08 September 2011

Reliance Industries: Screens amongst the best stocks in which investors might add risk in India: Credit Suisse,

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The CS India strategy team’s report, Time for selective risk taking,
dated 5 September 2011, highlights that risk aversion in the Indian
market is high and that selectively taking risks now could yield
high returns.
● Amongst stocks, RIL screens high on stocks that have de-rated
despite steady earnings. On a stress-case scenario – assuming
both refining and petchem get close to bottom profitability
simultaneously, RIL could be worth Rs685/share (13% potential
downside), with refining and petchem valuations almost at half of
our base-case scenario.
● Using current multiples on FY11 delivered EBITDA, RIL would be
worth Rs826/share. Our target price of Rs1,057 (34% potential
upside) is higher as it relies on: (1) higher GRMs and (2) petchem
volume expansion (and a resultant higher near-term multiple).
● RIL’s strong cash flow and balances, and attractive valuation
should help it outperform further market weakness. While we
expect strength in refining and polymer margins to help earnings
growth, clarity on longer-term growth/returns through deployment
of its cash (reduction of leverage) could help improve its share
price performance.
Low implied valuation: Despite a large correction in regional refining
and petrochemical stock valuations, the weakness in RIL stock price
means implied valuation remains low. RIL delivered US$5.5 bn in
refining + petchem EBITDA in FY11. Using comparable multiples for
refining and petchem, we estimate the market is paying c.US$10 bn
for RIL’s E&P, shale, retail, telecoms and other businesses, which is
low. Even after the sale, RIL will have a c.60% residual stake in the
acreage. The book value of other assets is c.US$5 bn. It is probably
too early to suggest BP has overpaid (BP has likely done significant
due diligence). We think BP has paid for longer-term resource upside,
with the hope of ‘fixing’ output at D6. A closure of the E&P ‘valuation
gap’ needs clarity on gas volume and exploration outlook from either
RIL or BP.


Clarity (and hopefully closure of) on the ongoing CAG audit could help
RIL stock. Refining margins should continue to improve – yet low
balance sheet leverage and large other businesses mean RIL has
lower leverage to GRMs (US$1/bbl increase implies 7% FY13E EPS
improvement). With RIL now ruling out near-term D6 volume growth,
use of large cash/cash flow remains the one potentially large catalyst
– which is unfortunately difficult to predict. We maintain our
OUTPERFORM rating on the stock

FII DERIVATIVES STATISTICS FOR 08-Sep-2011

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FII DERIVATIVES STATISTICS FOR 08-Sep-2011 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES743641890.65747031913.7469234017762.65-23.09
INDEX OPTIONS3273698265.203223268080.34219002856422.14184.86
STOCK FUTURES687961744.98454511141.48115370429349.27603.50
STOCK OPTIONS15450364.4516018381.04427741068.97-16.58
      Total748.68

 
 


