Raj Oil Mills

Investors can refrain from subscribing to the initial public offer from Raj Oil Mills. Strong demand prospects for edible oils, the company’s established brands in Western India and a record of good profit and revenue growth, are positives to the offer. However, the aggressive nature of the capacity expansion plans peg up execution risks and the asking price for the offer is stiff, if expansion plans make a delayed contribution.

At the two ends of the price band of Rs 100-120, the asking price discounts the company’s fully diluted earnings for the last financial year (ended December 2008) by 12-14.5 times. Assuming the company successfully implements its expansion plans, the multiple would work out to 8-10 times (FY-11) earnings.

That appears high given that competition is intense and margins in this business are susceptible to significant swings, based on input price fluctuations.

Players of a much larger size such as KS Oils (11 times) and Ruchi Soya (8 times) trade at lower trailing multiples. That suggests that the stock may offer opportunities for investment at lower prices, post-listing.
Expansion in sales

Raj Oil Mills has a strong presence in the Western region with brands such as Cocoraj (coconut and ayurvedic oil) and Guinea refined oil (edible oils spanning groundnut, sunflower, mustard, cottonseed and soyabean). The promoter’s long experience in the industry, a diverse product portfolio and the company’s focus on the retail segment through a range of pack sizes have helped it manage consistent growth in recent years.

Over the three years to 2008 (the company adopts a calendar year), the company has managed to ramp up its sales from Rs 85 crore to Rs 317 crore. The expansion in sales has been accompanied by a scaling up of refining capacity from 15,000 to 30,000 tpa over the past two years, funded mainly through debt (debt:equity at 0.2:1).

The company has defied broader industry trends to manage nearly full utilisation of its existing capacity in recent years. Substantial expansion in operating profit margins from under 5 per cent to over 16 per cent helped net profits climb from below Rs 2 crore in 2005 to Rs 29.6 crore for 2008, the latest full year for which financials are available.

Operating profit margins stood way ahead of the industry averages of 8-11 per cent, which the company attributes to a strategic procurement of raw materials and a higher proportion of retail sales.

However, going forward, the company’s operating profit margins may moderate to industry levels, as raw material prices stabilise and the company undertakes capex to adopt a more integrated model of manufacturing. Establishing a Pan-India distribution network and a national brand presence is likely to prove quite expensive and may involve large promotional outlays that could reduce margins as well.
Execution risks

Despite a wide supply deficit for edible oils in the Indian market, the retail segment is very competitive with many national players (Adani Wilmar, ConAgra, Marico) as well as successful regional brands which offer strong price competition. Unlike other FMCGs, edible oils (even the branded segment) is quite price-sensitive, making it difficult for players to pass on input cost increases to consumers without the threat of substitution. The current inflationary scenario for edible oils may make this year quite challenging in this respect.

The proceeds of this Rs 114 crore IPO (at the higher end of price band) are proposed to be used to significantly scale up oilseed crushing capacity (5,000 tonnes per annum to 30,000 tpa) at the existing location at Manor, Thane, and set up new refining capacities (60,000 tpa), palm oil processing (60,000 tpa), vanaspathi (15,000 tpa) and facilities for ayurvedic and cosmetic products.

The added crushing capacity is expected to reduce reliance on third parties for sourcing of crude oil, which could ensure more reliable supply. The bulk of the above capacities are expected to be commissioned this November.

The manifold expansion planned, the lack of external monitoring and the fact that it is to be funded entirely by equity, peg up the execution risks associated with the project. Overall, the company’s fundamentals are reasonable enough to bear watching post-listing; but stiff pricing makes the offer a relatively risky investment.

Unitech

‘Fortune favours the brave’ — this Latin proverb may well sum up the changing fortunes of Unitech as well as the high risk-return proposition that may be awaiting the prospective investors of Unitech.

Unitech’s unremitting efforts to tide over a precarious state of high leverage, high receivables, plunging sales and low cash during the realty slowdown of the last one year seem to be paying off. Among the larger players, we believe that Unitech has been most proactive in combating the slowdown. There are signals that these efforts would translate into a healthier balance sheet that is low on debt and a more sustainable earnings stream for the company, though margins may moderate.

Investors with a three-year investment perspective can consider buying the stock of Unitech on declines linked to broad markets.
Investment strategy

At the current market price of Rs 76 the stock trades at 10 times its earnings for 2008-09. Note that even the FY-09 earnings were aided by reasonably good performance during the first half of that fiscal. This may not be sustained in the current financial year. The valuation only gets marginally expensive at 13 times its expected FY-10 earnings, factoring in an expanded equity base and revenue from new launches accruing over the next couple of years. An investment in the stock, at this stage, could still hold uncertainties. Even as Unitech has done well to tackle company-specific issues, the macro concern over the pace of recovery in realty still remains a matter of conjecture. A longer investment time-frame may, therefore, be needed.
The trials

While smaller realty companies took the first hit from the realty slowdown, it wasn’t long before players such as Unitech were also impacted. Unitech has traditionally been high on leverage. However, comfortable revenue growth rates ensured that debt was serviced. Lower sales volume as well as rapid drying up of funding avenues — visible from September 2008 — spelt trouble. By December 2008, the company’s receivables galloped to Rs 1,345 crore from Rs 750 crore in March 2008. Debt increased by over Rs 2,000 crore to Rs 10,900 crore during the December quarter, with higher number of near-term repayment schedules. Sales volume, meanwhile, plummeted over 85 per cent in the above quarter. Added to this, rumours of the company defaulting on payments, made fund raising extremely difficult.
The efforts

Unitech, unlike its peer DLF, was in a more difficult spot then, as it was more highly leveraged than the latter. As bank credit and customer advances — the key sources of working capital — started drying up, the first positive for Unitech’s came in the form of a stake sale in its telecom venture — Unitech Wireless. While the inflows from the sale came at a later date, Unitech’s consolidated balance sheet received some relief as a part of the debt for the telecom business was shifted from its books.

The next relief came in the form of debt restructuring package allowed to banks by corporates. These events, despite providing some respite to the pressurised balance sheet, did not free up cash for the launches (mostly middle income housing) that the company was resorting to. It was then that Unitech went on an asset monetising spree, selling its hotel and office spaces, freeing up at least Rs 650 crore of cash. The monetising initiative is still on, with the company negotiating to offload more hotel properties.

