R-Infra, Adani and Jaiprakash - A stark price-value mismatch ::JPMorgan

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 Why pay US$5B, 20x EV/EBITDA for a trading company with nascent
mine development business when you have the following (arguably
cheaper) options – (1) a large cement capacity of 35mtpa and established
hydropower construction business, at US$710MM, 10x EV/EBITDA, and
(2) a well-established power distribution business and nascent BOT project
portfolio, at US$540M, 5.3x EV/EBITDA. The price-value mismatch looks
extremely steep here, and the companies we are referring to are Adani
Enterprises (downgraded to UW, with a revised PT of Rs475),
Jaiprakash Associates (stay Neutral with an eye on potential catalysts,
with a revised PT of Rs76) and Reliance Infrastructure (upgraded to
OW, with a revised PT of Rs575) respectively.
 How do we get to the above values? We use residual value approach for
infrastructure conglomerates with significant listed subsidiaries. The
residual value is simply what remains after subtracting the value of the
parent’s stake in listed subs. The residual value is attributable to the unlisted
businesses lodged in the parent, net debt at parent, and holdco discount
(which is subjective).
 Why are markets currently differentiating so sharply among the three?
(1) Debt. Adani is levered 1.4:1, while JPA is 4:1 – leverage hurts badly
when borrowing costs are high and rising, and businesses are not doing well.
(2) Adani is generating cash, while JPA and RELI are not, at the consol.
level. (3) Group performance: Adani gets positive rub-off from strong port,
power execution. On the other hand, JPA’s cement profit is falling and
construction profit will be eliminated. For RELI, distribution businesses are
suffering due to inadequate tariff, BOT execution is weak and EPC risks
could be high. (4) Soft issues: JPA has an overhang of UP elections, while
RELI has suffered an ADAG-related overhang since the 2G scam. In the
recent past, Adani has been relatively unblemished, with the exception of
Lokayukta report. (5) Disclosures: JPA’s and RELI’s quarterly accounts are
not transparent on group investments and leverage, while ADE’s are.
 Catalysts for change: Macro: A reversal of the interest rate cycle would
benefit leveraged plays (+ JPA), while the less levered ones would hold less
charm (-ADE). Capex cycle pick-up would lead to a revival of cement
volume, prices (+JPA) Policy: Power distribution reforms (+RELI).
Company-specific: Speeding up BOT execution (+RELI); more
transparency (+RELI, JPA). While most of these catalysts are not yet visible,
we think the value differentiation is too sharp and a correction is due.



click on links for company reports:

Jaiprakash Associates : Leverage still a worry; maintain Neutral

Reliance Infrastructure: Getting into the value zone; upgrade to OW

Adani Enterprises :: Too much of a premium for execution; downgrade to Underweight

Adani Enterprises :: Too much of a premium for execution; downgrade to Underweight:: JPMorgan,

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ADE was the best performing conglomerate stock last year, outperforming the
index most of the time. But given the current valuation disparity between
ADE and peers, we think it makes sense to switch to RELI. We downgrade
ADE to UW, with a reduced PT of Rs475.
 ADE’s residual value1, at Rs240B, has seen a sharp rally since Adani
Power and Mundra Port became significant subs (circa Jan-10). We
think this is due to (1) the rub-off of strong execution of power and port
ventures, (2) it being a unique play on mine development and coal trading,
and (3) its relatively low leverage despite global acquisitions. Despite these
advantages, we think 20x FY12E EV/EBITDA is too much of a premium to
pay for a trading and MDO business, and we downgrade the stock to UW.
 What could change? (1) Potential return of risk appetite could reduce
investor preference for less-leveraged plays and cause a shift-back to the
names that are currently perceived as risky. (2) ADE enjoys the halo effect
from strong execution at power and port subs, but any slippage in its core
mining business execution could be a risk to this perception.
 Recent events and our take: (1) Karnataka Lokayukta report alleges illegal
gratification by Adani group but management has denied this and stated it
would take appropriate legal measures. (2) Change in Indonesian
government policy on coal export, mandating notified market prices for all
contracts. ADE exports coal to Adani Power at US$36/ton, below estimated
market price of US$60/ton. ADE is contractually obliged to supply coal at
the above price and might be liable to additional royalty / tax. In our base
case though, we have loaded the burden on Adani Power.
 Our new Mar-12 PT of Rs475 (down from Rs665 earlier) factors in our
recent sharp PT cut for Adani Power, and lower value attributed to trading
businesses and mining businesses. Our earnings estimate cuts of 10-20% for
FY12-14 are on account of Adani Power estimate cuts, MDO slippages and
lower trading margins assumed.



