Welspun Corporation Order Growth Slowing, Pricing Under Pressure:: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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Pipes business under pressure: The current order book stands at 550kt and Welspun
expects volume of ~1MT in FY12 (avg EBITDA/MT $200-225/MT). Management
highlighted that the order cycle has slowed and the visibility on long term orders
remains low. Customers are delaying orders in expectation of lower prices particularly
expecting steel price correction. The Plate business (operating at 50% util.) is adversely
impacted due to sharp correction in pricing (with Korea becoming a net exporter) and
higher slab prices. Plate margins which were ~$100/MT have declined to $30-40/MT
levels.
Seeking to grow infrastructure business: Welspun has a presence in the segment
through MSK Project (62% stake) and the Leighton JV (35% stake). The JV has
allowed Welspun to lock the entire value chain. For orders won by Welspun, high-end
work is executed by Leighton while the low end jobs are executed by MSK Projects.
The current order book stands at Rs40B at Leighton and Rs6B at MSK. Management
expects Rs2B EBITDA for Leighton and ~Rs0.6-1bn EBITDA for MSK in FY12.
ROCE from this business is ~15-16% as per management. Welspun has bid for a green
field port project and expect the outcome in the next couple of months and are also
evaluating mega road projects.
Margins for DRI business under pressure: Welspun currently has 1MT of capacity,
but according to management, over the last few months the profitability of the business
has been affected by the gas availability issues. The company is using higher-cost
alternate sources such as LNG. As per management, the cost of gas has increased from
$6.5 to ~$10.5 currently.
Balance sheet position and FX: The current gearing is ~0.5x with net debt of Rs20B.
Welspun has outstanding FCCB and ECB of US$150MM each. As per management,
~70% of revenues have a natural hedge as both imported raw material and exports are
US$-denominated. For the unhedged portion the company takes forward cover
irrespective of the currency. The company’s working capital requirements are expected
to be stable.
Consensus valuation: Welspun Corp currently trades at 4.5x FY12E and 4.0x FY13E
EV/EBITDA based on Bloomberg consensus estimates.

Phoenix Mills Management Meeting: Annuity income to grow 4x in 4 years:: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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Management commentary was fairly optimistic on the back of portfolio growth coming
from market city completions, rent renewals at HSP (+10-15% upside) and increasing
visibility on Phase II launch plans. Overall company expects the rental income to
increase to US$150M (PML stake ~55%) on stabilization (by FY15/16) from US$40M
currently. Importantly, company has also been increasing debt at the parent company
to fund any opportunity for stake increase in existing SPVs (market city projects).
 HSP continues to register steady performance with robust footfalls
(1.6M/month) given the festive season. Recent anchor tenant renewals and area
reconfiguration is expected to push up rentals from Dec-Q. Overall, revenue from
HSP is expected to increase to ~Rs2B in FY12 (vs. Rs1.75B in FY11). On Phase
IV, there is limited visibility on the development plans as yet.
 Response to Pune market city (opened in June) has been a fairly decent with
avg. footfalls of 0.4M/month and 60% space already operational. Overall mall is
85% leased at avg. rentals of Rs60-65psf pm.
 Upcoming projects may get delayed by 1-2 months: Bangalore is expected to
be launched in Oct end and Kurla by Nov/Dec. ShangriLa hotel launch has been
pushed further to Jan/Feb.
 Visibility on phase II (of market cities) improving with Chennai residential
launched already (30% sold @ Rs6-6.5K psf) & launch approvals for Bangalore
W underway. Overall 4.3msf (PML ~52%) of area is expected to be launched for
sale (residential/commercial) over the next 1-2 years. Proceeds from this will be
utilized for debt reduction at market city projects.
 Revisiting hospitality plans: The company is revisiting its hospitality plans
given capital-intensive and long gestation period for hotel projects. PML plans to
go ahead with only ShangriLa and Agra hotel; while remaining hotel projects
(Kurla, Pune) will likely be converted into mixed use projects.
 Valuation, price target and risks: Our Mar-12 PT of Rs260 is based on a 20%
discount to our SOTP valuation. We use a 13% WACC and 11% cap rate to value
the company’s retail portfolio. A key risk to our view pertains to PML’s minority
stakes in SPV’s developing market city projects. This raises concerns about exits
required by private investor (Rs10B invested) once assets become operational
(though this is still some time away).

