JPMorgan: Phoenix Mills 4Q FY11 results: Earnings beat driven by higher other income; operational performance remains stable

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Phoenix Mills
Overweight
PHOE.BO, PHNX IN
4Q FY11 results: Earnings beat driven by higher other
income; operational performance remains stable


• 4Q FY11 results: Phoenix reported 4Q FY11 net income of Rs272MM
(+14% Q/Q, 73% Y/Y) ahead of our estimate of Rs242MM primarily on
account of higher other income (Rs141MM in 4Q vs. Rs71MM in 3Q).
While revenues at Rs468MM were up +4% Q/Q on higher revenue share
from HSP, the impact on EBITDA was offset by higher other
expenditure (+27% Q/Q). 4Q EBITDA margins stood at 69% vs. 72%
for 9M FY11. The tax rate too rose during the quarter to 30% (vs. 22%
in 9M). Overall FY11 registered a revenue/PAT growth of 52%/55%
Y/Y primarily on account of successful opening of Palladium (0.3msf).

JPMorgan:: Info Edge : On track to sustain revenue growth of 25%+ in FY12E; option exists to either extract operating leverage or invest more for growth

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Info Edge India
Overweight
INED.BO, INFOE IN
On track to sustain revenue growth of 25%+ in FY12E;
option exists to either extract operating leverage or
invest more for growth


Info Edge reported strong 4QFY11 with 8.5% Q/Q and 25% Y/Y revenue
growth. Naukri.com, the most important segment of the company which
contributes almost all of Info Edge’s value, reported revenue growth of ~29%
Y/Y. The highlight of the quarter was the breaking even of 99acres.com, the
online real estate classified of Info Edge. 99acres witnessed robust 27% Q/Q
revenue growth, and EBITDA margins of about 20% in 4QFY11. We believe
this business is well placed to achieve 40%+ revenue growth in FY12.

ICICI Bank 4Q11: Earnings momentum sustains :: JP Morgan

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ICICI Bank
Overweight
ICBK.BO, ICICIBC IN
4Q11: Earnings momentum sustains


• ICICI reported strong 4Q numbers – PAT at Rs14.5bn was 3%
above JPMe. Surprises on margins and credit costs were the key drivers,
offset by weak treasury. We raise FY12E/FY13E EPS by 5/8%, and our
PT by 6%. The stock stays OW and is our top pick among Indian
financials.

JPMorgan:: BHEL- Concerns in the price; maintain OW

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Bharat Heavy Electricals (BHEL)
Overweight
BHEL.BO, BHEL IN
Concerns in the price; maintain OW


• BHEL has consistently underperformed the market over the past
two years, belying consensus expectations: Stock performance was
affected by: a) steep loss of market share of new orders to Chinese /
L&T; b) concerns about sustainability of margins in the long run, due to
higher import content for new technology supercritical projects; c)
potential execution issues given a shift in customer mix towards IPPs
that are grappling with fuel, clearances and funding (see our detailed
bottom-up analysis for this); and d) potential under-utilization of its
20GW capacity, given signs of domestic PPE overcapacity.

Bosch 1QCY11 results: PAT growth (+36% yoy) surprises; PT Rs7,450 :: JP Morgan

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Bosch Limited
Overweight
BOSH.BO, BOS IN
1QCY11 results: PAT growth (+36% yoy) surprises; we raise our PT


1Q CY11 PAT of Rs2.7B (+36% yoy) was above estimates led by
healthy top-line growth and lower depreciation charges. Revenue of
Rs20.7B (+31% yoy) was driven by healthy growth across segments –
exports +49% yoy, diesel segment +35% yoy, aftermarkets +20% and
power tools, etc. +20%. Depreciation charges were lower (-17% yoy)
as the new capacities are likely to get commissioned only from 2Q
onwards.

Bank of Baroda : Earnings growth to slow; downgrade to Neutral :: JP Morgan

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Bank of Baroda
▼ Neutral
Previous: Overweight
BOB.BO, BOB IN
Earnings growth to slow; downgrade to Neutral


• Downgrade to Neutral: Headline 4Q PAT was higher than expected,
adjusted for one-offs, but an increase in slippages in 4Q FY11 highlights
asset quality risks relative to expectations of pristine asset quality. We
downgrade BOB to Neutral as we believe the major improvement in
ROA is done and earnings growth will sharply decelerate and could
disappoint, going forward.

Ascendas India Trust :Not cheap in a rising-rate environment; downgrade to Neutral:: JP Morgan

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Ascendas India Trust
▼ Neutral
Previous: Overweight
AINT.SI, AIT SP
Not cheap in a rising-rate environment; downgrade to Neutral


4Q FY11 results: AIT reported 4Q FY11 DPU of S$0.0150, down
13% Q/Q, primarily on account of start-up losses given higher
operating expenses and finance costs for newly completed buildings
(1.2msf completed in Dec-Q). Hence, while the underlying portfolio
rental income (in Rs terms) increased by 8% Q/Q, NPI and
distributable income were down 3% Q/Q and 13% Q/Q respectively.
Management indicated that recent completions (42%-68% leased) are
in the fit-out stage and corresponding rental income will start to ramp
up over the next 2-3Qs, thereby offsetting the increase in expenses.
Full year FY11 DPU stood at 0.658, implying a dividend yield of
6.8%. FY11 BPS was S$0.80, down 3.6% Q/Q, on adverse FX.