Unitech was also one of the fist companies to capitalise on the turnaround in the equity markets through two quick successive rounds of qualified institutional placements, through which it is reported to have garnered about Rs 4,400 crore. Besides, the company’s first’s QIP at Rs 38.5 per share left much on the table for investors; this smart strategy led to a successful second QIP offer. Unitech’s debt at Rs 7,800 crore (as of May 2009) and gearing of 1.5 are likely to come down further to these measures. The company has also issued warrants to a promoter group company.

The above de-leveraging/fund raising measures are not only likely to reduce the debt burden significantly, but also ensure execution of projects taken up. In the process, Unitech has also unlocked value from non-core businesses such as telecom (the company is also said be negotiating to sell its tower manufacturing business) thereby lightening its balance sheet as well as conserving resources for the core realty business.
Business strategy

Meanwhile, to revive sales volume, Unitech had resorted to shifting focus to middle-income housing. It stalled many commercial projects where the demand scenario was abysmal and instead concentrated on the residential space. Prices too were slashed by as much as 25 per cent.

While the effect of this was tepid in the March quarter, the company has sold about 3.2 million sq.ft of the close to 14 million sq ft of area launched since April 2009. To put this in perspective, the company sold 3 million sq. ft of properties for the full year ending March 2009. If the company is able to sell properties at the pace at which it has in recent months, the volumes may provide some cushion for the lower realisations from selling mid-income housing/discount properties.

The challenge for Unitech, is in keeping the volumes ticking for at least the next six-nine months not only to grow its revenue but also to revive its working capital cycle. For this, the nascent recovery visible in real-estate may have to be sustained. The near term concern is that the equity expansion of over 40 per cent (excluding warrants) may dilute the earnings over the next one year.

Surprisingly, Unitech has managed a better show than most other larger players for the full year ending FY-09. While revenues declined by 30 per cent to Rs 2,890 crore net profits contracted 26 per cent to Rs 1,198 crore. Operating profit margins expanded marginally to 55 per cent.

Going forward, with an average land cost of about Rs 200 per sq ft, OPMs may gradually contract to 40 per cent unless the company is once again able to command better pricing power. Any improvement in commercial project off take may also support profit margins.

Coromandel Fertilisers

Concerns about an erratic monsoon have beaten down the valuations of fertiliser stocks significantly in recent trading sessions.

Investors can use this opportunity to buy the Coromandel Fertilisers stock (Rs 183), which offers a bargain, trading at a price earnings of just six times its estimated earnings for 2009-10.

Coromandel Fertilisers’ status as one of the largest and cost-efficient producers of fertilisers and its extensive distribution network suggest that its prospects will not be materially impacted by a single deficit-monsoon season. In fact, despite the erratic monsoon, sales of complex and phosphatic fertilisers have already grown by 55 per cent in April-June 2009. There also remains a 25-per cent deficit in domestic supplies of DAP and complexes.

Coromandel Fertilisers’ businesses span phosphatic and complex fertilisers, pesticides, micro-nutrients and other farm inputs, with a marketing presence in 13 States. A wide fertiliser product mix, overseas buys which have secured supplies of raw materials, and scaling up of capacity through the integration of Godavari Fertilisers have enabled Coromandel to sustain strong growth over the past five years, amid the ups and downs of the agricultural cycle.

The company has managed a 50-per cent compounded annual growth rate in both sales and net profit in the past five years, even as the earnings per share have expanded from Rs 5 to over Rs 30.

The year 2008-09 was particularly challenging for Coromandel with a sharp rise, followed by a crash, in prices of raw materials such as ammonia, phosphoric acid and sulphur, which resulted in a dip in realisations starting the fourth quarter.

The Government’s decision to discharge a part of its subsidy obligations through bonds also contributed to a substantial mark-to-market loss. However, the current year appears less challenging on both counts. With raw material prices stabilising and global fertiliser prices correcting (subsidy is linked to import parity prices), realisations and revenues may dip; but volumes will grow and margins may be maintained. A sharp cut in the Government’s subsidy outgo and assurances that these would be paid mainly as cash, may result in better recoveries and lower working capital requirements for players this year.

Over the medium-term, the policy proposal to move from a product-based subsidy to a nutrient-based one, may serve to wean farmers away from cheaper urea and act as a strong demand driver for players such as Coromandel.

Texmaco

Investors can consider accumulating the stock of Texmaco, a leading supplier of wagons to the Railways. Stability on the demand front with the Railways announcing an addition of 18,000 wagons, besides the heightened focus on developing the dedicated freight corridors underscore our optimism.

Texmaco appears well-placed to benefit from these given its established relationship with the Railways and the private logistics players. At the current market price of Rs 101, the stock trades at about 12 times it likely FY-10 per share earnings.

This appears reasonable given the vast business potential in the wagon manufacturing space.
Demand drivers

The reiteration of the Railways’ focus on improving infrastructure in the country, with increased budgetary allocation, higher wagon orders and sustained efforts towards setting up of dedicated freight corridors (DFCs), bodes well for Texmaco.

The company’s wagon manufacturing business benefit immensely from that as it is the largest wagon supplier for both the Railways and the private sector.

Besides, the setting up of DFCs will also in the long run translate into higher wagon orders from the private container rail logistics players. That Texmaco had secured orders for the supply of 3,455 wagons from the Railways last year (of the total 11,000 wagons) lends confidence on its execution skills.

But even as increasing wagon orders from the Railways are expected to make up a chunk of Texmaco’s order-book, the demand from the private players is unlikely to improve in the near-term. Save for Container Corporation, which is continuing with its capex plans for the year, most other private container rail logistics players are likely to go slow on their wagon procurement plans.

The global economic slowdown may continue to shadow the sector given its exposure to EXIM traffic. Though there have been slight signs of revival in cargo volumes — even the latest cargo volumes for the month of June have registered growth — it may take at least a couple of months of sustained cargo growth before wagon orders from the private logistics players begin to trickle in.

The company also has a presence in the steel castings and hydro-mechanical equipment space. The castings division, besides meeting captive requirements, also supplies bogies and couplers to the Railways and other wagon builders. Though not a revenue spinner, the division scores well on profit margins and contributes highly to overall cost savings for the company. Texmaco plans to increase the division’s exposure to high-margin export market and has in this respect even established its export base for hi-tech precision castings to serve a few multi-national clients.

The company has received a certificate from the Association of American Railroads for manufacture of Side Frame, Bolster and Centre Plate for the US market. It also has a presence in hydro-mechanical equipment space.

Though the division is yet to make any meaningful contribution to the company, it holds potential to add significantly to revenues. The Government’s increasing focus on improving power infrastructure and the proposed capacity addition in various hydropower projects point to high growth prospects for the division.

