Shri Lakshmi Cotsyn, TCS, J K Lakshmi Cement

Shri Lakshmi Cotsyn, TCS, J K Lakshmi Cement

Weekly Newsletter - Jan 18 2008

SEBI for 25% price band on listing day

Capital market regulator SEBI proposed imposing a price band of 25% on the issue price on the day of listing for issues of up to Rs2.5bn. The proposal does not apply in case of re-listing of shares of any company. Currently, the stock exchanges do not apply price bands on the day of listing. The price fixed by the company in consultation with its lead managers is left open to price discovery. After listing, the process of price discovery may continue within a price band of 20%. For IPOs that are greater than Rs5bn in size, price bands are not imposed even after the day of listing if such scrips are available for trading on the derivative segment. The move appears to be aimed at curbing excessive speculation whereby investors subscribe to IPOs purely for the purpose of making a quick buck on the day of listing. SEBI clearly wants to put a lid on such activities.

SBI Central Board clears Rights Issue

State Bank of India (SBI) announced that its Central Board has decided to raise an aggregate amount of Rs167.36bn (including premium) by way of a Rights Issue offer to the Government of India and to other eligible existing shareholders, including GDR holders. Ratio for the Rights Issue will be one share for every five shares held by the eligible shareholders as on the Record Date. The price for the Rights Issue will be Rs1,590 per share (i.e. face value of Rs10 each and a premium of Rs1,580 per share). Brokerages have given a thumbs up to the bank's proposed rights issue that has been priced at a 35% discount to the market price. It is expected to hit the market in the next couple of months. And though March is a tough month in terms of liquidity, most players expect the mega-issue to sail through without a hiccup. Foreign brokerages like Merrill Lynch and Citigroup have already come out with buy reports on the SBI rights issue.

BSNL mulling IPO worth up to US$10bn

State-run telecom behemoth Bharat Sanchar Nigam Ltd. (BSNL) is considering an Initial Public Offering (IPO) of its equity shares to fund expansion plans. India's largest telecom carrier plans to raise as much as Rs400bn (US$10.2bn) in about a year in what would be India's largest IPO. According to reports, BSNL has been valued at over US$100bn (Rs4 trillion). "We will look into it...the Department of Telecom (DoT) will discuss the issue and take a decision," Telecom Minister A. Raja said on Jan. 14. He, however, refused to give any timeline for the proposed IPO. The company may sell a 10% stake in India and overseas, BSNL Finance Director S.D. Saxena said. But, later in the week, Raja's office issued a statement saying that BSNL has no plans to come out with an IPO in the immediate future. "The matter will be discussed internally in the ministry and with the stakeholders and then, a suitable decision will be taken in this regard. An IPO for BSNL will be issued if considered appropriate," the statement said.

TCS, Wipro, HCL Tech report in-line results

Tata Consultancy Services (TCS) posted a consolidated net profit of Rs13.27bn for the fiscal third quarter ended December 31, 2007 as against Rs12.52bn in the same quarter last year. This translates into a year-on-year growth of 19% and sequential growth of 6%. Revenue for the period stood at Rs59.23bn versus Rs56.4bn in the year-ago quarter. This represents an increase of 22% YoY and 5% QoQ. EPS for the quarter rose to Rs13.56 from Rs12.79 in the second quarter. The company added 54 new customers in the October-December quarter of the current fiscal year. There was a gross addition of 7,522 employees in the quarter ended December 31, 2007, taking its total headcount to 108,229. The company's attrition rate stood at 12.2%, arguably the lowest in the industry.

Wipro reported a consolidated net profit of Rs8.54bn for the fiscal third quarter ended December 31, 2007 as against Rs8.14bn in the previous quarter. This translates into a sequential growth of almost 5%. The Bangalore-based IT major has posted net sales of Rs53.4bn versus Rs47.85bn in the second quarter, representing a QoQ growth of 11.6%. Global IT Revenues for the October-December quarter stood at $910mn. For the fourth quarter, Wipro expects Global IT Revenues at $455mn. Wipro added 2,389 new employees and 39 new customers during the third quarter. The drop in Global IT margins by 100 bps sequentially was primarily on account of Infocrossing acquisition.