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R-Infra, Adani and Jaiprakash - A stark price-value mismatch ::JPMorgan

Reliance Infrastructure: Getting into the value zone; upgrade to OW: JPMorgan,

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Execution slippages across businesses, ADAG overhang, and weak sentiment
for electricity distcoms has caused the stock to correct by 70% over the past
two years. At current valuations, we think the correction phase is drawing to
an end, and any improvement in above parameters could constitute stock
catalysts. We upgrade RELI to OW.
 RELI’s residual value1, at Rs27B, implying an EV/EBITDA of 5.3x
FY12 earnings, is at its lowest since RPWR became a significant sub
(circa Jan-08). We attribute this de-rating to 1) overhang on ADAG group
following the “2G scam”, 2) jitters at electricity distribution business
(Delhi, Mumbai) owing to unremunerative tariffs, receivables and
competition from TPWR, 3) execution slippages on infra BOTs and power
projects, impacting earnings, 3) non-transparency of RELI’s balance sheet /
investments on a quarterly basis, 4) potential margin risks for EPC business.
 We think the negatives are in the price, and upgrade RELI to OW with
a revised PT of Rs575 (down from Rs825 earlier): Catalysts include: 1)
power distribution reforms; 2) the ability to source cheaper power for
distribution businesses, once LT PPAs start kicking off (expected FY12); 3)
pick-up in RPWR project execution, a catalyst for the EPC business, which
appears to be in sight; and 4) better execution and profitability of infra
BOTs, which is also visible, in our view.
 Downside risks: (1) Continued use of RELI’s cash flows to fund group
plans. (2) Any earnings hit that EPC business might have to take in the
event of cost overruns for RPWR projects. (3) Continued execution delays
at infra BOTs.
 Our estimate cuts, at 40% for FY12/13/14 are steep, and arise from
execution delay at power and infra BOTs and lower-than-expected traffic.
We think the stock price decline so far already factors in these potential
cuts. Our new SOP-based PT of Rs575, following these earnings cuts, gets
half of its value from RPWR stake and includes 20% conglomerate discount.



click below for Sector update
R-Infra, Adani and Jaiprakash - A stark price-value mismatch ::JPMorgan

Jaiprakash Associates : Leverage still a worry; maintain Neutral::JPMorgan,

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The stock has been punished 60% since the peak, as a result of deteriorating
fundamentals across businesses and high leverage. While catalysts for an
outright OW still appear some time away, we think JPA could outperform its
listed subs and advocate a pair trade of Long JPA – Short JPVL.
 JPA’s residual value1, at Rs35B, implying an EV/EBITDA of 10x FY12
earnings, is at its lowest since JPIN and JPVL became significant subs
(circa Mid-10). We attribute this dip to 1) leverage and balance sheet strain
due to cement expansion and at non-contributing subs such as Sports City,
2) weak visibility for construction segment, as captive real-estate
construction is rising and third-party hydropower sales are falling, 3) less
clarity on value-unlocking for unlisted businesses, 4) political uncertainty,
given impending elections mid-next-year in the home-state of UP, and 5)
high risk of dilution of JPA’s stake in power sub JPVL.
 Potential catalysts for Long JPA – Short JPVL trade: The residual value
could expand if 1) cement strategic sale news flow gains traction, 2) cement
fundamentals improve, making the debt less burdensome, 3) construction
visibility improves, and 4) political clarity emerges. Risks to the trade: 1)
further upward pressure on the interest rate cycle; 2) line-up of more capex
plans beyond what is currently factored in; and 3) time factor of 8-10
months for political outcome at UP.
 Recent events – some positives and negatives: (1) Management denied
news reports (e.g. Business Standard) of a part-strategic sale of cement.
Partial sale (at the right valuation) could de-leverage the business and aid
valuation. (2) Cement volumes have pleasantly surprised over the past two
months, prompting us to raise our assumption of these for the year. (3) On
the other hand, JPA’s annual balance sheet shows that leverage has risen.
 PT reduced to Rs76: After cutting our standalone earnings estimates by
23% for FY12 (on weak real estate revenue recognition and construction),
we see a ray of hope for FY13, where we are upgrading estimates by 9% to
factor in higher cement volumes and bunched up real estate revenues. Our
new PT of Rs76 (down from Rs88) factors in the recent PT cut for JPIN by
our real estate team and assumes a 20% conglomerate discount.