While the competition in this space is immense, Texmaco’s proximity to the untapped hydropower potential in North-East India may give it an edge.
Scorecard

For the financial year-ended March 2009, the company reported 15 per cent growth in revenues, while profits grew by 10 per cent. Operating margins dropped by half a percentage point to 15.5 per cent for the year. Deferment of wagon acquisition plans by private players leading and erratic commodity prices could be attributed to the drop in margins. On a segmental basis, the company’s rolling stock division continued to drive growth. Overall, it recorded an impressive performance by turning out 4,701 wagons during the year.

Though in terms of volume, the production was about the same as that of the previous year, the new hi-tech design Indian Railway wagons in stainless steel construction and special wagons for the private industry helped it make substantially higher value-addition over the previous year. It now enjoys an order book of Rs 1,300 crore.

The company is also in the process of raising Rs 200 crore through either preferential allotment of foreign currency convertible borrowing, ADR or GDR.

Weekly Watch - July 19 2009

Weekly Watch - July 19 2009

Zee Entertainment

Zee Entertainment

Weekly Review - July 19 2009

Weekly Review - July 19 2009

Larsen Tourbo, Bajaj Auto, Welspun Gujarat, Zee Entertainment, Polaris Software, Bharti Airtel, Sterlite Industries, India Economy

Larsen Tourbo, Bajaj Auto, Welspun Gujarat, Zee Entertainment, Polaris Software, Bharti Airtel, Sterlite Industries, India Economy

IDBI Bank

IDBI Bank

Welspun Gujarat

Welspun Gujarat

India Monsoons

India Monsoons

China's forex reserve tops US$2 trillion

China's foreign exchange reserve swelled at a record pace in the second quarter to top the US$2 trillion milestone for the first time. The reserve rose by a record US$178bn in the second quarter to US$2.132 trillion, the People’s Bank of China said. That dwarfs a US$7.7bn gain in the previous three months. The increase came amid strong signs of economic recovery in China, spurred by the government's stimulus package and a strong growth in bank lending in the first six months of the year. Property and stock prices have also climbed over the last few months. Data released by the central bank today also showed that M2, the broadest measure of money supply, rose by as much as 28.5% in June from the year-earlier period. Separately, China's foreign currency regulator said today that it will ease curbs on outflows of capital. The State Administration of Foreign Exchange will expand the sources of capital Chinese can use to fund outbound spending and let companies send investment funds overseas without prior approval, it said.

US recovering faster than expected: Tim Geithner

The US economy is improving at a much faster pace than had been anticipated, even as aggressive policy measures taken by governments across the globe have thwarted the risk of a much deeper recession, Treasury Secretary Timothy Geithner said. "In the US, the rate of decline in economic activity has slowed, business and consumer confidence has started to improve, housing markets have begun to stabilize, the cost of credit has fallen significantly and credit markets are opening up," Geithner said in a prepared speech in Jeddah, Saudi Arabia. These improvements have been more substantial and have come more quickly than many expected when the Obama administration was designing the stimulus programs in December and January, he said.

Meanwhile, the Federal Reserve raised its economic projections. In "central tendency" forecasts released with the minutes of its June policy meeting, the Fed raised its 2009 and 2010 GDP forecasts, even while saying that the US economy could take up to six years to resume trend growth. GDP for 2009 was pegged at -1.5% to -1.0% against the previous range, from April, of -2.0% to -1.3%. For 2010, growth was forecast at 2.1 to 3.3%, up from 2 to 3% in April.

Delhi Metro flyover crashes...Gammon India shares slide

Shares of Gammon India tumbled 7.5% during the week to Rs149 after a part of an under construction Delhi Metro line collapsed on July 12 which was being constructed by the company. Six people were killed and 15 others injured when an under-construction bridge of the Delhi Metro collapsed. The accident took place at around 5 am last Sunday when a pillar of the bridge caved in near Lady Sriram College in South Delhi's Lajpat Nagar. The Delhi Metro chief E. Sreedharan inspected the site the next day even as clearing operations in the area were underway. Sreedharan, who resigned from the post owning moral responsibility for the mishap, visited the accident site to take stock of the situation. Delhi chief minister Sheila Dikshit rejected his resignation, as the state government sees his continuation necessary for the successful completion of projects related to Delhi Metro ahead of the 2010 Commonwealth Games. The DMRC has set up a four-member committee to examine reasons for the accident and it would submit its report in 10 days. This was the second accident involving the company. In the first incident, Gammon was held responsible for the collapse of a bridge in Hyderabad which claimed two lives in September 2007. Eight pre-fabricated segments of the flyover collapsed after scaffolding caved in on Sept. 9, 2007.

Inflation remains negative for 5th straight week

The annual rate of inflation stood at -1.21% for the week ended July 4, as compared to -1.55% for the previous week June 27, and 12.19% during the corresponding week of the previous year. The Wholesale Price Index (WPI) for "All Commodities" for the week ended July 4, rose by 0.7% to 236.4 from 234.7for the previous week. The Government announced that it had revised inflation in week to May 9 to 1.56% from 0.61%.

The index for Primary Articles group remained unchanged at its previous week’s level of 258.5. The index for 'Food Articles' group declined by 0.2% to 253.6 from 254.0 for the previous week. The index for 'Non-Food Articles' group rose by 0.3% to 237.7 from 237.0 for the previous week.

The index for Fuel, Power and light group rose by 3.1% to 338.2 from 327.9 for the previous week on account of higher prices petrol (10%), high speed diesel oil (7%) and light diesel oil (4%).

The index for Manufactured Products group rose by 0.2% to 206.1 from 205.7 for the previous week. The index for 'Food Products' group rose by 0.5% to 234.0 from 232.8 for the previous week. The index for 'Beverages Tobacco & Tobacco Products' group rose by 0.9% to 304.3 from 301.6 for the previous week.

Hyped Budget, low hopes

Great expectations, but... nemo dat quod non habet (no one can give what he does not have). In the days leading up to the Union Budget, it is fashionable for experts and opinion-makers of all hues to hold forth on what the budget 'ought to be'. This is natural. After all, divining the finance minister's mind, or lobbying openly till it rankles, or making a public display of one's 'expertise' in public finance is an annual indulgence of the financial and business chatterati. This year is all the more exciting as the Congress party has won (quite unexpectedly) the mandate to govern India for another five years in the midst of global financial and economic turmoil. I expect an early start to the budget season of Parliament and a late finish.

