21/5/12: : FII trading activity on BSE and NSE on Capital Market Segment

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FII trading activity on BSE and NSE on Capital Market Segment

FII trading activity on BSE and NSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sale Value	Net Value
FII	21/5/12	1,334.72	1,414.31	-79.59
Disclaimer: FII trading data across BSE and NSE collated on the basis of trades executed today by FIIs on BSE and NSE. This trade data is provisional and subject to change, inter-alia, on account of custodial confirmation process, modifications etc.

21/5/12: DII trading activity on BSE and NSE on Capital Market Segment.

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DII trading activity on BSE and NSE on Capital Market Segment.

DII trading activity on BSE and NSE on Capital Market Segment(In Rs.Crores) Category Date Buy Value Sale Value Net Value DII 21/5/12 662.44 513.24 149.20

DII trading data across BSE and NSE collated on the basis of trades executed today by Banks, DFIs,Insurance and MFs on BSE and NSE. This trade data is provisional and subject to change, inter-alia, on account of custodial confirmation process, modifications etc.

21/5/12: Categories Turnover (BSE) (Rs. crore) Clients NRI Proprietary Trade Data

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Categories Turnover (BSE)

(Rs. crore)
	Clients			NRI			Proprietary
Trade Date	Buy	Sales	Net	Buy	Sales	Net	Buy	Sales	Net
21/5/12	1,048.56	1,047.66	0.90	1.57	0.93	0.64	396.14	398.40	-2.26
18/5/12	1,289.97	1,303.25	-13.28	0.49	4.20	-3.71	589.16	547.55	41.62
17/5/12	1,156.48	1,128.08	28.39	1.07	3.86	-2.80	464.08	485.98	-21.90
May , 12	17,196.02	17,350.42	-154.40	14.74	18.45	-3.70	6,975.62	7,112.00	-136.39
Since 1/1/12	163,418.38	165,655.43	-2,237.05	119.32	109.99	9.33	59,341.19	58,258.52	1,082.67

Disclaimer: The above figures (for the trading day April 24, 2012) do not include the data for the extended trading session on the occasion of Akshaya Tritiya. DII and FII turnover is consolidated information of BSE and NSE. BSE data is compiled on the basis of marking of 'client type' while executing orders on BOLT-TWS in equity segment. NSE Data has been compiled on the basis of trading codes entered by the trading members at the time of order entry and corresponding client category classification provided by the trading members as part of unique client code details upload. NRI - Non Resident Indians FII - Foreign Institutional Investors DII -Domestic Institutional Investors (Includes Bank, DFIs, Insurance, New Pension Scheme and MF).

NSE, Bulk deals, 21-May-2012

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
21-May-2012	KFA	Kingfisher Airlines Ltd.	TRANSGLOBAL SECURITIES LTD.	BUY	34,08,092	13.09	-
21-May-2012	KFA	Kingfisher Airlines Ltd.	TRANSGLOBAL SECURITIES LTD.	SELL	33,78,154	13.09	-
21-May-2012	KIRIINDUS	Kiri Industries Limited	HIND FILTERS Ltd.	SELL	1,04,000	36.71	-
21-May-2012	KOTARISUG	Kothari Sugars And Chemic	MR S N RAJAN	SELL	5,00,000	9.33	-
21-May-2012	KOTARISUG	Kothari Sugars And Chemic	Minal Patel	BUY	6,09,055	9.30	-
21-May-2012	KOTARISUG	Kothari Sugars And Chemic	Minal Patel	SELL	40,95,000	10.00	-
21-May-2012	KOTARISUG	Kothari Sugars And Chemic	PARVATHI TRADING AND FINANCE COMPANY PVT LTD	BUY	41,00,000	10.00	-
21-May-2012	MANUGRAPH	Manugraph India Ltd.	MONEYBEE SECURITIES PRIVATE LIMITED	SELL	1,90,000	52.21	-
21-May-2012	SHALPAINTS	Shalimar Paints Ltd	M/S HEMA ENGINEERING INDUSTRIES LIMITED	BUY	29,406	543.68	-
21-May-2012	SHALPAINTS	Shalimar Paints Ltd	M/S HEMA ENGINEERING INDUSTRIES LIMITED	SELL	29,393	548.02	-

