01 February 2013

FII & DII trading activity on NSE and BSE 1-02-2013

CategoryBuySellNet
ValueValueValue
FII3325.942562.66763.28
DII772.151860.77-1088.62

 


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FII DERIVATIVES STATISTICS FOR 01-Feb-2013

FII DERIVATIVES STATISTICS FOR 01-Feb-2013 
 BUYSELLOPEN INTEREST AT THE END OF THE DAY 
 No. of contractsAmt in CroresNo. of contractsAmt in CroresNo. of contractsAmt in Crores 
INDEX FUTURES26097793.4929311893.472346097117.37-99.98
INDEX OPTIONS3079389276.362630367944.90116779135142.311331.46
STOCK FUTURES467181514.35564171772.8497383031184.10-258.49
STOCK OPTIONS354221081.87363711120.60392751175.82-38.73
      Total934.26


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TRACKING TECHNICALS - MTT BUY CALL ON CUMMINS INDIA:: Anand Rathi


Merck - Q4CY12 - Result Update - Centrum


Q4CY12 Result Update
Merck
Buy
Target Price: Rs831
CMP: Rs664
Upside: 25%
Good overall growth
Merck results for Q4CY12 were better than our expectations. The company reported 24%YoY growth in revenues, 1,230bps improvement in EBIDTA margin and net profit of Rs201mn against loss of Rs16mn. The growth was driven by the pharma business (63% of revenues), which grew by 29%YoY. However, the chemicals business (37% of revenues) grew by 15%YoY. Merck is a debt-free company with cash/share of Rs116. We expect the growth momentum to be maintained due to strong growth in the pharma business and benefits from NPPP. We have revised our CY13 and CY14 EPS estimates upwards by 9% and 8% respectively. We have a Buy rating for the scrip with a revised target price of Rs831 (based on 14x CY13E EPS of Rs59.3).
m  Strong growth in pharma business: Merck reported 24%YoY growth in revenues from Rs1.35bn to Rs1.68bn due to the strong growth in pharma business. The company’s pharma business (63% of revenues) grew by 29%YoY from Rs847mn to Rs1.09bn. The growth was way ahead of market growth of ~9%. The company’s chemical business (37% of revenues) grew by 15%YoY from Rs547mn to Rs628mn.
m  Strong margin improvement: Merck’s EBIDTA margin improved by 1,230bps YoY from 2.8% to 15.1% due to overall reduction in costs. The company’s material cost declined by 150bps from 45.0% to 43.5% of revenues due to the change in product mix. Merck’s personnel cost declined by 500bps from 15.4% to 10.4% due to higher sales growth. Other expenses declined by 590bps from 36.8% to 30.9% of revenues. However, on a QoQ basis, the margin declined by 410bps from 19.2% to 15.1%.
m  Strong growth in pharma business:  Merck reported strong growth of 29% in the pharma segment. As per IMS MAT-November’12 data, the company reported 12.2% growth against the industry growth of 12.0%. Its major brands Nasivion and Polybion C grew by 18.9% and 12.3% respectively. However, Neurobion Forte and Evion had a lower growth of 6.1% and 5.3% respectively.
m  Benefit from NPPP:  Merck’s three major products Neurobion, Polybion and Evion are currently under DPCO. However, under NPPP, Evion would come out of price control. This product has annual sales of ~Rs500mn. This is likely to benefit the company. Another of its major brands Nasivion (revenues Rs340mn) will continue to remain outside price control. Moreover, the company is likely to benefit from its Vitamin E API that will come out of price control.
m  Valuations: We have revised our CY13 and CY14 EPS estimates by 9% and 8% respectively.  At the CMP of Rs664, the stock trades at 11.2x CY13 and 9.5x CY14 earnings. We have a Buy rating for the scrip with a revised target price of Rs831 (based on 14x CY13 E EPS of Rs59.3) with 25% upside over CMP.