Opto Circuits (India) Ltd. Management Meeting: Growth guidance maintained, Cardiac Science turnaround on track:: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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 Maintain growth guidance: Management indicated that hospitals in EU/US are
not cutting spending on vital equipment, though some big-ticket capex plans have
been curtailed. OPTC is prepared for any potential slowdown; it had faced pricing
pressure in the US in 2008, but had managed to sustain margins by clubbing
consumables and equipment sales. While discounts were offered on the equipment,
Opto was able to price consumables at higher levels.
 Cardiac science turnaround: Management guided to 10% revenue growth with
‘mid-teen’ margins for CY12. CSX resumed selling in Japan through Omron –
management said it would take two years for CSX to scale up to its historic levels.
 Tie up with Mycell for stents: OPTC has tied up with Mycell - stent coating
specialist that is using Opto’s bare metal stents and coating it. Mycell is currently
undertaking clinical trials for CE certification and would file for USFDA approval
post CE approvals. OPTC could reconsider carrying out clinical trials for the US
on their own, and may potentially use the Mycell tie up as a route to gain entry into
the US invasive product market.
 Consolidation of manufacturing operations: OPTC is consolidating its
operations in US and are phasing out the Rhode Island plant in US and shifting
production to Wisconsin, Malaysia and Vizag. It is also looking to move backend
R&D to Malaysia and India, which should help boost margins.
 Working capital concerns overdone: Working capital levels in FY11 look
elevated as revenues for three acquisitions made during last year are consolidated
only for part of the year. Adjusted working levels are closer to 100 days (vs. 140
days as per FY11 balance sheet). Management expects receivable days to improve
going forward as it enters more contracts with GPs.

Manappuram Finance Ltd. Management Meeting: Optimistic on growth. Gold price volatility not a big concern as yet:: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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Manappuram General Finance is the second-largest listed gold loan company with a
~7% share of the organized market. Established in 1992, the company provides shortterm
retail loans (up to one-year duration) to retail customers against used household
gold jewellery. The company has branch strength of 2,280 and AUM (as of 1QFY12)
stands at Rs90.3B. MGFL has registered very high growth over the last few years
aided by both increased branch network and buoyancy in gold prices.
 PSL for gold loan companies may come back in a year. According to
management, costs have increased by 150-200bp after this benefit was withdrawn
but no risk to business.
 Gold prices need to correct at least 40% in a short period of time for business
to get affected: Management indicated that average loan ticket size of 40-45gms
hasn’t changed over the last 15 years. Gold prices and increasing number of
customers are the key variables driving growth.
 Company is targeting a loan book of Rs 16B in FY13 (Rs 9B currently).
Leverage is 5x currently and management does not see a need for any capitalraising
in the near term.
 Loan growth guidance and branch opening targets may be revised upwards as
per the management. Management guided to a sustainable RoA at 4.5% levels.
 Management does not see regulatory action as a big threat to their model. In
fact, quite the contrary, it believes that the regulators would look to encourage this
as they help in enabling last mile financing.
 Consensus valuation: On consensus estimates, the stock is currently trading at
FY2/FY13E P/B of 2.1x/1.7x with ROEs of 22-25% over the next two years.
Concerns about increasing cost of funding, stringent regulatory environment and
gold price correction (risk of higher NPLs) continue to weigh on near-term stock
performance

