11 July 2011

FII & DII Turnover (BSE + NSE) 11/7/11

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FII & DII Turnover (BSE + NSE)
(Rs. crore)
FIIDII
Trade DateBuySalesNetBuySalesNet
11/7/111,889.741,456.79432.95736.35662.7173.64
8/7/112,951.372,434.04517.331,149.451,539.16-389.71
7/7/113,034.332,165.62868.711,420.571,581.60-161.03
Jul , 1118,041.6213,445.294,596.337,309.509,589.94-2,280.44
Since 1/1/11   *344,272.85348,645.85-4,373.00155,002.34142,771.5612,230.78

11/7/11: Categories Turnover (Rs. crore) Clients NRI Proprietary

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Categories Turnover
(Rs. crore)
ClientsNRIProprietary
Trade DateBuySalesNetBuySalesNetBuySalesNet
11/7/111,520.291,502.9917.300.500.310.19507.08519.83-12.75
8/7/112,069.752,039.3930.350.930.770.16687.33694.10-6.77
7/7/112,168.622,293.06-124.441.150.780.36739.32691.8247.51
Jul , 1112,781.2313,251.84-470.615.9119.18-13.274,224.474,177.9246.55
Since 1/1/11283,334.10288,529.60-5,195.49154.84145.948.9081,658.4381,090.02568.41

NSE, Bulk deals, 11-Jul-2011

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DateSymbolSecurity NameClient NameBuy / SellQuantity TradedTrade Price /
Wght. Avg.
Price
Remarks
11-Jul-2011APTECHTAptech LimitedBP FINTRADE PRIVATE LIMITEDBUY2,65,177112.19-
11-Jul-2011APTECHTAptech LimitedBP FINTRADE PRIVATE LIMITEDSELL2,65,192112.12-
11-Jul-2011APTECHTAptech LimitedCROSSEAS CAPITAL SERVICES PVT. LTD.BUY3,08,199105.44-
11-Jul-2011APTECHTAptech LimitedCROSSEAS CAPITAL SERVICES PVT. LTD.SELL3,08,199105.93-
11-Jul-2011APTECHTAptech LimitedHINA KALPRAJ DHARAMSHIBUY3,00,000109.46-
11-Jul-2011CANFINHOMECan Fin Homes LtdRAJEN CHANDRAKANT SHARE A/CBUY1,69,793117.18-
11-Jul-2011CANFINHOMECan Fin Homes LtdRAJEN CHANDRAKANT SHARE A/CSELL1,42,780116.67-
11-Jul-2011JAGRANJagran Prakashan LimitedJAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITEDBUY189,78,105120.10-

BSE, Bulk deals, 11/7/2011

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Deal DateScrip CodeCompanyClient NameDeal Type *QuantityPrice **
11/7/2011532475AptechCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDB310430105.93
11/7/2011532475AptechA K G SECURITIES AND CONSULTANCY LTDB501579107.89
11/7/2011532475AptechA K G SECURITIES AND CONSULTANCY LTDS501579108.05
11/7/2011532475AptechCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDS310430105.53
11/7/2011511664BGIL FilmsNITIN BABULAL CHAUHANS393664.11
11/7/2011533469BIRLAPACIFICVANRAJSINGH KAHORB89396718.41
11/7/2011511196Can Fin HomesRAJEN CHANDRAKANT SHETHB188913116.85
11/7/2011511196Can Fin HomesRAJEN CHANDRAKANT SHETHS191618116.90
11/7/2011526141Compact DiscALPHA SECURITIESB5000062.34

FII DERIVATIVES STATISTICS FOR 11-Jul-2011

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FII DERIVATIVES STATISTICS FOR 11-Jul-2011 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES391291098.64635541777.1246550913049.89-678.48
INDEX OPTIONS2177756089.391963075524.72128484536077.23564.67
STOCK FUTURES31102912.64404771167.51110896131224.00-254.87
STOCK OPTIONS19859643.4117511558.1433857978.0385.28
      Total-283.40
 
 


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FII & DII trading activity on NSE and BSE as on 11-Jul-2011

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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 11-Jul-2011.
FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
FII11-Jul-20111889.741456.79432.95
 
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 11-Jul-2011.
DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
DII11-Jul-2011736.35662.7173.64
 


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FY2011 Annual Report of Standard Chartered PE-backed company P.I. Industries

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FY2011 Annual Report of Standard Chartered PE-backed company P.I. Industries Ltd. (NSE - PIIND ; BSE - 523642) for your perusal. Key Takeaways from the annual report are also attached for reference.

Key Takeaways from recent FY2011 Annual Report of P. I. Industries Ltd. :

  1. Revenue of the company increased by 33 % YoY to Rs. 719 cr. backed by a 38 % rise in Agri-Input business and a 23 % rise in Custom-Synthesis (CSM) business.