click below for Sector update
R-Infra, Adani and Jaiprakash - A stark price-value mismatch ::JPMorgan

Copper How Low Can It Go?  Citi

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Copper
How Low Can It Go?
 In the short term – We expect copper to trade down to $7,000/tonne on a 0-3 month view, driven by a weakening global
economic outlook and financial uncertainty. We believe that a fundamental support for copper could emerge around $6,400/t;
this is based on the cost of production and a buy versus build analysis. Interestingly, on our calculations, this would be
consistent with Chinese GDP growth of around 5.6%. We have not adjusted our annual average forecasts, which remain at
the bottom end of consensus, but note that the current copper price of around $7,373/t implies downside risk to these
forecasts.
 Longer Term – We have completed a detailed analysis on the short- and medium-term outlook for copper. We have extended
out our supply and demand balance to 2020 and are forecasting a copper price of $7,077/t in 2015 and $7,266/t in 2020. Our
copper price forecasts are based on the next leg of demand drivers and our detailed analysis of all new potential mines over
the next ten years.
 The copper market conundrum – In this report we aim to address the short-, medium- and longer-term outlook for copper.
We have completed a snapshot of the top 22 mining projects and current mine supply. While in the short term we believe that
copper could trade lower due to macro uncertainty, in the longer term the copper market looks well supported by a structural
demand story and the difficulty of bringing on new supply.

India Mkt Recap - 29 Sept: Vishal N Dangaich

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* INDICES: Sensex 16,698(+252), Nifty 5,015(+69), CNXMCAP 7,118(+9).

* VOLUMES: NSE $2.68bn(13,121), BSE $0.46bn(2,260cr), F&O $46.60bn(2,27,880cr)

* AVERAGE 10 DAYS MKT VOL: NSE $2.22bn (10,869) BSE $0.53bn (2,598)

                          F&O $33.54bn(1,64,021).

* SECTORS: REALTY +0.36%  METAL +0.28%   BANKEX +1.46%   POWER  +0.99%

           AUTO +2.35%  CAP.GOODS -0.89% PHARMA -0.13%  IT +2.03%.

* ADV-DEC RATIO : BSE500 Index 230 Advances & 264 Declines.

* INDEX GAINERS : JPA +6%, TATA MOTORS, INFY, HDFC BANK, M&M, MARUTI, HLL &

                  ONGC +3%, ITC & HDFC +2%.

* INDEX LOSERS  : LT -2%, COAL IND, STER, SBI & SUNPHARMA -1%.

* TOP 5 VOLUMES : INFY, LT, RIL IND, SBI, HDFC & ICICI BANK.

* MAJOR BLOCKS  : 1) ICICI BANK         2,00,000 @  863.70,

                  2) LT                   85,083 @ 1351.45,

                  3) HDFC BANK          5,25,000 @  465.00,

                  4) LT                 1,00,000 @ 1370.25,

                  5) M&M                2,00,000 @  863.70.

* BSE500 GAINERS: CONCOR, JPA, HT MEDIA & BOMBAYU DYEING +6%, ENIL, INDIA CEM,

                  ALOK IND, KGN IND, TECHNO ELE & GAMMON IND +5%.

* BSE500 LOSERS : KFA & SUN TV -7%, SPICE JET -6%, JUBIKLANT FOOD, HATHWAY CAB

                  THERMAX, SHREE GLO TRA, PRRANETA IND, ROLTA & SIMPLEX INF -5%.

* FII INVESTMENT FROM 1st JAN 2011 to 27th  Sep 2011: $ -0.13bn.

-- 

Gold to Move 'Above $2,000 in Coming Months': UBS in CNBC

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Gold's recent sell-off belies its long term attractiveness and investors should avoid the panic and stay faithful to the precious metal, Dominic Schnider, Commodities expert at UBS Wealth Management told CNBC Thursday.

"The structural problems still remain and Greece is really going to call for higher prices and higher demand.

So we are looking at $2,000 and above in some of the months to come," Schnider said.

He dismissed notions that the gold bubble was close to bursting but cautioned that investors should expect more falls in the short term.

"In the short term you might see some further downside in the price but the demand side is still there," he said.

Gold has lost much of its sheen in recent days as part of a wider metals sell off and the strength of the US dollar in the face of stock market volatility over wider macro-economic woes.

