Jaiprakash Power -Strong operating performance in 1Q FY13, , Barclays Capital,

JAIPRAKASH POWER VENTURES LTD.
Strong operating performance in 1Q FY13
1Q FY13 pretax profit was up 135% and marginally ahead of our estimates. The PAT
beat was though higher, led by lower taxes in this quarter. Revenue growth of 98%
y/y was driven by contribution from complete commissioning of Karcham Wangtoo.
Management highlighted that generation would have been higher than reported
numbers by 30% had the monsoons been on track. Karcham Wangtoo (1GW)
generated ~1.3bn units in June quarter and will continue to sell power at merchant
rates till the PPA dispute with PTC is resolved. We maintain our 1-OW rating.

Annual Report Analysis - Glenmark Pharmaceuticals :: Edelweiss PDF link

Glenmark Pharmaceuticals (Glenmark) FY12 annual report analysis highlights healthy cash flows supported by improved cash conversion cycle and translation loss adjustment. Adjusted for one-offs, EBITDA margin improved 400bps due to lower other expenses despite increase in raw material cost as a percentage of sales. Lower amortisation on IFRS transition and lower effective tax rate maintained PAT margin.

ZEE Entertainment - Motilal Oswal

Outlook on Zee Entertainment by Rikesh Vinod Parikh Vice-President Markets Strategy and Product Development -Equities Motilal Oswal Financial Services Ltd.

 

Zee Entertainment: Quarterly numbers were encouraging led by 18% ad growth and 19% subscription growth. Going forward trend in Ad revenue growth and reduction in loss of sports channel will be the key driver.

 

Edelweiss Technical Reflection (ETR) 24 July

Edelweiss Technical Reflection (ETR)

Indian markets have had a terrible start to the week with the benchmark indices dropping ~1.65% and are trading at important pivot points. The day began on a negative note as the Nifty opened with a huge gap down owing to the weak global cues and sold off throughout the day to nearly test the 200-SDMA at 5100. The markets lacked volumes yesterday; however the breadth was adverse with an A/D ratio of 1:3 suggesting a broader market rout. Volatility shot up as the India VIX climbed upto 18.66 from 16.89 clearly indicating a ‘risk off’environment. Momentum continues to be in favour of bears, however the hourly indicators are trading in an oversold state, hence a pullback rally off the supports is a high possibility. Nifty has made an ‘island cluster’ leaving behind a minor bearish gap between 5169 and 5162 which if not closed can result in a severe sell-off. Due to the low volume environment, we expect the support cluster between 5095/5100 to hold up, resulting in a pullback rally upto 5200 in the short-term.

Not surprisingly, all the sectoral indices ended the day in the red. Among the top losing sectors were Metals (-3.35%), Realty (-2.87%) and Power (-2.70%). Marginal outperformance was seen in shares from Healthcare (-0.31%) and Oil & Gas (-0.92%) indices. Even the broader markets sold-off with loss of 1.31% for the Mid-cap index and -1.14% for the Small-cap index.

Bullish Setups: Z, COAL, BHARTI, INFY, RIL

Bearish Setups: CNXBANK, ACEM, SBIN, TTMT, MSIL  

Regards,

Edelweiss Research

Stocks in News :: Edelweiss July 24

Stocks in News

Petrol price hiked by 70p a litre from Tuesday (ET)

Sebi tightens F&O trading norms to keep out illiquid stocks (ET)

Essar Oil ties up new credit facility of INR 50-bn (ET)

Protests hit Jindal Steel project in Odisha (ET)

Lupin to challenge US ban on sale of Nerve-pain generic (ET)

Oberoi Realty may rope in Worli operator by Sept-end (ET)

KG-D6 funding hit by regulatory issues : RIL (MINT)

RBI creates new category of NBFCs (MINT)

Godrej Industries to raise INR 3.7bn via IPP (BS)

Mazgaon signs Pipavav, L&T JVs, eyes more deals (DNA)

Outlook on Asian Paints results by Motilal Oswal

Outlook for Asian Paints y Rikesh Vinod Parikh Vice-President Markets Strategy and  -Equities Motilal Oswal Financial Services Ltd.

