Search Now


Monday, October 30, 2006

Strong growth in core operating profits

State Bank of India''s Q2FY2007 stand-alone net profit at Rs1,184.5 crore was down 2.5% yoy.

Result highlights
  • State Bank of India''s (SBI) Q2FY2007 stand-alone net profit at Rs1,184.5 crore was down 2.5% year on year (yoy), but above our expectations of a fall of 11.4% largely due to the lower-than-expected operating expenses reported by the bank and on account of lower provisions.
  • The net interest income (NII) grew by 8.1% yoy to Rs3,898.7 crore, above our expectations of a 6.9% growth. The improved yield on the advances (up by 67 basis points) to 8.48% over a 21.2% advances growth coupled with the lower cost of deposits (down 15 basis points) to 4.64% mainly resulted in a better NII growth. The reported core net interest margin (NIM; adjusted for a one-time interest income) for H1FY2007 has improved by 40 basis points to 3.32%.
  • Most other PSU banks have reported an increase in the cost of deposits, while SBI has reported a fall mainly due to the improvement in its CASA ratio to 42.6% from 39.5% and the lowering of the bulk deposit rates to discourage high-cost deposits in its books.
  • The other income increased by 10.7% yoy to Rs1,433.8 crore, restricted mainly due to a drop of 96.9% in the trading income during Q2FY2007 to Rs7.7 crore from Rs246.7 crore in Q2FY2006. The other income excluding the treasury income reported a very strong growth of 36.1%.
  • With the net income up by 8.8% yoy and a decrease of 2% in the operating expenses, the operating profit increased by a healthy 24.7% yoy. The operating profit excluding the treasury income was up 42% yoy.
  • The provisions were down 16.7% yoy mainly on account of the absence of investment depreciation during the quarter. However the tax outflow at Rs606 crore with an effective tax rate of 33.9% was much above our expectations.
  • At the current market price of Rs1,095, the stock is quoting at 9.6x its FY2008E earnings per share (EPS), 4.5x its pre-provision profits (PPP), 1.6x its stand-alone book value and 1.3x its consolidated book value. The bank is definitely a proxy investment for the Indian economy and the improved operating performance post the redemption of India Millennium Deposits (IMDs) could still provide some upside from the current levels. We maintain our Buy call on the stock with a price target of Rs1,116.

NII up 8.1%, strong 37.1% y-o-y increase in interest on advances
The NII has grown yoy by 8.1%, which is above our estimates of a growth of 6.9%. The improved NII was achieved due to a strong 37.1% year-on-year (y-o-y) increase in the interest on advances. The strong growth in the interest on advances was a result of a higher yield on the advances (up 67 basis points yoy) coupled with a 21.2% advances growth.

Improved CASA ratio helps in lowering deposit costs
The deposit costs have decreased by 15 basis points during the quarter on a y-o-y basis and by 17 basis points on a q-o-q basis. Most other PSU banks have reported an increase in the cost of deposits, while SBI has reported a fall mainly due to the increase in its CASA ratio to 42.6% from 39.5% and the lowering of the bulk deposit rates to discourage high-cost deposits in its books. The CASA ratio improvement was supported by its vast ATM network and the focus on new salary accounts.

Advances up 21% yoy with retail advances up 26.1% yoy
The advances growth of 21.2% yoy for the bank has been below the industry average of ~30%; however the bank has reported a strong growth of 26.1% yoy in the retail segment which constitutes 25.8% of the bank''s gross domestic advances at the end of September 2006. The housing loans constitute 52.5% of the bank''s retail advances as on September 2006.

Fee income reports robust growth of 36.1% yoy
The other income increased by 10.7% yoy to Rs1,433.8 crore and was restricted mainly due to a sudden drop of 96.9% in the trading income during Q2FY2007 to Rs7.7 crore from Rs246.7 crore in Q2FY2006. The almost 100% y-o-y sudden drop in the trading income during Q2FY2007 despite the bond market activities remaining healthy with the benchmark yields having retraced by almost 50 basis points qoq raises some doubt on the bank''s treasury management. However, the same has been taken care of post-September 2006; hence Q3FY2007 numbers would reflect the same.

The other income excluding the treasury income reported a very strong growth of 36.1%. The loan processing fees and the locker and ATM related fees have largely contributed to the robust growth in the fee income.

Operating expenses down 2%
The operating expenses reported a fall of 2% yoy to Rs2,859.9 crore with the staff costs reporting a y-o-y fall of 4.2% to Rs1,954.7 crore. The staff costs would have been much lower, in absence of the ongoing payments to the staff opting for an early exit.

Asset quality remains steady
The gross NPAs reduced to Rs10,306.5 crore (3.57%) at the end of September 2006 from Rs12,531.8 crore (5.26%) at the end of September 2005 due to higher upgradations and recoveries. However on a sequential basis the gross NPAs stood at Rs10,386 crore (3.88%) at the end of June 2006. The net NPAs reduced to 1.67% of the net advances at the end of September 2006 from 2.27% at the end of September 2005; however on a q-o-q basis the net NPAs stood at 1.69% at the end of June 2006.

Capital adequacy remains comfortable
The capital adequacy ratio of the bank as on September 2006 stood at 12.63% with the Tier-I ratio at 8.74%. The bank has eligibility to raise further Tier-I hybrid debt of over Rs4,000 crore. The operational risk impact on the implementation of the Basel-II norms is estimated at 105 basis points.

Clarity provided on pension and AS15 impact
The management provided clarity on the key issues relating to the pension liabilities and the liabilities arising out of the implementation of the revised accounting standard (AS) 15. SBI had earlier indicated that almost Rs800 crore of the additional provision would have to be made to meet the increased pension requirements under the renegotiated agreement with the employees in FY2006. However, the management has now indicated that the same would not be required, as it has excess provisions to meet the liability.

The management has also indicated that its liability under the new AS15 (see our note ''Change in pension norms negative for PSBs'' dated august 18, 2006) could be to the tune of Rs5,000 crore, much higher than our estimates of Rs3,200 crore. While this will have a huge impact on SBI''s book value, a great reprieve would come if the Institute of Chartered Accountants of India (ICAI) and the Reserve Bank of India allow it to be written off over period of five years. SBI would be biggest beneficiary of such a reprieve.

Valuation and view
At the current market price of Rs1,095, the stock is quoting at 9.6x its FY2008E EPS, 4.5x its pre-provision profits (PPP), 1.6x its stand-alone book value and 1.3x its consolidated book value. The bank is definitely a proxy investment for the Indian economy and the improved operating performance with the busy season ahead could still provide some upside from the current levels. We maintain our Buy call on the stock with a price target of Rs1,116

Sensex enters 13000 club, but market breadth weak

The Sensex breached the milestone level of 13000 for the first time and ended at a new closing high at 13024 amid strong buying in heavyweight, banking, oil and tech stocks.

The Sensex achieved the feat of surpassing the 13000 mark in the first half of the trading session and traded above the psychological level for the better part of the day.
After missing the 13000 level in the last few sessions amid profit taking, the Sensex showed strong optimism and rebounded from the intra-day low of 12845 touched in early trades. Shrugging off the weak trend in Asian and US indices, the Sensex picked up momentum by mid-morning and touched a new intra-day high of 13039 following substantial buying in heavyweight, banking and oil stocks. The Sensex finally ended the day at a new closing high of 13024, up 117 points, while the Nifty advanced 30 points at 3769. The other indices that are trading above the 13000 mark are the Nikkei and the Hang Seng.

Among the gainers, ICICI Bank advanced 3.63% at Rs785, Bharti Airtel rose 2.78% at Rs542, Infosys added 1.27% at Rs2,124, Dr Reddy's jumped 2.88% at Rs751, Reliance Communications added 2.30% at Rs394, ONGC gained 1.94% at Rs805 and HLL was up 1% at Rs229. However, Tata Motors dropped 3.86% at Rs852, Wipro lost 1.24% at Rs555 and BHEL declined 1.41% at Rs2,440.

On the sectoral front, the BSE Bankex was the star performer and rose 1.86% at 6518 while the BSE Oil & Gas index added 1.15% at 6050. Although most of the sectoral indices ended with decent gains, the BSE CD index shed 1.62% at 3204 while the BSE Metal index and the BSE Auto index inched marginally lower. However, the market breadth was negative. Of the 2,597 stocks traded on the BSE, 1,406 stocks declined, 1,133 stocks advanced and 58 stocks ended unchanged.

Among the banking stocks, Allahabad Bank surged 4.16% at Rs93, Kotak Bank gained 1.86% at Rs343 and UTI Bank added 1.83% at Rs426. Oil PSU stocks also firmed up on sustained buying interest. Chennai Petroleum soared 5.60% at Rs201, HPCL advanced 4.31% at Rs321, BPCL added 2.44% at Rs401 and Gujarat Gas gained 1.17% at Rs1,214.

Over 1.04 crore Nandan Exim shares changed hands on the BSE followed by Development Credit Bank (69.89 lakh shares), Silverline Technologies (63.10 lakh shares), IFCI (59.40 lakh shares) and SAIL (38.27 lakh shares).

Value-wise Tech Mahindra registered a turnover of Rs210 crore on the BSE followed by Reliance Communications (Rs129 crore), Hindustan Zinc (Rs109 crore), Reliance Industries (Rs92 crore) and Alstom Projects (Rs80 crore).