Hindusthan National Glass & Industries Ltd. Management Meeting: Adding Capacities to Service End User Demand Growth:: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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HNGI is the largest container glass (bottles) manufacturer in India with a market
share of 55% (source: company). Its key customers include players from liquor,
pharmaceutical, soft drinks and food industries. HNGI is in the process of expanding
its glass bottling capacity from current 3,250TPD to 5,650TPD by FY15 to cater to
rising demand. It has also recently entered the float glass market, through its associate
company HNGFL in which it has 47.4% interest. HNGFL operates a 600TPD plant,
which has rapidly gained market share (21% pan-India share in first year of
operations according to company) in the clear glass segment.
 End user demand continues to be strong: According to the management, Indian
glass container market is growing at about 12% per annum driven by end user
industries of Liquor, Pharma, food and carbonated drinks. Management has not
seen any material slowdown in demand recently and believes it will be able to
grow revenues 12%-15% going forward.
 Capacity expansion, entry in float glass could drive growth: HNGI is in the
process of expanding its capacity from current 3,250TPD to 5,650TPD by FY15 in
order to cater to increasing demand. It has also recently entered the float glass
market, through its associate company HNGFL in which it has 47.4% interest.
HNGFL operates a 600TPD plant has rapidly gained market share in the clear
glass segment (21% pan India, 30% in west India).
 Management expects German acquisition to turn profitable next year: HNGI
has acquired a glass container plant in Germany recently to gain a foothold on the
German market as well as to acquire technology know-how. The German facility
is currently loss-making as the PTM ratio (usable to defective bottles) is low.
According to management, it has made a plan to improve the ratio by reducing the
number of defects and expects the plant to turn profitable next year.
 Consensus valuation: Based on Bloomberg consensus estimates, HNGI is trading
at 6.5xFY12E P/E and 4.6xFY13E P/E. On a P/BV basis, it is trading at 1.1x
FY12E and 0.9x FY13E vs FY12E ROE of 14%.

Havells India Ltd. Management Meeting: New products to help sustain domestic growth, Sylvania margins to improve further:: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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 Domestic revenue growth of 15%-18%. Management estimate domestic
revenues to grow 15%-18% in FY12E, driven by 18%-20% growth for lighting
& luminaries, 12%-15% growth for switchgears and 15%-20% growth for cables.
Growth for fans is likely to slow to 10%-12% from over 20%+ earlier, however
new range of durable products launched recently will mitigate slowing growth
for fans. Management expect new products to contribute Rs1B (3%) to FY12
revenues
 Raw material costs coming off: Prices for key raw materials, Copper and
Aluminum have come off recently. Management does not see near term benefit
to margins from this on account of old raw material inventory. Prices of cables
have been reduced by 4%-5% (as it is a pass through business), if prices of other
products hold up, then margin benefits could accrue over next 1-2 quarters.
 Sylvania margins to improve further: Large part of production from Sylvania
has been relocated to China already, and some recent price hikes have been
affected. Management is still guiding for flat revenues in Europe, with 15%-20%
growth in Latin America. Presence in ASEAN markets is being expanded with
recent entry into Indonesia. Management sees further margin improvement, and
is targeting 10%+ EBITDA margins in CY12. Over the longer term, Sylvania’s
product basket is likely to be expanded, replicating the Havells product basket
for products that would be relevant in each of Sylvania’s markets.
 Cross currency movement impact: Management expects notional MTM impact
of currency on account of strong US$ in 2Q – Rs120-150MM MTM forex loss
on account of US$-denominated debt (US$25MM) in the Indian entity and about
EU1-1.5MM loss in Sylvania on account of US$-denominated receivables.
Management indicated that adverse currency movements in the other markets
have been mitigated through price rises, almost a 17% increase in Brazil and a
3%-4% increase in Europe to mitigate US$-denominated imports.
 Valuations, price target and risks: HAVL is currently trading at 12.2x FY12E
P/E and 9.5x FY13E P/E, ~10% discount to domestic peers. We expect HAVL
earnings to grow at a CAGR of 21% over FY11-FY14 and a ROE of 23% in
FY13. Maintain OW with Mar-12 PT of Rs550, based on 15x FY13E P/E, at a
10% premium to domestic peers.

Essar Ports Management Meeting: Expansion delayed, but operations on track:: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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We hosted senior management of Essar Ports at the J.P. Morgan India SMID
Corporate Access Day. Besides discussion on a broadly positive consensus view on
long term growth in the India Port sector, investor questions were focused on the two
operating assets- Hazira multipurpose cargo terminal and Vadinar Oil terminal. The
take or pay agreements with Essar Group companies, comparison of realizations and
competitiveness across ports, time-line on clearances for expansion plans, capex, cost
of funding and potential for 3rd part cargo featured in most discussions.
Key takeaways
 Expansion projects delayed but management confident about new timelines.
Hazira Phase-II (20MMT) is awaiting environmental clearances; revised CoD
timeline is Mar-14 vs. Dec-12 at the beginning of the year. Similarly the 14MTPA
coal terminal at Paradip is grappling with delayed forest approval. According to
management dated land records of Paradip still list the major port land parcels at
Paradip as forest areas though there are none on the site. In Salaya, the timeline for
CoD is still Mar-2014 as earlier forest clearances are awaited.
 Take-or-pay contracts: Management affirmed that the take-or-pay contracts
signed with Essar Steel and Essar Oil were long term (15 years and renewable on
mutual consent) and build in nominal escalation (~3%). These would not be
modified for existing facilities and expansion plans covered in the contracts.
 Bid for Nargol Port in South Gujarat: Besides Essar Port, Sterlite-Vedanta,
Gammon India and a consortium of Israeli port companies, Cargo Motors remains
in the race. The initial estimate investment in the port as per Economic Times is
Rs7.5B. According to management, Nargol Port is highly scalable (up to
100MTPA) and the development could take capex up to US$1.5B.
 Valuations, price target and key risks: We remain OW with Mar-12 SOP based
PT of Rs135. We value individual ports using DCF over the concession period
with WACC ranging from 11.5%-13.00%. Key risks include dilution of T/P terms,
slow scale up of Essar traffic, delay of under construction projects.