 

Asian Paints: Reported numbers were disappointing , largely led by volume decline of 2% compared to estimate of 12% growth. Overall full year numbers are expected to revised downward going forwards trend in sales growth would be tracked closely.

Outlook - JSW Energy by Motilal Oswal

Outlook on JSW Energy by Rikesh Vinod Parikh Vice-President Markets Strategy and Product Development -Equities Motilal Oswal Financial Services Ltd.

JSW Energy: Reported numbers were below estimate, however adjusted for  if we add back forex loss overall numbers beats estimates. We are positive on the stock as coal prices in international markets are down and majority of power produced by JSW energy on merchant power basis it stands to benefit. Also it is likely to receive price revision at its Rajasthan unit post completion of expansion which will add to its profitability going forward. 

echnical Outlook - Reliance, Zee& Ultratech - Motilal Oswal

Zee Entertainment

Media as a sector has been placed as a leader in the sector rotation chart and is among the few sectors which are trending up. Zee entertainment has a weight age of 45 % in the Index and is a leading name within the sector.

The scrip has formed a symmetrical triangle on the longer term time scale and has broke out from the upper band of 139 early this month.  After breaking out towards the north, it pulled back to the apex of the triangle and re-bounded back. The setup has witnessed confirmation and sustenance of 160 will add further steam to the momentum on the upside.

Jaiprakash Power :PAT +2.6x on full benefit of Hydro; best is yet to come :: BofA Merrill Lynch

Jaiprakash Power Ventures Ltd.
PAT +2.6x on full benefit of
Hydro; best is yet to come
􀂄 1Q Rec PAT +163% on higher merchant sale & MAT credit; Buy
JP Power 1QFY13 Rec. PAT at Rs1.8bn grew 163%YoY (+24% BofAMLe) led by
a) 343%YoY growth in merchant volume on full benefit of 1.2GW Karcham Hydro
power (KHP) and +24%YoY higher merchant ASP (Rs3.60/kWh) and b) lower tax
on recognition of Rs391mn of MAT credit entitlement. 1Q PAT accounts for 36%
of our FY13E PAT and we think best is yet to come in 2Q. Catalyst for FY13 is full
benefit of KHP and start of 2x250MW Bina plant in 2/3Q and on-time execution of
mines and attached Nigree project. JP Power has UPF BSE power index
11%YTD and Sensex by 15% on stake sale by promoters'. JP Power is our Utility
top-pick as we believe it offers compelling & diversified model across: fuel mix,
regulated vs merchant mix and locations. Risks: Shift to part-PPA vs 100%
merchant at KHP and any cap. on returns from captive coal mine projects.

FII DERIVATIVES STATISTICS FOR 24-Jul-2012

FII DERIVATIVES STATISTICS FOR 24-Jul-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	206118	5285.97	216289	5540.93	663441	16548.21	-254.96
INDEX OPTIONS	433583	11104.70	432915	11091.52	1824407	46782.94	13.19
STOCK FUTURES	258792	6832.02	255863	6722.03	1078178	28156.33	109.99
STOCK OPTIONS	35131	982.39	34961	990.67	71082	1926.51	-8.28
						Total	-140.06

 

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FII & DII trading activity across NSE and BSE 24-07-2012

	Buy	Sell	Net
	Value	Value	Value
FII	1547.31	1800.22	-252.91
DII	1091.62	1052.39	39.23

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Public issue of AA+ rated "Shriram Transport Finance Co" Secured NCDs 11.40% p.a.