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BSE, Bulk deals, 8/9/2011

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Deal DateScrip CodeCompanyClient NameDeal Type *QuantityPrice **
8/9/2011524760Arvind Intl-$HARSHA MAYURBHAI SHETHS5204518.31
8/9/2011511664BGIL FilmsINDER PALB400006.40
8/9/2011511664BGIL FilmsENAAM SECURITIESS411006.46
8/9/2011531364CHOICE INFREENA KETAN SHAHB5000028.60
8/9/2011531364CHOICE INFHARSHAD RASIKLAL SHETHB4889728.60
8/9/2011531364CHOICE INFKALU RAM SHARMAB10000031.50
8/9/2011531364CHOICE INFKALU RAM SHARMAS10000029.36
8/9/2011531364CHOICE INFHARSHAD RASIKLAL SHETHS4889731.50
8/9/2011531364CHOICE INFANIL GOYALS15000029.43
8/9/2011531364CHOICE INFREENA KETAN SHAHS5000031.50
8/9/2011531358Choice IntlANIL ANANT MAHADIKB6444280.36
8/9/2011531358Choice IntlTEJSINGH DHANSINGH RAMOLAB6063681.88
8/9/2011531358Choice IntlMILKWAY MERCANTILES PRIVATE LIMITEDB4409880.31
8/9/2011531358Choice IntlYATIRAJA DEVELOPERS PRIVATE LIMITEDB4676881.11
8/9/2011531358Choice IntlALKEN MANAGEMENT & FINANCIAL SERVICES PRIVATE LIMITEDB5301475.32
8/9/2011531358Choice IntlADOLPHA TECHNOLOGY PRIVATE LIMITEDB5000082.73
8/9/2011531358Choice IntlCHIMANLAL MANEKLAL SECURITIES PRIVATE LIMITEDB7073382.26
8/9/2011531358Choice IntlBP FINTRADE PRIVATE LIMITEDB5301082.70
8/9/2011531358Choice IntlCHIMANLAL MANEKLAL SECURITIES PRIVATE LIMITEDS6473479.85
8/9/2011531358Choice IntlADOLPHA TECHNOLOGY PRIVATE LIMITEDS9000083.10
8/9/2011531358Choice IntlBP FINTRADE PRIVATE LIMITEDS5301182.10
8/9/2011531358Choice IntlTEJSINGH DHANSINGH RAMOLAS6161982.41
8/9/2011531358Choice IntlMILKWAY MERCANTILES PRIVATE LIMITEDS4409879.90
8/9/2011531358Choice IntlANIL ANANT MAHADIKS5341780.50
8/9/2011511672Clarus FinanceJIGAR PRAFUL GHOGHARIS175867119.75
8/9/2011509130Dunlop IndiaGLOBALWORTH SECURITIES LIMITEDB55646315.89
8/9/2011509130Dunlop IndiaGLOBALWORTH SECURITIES LIMITEDS45646315.86
8/9/2011509130Dunlop IndiaSPRITE INVESTMENT PRIVATE LIMITEDS50000015.88
8/9/2011532876EVERONNCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDB99947257.55
8/9/2011532876EVERONNR M SHARES TRADING PRIVATE LIMITEDB98066258.07
8/9/2011532876EVERONNR M SHARES TRADING PRIVATE LIMITEDS98066257.98
8/9/2011532876EVERONNCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDS99947257.45
8/9/2011530337Exelon InfraSHARADBHAI RAMANBHAI JHAVERIB9465078.95
8/9/2011530337Exelon InfraSHARADBHAI RAMANBHAI JHAVERIS9465073.27
8/9/2011530337Exelon InfraMANISH RATILAL SHAHS7900079.00
8/9/2011533520INDBULL WSLJMP SECURITIES PVT LTDB4701723.48
8/9/2011533520INDBULL WSLKRYPTON INVESTMENT CONSULTANCY PRIVATE LIMITEDB3000003.48
8/9/2011533520INDBULL WSLJMP SECURITIES PVT LTDS4701723.50
8/9/2011533520INDBULL WSLFIDELITY MANAGEMENT AND RESEARCH COMPANY FIDELITY MAGELLAN FUNDS3272623.50
8/9/2011533520INDBULL WSLDEUTSCHE BANK TRUST COMPANY AMERICASS5930273.48
8/9/2011506128Krishna DeepYASHMAN VYAPAAR LIMITEDB25000128.46
8/9/2011500252Lakshmi MachRIETER MACHINE WORKS LIMITEDS695581990.03
8/9/2011531597Midland PolySUDHIR LAKHOTIAS17000029.95
8/9/2011532045Nexxoft InfoLAL CONSTRUCTION COMPANYB7500016.00
8/9/2011532045Nexxoft InfoGAYATRI HARIS9300016.00
8/9/2011511702Parsharti InvSONI RADHEYMOHAN AGARWALB2010037.58
8/9/2011511702Parsharti InvSONI RADHEYMOHAN AGARWALS2000036.18
8/9/2011500329Pentamedia GrapGAYAGOVIND M PANDEY HUFB2547001.09
8/9/2011500329Pentamedia GrapVIRENDRA KUMAR POONIAS2592171.09
8/9/2011531768Poly MedicureKJMC FINANCIAL SERVICES LIMITEDB73745282.00
8/9/2011531768Poly MedicureINDERCHAND MOHANLAL JAINS74000282.00
8/9/2011590077Ranklin Sol-$MATURI SUDHAKARB3210614.52
8/9/2011504378Ravinay TradVIMALKUMAR SURESHCHANDRA RAVALB15000281.24
8/9/2011511585Regency TrustPARESH RAMJIBHAI CHAUHANB5000050.00
8/9/2011533470Rushil DecorCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDB101678129.47
8/9/2011533470Rushil DecorCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDS101678130.28
8/9/2011533553TD POWERA K G SECURITIES AND CONSULTANCY LTDB1596490278.45
8/9/2011533553TD POWERCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDB1558462277.53
8/9/2011533553TD POWERAMPLE HOTELS AND RESORTS PVT LTDB193155278.38
8/9/2011533553TD POWERR M SHARES TRADING PRIVATE LIMITEDB428565280.14
8/9/2011533553TD POWERCHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDB755774277.19
8/9/2011533553TD POWEREUREKA STOCK & SHARE BROKING SERVICES LTDB187610279.47
8/9/2011533553TD POWEREUREKA STOCK & SHARE BROKING SERVICES LTDS187610279.55
8/9/2011533553TD POWERCHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDS755774277.73
8/9/2011533553TD POWERR M SHARES TRADING PRIVATE LIMITEDS428565279.77
8/9/2011533553TD POWERAMPLE HOTELS AND RESORTS PVT LTDS193155278.84
8/9/2011533553TD POWERCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDS1558462277.43
8/9/2011533553TD POWERA K G SECURITIES AND CONSULTANCY LTDS1596490278.75
8/9/2011519228Temptation FoodPREMIER CAPITAL & SECURITIES PRIVATE LIMITEDB12000009.50
8/9/2011519228Temptation FoodSILVER CROSS MARKETING PVT. LTD.S12005269.50
8/9/2011590020Tera SoftwarePAVANA DEVI TUMMALAB20000055.51
8/9/2011590020Tera SoftwareGOPICHAND TUMMALAB30000055.41
8/9/2011590020Tera SoftwareNIMMAGADDA VENKATESWARA VARA PRASADS50000055.38
8/9/2011590111VAISHNAVISHRI SIDDHI VINAYAK TECHNOLOGIES PRIVATE LIMITEDB9425015.93
8/9/2011590111VAISHNAVIMANIKYALA RAO VURAS12502815.92
8/9/2011507880VIP Inds-$A K G SECURITIES AND CONSULTANCY LTDB183840960.07
8/9/2011507880VIP Inds-$A K G SECURITIES AND CONSULTANCY LTDS183840960.49
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price