by a mere 0.4% CQGR
over Q1FY10-Q2FY11. Impending 3G launch and MNP introduction may be
an immediate impetus. With an abating rate of decline in key metrics,
telecom companies are expected to fare better in FY12E than in FY11E.

Indian IT Services -more bullish on Infosys and TCS:: IIFL

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Indian IT Services
We recently had conversations with IT bellwethers TCS, Infosys
and Wipro to get a business update. Understandably, a cautious
stand was the order of the day due to short-term spending visibility
from clients. However, near-term growth commentary was
reassuring driven by strong spending momentum, discretionary
up-tick, continued offshoring sentiment and improving pricing
power. All three companies expect CY11 client IT budgets to be
finalized marginally higher and more importantly on time. Key
concern expressed was high lateral attrition impacting smooth
execution of growth. We maintain positive stance on Indian IT sector
with distinct bias towards Tier-1 companies as mid-cap players
may take some more time to fully participate in the recovery. Despite
the recent rally, we believe the large IT stocks provide value as
valuation has shifted to FY13. Amongst the Top 3, we are relatively
more bullish on Infosys and TCS.

2011 Outlook: Logistics (Container volumes to outpace port volumes) Neutral: ICICI Securities

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Logistics (Container volumes to outpace port volumes)
Neutral
In the logistics space, we would prefer players focusing on container freight
stations (CFS) as container volumes have outperformed the overall port
volumes. We expect this trend to continue. For the current fiscal (till date),
overall port volumes have been flat while container volumes have reported
double digit growth. Even though players are expected to report an
improvement in CFS volumes, realisations are expected to remain flat.

2011 Outlook: Aviation (Rising fuel cost remains a concern) Neutral: ICICI Securities

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Aviation (Rising fuel cost remains a concern) Neutral

With the shift of domestic airlines sector towards low cost services and
strong capacity rationalizations, major players have reported high load
factors (in the range of 76-80% for FSCs and 85-89% for LFCs) in H1FY11.
We believe domestic demand will remain buoyant driven by strong
macroeconomic growth and limited supply of aircraft. In our view, a higher
load factor will drive earnings growth in the sector as major capacity
additions have already been deferred by big players for the next 15-18
month s due to huge debt overhang.

2011 Outlook: Textiles (Synthetic fabric manufacturers to gain) Neutral: ICICI Securities

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2011 Outlook: Textiles (Synthetic fabric manufacturers to gain) Neutral


In 2010 we saw cotton prices touch a lifetime high (~| 125/kg) on the back
of increased domestic & global demand. Consequently, cotton yarn prices
also rose and textile manufacturers resorted to blending cotton with manmade
fibres to protect margins. In 2011, we expect demand for cotton yarn
to grow at a slower pace due to substitution. We expect margins for
synthetic yarn manufacturers to grow in the coming year.

2011 Outlook: Retail (Increased consumption) Neutral: ICICI Securities

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Retail (Increased consumption, SSSG to drive growth)
Neutral


Year 2010 saw retailers closing down unviable stores and undertaking cost
rationalisation efforts to enhance profitability. Domestic demand started
picking up during H2FY10. Next year, we expect growing domestic
consumption, higher organised retail penetration (that stands at 4-5%) and
growth from metros and mini-metros to fuel growth in the retail sector.
Strong Indian demographics (rising per capita income & young median age)
will also aid spending growth.

2011 Outlook: Media (Healthy ad growth to continue) Positive: ICICI Securities

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Media (Healthy ad growth to continue) Positive
Post economic turmoil in FY09, the media sector has registered a healthy
growth in H1FY11. The trend is expected to continue in FY12 as well. Major
corporate have augmented their advertisement budget to keep pace with
higher economic growth. National level advertisers, which had seen
negative/stagnant ad growth, are expected to join the growth bandwagon
along with regional players this year. Margins across the sector are
expected to improve slightly with operating leverage coming into play.

2011 Outlook: Tea (Uptrend in prices to continue) Positive: ICICI Securities

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􀃂 Tea (Uptrend in prices to continue) Positive
With the total tea production in the country estimated to be ~965 million kg
in CY11 (lower by ~20 million kg compared to CY10), we believe tea prices
will remain firm during the year with volumes taking a setback. Also, a
higher production of ~100 million kg in Kenya and Sri Lanka would
adversely impact the exports. However, companies like McLeod Russel and
Jayshree Tea would witness volume growth led by their acquisitions in
Africa and Asia.