BSE, Bulk deals, 21/5/2012

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
21/5/2012	524412	Aarey Drugs	PARI ANIL GANDHI	B	86233	25.32
21/5/2012	511706	Action Fin	Kedia Consultants Pvt Ltd	B	103000	40.29
21/5/2012	511706	Action Fin	ARTI SINGAL	S	100000	40.36
21/5/2012	512253	Bio Green Inds	MAHAVIRSINGH BAHADURSINGH SHEKHAWAT	B	56800	11.91
21/5/2012	512253	Bio Green Inds	SHEETAL ASHWIN VIRA	S	46807	11.92
21/5/2012	524590	Dinesh Allorga	HARESH CHHOTALAL SHAH	S	18700	109.19
21/5/2012	530581	Ekam Leasing	GAJRAJ JAIN	S	22300	31.40
21/5/2012	500142	FGP	UNIVERSAL INDUSTRIAL FUND LIMITED	B	225000	2.69
21/5/2012	500142	FGP	RPG CELLULAR INVESTMENTS & HOLDINGS P LTD	S	225000	2.69
21/5/2012	531820	Finalysis Cred	ABHAY.DATTATRAY.JAVLEKAR	B	30000	60.15
21/5/2012	531137	Gemstone Invest	HUGAR MAHADEVI	S	400000	13.00
21/5/2012	530657	Global Sec	NISHITH BABULAL SHAH	B	150000	20.50
21/5/2012	530657	Global Sec	ABHAY.DATTATRAY.JAVLEKAR	S	90000	20.44
21/5/2012	524669	Hester Bio	N K PROTEINS LTD	B	35000	125.15
21/5/2012	524669	Hester Bio	VIMAL RAMNIKLAL AMBANI	S	35000	125.15
21/5/2012	531841	Indus Finance Corp	CHAMPAKLAL JETHALAL SHAH	B	50300	61.66
21/5/2012	530443	Kiran Syntex	NANCY JOY GODIWALA	B	98700	1.89
21/5/2012	530443	Kiran Syntex	AMI JIGAR GODIWALA	B	100000	1.89
21/5/2012	530443	Kiran Syntex	JIGAR MAHESH GODIWALA	S	87640	1.89
21/5/2012	530443	Kiran Syntex	MAHESH MOTIRAM GODIWALA	S	31470	1.89
21/5/2012	530443	Kiran Syntex	JOY MAHESH GODIWALA	S	80890	1.89
21/5/2012	505525	Parichay Invest	SHAISHIL TUSHARKUMAR JHAVERI	B	16232	120.25
21/5/2012	505525	Parichay Invest	VIRENDRAKUMAR JAYANTILAL PATEL	S	15000	120.25
21/5/2012	505525	Parichay Invest	VIPUL VIRENDRAKUMAR PATEL	S	16232	120.25
21/5/2012	511734	Pasupati Fin	GITABEN SURESHCHANDRA MODI	B	25000	23.92
21/5/2012	513403	PM Telelinnks	SHAISHIL TUSHARKUMAR JHAVERI	B	60119	173.43
21/5/2012	513403	PM Telelinnks	SHAISHIL TUSHARKUMAR JHAVERI	S	60429	173.55
21/5/2012	509874	Shalimar Paint-$	SAL REAL ESTATE PRIVATE LIMITED	B	35000	557.81
21/5/2012	509874	Shalimar Paint-$	M/s HEMA ENGINEERING INDUSTRIES LIMITED	B	29493	548.06
21/5/2012	509874	Shalimar Paint-$	M/s HEMA ENGINEERING INDUSTRIES LIMITED	S	29506	545.40
21/5/2012	531695	SHREYCHEM	GANESH BHAGOJI KHAIRE	B	35000	57.55
21/5/2012	531695	SHREYCHEM	VORA BHAVIK PRAFULCHANDRA	S	44935	57.56
21/5/2012	530289	SP Capital	GAJMUKH SUPPLIERS PRIVATE LIMITED	B	66004	95.80
21/5/2012	530289	SP Capital	GAJMUKH SUPPLIERS PRIVATE LIMITED	S	66004	96.61
21/5/2012	526951	STYLAMIND	USHA SINGAL	B	40000	22.50
21/5/2012	526951	STYLAMIND	SUSHILA SUSHILA	B	51000	23.87
21/5/2012	526951	STYLAMIND	SUHAIL GOYAL	S	112892	22.29
21/5/2012	531499	Sybly Inds-$	SANGEETA BANDIL	S	4200000	0.34
21/5/2012	533462	Teledata Marine	MARSHAL ASIA CAPITAL LIMITED	S	609070	0.30
21/5/2012	532410	Transcorp Intl	TEKMEK TRADING COMPANY PRIVATE LIMITED.	B	40000	36.75
21/5/2012	532410	Transcorp Intl	HARINI COMMOTRADE P LTD	S	40000	36.75
21/5/2012	504605	Uni Abex Alloy	DHIREN SHEVANTILAL SHAH	B	65000	140.00
21/5/2012	504605	Uni Abex Alloy	MONEYBEE SECURITIES PRIVATE LIMITED	S	65000	140.00
21/5/2012	531874	Venus Power Ventures	BHAGWAN DAS	B	100000	25.40
21/5/2012	532893	VTM	DHIREN SHEVANTILAL SHAH	B	45000	125.00
21/5/2012	532893	VTM	MONEYBEE SECURITIES PRIVATE LIMITED	S	45000	125.00
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

