Engineering & Capital Goods - PGCIL's second HVDC project on fast track; Edelweiss PDF link

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As per our channel check, Alstom T&D emerged L1 in PGCIL’s 800KV HVDC order of WR-NR corridor from Champa in Chhattisgarh to Kurukshetra in Haryana recently. The order is expected to be worth ~INR25bn and is part of the fifth High Capacity Power transmission corridor (HCPTC) which is worth INR 288bn. The total value of 9 HCPTC corridors in around INR 580bn. As we understand, the bid by L1 player was 10% lower than L2. We consider these price bids aggressive and see operating profitability of the sector clearly at risk.

Pharmaceuticals- On a feverish pitch; ; Edelweiss PDF link

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Post a strong outperformance to broader market over the past three years (Jan 2009-Dec 2011), valuations in pharma stocks have now peaked and we believe that the risk-reward is turning unfavorable as beyond FY13, companies will face growth challenges for ~60%-65% of the business. While revenue growth may remain numb, earnings are likely to see a higher deceleration from margin pressures due to various operational and regulatory challenges in the US and India.

Reliance Monthly Income Plan: Invest ::Business Line

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Voltas (VOLT IN, INR 109, Hold) We met the senior management of Voltas ::Edelweiss PDF link

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Voltas (VOLT IN, INR 109, Hold)

We met the senior management of Voltas (VOLT) today. The company indicated that tough times persist across segments. In the international EMPS business, while few pockets like Dubai are seeing some revival in order flows, other larger areas continue to face delays in project finalisation. Owing to extended winter, volumes and margins in the UCP business are expected to remain under pressure during Q4FY12. We maintain ‘HOLD’ with target price at INR112.

Pointers for good home loans::CEO, BankBazaar.com in Business Line

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We are planning to take up a home loan. Kindly advice me, regarding the various home loans and EMI plans.

— Anis Hansari

Before approaching a bank for your home loan, there are a few things you might like to make sure of. Here is a partial checklist to help you customise one before you opt for a loan.

* Do you have enough down payment?

You are now expected to shell out 20 per cent of the property value as down payment, while the rest will be provided as the loan from your bank. Also, stamp duty, registration and such charges will now be excluded from your home loan, which means you need to make allowance for that as well.

* Should you opt for a floating interest rate loan?

Banks do offer fixed and floating interest rate loans. Floating interest rate loans are a better bet in the current interest rate climate, as after several consecutive rate hikes last year, things are expected to take a downturn now, and interest rates are expected to fall. To make sure you can benefit from this, it's best to opt for a floating interest rate loan.

* Are you loan eligible?

Make sure that you have a good credit repayment record. For instance, if you use your credit card regularly, make sure that you have made all your payments within your due date, and have paid the amount due in full. This is important, as banks check how you have dealt with different forms of credit in the past. This includes credit card repayments and past loan repayments, like a car loan or personal loan.

Banks usually lend you around 40 per cent of your income as a loan. If you feel that may not help your cause, try to club your income with your earning spouse or parent, to increase the loan amount you are eligible for. Make sure you have 3-6 months of EMI shored up at the bank, apart from sufficient down payment, and funds related to home purchase and furnishing. This will make sure you aren't stumped in case of an emergency.

* Check the bank and builder's performance record.

Try to locate a pre-approved property, as loans will get easily sanctioned for such properties, as they would have already been approved choices for a loan, having passed the stringent verification processes of the bank.

Also, check the bank's performance record, how its past loan customers perceive it etc, so that you have peace of mind during the loan repayment period.