Results for Oct 31 2006

A B C Gas (International) Ltd, Aarey Drugs & Pharmaceuticals Ltd, Aaswa Trading and Exports Ltd, ABC India Ltd, Abee Info Consumables Ltd, ABG Heavy Industries Ltd, ABG Shipyard Ltd, Abirami Financial Services (India) Ltd, Acrow India Ltd, Action Financial Services (I) Ltd, Adarsh Derivatives Ltd, ADS Diagnostic Ltd, Advanced Micronic Devices Ltd, Aegis Logistics Ltd, Aeonian Investments Company Ltd, AIA Engineering Ltd, Ajanta Soya Ltd, Ajcon Global Services Ltd, Albert David Ltd, Albright & Wilson Chemicals India Ltd, Alfa Ica (India) Ltd, Alfa Transformers Ltd, Alfavision Overseas Ltd, Alkyl Amines Chemicals Ltd, Alna Trading & Exports Ltd, Alpine Housing Development Corporation Ltd, Alufluoride Ltd, Amani Trading & Exports Ltd, Ambalal Sarabhai Enterprises Ltd, Ambika Cotton Mills Ltd, Amforge Industries Ltd, Amines & Plasticizers Ltd, Amit Securities Ltd, Amradeep Industries Ltd, Amrapali Industries Ltd, Amrapali Spinning Mills Ltd, Amraworld Agrico Ltd, Amrit Banaspati Company Ltd, Amtek India Ltd, Ancent Software International Ltd, Andhra Pradesh Paper Mills Ltd, Andhra Pradesh Tanneries Ltd, Anik Industries Ltd, Anil Chemicals & Industries Ltd, Anil Modi Oil Industries Ltd, Anjani Finance Ltd, Ankur Drugs & Pharma Ltd, Ansal Buildwell Ltd, Anshuni Commercials Ltd, Antarctica Ltd, Anukaran Commercial Enterprises Ltd, APM Industries Ltd, Apollo Finvest (I) Ltd, Apollo Sindhoori Capital Investments Ltd, Arex Industries Ltd, Arihant Tournesol Ltd, Arihants Securities Ltd, Aristocrat Luggage Ltd, Arman Lease & Finance Ltd, Aroni Chemical Industries Ltd, Arrow Coated Products Ltd, Arvind Remedies Ltd, Asahi Infrastructure & Projects Ltd, Ashco Industries Ltd, Ashirwad Capital Ltd, Ashnoor Textile Mills Ltd, Ashram Ltd, Asia Fab Ltd, Asia HR Technologies Ltd, Asian Tea & Exports Ltd, Assam Company Ltd, Associated Profiles & Aluminium Ltd, Associated Stone Industries (Kotah) Ltd, Aunde Faze Three Autofab Ltd, Autoriders Finance Ltd, Autoriders International Ltd, Avon Mercantile Ltd, Avon Organics Ltd, Axis IT&T Ltd, B.L.Kashyap & Sons Ltd, Baba Arts Ltd, Bacil Pharma Ltd, BAG Films Ltd, Bagalkot Udyog Ltd, Baid Leasing & Finance Co Ltd, Bajrang Finance Ltd, Balaji Distilleries Ltd, Balmer Lawrie Vanleer Ltd, Banas Finance Ltd, Bansisons Tea Industries Ltd, Bartronics India Ltd, BCC Finance Ltd, Beckons Industries Ltd, Beeyu Overseas Ltd, Belapur Industries Ltd, Benzo Petro International Ltd, Best & Crompton Engineering Ltd, Best Eastern Hotels Ltd, Bhagwati Autocast Ltd, Bhagyodaya Marketing Company Ltd, Bhatinda Chemicals Ltd, Bhuwalka Steel Industries Ltd, Bihar Sponge Iron Ltd, Biofil Chemicals & Pharmaceuticals Ltd, Bisleri Gujarat Ltd, Blow Plast Ltd, Blue Blends Finance Ltd, Blue Chip India Ltd, Blue Star Infotech Ltd, Bombay Oxygen Corporation Ltd, Bombay Potteries & Tiles Ltd, Bombay Rayon Fashions Ltd, Borax Morarji Ltd, Bright Brothers Ltd, Brindaban Holdings and Trading Ltd, BSL Ltd, C.G. Impex Ltd, Calcom Vision Ltd, Caplin Point Laboratories Ltd, Capricon Systems Global Solutions Ltd, Carnation Industries Ltd, CCS Infotech Ltd, CEAT Ltd, Ceejay Finance Ltd, Ceenik Exports (India) Ltd, Centenial Surgical Suture Ltd, Centrum Capital Ltd, Cera Sanitaryware Ltd, CFL Capital Financial Services Ltd, Chandni Textiles Ltd, Chandra Prabhu International Ltd, Chartered Carriers Ltd, Cheslind Textiles Ltd, Chirawa Cements Ltd, Choice International Ltd, Choksh Infotech Ltd, Chordia Food Products Ltd, Cil Securities Ltd, Citurgia Biochemicals Ltd, Ckoramaandel Cements Ltd, Classic Electricals Ltd, Cochin Minerals & Rutile Ltd, Colinz Laboratories Ltd, Compuage Infocom Ltd, Compulink Systems Ltd, Computerskill Ltd, Conart Engineers Ltd, Confidence Petroleum India Ltd, Consolidated Fibres & Chemicals Ltd, Consolidated Finvest & Holdings Ltd, Continental Controls Ltd, Coral Laboratories Ltd, Cosboard Industries Ltd, COSCO (India) Ltd, Coventry Coil-O-Matic (Haryana) Ltd, Cranex Ltd, Cravatex Ltd, Crazy Infotech Ltd, Cressanda Solutions Ltd, Crest Animation Studios Ltd, Cubical Financial Services Ltd, Cupid Trades & Finance Ltd, Cybermate Infotek Ltd, D & H Welding Electrodes (I) Ltd, Dai-ichi Karkaria Ltd, Daikaffil Chemicals India Ltd, Datanet Systems Ltd, Deccan Bearings Ltd, Deco-Mica Ltd, Devine Impex Ltd, Dhampure Speciality Sugars Ltd, Dhanalakshmi Bank Ltd, Dhanalaxmi Roto Spinners Ltd, Dhanlaxmi Cotex Ltd, Dhanprayog Investments Company Ltd, Dhoot Industrial Finance Ltd, Diamines & Chemicals Ltd, Dil Vikas Finance Ltd, Divya Jyoti Industries Ltd, DJS Stock & Shares Ltd, DMC Vaults Ltd, Dolat Investments Ltd, Dollex Industries Ltd, Dolphin Medical Services Ltd, Dolphin Offshore Enterprises (India) Ltd, Donear Industries Ltd, Dunlop India Ltd, Dutron Polymers Ltd, Dynamic Industries Ltd, Dynavision Ltd, Infotech Ltd, Ecoboard Industries Ltd, Educomp Solutions Ltd, EIH Associated Hotels Ltd, Eimco Elecon (India) Ltd, EL Forge Ltd, Elcid Investments Ltd, Elecon Engineering Company Ltd, Electra Financial Services Ltd, Elque Polyesters Ltd, Emgee Cables & Communication Ltd, Empower Industries India Ltd, Emtex Industries (India) Ltd, Ennore Coke Ltd, Enterprise International Ltd, Entertainment Network (India) Ltd, Era Constructions (India) Ltd, Escorts Finance Ltd, Essen Supplements (India) Ltd, ETP Corporation Ltd, Everlon Synthetics Ltd, Excel Glasses Ltd, Fairdeal Filaments Ltd, Faze Three Ltd, FDC Ltd, Federal-Mogul Goetze (India) Ltd, Ficom Organics Ltd, Financial Technologies (India) Ltd, Flex Industries Ltd, Fluidomat Ltd, Fortune Financial Services (India) Ltd, Fortune Informatics Ltd, Frontier Information Technologies Ltd, Frontline Corporation Ltd, Futura Polyesters Ltd, G G Automotive Gears Ltd, G M Breweries Ltd, G S Auto International Ltd, G V Films Ltd, Gajra Bevel Gears Ltd, Galaxy Bearings Ltd, Gallantt Metal Ltd, Galore Prints Industries Ltd, Gammon India Ltd, Gangotri Iron and Steel Company Ltd, Garg Furnace Ltd, Garnet International Ltd, Garware Polyester Ltd, Genesys International Corporation Ltd, Gillanders Arbuthnot & Company Ltd, Ginni Filaments Ltd, GIVO Ltd, Glenmark Pharmaceuticals Ltd, Global Capital Market Ltd, Global Stone India Ltd, Godawari Power & Ispat Ltd, Goldcrest Finance (India) Ltd, Golden Carpets Ltd, Golden Securities Ltd, Goodyear India Ltd, Govind Rubber Ltd, Grabal Alok Impex Ltd, Gravity (India) Ltd, GSAL (India) Ltd, GSB Finance Ltd, GSL Securities Ltd, Gufic BioSciences Ltd, Gujarat Apollo Equipments Ltd, Gujarat Fiscon Ltd, Gujarat Intrux Ltd, Gujarat Petrosynthese Ltd, Gujarat Poly-Avx Electronics Ltd, Gujarat Raffia Industries Ltd, Gulshan Chemfill Ltd, Gummadi Industries Ltd, H. S. India Ltd, Haldyn Glass Gujarat Ltd, Hanil Era Textiles Ltd, Hardcastle & Waud Mfg Co Ltd, Haria Exports Ltd, Harrisons Malayalam Ltd, Haryana Fibres Ltd, Haryana Texprints (Overseas) Ltd, Hatsun Agro Product Ltd, HEG Ltd, Hester Pharmaceuticals Ltd, HFCL Infotel Ltd, Hikal Ltd, Himachal Futuristic Communications Ltd, Himalaya Granites Ltd, Hindustan Appliances Ltd, Hindustan Composites Ltd, Hindustan Sanitaryware & Industries Ltd, Hira Automobile Ltd, Hiran Orgochem Ltd, Hisar Metal Industries Ltd, Hittco Tools Ltd, Honda Siel