More chatter is not necessarily better chatter. While the appetite for revolutionary budget measures is understandably higher in the post-election euphoria, I am not sure whether this budget will usher in much of a revolution beyond creative accounting in public finance. The greatest problems (the ballooning government debt and a persistent fiscal deficit) and the greatest imperatives (welfare, subsidies and infrastructure creation) are pulling the government finances in opposite directions. Sadly, the former may eventually win even as the current budget addresses the latter. Simply put, the government has a 'structural' or 'balance sheet' kind of a problem, while we await the cheap and counter-cyclical thrills on the profit-and-loss or revenue front.

Almost all the governments of the top 20 economies in the world are facing financial challenges, mostly centering on the re-financing of failed banks. But for many of them, this is a one-time burden that will affect public finances adversely for a year or two. In India's case, things are different. The government has always been profligate and its recent sins have been luckily countered by strong tax revenues as the 'India story' played out over most of this decade. In just over a year of fiscal stress and economic upheaval, this veil of modesty has been ripped apart.

Public debt as in March 2009 is estimated to be over 75% of the country's GDP, and almost four times the annual revenue inflows of the government. The interest on public (or government) debt consumed 31.6% of revenue receipts in FY08; it rose to over 34% in FY09 and will get worse from now on as revenue sags and debt balloons. Expect a figure of around 38% for FY10e. The government is literally on a debt treadmill.

The revenue inflows for the government are not likely to increase significantly anytime soon given that the economic growth in India is taking a breather, unless tax rates are upped (yes, the unthinkable might be forced upon us, not in this budget perhaps, but soon enough). So let's rule out any easing of tax rates which have a major effect on the aggregate tax collection. There might be some tax sops for individuals, such as an increase in deductibles for home loans, tax-exempt bank deposits, etc, but these are likely to be measures intended for hiding the lack of material tax breaks. The implementation of VAT is already running into political and bureaucratic problems (what pragmatic measure doesn't in this blessed country?), while service tax might be increased to 12% again with wider 'coverage'. This is because a uniform GST is still at least a budget away.

On the expenditure side, the finance minister is under tremendous pressure to increase the welfare/subsidy spend. True, many subsidies are not reaching the intended recipients. However, this is not reason enough to cut PDS allocations, minimum support prices for foodgrain procurement, health, education and fertiliser subsidies. As for populist programmes, let's be realistic. A government that has been voted back to power on the strength of the NREGS (by any count, a positive contributor), the Sixth Pay Commission hikes and farmer loan write-offs, is surely going to preserve (if not pump up) subsidies.

It's on this basis that decontrol of petrol, diesel and LPG prices is also a probable non-starter, just as it has been all these years. Similarly, there is an urgent need to invest heavily in infrastructure creation and provide large budgetary support/allocation for irrigation schemes, highways, power plants, urban infrastructure, railways and ports. Does any government have the gall to cut back on the spend in this category?

As for the budget day (the actual deficit at the end of the year is usually worse), my back-of-the-envelope guess is that the real fiscal deficit for financial year 2010, including some invisible items that the government often sweeps aside, will probably be a shade under Rs 5 lakh crore a truly toxic figure when you consider that it is about 50% of the total budget and over 11% of the GDP. Obviously, the government will have to resort to a mix of PSU divestments, increased borrowings and printing (monetising) this amount over the year. Each option is fraught with financial danger and moral hazards.

Divestment is sensible if you can sell the loss-making units. Selling stakes in the profitable PSUs is akin to selling the family silver to fund wayward and footloose progeny. It also requires support from a reluctant DMK and Trinamool Congress. Monetising will bring back the ghost of inflation (it has been benign so far because of the high base effects from last year and soft oil prices, but both these factors can wear off soon). That leaves borrowing, which is theoretically easy as government paper is backed by a sovereign guarantee.

This time, though, it's different. The net incremental borrowings during the year (about Rs 3.5 lakh crore, increasing at 60% CAGR over FY08-10) will take government debt to over 80% of the GDP and weaken the rupee. This will also crowd out private sector borrowings and drive up interest rates. As a result, banks' bond holdings will deflate and put pressure on corporate profits and the stock market PE multiples. Where does that leave the investors in Indian stocks? Not in wonderland, I'm afraid.

Dipen Sheth is Vice-President, Institutional Equities, BRICS Securities Ltd.

Power IPOs to flood street in coming weeks

Adani Power Ltd., a power project development company promoted by Adani Enterprises Ltd., plans to tap the capital markets on July 28 with an initial public offering (IPO) of 301,652,031 equity shares of Rs 10 each at a price to be decided through the book-building process. The IPO closes on July 31. The price range is likely to be Rs100-110. At this range, the company will be raising anywhere between Rs33bn to Rs37bn. The Adani Power IPO announcement lifted the shares of Adani Enterprises, the holding company of the diversified Adani group.

Indiabulls Real Estate said its wholly-owned power subsidiary Indiabulls Power (formerly Sophia Power Co.) filed a draft red herring prospectus with the capital market regulator SEBI for an initial public offer (IPO). According to media reports, Indiabulls Power is planning to raise Rs15bn through the IPO to fund its future projects. However, the company did not provide any further details related to the draft offer.

Sterlite Industries, part of the London-listed Vedanta Resources, on July 15 raised US$1.5bn (about Rs72bn at current exchange rates) through an American Depository Shares (ADS) issue. The Anil Agarwal-controlled company said that the funds raised would be used to part-finance its power generation plans and other planned capex programmes. Sterlite’s power plans are being built through wholly-owned subsidiary Sterlite Energy, which is building two commercial power plants - a 2,400 MW plant at Jharsuguda in Orissa and another 1,980 MW plant in Punjab, at a total investment of about Rs150bn (about US$3.1bn).

Public sector hydel power generation company NHPC is likely to bring out its much-awaited IPO next month after twice postponing the same in the last two years. SBI Caps, Enam Financial and Kotak Mahindra are book runners and lead managers of the issue, for which Karvy will be the registrar. "If everything goes well, the IPO is likely to be in the first week of August, tentatively August 7," said NHPC CMD S.K. Garg. The proposed issue involves NHPC infusing 10% fresh equity through this public offer to raise Rs16.8bn while the Government will divest its 5% stake in the company.

The duration and pricing of the issue would be decided after July 27 when the company would file its Draft Red Herring Prospectus (DRHP) with the registrar of companies (RoC). NHPC had earlier filed the Draft Red Herring Prospectus (DRHP) in April 2007, but it was turned down by SEBI, as the company did not have the required strength of independent directors on its board then. Later, the company re-filed on August 6, 2008, but could not launch the IPO due to poor market conditions. IPOs are also due from JSW Steel and Jaiprakash Power Ventures.

