29 December 2011
NHAI retail bond sale oversubscribed, receives bids for Rs 250 billion on attractive returns (ET)
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This sale comes at a time when the infrastructure sector is facing anemic funding on lack of enthusiasm on the part of banks to lend because of the fear that the borrowers may default.
India wants infrastructure investment of $1 trillion over five years starting in April 2012 as it aims to boost economic growth to 10 per cent and raise living standards.
India's infrastructure ranks 89th out of 133 nations, according to a World Economic Forum report.
Another state-run power sector lender Power Finance Corp (PFC) plans to raise at least 10 billion rupees via tax-free bonds with an option to retain oversubscription of upto 40.33 billion rupees.
"We are advising investors to hold on to their cash now as Power Finance issue is coming next and is equally attractive," a dealer with a wealth management firm said.
The issue will open on Friday and close on Jan. 16, the sources said.
India has allowed four firms to raise Rs 300 billion via tax-free bonds in the current financial year that began in April.
National Highways Authority of India (NHAI) and Indian Railway Finance Corp (IRFC) can each raise Rs 100 billion, while Housing and Urban Development Corp. (HUDCO) and Power Finance Corp can each raise Rs 50 billion.
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National Highways Authority of India's (NHAI) first sale of retail bonds has received bids for nearly five times the base amount so far, capitalising on investors' appetite for safe havens as the global debt crisis keeps domestic equity markets lacklustre.
The state-owned agency for highways, which launched its issue on Wednesday, has received bids for about Rs 250 billion ($4.68 billion), a person involved with the issue said.
The issue is set to close on Jan 11, but bankers have the option of early closure.
The issue has rougly received three times subscription for its qualified institutional investor category and about twice the size for the high net worth individual category, bankers said.
The issue, which has a core size of Rs 50 billion, has an option to retain an equivalent amount as greenshoe.
Bankers said that high yields being offered, on a tax adjusted basis, and the option of getting subscription on a first come basis for large investors has contributed to the success of the sale.
"This is a AAA rated, tax free government backed paper giving a pre-tax return of 11.7 per cent for those taxed in the 30 per cent bracket. It can't get better than this," said Rajesh Iyer, Executive Vice President, Products & Research at Kotak Wealth Management.
Sale proceeds will help NHAI acquire land for the building of new roads and pay contractors for construction.
The 10-year NHAI bond will give 8.2 per cent interest, while the 15-year bond will give 8.3 per cent.
The extent of the demand can be gauged by the fact that apart from banks and financial institutions, corporates have also participated with a large company said to have invested in excess of 10 billion rupees, another source said.
"Given the backdrop of the current volatility in the equity markets coupled with a rate cut expectation in next 3-6 months with the interest rate at its peak, people have started looking for duration to start investing in," Iyer said.
RBI, which has lifted rates 13 times since March 2010, has indicated that it will ease monetary policy as risks to economic growth increase.
The state-owned agency for highways, which launched its issue on Wednesday, has received bids for about Rs 250 billion ($4.68 billion), a person involved with the issue said.
The issue is set to close on Jan 11, but bankers have the option of early closure.
The issue has rougly received three times subscription for its qualified institutional investor category and about twice the size for the high net worth individual category, bankers said.
The issue, which has a core size of Rs 50 billion, has an option to retain an equivalent amount as greenshoe.
Bankers said that high yields being offered, on a tax adjusted basis, and the option of getting subscription on a first come basis for large investors has contributed to the success of the sale.
"This is a AAA rated, tax free government backed paper giving a pre-tax return of 11.7 per cent for those taxed in the 30 per cent bracket. It can't get better than this," said Rajesh Iyer, Executive Vice President, Products & Research at Kotak Wealth Management.
Sale proceeds will help NHAI acquire land for the building of new roads and pay contractors for construction.
The 10-year NHAI bond will give 8.2 per cent interest, while the 15-year bond will give 8.3 per cent.
The extent of the demand can be gauged by the fact that apart from banks and financial institutions, corporates have also participated with a large company said to have invested in excess of 10 billion rupees, another source said.
"Given the backdrop of the current volatility in the equity markets coupled with a rate cut expectation in next 3-6 months with the interest rate at its peak, people have started looking for duration to start investing in," Iyer said.
RBI, which has lifted rates 13 times since March 2010, has indicated that it will ease monetary policy as risks to economic growth increase.
This sale comes at a time when the infrastructure sector is facing anemic funding on lack of enthusiasm on the part of banks to lend because of the fear that the borrowers may default.