Power Products Ltd, Hydro S&S Industries Ltd, I K F Finance Ltd, IFB Industries Ltd, IFGL Refractories Ltd, IFSL Ltd, Inani Securities Ltd, Inca Finlease Ltd, Ind-Agiv Commerce Ltd, India Lease Development Ltd, Indian Polyfins Ltd, Indian Sucrose Ltd, Indian Toners & Developers Ltd, Indo Asian Finance Ltd, Indo Asian Fusegear Ltd, Indo Borax & Chemicals Ltd, Indo Green Projects Ltd, Indokem Ltd, Industrial Organics Ltd, Infotrek Syscom Ltd, Infra Industries Ltd, Integrated Financial Services Ltd, Intensive Air Systems Ltd, Inter State Oil Carriers Ltd, Interface Financial Services Ltd, Interfit Techno Products Ltd, International Hometex Ltd, Ishwarshakti Holdings & Traders Ltd, ISMT Ltd, IST Ltd, J J Finance Corporation Ltd, J L Morison (India) Ltd, J R Foods Ltd, J.K.Investo Trade (India) Ltd, Jagson Airlines Ltd, Jagsonpal Finance & Leasing Ltd, Jai Corp Ltd, Jainex Aamcol Ltd, Jaipan Industries Ltd, Jalpac India Ltd, Jayabharat Credit Ltd, Jayaswals Neco Ltd, JCT Electronics Ltd, Jetking Infotrain Ltd, Jhaveri Weldflux Ltd, Jhunjhunwala Vanaspati Ltd, JIK Industries Ltd, Jindal Photo Ltd, JMC Projects (India) Ltd, JMD Telefilms Industries Ltd, Joindre Capital Services Ltd, Jolly Board Ltd, Josts Engineering Company Ltd, JPT Securities Ltd, Jyoti Cosmetics (Exim) Ltd, Jyoti Resins and Adhesives Ltd, K Dhandapani & Co Ltd, K E C Infrastructure Ltd, K E C International Ltd, K Sera Sera Productions Ltd, K.B.Steel Ltd, Kadamb Constructions Ltd, Kadvani Securities Ltd, Kaira Can Company Ltd, Kaiser Press Ltd, Kajal Synthetics & Silk Mills Ltd, Kakatiya Cements Sugar & Industries Ltd, Kamadgiri Synthetics Ltd, Kamla Dials & Devices Ltd, Kamron Laboratories Ltd, Kanishk Steel Industries Ltd, Kanohar Electricals Ltd, Kanoi Paper & Industries Ltd, Kanoria Chemicals & Industries Ltd, Kansai Nerolac Paints Ltd, Kansal Fibres Ltd, Kanumanek Trading Company Ltd, Kapil Cotex Ltd, Karur KCP Packkagings Ltd, Karur Vysya Bank Ltd, KDL Biotech Ltd, Kennametal India Ltd, Khaitan Chemicals & Fertilizers Ltd, Khaitan Electricals Ltd, Khandelwal Extractions Ltd, Khator Fibre & Fabrics Ltd, Khoday India Ltd, Kilpest India Ltd, Kiran Print Pack Ltd, Kirti Finvest Ltd, KJMC Financial Services Ltd, KJMC Global Market (India) Ltd, KND Engineering Technologies Ltd, Konark Synthetic Ltd, Kosian Industries Ltd, Kovai Medical Center & Hospital Ltd, Kovalam Investment & Trading Co. Ltd, Krishna Engineering Works Ltd, Krypton Industries Ltd, KSE Ltd, Kuberkamal Industrial Investments Ltd, Kusam Electrical Industries Ltd, Kushagra Software Ltd, Kutch Salt & Allied Industries Ltd, Kuvam International Fashions Ltd, Kwality Dairy (India) Ltd, La Opala RG Ltd, Ladderup Finance Ltd, Lakeland Hotels Ltd, Lanco Industries Ltd, Lancor Holdings Ltd, Laser Diamonds Ltd, Ledo Tea Company Ltd, Liberty Phosphate Ltd, Lime Chemicals Ltd, Linc Pen & Plastics Ltd, Lincoln Pharmaceuticals Ltd, Lippi Systems Ltd, Lyka Labs Ltd, M B Parikh Finstock Ltd, Maars Software International Ltd, Madhav Marbles & Granities Ltd, Madhusudan Industries Ltd, Madhya Desh Paper Ltd, Mafatlal Industries Ltd, Mahaan Foods Ltd, Mahanivesh (India) Ltd, Maharashtra Overseas Ltd, Mahashree Trading Ltd, Malwa Cotton Spinning Mills Ltd, Man Industries (India) Ltd, Mangalam Cement Ltd, Mangalore Chemicals & Fertilizers Ltd, Manraj Housing Finance Ltd, Mansi Finance (Chennai) Ltd, Mansoon Trading Company Ltd, Manugraph India Ltd, Marigold Glass Industries Ltd, Market Creators Ltd, Marmagoa Steel Ltd, Martin Burn Ltd, Marvel Industries Ltd, Marvel Web Solutions Ltd, Matrix Laboratories Ltd, Maxwell Industries Ltd, Mayur Leather Products Ltd, Mayur Uniquoters Ltd, McNally Bharat Engineering Company Ltd, MCS Ltd, Media Matrix Worldwide Ltd, Medicamen Biotech Ltd, Medinova Diagnostic Services Ltd, Meenakshi Steel Industries Ltd, Megasoft Ltd, Melstar Information Technologies Ltd, Menon Pistons Ltd, Metal Coatings (India) Ltd, Mewar Industries Ltd, Mid-Day Multimedia Ltd, Midas Pharmasec Ltd, Midland Plastics Ltd, Milkfood Ltd, Milton Plastics Ltd, Minaxi Textiles Ltd, Mobile Telecommunications Ltd, Modern Dairies Ltd, Modern Steels Ltd, Modison Metals Ltd, Mohit Paper Mills Ltd, Monnet Industries Ltd, Monnet Sugar Ltd, Moongipa Capital Finance Ltd, Morgan Industries Ltd, Motor & General Finance Ltd, Motor Industries Company Ltd, Mount Everest Trading & Investment Ltd, Mrugesh Trading Ltd, MSP Steel & Power Ltd, Mukand Ltd, Mukesh Steels Ltd, Mukesh Strips Ltd, Munoth Communication Ltd, Munoth Financial Services Ltd, Muskan Ferro Silicons Ltd, My Fair Lady Ltd, Mysore Petro Chemicals Ltd, N D Metal Industries Ltd, N R Agarwal Industries Ltd, Nagreeka Exports Ltd, Naina Semiconductor Ltd, Nalwa Sons Investments Ltd, Nam Credit & Investment Consultants Ltd, Namaste Exports Ltd, Nath Pulp & Paper Mills Ltd, National Flask Industries Ltd, National General Industries Ltd, National Mineral Development Corporation Ltd, National Peroxide Ltd, Naval Technoplast Industries Ltd, NB Footwear Ltd, Neemtek Organic Products Ltd, Neena Consultants Ltd, Neo Sack Ltd, Netlink Solutions (India) Ltd, Network Ltd, Nicco Corporation Ltd, Nidhi Granites Ltd, Nidhi Polyester Ltd, Nikhil Adhesives Ltd, Nikki Global Finance Ltd, NILE Ltd, Nilkanth Engineering Ltd, Nirav Commercials Ltd, Norben Tea & Exports Ltd, Nouveau Multimedia Ltd, Novopan Industries Ltd, NPR Finance Ltd, Nutech Global Ltd, Nutraplus Products (India) Ltd, Octagon Industries Ltd, Olympia Capitals Ltd, Omkar Pharmachem Ltd, Omnitex Industries (India) Ltd, Ontrack Systems Ltd, Opto Circuits (India) Ltd, Oregon Commercials Ltd, Orient Abrasives Ltd, Orient Beverages Ltd, Orient Information Technology Ltd, Orient Press Ltd, Oriental Veneer Products Ltd, Oscar Global Ltd, Oscar Investments Ltd, Oseaspre Consultants Ltd, Oswal Leasing Ltd, Otco International Ltd, Oxford Industries Ltd, Pace Electronics & Textiles Ltd, Padmalaya Telefilms Ltd, Panchmahal Steel Ltd, Panchsheel Organics Ltd, Panjon Ltd, Paragon Finance Ltd, Parekh Aluminex Ltd, Parekh Platinum Ltd, Parijat Trading Ltd, Parker Agrochem Exports Ltd, Pasupati Acrylon Ltd, Patels Airtemp (India) Ltd, Peerless Abasan Finance Ltd, Peeti Securities Ltd, Pennar Aluminium Company Ltd, Pennar Industries Ltd, Petron Engineering Construction Ltd, PG Foils Ltd, PHIL Corporation Ltd, Phoenix Lamps Ltd, Phoenix Mills Ltd, Photoquip India Ltd, Phyto Chem (India) Ltd, Polylink Polymers (India) Ltd, Polymechplast Machines Ltd, Polyplex Corporation Ltd, Polyspin Exports Ltd, Polytex India Ltd, Poonam Corporation Ltd, Prakash Industries Ltd, Pratik Panels Ltd, Precision Containeurs Ltd, Premier Capital Services Ltd, Premier Explosives Ltd, Premier Industries (India) Ltd, Premier Polyfilm Ltd, Premier Proteins Ltd, Pressure Sensitive Systems (India) Ltd, PRICOL Ltd, Prima Agro Ltd, Prima Plastics Ltd, Prime Focus Ltd, Principal Pharmaceuticals and Chemicals Ltd, Prithvi Information Solutions Ltd, Priya Ltd, Procal Electronics India Ltd, Professional Diamonds Ltd, Promact Plastics Ltd, Prudential Pharmaceuticals Ltd, Prudential Sugar Corporation Ltd, Punctual Trading Ltd, R J Shah & Company Ltd, Raasi Refractories Ltd, Radhe Developers (India) Ltd, Radico Khaitan Ltd, Raghunath