ICICI Securities, Top picks for 2011

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ICICI Securities, Top picks for 2011


􀂾 Aurobindo Pharma
􀂾 Axis Bank
􀂾 Balrampur Chini
􀂾 Escorts
􀂾 GAIL
􀂾 TCS
􀂾 HCL Technologies
􀂾 Hindustan Zinc
􀂾 Larsen & Toubro
􀂾 Lupin
􀂾 Natco Pharma
􀂾 Oil India

IPO Gray Market premium -C. Mahendra Export, Shekhawati Poly Yarn: 2 January, 2011

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Company Name	Offer Price	Premium
	(Rs.)	(Rs.)
Shekhawati Poly Yarn	30 (Fixed)	1 to 3
C. Mahendra Export	95 to 110	11 to 13

Just OUT: Midvalley Entertainment IPO fixes price band at Rs 64-70 per share

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Midvalley Entertainment IPO fixes price band at Rs 64-70 per share

The IPO is open from 10th January (Monday) to 12th January (Wednesday)

2011- ICICIdirect.com Research desk view Outlook

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2011- ICICIdirect.com Research desk view
Outlook
In 2011, we expect strong earnings growth to take precedence over
multiple expansions. With Indian markets already trading at rich valuations,
multiple augmentations may be minimal while robust earnings growth is
more likely to lead equity performances. Accordingly, we are banking on
sectors that have clear visibility and are likely to exhibit vivid earnings
growth, superior to the broader markets.

Balance of Payments - current account deficit widens sharply in Q2FY11: Edelweiss

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n  Current account deficit widens to ~4% of GDP

India’s Balance of Payments (BoP) recorded a surplus of USD 3.3 bn during Q2FY11, lower than USD 3.7 bn recorded in the previous quarter, despite higher capital inflows. This reflects sharp widening in the current account deficit to USD 15.8 bn (4.1% of GDP) in Q2FY11 from the revised ~USD 12 bn (3.2% of GDP) in the previous quarter. During the quarters, the trade deficit increased to 9.2% of GDP against 8.3% in the previous quarter, largely reflecting decline in exports as % of GDP. On the invisibles side, what is notable is that the surplus declined from 6.9% of GDP in September 2009 to 5.1% currently. Therefore, invisibles funded only ~55% of trade deficit in Q2FY11 against ~69% in Q2FY10. Stronger economic momentum in the domestic economy compared with western economies contributed to widening in the current account deficit.

Sensex is likely to hit at least 24,000- Globe Capital PMS Head KK Mittal (ET)

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Stock market is looking forward to a record-breaking year ahead in 2011 with hopes to push Sensex above 24,000 mark, given economy keeps on roaring, foreign investors keep on pouring money and scamsters are kept at bay. 

Surging ahead despite all the odds in 2010, when there were numerous scams, global cues were not good, inflation and interest rates continued to play spoilsport, the stock market managed to register decent gains with over 17 per cent rally of over 3,000 points in the Sensex and over Rs 12,00,000 crore rise in investor wealth. 

Kajaria Ceramics -BUY; Target Price: Rs 100:: Emkay

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Kajaria Ceramics

Upgrade in price target

BUY

CMP: Rs 73                                       Target Price: Rs 100

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n     Our recent interaction with the management suggests that industry demand remains encouraging helping it to boost revenues from higher trading, +75% in H1FY11

n     Capacity in high end segment to increase from 10% in FY10 to 30% by FY12E

n     Capex plans are on schedule 1) New vitrified plant to commission by Jan’11; 2) Conversion of ceramic floor tiles into vitrified tiles by Feb’11    

n     Upgrade FY11E EPS by 12% to Rs 7.5 and FY12E by 10% to Rs 10, and price target by 10% to Rs 100 and maintain BUY

Economy Release Calendar - January 2011: Edelweiss

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Given below is a calendar indicating significant economic events/releases due in January 2011:

·          For India, the monetary policy announcement, industrial production data and inflation data will be of significance.