India wants infrastructure investment of $1 trillion over five years starting in April 2012 as it aims to boost economic growth to 10 per cent and raise living standards.
India's infrastructure ranks 89th out of 133 nations, according to a World Economic Forum report.
Another state-run power sector lender Power Finance Corp (PFC) plans to raise at least 10 billion rupees via tax-free bonds with an option to retain oversubscription of upto 40.33 billion rupees.
"We are advising investors to hold on to their cash now as Power Finance issue is coming next and is equally attractive," a dealer with a wealth management firm said.
The issue will open on Friday and close on Jan. 16, the sources said.
India has allowed four firms to raise Rs 300 billion via tax-free bonds in the current financial year that began in April.
National Highways Authority of India (NHAI) and Indian Railway Finance Corp (IRFC) can each raise Rs 100 billion, while Housing and Urban Development Corp. (HUDCO) and Power Finance Corp can each raise Rs 50 billion.
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FII DERIVATIVES STATISTICS FOR 29-Dec-2011
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FII DERIVATIVES STATISTICS FOR 29-Dec-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 | 149118 | 3465.26 | 153640 | 3570.82 | 401304 | 9194.21 | -105.55 |
INDEX OPTIONS | 585445 | 13859.64 | 567161 | 13366.05 | 908931 | 21081.49 | 493.60 |
STOCK FUTURES | 235925 | 5096.03 | 233580 | 5228.29 | 967025 | 22209.12 | -132.26 |
STOCK OPTIONS | 8113 | 173.57 | 8200 | 175.57 | 9190 | 243.61 | -1.99 |
Total | 253.80 | ||||||
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29/12/11: FII & DII Turnover (BSE + NSE) (Rs. crore)
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FII & DII Turnover (BSE + NSE)
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(Rs. crore) | ||||||
FII | DII | |||||
Trade Date | Buy | Sales | Net | Buy | Sales | Net |
29/12/11 | 1,504.50 | 2,520.32 | -1,015.82 | 996.86 | 673.79 | 323.07 |
28/12/11 | 1,238.81 | 1,157.37 | 81.44 | 532.14 | 628.63 | -96.49 |
27/12/11 | 1,038.06 | 823.75 | 214.31 | 497.22 | 592.51 | -95.29 |
Dec , 11 | 37,742.62 | 39,951.60 | -2,208.98 | 18,046.82 | 17,385.40 | 661.42 |
Since 1/1/11 * | 600,235.60 | 626,930.52 | -26,694.92 | 284,429.85 | 256,881.58 | 27,548.27 |
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29/12/11: Categories Turnover (Rs. crore) Clients NRI Proprietary Trade Data
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Categories Turnover
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(Rs. crore) | |||||||||
Clients | NRI | Proprietary | |||||||
Trade Date | Buy | Sales | Net | Buy | Sales | Net | Buy | Sales | Net |
29/12/11 | 1,004.12 | 915.85 | 88.27 | 0.22 | 0.43 | -0.20 | 314.30 | 330.22 | -15.91 |
28/12/11 | 868.48 | 840.76 | 27.71 | 0.24 | 0.64 | -0.40 | 280.90 | 285.11 | -4.21 |
27/12/11 | 839.14 | 825.57 | 13.57 | 0.28 | 0.26 | 0.02 | 273.82 | 284.78 | -10.96 |
Dec , 11 | 24,677.86 | 24,390.05 | 287.82 | 9.33 | 10.11 | -0.78 | 8,466.67 | 8,448.70 | 17.97 |
Since 1/1/11 | 467,412.81 | 471,582.50 | -4,169.70 | 320.90 | 226.35 | 94.55 | 137,689.53 | 136,971.58 | 717.95 |
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NSE, Bulk deals, 29-Dec-2011