We are pleased to provide you an opportunity to invest in the Public Issue of Secured Non-Convertible Debentures (NCDs) by Shriram Transport Finance Company Ltd. The bonds carry additional coupon rates for individual applicants and have been rated ‘AA+’ by CARE and ‘AA’ by CRISIL. Instruments with these ratings carry high degree of safety regarding timely servicing of financial obligations and carry low credit risk. The issue opens on July 26, 2012 and closes on August 10, 2012. Please find the details below:

NSE, Bulk deals, 24-Jul-2012

Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
24-Jul-2012	APOLLOHOSP	Apollo Hospitals Ltd	PCR INVESTMENTS LIMITED	BUY	19,40,000	618.71	-
24-Jul-2012	APOLLOHOSP	Apollo Hospitals Ltd	PREETHA REDDY	SELL	9,50,000	618.91	-
24-Jul-2012	APOLLOHOSP	Apollo Hospitals Ltd	SANGITA REDDY	SELL	9,90,000	618.51	-
24-Jul-2012	AUTOIND	Autoline Industries Limit	V N G IMPEX PVT LTD	BUY	1,60,000	158.88	-
24-Jul-2012	AUTOIND	Autoline Industries Limit	VISHWAS MARKETING SERVICES PVT LTD	SELL	1,60,000	158.88	-
24-Jul-2012	EVERONN	Everonn Education Limited	JAIN AJIT KUMAR	SELL	1,30,000	178.50	-
24-Jul-2012	EVERONN	Everonn Education Limited	NEELANCHAL MERCANTILE PRIVATE LTD	BUY	2,00,000	178.50	-
24-Jul-2012	NEXTMEDIA	Next Mediaworks Limited	CROSSEAS COMTRADE PRIVATE LIMITED	SELL	7,50,000	3.10	-
24-Jul-2012	NEXTMEDIA	Next Mediaworks Limited	RAJESH H BAHETI HUF	BUY	7,50,000	3.10	-
24-Jul-2012	ONMOBILE	OnMobile Global Limited	EMERGING MARKETS VALUE FUND OF DIMENSIONAL FUNDS PLC	SELL	5,94,469	38.56	-
24-Jul-2012	PARAL	Parekh Aluminex Limited	MEGHAL BAKULESH SHAH	SELL	2,00,000	304.95	-
24-Jul-2012	PARAL	Parekh Aluminex Limited	NIPPON INVESTMENT & FINANCE CO PVT LTD	BUY	2,01,000	304.92	-
24-Jul-2012	SHREEASHTA	Shree Ashtavinayak Cine V	HI-GROWTH CORPORATE SERVICES PVT. LTD.	BUY	49,55,795	2.93	-
24-Jul-2012	SHREEASHTA	Shree Ashtavinayak Cine V	HI-GROWTH CORPORATE SERVICES PVT. LTD.	SELL	50,82,118	2.84	-
24-Jul-2012	SHREEASHTA	Shree Ashtavinayak Cine V	KARVY FINANCIAL SERVICES LIMITED	SELL	80,57,145	2.83	-
24-Jul-2012	SIMBHSUGAR	Simbhaoli Sugars Limited	INDIA MAX INVESTMENT FUND LTD	BUY	2,35,465	30.89	-

