BSE, Bulk deals, 6/1/2012

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
6/1/2012	590114	Arunjyoti Enterprises	VINOD RAMESHBHAI HALPATI	B	100000	30.10
6/1/2012	512093	Cranes Soft	YUNUS ZIA	B	600000	1.58
6/1/2012	512093	Cranes Soft	ACACIA PARTNERS L.P	S	1151500	1.58
6/1/2012	531270	Dazzel Conf	NAILESH SWARUPCHAND MEHTA	B	800000	2.91
6/1/2012	531270	Dazzel Conf	YOGESHKUMAR SURESHBHAI PARMAR	B	847804	2.90
6/1/2012	531695	Dhvanil Chem	GANESH BHAGOJI KHAIRE	B	36000	29.85
6/1/2012	531695	Dhvanil Chem	NARENDRASINH KARANSINH RANA	S	40000	29.86
6/1/2012	526504	Dolphin Med	SANT LAL KHANEJA AND SONS (HUF)	B	110000	1.82

FII DERIVATIVES STATISTICS FOR 06-Jan-2012

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FII DERIVATIVES STATISTICS FOR 06-Jan-2012
	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	57456	1361.70	73003	1728.85	456118	10734.63	-367.14
INDEX OPTIONS	661852	15528.61	651431	15300.43	1196815	28415.62	228.18
STOCK FUTURES	65144	1556.23	76276	1800.23	1021180	24284.47	-244.00
STOCK OPTIONS	20080	477.68	20066	472.62	38090	943.79	5.06
						Total	-377.90

-- 

NSE, Bulk deals, 06-Jan-2012

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
06-Jan-2012	AARTIIND	Aarti Industries Ltd.	DILESH ROADLINES PVTLTD	SELL	4,80,773	47.75	-
06-Jan-2012	AARTIIND	Aarti Industries Ltd.	HETAL GOGRI GALA	BUY	4,80,773	47.75	-
06-Jan-2012	JISLDVREQS	Jain DVR Equity Shares	MORGAN STANLEY ASIA (SINGAPORE) PTE	BUY	1,06,524	35.00	-
06-Jan-2012	ORIENTPPR	Orient Paper & Ind Ltd	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	BUY	18,37,000	47.00	-
06-Jan-2012	RKDL	Ravi Kumar Distilleries	RAVIKUMAR RAMALINGAM	BUY	2,90,000	16.21	-
06-Jan-2012	STCINDIA	The State Trading Corpn	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	3,78,354	199.93	-
06-Jan-2012	STCINDIA	The State Trading Corpn	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	3,78,517	199.84	-
06-Jan-2012	VARDMNPOLY	Vardhman Polytex Limited	RANGOLI COMMODEAL PVT LTD	SELL	1,20,608	77.08	-

Categories Turnover (Rs. crore) Clients NRI Proprietary Trade Data

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 Categories Turnover

(Rs. crore)
	Clients			NRI			Proprietary
Trade Date	Buy	Sales	Net	Buy	Sales	Net	Buy	Sales	Net
6/1/12	1,284.76	1,275.12	9.64	0.35	0.27	0.08	484.26	464.74	19.52
5/1/12	1,269.47	1,266.36	3.11	0.36	0.36	-0.00	437.15	444.64	-7.50
4/1/12	1,473.26	1,461.53	11.73	0.39	0.26	0.13	508.66	519.74	-11.08
Jan , 12	6,163.18	6,228.40	-65.22	1.83	1.54	0.29	2,190.49	2,165.41	25.08
Since 1/1/12	6,163.18	6,228.40	-65.22	1.83	1.54	0.29	2,190.49	2,165.41	25.08

6/1/12: FII & DII Turnover (BSE + NSE) (Rs. crore)

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FII & DII Turnover (BSE + NSE)

(Rs. crore)
	FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
6/1/12	1,852.48	1,842.04	10.44	618.95	817.83	-198.88
5/1/12	2,247.61	1,866.19	381.42	795.65	1,084.86	-289.21
4/1/12	1,836.86	1,697.89	138.97	856.02	939.43	-83.41
Jan , 12	7,752.37	7,060.03	692.34	3,837.93	4,118.59	-280.66
Since 1/1/12   *	7,752.37	7,060.03	692.34	3,837.93	4,118.59	-280.66

'Stock markets are virtually breaking India Inc's back' ICICI Bank & Infosys chairman K V Kamath in Business Standard

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ICICI Bank & Infosys chairman K V Kamath says he expects things to improve vastly this year, with inflation peaking and interest rates set for a reversal.

