PGCIL has outperformed NTPC ~12% since January 2012, which we believe has largely been on account of the latter’s lower-than-anticipated earnings growth. We believe adjusted for cash equivalents and capital WIP, operating power assets are trading at an implied one-year forward P/BV of ~2.3x for NTPC and ~1.6x for PGCIL despite the latter’s FY12-14E earnings CAGR of ~23% being at 2x of NTPC. We believe the outperformance will continue, but it will be driven by higher PGCIL multiple going forward largely due to its superior execution leading to superior earnings growth, sustained monopoly (CERC approved capex of INR1tn in XII Plan) and limited risks to 17% RoE compared to NTPC’s ~25% which has downward risks.
11 June 2012
BSE, Bulk deals, 1/6/2012
Deal Date | Scrip Code | Company | Client Name | Deal Type * | Quantity | Price ** | ||||
11/6/2012 | 530027 | Aadi Inds | RUSHABH SHAH | S | 75000 | 9.17 | ||||
11/6/2012 | 530713 | AJEL | TILOTTAMA HOLDINGS PVT.LTD | B | 100000 | 5.13 | ||||
11/6/2012 | 530713 | AJEL | KANODIA INVESTMENT ADVISORY PVT. LTD. | S | 100000 | 5.13 | ||||
11/6/2012 | 507525 | Amrit Corp-$ | USHA BHUPENDRA SANGHAVI | B | 60000 | 306.00 | ||||
11/6/2012 | 507525 | Amrit Corp-$ | BHUPENDRA GOKALDAS SANGHAVI | B | 60000 | 306.00 | ||||
11/6/2012 | 507525 | Amrit Corp-$ | DECENT FIN SER (P) LTD | S | 77336 | 306.01 | ||||
11/6/2012 | 507525 | Amrit Corp-$ | SHUB LABH INDIA MARKETING AND CONSTULTANTS PRIVATE LIMITED | S | 46357 | 306.00 | ||||
11/6/2012 | 521131 | Anjani Dham Inds | MALAY CORPORATE SERVICES PVT LTD | S | 60000 | 9.73 | ||||
11/6/2012 | 534109 | BCB Fin | IKAB SECURITIES & INVESTMENTS LTD | S | 168000 | 25.10 | ||||
11/6/2012 | 531648 | Croitre Inds | YOGESH KUMAR AGGARWAL | S | 34700 | 110.61 | ||||
11/6/2012 | 511710 | Cubical Fin | PAWAN FINVEST PRIVATE LIMITED | S | 80000 | 23.29 | ||||
11/6/2012 | 531171 | Devika Prot | MIHIRBHAI SUMANBHAI PARIKH | B | 55010 | 3.70 | ||||
11/6/2012 | 511668 | Fact Enterprise | MOONSTAR SECURITIES TRADING & FINANCE CO P LTD | B | 100000 | 8.10 | ||||
11/6/2012 | 511668 | Fact Enterprise | BLC TRADING AGENCIES PRIVATE LIMITED | S | 96000 | 8.17 | ||||
11/6/2012 | 507910 | Fiberweb India | SULOCHNADEVIANILKUMARAGARWAL | B | 65000 | 7.18 | ||||
11/6/2012 | 531820 | Finalysis Cred | DHARMENDRA HARILAL BHOJAK | B | 44600 | 63.02 | ||||
11/6/2012 | 531820 | Finalysis Cred | ESSEMM FINCAP LIMITED | S | 40000 | 63.07 | ||||
11/6/2012 | 519552 | Heritage Foods | KAMAL KABRA | B | 123100 | 143.50 | ||||
11/6/2012 | 519552 | Heritage Foods | AAYUSH KABRA | S | 123100 | 143.50 | ||||
11/6/2012 | 513723 | Himalaya Gran-$ | JHUNJHUNWALA VANASPATI LTD | B | 24061 | 35.95 | ||||
11/6/2012 | 513723 | Himalaya Gran-$ | GYAN TRADERS LIMITED | S | 18000 | 35.95 | ||||
11/6/2012 | 511682 | IFL Promoters | ADVANCE INDIA SHARES AND SECURITIES PRIVATE LIMITED | B | 164900 | 6.60 | ||||
11/6/2012 | 511682 | IFL Promoters | ADVANCE INDIA SHARES AND SECURITIES PRIVATE LIMITED | S | 180000 | 6.61 | ||||
11/6/2012 | 500206 | MARGO FIN | SHIKHA JAIN | B | 100000 | 3.35 | ||||
11/6/2012 | 500206 | MARGO FIN | A K JAIN HUF | B | 54902 | 3.35 | ||||
11/6/2012 | 500206 | MARGO FIN | INDO COUNT INDUSTRIES LIMITED | S | 154902 | 3.35 | ||||
11/6/2012 | 504058 | Nippo Battr | CROSSEAS CAPITAL SERVICES PRIVATE LIMITED | B | 49481 | 445.30 | ||||