D.B. Corp Management meeting: Advertising Growth Moderating, Maharashtra Roll Out on Track:: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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 Advertising growth moderating: According to management, advertising
growth rates are moderating – key areas of stress are autos, lifestyle and real
estate segments, while education, govt., health care are holding on. Management
noted that the bright spot where print advertising in tier II cities is picking up is
premium FMCG products. Management expects print advertising to grow by
12%-14% and DBCL to register 14%-15% ad growth.
 Recent correction in newsprint prices bodes well: Domestic newsprint prices
have corrected by 2%-3% recently, while management was expecting another
5% correction, the chances of that look slim now, given recent Rupee
depreciation vs the US$ (newsprint prices are on US$ parity).
 Maharashtra roll-out on track: DBCL is launching 4th edition in Maharashtra
in October and expects full roll out by next year, with 8-9 editions. According to
management, Maharashtra operations will break even in three years, while
Jharkhand will take four years to break even. Management expects Rs300-
350MM loss in Maharashtra in FY12E, which should fall to Rs200MM next
year, while loss in Jharkhand should fall from Rs200-250MM to Rs100MM next
year.
 Looking to bid for Phase III radio licenses: Management expect the bidding
process to start in March-12, and will bid for licenses in 25-30 tier II and III
locations, where they have newspaper operations. Management expects radio to
compliment their print operations and see significant synergies between the two,
largely from advertising sales. Management expects capex on radio to be low, as
all most of their studios will be based on the existing printing locations.
 Valuation, price target and risks: DBCL stock has corrected by ~30% YTD on
concerns of ad slowdown. The stock is now trading at 12.4x FY13E P/E on our
estimates that assume ad growth slowing to 9% in FY13E, and is pricing in the
potential slowdown in ad growth. Given DBCL’s successful track record of
expansion into new markets, we are confident of it delivering on its plans in
Maharashtra, which we believe will drive stock performance from here. Our
Mar-12 PT of Rs290 is based on 18xFY13E P/E. Key risks include rising
competitive intensity, failure to scale up in new markets, increase in newsprint
costs and further slowdown in economic growth.

Ballarpur Industries-. Management Meeting: Near-Term Pain Before It Gets Better: Takeaways from J.P. Morgan India Emerging Opportunities Access Days