May 21: Speciality Restaurant IPO: Grey Market Premium: Buyers at Rs 2.00

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May 21: Speciality Restaurant IPO: Grey Market Premium: Buyers at Rs 2.00

Unitech - TP: INR30 Buy: Motilal oswal,

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Cost overrun dents margin; liquidity challenges to persist in near-term; valuation attractive; maintain Buy with
revised target price of INR30
 Unitech (UT)'s 4QFY12 numbers has been impacted by severe cost overrun (prior period adjustment done in
4QFY12). Core real estate EBIT margin was 17% as against 27-30% in 9MFY12. MTM loss provisioning relating to
dollar-linked investment further impacted profitability.
 Revenue for the quarter declined 32% YoY to IN R7.2b, which is higher than our estimate of INR6b. However,
EBITDA declined by a steep 77% YoY to INR389m, much below our estimate of INR1.12b. EBITDA margin was
5.4%. PAT declined 97% YoY to INR33m, also due to higher effective tax rate.
 For the full year, Revenue, EBITDA and PAT declined 23%, 57% and 56%, respectively. New launches declined
in line with the company's strategy guidance of focusing more on clearing execution backlog. Sales during the
year were 7.2msf/INR38b (ahead of estimate of INR36b), led by Noida projects, v/s 9.2msf/INR43b in FY11.
 During 4QFY12, UT managed to re-finance the balance ~INR5b of repayment need of FY12. This has led to
temporary respite and we see the impact in the form of a sequential improvement of ~33% in revenue
booking from real estate projects. While the management has hinted at strong execution ramp-up in FY13,
we believe the ability to manage liquidity would be the most crucial factor, especially given that the company
has higher repayment (>INR10b) scheduled for FY13.
 We expect near-term outlook to remain challenging due to liquidity headwinds adversely impacting execution
ramp-up and cash conversion cycle. We downgrade our NAV estimate by ~20% to INR40/share and cut our
target price by ~30% to INR30 (~30% discount to NAV) to align valuations to earnings growth outlook (implying
FY13 EBITDA multiple of 20.5x - the past one years' median multiple).
 Nonetheless, we maintain our Buy recommendation due to steep valuation discount. The stock trades at ~
50% discounts to our revised NAV, 15.5x FY13E EBITDA (lower end of historical band) and 14x FY13E EPS. We
believe its land bank (BV of ~INR110b) offers strong support at INR19-20, limiting downside.