11/6/2012 | 504058 | Nippo Battr | DWARAKNATH.REDDY | B | 1145125 | 491.00 | ||||
11/6/2012 | 504058 | Nippo Battr | CROSSEAS CAPITAL SERVICES PRIVATE LIMITED | S | 49481 | 443.15 | ||||
11/6/2012 | 504058 | Nippo Battr | PANASONIC CORPORATION | S | 1147125 | 490.94 | ||||
11/6/2012 | 505525 | Parichay Invest | JIGAR RASIKLAL PATEL | B | 6000 | 160.00 | ||||
11/6/2012 | 505525 | Parichay Invest | JITENDRABHAI N JHAVERI HUF | B | 7362 | 159.26 | ||||
11/6/2012 | 505525 | Parichay Invest | JHAVERI SANJEEV BURMAN | S | 8950 | 160.32 | ||||
11/6/2012 | 531694 | Rainbow Found | ARROWSPACE ADVISORS PRIVATE LIMITED | B | 72299 | 14.60 | ||||
11/6/2012 | 532966 | Titagarh Wag | GOYA LIMITED | S | 121809 | 302.08 | ||||
11/6/2012 | 590111 | VAISHNAVI | BADDULA RAVINDRA | B | 114511 | 5.24 | ||||
11/6/2012 | 590111 | VAISHNAVI | SWAPNA SRI TUMMALA | B | 133870 | 5.23 | ||||
11/6/2012 | 590111 | VAISHNAVI | SWAPNA SRI TUMMALA | S | 128616 | 5.24 | ||||
11/6/2012 | 590111 | VAISHNAVI | O MARKANDEYULU | S | 111001 | 5.24 | ||||
11/6/2012 | 531650 | VAX Housing | NAYANKUMAR SHAH KALPANABEN | S | 50200 | 12.98 | ||||
* B - Buy, S - Sell | ||||||||||
** = Weighted Average Trade Price / Trade Price |
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FII & DII trading activity across NSE and BSE 11-06-2012
Category | Buy | Sell | Net |
Value | Value | Value | |
FII | 1596.61 | 1466.23 | 130.38 |
DII | 739.49 | 954.15 | -214.66 |
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NSE, Bulk deals, 11-Jun-2012
Date | Symbol | Client Name | Buy / Sell | Quantity Traded | Wght. Avg. Price | Remarks | |
ARSSINFRA | ARSS Infra Proj. Ltd | IFCI LTD. | SELL | 2,07,103 | 55.83 | - | |
CEBBCO | Commercial Eng & Co. Ltd | NEW YORK LIFE INVESTMENT MANAGEMENT INDIA FUND FVCI II LLC | SELL | 12,00,520 | 71.00 | - | |
CEBBCO | Commercial Eng & Co. Ltd | RP COMPUTER FORMS PVT LTD | BUY | 2,85,000 | 71.00 | - | |
CEBBCO | Commercial Eng & Co. Ltd | SS CORPORATE SECURITIES LIMITED | BUY | 3,00,000 | 71.00 | - | |
HDIL | Housing Development and I | GENUINE STOCK BROKERS PVT LTD | BUY | 25,15,126 | 74.87 | - | |
HDIL | Housing Development and I | GENUINE STOCK BROKERS PVT LTD | SELL | 25,15,126 | 74.89 | - | |
IVRCLINFRA | IVRCL Limited | MAX NEW YORK LIFE INSURANCE CO LTD | BUY | 15,00,000 | 47.29 | - | |
LAKPRE | Lakshmi Precision Screws | RELIANCE MUTUAL FUND | SELL | 2,49,345 | 40.00 | - | |
LAKPRE | Lakshmi Precision Screws | SHIVSWAROOP GUPTA | BUY | 1,65,000 | 40.00 | - | |
LITL | Lanco Infratech Limited | SUNTECK WEALTHMAX CAPITAL PRIVATE LIMITED | BUY | 189,79,224 | 14.00 | - | |
LITL | Lanco Infratech Limited | SUNTECK WEALTHMAX CAPITAL PRIVATE LIMITED | SELL | 190,45,614 | 14.01 | - | |
NIPPOBATRY | Nippo Batteries Co. Limit | CROSSEAS CAPITAL SERVICES PVT. LTD. | BUY | 49,444 | 443.06 | - | |
NIPPOBATRY | Nippo Batteries Co. Limit | CROSSEAS CAPITAL SERVICES PVT. LTD. | SELL | 49,444 | 445.68 | - | |
PEARLPOLY | Pearl Polymers Ltd | BETA FINANCE & TRADING PRIVATE LTD. | SELL | 13,25,000 | 10.15 | - | |
PEARLPOLY | Pearl Polymers Ltd | CHAND SETH | BUY | 5,74,840 | 10.15 | - | |
PEARLPOLY | Pearl Polymers Ltd | HARISH SETH | SELL | 5,74,840 | 10.15 | - | |
