19 December 2012
JK Cement -Value Pick.-- Anand Rathi
Closing 304 Reco: Buy Expected Value 404 Nifty Level 5888
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- Multi product and multi region play
One of the largest cement manufacturers in North India and second largest producer of white cement in India.
Known for brands like – JK Cement, Sarvashaktiman, JK Super.
- Expansion plans to be the trigger going forward
Grey cement – The company plans to augment its grinding capacity by 3mn tons at Haryana and Rajasthan.
White cement – Plans to set up 0.6mn tons plant in UAE for Middle East markets.
- Volume and Price increase are the important parameters for the performance
The company has been enjoying good volume growth compared to its peers and price increase is also helping on the realizations front.
- Consistent dividend payer
20% payout ratio.
Valuations
At our target price of 404 the stock would trade at 5.8x FY14E EV/EBITDA and at a PE of 9x in the same period. With expansion plans on track and added advantage of white cement growth will be beneficial for the company’s growth potential going forward
Thanks & Regards
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JSW Steel - Management Interaction Note :: Centrum
Management Interaction and Estimates Revision
JSW Steel
Buy
Target Price: Rs872
CMP: Rs745
Upside: 17%
Better times ahead, maintain buy
We interacted with JSW Steel recently and were impressed with the company’s resistance to various external constraints through focus on value-addition and aggressive marketing. We see benefits of lower coking coal costs ahead with marginally better product realizations leading to better operating margin. We maintain our volume estimates but revise our EPS estimates upwards by 6%/8.1% for FY13E/14E. We revise our target price upwards to Rs872 and maintain buy rating.
FII & DII trading activity on NSE and BSE 18-12-2012
| Category | Buy | Sell | Net | |
| Value | Value | Value | ||
| FII | 3343.85 | 2421.48 | 922.37 | |
| DII | 1165.96 | 1657.08 | -491.12 | |
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FII DERIVATIVES STATISTICS FOR 18-Dec-2012
| FII DERIVATIVES STATISTICS FOR 18-Dec-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 | 44184 | 1308.84 | 44682 | 1323.15 | 433781 | 12711.43 | -14.31 |
| INDEX OPTIONS | 787042 | 23255.23 | 797109 | 23558.60 | 1601323 | 47281.79 | -303.37 |
| STOCK FUTURES | 100153 | 2995.25 | 104763 | 3096.43 | 1194745 | 34895.30 | -101.18 |
| STOCK OPTIONS | 93107 | 2659.80 | 94926 | 2718.01 | 76483 | 2145.20 | -58.21 |
| Total | -477.07 | ||||||
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PFC Tax Free Bonds as on 17/12/2012 5 p.m.
Please find below the subscription figures for PFC Tax Free Bonds as on 17/12/2012 5 p.m.
PFC - Tax Free
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BSE Bidding
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Subscription considering full issue size
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Unsubscribed
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Total Bidding till 14/12/2012
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Total Size (Crs)
|
Series
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BID Qty
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BID Amt(Crs)
|
%
|
Amt (Crs)
|
Amt (Crs)
|
1147.50
|
QIB
|
4000
|
0.40
|
0.03
|
1147.10
|
0.30
|
688.50
|
Corporates
|
485870
|
48.59
|
7.06
|
639.91
|
3.23
|
918.00
|
HNI
|
315650
|
31.57
|
3.44
|
886.44
|
25.92
|
1836.00
|
Retail
|
1736366
|
173.64
|
9.46
|
1662.36
|
92.27
|
4590.00
|
Total
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2541886
|
254.19
|
5.54
|
4335.81
|
121.72
|
Current investment opportunities
A quick refresher on current investment opportunities.
1. PFC Tax Free Bonds - IPO - 14/12/2012 to 21/12/2012
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2. Attractive FD Schemes
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SGX Nifty 5,958.00 +26.00 ; Markets open UP
SGX Nifty 5,958.00 +26.00 ;
SINGAPORE exchenge
9 AM India time; 19 Dec
Markets open UP
SINGAPORE exchenge
9 AM India time; 19 Dec
Markets open UP
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