SECTOR FLOP: BSE CAPITAL GOODS INDEX :Business Line

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With a decline of close to 30 per cent in the last one year, the BSE Capital Goods index is among the worst performers in the list of sector indices. With a motley group of engineering, electrical, electronic and shipbuilding companies, this index has been underperforming since the 2008 slowdown.

The index' underperformance can be primarily attributed to high weights awarded to companies that are dependent on the power sector. ABB, Siemens, BHEL, Alstom Projects and Thermax, to name a few, fall under this category. Dearth of fresh orders in this space (although there has been a recent pick up), besides intensified competition from overseas players have been the key reasons for this sector's underperformance.

At 14.3 times trailing earnings, the index, although seemingly cheap, has been struggling to improve the earnings of companies in its basket.

Suzlon Energy was the worst performer in the basket. Falling 61 per cent in a year, concerns of the company's ability to repay its debt pulled down this stock. Crompton Greaves was another stock that was badly hit as a result of the slowdown in its domestic business as well as in its subsidiaries.

That said, the prospects of the index are tied chiefly to the stock of L&T, what with the stock receiving a weight of 15 per cent. The stock fell over 20 per cent in the last one year.

Bajaj Auto: Upgrade to Buy with new TP of INR1809: Nomura research

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New launches and weak INR to
aid growth

Action: Upgrade to Buy, and TP revised to INR1,809
BJAUT stock has corrected by 14% in the last six months due to concerns
over slowing domestic volume growth and intensifying competition. We
believe the new launches due over the next 1-2 months should lead to
improvement in domestic volumes going forward. We expect 7% volume
growth in FY13F. Further, as BJAUT derives 35% of its revenues from
exports, the weaker INR (down 20% y-y) bodes well for the company. If
the INR remains around current levels or weakens further, this will give the
company strategic advantage, especially over Chinese competitors, in our
view. At 11.6x FY14F EPS, valuations are compelling and provide a good
entry point, in our view. Upgrade to BUY.
Catalysts:
 Success of new launches: BJAUT is likely to launch the all-new Pulsar
and Discover in 1QFY13. We have not built in any volume upside from
the new Discover and RE-60 four-wheeler platform. Success of these
launches may lead to upsides to our estimates.
 Benefits from a weaker INR: We are building in average export
realization at INR 50 for FY13F and INR51 for FY14F. If the INR
remains around current levels or weakens further, there could be upside
to our estimates.
 Competitors have introduced price increases over the last 1-2 months; if
BJAUT does the same, there could be upside risks to our estimates.
Valuation: DCF-based TP of INR1,809, implying 21% potential upside
We value BJAUT based on DCF at INR1,809. The implied target multiple
at 14x FY14F EPS (INR131.1) is lower than the average multiple of 15x.

Monnet Ispat : TP: INR518 Neutral :Motilal oswal,

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Monnet Ispat’s 4QFY12 adjusted PAT increased 14% QoQ to INR831m (up 9% YoY) in line with our estimate of
INR880m. Net sales increased 12% QoQ to INR5.4b on account of higher realization.
 EBITDA increased 10% QoQ to INR1.4b on account of higher sponge realization and higher power sales volume.
 Sponge iron sale realization increased 15% QoQ to INR 24,159/t. Structural steel realization increased 6% QoQ
to INR35,174/t. Scarcity of key inputs ( iron ore and coal) and higher prices has resulted in capacity shutdowns
from secondary producers. This is supporting higher prices for sponge iron and steel.
 Sponge iron production was higher by 1% QoQ to 196kt while sales were lower by 2% QoQ to 158kt.
 Coal production increased 15% QoQ to 214kt on a lower base of 3QFY12 when production was affected by the
temporary rise in overburden removal ratio. Monnet now has permission to mine 1.7mtpa (earlier 1mtpa).
 Power generation also increased 22% QoQ to 226mu with increased coal supply. Power realization increased
3% QoQ to INR3.56/kwh.
 Landed cost of iron ore was higher by 6% QoQ to INR6,761/t.
 Interest cost was up 29% QoQ to INR243m mainly on account of capitalization of 80MW power plant.
 1.5mtpa steel expansion is expected by Oct-2012 except for pellet and coke oven plant. Monnet Power’s
1,050MW project’s phase 1 is expected by October 2013. Net debt in standalone entity is INR30b.
 Monnet has rich portfolio of coal allotted for its foray into power generation business. On successful completion
project will give superior returns on account saving on fuel cost due to captive mine. However execution
remains the key for monetizing such large coal assets.
 The stock is trading at FY13E P/E of 8.6xand EV/EBTIDA of 10.1x. Maintain Neutral.