(Adhil Shetty, CEO, BankBazaar.com, will respond to questions

on home loans

FII DERIVATIVES STATISTICS FOR 27-Mar-2012

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FII DERIVATIVES STATISTICS FOR 27-Mar-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	223748	5827.30	244263	6383.15	748512	19589.54	-555.84
INDEX OPTIONS	878642	22870.96	910731	23673.17	2032657	53282.76	-802.21
STOCK FUTURES	259976	7596.13	235879	6923.11	1051463	29721.49	673.01
STOCK OPTIONS	19410	521.66	17017	467.54	52336	1433.54	54.12
						Total	-630.92

 

L&T Finance acquires Fidelity's India mutual fund business

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L&T Finance (LTF), a subsidiary of L&T Finance Holdings (LTFH), has acquired FIL Fund Management (Fidelity AMC) and FIL Trustee company, engaged in mutual fund business in India. However, the deal is yet to get regulatory approvals, the non-banking finance company said in a notice sent to stock exchanges.

"This acquisition provides L&T Mutual Fund the necessary scale, products and access to retail customers to grow profitably," Y. M. Deosthalee, CMD of L&T Finance Holdings was quoted saying.

"With this acquisition we are one step closer to achieving our vision of being among the top players in the Indian mutual fund industry. We remain committed to that goal and look forward to building one of India's most admired asset management businesses."

Incorporated in 2004 Fidelity AMC manages an average asset under management (AUM) of Rs 8,881 crore for the quarter ended December 2011. Majority of its asset (around 68%) are equity oriented. It has a market share of 1.3%.

"Its equity assets are the 10th largest in India with a market share of 3.1%. Further, in the past 3 years, the fund performance has resulted in 4 of its 5 equity funds being ranked amongst top 10 in their respective category," said the notice.

L&T Financial Services established its presence in the mutual fund industry through the acquisition of the mutual fund business of DBS Chola in January 2010. Since then, L&T Mutual Fund has grown its total average AUM by a CAGR in excess of 33% to Rs 4,616 crore (average AUM for the quarter ended December 2011).

March 28: Vivek Patil Weekly Technical Analysis: ICICI PDF link

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Weekly Technical Analysis March 26,2012 - By Vivek Patil, India's foremost expert in Elliot Wave Analysis   Top Stories of the Week Sensex trades volatile ends marginally lower. Dinesh Trivedi resigns as Railway Minister, another TMC leader takes on. New Rail Minister announces roll-back of freight hikes. Number of India's poor fell to 29.8% of population. Credit Card spend hits 4-month low in 'January. IMF forecasts 7% growth for India in FY13. Market tanks after draft CAG report mention huge loss to exchequer on coal. CAG denies report, FM says 90% draft report are generally dropped. Rupee slips to 2-month low against Dollar. Goldman Sachs upgrades Indian stocks from Underweight to Market Weight.

Deja Vu All over again - Howard Marks March 2012 :PDF link

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Please find the latest Memo from Howard Marks of Oaktree capital.

Enjoy Reading


Link to the Memo
http://www.oaktreecapital.com/MemoTree/Déjà%20Vu%20All%20Over%20Again%2003_19_12.pdf

March 28: Emkaynomics Fortnightly round up of key banking and economic indicators

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Emkaynomics Fortnightly round up of key banking and economic indicators ·      Non-food credit growth for the period ended March 9th came in upwards at 16.2% yoy. Assuming a 2% f-o-f# increase in credit demand (also equivalent in FY11), we expect credit growth for FY12 to come in at ~16% yoy.  ·      Deposit growth has remained fragile for better part of Q4 and came in at 13.8% yoy. Growth in TD has eased to sub-16% levels. Assuming 1% f-o-f# growth in deposits we expect growth to come in at sub-14% yoy for FY12 ·      An uptick in credit demand with corresponding easing in deposit base has resulted in CD ratio in recent times. CD ratio has moved upwards to 77% levels. Inc. CDR stood at 85% levels.  TTM CD too stood at 88% levels ·      Feb’12 WPI inflation at 6.95% was primarily driven by higher primary food inflation 6.1% vs -0.5% in Jan’ 12. Decline in manufacturing inflation at 5.7% was accompanied by a sharper MoM 95bps drop in core inflation ·      M3 growth has eased further to 13.2% levels, clearly reflecting slowing investment and savings demand. LAF window continues to remain in deficit mode with average borrowings at Rs1.4tn (2%+ of NDTL) for whole of Mar’12 ·      CRR cut + OMO operations have done fairly well to hold on rates. However, concerns on inflation due to fuel price hike and longer than expected time for monetary easing has resulted in increase in yields ·      Long-end/short-end G-sec stood at 8.4%/8.16% as at 23rd Mar, 2012. However, the spreads between the long and short end OIS have widened further to over -200bps now *f-o-f denotes fortnight over fortnight