An arrest in the rise of the metal saw a number of commentators claiming that the gold sell-off could see the price of the precious metal plummet to below the $1,500 level.

Marc Faber, author of the Gloom Boom, and Doom Report, told CNBC earlier this week that he would not be surprised if a 40 percent price correction occurred, causing gold to bottom out at $1,100 to $1,200.

Schnider added that gold would remain a safe haven because market volatility was so sharp but an increased desire by investors for liquidity could hamper its revival to the upside.

"If there is a liquidity crunch then even gold is going to have difficulty holding off and then cash is king. Gold is being driven weaker because of investors' desire for more liquidity," Schnider said.

Hampering another rally in gold prices is the strength of the dollar trade, but Schnider said demand for the dollar would be short term.

"It's all about the fear trade and risk aversion is shooting up and gold should be supportive on the one hand but if you seek liquidity it's all about the U.S. dollar. The dollar strength is just short term because the structural story remains unpleasant," Schneider said.

BSE, Bulk deals, 29/9/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
29/9/2011	512161	8K Miles Software	THAORLAL ATMARAM MODI	S	68710	49.49
29/9/2011	512161	8K Miles Software	SURANA GULAB CHAND PUKHRAJ	S	36761	47.74
29/9/2011	522292	CHANDNI TE	AILISH TRADERS PRIVATE LIMITED	S	1000000	1.21
29/9/2011	530427	Choksi Imaging	DIPAK KANAYALAL SHAH	S	25286	31.90
29/9/2011	533288	Claris Lifesciences	AXIS BANK LIMITED	S	400000	120.00
29/9/2011	524506	Coral Lab	SACHIN N DOSHI	B	32045	72.51
29/9/2011	524506	Coral Lab	SHARAD H SHETH	S	20000	72.52
29/9/2011	531270	Dazzel Conf	NEETABEN RAJNIKAT MAHETA	B	805005	3.40
29/9/2011	531270	Dazzel Conf	HEENA KAUSHIK MEHTA	B	900000	3.41
29/9/2011	531270	Dazzel Conf	YOGESHKUMAR SURESHBHAI PARMAR	S	1100000	3.37
29/9/2011	531695	Dhvanil Chem	MEENA SINGHAL	B	100000	12.35
29/9/2011	531695	Dhvanil Chem	SAGAR RAJESHBHAI JHAVERI	B	103400	12.35
29/9/2011	531695	Dhvanil Chem	JITENDRA RAMNIKLAL MODY	B	100000	12.35
29/9/2011	531695	Dhvanil Chem	SUNNY RASHMIKANT THAKKAR	S	60500	12.35
29/9/2011	531695	Dhvanil Chem	RAMESHBHAI RATILAL PATEL	S	94500	12.35
29/9/2011	531695	Dhvanil Chem	AASHWINA CONSTRUCTION PRIVATE LIMITED	S	120900	12.35
29/9/2011	524590	Dinesh Allorga	HARSHAADBHAI HAJI SIRAJBHAI VAHORA	B	22000	33.25
29/9/2011	524590	Dinesh Allorga	JAYABEN JITENDRAKUMAR MALVIYA	S	22600	33.24
29/9/2011	507528	Eastern Sugar	INDO AUSTRO CORPORATION PVT LTD	S	79867	17.04
29/9/2011	533090	EXCEL INFO	JHAVERI TRADING AND INVESTMENT PVT LTD	S	205000	12.00
29/9/2011	507912	LKP FIN	EVANS FRASER AND COMPANY (INDIA) LIMITED	B	298817	70.01
29/9/2011	507912	LKP FIN	KBS REALTORS PRIVATE LIMITED	S	300000	70.00