In an interview with Business Standard, Kamath says he is surprised by the sharp correction in the stock markets and the rupee in an economy growing at seven per cent.

Edited excerpts:

'I'm more optimistic about 2012 than 2011'

You are known to be an eternal optimist. Given the current mood, have you shed that tag?

I'm probably a contrarian.

It's true there is a very deep mood of negativity right now.

But if I look around, I see a number of positive things.

Inflation has peaked and the back of food inflation is clearly broken.

So, the interest rate cycle is now due for a correction.

These things will cause a change in sentiments and I expect that will be visible shortly. I'm more optimistic about 2012 than 2011.

FMCG Q3FY12 Preview: A stronger quarter ahead:: Religare

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FMCG
Q3FY12 Preview: A stronger quarter ahead
We expect a strong quarter from our FMCG universe with topline/EBITDA/PAT
growth of 18%/19.5%/20.3% YoY, led by EBITDA margin expansion of 50bps—the
first margin uptick in four quarters. Potentially strong Q3 performers include
HUVR, ITC, MRCO, BRIT, GCPL, GSK Consumer and CLGT, whereas NEST,
APNT, UNSP and Dabur could deliver muted PAT growth. HUVR and ITC remain
our top picks, though select mid-caps look attractive as well (MRCO, BRIT, UNSP,
GSK Consumer, Emami) in the wake of strong large-cap outperformance.
v Expect sales growth of 18% YoY: We expect sales to increase by 17.9% YoY for
our FMCG universe, led by strong organic numbers from GCPL, BJCOR, MRCO,
NEST and BRIT. Volume growth is likely to remain steady with CLGT, MRCO and
BJCOR reporting healthy numbers. We expect large-caps HUVR and ITC to report
strong topline growth YoY at 16% and 18.5% respectively.
v Operating margins to improve 50bps YoY: The average operating margin for our
FMCG universe is likely to expand by 50bps YoY, the first increase in four quarters.
Though gross margins would still contract YoY for most companies due to the
higher raw material prices, the decline would be limited by a lower base and
flattening of input costs QoQ. We expect EBITDA margins to improve the most for
CLGT, GCPL, BRIT, HUVR and ITC while a few companies such as Dabur, JYL
and APNT will continue to witness YoY declines.
v Key issues to watch for: (1) Any signs that a consumer spending slowdown is
denting category volume growth. (2) Pricing action/strategy in highly competitive
categories such as shampoos, biscuits and detergents. (3) A&P spending trend post
weak H1FY12 spending. (4) Gross margin pressure on a QoQ basis. (5) Product mix
shifts across categories. (6) Forex impact.
v HUVR and ITC our top picks: HUVR and ITC remain our top picks in the sector.
However, following the strong outperformance of sector large-caps over mid-caps in
the last six months, the risk-reward has now turned favourable for select mid-caps.
Our preferred picks in the mid-cap space include MRCO, BRIT, GSK Consumer,
Emami and UNSP. We remain UNDERWEIGHT on CLGT, NEST, APNT, UBBL
and JYL.

PINC Sector Report - Automobile Monthly Sales Update

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PINC Sector Report - Automobile Monthly Sales Update

HOPE FOR A BETTER 2012

The passenger vehicle industry put in a sedate performance in the month of December with a single digit growth. 2011 started on a promising note with 20% plus growth in the first three months, however, mid way through the year all momentum was lost as rising interest rates and fuel price increases marred sentiment. With an improved performance in Nov and Dec’11, the industry can now look forward to 2012 with anticipation. The new year kicks off with the highly awaited Auto Expo’12 accompanied by a slew of launches. We expect the industry to return to growth from April’12 onwards aided by a softening in interest rates and a depleted base. During the month, Maruti Suzuki (MSIL) dispatches outperformed estimates with a boost from exports. Mahindra & Mahindra (M&M) had a mixed month as disappointme nt in the tractor volumes was compensated by a 25% growth in the automotive division. Commercial vehicle dispatches led by market leader Tata Motors posted a healthy growth on back of sustained demand for small commercial vehicles (SCVs). In the two wheeler space, market leader Hero MotoCorp (HMCL) belied concerns on growth after Bajaj Auto (BJAUT) and TVS Motor posted disappointing volumes. HMCL posted its second highest ever monthly volume, thus beating our estimates by 6%.

· Two-wheelers: HMCL dispatches defied gravity with a 0.7% MoM growth. Although BJAUT posted a YoY growth the management outlook on volumes was cautious. HMSI with increased capacity continued to pile pressure on TVS Motor in its bid to secure the number three spot.