·          Globally, data released on inflation, manufacturing indices and unemployment statistics will continue to be keenly awaited.

Old Fox: What to buy in 2011

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Our reader  "Old Fox" has the following suggestions:

1. reliance industries
2. balaji telefilms
3. dewan housing

Readers are advised to access their risk before investing

2011 Tips from Big Daddy

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Reader "Big Daddy" has stock tips for 2011. These are primarily holding companies with good discount to NAV

1. Binani Industries
2. BNK Capital
3. VLS Finance
4. Bajaj Holdings

Readers are advised to access their risk before investing

Bigg Boss: 4 tips for 2011

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A reader "Bigg Boss" has 4 fundamental tips for 2011

1. Hidalco

2. Tata Steel

3. CESC

4. Tamil Nadu News Print

Readers are advised to access their risk before investing

The Guru's recommendations for 2011- small cap; high risk

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Here are some recommendations from a reader who refers to himself as "Guru"


1. alok industries
2. bf utilities
3. concurrent
4.  ispat industries
5. suzlon energy
6. tci finance


The Atheists may not want to follow him :) but that's ok.. if you have faith try these

Readers are advised to access their risk before investing

Best-Performing Investments of 2010- WSJ, India

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The Best-Performing Investments of 2010

By SHEFALI ANAND - Wall Street Journal, India

The Best-Performing Investments of 2010 .....And the winner is: silver.

With a 66% return for investors this year in India, silver has outperformed most asset classes in 2010.

But that doesn't mean you should rush to buy silver coins in the New Year. If anything, the recent steep gains should be cause for skepticism about the potential for further profits.

"Maybe the story is already over, we don't know," says Narendra Kondajji, director of Procyon Financial Planners Pvt. Ltd. in Bangalore.

Besides, Mr. Kondajji says that like other precious metals silver can be hard to sell on short notice, so risk-averse investors should limit their exposure to commodities. "For a common investor, the major option to create wealth is investing in equities," says Mr. Kondajji.

Here's a look at how some popular investments fared in 2010:

Sensex, market wide circuit breaker for Jan-Mar 2011: CNBC TV18

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Index based market wide circuit breaker for Jan-Mar 2011

The Bombay Stock Exchange implements on a quarterly basis the index based market wide circuit breaker system. The system is applicable at three stages of the index movement either way at 10%, 15% and 20%. This circuit breaker brings about a coordinated trading halt in all equity and equity derivative markets nationwide. The market wide circuit breakers would be triggered by movement of either SENSEX or the NSE S&P CNX Nifty whichever is breached earlier. In case of a 10% movement of either of these indices, there would be a 1-hour market halt if the movement takes place before 1 p.m. In case the movement takes place at or after 1 p.m. but before 2.30 p.m. there will be a trading halt for ½ hour. In case the movement takes place at or after 2.30 p.m. there will be no trading halt at the 10% level and the market will continue trading. In case of a 15% movement of either index, there will be a 2-hour market halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1 p.m. but before 2 p.m., there will be a 1 hour halt. If the 15% trigger is reached on or after 2 p.m. the trading will halt for the remainder of the day. In case of a 20% movement of the index, the trading will be halted for the remainder of the day. The percentages are calculated on the closing index value of the quarter. These percentages are translated into absolute points of index variations (rounded off to the nearest 25 points in case of SENSEX). At the end of each quarter, these absolute points of index variations are revised and made applicable for the next quarter. On December 31, 2010, the last trading day of the quarter, SENSEX closed at 20509.09 points. The absolute points of SENSEX variation (over the previous day’s closing SENSEX) which would trigger market wide circuit breaker for any day in the quarter between 1st January, 2011 and 31st March, 2011 would be as under: Percentage (+/-) Equivalent Points (+/-) 10% 2050 15% 3075 20% 4100

Gabriel India: Buy: Business Line

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Gabriel India: Buy

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The company's market leadership position gives good visibility to earnings growth over the near to medium term.