  1. Operating Profit increased by 41 % YoY to Rs. 123.64 cr. backed by a 105 basis points expansion in OPM. This expansion in margins was achieved inspite of the fact that company's Polymer business (which is now sold off to Rhodia, S.A.) witnessed significant pressure on margins because of input-cost pressures.

  1. Company foresees FY12 to attain similar growth rates with a good expansion in margins backed by new product launches in Agri-Input segment and ~Rs. 1350 cr. order-book of CSM business.

  1. In end-FY11, company has started commercial production of some very promising products revenues of which are going to accrue in FY12.

  1. Key highlight of FY11 was the signing of an agreement with the largest electronics company of the world, Sony Corporation to set-up a joint research centre in Udaipur, named PI-Sony Research Centre, which was inaugrated in January 2011. As per the agreement, this R&D centre will be engaged in developing commercially viable processes for molecules invented by Sony.

  1. In PI-Sony R&D centre, work has already commenced on innovative chemicals meant for use in futuristic products likeflexible television and solar cells. This centre is projected to be a potential future growth driver for the company.

  1. Company's flagship brand in Agri-Input segment viz., Nominee Gold has attained a status of the fastest growing herbicide brand of India. In coming years, company expects Nominee Gold to attain a status of the largest herbicide brand in India with respect to Rice crop.

  1. In FY11, company has, in association with a leading MNC, successfully introduced a herbicide in soyabean and pulses segment.

  1. In FY11, company has filed registration for two new molecules and has signed four new agreements with original patent holders to evaluate the domestic launch of their innovative molecules in herbicide / fungicide segment.

  1. Company has signed a distribution agreement with a leading MNC for marketing of its new generation insecticide and acaricide which will help PI further strengthen its dominant position in plantation, field crops, vegetables and fruits.

  1. In FY11, company filed Seven patent applications for new non-patent-infringing processes developed for various molecules.

  1. Company's upcoming plant at Jambusar is presently under construction and is expected to get commissioned in last quarter of FY12. This plant, once operational, is expected to contribute heavily towards the growth of the company.

Global Wind sector- Approaching grid parity ::Macquarie Research,

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Global Wind sector
Approaching grid parity
Outlook mixed but improving from a dismal 2010
Most key drivers of the global wind industry have a mixed outlook: policy support
varies, financing availability is patchy, permitting and grid connectivity is getting
tougher and wholesale power prices remain depressed in the US but are
improving elsewhere.
We see established wind markets such as the US remaining difficult, but new
wind markets have emerged elsewhere, from Asia to Latin America. Overall we
expect new wind installations to recover from a very difficult 2010 and return to
~10% CAGR in 2011-13. But this will be far short of what is needed to address
global wind turbine manufacturing (WTM) overcapacity, which is currently 40%
and likely to increase further with Asian new entrants.
Turbine manufacturing overcapacity and price deflation
Chronic overcapacity is now prompting another wave of severe turbine price
deflation. Wind turbine prices are down almost 25% from their 2008 peak, but we
expect further deflation of up to 30% over 2011-12 for large orders. This is a
non-consensual view supported by channel checks and by bid information we
have received and studied for certain wind projects. The implications of this are
very negative for the WTMs and very positive for the wind farmers (WFs).
For the WFs, turbine price and maintenance cost deflation, in addition to longer
lives and higher productivity turbines, are driving up IRRs on new projects.
Indeed, the cost of new wind energy has fallen so far that we believe we are now
at grid parity in Europe, and at ‘pseudo grid parity’ in the US when one includes
the financial benefits of tax credits.
Our firm stance remains: long WFs, short WTMs
We are not arguing that wind installations are consequently about to surge. Wind
is neither a baseload nor a controllable power source, and this will always cap its
potential within a national power generation mix. But this significant change in
cost-competitiveness should in our view reduce the risk premium created by
fears over the withdrawal of policy support, and thus support WF share prices.
The implications of overcapacity and tumbling turbine prices are very challenging
for WTM earnings, however. In this report we downgrade our 2012-13 forecasts
significantly across the listed WTM space. We advise investors to still avoid the
wind turbine space, as we think margins and earnings are likely to come under
far more pressure than is widely anticipated.
Our favoured wind stocks are WFs. In Europe: Acciona and EDP Renovaveis,
both of which we now upgrade to Outperform (as our former top picks EDF
Energies Nouvelles and Iberdrola Renovables disappear). In Asia: China Suntien
Green Energy and China Longyuan Power. We think the current valuations of
both these Chinese WFs exaggerate concerns over interest rates and grid
connections, and undervalue their extremely strong growth prospects.

