03 January 2012

Yes Bank - Consolidation on cards; profitability intact; visit note; Buy :Edelweiss

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Yes Bank (YES IN, INR 232, Buy)

We recently met the Yes Bank management. Strategically, the bank maintains its stance of consolidating balance sheet growth (targeting ~30% growth for FY12-13 vis-à-vis 60% CAGR over FY09-11). Along with this, focus continues on garnering non-interest (fee based) income from loan syndication and other financial advisory activities and maintenance of NIMs. Accretion in savings account balances under the recently announced differential interest rate scheme (for deposits above INR0.1mn) will likely see uptick over the next 1-2 quarters while customer enquiries and new account openings continue at a rapid pace. Superior asset quality continues, although Q4FY12 may witness some restructurings. Management maintains that Yes Bank can manage without capital infusion for the next 12 months as pace of growth moderates, forex activity reduces (post RBI guidelines) and the bank steps up focus on getting higher proportion of the portfolio rated. We maintain ‘BUY’ with target price of INR 335.

Balance sheet growth: Consolidation ahead
Yes Bank is prioritising asset quality and margin maintenance over growth for the near term with guidance of 30% balance sheet growth for FY12-13. Within this, advances are likely to clock 20% plus growth; however, customer assets, i.e., advances and credit substitutes combined, are likely grow at 30% over FY12-13E. Within credit substitutes, primarily bonds is the instrument resorted to and not commercial papers. Also, off late, the bank is building duration in the portfolio (to ~2.5 years).

Savings account: 7% interest rate to reflect in increased balance
The bank’s recent hike in savings bank rate from 4% to 6% post deregulation to 7% recently for balances above INR0.1mn is leading to increased customer enquiries and interest. Consequently, rise in account balances is likely to follow suit although with a slight lag (1-2 quarter). Currently, the bank’s average savings account stands at INR45k-50k, with 7-8% of accounts at INR0.1mn and above as balance. The average balance appears on the higher side as Yes Bank primarily targets high profile customers who can be further tapped for other fee-based activities.

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2012: Smart ways to save tax & take advantage of DTC (ET)

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Over the next 90 days, millions of Indian taxpayers will wrap up their tax planning for 2011-12. Unlike in the past, this year's tax planning will be quite different as not only have the rules changed, but many of the goal posts have also shifted.

The biggest change is that the favourite tax-saving instrument of risk-averse investors has now become market-linked. The Public Provident Fund (PPF) will give returns that are 25 basis points above the benchmark yield of the 10-year government bond.

Then there is the Direct Taxes Code that may come into effect from April this year. There is also a small, but significant, change for senior citizens.

Last year's budget lowered the age limit for senior citizen taxpayers from 65 to 60. It also introduced a new category of very senior citizens above 80 with a big exemption of Rs 5 lakh. Despite these alterations, some fundamental principles of tax planning remain unchanged.

Your tax planning should still be guided by your overall financial planning. "Don't go by advertisements because not all tax-saving investments will suit you," says Mumbai-based financial planner Kalpesh Ashar.

Your choice of instruments should depend on how soon you need the money, your expectations of returns and ability to take risk. Let us look at the instruments that different types of investors should have in their tax-saving portfolio this year.

Take the ELSS advantage: For the taxpayers who embraced market risk by investing in equity-linked savings schemes (ELSS), this may be the last year for investing in this category. The DTC has not included ELSS in the list of tax-saving options. These funds have the shortest lock-in period of three years among all Section 80C instruments. So, your funds are not tied up for five years as in fixed deposits (FDs) and National Savings Certificates (NSCs).

"Given the three-year lock-in period and the level at which the markets are now, it is unlikely that an investor will lose money by investing in ELSS," says financial consultant Surya Bhatia.
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The low minimum investment in these funds (you can start with as little as Rs 500) makes them an ideal stepping stone for the rookie investor.

However, don't forget that ELSS funds can be risky. So invest systematically rather than in a lump sum. Remember, you have to invest the money before 31 March.

"There is a lot of uncertainty in the market now and it is best to exercise caution and stagger investments in ELSS funds," says Ajit Menon, executive vice-president and head of sales and marketing, DSP BlackRock Mutual Fund.

Investors can also opt for equity exposure through Ulips. Unlike ELSS funds that cannot be touched during the lock-in period, these insurance-cum-investment plans allow policyholders to tweak the equity and debt allocation according to the market conditions. The New Pension Scheme also gives equity exposure, but this is limited to a maximum of 50% of the corpus.