Click here to read report: Emkaynomics

Angel Broking - Initiating Coverage - Jyothy Laboratories

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 Initiating Coverage on Jyothy Laboratories with a Buy recommendation and a Target Price of `248 (12 months).

Exploring new opportunities with Henkel’s acquisition

Jyothy Laboratories Ltd. (JLL), a company having three brands, is set to transform into a multi-brand company with the acquisition of an 83.7% stake in Henkel India (Henkel), which owns seven brands. As a result of this synergy, we expect JLL’s consolidated revenue to post a CAGR of 35% to`1,627cr and profit to post a CAGR of 36% to `166cr over FY2011-14E. We initiate coverage on JLL with a Buy recommendation and a target price of `248, based on SOTP valuation.

March 28: Morning News (click on link to read article) IFCI research,

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Morning News (click on link to read article)

Economic Times		Business Standard
Ø  L & T bags Rs 1,700 crore order from Tata Steel Ø  GAIL targets transmitting 121.55 mmcmd gas in FY13 Ø  Indian jewellers body hopes for removal of excise levy Ø  India's N-plants produce 32,000 million units of power Ø  US to put curbs against nations importing Iranian oil Ø  Tata Steel ups borrowing limit to Rs 50,000 crore		Ø  L&T Finance buys out Fidelity's India MF arm Ø  Rupee jumps 58 paise vs dollar, snaps 5-session falling string Ø  Oil above $125, supply concerns support Ø  DIIs net sellers of Rs 290 cr in cash mkt today Ø  Extension of tax waiver to private PF trusts likely Ø  Tata Global to buy 4% more in Mount Everest
Business Line		Mint
Ø  Petro dealers seek Rs 2/litre cut in diesel tax rates Ø  Power Grid okays Rs 9,884 cr worth investments Ø  India's wind energy potential is over 2,000 GW Ø  Sadbhav Engg may bag 110-km national highway project; beats 15 bidders Ø  Gold loan firms to meet RBI over new lending norms Ø  NBCC public issue subscribed 5 times		Ø  Air India approves direct import of ATF to cut costs Ø  Coal, capacity continue to weigh on NTPC Ø  Patni gets Rio Tinto outsourcing order Ø  China’s soft landing calls for cautious commodity outlook Ø  DRL may seal pact with Fujifilm for Japanese JV by June Ø  Stake sale in Nalco under active consideration: Govt
Financial Express		Financial Chronicle
Ø  Financial holding company to leverage its capital base Ø  Reliance looks to sell pipeline biz, earn $1 bn Ø  India in world's most eco confident list Ø  SBI hikes fixed deposit rates by up to 1% Ø  ELSS better than PPF, NSC: Crisil Ø  L&T Fin to buy Fidelity mutual fund biz		Ø  Fall in KG-D6 gas output to hit power units of 14,950 mw Ø  SBI raises short-term FD rates by up to 1% Ø  DGH rejects RIL plea on KG-D6 reservoir complexity Ø  CCI approves merger of subsidiaries with RInfra Ø  GTL Infra admits undisclosed income of Rs 500 cr to I-T Dept Ø  Kingfisher stops operations to many cities ; asks staff to stay at home

   (Click on link to view article)

Thanks and Regards

IFIN: IFCI Financial Services Limited