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Date | Symbol | Client Name | Buy / Sell | Quantity Traded | Wght. Avg. Price | Remarks | |
APLAPOLLO | Apl Apollo Tubes Ltd | GUPTA RAJESH | BUY | 1,23,598 | 137.00 | - | |
DCB | Development Credit Bank L | MACQUARIE BANK LIMITED OBU | SELL | 10,10,000 | 31.69 | - | |
FORTIS | Fortis Healthcare Limited | CITIGROUP GLOBAL MKTS MAURITIUS PVT LTD- SELL CODE | SELL | 26,68,983 | 86.42 | - | |
FSL | Firstsource Solutions Lim | CREDIT SUISSE FIRST BOSTON (SINGAPORE) LIMITED | SELL | 26,88,000 | 5.75 | - | |
FSL | Firstsource Solutions Lim | MACQUARIE BANK LIMITED OBU | SELL | 28,30,000 | 6.22 | - | |
IFCI | IFCI Ltd. | ADROIT SHARE & STOCK BROKER PVT. LTD. | BUY | 95,60,546 | 26.09 | - | |
IFCI | IFCI Ltd. | ADROIT SHARE & STOCK BROKER PVT. LTD. | SELL | 95,84,546 | 24.85 | - | |
IFCI | IFCI Ltd. | ARUMUGASAMY O | BUY | 76,36,908 | 23.46 | - | |
IFCI | IFCI Ltd. | ARUMUGASAMY O | SELL | 10,861 | 25.55 | - | |
IFCI | IFCI Ltd. | GENUINE STOCK BROKERS PVT LTD | BUY | 57,08,524 | 24.52 | - | |
IFCI | IFCI Ltd. | GENUINE STOCK BROKERS PVT LTD | SELL | 57,08,524 | 24.53 | - | |
IFCI | IFCI Ltd. | THE ROYAL BANK OF SCOTLAND N.V | SELL | 41,92,000 | 23.95 | - | |
IFCI | IFCI Ltd. | THE ROYAL BANK OF SCOTLAND N.V. LONDON BRANCH | SELL | 63,44,000 | 23.72 | - | |
MANJUSHREE | Manjushree Technopack Ltd | RUPAK TRADING PVT LTD | SELL | 79,300 | 75.90 | - | |
PRAKASHSTL | Prakash Steelage Ltd | AASHIRWAD VINCOM PRIVATE LIMITED | SELL | 1,00,000 | 117.50 | - | |
PRAKASHSTL | Prakash Steelage Ltd | SWAGATAM MARKETING PVT LTD | BUY | 1,00,000 | 117.50 | - | |
SKUMARSYNF | S. Kumars Nationwide Ltd | MACQUARIE BANK LIMITED | SELL | 22,88,000 | 24.22 | - | |
SMARTLINK | Smartlink Network Sys Ltd | KAMALAKSHA RAMA NAIK | BUY | 2,11,112 | 52.65 | - | |
VIKASGLOB | Vikas GlobalOne Ltd | AMIT MITTAL HUF | SELL | 66,450 | 150.00 | - | |
VIKASGLOB | Vikas GlobalOne Ltd | ARVINDER SINGH PASRICHA | BUY | 84,000 | 150.00 | - |
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Tax Free Bonds from PFC & NHAI
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PFC & NHAI Tax Free Bonds.
The income by way of interest on these Bonds is fully exempt from Income Tax.There will be no deduction of tax at source from the interest, irrespective of the amount of the interest.
1. Power Finance Corporation Ltd
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2. National Highways Authority of India (NHAI)
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BSE, Bulk deals, 29/12/2011
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Deal Date | Scrip Code | Company | Client Name | Deal Type * | Quantity | Price ** | ||||
29/12/2011 | 502219 | Borosil Glass | BOROSIL GLASS WORKS LIMITED BUY BACK | B | 24000 | 850.00 | ||||
29/12/2011 | 511720 | Capman Fin | VINOD KOTHARI | S | 19000 | 9.35 | ||||
29/12/2011 | 511672 | Clarus Finance | NORFIOX VINCOM PVT LTD | S | 113663 | 62.30 | ||||
29/12/2011 | 524590 | Dinesh Allorga | HARSHAADBHAI HAJI SIRAJBHAI VAHORA | S | 17624 | 51.94 | ||||
29/12/2011 | 507528 | Eastern Sugar | VISHNU GOVIND DUBHASHI | B | 109000 | 13.65 | ||||
29/12/2011 | 507528 | Eastern Sugar | TOFIQUE AHMED BADGUJAR | S | 109000 | 13.65 | ||||
29/12/2011 | 533333 | Fineotex Chem | ECONOMIC BUILDTECH PRIVATE LIMITED | B | 60000 | 60.00 | ||||
29/12/2011 | 533333 | Fineotex Chem | MUKUND MOTOR PARTS PVT LTD | S | 60000 | 59.99 | ||||