Save extra Rs 9,270 through the PPF this year: The overall limit for investing in the PPF has been raised to Rs 1 lakh now from Rs 70,000 earlier. For someone in the highest tax bracket, this enhanced limit of Rs 30,000 means a potential tax saving of Rs 9,270 a year. "By itself, the PPF is a good long-term investment option, even if it is not done because of tax planning," says Bhatia. 
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External Trade - Trade deficit normalises :Edelweiss

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Trade deficit narrowed to ~USD13.6bn in November from record high of ~USD19.6bn in October as both exports and non-oil imports normalised from exaggrated levels in the previous month. Broadly, exports have been moderating owing to weakness in external demand and discontinuation of DEPB benefits, although high base is exaggerating the slowdown. Imports, meanwhile, are still buoyant owing to high crude oil and gold imports. Going ahead, substantial depreciation of INR (~12% during April-November on REER basis) will definitely bring favourable adjustments on trade account over the medium term, although in the near term, deficit is expected to remain around the current level.

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FII DERIVATIVES STATISTICS FOR 03-Jan-2012

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FII DERIVATIVES STATISTICS FOR 03-Jan-2012 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES807931909.16480711143.2343054110132.65765.93
INDEX OPTIONS3846428998.523847958963.42104104124769.8435.10
STOCK FUTURES525491246.0837587872.6698618323454.03373.42
STOCK OPTIONS15985377.7816326386.9731521791.29-9.19
      Total1165.27
 