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Parvatha Vardhini C

Investors with a two-to-three-year perspective can buy the shares of Gabriel India, a manufacturer of ride control products for the auto industry. From a 52-week-high of Rs 74 in mid-November, broader market volatility has pulled the price down to Rs 53, providing an attractive entry point for investors. At this price, the stock trades at a PE of 13 times its annualised per share earnings for the April-September 2010 period. The company's market leadership position and diversified clientele in the backdrop of a strong demand for automobiles give good visibility to earnings growth over the near to medium term. Gabriel India manufactures shock absorbers, struts and front forks. About 45 per cent of its revenues comes from two and three-wheelers and 30 per cent from the passenger car segment. Commercial vehicles, supplies to replacement markets and exports make up the rest. The company is a tier I supplier to leading OEMs (original equipment manufacturers) such as Maruti, Tata Motors, Ford, Toyota, M&M, Ashok Leyland, Honda, Bajaj and TVS.

Karnataka Bank Ltd BUY - Target Price (Rs.) 190: Greshma

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Karnataka Bank Ltd BUY
Horizon -12 – 15 months
Target Price (Rs.) - 190
Upside -18%

Executive Summary The Karnataka Bank Ltd. provides personal and business banking products and services in India. The company offers current and savings accounts, cash certificates, fixed deposits, cumulative deposits, insurance linked savings bank deposits, and resident foreign currency accounts. It also offers education loans, industrial finance, insurance services and MSME loans. As of March 31, 2010, it had 464 branches, 217 ATM outlets, 8 regional offices and 1 international division.

Reliance Capital Ltd BUY- Target Price (Rs.) -800- Greshma

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Reliance Capital Ltd BUY
Horizon -12 months
Target Price (Rs.) -800
Upside - 25%

Executive Summary Reliance Capital, a constituent of S&P CNX Nifty and MSCI India, is one of India's leading and amongst most valuable financial services companies in the private sector. It has a net worth of Rs. 7,963 crore and total assets of Rs. 30,096 crore as on September 30, 2010. It has interests in asset management and mutual fund; life and general insurance; commercial finance; stock broking; depository services; investment banking, private equity & proprietary investments; exchanges, asset reconstruction; distribution of financial products & other activities in financial services.

India Autos: The year that was 2010: HDFC Securities

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2010 was another strong year for the Indian Auto Sector. Volume growth
across segments was healthy at 22-47%, with commercial vehicles
clocking the highest growth of 47%. Demand outstripped supply as
manufacturers struggled with capacity constraints and waiting periods
extended across models. Manufacturers are now ramping up capacity and
setting up new plants as they expand for the next phase of growth. For
2011, we expect headline growth rates to moderate as base effect sets in.
Competitive pressures are high and we expect margins to remain under
pressure as pricing power remains tight. A diesel price hike and rising
interest rates could pose further risk for sales momentum in 2011.  

Sensex: Outlook 2011: Business Line

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Sensex: Outlook 2011

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INVESTMENT FOCUS

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The Sensex was volatile in the first nine months of 2010 and threatened to violate the 16,000-support, twice in February and then in May. But such a breakdown was averted on both occasions and the mood turned gung-ho, once it broke past the 18,500-hurdle, to take it very close to its previous life-time high of 21,208.

Business Line, 3 sector picks for 2011

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Three sector picks for 2011

If the stock market were to resume its upward journey in 2011, which sectors will lead the charge — those that led the race in 2010 or the underdogs? Here are a few potential winners for 2011. .

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Pharma - Outperformer
Expiring patents of global pharma companies
Strong pipeline of drug applications
Rising competition in domestic market
Likely increase in licensing and supply deals

Telecom -

Dark horse

Realisations stabilising across board
Integrated players available at discount
BWA, 3G to drive broadband growth
Tower business to see substantial value unlocking


Infrastructure- 

Looking up

Road asset owners offer opportunities
Water-related infrastructure to see growth
Interest rates could hurt profit margins

Veda Investments: Top Picks for 2011

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In an interview to CNBC-TV18, Vikas Pershad of Veda Investments said that financials are likely to continue outperforming in 2011.

His preferred sectors in 2011 are consumers and infra. Pershad is underweight on real estate and utilities. He advises to stay focus on Bharti Airtel and avoid Reliance Communication.

Pershad’s multibagger idea for 2011 is Jai Balaji Industries as it is expected to give 40-50% return from current levels. He is also long on Sterlite Industries.

“Indian commodities stocks not appealing compared to global companies,” he elaborated.