IVRCL Ltd Hold : KJMC

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IVRCL Q4FY12 standalone result was below our expectation on execution
delays. The revenue for Q4FY12 fell by 22.2% yoy on execution delays in 3-4
projects. The execution delays caused revenue loss of Rs 5-5.5 bn in 12 month
ended March 2012. Execution took a hit on various hurdles like legal &
environmental issues, slower decisions, design issues, etc related to those
four contracts. EBITDA margin took a hit with 227 bps yoy decline at 6.3% on
provisions against debtor and lower revenue bookings. The PAT for the
quarter declined by 92.3% yoy to Rs 49.4 mn. IVRCL has an order backlog of
Rs 278bn (including Rs 54 bn of L1 order) at the end of the quarter.
Key Highlights
Execution worsen in Q4FY12: The execution continued to remain subdued in
Q4FY12 with net revenue declined sharply by 22.2% on yoy basis to Rs 15.96
bn. Execution took a hit on various hurdles like legal & environmental issues,
slower decisions, design issues, etc related to four contracts. This has caused
annual revenue loss of over Rs 5-5.5 bn. We believe that the execution may
remain weak in next few quarters also. But looking at the strong order book
and a low revenue base in FY12E, we expect 12% revenue growth in FY13E.
EBITDA margin declined by 227 bps on yoy: During the quarter, IVRCL has
reported 227 bps yoy and 101 bps qoq decline in the EBITDA margins on
account of Rs 500 mn provisions against debtors and lower execution. As a
result the EBITDA for the quarter declined by 42.8% yoy to Rs 1010mn. The
interest cost for the quarter remained flattish on yoy and qoq to Rs 661 mn.
The debt at the end of the quarter remained unchanged at Rs 25 bn over
Q3FY12. The PAT for the quarter declined by 92.3% yoy to Rs 49.4 mn.
Order book grew to Rs 278 bn: IVRCL has reported a robust Rs 278 bn of
order backlog at the end of the quarter which also includes Rs 54 bn of L1
orders. The order inflow for 12 months ended March 2012 was at Rs 107 bn.
The order book composition included Rs 71.29 bn of own BOT projects.
Order backlog gives visibility, but execution delays continue to worry: The
execution rate in 12 month ended march 2012 was 22.5% of the order backlog
at the beginning of FY12. Going by the same, the current order backlog gives
a strong revenue growth visibility in FY13. But looking at delays in execution
by the company, we remain conservative in terms of making revenue growth
estimates and expect the execution rate to reduce further to 20%.

Mutual funds' AUM up 16% in April: Crisil :Business Line

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The mutual fund industry posted a nearly 16 percent growth in its average assets under management (AUM) at Rs 6.8 trillion in April on the back of higher inflows to the money market funds, a Crisil Research report has said.

The industry had AUM of Rs 5.87 trillion in March. The rise in AUM was mainly due to inflows of around Rs 75,700 crore into liquid funds, comprising around 82 percent of the total inflows.

“Historical trend shows that quarter-end outflows in the category are reversed in the subsequent month (March witnessed outflows while April saw inflows) as corporates re-invest their surplus funds that were withdrawn to pay advance tax,” the report said, adding that total assets in liquid funds rose to Rs 1.6 trillion in April, against Rs 80,350 crore in March.