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As per management, near-term margins are under pressure as domestic realizations
are down 4% over the past three months. Margins should pick up over the next 1-2
quarters, as captive pulp capacities start to kick in from Oct 11. By Jun’12, BILT will
be self-reliant for pulp and new capacities will drive US$100-150/ton savings vs.
imported pulp. BILT raised paper prices by 4% in Sep and is raising them again in
Oct, which will also aid margins. Domestic demand is on track, with volume growing
10%-12%. The ban on plastic packaging for guthka (scented chewing tobacco) has
opened up a new segment for coated paper demand, which BILT is capitalizing on.
 Near-term pressure on margins on account of about 4% correction in domestic
paper realizations as well as a correction in prices for rayon grade pulp from
Rs64,000/ton to Rs54,000/ton (BILT has a dedicated rayon grade pulp plant). Pulp
prices are down from US$700/ton to US$600/ton, but will not mitigate entire
margin pressure, given BILT’s captive pulp in India.
 Margins should start to pick up over next 1-2 quarters: Sabah pulp plant
(+120K tons to 240K tons) will be commissioned by end Oct ’11, and the pulp
plant in Maharashra (+150K tons to 270K tons) by Jun ’12. This will make BILT
self-reliant for pulp. Management expects savings of US$100-US$150 per ton vs.
imported pulp over a cycle. In addition, BILT recently increased coated paper
prices by 4% and is seeking another 4% hike this month, which will aid margins.
 Domestic volume growth on track: Management noted that demand for W&P
paper in India is growing at 10%-12%. In FY12, BILT expects to produce 0.9MM
ton of paper, vs 0.85MM tons last year. Ban on plastic packaging for guthka has
opened up a new segment for coated paper. BILT is looking to supply about
50,000 tons to this segment and expects better-than-average realizations.
 Valuation, price target and risks: BILT stock is trading at 6.3x/5.1x
FY12E/FY13E P/E and at 0.5xFY12E P/BV, which makes it one of the cheapest
paper stocks in the world. We expect ROE to improve from 10% in FY11 to 13%
by FY14E, as captive pulp kicks in. Maintain OW, with a Mar-12 PT of Rs50
based on 10xFY13E P/E. Key risks include demand slowdown, delay in capacity
expansion and decline in paper prices.