· Passenger Vehicles: MSIL beat our estimates with an aid from exports. The company undertook a planned maintenance shutdown which limited volumes. M&M continues to ride the wave of XUV500 while Tata Motors posted strong volumes both on Indica and Indigo.

· Commercial Vehicles: MHCV makers posted mid single digit growth. LCV volumes continue to post strong growth on demand for the smaller variants.

Our Viewpoint

We expect the passenger car industry to end FY12 with flattish to mildly negative growth in the last quarter. Double digit growth is expected to make a come back in FY13 as monetary policy eases and low base effect kicks in. Although we are positive on the two wheeler industry, the industry could move out of the limelight as focus shifts back to the larger vehicles. Post the sharp correction in stock prices we have upgraded BJAUT and HMCL a notch higher to ‘BUY’ and ‘ACCUMULATE’ respectively.

Asset Under Management: India's top 15 Mutual Funds:: rediff

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The mutual fund industry took a hit of more than Rs 16,000 crore (Rs 160-billion) on its asset size during 2011, even as the newly-crowned market leader HDFC MF grew in size and consolidated its top position.

As per the latest quarterly data released by Association of Mutual Funds in India (AMFI), the cumulative average Asset Under Management (AUM) of all fund houses stood at about Rs 6,87,640 crore (Rs 6,876.40 billion) in the last quarter of 2011.

This marked a decline of Rs 16,040 crore (Rs 160.40 billion) from a total of Rs 7,03,680 crore (Rs 7,036.80 billion) in the first quarter or January-March period of 2011.

Here's a look at India's top 15 Mutual Funds in terms of Asset Under Management...
1. HDFC Mutual Fund

At the end of 2011, HDFC Mutual Fund retained its leadership position. HDFC MF was the only one among top five fund houses to register an increase in this period, as the remaining four saw their AUMs decline.

Average AUM: Rs 88,737.07 crore 

2. Reliance MF

Average AUM: Rs 84,300.35 crore

3. ICICI Prudential MF 
Average AUM: Rs 69,472.08 crore

Retail Q3FY12 preview: A mixed bag ::Religare

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Retail
Q3FY12 preview: A mixed bag
We expect our retail universe to report a strong 21.8% YoY revenue growth for
Q3FY12 on strong performances by JUBI, TTAN and BATA. At the same time, a
key metric to monitor would be volume growth deceleration across categories due
to high inflation, a spike in apparel prices and increase in gold prices. We maintain
that discretionary spends would likely remain under pressure going forward, given
the slowing GDP growth that would in turn pressurise margins. Our top pick in the
space is BATA, and we remain UNDERWEIGHT on JUBI, TTAN and SHOP.
v BATA to maintain strong growth trajectory: We expect BATA to report a strong
25% revenue growth led by robust double-digit volume growth, which would in turn
be driven by space addition. We expect margin improvement for the company to
continue with Q4CY11 margins likely improving 180bps YoY due to leverage on
employee costs and overheads. PAT growth for BATA will be the strongest ever at
42% YoY to Rs 490mn.
v TTAN to witness marginal slowdown in jewellery volumes, largely compensated
by higher gold prices: We expect TTAN’s jewellery volumes to see a low
single-digit drop led by high gold prices (up 39% YoY for the quarter); the business
would see value growth of 37%. The Watches business would likely see 15%
revenue growth (led by a 5−7% price hike). While EBITDA margins would likely
contract ~70bps YoY due to lower margins in the watches business, PAT would see
a strong 27% YoY growth to Rs 1.75bn.
v JUBI to see marginal growth moderation: JUBI is likely to report a strong 40%
growth in revenues with same-store-sales (SSS) growth at ~25% levels. We expect a
gradual tapering off in SSS growth going forward, as the outlook on discretionary
spends remains muted. EBITDA margins are likely to improve by 65bps YoY as the
company has taken a ~5% price increase to counter input cost inflation. We expect
PAT growth for JUBI at 36% YoY to Rs 258 mn.
v High interest costs to impact PF earnings: PF is likely to see a slowdown in SSS
growth (2−3% levels) as Diwali sales have not been strong for the company. We
expect PF to report a 13% YoY increase in sales led largely by space addition. While
margins are likely to improve 60bps YoY, a 30% YoY increase in interest costs to
Rs 1.4bn will impact PAT growth for the company (expect a 4.6% YoY decline in
PAT to Rs 451mn).
v SHOP to report PAT of Rs 86mn in Q3FY12: SHOP’s Q3FY12 consolidated
revenues are likely to grow 16.5% YoY to Rs 8bn driven by high single-digit SSS
growth. Standalone sales are likely to see a growth 13% YoY while HyperCity sales
25% YoY. EBITDA margins, however, could dip by 60bps YoY on account of
consolidation of HyperCity losses, while PAT would likely plummet by 48% YoY to
Rs 86mn.

