REC-1&2/HUDCO-1&2&3/IIFCL-1&2&3/PFC/NTPC/NHPC/NHB/IRFC-1&2/NHAI - IREDA-ENNORE

Dear All,

Please find  the respective IP dates & Deemed date of allotment :-

Sno.	Name of Issuer	Issue Size (Rs in cr)	Amount Allotted (Rs in cr)	Date of Launch	Date of Allotment	Interest Payment Date	Listing date
1	Rural Electrification Corporation Limited (Tranche I)	3500.00	3440.60	August 30, 2013	24-Sep-13	December 1, every year	30-Sep-13
2	Housing & Urban Development Corporation Ltd (Tranche I)	4809.20	2370.00	September 17, 2013	25-Oct-13	October 25, every year	29-Oct-13
3	India Infrastructure Finance Company Limited (Tranche I)	2500.00	1213.01	October 3, 2013	12-Nov-13	November 12, every year	14-Nov-13
4	Power Finance Corporation Limited	3875.90	3875.90	October 14, 2013	16-Nov-13	November 16, every year	20-Nov-13
5	NHPC Limited	1000.00	1000.00	October 18, 2013	02-Nov-13	April 1, every year	07-Nov-13
6	Housing & Urban Development Corporation Ltd (Tranche II)	2439.20	2153.39	December 2, 2013	13-Jan-14	January 13, every year	17-Jan-14
7	NTPC Limited	1750.00	1750.00	December 3, 2013	16-Dec-13	December 16, every year	19-Dec-13
8	India Infrastructure Finance Company Limited (Tranche II)	3000.00	3000.00	December 9, 2013	22-Jan-14	January 22, every year	24-Jan-14
9	National Housing Bank (Tranche I)	2100.00	2100.00	December 30, 2013	13-Jan-14	January 13, every year	16-Jan-14
10	Indian Railway Finance Corporation Limited (Tranche I)	10000.00	4083.12	January 6, 2014	18-Feb-14	April 15, every year	21-Feb-14
11	National Highway Authority of India	3698.40	3698.40	January 15, 2014	05-Feb-14	March 15, every year	10-Feb-14
12	Rural Electrification Corporation Limited (Tranche II)	1059.40	1059.40	February 28, 2014	24-Mar-14	December 1, every year	27-Mar-14
13	Housing & Urban Development Corporation Ltd (Tranche III)	285.81	272.92	February 28, 2014	24-Mar-14	December 1, every year	28-Mar-14
14	Indian Railway Finance Corporation Limited (Tranche II)	2916.88	1745.22	February 28, 2014	26-Mar-14	April 15, every year	28-Mar-14
15	National Housing Bank (Tranche II)	1000.00	1000.00	March 7, 2014	24-Mar-14	March 24, every year	26-Mar-14
16	India Infrastructure Finance Company Limited (Tranche III)	2823.79	2664.54	February 17, 2014	27-Mar-14	March 27, every year	31-Mar-14
17	IREDA - INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	1000	721.65	17-Feb-14	10-03-14	13-03-14	19-Mar-14
18	Ennore Port Ltd - (KAMARAJAR PORT LIMITED)	500	365.47	18-Feb-14	14-03-14	25-03-14	27-Mar-14

-- 

Cement - Sector Update - Rich valuations in a challenging environment :Centrum

Rich valuations in a challenging environment



We assert that cement stocks post recent rally do not offer favorable
risk-reward and maintain negative stance on the sector. However,
cement prices have sustained at higher levels due to supply
constraints and we believe improved supply will soften prices,
especially in North and West regions. Cement dealers confirmed our
view that prices will drop when production resumes at Binani’s Cement
plants. On the other hand, cement prices at higher levels in North and
West regions will help improve profitability of Shree Cement, JK
Lakshmi Cement, JK Cement (60% capacity in North) and pan-India
players Ambuja and UltraTech Cement (higher presence in the West and
North regions).

$ Price remains at higher levels: Average pan-India price increased
1.5% MoM to Rs320/bag in Apr ’14 led by price hikes in West (Gujarat),
South and Central regions. In South, price continues to remain
volatile, but in the West region prices have been supported by
slightly improved demand and low supply. We believe elevated cement
prices in North and West regions (up 16-17% YoY) are largely due to
tightening supply but resumption of operations at Binani Cement’s
plants will lead to softening of prices.

$ Delay in some capacity addition in FY14; higher capacities expected
in FY15E: Some capacities got delayed in commissioning in FY14 which
are expected to come on stream in Q1FY15E. We believe that capacity
addition in FY14 was 15.8mt against our initial estimate of 21.3mt due
to delays in commissioning (Reliance Cementation plant in the Central
region and ABG Cement plant in the West). Our interaction with
industry participants suggest that delayed capacities will be
commissioned in Q1FY15E. We believe the commissioning of these
capacities will impact the pricing power of manufacturers adversely if
demand does not pick up.

$ Demand-supply situation yet not favorable: We expect effective
capacity utilization rate of the industry to be at 72.9%/75.3% in
FY15E/FY16E against 73.4% in FY14. Though the street expects sharp
recovery in cement consumption post favorable elections, we will be
surprised if volume growth surpasses our expectation in FY15E. Even
ex-South region, utilization rate is expected to be at 79.9%/81.9% in
FY15E/FY16E against 81.7% in FY14.  Subdued utilization rates will
continue to lead to volatility in cement prices as in FY14. However,
factors beyond our analysis (closure of Binani Cement’s operations)
and pricing discipline may help sharp hike in prices.

