India Equity Research: 10/18/12

FII trading activity on NSE and BSE 18-10-2012

Category	Buy	Sell	Net
Category	Value	Value	Value
FII	2336.35	2405.22	-68.87
DII	1208.96	1393.52	-184.56

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FII DERIVATIVES STATISTICS FOR 18-Oct-2012

FII DERIVATIVES STATISTICS FOR 18-Oct-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	55683	1556.68	53627	1520.99	619553	15649.24	35.69
INDEX OPTIONS	757652	21570.12	759046	21564.12	1854481	53052.55	6.01
STOCK FUTURES	95952	2742.88	93565	2697.82	1070455	31700.75	45.07
STOCK OPTIONS	71384	2162.77	71337	2160.62	91241	2888.55	2.14
						Total	88.90

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ELECTROSTEEL STEELS: Chinese equipment & engineering enable savings in capital cost; Motilal oswal,

ELECTROSTEEL STEELS: Chinese equipment & engineering enable savings in capital cost

Phase-wise trial runs on at 2.5mtpa ISP; watch for plant efficiency on full-scale operations

- We visited the 2.5mtpa integrated steel plant (ISP) that Electrosteel Steels (ELSS) is setting up at Siyalijori village, near Bokaro in Jharkhand.

- It is India's first steel plant based almost entirely on Chinese equipment and engineering, enabling savings of 20-25% on capital cost. The total project capex is INR96b, of which INR87b has already been incurred. Most facilities are complete and trial runs are being carried out.

- Parent, Electrosteel Castings (ELSC) will supply 30% of the coking coal and 100% of the iron ore requirement on cost plus 20% for 20 years. This will help ELSS to save on raw material cost, too. ELSC has begun partial production at the coking coal mine and is awaiting stage-II forest clearance for the iron ore mine.

- ELSS targets 1.5m tons of saleable steel production in FY14 and expects EBITDA margin of 35% on full-scale operations. As at end-FY12, D/E was 3.2x. The stock trades at 0.9x FY12 BV. Not Rated.

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