International Ltd, Rainbow Denim Ltd, Rainbow Papers Ltd, Raj Rayon Ltd, Rajath Finance Ltd, Rajendra Electrical Industries Ltd, Rajvir Industries Ltd, Ram Informatics Ltd, Rama Paper Mills Ltd, Rama Petrochemicals Ltd, Ramgopal Polytex Ltd, Ramsarup Industries Ltd, Rapicut Carbides Ltd, Ras Propack Lamipack Ltd, Rasandik Engineering Industries India Ltd, Rashel Agrotech Ltd, Rasi Electrodes Ltd, Ratan Glitter Industries Ltd, Rathi Udyog Ltd, Ratnamani Metals & Tubes Ltd, Raunaq Automotive Components Ltd, Ravalgaon Sugar Farm Ltd, Ravinay Trading Company Ltd, Rayban Sun Optics India Ltd, RDB Industries Ltd, Refnol Resins & Chemicals Ltd, Regal Entertainment & Consultants Ltd, Regency Trust Ltd, REI Agro Ltd, Relic Technologies Ltd, Remi Metals Gujarat Ltd, Remi Process Plant & Machinery Ltd, Remi Sales & Engineering Ltd, Remi Securities Ltd, Remsons Industries Ltd, Repro India Ltd, Resonance Specialities Ltd, Rexnord Electronics & Controls Ltd, RFL International Ltd, Rich Capital & Financial Services Ltd, Rico Auto Industries Ltd, Ridhi Synthetics Ltd, Rock Hard Petro Chemical Industries Ltd, Rollatainers Ltd, Rotam Commercial Ltd, Royal Cushion Vinyl Products Ltd, Ruchi Infrastructure Ltd, S G Global Exports, S I Capital & Financial Services Ltd, S.A.L Steel Ltd, SAARC Net Ltd, Sabero Organics Gujarat Ltd, Sacheta Metals Ltd, Sah Petroleums Ltd, Sahil Financial Services Ltd, Sakthi Finance Ltd, Salona Cotspin Ltd, Salora International Ltd, Sampre Nutritions Ltd, Samrat Pharmachem Ltd, Samtel (India) Ltd, Samtex Fashions Ltd, Sandu Pharmaceuticals Ltd, Sandur Manganese & Iron Ores Ltd, Sangam (India) Ltd, Sanket International Ltd, Sanmitra Commercial Ltd, Sanra Software Ltd, Santaram Spinners Ltd, Santosh Fine Fab Ltd, Sanyei Corporation Ltd, Saraswati Commercial (India) Ltd, Saregama India Ltd, Sarthak Industries Ltd, Sarup Tanneries Ltd, Sathavahana Ispat Ltd, Saurashtra Cement Ltd, Saven Technologies Ltd, Sayaji Hotels Ltd, SBEC Sugar Ltd, SBEC Systems (India) Ltd, Scanet Exports Ltd, Scanpoint Graphics Ltd, Schlafhorst Engineering (India) Ltd, Schrader Duncan Ltd, Scindia Steam Navigation Co. Ltd, Seasons Furnishings Ltd, Seasons Textiles Ltd, Securities Capital Investments (I) Ltd, Sellaids Publication (India) Ltd, Shah Alloys Ltd, Shakti Met-dor Ltd, Shakti Press Ltd, Shaktiman Mercantile Co Ltd, Shalimar Paints Ltd, Sharyans Resources Ltd, Shikhar Leasing & Trading Ltd, Shirpur Gold Refinery Ltd, Shiva Cement Ltd, Shiva Fertilizers Ltd, Shiva Suitings Ltd, Shivagrico Implements Ltd, Shivalik Global Ltd, Shloka Infotech Ltd, Shrachi Infrastructure Finance Ltd, Shree Ganesh Forgings Ltd, Shree Global Tradefin Ltd, Shree Krishna Paper Mills & Industries Ltd, Shree Pacetronix Ltd, Shree Steel Wire Ropes Ltd, Shree Vindhya Paper Mills Ltd, Shreenath Investment Company Ltd, Shri Bajarang Alloys Ltd, Shri Chlochem Ltd, Shri Ramrupai Balaji Steels Ltd, Shyam Software Industries Ltd, Siel Financial Services Ltd, Siel Ltd, Simplex Infrastructures Ltd, Simran Farms Ltd, SNS Textiles Ltd, Sobhagya Mercantile Ltd, Softsol India Ltd, Solix Technologies Ltd, Som Datt Finance Corporation Ltd, Som Distilleries & Breweries Ltd, Soma Textiles & Industries Ltd, South East Asia Marine Engg & Construction Ltd, Southern Iron & Steel Company Ltd, Sovereign Diamonds Ltd, SPBL Ltd, Spectra Industries Ltd, Spenta International Ltd, Spentex Industries Ltd, Sree Rayalaseema Alkalies & Allied Chemicals Ltd, Sree Sakthi Paper Mills Ltd, SRHHL Industries Ltd, Sri Adhikari Brothers Television Network Ltd, Sri Chakra Cements Ltd, Sri Jayalakshmi Spinning Mills Ltd, Stanpacks (India) Ltd, Steelcast Ltd, Step Two Corporation Ltd, Sterling Biotech Ltd, Sterling Guaranty & Finance Ltd, Stewarts & Lloyds of India Ltd, Su-Raj Diamonds & Jewellery Ltd, Suashish Diamonds Ltd, Subhash Projects & Marketing Ltd, Suditi Industries Ltd, Sulzer India Ltd, Sunil Industries Ltd, Sunraj Diamond Exports Ltd, Sunshield Chemicals Ltd, Super Bakers (India) Ltd, Super Forgings & Steels Ltd, Surya Funcity Ltd, Sutlej Industries Ltd, Svam Software Ltd, SVC Superchem Ltd, Swaraj Engines Ltd, Swaraj Mazda Ltd, Swasti Vinayaka Gems Corporation Ltd, Swasti Vinayaka Synthetics Ltd, Swastik Safe Deposit & Investments Ltd, Switching Technologies Gunther Ltd, Symphony Comfort Systems Ltd, Syncom Formulations (India) Ltd, Synergy Log-In Systems Ltd, Synergy Multibase Ltd, Systematix Securities Ltd, T & I Global Ltd, T T Ltd, Tainwala Chemicals & Plastics (India) Ltd, Talbros Automotive Components Ltd, Tamil Nadu Telecommunications Ltd, Taneja Aerospace & Aviation Ltd, Taparia Tools Ltd, Tarrif Cine & Finance Ltd, Tatia Financial Services Ltd, Tatia Intimate Exports Ltd, Technojet Consultants Ltd, Teesta Agro Industries Ltd, Texplast Industries Ltd, Thakkers Developers Ltd, Thana Electric Supply Company Ltd, Timex Watches Ltd, Tirupati Sarjan Ltd, Titagarh Industries Ltd, Tokyo Finance Ltd, Tokyo Plast International Ltd, Tonira Pharma Ltd, Trans Freight Containers Ltd, Transgene Biotek Ltd, Trishakti Electronics & Industries Ltd, Triumph International Finance Ltd, Tube Investments of India Ltd, Tudor India Ltd, Tulsyan NEC Ltd, Tuni Textile Mills Ltd, TVS Srichakra Ltd, Twin Roses Trades & Agencies Ltd, Twinstar Software Exports Ltd, Tyche Peripheral Systems Ltd, U G Hotels and Resorts Ltd, U P Hotels Ltd, Uni Abex Alloy Products Ltd, Uniphos Enterprises Ltd, Unisys Software and Holding Industries Ltd, Unitech Ltd, Uniworth International Ltd, Uniworth Ltd, Uniworth Textiles Ltd, Ushdev International Ltd, Uttam Galva Steels Ltd, V I P Industries Ltd, Vaibhav Gems Ltd, Valecha Engineering Ltd, Vallabh Steels Ltd, Vanasthali Textile Industries Ltd, Vardhman Holdings Ltd, Vardhman Industries Ltd, Vardhman Textiles Ltd, Varun Mercantile Ltd, Vas Animations and Entertainment Ltd, VBC Finance & Leasing Ltd, VBC Industries Ltd, Veejay Lakshmi Engineering Works Ltd, Veena Textiles Ltd, Venlon Enterprises Ltd, Ventura Textiles Ltd, Vertex Spinning Ltd, Victoria Enterprises Ltd, Victoria Mills Ltd, Videocon Appliances Ltd, Videocon Communications Ltd, Videocon Industries Ltd, Videsh Sanchar Nigam Ltd, Vidhi Dyestuffs Manufacturing Ltd, Vijay Shanthi Builders Ltd, Vijay Solvex Ltd, Vikas Wsp Ltd, Viksit Engineering Ltd, Vinaditya Trading Company Ltd, Vinay Cements Ltd, Vipul Dye Chem Ltd, Virat Crane Industries Ltd, Virat Industries Ltd, Vishal Exports Overseas Ltd, Vishnu Sugar Mills Ltd, Vishvprabha Trading Ltd, Vista Pharmaceuticals Ltd, Visu International Ltd, Vital Communications Ltd, VJIL Consulting Ltd, VMF Soft Tech Ltd, Volant Textile Mills Ltd, Vora Constructions Ltd, Vyapar Industries Ltd, Wall Street Finance Ltd, Warner Multimedia Ltd, Watson Software Ltd, Webel Communication Industries Ltd, Weizmann Fincorp Ltd, Weizmann Ltd, Wellworth Overseas Ltd, West Coast Paper Mills Ltd, Winro Commercial (India) Ltd, Women Networks Ltd, Woolite Mercantile Company Ltd, Yarn Syndicate Ltd, Yashraj Containeurs Ltd, Yashraj Securities Ltd, Yogi Sungwon (India) Ltd, York Exports Ltd, Z F Steering Gear (India) Ltd, Zenith Birla (India) Ltd, Zenith Exports Ltd, Zenotech Laboratories Ltd, Zenu Infotech Ltd, Zodiac Clothing Company Ltd, Zuari Forex Ltd