Jan 2012: PINC Sector Report – Pharma Monthly Update

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PINC Sector Report – Pharma Monthly Update

NEWS ROUNDUP FOR THE MONTH-DECEMBER

DOMESTIC:

·         Ranbaxy launches generic version of Lipitor with a profit sharing deal with Teva·         Ranbaxy launches authorized generic version of Caduet
·         Ranbaxy signs consent decree with the USFDA
·         Ranbaxy Labs' consent decree could engulf multiple facilities
·         Dr Reddy's shifts drug discovery focus away from heart diseases
·         Dr Reddy's offers VRS to Mexico arm employees
·         Dr Reddy's splits its marketing division, Acura to resurrect its ailing domestic business
·         Dr Reddy's plans Lipitor generic launch in June
·         Dr Reddy's launches pain treatment cream 'Supamove' in India
·         Lupin's generic Fortamet launch is prohibited due to grant of Preliminary injunction
·         Lupin eyes USD300mn revenues from Japan in the next 2 years
·         Lupin to replicate Japan model for expansion in various markets
·         Lupin receives final approval for Tricor
·         Glenmark to initiate filing for Crofelemer as Salix submits NDA
·         Glenmark gets DCGI nod for phase III trials of Crofelemer in India
·         Sun Pharma's Dilip Shanghvi buys 3.5% stake in Natco Pharma
·         IsZo Capital Management LP, minority shareholder of Taro rejects Sun Pharma's Taro acquisition proposal
·         Cadila acquires Biochem Pharmaceuticals
·         Orchid Chemicals gets USD1.5mn milestone payment from Merck
·         Orchid Chemicals to raise USD100mn ECBs to redeem its outstanding FCCBs
·         Clinigene, subsidiary of Biocon enters into collaborative clinical research services agreement with Pacific Biomarkers
·         Opto Circuits US arm supplies cardiac devices to Australian soccer clubs

 

GLOBAL:

·         Teva failed to win US clearance for the first OTC emergency contraceptive·         WHO approves Mylan generic HIV drugs for use in developing world
·         Mylan wins ruling, overturning generic Doryx antibiotic ban
·         Amgen plans to team up with Watson on generics
·         GSK to sell non core OTC brands in US and Canada to Prestige Brands Holdings for USD660mn

INDUSTRY:

• 500 drug companies told to pay Rs40bn penalty for over charging

 

Why we are bad with debt :: Business Line

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icture this. Your friend has several outstanding loans including credit card payments. He wants you to advise him in managing his mounting debt. What would you advice him?

You will most likely recommend that your friend prepare a monthly schedule and start paying down his costly debt first. This would be, indeed, logical; for paying off costly debt first would reduce the interest cost.

Experiments conducted by researchers in this area, however, suggest individuals behave in a different manner. Suppose there are three loans outstanding- Rs 50,000 at 19 per cent interest, Rs 25,000 at 15 per cent and Rs 75,000 at 18 per cent interest. According to the researchers, individuals are more likely to pay down the Rs 25,000 loan at 15 per cent, even though paying down the 19 per cent loan makes economic sense. Why?

PRIORITISING PAYMENTS

When you have multiple loans, you are overwhelmed by the need to prioritise your payments. Neuroscience has shown that our brain typically fails in its logical thinking when it is “overburdened” by complex tasks. We typically overcome this problem by breaking down a complex problem into smaller parts.

In the case of personal debt, breaking-into-smaller-parts could mean reducing the number of loans outstanding. And this prompts individuals to fully pay the smallest loan first, even if that loan carries a lower interest rate! This behaviour is termed debt account aversion, the preference to pay down the smallest loan first and reduce the list of mounting debt, even when there are larger loans with higher interest rate.

But it is not as if we always suffer debt account aversion. What if your friend has only Rs 15,000 to repay a loan? Then, your friend is more likely to repay the costliest loan first, for repaying even the smallest loan will not reduce the list of loans outstanding. Further, debt account aversion can be moderated by nudging people to take an optimal decision, showing them how much they can save by paying the high-cost debt first.