BSE, Bulk deals, 31/10/2011

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
31/10/2011	590006	Amrutanjan Health-$	A K G SECURITIES AND CONSULTANCY LTD	B	30897	787.05
31/10/2011	590006	Amrutanjan Health-$	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	B	15304	790.47
31/10/2011	590006	Amrutanjan Health-$	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	S	15304	791.17
31/10/2011	590006	Amrutanjan Health-$	A K G SECURITIES AND CONSULTANCY LTD	S	30897	787.11
31/10/2011	533469	Birla Pacific Medspa	V P PATEL	B	775000	18.64
31/10/2011	533469	Birla Pacific Medspa	KIRTI RAMJI KOTHARI	S	675000	18.60
31/10/2011	531364	Choice Infra	MURTHY BALARAMA CHANGAVALI	B	30000	40.50
31/10/2011	531364	Choice Infra	REKHA LALIT JAIN	S	50000	40.50
31/10/2011	511672	Clarus Finance	LILYGOLD MERCHANTS PRIVATE LIMITED	B	100000	46.42
31/10/2011	511672	Clarus Finance	MANIRATAN VINTRADE PRIVATE LIMITED	B	112000	46.96
31/10/2011	522295	Control Print-$	HARISH BHAGIRATH CHANDAK	B	50000	36.53
31/10/2011	522295	Control Print-$	SHAILESH HARISH CHANDAK	S	58200	36.37
31/10/2011	530859	Cosboard Inds	RUPESH SONI	B	46128	18.40
31/10/2011	530859	Cosboard Inds	BRIJMOHAN CHANDULAL	B	29000	18.40
31/10/2011	530859	Cosboard Inds	TARA GAURI SURYAKANT	S	43000	18.40
31/10/2011	508860	DIAMANT	JIGAR P GHOGHARI	S	217000	15.89
31/10/2011	531137	Gemstone Invest	KIRAN BHIKU BHANAES	B	402000	10.00
31/10/2011	532894	Indowind Ener	ALFA FISCAL SERVICES PVT LTD	B	478868	8.41
31/10/2011	530165	Kanchan Intl	DHARMENDRA HARILAL BHOJAK	B	35847	44.14
31/10/2011	530165	Kanchan Intl	URMIL ASHWIN DESAI	S	28143	43.52
31/10/2011	506128	Krishna Deep	Parvati Tea Company Private Limited	B	25000	147.00
31/10/2011	519279	Madhur Inds	NIRAVBHAI PAYAL	B	24939	63.71
31/10/2011	519279	Madhur Inds	PALAK NILESHBHAI KARIA	B	81000	65.19
31/10/2011	519279	Madhur Inds	NILESH VASANTBHAI PATEL	S	23800	57.95
31/10/2011	519279	Madhur Inds	NIRAVBHAI PAYAL	S	25000	57.95
31/10/2011	533015	Nu Tek India	ALFA FISCAL SERVICES PVT LTD	S	1094984	1.43
31/10/2011	533632	Onelife Capital	A K G SECURITIES AND CONSULTANCY LTD	B	87007	226.00
31/10/2011	533632	Onelife Capital	PRAKASHBHAI ISHWARBHAI RANA	B	136886	228.30
31/10/2011	533632	Onelife Capital	R M SHARES TRADING PRIVATE LIMITED	B	70121	224.66
31/10/2011	533632	Onelife Capital	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	B	92615	224.92
31/10/2011	533632	Onelife Capital	GKN SECURITIES	B	98455	224.63
31/10/2011	533632	Onelife Capital	GKN SECURITIES	S	98455	223.94
31/10/2011	533632	Onelife Capital	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	S	92615	224.83
31/10/2011	533632	Onelife Capital	R M SHARES TRADING PRIVATE LIMITED	S	70121	224.55
31/10/2011	533632	Onelife Capital	A K G SECURITIES AND CONSULTANCY LTD	S	87007	225.93
31/10/2011	511734	Pasupati Fin	PALAK NILESHBHAI KARIA	B	55000	16.75
31/10/2011	500329	Pentamedia Grap	MARY VALIYAMATTATHIL THOMAS	B	94499	1.42
31/10/2011	533605	Prakash Constrowell	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	B	81631	228.50
31/10/2011	533605	Prakash Constrowell	GKN SECURITIES	B	85312	228.40
31/10/2011	533605	Prakash Constrowell	GKN SECURITIES	S	85312	228.96
31/10/2011	533605	Prakash Constrowell	CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	S	81631	229.20
31/10/2011	532735	R Systems	BHAVOOK TRIPATHI	B	86761	110.82
31/10/2011	530651	Softech Inf	HEMANT AJMANI	B	24853	48.94
31/10/2011	530651	Softech Inf	ROHIT CHOUDHARY	S	22000	48.95
31/10/2011	531866	Subhkam Cap	SARITA GUPTA	B	37500	80.10
31/10/2011	531866	Subhkam Cap	ASHOK KUMAR GUPTA	B	42500	80.10
31/10/2011	531866	Subhkam Cap	GAURAV AGARWAL	B	41000	80.19
31/10/2011	531866	Subhkam Cap	HARIDARSHAN SALES PRIVATE LIMITED	S	125000	80.13
31/10/2011	526133	Supertex Inds	PARUL ANUPAM KHANNA	S	60892	5.84
31/10/2011	532874	Suryachakra Pow	BUTTERFLY COMMOTRADE PRIVATE LIMITED	B	1145000	6.22
31/10/2011	517534	SV Electricals	IMPROVE COMMODITIES PRIVATE LIMITED	B	137960	11.50
31/10/2011	517534	SV Electricals	IMPROVE COMMODITIES PRIVATE LIMITED	S	132256	11.41
31/10/2011	531658	Trijal Inds	VARDHANI MOHINI PARVATHA VEERA	B	34000	4.33
31/10/2011	531658	Trijal Inds	VEERAPANENI ANKINEEDU	S	33978	4.33
31/10/2011	590111	VAISHNAVI	GUMMADI SESHAGIRI RAO	B	81760	5.99
31/10/2011	590111	VAISHNAVI	VENKATA RAMA RAO MANNEM	B	152000	6.09
31/10/2011	530109	Vantage Corp	REKHA KISHOR SHAH	B	22954	9.22
31/10/2011	530109	Vantage Corp	MAYUR K DESAI	S	19000	9.26
31/10/2011	532093	Venkat Pharma	JYOTI PORTFOLIO LIMITED	B	28306	2.60
31/10/2011	532093	Venkat Pharma	GIRIDHAR GOPAL PULLETI	S	29214	2.60
31/10/2011	533427	VMS Inds	UMANG DHANUKA	B	160000	23.75
31/10/2011	533427	VMS Inds	NIKUNJ DHANUKA	B	140000	23.75
31/10/2011	533427	VMS Inds	MADAN MOHAN DHANUKA	B	100000	23.75
31/10/2011	533427	VMS Inds	UNITED INVESTMENTS	B	85000	23.75
31/10/2011	533427	VMS Inds	JVS SECURITIES PVT LTD	B	200000	23.75
31/10/2011	533427	VMS Inds	VINIT BERIWAL	B	100000	23.75
31/10/2011	533427	VMS Inds	BANKEBIHARI VINCOM PRIVATE LIMITED	S	175000	23.75
31/10/2011	533427	VMS Inds	ADHUNIK VINCOM PRIVATE LIMITED	S	100000	23.75
31/10/2011	533427	VMS Inds	DIVINE VINCOM PRIVATE LIMITED	S	465048	23.75
31/10/2011	532298	Zenith Info	SALOO INVESTMENTS AND CONSULTANTS LIMITED	B	70664	50.82
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