Citigroup - Patni Computers

Download here

Thanks Vishesh

Citigroup - ONGC

Download here

Thanks Vishesh

Citigroup - Maruti Udyog

Download here

Thanks Vishesh

Citigroup - Kotak Mahindra Bank

Download here

Thanks Vishesh

Citigroup - IPCL

Download here

Thanks Vishesh

Citigroup - Hero Honda

Download here

Citigroup - HCC

Download here

Thanks Vishesh

Citigroup - Chennai Petro

Download here

Thanks Vishesh

Info Edge (India) IPO

Info Edge (India), promoted by Sanjeev Bikhchandani, Hitesh Oberoi and Ambarish Raghuvanshi, is a leading provider of online recruitment and matrimonial classified and related services in India. It launched, an online recruitment classified website, in March 1997; acquired, an online matrimonial classified website, in September 2004; launched, an online real estate classified website, in September 2005; and acquired Quandrangle, an offline executive search engine, in November 2000.

With a network of 45 offices in 30 cities in India as well as an office in Dubai, which primarily engage in sales, marketing and payment collection activities, Info Edge (India) has two subsidiaries, Naukri Internet Services Pvt Ltd and Jeevansathi Internet Services Pvt Ltd, which own internet domain names and related trademarks used in the business.

From the net proceeds of the issue Rs 20 crore are to be used for diversification and expansion into new markets, Rs 25 crore on enhancing its products, Rs 25 crore on developing alternate delivery models for its products, Rs 30 crore to purchase/lease real estate for its offices, Rs 30 crore on acquiring other companies and businesses, and Rs 25 crore to develop and


  • As per a study by Businessworld, about 10% of the job market has already moved online. The size of the online recruitment industry is estimated to be Rs 135 crore with a 35% growth rate last year. The service sector has a significantly higher employee turnover. Nasscom has estimated telecom, media, retail and IT&ITES to grow at a CAGR of 11.4%, 16.7%, 30% and 23.1% in FY 2005, FY 2006, FY 2007, FY 2008, respectively, generating recruitment requirements at much higher multiple. Moreover these sectors are more receptive to online recruiting.
  • India has one of the lowest Internet penetration in the world. Internet users have grown at a CAGR of 68%, from 6.67 million in 2001 to 52.88 million in 2005. Despite the tremendous growth seen over the years, there is still a lot of potential to grow. Also, India has witnessed increase in urbanisation and literacy rates, and this trend is likely to continue.
  • The online advertising market has grown from Rs 42 crore in FY 2004 to Rs 107 crore in FY 2005. This is expected to grow to Rs 162 crore in FY 2006 and reach Rs 218 crore in FY 2007 (Source: Internet and Mobile Association of India, IAMAI). The share of online advertising is still only about 2% of media advertising industry.
  • Info Edge (India) has well-recognized and strong brand names. is currently India’s number one website for online recruitment services and is presently India’s number three website for online matrimonial classified services in terms of number of unique visitors to the website, as per data provided by Comscore.


  • The online classified industry in India is highly competitive and the competition in this industry will continue to increase. The key competitors for and Quandrangle will be, and Similarly, for, the competition will be from and and the more traditional brick and mortar marriage bureaus and match making services. faces competition from the print media and some other Internet-based providers. Info Edge (India) competes indirectly with Yahoo and Google.
  • Info Edge (India) is currently over-dependant on only recruitment services. contributed 93.47% (94.6% in FY 2006) of the operating revenue in the quarter ended June 2006. Other services and the planned entry into new businesses will require substantial investment of money and management time with the attendant risks of losses and failures.


From FY 2003 to FY 2006, the operating revenue of Info Edge (India) has grown at a CAGR of 110%, though a significant profit was made only in FY 2006.

The quarterly annualised EPS in the quarter ended June 2006 on post-issue equity works out to be Rs 7.7. At the price band of Rs 290 – 320, PE is 37.6 to 41.5.

Citigroup - Zee

Download here

Citigroup - Wipro

Download here

Thanks Vishesh

Citigroup - Reliance

Download here

Thanks Vishesh

Citigroup - Glaxo

Download here

Thanks Vishesh

Citigroup - Cipla

Download here

Thanks Vishesh

Angel Broking - M&M

Download here

Info Edge (India): Invest at cut-off

Investors with a high-risk appetite can consider taking an exposure in the book-built initial public offering of Info Edge (India).

The price band for the IPO has been fixed at Rs 290-320 per share.

For investors aiming to broad base their overall portfolio, `online classifieds' (for recruitment, marriage or real estate among others) opens up another avenue from an investment standpoint.

Info Edge that operates (the premier job recruitment site), (matrimonial site) and (real estate) represents an early stage of investment whose success depends on innovation/customisation of services, brand recall and corporate online budgets. This is also evident from the five per cent exposure taken by Murugan Capital (100 per cent subsidiary of the US-based private equity investor, Kleiner Perkins, Caufield and Byers) and Sherpalo Mauritius in the company at $5.495 per equity share in April.

Investment rationale

For an early stage venture, the IPO is stiffly valued. Bidding at the cut-off price will be prudent, as investors will remain eligible to participate even if the final offer price is fixed at a lower level. Also considering the overall competitive risks, an offer price fixed at the lower end of the price band would be more comforting.

The price-earnings multiple at the lower- and upper-end of the price band works out to 43-50 times its consolidated 2005-06 per share earnings on its existing equity base. Despite its revenues growing at a robust clip of 75-125 per cent year-on-year for the past few years, the company's price/revenues at 7-8 times are higher than the mid-cap software industry average. As it is the first player to list in the online classifieds space, there are no comparable benchmarks.

The Up side and

the flip side

The positives linked to this offer are the early mover advantage, strong brand recall, a good management team and long-standing relationships with corporates that enjoys in the online recruitment classifieds business. Moreover, its recent move to diversify its revenue stream through a foray into marriage and real estate business is also encouraging.

On the flip side, as its financials are predominantly dependent on online recruitment, it remains exposed to high risks arising from a slowdown in the recruitment budgets of corporates and the overall demand environment, especially for IT and IT enabled services.

Secondly, the competition in the online recruitment space is hotting up through consolidation, and with entry of newer players such as Dice, its scorching growth may slow down.

Core business

The recruitment classified and related services that are being offered through and Quadrangle (an offline executive search business) accounted for 92 per cent revenues (including other income) of Rs 84 crore for the year ended March 31. The other verticals — and 99 — contributed about 5-6 per cent during this period.

Info Edge acquired in September 2004 and was launched in September 2005. is the third most popular website in marriage services and faces online competition from and, however, is competing primarily with the print media, real estate brokers and online real estate classified providers.

The overall revenues have grown by 86 per cent in 2005-06 compared to 130 per cent and 115 per cent in the last two years. On account of an all-round increase in total expenditure, particularly the step-up in advertising, marketing and promotion expenses following the acquisition/launch of Jeevansathi and 99 acres, the operating margins have been in the 25-28 per cent bracket in the past couple of years (after taking into account some adjustments for employee stock option scheme).

The improvement in operating margins will hinge on the scale of marketing and branding expenses in the coming years. If the company manages to get a better bang for its marketing buck (leaving its new ventures apart), it will show up in improved margins. In turn, this will improve the bottomline, which clearly has not kept pace with growth in revenues.

The offer document also states that as of June 30 had a database of over six million registered job seekers, including their resumes and over 82,000 live job listings from corporate customers.

According to data available from Comscore and furnished in the offer document, in terms of the share of total traffic, was the most popular website among its key online recruitment competitors, such as, and

In July, its traffic share at 54.84 per cent (based on unique visitors and average page hits) was higher than 34.9 per cent for Monster and Jobs Ahead and 10.27 per cent for Timesjobs.

Offer details: The company plans to raise around Rs 154-170 crore through this book-built IPO. Of this, Rs 20 crore is to be utilised for diversifying into other online classifieds market such as automobile, educational and industrial products and expand the current business to West Asia and South Asia. Of the balance, Rs 25 crore is to be used for development of Jeevansathi and 99acres,

Rs 25 crore towards product enhancement and alternate delivery models such as mobiles and Rs 30 crore towards acquisitions/alliances. The lead managers to the offer are ICICI Securities and Citigroup. The offer opens on October 30 and closes on November 2.

