Sintex Industries
SELL
CMP: Rs64
Target Price: Rs63
Downside: 2%
19 November 2012
SHAREKHAN SPECIAL Q2FY2013 Auto earnings review
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Angel Broking:: Weekly Review dated 17.11.2012
Forwarding you the Weekly Review dated 17.11.2012. Kindly click on the following link to view the Report.
FII DERIVATIVES STATISTICS FOR 19-Nov-2012
| FII DERIVATIVES STATISTICS FOR 19-Nov-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 | 40845 | 1099.30 | 42012 | 1154.08 | 331356 | 8066.29 | -54.78 |
| INDEX OPTIONS | 579683 | 16128.98 | 579980 | 16165.67 | 1883221 | 52487.70 | -36.68 |
| STOCK FUTURES | 51428 | 1385.31 | 48864 | 1301.34 | 1100932 | 29414.58 | 83.97 |
| STOCK OPTIONS | 60633 | 1645.52 | 60733 | 1655.66 | 102104 | 2752.03 | -10.15 |
| Total | -17.64 | ||||||
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FII & DII trading activity on NSE and BSE 19-11-2012
| Category | Buy | Sell | Net | |
| Value | Value | Value | ||
| FII | 1738.25 | 1739.77 | -1.52 | |
| DII | 766.47 | 1269.07 | -502.6 | |
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HSBC Research, :: Sensex targets to 18,700 for CY12 and 20,000 for CY13
India Equity Insights
A good start but more needs to be done
A flurry of policy announcements sparked a rerating in Indian
stocks, with foreign institutional flows surging in September
We raise our Sensex targets to 18,700 (from 18,000) for CY12 and
20,000 (from 19,000) for CY13 on improved sentiment, but remain
underweight India in a regional context due to the rich valuation
Our three key themes for the final quarter are: resilient
earnings, domestic consumption and domestic investment
What SEBI tweaks mean for investor :: Business Line
SEBI has unleashed a new set of guidelines for the Mutual Fund industry, applicable from last month. Here is what they mean to investors.
One Plan only: Now there is no confusion as to which plan to invest in — Regular/Institutional/Super Institutional; fund houses have been directed to simplify their plans and offer just one. Retail investors will thus have access to lower expense ratios earlier available only to institutional investors. Prior to October 1, investors above a threshold investment (typically Rs 1 crore) were eligible for the institutional option with lower expenses.
Expense ratio: SEBI has given leeway to funds to charge a higher expense ratio (30 basis points, 0.3 per cent higher) for a certain volume of business from beyond the top 15 cities. However, there are conditions to this: inflows from beyond the top 15 cities have to be 15 per cent of the size of the fund, on an average year-to-date basis, otherwise the higher expenses may be charged on a proportionate basis. The other condition is, the additional expenses so charged shall be clawed back if those investments are redeemed within one year. What this means is that if a fund were to start focusing on cities beyond the Top 15 cities with immediate effect, it can charge the higher expenses only on a proportionate basis.
When we look at the spectrum of funds available, only a few are near the ceiling of 2.5 per cent, hence only those few may take advantage of the higher expense leeway granted now. This is specially true of products like ultra short term funds. It does not matter whether the law allows the fund to charge 2 per cent or 3 per cent as expenses, they currently charge much less.
If we look at the benefits of the single plan structure discussed above, investors should not be unduly bothered about the additional expenses allowed.
Volume growth under pressure Nestle :: Centrum
Volume growth under pressure
Nestle posted 7.8% YoY growth in revenue on the back of price hikes
across products with volume growth expected to be negative. Gross
margin expansion helped the company maintain operating margins
of ~21% while high depreciation related to capex along with higher
tax muted profitability growth to 2.4%. We have marginally reduced
our volume growth estimates and downgrade our rating to Sell.
Results lower than expectations: Nestle posted mere 7.8% YoY growth
(lowest growth in last 30 quarters) in revenues to Rs21,156mn (3.8% below our
expectations). Domestic net sales grew by 7.6% and exports by 10.5%.
Operating profit was at Rs4,434mn (up 8.1% YoY) on the back of 6bps margin
expansion while PAT was 7% below our expectations at Rs2,751mn (up 2.4% YoY).
Remain Neutral on SBI:: Centrum
Remain Neutral
Not withstanding the largely in line bottom-line, SBI’s Q2FY13 core operating
performance and asset quality matrix disappointed us. Cautious management
commentary, overhang of high GNPA (5.2%), incremental restructuring and
potential adverse impact of monsoon failure should lead to
underperformance in the near term. We maintain Neutral stance on the stock
with a revised price target of Rs2,200.
Asset quality: pain persists: Asset quality matrices continued to worsen
further with: 1) slippages at Rs71bn (revised down from Rs 85bn) indicating 3%
annualised slippage rate 2) GNPA going up 4% QoQ to 5.2% - highest in
industry 3) PCR eroding by ~290bps to 54%. Meanwhile, the cumulative
restructured portfolio increased by ~10% QoQ to 4.4% of loans while
cumulative slippages from the pool stood at ~20%. While the restructured
portfolio remained lower than that of PSB peers (8-9% of loans), the stress
asset creation (slippages + incremental restructured) was high at Rs118bn
compared with ~Rs100bn run rate in recent quarters.
NIM contracts QoQ: NII grew by a weak 5% YoY to Rs110bn (vs our estimate
of Rs113bn). Sequentially, NIM witnessed contraction of 23 bps QoQ, led by
excess liquidity of ~Rs600bn and continued focus on large corporates and
home/car loans for growth. From a geographical perspective, domestic NIMs
moderated by 18bps to 3.68% while International NIMs saw a sharper decline
(by 35bps) to 1.42% as the bank witnessed weaker spreads in the case of Trade
Finance, its main lending activity in international business and due to rupee
depreciation. On a blended basis, the management now guides for 3.5% NIM
for FY13 (from 3.75% earlier), which seems achievable.
FAQs on dividends :: Business Line
A Mutual Fund generally offers two plans for every scheme: Dividend and Growth. Under the Dividend plan, the fund distributes gains made from investments to investors, from time to time. In the Growth plan, all gains made by the fund are retained by it in the scheme.
An investor has the option of receiving the dividend payment or opting for reinvestment of the dividend amount. In the dividend reinvestment option, the investor gets dividend in the form of units (i.e. dividend declared gets converted into units — reinvested into the same scheme). We discuss some queries investors have on dividends.
SGX Nifty 5,588.50 +15.50; Markets to open UP today
SGX Nifty 5,588.50 +15.50;
Singapore exchange
8:50 AM India time
Nov 19, 2012
Markets to open UP today
Singapore exchange
8:50 AM India time
Nov 19, 2012
Markets to open UP today
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