NSE, Bulk deals, 31-Oct-2011

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
31-Oct-2011	AMRUTANJAN	Amrutajan Health Ltd	RAHUL DOSHI	BUY	24,982	790.80	-
31-Oct-2011	AMRUTANJAN	Amrutajan Health Ltd	RAHUL DOSHI	SELL	24,982	791.58	-
31-Oct-2011	ECEIND	ECE Industries Limited	ECE INDUSTRIES LTD	BUY	3,00,150	139.77	-
31-Oct-2011	ECEIND	ECE Industries Limited	Minal Patel	SELL	2,20,881	139.64	-
31-Oct-2011	GITANJALI	Gitanjali Gems Limited	DAVE HARIHAR KIRITBHAI	BUY	5,26,746	348.27	-
31-Oct-2011	GITANJALI	Gitanjali Gems Limited	DAVE HARIHAR KIRITBHAI	SELL	5,26,746	349.04	-
31-Oct-2011	INDIABULLS	Indiabulls Financial Serv	DAZBOG HOLDINGS AFC LIMITED	SELL	27,84,470	150.42	-
31-Oct-2011	INDIABULLS	Indiabulls Financial Serv	OBERON LIMITED	SELL	57,37,000	149.80	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	AARAV FINANCIAL SERVICES PVT.LTD	BUY	1,69,215	226.73	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	AARAV FINANCIAL SERVICES PVT.LTD	SELL	1,69,215	228.83	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	BUY	92,917	224.95	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	SELL	92,917	225.35	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	GKN SECURITIES	BUY	98,344	224.03	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	GKN SECURITIES	SELL	98,344	225.08	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	JAYANTKUMAR AND CO	BUY	75,000	220.00	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	PRAKASHBHAI ISHWARBHAI RANA	BUY	27,000	227.50	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	PRAKASHBHAI ISHWARBHAI RANA	SELL	1,73,331	223.53	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	R.M. SHARE TRADING PVT LTD	BUY	70,111	224.70	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	R.M. SHARE TRADING PVT LTD	SELL	70,111	225.03	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	SEKARIPURAM ANANTARAMAN MANIKANDAN	BUY	1,26,014	230.59	-
31-Oct-2011	ONELIFECAP	Onelife Cap Advisors Ltd	SEKARIPURAM ANANTARAMAN MANIKANDAN	SELL	1,26,014	225.65	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	ALFA FISCAL SERVICES PVT LTD	BUY	1,11,021	226.63	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	ALFA FISCAL SERVICES PVT LTD	SELL	1,10,246	225.96	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	ASHROJ CREDIT INDIA PRIVATE LIMITED	BUY	47,151	225.20	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	ASHROJ CREDIT INDIA PRIVATE LIMITED	SELL	1,32,151	224.67	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	BUY	83,090	228.78	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	CHANDARANA INTERMEDIARIES BROKERS P. LTD	SELL	83,090	228.04	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	D.C. SECURITIES SERVICES PVT. LTD	BUY	69,591	218.11	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	D.C. SECURITIES SERVICES PVT. LTD	SELL	21,494	222.23	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	DAVE CHETAN L.	BUY	2,89,494	227.89	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	DAVE CHETAN L.	SELL	2,89,494	227.26	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	GKN SECURITIES	BUY	84,642	228.51	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	GKN SECURITIES	SELL	84,642	227.89	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	SAAKSHI SHARES PVT.LTD.	BUY	89,896	234.21	-
31-Oct-2011	PRAKASHCON	Prakash Constrowell Ltd	SAAKSHI SHARES PVT.LTD.	SELL	89,791	229.60	-
31-Oct-2011	RSYSTEMS	R Systems International L	BHAVOOK TRIPATHI	BUY	89,758	110.60	-
31-Oct-2011	VASWANI	Vaswani Ind Ltd	ADHARSHILA VENTURE CAPITAL FUND LIMITED	SELL	1,92,950	14.35	-