Weekly Stock Picks - July 18 2009

Buy NTPC

Buy Cummins

Buy Patni

Buy IVRCL Infra

Buy Reliance Infra

Weekly Newsletter - July 18 2009

After a highly volatile first half, the market appears to be heading for a similarly swinging month at least, as bulls and bears slug it out among themselves. Its all down to quarterly results, which are going to accelerate from next week, and daily dose of news. The market will take directional cues depending on the tone of the corporate earnings and other news flow. Given the fact that the news will be mostly mixed, one should brace for a rollercoaster ride. There will be days when the stocks will fall sharply and there will be days when they will rally. The catalyst(s) could be local and global.

It will of course be tough to catch the swings on either side, especially the timing. So, the best approach is to take it day-by-day. We expect a broadly rangebound market with no specific bias at least in the near term. If one looks at a little further ahead - medium to long term - the outlook is positive. However, concerns still remain on monsoon's overall progress and its fallout on rural demand, which apparently is what the Government and the market too is betting big on. We also cannot ignore the global factors, though strong domestic consumption will ensure another year of decent growth for India.

Key results to be announced next week: Essar Oil, IDFC, JSW Steel, Mercator Lines, Mindtree, RCF, Triveni Engineering, Dr. Reddy's, Ultratech Cement, Thermax, Yes Bank, LIC Housing Finance, Renuka Sugars, OBC, HDFC, BHEL, Canara Bank, Wipro, India Cements, IFCI, Hindustan Zinc, Tech Mahindra, ONGC, ACC, Maruti, Ambuja Cements, Siemens, Biocon, ITC, Apollo Tyres, MRPL, Alstom Projects, Union Bank, United Phosphorus, GSPL, Idea, Bharti Airtel, Marico, Balrampur Chini, RIL, Ranbaxy, HCC, Shree Cement, GAIL, Bharat Electronics, Jet Airways, CESC, RPL, ICICI Bank, HUL, JP Associates and Godrej Consumer.

Fiscal stimulus bearing fruits: FM

Finance Minister Pranab Mukherjee said that some positive signs are emerging for the Indian economy. Production of major steel producers registered a growth of 13% in June 2009 (YoY). Cement production increased by 13.1% in June (YoY). Sales of automobile sector have registered a growth of 14.3% in June. This was driven by the demand in two wheelers at 17.4% in June.

"This reflects greater purchasing power with the middle income groups, easier availability of credit and affordability," the Finance Minister said. Consumer goods continued to record a double-digit growth at 12.4% in May over the corresponding period of the previous year, he said. Number of mobile phone connections in May increased by 49%. Approximately 12mn new mobile connections were added during the month.

Mukherjee said that the Government’s fiscal stimulus since December is showing positive results, though the economy is still not out of the woods. "These are small beginnings that show that our strategy to generate internal demand is responding," he said. "In the medium term, we should have clear objectives and come back to the path of fiscal discipline." In recent weeks, there have been some concerns on the progress of monsoon, Mukherjee said. The Government is monitoring the situation on a daily basis and is ready to implement its contingency plan, if required, he added.

"What is required right now is to achieve high growth in the shortest possible time," Mukherjee told the Rajya Sabha, urging them to support the finance bill. "This level of deficit is not sustainable and we shall correct it soon." The Lok Sabha passed the budget on Tuesday. The Finance Minister said that the widening of the deficit won’t crowd out borrowing needs of private companies, adding that the Centre was working in tandem with the RBI to ensure that enough money is available with the banks to lend to companies and households.

The Finance Minister also said "it is essential that we come back to the path of fiscal prudence without compromising our growth momentum as soon as the current economic circumstances permit us to do so". Fiscal prudence is critical for maintaining a stable balance of payments, moderate interest rates and steady flow of external capital for corporate investment, he said.

As indicated in the medium term fiscal policy statement, required under the FRBM Act and placed as a part of the budget documents, the fiscal deficit is expected to come down from 6.8% of GDP in FY10 to 5.5% in FY11 and further to 4% in FY12, Mukherjee said. Correspondingly, the revenue deficit is expected to decline from 4.8% of GDP in FY10 to 1.5% in FY12, he added.

Noting the serious concerns voiced on the implications of the Government’s borrowing programme, the Finance Minister said that the net market borrowing requirement for FY10 through GoI dated securities works out to Rs3.98trillion. The actual net borrowing through Government securities in FY09 was Rs2.21 trillion. Notwithstanding the increased borrowings in the current year, the cost of borrowing has been significantly lower so far, he said.

During the first half of FY10, the Government's market borrowing is being supported by RBI through its Open Market Operations (OMO), Mukherjee said. It has to be understood that the OMO should not be confused with monetisation of government borrowings and that the Centre has no intentions of monetising its debt, he emphasised.

On the disinvestment of Public Sector Units (PSU), he said that the President’s Address to the Joint Session of Parliament on 4th June had clearly spelt out the policy of the UPA on disinvestment. Which is that the Government would develop people-ownership of public undertakings while ensuring that its equity does not fall below 51% and the Centre retains the management control. The Finance Minister said he had reiterated the same in his budget speech.

"It is our intention to enable the PSUs to benefit from techno-managerial efficiencies and become more competitive in the market. My Ministry has initiated discussion with other Ministries and Departments for identifying the PSUs where a portion of Government shareholding can be sold and for issue of fresh equity to meet their fund requirements. The details are being worked out and would be announced in due course," Mukherjee said.

On infrastructure, he said it is a high priority area for the UPA. Investment in infrastructure will raise the capacity for rapid growth and employment generation, he said. Rural infrastructure is of special importance, as it will disperse incomes and bring prosperity in the rural areas. Through the four fiscal packages announced so far (including the budget), the Government has given an overall stimulus of nearly Rs2.18 trillion to the economy. Bulk of this is being directed towards investment in infrastructure, both urban and rural, as well as ‘Aam Admi’ centric programmes, like NREGA, Pradhan Mantri Adarsh Gram Yojana, Bharat Nirman, etc.

India Monsoons

India Monsoons

Weekly Wrap - July 17 2009

Weekly Wrap - July 17 2009

Sensex reverses post Budget sell-off

The key stock indices recorded its biggest weekly gain since May 24. The FM’s clarifications in parliament on disinvestment and the borrowing programme, coupled with reports of encouraging progress in monsoon led the recovery after last week’s sharp decline. Strong global cues also helped. Finally, the BSE Sensex surged 9.5% and the NSE Nifty added 9.3%.