29/9/2011	519279	Madhur Inds	NILESH VASANTBHAI PATEL	B	30000	64.43
29/9/2011	519279	Madhur Inds	CHUDASAMA GAURANG GHANDHAMSINGH	S	24806	66.09
29/9/2011	590083	MAVENS BIO	SHASHKIRAN SUSHIL KADAM	B	550000	3.59
29/9/2011	511551	Networth Stock	USHA MAHENDRA SANGHVI	B	151270	27.12
29/9/2011	511551	Networth Stock	RATNAMANI MARKETING PRIVATE LIMITED	S	151270	27.12
29/9/2011	505525	Parichay Invest	SUNILBHAI VINUBHAI DANTANI	B	6700	17.50
29/9/2011	505525	Parichay Invest	JANKI KAUMIL AMIN	B	6000	17.50
29/9/2011	505525	Parichay Invest	DESAI MAHESH	S	16500	17.50
29/9/2011	505525	Parichay Invest	BINAL TARANGKUMAR SHAH	S	18000	17.50
29/9/2011	521080	Pasari Spin	MUKESH BHANUSHALI	B	87161	10.19
29/9/2011	533581	PG ELECTRO	SHREE BHUVANAKARAM TRADINVEST PRIVATE LIMITED	B	137309	346.90
29/9/2011	533581	PG ELECTRO	INVENTURE FINANCE PVT LTD	B	109613	318.09
29/9/2011	533581	PG ELECTRO	Quadeye Securities Pvt Ltd	B	181715	338.24
29/9/2011	533581	PG ELECTRO	GENUINE STOCK BROKERS PVT. LTD.	B	92234	348.64
29/9/2011	533581	PG ELECTRO	A K G SECURITIES AND CONSULTANCY LTD	B	268673	351.24
29/9/2011	533581	PG ELECTRO	ALFA FISCAL SERVICES PVT LTD	B	143058	352.51
29/9/2011	533581	PG ELECTRO	NITIN BABAJI PALANDE	B	82495	364.21
29/9/2011	533581	PG ELECTRO	NITIN BABAJI PALANDE	S	82495	335.44
29/9/2011	533581	PG ELECTRO	ALFA FISCAL SERVICES PVT LTD	S	142958	351.80
29/9/2011	533581	PG ELECTRO	A K G SECURITIES AND CONSULTANCY LTD	S	268673	352.07
29/9/2011	533581	PG ELECTRO	SHREE BHUVANAKARAM TRADINVEST PRIVATE LIMITED	S	112713	341.60
29/9/2011	533581	PG ELECTRO	GENUINE STOCK BROKERS PVT. LTD.	S	92234	349.42
29/9/2011	533581	PG ELECTRO	Quadeye Securities Pvt Ltd	S	181123	338.06
29/9/2011	500346	Punjab Comm-$	LCGC CHROMATOGRAPHY SOLUTIONS PRIVATE LIMITED	B	73000	117.21
29/9/2011	500357	Rama Paper	BLUE PEACOCK SECURITIES PRIVATE LIMITED	S	40000	103.10
29/9/2011	500368	Ruchi Soya	SOCIETE GENERALE	S	1742000	121.51
29/9/2011	533470	Rushil Decor	PRAKASHBHAI ISHWARBHAI RANA	S	115000	191.25
29/9/2011	531886	SCOPE IND	MAHENDRA BHIKAJI CHILE	B	165000	25.28
29/9/2011	531886	SCOPE IND	SUNIL KUMAR HARIPRASAD PAL	S	165002	25.28
29/9/2011	531886	SCOPE IND	MAHESH PRAKASH THIK	S	62000	25.53
29/9/2011	531886	SCOPE IND	NITIN SIDDAMSETTY	S	70021	25.53
29/9/2011	530883	Super Crop	PALAR NUTANKUMAR SHETH	B	30000	30.50
29/9/2011	517534	SV Electricals	JIGAR PRAFUL GHOGHARI	B	107500	15.40
29/9/2011	517534	SV Electricals	KIRAN BHIKU BHANAES	S	107500	15.40
29/9/2011	526879	UT	LEND LEASE COMPANY INDIA LIMITED	B	75000	9.83
29/9/2011	526879	UT	PROGRESSIVE STAR FINANCE PRIVATE LIMITED	S	75000	9.83
29/9/2011	526441	Vision Tech	MALLINATH MADINENI	B	196282	6.31
29/9/2011	533427	VMS Inds	VANMALA BAHADURLAL JAIN	B	250000	23.00
29/9/2011	533427	VMS Inds	INDIRA SANJAY BAXI	B	250000	23.00
29/9/2011	533427	VMS Inds	MAN MOHAN DAMANI	S	304200	23.00
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