Stocks you can pick up this week

Larsen & Toubro
Research: Enam Securities
Recommendation: Outperformer
CMP: Rs 1,270 (Face Value Rs 2)
12-Month Price Target: Rs 1,350

Larsen & Toubro’s (L&T) Q2FY07 performance on a standalone basis was disappointing, largely due to a delay in commencement of projects and significantly higher staff cost. On a standalone basis, L&T reported revenues of Rs 3,740 crore (up 10% YoY), EBIDTA of Rs 240 crore (up 26% YoY) and adjusted PAT of Rs 180 crore (up 26%). Stellar performance of L&T Infotech overshadowed quarterly aberrations of E&C business.

The H1 FY07 consolidated revenues grew by 20% YoY to Rs 8,940 crore and adjusted profit grew by 60% to Rs 600 crore. Driven by favourable business mix towards hydrocarbon and industrial segments, EBIT margin of E&C business improved by 230 bps to 7.8% despite a flat 9% YoY growth in revenues. Higher realisation, operating efficiency and cost rationalisation led to margin expansion across businesses.

Enam estimates FY07E staff cost to increase by ~150 bps on a standalone basis. L&T InfoTech clocked impressive performance. During H1 FY07, revenues grew by 80% YoY in to Rs 620 crore, profit grew by 234% to Rs 78 crore and EBIDTA margin grew by 17.5%. In view of a strong order backlog of Rs 30,700 crore, revenue traction in H2 FY07 may pick up. Further, the margin expansion witnessed in H1 FY07 is sustainable. At current market price, the stock trades at 13x FY07E and 10x FY08E EV/ EBIDTA.

Nitco Tiles
Research: Karvy Stock Broking
Recommendation: Outperformer
CMP: Rs 184 (Face Value Rs 10)
12-Month Price Target: Rs 222

Nitco Tiles Q2 FY07 revenues were in line with expectations and the net profit was better then the estimates due to improvement in operating margins and lower interest cost for the quarter. The company reported strong YoY growth in sales of 57.6% (QoQ growth of 10.6%) to Rs 109.3 crore against Karvy’s estimates of Rs 106.8 crore. The growth in sales was witnessed across all segments.

The marble division witnessed a robust 155% growth in gross sales, followed by 53% growth in the vitrified division. Operating profits saw a YoY growth of 65% to Rs 17 crore. Net profit increased by 47% YoY to Rs 9 crore, against Rs 6.1 crore for Q2 FY06. Iinterest cost during the quarter was lower than Q2 FY06 on account of lower debt prevailing during the quarter. The effective tax rate during the quarter was on the higher side because of higher provision of deferred tax against write-back of deferred tax in the corresponding quarter in the previous year.

Nicholas Piramal
Research: India Infoline
Recommendation: Buy
CMP: Rs 230 (Face Value Rs 2)
12-Month Price Target: NA

A strong performance in the domestic formulations market and contribution from global CRAMS business were the main drivers of 79.3% growth in topline for Nicholas Piramal India. Operating profit margin remained flat at 17.4% due to lower contribution from Avecia & Morepeth, which made a combined profit of Rs 1.6 crore. Profitability failed to keep pace with sales growth, increasing by a modest 17.5% to Rs 53.7 crore.

This translates into an annualised EPS of Rs 10.3. NPIL received Rs 17.8 crore in settlement of past claims from Boots PLC/Reckitt Benckiser India. Stripping this income and the prior period amount of Rs 10.2 crore, sales increased by 74.4%, while OPM declined by 260 bps to 15.1%. PAT grew 7.4% to
Rs 49.1 crore, translating into an annualised EPS of Rs 9.4.

Despite subdued profitability growth for Q2, global revenue will benefit from Pfizer’s Morpeth facility from Q3 onwards. At these valuations, the stock is trading at 23.5x FY07E EPS and 14.9x FY08E EPS

HCL Technologies
Research: Citigroup
Recommendation: Buy
CMP: Rs 634 (Face Value Rs 2)
12-Month Price Target: Rs 680

HCL Tech’s revenue grew 10.3% QoQ, ahead of the estimate. Software Services grew 9.7%, Infrastructure Services +16.6% and BPO +5.4% QoQ. EBITDA margin declined 78 bps — gross profit margin improved ~20 bps QoQ, but an increase in SG&A (+100 bps QoQ) resulted in EBITDA margin declining ~80 bps QoQ. Software margin declined by ~90 bps due to wage increases in the quarter.

Infrastructure services margins remained flat, while BPO services margins declined by ~50 bps QoQ. The management expects FY07 margins to remain at FY06 levels. HCL Tech added 3,776 employees during the quarter. Software saw a net addition of 1,611 employees, infrastructure business added 446 employees, while the BPO business added 1,769 employees during the quarter. Infrastructure services continues to be a star performer. HCL Tech trades at a 12% discount to Satyam and 35% discount to Infosys on FY08E.

Jyoti Structures
Research: Edelweiss
Recommendation: Buy
CMP: Rs 117 (Face Value Rs 2)
12-Month Price Target: NA

Jyoti Structures posted strong Q2 FY07 results, ahead of expectations in terms of revenue growth and profitability. Net revenues grew by 53% YoY to Rs 240 crore. Margins expanded by 130 bps YoY to 11.1% in Q2 FY07 on account of lower direct costs. Net profit grew by 117% YoY to Rs 11.5 crore. Net margin expanded by 140 bps to 4.7% in Q2 FY07 on account of lower tax rates.

The order book backlog at the end of Q2 was ~Rs 1,400 crore. Exports constituted ~10% of the total sales. Edelweiss believes that robust investment scenario in the transmission and distribution space may translate into high order book growth and better margins for Jyoti Structures. The outlook in the power T&D space remains encouraging. On Edelweiss’ current EPS estimates of Rs 4.3 and Rs 5.6 in FY07E and FY08E, the stock trades at 27.7x and 21.1x times FY07E and FY08E earnings, respectively.

Research: Prabhudas Lillladher
Recommendation: Outperformer
CMP: Rs 758 (Face Value Rs 10)
12-Month Price Target: NA

ICICI Bank has reported strong 57% growth in deposits to Rs 1,89,500 crore though it is marginally less than the 61% growth reported in Q1 FY07. Overall healthy growth resulted in NII rising by 47% to Rs 1,577 crore. Fee income growth at 62% is stronger than the 50% growth in Q1. Treasury income has also been higher at Rs 287 crore in Q2 compared to Rs 87.5 crore in Q1. Despite higher amortisation and NPA provisioning, healthy NII growth and strong fee income have resulted in net profit going up by 30% to Rs 755 crore.

ICICI Bank has raised a perpetual debt of $340 million abroad and Rs 783 crore in the domestic market, as well as Rs 1,255 crore as upper tier-II capital, resulting in capital adequacy increasing from 12.46% as on Q1 to 14.34% as on Q2. If Basel-II requirement is factored in, capital adequacy will increase to 14.9%. This will bring down any need for equity dilution in the near to medium term. The stock trades at 2.7x FY08ABV.