29/12/2011 | 532843 | FORTIS | CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED | S | 2555761 | 86.47 | ||||
29/12/2011 | 530701 | Gomti Finlease | DYNAMIC SHIP RECYCLERS PRIVATE LIMITED | B | 124300 | 39.50 | ||||
29/12/2011 | 530701 | Gomti Finlease | TRADING LLP CHIRANIA | S | 125000 | 39.50 | ||||
29/12/2011 | 509148 | Govind Rubber-$ | RAHUL VINOD PODDAR | B | 715000 | 9.85 | ||||
29/12/2011 | 509148 | Govind Rubber-$ | OXEMBERG FASHIONS LTD. | S | 715000 | 9.85 | ||||
29/12/2011 | 531841 | Indus Finance Corp | S M S TOOLS PRIVATE LIMITED | B | 52000 | 32.65 | ||||
29/12/2011 | 530165 | Kanchan Intl | GANESH ANANT GHADGE | B | 30000 | 67.00 | ||||
29/12/2011 | 531515 | Mahan Inds | B M TRADERS | B | 1810000 | 0.20 | ||||
29/12/2011 | 531515 | Mahan Inds | B M TRADERS | S | 2000000 | 0.20 | ||||
29/12/2011 | 590117 | Mahaveer Infoway-$ | PRIYA SATISH SHAH | B | 30000 | 12.04 | ||||
29/12/2011 | 590117 | Mahaveer Infoway-$ | NILESH SHARE BROKERS LTD | S | 29000 | 12.07 | ||||
29/12/2011 | 532950 | Manjushree Techno | RUPAK TRADING PRIVATE LIMITED | S | 70700 | 76.01 | ||||
29/12/2011 | 505525 | Parichay Invest | SAURAV | S | 6229 | 35.05 | ||||
29/12/2011 | 531769 | PFL Infotech | USHA MEHTA | B | 85250 | 115.70 | ||||
29/12/2011 | 531769 | PFL Infotech | KANTA MEHTA | B | 82000 | 115.70 | ||||
29/12/2011 | 531769 | PFL Infotech | RITA MEHTA | B | 73100 | 115.70 | ||||
29/12/2011 | 531769 | PFL Infotech | REKHA MEHTA | B | 69750 | 115.70 | ||||
29/12/2011 | 531769 | PFL Infotech | P.R.B.SECURITIES PVT LTD | B | 95000 | 115.70 | ||||
29/12/2011 | 531769 | PFL Infotech | SATYAM RETAILS PRIVATE LIMITED | S | 200000 | 115.70 | ||||
29/12/2011 | 531769 | PFL Infotech | ALANKRIT RETAILS PRIVATE LIMITED | S | 300000 | 115.70 | ||||
29/12/2011 | 531769 | PFL Infotech | SUBHANKAR VINIMAY LIMITED | S | 51594 | 115.70 | ||||
29/12/2011 | 531769 | PFL Infotech | SWAGATAM TRADEVIN LIMITED | S | 210214 | 115.70 | ||||
29/12/2011 | 533239 | Prakash Steelage | SWAGATAM MARKETING PRIVATE LIMITED | B | 100000 | 117.50 | ||||
29/12/2011 | 533239 | Prakash Steelage | AASHIRWAD VINCOM PRIVATE LIMITED | S | 100000 | 117.50 | ||||
29/12/2011 | 504378 | Ravinay Trad | HOTEL POLO TOWERS PRIVATE LIMITED | B | 23000 | 317.86 | ||||
29/12/2011 | 531207 | Raymed Labs | MATHEW CHACKO | B | 34700 | 29.00 | ||||
29/12/2011 | 531207 | Raymed Labs | RITU ASHISH AGARWAL | S | 33000 | 29.00 | ||||
29/12/2011 | 531447 | ROCKON FIN | RAJENDRA KUMAR CHOUDHARY HUF | B | 1000000 | 4.90 | ||||
29/12/2011 | 531447 | ROCKON FIN | MAHESH CHANDAN RAVJI | S | 1500000 | 4.90 | ||||
29/12/2011 | 531886 | SCOPE IND | VENKATA SIVA GANGADHARARAO PARVATHANENI | B | 41253 | 15.47 | ||||
29/12/2011 | 530651 | Softech Inf | AANIR SHARES SERVICES | B | 31330 | 41.13 | ||||
29/12/2011 | 512048 | Splash Media & Infra | KALPTARU INVESTMENTS PRIVATE LTD | B | 500000 | 16.90 | ||||
29/12/2011 | 532812 | Transwarranty Fin | SATPAL KHATTAR | B | 680000 | 10.00 | ||||
29/12/2011 | 532812 | Transwarranty Fin | SWISS FINANCE CORPORATION (MAURITIUS) LTD | S | 680000 | 10.00 | ||||
29/12/2011 | 590091 | TRINETHRA IN | T RAM PRASAD | B | 250000 | 2.00 | ||||
* B - Buy, S - Sell | ||||||||||
** = Weighted Average Trade Price / Trade Price |
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