$ Outlook & Valuation: We believe that post recent run-up in cement
stocks, valuations (large cap companies trading at near to or above
mean+sd1 EV/EBITDA) are at elevated levels and risk-reward seems
unfavorable. Cement prices may come under pressure (Rs20-25/bag) if
production resumes at Binani Cement plants in the North region. Also,
Lafarge has commissioned its 2.6mt capacity in the North region
(Chittor, Rajasthan) which may put pressure on cement prices in the
region if demand does not improve. Cement companies’ earnings were
revised downwards sharply in FY14 and we expect the same scenario in
FY15E if demand does not improve. We prefer to wait for signs of
demand revival and pricing stability before turning positive on the
sector.





Thanks & Regards

DCB Bank Ltd - Results Update - Results vindicate our positive stance

Rating: Hold; Target Price: Rs75; CMP: Rs65; Upside: 14%



Broader picture intact, but valuations stretched



DCB Bank’s Q4FY14 results were in line with our estimates and
re-iterates our belief on cost controls with adequate balance growth.
As operating levers continue to play, return ratios will see further
improvement. Our preference for the bank has seen the stock outperform
its peers and currently trades at 1.2x FY16ABV of Rs54.2. Though we
continue to prefer DCB Bank, dilution risk and overhang on tax related
provisioning could see return ratios moderate in the near term. We
thereby downgrade the stock to HOLD but retain our TP at Rs75.

$ Q4FY14 in-line results: DCB Bank’s Q4FY14 results were in-line with
our estimates – NII at Rs1bn (+24% yoy) and net profit at Rs391mn
(+14% yoy). NIM (calc) at 3.2% declined 4bps qoq. Cost rationalisation
measures have seen the ratio of cost/ average assets moderate to 2.6%.
Asset quality improved with GNPA at Rs1.3bn (-33% qoq) and was
primarily led by write-off of the legacy portfolio. Slippages could
have remained higher at Rs300mn (1.5% of loans). However, with lower
provisioning (PCR stood at 46.5%) NNPA at Rs740mn grew 30% qoq. The
bank saw fresh restructuring of Rs350mn for Q4 and cumulative
portfolio is at 0.9% of loans.

$ Operating levers playing out well; non-interest income to be the
next trigger: Cost rationalisation measures have seen the ratio of
cost / average assets decline from 3.03% in FY12 to 2.64% in FY14.
With improved revenue line and increasing penetration into smaller
cities, we expect the ratio to further decline to 2.5% by end-FY16.
Share of non-interest income (11% of total) has remained on the lower
side and will be the next trigger for overall RoA improvement.

$ Loan growth driven by non-SME segment; 77% of deposits are retail in
nature: Concerns over asset quality have forced DCB Bank to cautiously
lower its exposure towards SME segment. This was also reflected in Q4
results that saw 9% yoy decline in credit growth to this segment
vis-à-vis 23.6% yoy growth in loan portfolio. GNPA from this segment
stood at 6.5% of loans. Given the relatively small nature of balance
sheet and branch presence (130 branches), we continue to remain
impressed by DCB Bank’s strategy on deposit profile. 77% of deposits
are retail in nature and provide comfort on the stickiness of deposit
profile and cost controls.

$ Downgrade to HOLD: Our preference for DCB Bank given improved
operating levers, adequate control over asset quality and balance
sheet growth has seen the stock outperform its peers in the recent
past. However, giving impending risk to return ratios following
capital dilution, impact of tax liability beginning FY16 and any
sudden asset quality shocks given increased level of stress in SME and
large corporate segment, we believe valuations at 1.2x FY16ABV of
Rs54.2 are on the higher side. We thereby downgrade the stock to HOLD
with target price of Rs75. DCB Bank however remains our preferred pick
in the mid-cap banking space.

Shipping Monthly Report – April 2014 :: ICICI Securities

Shipping Monthly Report – April 2014
• The Baltic Dry Index (BDI) gained ~8% in March 2014 to 1362
level on the back of increased iron ore inventory by China.
Iron ore stocking by China increased ~8% MoM and 52% YoY
buoyed by 6% growth in steel output on a YoY basis.
Capesize rates were supported by Chinese demand, which
started to weaken towards the end of the month. Panamax
rates also softened in absence of grain and soya bean cargo

• Tanker indices remained under pressure for the month as
tonnage availability outstripped demand. The Baltic Clean
Tanker Index (BCTI) declined ~ 3%MoM to 610 levels whereas
the Dirty Tanker Index (BDTI) also shed ~4% MoM to 700
levels in March 2014. Category wise, VLCC and Aframax rates
declined 34% and 11% MoM whereas Suezmax rates firmed
up by 20%

• LPG carrier rates for the VLGC and LGC (57000 cbm) segments
gained ~8% MoM in March 2014 whereas MGC (57000 cbm)
segment rates across categories continued to remain steady
for March 2014

• Utilisation levels on an MoM basis for drill ships remained
flattish at 89% in March 2014. Semi-subs and jack-ups
utilisation also continued to remain flattish at 89% and 88%
respectively, in March 2014