PEARLPOLY | Pearl Polymers Ltd | PACIFIC PEARL FINANCE & LEASING LTD | BUY | 6,62,500 | 10.15 | - | |
PEARLPOLY | Pearl Polymers Ltd | PEARL TELEFONICS LIMITED | BUY | 6,62,500 | 10.15 | - | |
SB&TINTL | SB&T International Ltd | THE FEDERAL BANK LTD | SELL | 99,950 | 5.01 | - | |
TWL | Titagarh Wagons Limited | GOYA LIMITED | SELL | 1,41,040 | 302.14 | - |
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Torrent Pharmaceuticals - conference call transcript-21-May-12 : Edelweiss, PDF link
Please find enclosed the transcript of the conference call with Torrent Pharmaceuticals held on 21st May, 2012.
Regards,
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FII DERIVATIVES STATISTICS FOR 11-Jun-2012
FII DERIVATIVES STATISTICS FOR 11-Jun-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 | 69360 | 1747.11 | 48383 | 1220.07 | 350035 | 8675.37 | 527.03 |
INDEX OPTIONS | 753457 | 18882.40 | 729647 | 18300.36 | 1588092 | 40121.56 | 582.04 |
STOCK FUTURES | 49280 | 1237.89 | 52643 | 1280.06 | 932725 | 22505.38 | -42.17 |
STOCK OPTIONS | 41326 | 1072.22 | 41652 | 1074.59 | 46661 | 1187.30 | -2.37 |
Total | 1064.53 | ||||||
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FII DERIVATIVES STATISTICS FOR 11-Jun-2012
FII DERIVATIVES STATISTICS FOR 11-Jun-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 | 69360 | 1747.11 | 48383 | 1220.07 | 350035 | 8675.37 | 527.03 |
INDEX OPTIONS | 753457 | 18882.40 | 729647 | 18300.36 | 1588092 | 40121.56 | 582.04 |
STOCK FUTURES | 49280 | 1237.89 | 52643 | 1280.06 | 932725 | 22505.38 | -42.17 |
STOCK OPTIONS | 41326 | 1072.22 | 41652 | 1074.59 | 46661 | 1187.30 | -2.37 |
Total | 1064.53 | ||||||
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Edelweiss Technical Reflection (ETR) 11 June
The bulls stamped their authority on Friday after they managed to pull the indices from the low of the day to close near the high in a final hour surge. After a fairly bullish week, the index opened flat and gradually slipped down by 50 points to breach below 5000, only to see a smart rally in the final hour and managed to close above the crucial 200 DMA. Volumes have been at an average levels and the breadth slipped in favour of declines. Volatility dropped marginally at 23.47 (as tracked by India VIX) but still remains in a short-term uptrend. Momentum oscillators have moved in an overbought state in the immediate near-term and are signaling risks of profit taking at higher levels. On the weekly charts Nifty has formed a large ‘engulfing bull / outside bar’ pattern that has potential to take prices higher in the coming sessions. The index has nearly retraced 38.2% of the decline from Feb 2012 high of 5630 at 5100 and on sustenance of the level is poised to test the 50% retracement mark at 5200. On the downside the key pivot is now pegged at 4965 i.e. the 50-hourly EMA. Sectoral trends were mixed on Friday with gains coming from Cap Goods (+1.78%), Realty (+1.40%) and FMCG (+0.89%) indexes. Among the losers of the day were IT (-0.75%) and Healthcare (-0.01%) indices. Broader market Mid-cap and Small-cap indices underperformed the frontline index with gains of 0.22% and 0.20% respectively.
Bullish Setups: LT, DLF, CNXBANK, REC, NCC, STER
Bearish Setups: DRRD, LICHF, INFO, HDFC, HPCL, ACEM
Regards,
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