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BSE, Bulk deals, 3/1/2012

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Deal DateScrip CodeCompanyClient NameDeal Type *QuantityPrice **
3/1/2012502330AP PaperKBS PROPERTIES PRIVATE LIMITEDB402000128.20
3/1/2012502330AP PaperTRINITY INFRATECH PRIVATE LIMITEDS402000128.20
3/1/2012531568Ashutosh PaperSARA INTERNATIONAL LTDB45000155.00
3/1/2012532047Asian FilmsCOMPUTER APPLICATION AND SYSTEMS PRIVATE LIMITEDB850001.34
3/1/2012532047Asian FilmsINDRAVARUN TRADE IMPEX PVT LTDS1542211.34
3/1/2012505029Atlas CycleCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDB17105293.88
3/1/2012505029Atlas CycleCROSSEAS CAPITAL SERVICES PRIVATE LIMITEDS17105294.29
3/1/2012532797Autoline IndsMUKUND MOTOR PARTS PVT.LTD.S70000103.15
3/1/2012502219Borosil GlassBOROSIL GLASS WORKS LIMITED BUY BACKB35008849.79
3/1/2012509011CHISELMITAL MITAL SHETHS1000046.05
3/1/2012511672Clarus FinanceMEENAKSHI MERCANTILES LTDB30000062.78
3/1/2012511672Clarus FinanceHOTEL POLO TOWERS PRIVATE LIMITEDB12500062.40
3/1/2012511672Clarus FinanceOVERALL VINCOM PRIVATE LIMITEDS9824162.80
3/1/2012511672Clarus FinanceGOLDMINE BARTER PRIVATE LIMITEDS10000062.75
3/1/2012511672Clarus FinanceBHOLEBABA SUPPLIERS PRIVATE LIMITEDS15000062.53
3/1/2012531270Dazzel ConfYOGESHKUMAR SURESHBHAI PARMARS8521462.56
3/1/2012533333Fineotex ChemPRABUDH SECURITIES PRIVATE LIMITEDB9119663.16
3/1/2012533333Fineotex ChemSHAH MALVIKAS7500063.19
3/1/2012532951GSS InfotechMINAL BHARAT PATELB35000039.12
3/1/2012532951GSS InfotechMADHUKAR CHIMANLAL SHETHB50000042.30
3/1/2012532951GSS InfotechCHIRAAYUSH STOCK CONSULTANTS PRIVATE LIMITEDB15280441.40
3/1/2012532951GSS InfotechBP FINTRADE PRIVATE LIMITEDB18661241.26
3/1/2012532951GSS InfotechBHARGAV MAREPALLYS50000042.30
3/1/2012532951GSS InfotechBP FINTRADE PRIVATE LIMITEDS19471541.92
3/1/2012532951GSS InfotechCHIRAAYUSH STOCK CONSULTANTS PRIVATE LIMITEDS15280442.55
3/1/2012532951GSS InfotechCHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITEDS25000038.55
3/1/2012532951GSS InfotechRELIGARE FINVEST LTDS13960038.60
3/1/2012524754Gujarat MediGOLD DUST TRADING COB12385220.01
3/1/2012524754Gujarat MediVASANTBEN H. PATILS3500020.10
3/1/2012524754Gujarat MediRITABEN N. PATILS3500020.05
3/1/2012524754Gujarat MediKOMAL A. PATILS3500020.00
3/1/2012514312Jaihind SynSURESH JAYANTILAL SHAHS3000010.43
3/1/2012531401Khodiyar IndsJITENDRA RAMJI MAJETHIAB650005.44
3/1/2012531401Khodiyar IndsASHOK RAMJI MAJETHIAS400005.44
3/1/2012506128Krishna DeepADVENT TRADELINK PRIVATE LIMITEDB25000143.85
3/1/2012531206Kwality CredPARAM COMMODITIES PRIVATE LIMITEDS2377138.75
3/1/2012530971Nimbus IndsPUSHPABEN VELJIBHAI SHETAS1940080.13
3/1/2012505525Parichay InvestSANJAY BHIKHABHAI PATELS1500033.05
3/1/2012511734Pasupati FinUSMANBHAI KADADBHAI NURANIB3041924.09
3/1/2012511734Pasupati FinKIRTI ANIL MISTRYB2500023.91
3/1/2012511734Pasupati FinANIL JAIKISHANDAS MISTRYB2500023.91
3/1/2012511734Pasupati FinUSMANBHAI KADADBHAI NURANIS2579124.09
3/1/2012511734Pasupati FinAMIT KRISHNAKANT THAKKERS3939724.18
3/1/2012511734Pasupati FinPASUPATI OLEFIN LIMITEDS10000023.90
3/1/2012531769PFL InfotechRAJ ORGANISERSB5000099.30
3/1/2012531769PFL InfotechTRISHUL VINTRADE PRIVATE LIMITEDS18000099.30
3/1/2012531769PFL InfotechOVERALL VINIMAY PRIVATE LIMITEDS12000099.30
3/1/2012531769PFL InfotechGOLDMINE BARTER PRIVATE LIMITEDS4746899.30
3/1/2012512481Polytex IndiaJIGAR PRAFUL GHOGHARIB88000128.00
3/1/2012531855Prabhav IndsSAR AUTO PRODUCTS LIMITEDB3177262.83
3/1/2012531855Prabhav IndsBHAGWANJI DHARAMSHI PATELS2500002.83
3/1/2012532675Prithvi InfoKARUNAKAR PAJJURIB9761111.96
3/1/2012532675Prithvi InfoINDUSTRIAL DEVELOPMENT BANK OF INDIAS11193611.93
3/1/2012533294Ravi Kumar DistUPSURGE INVESTMENT AND FINANCE LTDS14498015.85
3/1/2012504378Ravinay TradHOTEL POLO TOWERS PRIVATE LIMITEDB27500362.89
3/1/2012531886SCOPE INDAMIT SURYAKANTBHAI SONIB12624716.66
3/1/2012531886SCOPE INDAMIT SURYAKANTBHAI SONIS12366916.63
3/1/2012531886SCOPE INDSREENIVAS REDDY KALLEMS6609916.68
3/1/2012530651Softech InfPALAK DEVANG LAVSIB2000037.14
3/1/2012512413SPECTACLEJIGAR P GHOGHARIS5772895.65
3/1/2012532444T Spir WorldBP FINTRADE PRIVATE LIMITEDB3249841.06
3/1/2012532444T Spir WorldBP FINTRADE PRIVATE LIMITEDS1464841.15
3/1/2012590111VAISHNAVIGOPALA KRISHNA BONAMB972518.03
3/1/2012590111VAISHNAVIASHWANI KUMAR AGARWALB1000008.21
3/1/2012590111VAISHNAVIASHWANI KUMAR AGARWALS1910927.73
3/1/2012511431Vakrangee Soft-$VAKRANGEE HOLDINGS PRIVATE LIMITEDB155000327.00
3/1/2012511431Vakrangee Soft-$DINESH BIRDILAL NANDWANAS155000327.00
3/1/2012590013XPRO IndiaRAM MURTHI KUNDRAB3629852.83
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

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