The BSE Sensex hit an intra-week high of 14,801 and low of 13,220. While, the NSE Nifty hit an intra-week high of 4,390 and low of 3,918.

The Foreign Institutional Investors bought stocks worth Rs7.59bn during the week and the Domestic Institutional Investors also purchased stocks worth Rs9.61bn during the week.

The top gainers: The top gainers in the Sensex were DLF (up 19.4%), ICICI Bank (up 18.1%), Reliance Capital (up 16.9%), Tata Motors (up 16.7%) and Hindalco (up 15.8%).

The Top Losers: HUL was the only loser among the 30-components of the BSE Sensex. The stock was down 0.22%.

The BSE IT Index (up 9.7%):The top gainers in IT sector were Sasken Communication (up 36.2%), Mahindra Satyam (up 19.9%), Wipro (up 11.6%), Patni Computer (up 10.9%), TCS (up 9.9%) and Infosys (up 8.4%),

Financial Technologies (FT) rallied by over 24% during the week. National Multi-Commodity Exchange signed up for ODIN - brokerage solution of FT.

HCL Tech surged 20% during the week. HCL Axon, a division of HCL Technologies announced a strategic partnership with UCS Group and a takeover of the UCS Group's Enterprise Solutions SAP practice.

The BSE Consumer Index: The top gainers in the consumer durables space were Videocon Industries (up 13.5%), Samtel Color (up 9.7%), Su-Raj Diamonds (up 6.6%), Mirc Electronics (up 5.2%) and Titan (up 3.8%).

The BSE Healthcare Index (up 5.3%): Strides Arcolab was the top gainer in the Pharma space. The stock was up 14% during the week. Reports stated that the company is exploring merger and acquisitions for its specialty Pharma and R&D units.

Sun Pharma gained 11.6% during the week. Reports stated that the company along with its subsidiary, Caraco reached a settlement agreement with Forest Laboratories and licensing partner H Lundbeck AS, over a pending patent infringement dispute.

Lupin advanced by 14% during the week. Lupin Holdings B.V. Netherlands, a wholly-owned subsidiary of Lupin increased its holdings in Generic Health Pty from 38.45% to 48.11%.

Among the other major gainers were Aurobindo Pharma (up 12.4%), Morepen Labs (up 11.8%) and

The top losers were Dr Reddy's (down 3.8%), Piramal Healthcare (down 2.1%), Ipca Labs (down 1%) and Panacea Biotec (down 1%).

The BSE Banking Index (up 11%): The top gainers in the banking space were ICICI Bank (up 18.1%), Kotak Mahindra Bank (up 15.6%), Axis Bank (up 15.3%), Yes Bank (up 12.3%) and PNB (up 12.2%).

HDFC Bank advanced 4.2% during the week. The bank earned total income of Rs51.36bn for the quarter ended June 30, 2009, an increase of Rs9.21bn over the corresponding quarter ended June 30, 2008. Net revenues (net interest income plus other income) were Rs28.99bn for the quarter ended June 30, 2009, an increase of 25.1% over the corresponding quarter of the previous year.

Meanwhile, the annual rate of inflation stood at -1.21% for the week ended July 4, 2009 as compared to -1.55% for the previous week June 27, 2009 and 12.19% during the corresponding week July 5, 2008 of the previous year.

The BSE Auto Index (up 11%): The top gainer in the auto sector was Tata Motors. The stock was up by 16.7% during the week. Ratan Tata, Chairman of Tata Group, handed over the first owner of Tata Nano on Friday at Tata Motors showroom in Mumbai. Tata Motors completed the selection process of selecting the first 1 lakh lucky owners of Tata Nano via lottery system.

Bajaj Auto surged over 13% during the week. The company’s Q1 net profit was at Rs2.93bn as against Rs1.75bn a jump of 67.4% YoY. While, net sales rose 1.8% to Rs22.6bn as against Rs22.2bn in the same period last year. The company has gains of Rs218mn on derivative hedging and has retirement scheme cost of Rs458.2mn.

Among the other major gainers were Hindustan Motors (up 15.5%), Hero Honda (up 12.9%), M&M (up 12.1%), Ashok Leyland (up 9.3%) and Maruti Suzuki (up 7.1%).

The BSE Oil & Gas Index (up 7.8%): The top gainers in oil & gas space were GSPL (up 20.4%), Shiv-Vani Oil (up 13.7%) and Hindustan Oil (up 13.1%).

Gujarat NRE Coke soared over 19% during the week. Reports stated that the company plans to complete the hostile takeover of Australian coal exploration company Rey Resources by year end.

Essar Oil surged over 13% during the week. Reports stated that the company plans to expand its retail fuel outlet network to 1,500 by the end of this year.

Meanwhile, Great Offshore was down 0.2% during the week.

The BSE Capital Goods Index (up 7.5%):The top gainers in the capital goods space were Aban Offshore (up 26.8%), HEG (up 11.9%), Dredging Corp (up 10.5%), Thermax (up 10.4%),

BHEL rallied over 12% in the week. The manufacturing capacity of the company is being further enhanced to 15000 MW per annum by end December 2009. This will further go up to 20000 MW per annum by December 2011. The estimated cost for the above capacity expansion programme of BHEL is approximately Rs58.03bn.

On the other hand, the top loser was Gammon India, the stock was down 7.3% during the week after a part of an under construction Delhi Metro line collapsed on Sunday morning, which was being constructed by Gammon India. This was the second accident involving Gammon India. The first incident was when Gammon was held responsible for the collapse incident in Panjagutta Hyderabad which claimed two lives in September 2007. Eight pre-fabricated segments of the flyover collapsed after scaffolding caved in on Sept. 9, 2007.

The Cement Sector: The top gainers in the cement sector were Dalmia Cement (up 13.2%), Birla Corp (up 13.1%), Grasim (up 12.4%), Shree Cement (up 10.7%) and India Cements (up 9.7%).

The Telecom Sector: The top gainers in the telecom space were RCom (up 12.5%), Shyam Telecom (up 10.7%), Gemini Comm (up 10.7%), Himachal Futuristic (up 9.9%), Idea Cellular (up 9.4%), WWIL (up 8.7%) and MTNL (up 8.2%).

Bharti Airtel surged over 6.2% during the week. According to reports, Bharti Airtel and MTN Group are expected to confirm the details of the deal in the coming weeks, media reports stated.