Results for Oct 30 2006

Aasheesh Securities Ltd, Abhinav Capital Services Ltd, Ace India Ltd, AD Manum Finance Ltd, Addi Industries Ltd, Adinath Textiles Ltd, Advance Multitech Ltd, Advik Laboratories Ltd, Aftek Ltd, Agro Dutch Industries Ltd, Ajanta Pharma Ltd, AksharChem (India) Ltd, Alagendran Finance Ltd, Alka Securities Ltd, Alps Industries Ltd, Ambica Agarbathies & Aroma Industries Ltd, Amit Spinning Industries Ltd, Ananthi Constructions Ltd, Anka India Ltd, Anna Infrastructures Ltd, Apeejay Tea Ltd, Apple Finance Ltd, Apte Amalgamations Ltd, Archies Ltd, Arihant Capital Markets Ltd, Arrow Webtex Ltd, Artson Engineering Ltd, Ashiana Ispat Ltd, Ashim Investment Company Ltd, Ashish Polyplast Ltd, Asia Pack Ltd, Asian Electronics Ltd, Asian Oilfield Services Ltd, Associated Marmo & Granites Ltd, Atlanta Ltd, Atlas Cycle (Haryana) Ltd, ATN International Ltd, ATV Projects India Ltd, Aurangabad Paper Mills Ltd, Avaya GlobalConnect Ltd, Aventis Pharma Ltd, Ayoki Merchantile Ltd, B & A Ltd, Bagadia Colourchem Ltd, Balmer Lawrie Investment Ltd, Banco Products (India) Ltd, Barasia Holding & Trading Company Ltd, Bayer CropScience Ltd, BCC Fuba India Ltd, BCL Forgings Ltd, BDH Industries Ltd, Benares Hotels Ltd, Bengal Tea & Fabrics Ltd, Bhageria Dye-Chem Ltd, Bhagyanagar Wood Plast Ltd, Bharat Immunological & Biological Corporation Ltd, Bhartiya International Ltd, Bhilwara Spinners Ltd, Bholanath International Ltd, Bhuruka Gases Ltd, Bijoy Hans Ltd, Binayaka Tex Processors Ltd, Binny Ltd, Birla Kennametal Ltd, Birla Leasing & Infrastructure Ltd, BKV Industries Ltd, Bliss Chemicals & Pharmaceuticals India Ltd, Blue Star Ltd, Bluechip Tex Industries Ltd, Bodal Chemicals Ltd, Brakes Auto (India) Ltd, C J Gelatine Products Ltd, Cable Corporation of India Ltd, California Software Company Ltd, Camphor & Allied Products Ltd, Capital Trust Ltd, Capman Financials Ltd, Caprihans India Ltd, Caprolactam Chemicals Ltd, Carnation Nutra-Analogue Foods Ltd, Celebrity Fashions Ltd, Chamanlal Setia Exports Ltd, Champagne Indage Ltd, Champagne Vineyard Ltd, Channel Guide India Ltd, Chartered Capital & Investment Ltd, CHD Developers Ltd, Chembond Chemicals Ltd, Cheviot Company Ltd, Chokhani Securities Ltd, Chromatic India Ltd, CitiPort Financial Services Ltd, City Union Bank Ltd, Clariant Chemicals (India) Ltd, Color Chips (India) Ltd, Comfort Intech Ltd, Compact Disc India Ltd, Competent Automobiles Ltd, Compucom Software Ltd, Coral India Finance & Housing Ltd, Cosy Mercantile Ltd, Country Club (India) Ltd, Coventry Spring & Engineering Co. Ltd, Creative Eye Ltd, Dagger-Forst Tools Ltd, Daulat Securities Ltd, DCM Financial Services Ltd, DCM Ltd, DCM Shriram Industries Ltd, Deccan Aviation Ltd, Deccan Cements Ltd, Deccan Gold Mines Ltd, Deccan Polypacks Ltd, Deepak Nitrite Ltd, Denisons Hydraulics India Ltd, Design Auto Systems Ltd, Devinsu Trading Ltd, Devki Leasing & Finance Ltd, DFM Foods Ltd, DGP Securities Ltd, Dhanuka Pesticides Ltd, Dharamsi Morarji Chemicals Co Ltd, Dhoot Industries Ltd, DHP India Ltd, Dhunseri Tea & Industries Ltd, Diamant Investment & Finance Ltd, Diana Tea Company Ltd, Doon Valley Rice Ltd, Dujodwala Paper Chemicals Ltd, Dynacons Systems & Solutions Ltd, Dynamatic Technologies Ltd, Dynemic Products Ltd, E.Com Infotech (India) Ltd, East Coast Steel Ltd, Elder Project Ltd, ELF Trading And Chemicals Manufacturing Ltd, Elpro International Ltd, Emmessar Biotech & Nutrition Ltd, Encore Software Ltd, Energy Development Company Ltd, English Indian Clays Ltd, Enkei Castalloy Ltd, Enrich Industries Ltd, Ensa Steel Industries Ltd, Essar Oil Ltd, Essar Shipping Ltd, Essar Steel Ltd, Explicit Finance Ltd, Expo Gas Containers Ltd, Facor Alloys Ltd, Fag Bearings India Ltd, Fairyland Amusement and Water Parks Ltd, Falcon Tyres Ltd, FCS Software Solutions Ltd, Fem Care Pharma Ltd, Ferro Alloys Corporation Ltd, FGP Ltd, Fiberweb (India) Ltd, Ficon Lease & Finance Ltd, FICS Consultancy Services Ltd, Filatex India Ltd, Flat Products Equipments (India) Ltd, Flex Foods Ltd, Fortis Financial Services Ltd, Frontier Leasing & Finance Ltd, Futuristic Offshore Services and Chemical Ltd, Gagan Gases Ltd, Galaxy Agrico Exports Ltd, Gandhimathi Appliances Ltd, Ganesh Benzoplast Ltd, Ganesh Polytex Ltd, Gangadharam Appliances Ltd, Gayatri Projects Ltd, Gayatri Starchkem Ltd, Gee El Woolens Ltd, Geekay Finance & Leasing Company Ltd, Gemstone Investment Ltd, Genomics Biotech Ltd, GHCL Ltd, Gini Silk Mills Ltd, Goa Carbon Ltd, Godavari Drugs Ltd, Godrej Commodities Ltd, Godrej Industries Ltd, Golden Laminates Ltd, Goldstone Teleservices Ltd, Golkunda Diamonds & Jewellery Ltd, Goodricke Group Ltd, Gopala Polyplast Ltd, GRM Overseas Ltd, Gujarat JHM Hotels Ltd, Gujarat Organics Ltd, Gujarat Sidhee Cement Ltd, Gujarat Toolroom Ltd, Hansaflon Plasto Chem Ltd, Hariyana Ship Breakers Ltd, Haryana Steel & Alloys Ltd, Hasti Finance Ltd, Hawkins Cooker Ltd, HB Leasing & Finance Co Ltd, HBL Nife Power Systems Ltd, HCL Office Automation Ltd, Heritage Foods (India) Ltd, Hind Syntex Ltd, Hindustan Bio Sciences Ltd, Hindustan Dorr-Oliver Ltd, Hindustan Foods Ltd, Hindustan Hardy Spicer Ltd, Hindustan Tin Works Ltd, Hipolin Ltd, Hitkari Fibres Ltd, Hotel Leela Venture Ltd, Hotel Rugby Ltd, I G Petrochemicals Ltd, ICNET Ltd, Ideal Carpets Ltd, IKAB Securities & Investment Ltd, IL & FS Investsmart Ltd, IMC Finance Ltd, Inani Marbles & Industries Ltd, Incon Engineers Ltd, Indian Extraction Ltd, Indian Resort Hotels Ltd, Indo Rama Textiles Ltd, Indo-Castle Multimedia Ltd, Indo-City Infotech Ltd, Indoco Remedies Ltd, Indraprastha Gas Ltd, Inducto Steel Ltd, Industrial & Prudential Investment Company Ltd, Informed Technologies India Ltd, Innovation Medi - Equip Ltd, Innovative Tech Pack Ltd, Inox Leisure Ltd, Intec Securities Ltd, Integrated Hitech Ltd, Intellvisions Software Ltd, Inter State Finance Ltd, Intra Infotech Ltd, Invinex Laboratories Ltd, IP Rings Ltd, Ishwar Bhuvan Hotels Ltd, ITL Industries Ltd, IVRCL Infrastructures & Projects Ltd, Jagan Lamps Ltd, Jagran Prakashan Ltd, Jagsonpal Pharmaceutical Ltd, Jaiprakash Hydro-Power Ltd, Jaisal Securities Ltd, Jalgaon Re-Rolling Industries Ltd, James Hotels Ltd, Jamshri Ranjitsinghji Spg & Wvg Mills Co Ltd, Jauss Polymers Ltd, Jay Ushin Ltd, Jaypee Hotels Ltd, JBM Auto Ltd, JCT Ltd, Jeet Machine Tools Ltd, Jindal Poly Films Ltd, JK Sugar Ltd, JMT Auto Ltd, JSL Industries Ltd, Jupiter Bioscience Ltd, K C Textiles Ltd, K.C. Bokadia Films Ltd, Kalptaru Papers Ltd, Kalyanpur Cements Ltd, Kandagiri Spinning Mills Ltd, Karnavati Alfa International Ltd, Karuna Cables Ltd, Kaycee Industries Ltd, Kedia Infotech Ltd, Kemp & Co Ltd, Kerala Ayurveda Pharmacy Ltd, Kerala Chemicals & Proteins Ltd, Kerala Rubber & Reclaims Ltd, Kernex Microsystems (India) Ltd, Kesar Petroproducts Ltd, Keynote Corporate Services Ltd, KG Petrochem Ltd, Khatau Exim Ltd, Kiduja Industries Ltd, Kilburn Chemicals Ltd, Kilburn Office Automation Ltd, Kinetic Engineering Ltd, Kinetic Motor Company Ltd, Kitex Garments Ltd, KMF Builders & Developers Ltd, Kohinoor Broadcasting Corporation Ltd, Kohinoor Foods Ltd, Kopran Ltd, Kotawala (India) Ltd, Kothari Fermentation & Biochem Ltd, KRBL Ltd, Krishna Filaments Ltd, Krishnadeep Trade & Investments Ltd, KTL Industries Ltd, Kunststoffe Industries Ltd, L G Balakrishnan & Bros Ltd, L N Polyesters Ltd, La Mere Apparels Ltd, Lactose (India) Ltd, Laffans Petrochemicals Ltd, Lahoti Overseas Ltd, Lalit Polymers & Electronics Ltd, LCC Infotech Ltd, Lead Financial Services Ltd, Linaks Microelectronics Ltd, Lintas Mercantile Ltd, Living Room Lifestyle Ltd, LKP Merchant Financing Ltd, Magico