Similarly, income funds also witnessed inflows for the first time in the last six months. “Income funds (including ultra short-term debt funds), which saw outflows for the last five consecutive months witnessed inflows of Rs 179,00 crore (highest in the last one year) in April,” the report said, adding that AUM in this category rose by 6.5 percent to Rs 3.09 trillion in April.

The report also said that gold ETFs assets crossed Rs 1 trillion mark in April. However, equity funds witnessed a fall in AUM during this period.

“Equity funds’ AUM fell by 1.4 percent or Rs 2,500 crore to Rs 1.8 trillion on the backdrop of outflows of over Rs 600 crore as well as due to market to market losses.”

The report also noted that more fixed maturity plans had been launched in April in the new fund offer (NFO) space.

“Fixed maturity plans (FMPs) continued to garner majority of the new fund offers (NFOs) in the month. As many as 33 FMPs were launched in the month, garnering Rs 4,400 crore compared to just one NFO (in other sectors), which garnered around Rs 40 crore,” the report said.

Investment Focus Buy - CEAT: Buy :: Business Line,

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Softened natural rubber prices and the pick-up in replacement demand for tyres have helped CEAT script a turnaround in the fourth quarter of 2011-12. Compared with the loss of Rs 12 crore in January-March 2011, the company has posted profits of Rs 41.5 crore. Net sales grew by 24 per cent year-on-year to Rs 1,215 crore. The stabilisation in raw material costs, improving replacement market sales and ramp-up of production at Halol will benefit the company. Investors with a perspective of a year or more can buy the stock. At Rs 98, it trades at a price to earnings ratio of only 3.3 times its estimated earnings for FY-3.

From a peak of Rs 240 a kg last year, rubber prices have stabilised at around Rs 190 a kg in recent months. This easing has favoured the company. Operating margins have moved up from about 2 per cent a year ago to 10.6 per cent now. Margin expansion has also been aided by an uptick in replacement market sales and improved realisations on exports (due to a depreciated rupee).

REPLACEMENT MARKET

Tyre-makers typically derive at least half their revenues from the replacement market. This segment also endows them with greater pricing power than in direct sales to auto manufacturers. Considering that tyres are replaced every 2-3 years, the robust passenger car and commercial vehicle (CV) sales in 2009-10 and 2010-11 implies that replacement demand will continue to be strong. CEAT is eyeing a greater share of business from two/three-wheeler tyres too. While MRF, TVS and Falcon are currently the big players in this segment, CEAT has increased its market share from 11 per cent to 14 per cent in FY12. It aims to take it further to 18 per cent in FY13.

RADIAL TYRES

In addition, the company will benefit from the fast improving radialisation levels in CV tyres. From about 14 per cent two years ago, radialisation in CVs stands at 20-25 per cent currently. With fast improving highway infrastructure and the ban on overloading of vehicles, this level is expected to go up further. Radial tyres offer better fuel efficiency, have longer life and turn out cheaper in the long run. The company is ramping up production at its Halol plant, which manufactures truck, bus and passenger car radials.

RBI asks banks to cut exposure to gold-loan NBFCs :Business Line

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The Reserve Bank of India on Friday further tightened the norms pertaining to banks exposure to non-banking finance companies predominantly in the gold loans business.

Banks have been asked to reduce their regulatory exposure ceiling on a single NBFC, having gold loans to the extent of 50 per cent or more of its total financial assets, from the existing 10 per cent to 7.5 per cent of their capital funds.

EXPOSURE CEILING

The exposure ceiling, however, can go up by 5 per cent to 12.5 per cent of banks' capital funds if the additional exposure is on account of funds on-lent by NBFCs to the infrastructure sector, said a RBI circular.

Banks which currently have an exposure to NBFCs in the gold loans business in excess of the regulatory ceiling will be required to reduce it within the prescribed limit.

Banks are now required to have an internal sub-limit on their aggregate exposures to all gold loan companies taken together. The sub-limits should be within the internal limit fixed by banks for their aggregate exposure to all NBFCs put together.