Thanks & Regards, 

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Daring Derivatives [For February 01, 2013] Sharekhan

Daring Derivatives
[For February 01, 2013]
 Summary of Contents
 
DARING DERIVATIVES
Derivatives Summary
  • The Nifty (February) futures' premium has decreased from 39.15 points to 32.45 with 1.30 crore shares in open interest.
  • The total open interest in the market was Rs97,098 crore and Rs71,354 crore was reduced in open interest.
  • The market-wide rollover was 82.90% whereas rollover in the Nifty futures was 64.34% vs 61.58%.

Click here to read report: Daring Derivatives

Punjab National Bank Q3FY13 Result: Microsec


Dear Sir/Madam,

Punjab National Bank Ltd has announced its Q3FY13 result on 31st January 2013.

The bank’s total income increased by 3.27% QoQ and 4.75% YoY to INR4703.83 crores. Whereas, Profit After Tax (PAT) increased by 22.53% QoQ and 13.53% YoY to INR1305.62 crores. During the quarter, bank has decreased its Provision by 25.35% QoQ and 15.27% YoY to INR801.59 crores which has boosted its bottom line.

Bank's loans book and total deposits expanded by 13.22% and 8.21% YoY to INR297313 and INR385785.09 crores respectively. On the asset quality front, the bank’s has improved its asset quality. GNPA and NNPA decreased by 5bps and 13bps QoQ to 4.61% and 2.56% respectively. On the margin front, Net Interest Margin (NIM) declined by 3bps QoQ and 38bps YoY to 3.47%, however bank has maintained its NIM guidance of 3.5% For FY13. Capital Adequacy Ratio (CAR) improved by 18bps YoY to 11.66%, which is almost 2.66% higher than the regulator’s stipulated norm. Moreover, Provision Coverage Ratio (PCR) of the bank is still not in satisfactory level.

Q3’13 (INR Crores)
Consensus
Actual
Variance %
Total Income
4501.1
4703.83
4.50%
PAT
1152.8
1305.62
13.26%



                                               Punjab National Bank Ltd Quarterly-[INR-Crores]


DESCRIPTION
Q3'13
Q2'13
Q3'12
QoQ%
YoY%
Interest Earned
10548.45
10421.11
9481.03
1.22
11.26
Interest Expended
6815.12
6771.74
5944.39
0.64
14.65
NII
3733.33
3649.37
3536.64
2.30
5.56
Other Income
970.50
905.38
954.09
7.19
1.72
Total Income
4703.83
4554.75
4490.73
3.27
4.75
Operating Expenses
2021.92
2021.89
1814.30
0.00
11.44
Operating Profit before Prov.& Cont.
2681.91
2532.86
2676.43
5.88
0.20
Provisions and Contingencies
801.59
1073.83
946.10
-25.35
-15.27
PBT
1880.32
1459.03
1730.33
28.87
8.67
Tax
574.70
393.45
580.29
46.07
-0.96
Profit After Tax
1305.62
1065.58
1150.04
22.53
13.53
Adj Calculated EPS
38.49
31.42
33.91
22.50
13.51
Advances
297313.00
294746.52
262605.18
0.87
13.22
Deposits
385785.09
400747.49
356516.68
-3.73
8.21

Q3'13
Q2'13
Q3'12
QoQ (bps)
YoY(bps)
Capital Adequacy Ratio Basel II
11.66%
11.73%
11.48%
-7
18
% of Net NPAs
2.56%
2.69%
1.11%
-13
145
% of Gross NPAs
4.61%
4.66%
2.42%
-5
219
NIM %
3.47%
3.50%
3.85%
-3
-38
Provisions Coverage%
55.97%
54.31%
70.01%
166
-1404
C/D ratio
77.07%
73.55%
73.66%
352
341
C/I Ratio
42.98%
44.39%
40.40%
-141
258
OI/TI
57.02%
55.61%
59.60%
141
-258


Regards,

Team Microsec Research