Exports & Consultants Ltd, Magnum Ltd, Makers Laboratories Ltd, Malu Paper Mills Ltd, Mangalam Drugs and Organics Ltd, Marksans Pharma Ltd, Maruti Securities Ltd, Max India Ltd, Medi Caps Ltd, Media Video Ltd, Mefcom Agro Industries Ltd, Mega Corporation Ltd, Mega Fin (India) Ltd, Mid East Portfolio Management Ltd, Midpoint Software & Electro Systems Ltd, Mindteck (India) Ltd, Mittal Securities Finance Ltd, MMTC Ltd, Modern Shares & Stockbrokers Ltd, Morgan Ventures Ltd, Mount Everest Mineral Water Ltd, MSK Projects (India) Ltd, Mudit Finlease Ltd, Mukand Engineers Ltd, Multipurpose Trading & Agencies Ltd, Munjal Showa Ltd, Murudeshwar Ceramics Ltd, N G Industries Ltd, Nagarjuna Construction Company Ltd, Nagpur Power & Industries Ltd, Nakoda Textile Industries Ltd, Nalin Lease Finance Ltd, Narendra Properties Ltd, Nath Seeds Ltd, National Aluminium Company Ltd, National Organic Chemical Industries Ltd, National Oxygen Ltd, National Steel & Agro Industries Ltd, Natraj Proteins Ltd, NCJ International Ltd, Nectar Lifescience Ltd, Neelkanth Rockminerals Ltd, Neha International Ltd, Neocure Therapeutics Ltd, NEPC Agro Foods Ltd, NEPC-India Ltd, Networth Stock Broking Ltd, Neuland Laboratories Ltd, New Bombay Printing & Dyeing Mills Ltd, Nexxoft Infotel Limited, NGL Fine Chem Ltd, Nila Infrastructures Ltd, Nilkamal Plastics Ltd, Nitin Spinners Ltd, Noble Explochem Ltd, Nova Iron & Steel Ltd, Nucleus Netsoft & G I S India Ltd, Oasis Securities Ltd, Ocean Infrastructure Ltd, Odyssey Technologies Ltd, Om Metals Infraprojects Ltd, Ondeo Nalco India Ltd, Online Media Solutions Ltd, ORG Informatics Ltd, Organic Coatings Ltd, Oswal Agro Mills Ltd, P I Drugs & Pharmaceuticals Ltd, P I Industries Ltd, Pacific Cotspin Ltd, Padam Cotton Yarns Ltd, Padmanabh Alloys & Polymers Ltd, PAE Ltd, Pan Packaging Industries Ltd, Panasonic Home Appliances India Company Ltd, Pankaj Polymers Ltd, Parekh Distributors Ltd, Paro Leasing & Finance Ltd, Parry Agro Industries Ltd, Parsharti Investment Ltd, Pasari Spinning Mills Ltd, Passari Cellulose Ltd, Patel Engineering Ltd, PBM Polytex Ltd, Pearl Global Ltd, Pee Cee Cosma Sope Ltd, Pentamedia Graphics Ltd, Pentasoft Technologies Ltd, Perfect Circle India Ltd, Phoenix International Ltd, Piccadily Agro Industries Ltd, Piccadily Sugar & Allied Inds Ltd, Pioneer Embroideries Ltd, Pioneer Investcorp Ltd, Pithampur Steels Ltd, Pokarna Ltd, Polychem Ltd, Praveen Properties Ltd, Precious Trading & Investments Ltd, Prima Industries Ltd, Prism Cement Ltd, Prism Finance Ltd, Pritish Nandy Communications Ltd, Pro Fin Capital Services Ltd, Pudumjee Agro Industries Ltd, Punit Commercials Ltd, Punjab Alkalies & Chemicals Ltd, Raghav Industries Ltd, Rai Saheb Rekhchand Mohota Spg.& Wvg. Mills Ltd, Raipur Alloys & Steel Ltd, Raj Agro Mills Ltd, Raj Packaging Industries Ltd, Rajesh Exports Ltd, Rajkamal Synthetics Ltd, Rajoo Engineers Ltd, Rajshree Sugars & Chemicals Ltd, Rama Pulp & Papers Ltd, Rander Corporation Ltd, Rap Media Ltd, Rathi Graphic Technologies Ltd, Rathi Ispat Ltd, RGN Securities & Holdings Ltd, Riba Textiles Ltd, Ricoh India Ltd, Rishabh Digha Steel & Allied Products Ltd, Rishi Packers Ltd, Rohit Ferro Tech Ltd, Roopa Industries Ltd, Royal Finance Ltd, RPG Cables Ltd, RPG Life Sciences Ltd, RSWM Ltd, Rubfila International Ltd, S & S Power Switchgear Ltd, S R Oils & Fats Ltd, S S Forgings & Engineering Ltd, S V Electricals Ltd, Saboo Sodium Chloro Ltd, Sadbhav Engineering Ltd, Sambandam Spinning Mills Ltd, Sambhaav Media Ltd, Sanghvi Movers Ltd, Sanjay Leasing Ltd, Sanjivani Paranteral Ltd, Sarthak Global Ltd, Satyam Silk Mills Ltd, Savani Financials Ltd, SB & T International Ltd, Scenario Media Ltd, Schablona India Ltd, Scooters India Ltd, Seax Leather Exports Ltd, Secunderabad Healthcare Ltd, SER Industries Ltd, Shalimar Productions Ltd, Shamrock Industrial Co Ltd, Shantivijay Jewels Ltd, Sharat Industries Ltd, Shardul Securities Ltd, Shetron Ltd, Shilchar Electronics Ltd, Shilp Gravures Ltd, Shonkh Technology International Ltd, Shree Precoated Steels Ltd, Shreevatsaa Finance & Leasing Ltd, Shreyans Industries Ltd, Shri Dinesh Mills Ltd, Shri Jagdamba Polymers Ltd, Shriram Asset Management Co Ltd, Simbhaoli Sugars Ltd, Singer India Ltd, Sinhal Holdings Ltd, Sinnar Bidi Udyog Ltd, Sirhind Enterprises Ltd, Sirhind Steel Ltd, Sirpur Paper Mills Ltd, Skyline NEPC Ltd, SM Energy Teknik & Electronics Ltd, SMZS Chemicals Ltd, Softbpo Global Services Ltd, Softpro Systems Ltd, Solid Granites Ltd, Southern Ispat Ltd, Southern Online Bio Technologies Ltd, Spanco Telesystems & Solutions Ltd, Sparc Systems Ltd, Spectrum Foods Ltd, SPL Industries Ltd, SPL Ltd, Splash Mediaworks Ltd, SREI Infrastructure Finance Ltd, SRF Polymers Ltd, Sri Ganapathy Mills Company Ltd, Sri Lakshmi Saraswathi (Arni) Ltd, Standard Industries Ltd, State Trading Corporation of India Ltd, Stelco Strips Ltd, Sterling Holiday Resorts (India) Ltd, Sterling Spinners Ltd, Sterling Strips Ltd, Stone India Ltd, Subros Ltd, Subway Finance And Investment Company Ltd, Sudal Industries Ltd, Sugam Agro-Tech Ltd, Sunil Hitech Engineers Ltd, Suniti Commercials Ltd, Super Crop Safe Ltd, Super Spinning Mills Ltd, Supertex Industries Ltd, Supreme Yarns Ltd, Suraj Products Ltd, Surana Corporation Ltd, Surana Industries Ltd, Suryalakshmi Cotton Mills Ltd, Suven Life Sciences Ltd, Swan Mills Ltd, Swastik Surfactants Ltd, Swiss Glascoat Equipments Ltd, Sybly Industries Ltd, Synthiko Foils Ltd, Syschem (India) Ltd, Systel Infotech Ltd, Tantia Constructions Ltd, Tanu Health Care Ltd, Tasty Bite Eatables Ltd, Telephoto Entertainment Ltd, Texel Industries Ltd, Thirdwave Financial Intermediaries Ltd, Tips Industries Ltd, Tirupati Foams Ltd, Tirupati Starch & Chemicals Ltd, Titan BioTech Ltd, Titan Securities Ltd, Titan Trading and Agencies Ltd, Towa Sokki Ltd, Transchem Ltd, Transworld Infotech Ltd, Trent Ltd, Trijal Industries Ltd, Triton Valves Ltd, Tutis Technologies Ltd, Twenty First Century Management Services Ltd, Twenty First Century Printers Ltd, UCO Bank, Unimin India Ltd, Uniroyal Marine Exports Ltd, Uniroyal Textile Industries Ltd, Unity Infraprojects Ltd, Usha International Ltd, Usha Martin Infotech Ltd, Ushakiran Finance Ltd, UT Ltd, UTV Software Communications Ltd, Valiant Communications Ltd, Valplus Biotech Ltd, Valson Industries Ltd, Valuemart Info Technologies Ltd, Vamshi Rubber Ltd, Vans Information Ltd, VBC Ferro Alloys Ltd, VCK Capital Market Services Ltd, Vedant Hotels Ltd, Venus Sugar Ltd, Viceroy Hotels Ltd, Victory Paper & Boards (India) Ltd, Vimal Oil and Foods Ltd, Vintage Securities Ltd, Vintron Informatics Ltd, Vinyoflex Ltd, Vipul Ltd, Visa Steel Ltd, Visaka Industries Ltd, Vishal Cotspin Ltd, Vishal Malleables Ltd, Vision Corporation Ltd, Visisth Merchantile Ltd, Vivimed Labs Ltd, VXL Instruments Ltd, Vybra Automet Ltd, W S Industries (India) Ltd, Wallfort Financial Services Ltd, Warren Tea Ltd, Wellwin Industry Ltd, Western Ministil Ltd, Williamson Financial Services Ltd, Winsome Textile Industries Ltd, Winsome Yarns Ltd, Wintac Ltd, Xo Infotech Ltd, Yenkey Drugs & Pharmaceuticals Ltd, Yes Bank Ltd, Yokogawa India Ltd, Yuvraj International Ltd, Zandu Pharmaceutical Works Ltd, Zenith Health Care Ltd, Zyden Gentec Ltd

Indiainfoline- Real Estate - Land Calling

Download here

Thanks Dhruv

Merrill Lynch, Citigroup - TCS, Divi's Lab

Download here

Thanks Akash

Anand Rathi - Castrol India

Download here

Thanks Ashis

Sharekhan Eagle Eye - Oct 30

Download here

India Investment Strategy - Merrill Lynch

Download here

Thanks Akash

India Snapshot - Model Portfolio - Merrill Lynch

Download here

Thanks Akash