BSE, Bulk deals, 24/7/2012

Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
24/7/2012	531686	Advik Lab	SAMPARK SECURITIES PRIVATE LIMITED	B	65234	7.85
24/7/2012	531686	Advik Lab	SNEHALATHA SINGHI	S	100000	7.92
24/7/2012	531519	Ankush Finstock	RAJEEV RAJKUMAR NIROOLA	S	40000	14.40
24/7/2012	509011	CHISEL	COMFORT INTECH LIMITED	S	11087	8.62
24/7/2012	511243	CHOLAFIN	MORGAN STANLEY ASIA (SINGAPORE) PTE	B	2019915	200.00
24/7/2012	511243	CHOLAFIN	COPTHALL MAURITIUS INVESTMENT LIMITED	S	2019915	200.00
24/7/2012	531171	Devika Prot	SHAH AALOK PRADIPKUMAR	B	53000	3.48
24/7/2012	531367	Dollex Inds	MARIUM LEASING AND INVESTMENT PVT LTD	B	236351	4.30
24/7/2012	531367	Dollex Inds	NINTH MILE RECREATION PVT LTD	B	200000	4.31
24/7/2012	531367	Dollex Inds	YUSUF KHAN	B	200000	4.41
24/7/2012	531367	Dollex Inds	SHARDA MANOJ KASLIWAL	S	228000	4.31
24/7/2012	531367	Dollex Inds	MANOJ KASLIWAL	S	241605	4.40
24/7/2012	531820	Finalysis Cred	PANKAJ JAYANTILAL DAVE	B	30748	64.81
24/7/2012	531820	Finalysis Cred	GHANSHYAM DAS BARASIA	S	39000	64.83
24/7/2012	530077	Freshtrop Fruit	ASHOK VISHANDAS MOTIANI	B	59000	13.75
24/7/2012	530077	Freshtrop Fruit	PRITI SAURABH SHAH	S	59000	13.75
24/7/2012	531602	Koffee Break	SHARAD CHIMANLAL MORBIA	S	763060	0.38
24/7/2012	532164	Minolta Fin	YASHODA MARKETING PRIVATE LIMITED	B	109500	7.90
24/7/2012	532164	Minolta Fin	MURLIDHAR COMMERCIAL PRIVATE LIMITED	S	79537	7.92
24/7/2012	532164	Minolta Fin	AACHMAN VANIJYA PRIVATE LIMITED	S	83000	8.40
24/7/2012	532164	Minolta Fin	LINTON ENGINEERING SERVICES PRIVATE LIMITED	S	50000	7.90
24/7/2012	523030	Rajdhani Leas	GLOBE CAPITAL MARKET LIMITED	B	8511	78.07
24/7/2012	523030	Rajdhani Leas	HARVEST VALUE PARTNERS I	B	12000	78.29
24/7/2012	515127	Rammaica India	PARESH DHIRAJLAL SHAH	B	20000	14.50
24/7/2012	515127	Rammaica India	TIEN TRADING PRIVATE LIMITED	S	58800	14.49
24/7/2012	512047	ROYAL IND	KANAIYALAL VRAJLAL MEHTA	B	144303	76.00
24/7/2012	511754	Shalibhadra Fin	SANJAY BABULAL PANDYA	B	30000	57.32
24/7/2012	511754	Shalibhadra Fin	DAVE RAKIN SHIVPRASAD	S	30000	57.32
24/7/2012	532793	Shree Ashtavina	FINANCIAL KARVY FINANCIAL SERVICES LIMITED	S	5342855	2.61
24/7/2012	531695	SHREYCHEM	SEVARAM ANANDRAM TIRTHWANI	S	55001	63.68
24/7/2012	512449	SVC RES	AKSHAT ASHOK GUPTA	B	350000	5.21
24/7/2012	512449	SVC RES	S. K. INVESTMENTS	S	350000	5.21
24/7/2012	526957	UV Board	JITENDRAKUMAR BABULAL SHAH	B	140380	23.25
24/7/2012	526957	UV Board	DEEKSHA MARKETING PRIVATE LIMITED	S	200000	23.25
24/7/2012	590111	VAISHNAVI	SREE LAKSHMI MIKKILINENI	B	125252	5.56
24/7/2012	590111	VAISHNAVI	BADDULA RAVINDRA	B	100100	5.52
24/7/2012	590111	VAISHNAVI	PARVATHANENI VENKATA SIVA GANGADHARA RAO	S	137621	5.54
24/7/2012	590111	VAISHNAVI	SESHAGIRI RAO GUMMADI	S	106170	5.56
24/7/2012	526441	Vision Tech	SRINIVAS KARROTHI	B	182649	7.95
24/7/2012	534567	VKS PROJECTS	SAGAR RAJESHBHAI JHAVERI	B	284021	55.05
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price

Category-Wise Turnover 24-Jul-12

Trade Date	Category	Buy Value in Rs.Crores	Sell Value in Rs.Crores
24-Jul-12	Mutual Funds	336.69	426.94	-90.25
24-Jul-12	Proprietory Trades	73491.37	73428.56	62.81
24-Jul-12	Others	52547.77	52380.27	167.50
Notes :
1.  Buy / Sell value at the end of day:
Options Value (Buy/Sell) = Strike price * Qty
Futures Value (Buy/Sell) = Traded Price * Qty
2. Others exclude FIIs, Mutual Funds, Proprietory Trades

 

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