NSE, Bulk deals, 29-Sep-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
29-Sep-2011	EDUCOMP	Educomp Solutions Limited	CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED	BUY	5,27,779	232.17	-
29-Sep-2011	GTL	GTL Limited	DEUTSCHE SECURITIES MAURITIUS LIMITED	SELL	9,57,555	57.30	-
29-Sep-2011	GTL	GTL Limited	GENUINE STOCK BROKERS PVT LTD	BUY	5,18,337	56.60	-
29-Sep-2011	GTL	GTL Limited	GENUINE STOCK BROKERS PVT LTD	SELL	5,18,337	56.59	-
29-Sep-2011	KSOILS	K S Oils Limited	VASANTI SHARE BROKERS LIMITED	BUY	25,95,025	9.84	-
29-Sep-2011	KSOILS	K S Oils Limited	VASANTI SHARE BROKERS LIMITED	SELL	25,93,725	9.84	-
29-Sep-2011	PGEL	PG Electroplast Ltd	ADROIT FINANCIAL SERVICES PRIVATE LIMITED	BUY	1,35,203	347.33	-
29-Sep-2011	PGEL	PG Electroplast Ltd	ADROIT FINANCIAL SERVICES PRIVATE LIMITED	SELL	1,50,857	342.87	-
29-Sep-2011	PGEL	PG Electroplast Ltd	ALFA FISCAL SERVICES PVT LTD	BUY	3,33,543	335.35	-
29-Sep-2011	PGEL	PG Electroplast Ltd	ALFA FISCAL SERVICES PVT LTD	SELL	2,43,543	337.33	-
29-Sep-2011	PGEL	PG Electroplast Ltd	BRIJESHWAR PATEL	BUY	84,953	348.01	-
29-Sep-2011	PGEL	PG Electroplast Ltd	BRIJESHWAR PATEL	SELL	85,029	348.11	-
29-Sep-2011	PGEL	PG Electroplast Ltd	CHAMPAKLAL NARSHIBHAI PUJARA	BUY	2,69,025	317.61	-
29-Sep-2011	PGEL	PG Electroplast Ltd	CHAMPAKLAL NARSHIBHAI PUJARA	SELL	1,21,725	324.99	-
29-Sep-2011	PGEL	PG Electroplast Ltd	GENUINE STOCK BROKERS PVT LTD	BUY	1,20,392	348.63	-
29-Sep-2011	PGEL	PG Electroplast Ltd	GENUINE STOCK BROKERS PVT LTD	SELL	1,20,701	349.02	-
29-Sep-2011	PGEL	PG Electroplast Ltd	INVENTURE FINANCE PRIVATE LIMITED	BUY	1,36,727	337.20	-
29-Sep-2011	PGEL	PG Electroplast Ltd	INVENTURE FINANCE PRIVATE LIMITED	SELL	1,36,727	310.66	-
29-Sep-2011	PGEL	PG Electroplast Ltd	MARWADI SHARES AND FINANCE LIMITED	BUY	1,10,660	344.35	-
29-Sep-2011	PGEL	PG Electroplast Ltd	MARWADI SHARES AND FINANCE LIMITED	SELL	1,10,660	344.74	-
29-Sep-2011	PGEL	PG Electroplast Ltd	NITIN BABAJI PALANDE	BUY	2,01,776	331.82	-
29-Sep-2011	PGEL	PG Electroplast Ltd	NITIN BABAJI PALANDE	SELL	2,01,776	354.90	-
29-Sep-2011	PGEL	PG Electroplast Ltd	QUADEYE SECURITIES PRIVATE LIMITED	BUY	1,08,817	340.42	-
29-Sep-2011	PGEL	PG Electroplast Ltd	QUADEYE SECURITIES PRIVATE LIMITED	SELL	1,08,817	340.40	-
29-Sep-2011	PGEL	PG Electroplast Ltd	ROSE VALLEY MERCHANDISE PVT. LTD	BUY	1,37,250	346.31	-
29-Sep-2011	PGEL	PG Electroplast Ltd	ROSE VALLEY MERCHANDISE PVT. LTD	SELL	1,37,250	346.52	-
29-Sep-2011	PGEL	PG Electroplast Ltd	SHREE BHUVANAKARAM TRADINVEST PRIVATE LIMITED	BUY	2,65,420	333.08	-
29-Sep-2011	PGEL	PG Electroplast Ltd	SHREE BHUVANAKARAM TRADINVEST PRIVATE LIMITED	SELL	2,46,624	320.10	-
29-Sep-2011	RUSHIL	Rushil Decor Limited	PRAKASHBHAI ISHWARBHAI RANA	BUY	1,040	185.95	-
29-Sep-2011	RUSHIL	Rushil Decor Limited	PRAKASHBHAI ISHWARBHAI RANA	SELL	1,01,040	188.75	-
29-Sep-2011	SKUMARSYNF	S. Kumars Nationwide Ltd	MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SV	SELL	14,95,100	42.35	-