Pharmaceuticals ::1QFY12 Preview:: BofA Merrill Lynch,

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Pharmaceuticals
Potential result outperformers: Divis, Lupin
Potential result underperformers: GSK, Ranbaxy
Mixed quarter; High base tempers expectations
We expect our coverage universe to report mixed bag of results this quarter. This
would most likely be affected by high base of last year (for Ranbaxy, Cadila) as
well as some exceptional items (Piramal, Aurobindo). Domestic formulations to
sustain 15%+ growth rates for most players driven by recent ramp up in
salesforce. Recent spate of ANDA approvals would increase new launches
momentum, aiding US revenues for large players. Stability in forex rates would
limit forex gains/losses except on realized contracts. Overall for the sector
(excluding Ranbaxy, Piramal), we expect average profit growth of 13% led by
sales growth of 17% YoY, EBITDA growth of 7% YoY for our coverage universe
primarily led by Dr Reddy’s and Divis.
Result Expectations – Key Highlights
ô€‚„ Dr. Reddy’s. Lack of exclusivity sales in the quarter would affect QoQ
growth in US business. Russian business to sustain strong growth driven by
increased push in prescription sales. Domestic formulations growth to show
pick up from last quarter, still is expected to lag industry average on YoY
growth. Base margins (adjusted for Allegra D24 exclusivity) launch to sustain
at last quarter levels.
􀂄 Sun Pharma. Consolidation of Taro during 1Q would hinder YoY
comparability. However, we expect Sun’s base business to remain strong on
the back of recent new launches in the domestic market. Lack of limited
competition product Eloxatin sales would however result in lower profitability,
somewhat salvaged by launch of generic Taxotere. We expect Taro’s
financials to reflect improvement in margins post Sun’s takeover, in line with
last two quarters.
􀂄 Lupin. We expect strong US generic business aided by recent approvals
and RoW markets to sustain strong march. Pick up in Antara sales would be
critical for revival in US branded business. Improved business mix and stable
forex rates would lead to margin expansion on QoQ basis as we expect
EBITDA to grow by 15%, behind sales growth of 21% due to unabsorbed
costs at Indore SEZ. PAT growth to be stronger than EBITDA on higher other
income and lower tax rates.

􀂄 Divis. We expect strong momentum in topline growth to continue in 1Q,
reflecting business recovery. Moreover, commercialisation of Vizag SEZ
during the quarter further improves revenue visibility. Carotenoid business
remains on track to double sales this fiscal on new orders. We expect
EBITDA margins to sustain at 38-40% levels. We expect Divis to report
strong 1Q results with profits growing 51% YoY, thanks to 48% growth in
topline.
􀂄 Cadila. We expect Cadila to post robust 18% growth in topline, largely
driven by strong domestic formulations growth (18%+) as well as US
generics business. Zydus Wellness would continue to grow strongly at 25-
30% while the JV’s scale-up would continue to add positively to profitability.
However profit growth would be restricted due to lack of one-time licensing
income of ~Rs600mn last year.
􀂄 Glenmark. We expect commercialisation of ANDAs approved over last 3
quarters to show traction in US generic sales. While domestic formulations
would continue to outpace industry growth, RoW/Latam market sustaining
rebound would be key to watch out for. However, we expect reduction in
gross debt to be marginal, but improving operating cashflows would help
reduce D/E gradually.
􀂄 Ranbaxy. We believe lack of exclusivity sales of Aricept would affect
profitability and growth in comparison to previous quarter (1QCY11).
Moreover, with sluggish improvement in RoW markets, we expect
improvement in base business profitability to be gradual. Signs of success in
domestic formulations would be evident from Project Viraat rollout even as
near term cost pressures would not reflect true profitability. We believe
absence of Valtrex exclusivity and high forex gains last year would hinder
YoY comparison.

Oil & Gas, Petrochemicals 􀂄::1QFY12 Preview:: BofA Merrill Lynch,

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Sector Name: Oil & Gas, Petrochemicals
􀂄 1Q subsidy estimated at Rs432bn (up 38% QoQ and 115% YoY): Press
reports indicate 1Q FY12 subsidy shared by R&M companies, upstream and
the government is Rs432bn. 1Q diesel subsidy is Rs277bn while the balance
Rs155bn is LPG and kerosene subsidy.
􀂄 Sharing assumed at government 58% and upstream 33%: Upstream
companies had to bear 38.7% of FY11 subsidy. We have assumed that
upstream companies would bear 33% (Rs144bn) of 1Q subsidy. We have
assumed that the government will bear 58% of the subsidy (Rs250bn). Thus
R&M companies are assumed to bear Rs38bn of diesel, LPG and kerosene
subsidy in 1Q FY12. R&M companies will, however, also have to bear the
entire subsidy on petrol, which we estimate at over Rs30bn in 1Q