The Realty Sector (up 17.6%): The top gainers in real estate space were Ackruti City (up 20.6%), DLF (up 19.4%), HDIL (up 18.5%), Ansal Properties (up 14%) and Mahindra Lifespace (up 13.2%).

Sobha Developers was the only loser, down 2.3% during the week

The Metals sector (up 10%): The top gainers in the metal space were Bhushan Steel (up 29%), Ispat Industries (up 18.2%), Lloyds Metals (up 17.2%), JSW Steel (up 16.2%) and Bhuwalka Steel (up 15.5%).

Post Market Commentary - July 17 2009

Indian market rebounded sharply from yesterday’s tedious trading to end the day with handsome gains on strong buying emerged across the board. Gains in European markets added to positive sentiments. The sentiments also boosted on comments from Finance Secretary Ashok Chawla that the government''s record market borrowing programme would not pressure bond yields as well as interest rates. Meanwhile, the Indian government raged up its borrowing plan by nearly a quarter for the fiscal first half to September 2009 to bridge its growing budget deficit. Further, market extended gains on revival on monsoon this month after weak start. Besides, increased capital inflows from funds on the back of encouraging quarterly results by the domestic companies also contributed to the rally. For the quarter ended June 30, the first set of 59 non-banking companies to announce results have reported a 21% year-on-year growth in net profit, the highest in four quarters. BSE Sensex ended above 14,700 level and NSE Nifty closed below 4,300 mark.

Market opened the today’s session on pleasant note tracking firm cues from the global markets. The US markets closed higher on Thursday on the back of better than expected results from JP Morhan Chase, IBM and Google. Moreover, on a macro economic front the Initial jobless claims for the week ending July 11 came in at 522,000, which is the lowest since January. Further, Indian benchmark indices continued to extend gains and ruled higher through out of trading session. During last trading hours market witnessed sharp rally to close near day’s high on the back some positive signals from the government for reforms and strong rally in the stocks all over the world. From the sectoral front, investors on-loaded positions across the sectors. Besides, Auto, Bank, IT, Tech, Realty, PSU, FMCG, Metal and Power stocks observed most of the buying from these baskets. BSE Mid Caps and Small Caps stocks also remained on buyers’ radar.

Among the Sensex pack 27 stocks ended in green territory and 3 in red. The market breadth indicating the overall health of the market remained positive as 1832 stocks closed in green while 825 stocks closed in red and 82 stocks remained unchanged in BSE.

The BSE Sensex closed higher by 494.67 points or (3.47%) at 14,744.92 and NSE Nifty ended up by 143.55 points or (3.39%) at 4,374.95. BSE Mid Caps and Small Caps closed with gains of 115.17 and 135.34 points at 5,105.59 and 5,680.90 respectively. The BSE Sensex touched intraday high of 14,800.70 and intraday low of 14,325.58.

Gainers from the BSE Sensex pack are Reliance Infra (8.44%), M&M Ltd (8.07%), JP Associates (7.20%), ICICI Bank (6.82%), Tata Motors (6.68%), Herohonda Motors (6.49%), Hindalco (6.31%), ITC Ltd (5.99%), HDFC (5.85%), Bharti Airtel (5.33%), Tata Power (5.03%), DFL Ltd (5.02%), SBI (4.19%), Infosys Tech (4.01%), HDFC Bank (3.64%) and Grasim Industries (3.62%).

Losers from the BSE Sensex pack are Sterlite Industries (0.42%), NTPC Ltd (0.15%) and Reliance (0.05%).

On the global markets front the Asian markets that opened before the Indian market, ended higher on better than expected earning from the US companies. Shanghai Composite, Hang Seng, Nikkei 225 index, Straits Times and Seoul Composite ended up by 6, 443.79, 51.16, 29.94 and 7.88 points at 3,189.74, 18,805.66, 9,395.32, 2,430.96 and 1,440.10 respectively.

European markets, which opened after the Indian market, are trading in green. In Frankfurt the DAX index is trading up by 37.94 points at 4,995.13 and in London FTSE 100 is trading higher by 35.85 points at 4,397.69.

The BSE Auto stocks surged (5.16%) or 248.86 points to close at 5,069.86. Major gainers are Exide Indus (11.19%), M&M Ltd (8.07%), Apollo tyre (7.14%), Ashok Leyland (7.09%) and Herohonda Motors (6.49%).

The BSE Bank index advanced by (4.76%) or 369.47 points at 8,132.16 after the Finance Minister said early this week that the government is committed to financial sector reforms. Scrips that gained are Canara Bank (7.75%), ICICI Bank (6.82%), Axis Bank (6.60%), Karnataka Bank (4.41%) and SBI (4.19%).

The BSE IT closed higher by (4.11%) or 138.27 points at 3,505.28 on hopes of a revival in US economy. Gainers are HCL Teck (11.21 %), Aptech Ltd (9.69%), Rolta India (9.42%), NIIT Ltd (7.01%) and Financ Tech (5.88%).

The BSE Teck ended up by (4.09%) or 106.57 points at 2,711.71. HCL Teck (11.21 %), Aptech Ltd (9.69%), Rolta India (9.42%), Zee Ent (7.44%) and Deccan Chr (7.25%) ended in green territory.

The BSE Realty index increased by (3.55%) or 114.73 points to close at 3,347.10. Main gainers are DLF Ltd (5.02%), Orbit Co (5.00%), Mahindra Life (4.95%), Housing Dev (4.17%) and Ansal Infra (4.02%).

The BSE PSU index gained (3.31%) or 260.52 points at 8,125.29. NMDC Ltd (9.61%), Hindustan Copper (7.86%), Canara Bank (7.75%), MMTC Ltd (7.17%) and Steel Authority (5.43%) ended in positive territory.

The BSE FMCG index went up by (3.02%) or 73.19 points at 2,499.86. Gainers are United Brew (6.89%), ITC Ltd (5.99%), Colgate Palm (2.01%), Ruchi Soya (1.44%) and Godrej Cons (0.98%).

PBA infrastructure closed higher by 18.59% after it bagged orders worth Rs 70.80 crore from Mumbai Metropolitan Region Development Authority.

HCL Tech gained 11.21%. HCL AXON, a division of the company, which provides Business Transformation consultancy and services through the innovative implementation and support of SAP technologies, announced a strategic partnership with UCS Group and a take over of the UCS Group''s Enterprise Solutions SAP practice. The acquired practice is a division of UCS Solutions and offers Tier 1 Retail and wholesale SAP project implementations.