NSE, Bulk deals, 05-May-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
05-May-2011	ACROPETAL	Acropetal Tech Ltd	INDRAVARUN TRADE IMPEX PVT LTD	BUY	1,99,904	38.57	-
05-May-2011	ACROPETAL	Acropetal Tech Ltd	INDRAVARUN TRADE IMPEX PVT LTD	SELL	2,24,599	38.20	-
05-May-2011	AMRUTANJAN	Amrutajan Health Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	37,408	730.71	-
05-May-2011	AMRUTANJAN	Amrutajan Health Ltd	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	36,866	728.42	-
05-May-2011	BALRAMCHIN	Balrampur Chini Mills	BALRAMPUR CHINI MILLS LTD	BUY	20,77,888	74.22	-
05-May-2011	BHARATRAS	Bharat Rasayan Ltd	SEEMA GUPTA	SELL	21,870	138.59	-
05-May-2011	JUBLINDS	Jubilant Industries Ltd	SAMENA SPECIAL SITUATIONS MAURITIUS	BUY	1,22,394	217.01	-

BSE, Bulk deals, 5/5/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
5/5/2011	590006	Amrutanjan Health-$	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	B	37294	729.60
5/5/2011	590006	Amrutanjan Health-$	A K G SECURITIES AND CONSULTANCY LTD	B	21061	729.79
5/5/2011	590006	Amrutanjan Health-$	CROSSEAS CAPITAL SERVICES PRIVATE LIMITED	S	37408	731.56
5/5/2011	590006	Amrutanjan Health-$	A K G SECURITIES AND CONSULTANCY LTD	S	21061	729.70
5/5/2011	531591	Bampsl Sec	KAUSHALAYA GARG	B	932169	3.01
5/5/2011	531591	Bampsl Sec	SURENDRA KUMAR GUPTA	B	803337	3.02
5/5/2011	531591	Bampsl Sec	KAUSHALAYA GARG	S	570531	3.04
5/5/2011	522292	Chandni Tex	AMRAPALI CAPITAL AND FINANCE SERVICES LIMITED	B	290000	44.30

05-05-2011 Clients, NRI, Proprietary trading activity

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(Rs. crore)	Clients
Trade Date	Buy	Sales	Net
05-05-2011	1,696.29	1,649.02	47.26
04-05-2011	1,775.84	1,752.13	23.71
03-05-2011	2,047.27	1,928.71	118.56
May , 11	7,170.69	6,943.85	226.83
Since 1/1/11	199,649.82	203,664.54	-4,014.72
(Rs. crore)	NRI
Trade Date	Buy	Sales	Net
05-05-2011	0.85	1.09	-0.24
04-05-2011	0.67	0.20	0.47
03-05-2011	5.52	1.20	4.32
May , 11	7.99	2.91	5.08
Since 1/1/11	96.55	83.19	13.36
(Rs. crore)	Proprietary
Trade Date	Buy	Sales	Net
05-05-2011	547.72	592.84	-45.12
04-05-2011	565.31	574.71	-9.4
03-05-2011	622.80	663.18	-40.38
May , 11	2,239.49	2,330.77	-91.28
Since 1/1/11	54,802.27	54,623.38	178.90

FII & DII Turnover (BSE + NSE) 5/5/11

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FII & DII Turnover (BSE + NSE)

(Rs. crore)
	FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
5/5/11	2,005.09	2,784.57	-779.48	1,826.36	889.13	937.23
4/5/11	2,137.74	3,129.88	-992.14	1,775.52	861.42	914.10
3/5/11	2,624.11	3,802.77	-1,178.66	1,812.46	1,205.63	606.83
May , 11	8,632.71	11,844.03	-3,211.32	6,315.46	4,007.82	2,307.64
Since 1/1/11   *	227,613.27	238,751.27	-11,138.00	107,741.74	94,916.42	12,825.32

FII DERIVATIVES STATISTICS FOR 05-May-2011

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FII DERIVATIVES STATISTICS FOR 05-May-2011
	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	75723	2076.29	124531	3423.10	733560	19992.37	-1346.81
INDEX OPTIONS	280945	7703.39	275123	7666.49	1656128	45209.67	36.90
STOCK FUTURES	59035	1494.62	47698	1216.97	1242058	29777.30	277.65
STOCK OPTIONS	9087	229.74	8993	227.10	16488	391.74	2.63
						Total	-1029.64

 

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