􀂄 Brent at US$117/bbl and Indian market crude Bonny light at US$120/bbl:
Brent price at US$116.8/bbl is up 49% YoY and 11% QoQ in 1Q FY12.
Bonny Light, which is marker crude for several Indian upstream companies,
at US$119.7/bbl is up 50% YoY in 1Q FY12 from US$80.1/bbl in 1Q FY11.
Bonny Light is also up 11% QoQ vis-à-vis US$107.5/bbl in 4Q FY11.
􀂄 Singapore complex GRM up 15% QoQ and 132% YoY to US$8.5/bbl: 1Q
FY12 Reuters’ Singapore complex GRM is up 15% QoQ at US$8.5/bbl from
US$7.4/bbl in 4Q FY11. 1Q FY12 Singapore GRM is also 132% YoY higher
from US$3.7/bbl in 1Q FY11. Singapore GRM in 1Q FY12 is at the highest
level in 16 quarters.
􀂄 Rupee stronger 2%YoY and 1% QoQ: The rupee at Rs44.7 in 1Q FY12
has appreciated by 2% YoY from Rs45.7 in 1Q FY11 and by 1% QoQ from
Rs45.3 in 4Q FY11. A stronger rupee means lower refining and
petrochemical margin in rupee terms. It would help in reducing subsidy on
US dollar denominated oil/product prices
Expectations for the quarter by company
Reliance Industries (RIL)
16% YoY rise in net profit driven mainly by higher refining & petrochemical
EBIT: We estimate RIL’s 1Q FY12E net profit to be 16% YoY higher at Rs56.2bn.
We expect EBITDA to rise by 13% YoY to Rs106bn and EBIT to rise by 21% YoY
to Rs73.1bn. We expect refining EBIT to be up 72% YoY at Rs35bn driven by
38% YoY (10% QoQ) jump in RIL’s GRM to US$10.1/bbl vis-à-vis US$7.3/bbl in
1Q FY11. RIL’s 1Q theoretical GRM calculated by us works out to US$10.1-
10.7/bbl. We expect petrochemical EBIT to be up 12% YoY but down 12% QoQ.
We expect E&P EBIT to be 23% YoY lower at Rs14.9bn hit by 24% YoY lower oil
& gas volumes
Oil India (OIL)
Higher gas & net oil price to drive 62% YoY rise in 1Q profit: We expect OIL’s
1Q profit to be 62% YoY higher at Rs8.1bn driven by 33% YoY higher oil and gas
volumes and prices. OIL’s oil & gas production was hit by problems at the biggest
user refinery in 1Q FY11 and thus the volume rise is on a low base. We expect
OIL’s 1Q oil price net of subsidy to be up 21% YoY and 14% QoQ higher at
US$60.2/bbl. Gas price will be higher YoY as its gas price was hiked in 1Q FY11
only from June 2010. We are assuming OIL’s 1Q subsidy at Rs17.6bn out of
upstream subsidy of Rs144bn
R&M companies (BPCL and HPCL)
Loss in 1Q FY11: As discussed we have assumed R&M companies will bear
Rs38bn of the diesel and LPG-kerosene subsidy in 1Q. However, they will also
have to bear the entire petrol subsidy of over Rs30bn. We have assumed refining
margin of US$5.0/bbl for HPCL and BPCL (up 34%-40% YoY). However, given
the subsidy burden, BPCL and HPCL are expected to post losses of Rs27.4-
30.6/share.
Gas utilities
GAIL
13% YoY higher profit driven by rise in petrochemicals and LPG segment
EBITDA : We expect GAIL’s 1Q FY12 net profit to be 13% YoY higher at
Rs10.0bn. The rise would be driven by 38% YoY jump in petrochemicals EBITDA
and 9% YoY rise in gas transmission EBITDA. LPG production EBITDA before
adjusting for subsidy is expected to be 30% YoY higher but that net of subsidy is
21% YoY lower. We are assuming GAIL’s 1Q subsidy at Rs7.1bn


GSPL
10% YoY higher profit driven by 43% YoY lower depreciation: We expect
GSPL’s 1Q FY12 net profit to be 10% YoY higher at Rs1.2bn. 1Q EBITDA is
expected to be down 3% YoY but profit is expected to rise 43% YoY due to lower
depreciation. Depreciation will be 43% YoY lower due to cut in depreciation rate
on pipelines from 8.33% to 3.17%, which was implemented only in 4Q FY11 but
was effective from April 2010. We are assuming flat gas volumes and 4% YoY
higher gas transmission tariff in 1Q.
Petronet LNG
Earnings up 86% YoY driven by 31% YoY higher regas volumes and 11%
higher regas charge: We expect Petronet LNG’s 1Q net profit to be 86% YoY
higher at Rs2.1bn vs. 1Q FY11 profit of Rs1.1bn. The jump in 4Q profit is mainly
driven by 31% YoY higher regas volumes at 125.0TBTU (2.5mmt) and 11% YoY
higher regas charge.