Exide Industries Ltd zoomed 11.19% after net profit increased phenomenally 48.9% to Rs 122.40 crore in Q1 June 2009 as against Q1 June 2008.

Maytas Infra Ltd advanced by 4.95%. The company has bagged Jajpur and Midnapore projects in 2008 from Power Grid Corporation of India Limited (PGCIL), through competitive bid process and in its own right as a competent infrastructure company. Maytas has quickly mobilized the teams at most of the packages to execute the projects and currently the execution is progressing well.

Colgate Palmolive India Ltd ended up by 2.01%. The company has posted a net profit after tax of Rs 1027.80 million for the quarter ended June 30, 2009 as compared to Rs 719.20 million for the quarter ended June 30, 2008. Total Revenue has increased from Rs 4359.90 million for the quarter ended June 30, 2008 to Rs 4939.80 million for the quarter ended June 30, 2009.

BSE Bulk Deals to Watch - July 17 2009

Date Scrip Code Company Client Name Deal Type * Quantity Price **
17/7/2009 532057 ABHINAV CAP LALAITAM MALPANI B 45250 92.50
17/7/2009 532057 ABHINAV CAP BHARATH BIYANI S 54536 92.50
17/7/2009 531761 AMULYA LEAS VINOD KUMAR GOYAL B 76400 8.11
17/7/2009 531761 AMULYA LEAS VIKASH KUMAR SINGH S 45400 8.11
17/7/2009 531223 ANJANI SYNTH NARENDRA VALLABHAJI BAHUVA B 65379 51.39
17/7/2009 531223 ANJANI SYNTH NARENDRA VALLABHAJI BAHUVA S 68257 51.25
17/7/2009 532981 ANU LABS KIRIT KUMAR MOHANLAL PATEL B 666861 30.06
17/7/2009 532981 ANU LABS KIRIT KUMAR MOHANLAL PATEL S 666861 30.10
17/7/2009 532995 AVON CORP S V ENTERPRISES S 150203 8.54
17/7/2009 511664 BGIL FL TEC EDEN FINANCIAL SERVICES B 50000 16.05
17/7/2009 511664 BGIL FL TEC BP FINTRADE PRIVATE LIMITED B 50525 15.76
17/7/2009 511664 BGIL FL TEC RAJULATUL SHAH S 39359 15.75
17/7/2009 511664 BGIL FL TEC JINESH BHATT S 89211 16.53
17/7/2009 511664 BGIL FL TEC BP FINTRADE PRIVATE LIMITED S 50522 16.70
17/7/2009 531127 ENRICH INDUT ASHUTOSH YASWANTRAI PANDYA B 50000 3.30
17/7/2009 531127 ENRICH INDUT DHARMENDRA MALDEV BHAIAHIR B 55000 3.30
17/7/2009 531127 ENRICH INDUT REKHABEN DHARMENDRABHAIA HIR B 55000 3.30
17/7/2009 531127 ENRICH INDUT DINESH MADHUKAR BHANARKAR HUF B 40000 3.30
17/7/2009 531127 ENRICH INDUT DINESH MADHUKAR BHANARKAR B 40000 3.30
17/7/2009 531127 ENRICH INDUT KAVITA DINESH BHANARKAR B 35000 3.30
17/7/2009 531127 ENRICH INDUT ROCK BUILDERS & DEV P. LTD S 300000 3.30
17/7/2009 503699 GEOD LTD WARD FERRY MNGT LTD A/C WF ASIAN SMALLER CO. FUND LTD. B 1112000 95.00
17/7/2009 503699 GEOD LTD MORGAN STANLEY INVESTMENT MNGT A/C MORGAN STANLEY INDIA INVSTFUND S 806000 95.09
17/7/2009 503699 GEOD LTD MORGAN STANLEY INVST MGT INC A/C MORGAN STANLEY GEOWTH FUND S 726000 95.09
17/7/2009 531025 INCA FINLEAS R R P MANAGEMENT SERVICES P.LTD. S 17000 65.50
17/7/2009 500233 KAJARIA CERA RARE INVESTMENTS B 1000000 34.00
17/7/2009 500233 KAJARIA CERA NEERAJ SINGAL S 1072264 34.07
17/7/2009 530255 KAY POW PAP SUNIL KUMAR GUPTA B 75000 6.55
17/7/2009 530255 KAY POW PAP JOLLY GUPTA S 57201 6.43
17/7/2009 530255 KAY POW PAP SUNIL KUMAR GUPTA S 75000 6.00
17/7/2009 531602 KOFF BR PICT GAGAN O ARORA B 500000 3.87
17/7/2009 511728 KZLEASING RAMESH GGOKANI B 15606 10.87
17/7/2009 511728 KZLEASING AMI STOCK & SHARE BROKERS PVTLTD S 15606 10.87
17/7/2009 530273 LIBERTY PHOS TIRATH PRADYUMAN PARIKH B 49551 24.29
17/7/2009 533088 MAH HOLIDAY OPG SECURITIES P LTD B 774463 331.81
17/7/2009 533088 MAH HOLIDAY OPG SECURITIES P LTD S 774463 331.97
17/7/2009 500271 MAX INDIA L. WARBURG PINCUS INT. LLC A/C MELANY HOLDINGS LTD. S 3125000 197.01
17/7/2009 500271 MAX INDIA L. WARBURG PINCUS INT. LLC A/C MADISON HOLDINGS LTD. S 3125000 197.01
17/7/2009 531832 NAGAR AGRITE CARWIN MERCANTILES PVT LTD S 52100 5.04
17/7/2009 531996 ODYSSEY CORP BHROSEMAND COMMODITIES PVT. LTD. B 30025 23.75
17/7/2009 531952 RIBA TEXTILE BELA TUSHAR ZAVERI B 34800 50.52
17/7/2009 531952 RIBA TEXTILE PATEL NITABEN SHAILESHBHAI B 55350 49.56
17/7/2009 531952 RIBA TEXTILE SHAILESH SOMABHAI PATEL S 37000 49.67
17/7/2009 512413 SPECTACLE HEMANT MADHUSUDAN SHETH S 393000 47.00
17/7/2009 526133 SUPERTEX IND ARCHI STEEL WIRES PVT.LTD. B 50000 57.20
17/7/2009 507747 TTK HEALTHCA* TTK HEALTHCARE LIMITED BUY BACK OF EQUITY SHARES ACCOUNT B 79874 119.93
17/7/2009 507747 TTK HEALTHCA* JAGDISH AMRITLAL SHAH S 42875 120.00