HCL Technologies posted a consolidated net profit of Rs3.33bn, up 16.3% from last year and 6.3% over the previous quarter. Revenues for the second quarter stood at Rs18.17bn, up 24% YoY and 6.3% QoQ. Gross margin for the quarter stood at 38% as against 37% in the first quarter and 37.8% in the same quarter last year. EBITDA Margin for the October-December quarter was 21.4% versus 21.3% in the previous quarter and 22.1% in the year-ago quarter. Basic EPS for the quarter ended December 31, 2007 increased to Rs20.1 from Rs18.6 last quarter and Rs17.7 in the second quarter last year

Supreme Court stays sale of TVS Flame

There is a new twist to the ongoing dispute between two-wheeler majors Bajaj Auto and TVS Motor over the use of twin spark plug technology. The Supreme Court (SC) ordered TVS to stop selling its 125cc bike Flame, till the matter is resolved by the Madras High Court. "No further booking shall be made from today till January 29," a division bench headed by Justice H. S. Kapadia said while directing the single bench of the Madras High Court to take the interim application of Bajaj Auto on the day. The bench issued its direction on a petition filed by Bajaj Auto, challenging the Madras High Court order of Dec. 20, allowing TVS to go ahead with manufacturing and selling of Flame.

Tata Steel, JSW Steel acquire overseas mines

Tata Steel said it has signed a Joint Venture agreement with members of the Al Bahja Group, a leading business house of Oman for the development of the Uyun limestone deposits at Salalah in the Sultanate of Oman. Tata Steel will hold a 70% stake in the existing company called AL Rimal Mining LLC through its subsidiary, TS Global Minerals Holdings Pte Ltd. Al Rimal Mining will execute the project of developing and operating the Uyun mine.

JSW Steel announced the acquisition of eight concessions in a greenfield area through its Dutch subsidiary for exploration of magnetite iron ore deposits in Atacama, Chile. These mining concessions extend over an area of about 1,200 hectares. The company acquired the concessions for US$52mn. The company has been actively pursuing augmenting of captive sources of iron ore and coal both in India and overseas for its Indian steel making operations.

Domestic M&A Buzz

Essar Oil said its subsidiary Essar Energy Overseas has entered into an agreement to acquire a 50% stake in Kenya Petroleum Refineries, a four million metric tons per annum refinery in Mombasa. Essar Energy will acquire the stake from the existing shareholders - The Shell Petroleum Co., Chevron Global Energy and BP Africa. Subject to certain conditions, the acquisition is expected to complete in early 2008. The Kenyan Government holds the remaining 50% of KPRL.

Great Offshore said it has made an offer for purchasing a controlling stake in UK-based SeaDragon Offshore. The offer has been accepted by the Boards of both the companies. SeaDragon will own, upon delivery, two harsh environment, semi-submersible, sixth generation drilling rigs, which are currently under construction, at an estimated cost of about US$1.4bn, Great Offshore said.

Peninsula Land clarified that in September, Swan Mills had signed a deal with the Essar Group for sale and lease of three buildings in its Kurla commercial complex for around Rs12bn. The Ashok Piramal Group was responding to newspaper reports that it had signed a deal with Essar Realty Holdings to sell and lease premises at its upcoming IT park called Peninsula Technopark on the LBS Marg in Kurla.

House of Pearl Fashions announced it has signed a MoU to acquire a 75% stake in the Hong Kong-based marketing company, Simple Approach. The acquisition will benefit the company in expanding its customer base into high fashion mid market segment. Simple Approach is supplying to value and mid market retailers in the UK and the USA. The target company will be clocking revenues of Rs800mn in the current financial year. This is expected to grow to Rs1bn in FY09 and Rs2bn by FY11.

Goldman Sachs cuts Asia's growth outlook

Goldman Sachs slashed its economic growth forecast for Asia, as an impending recession in the US - the region's biggest market - would hurt exporters. Asia (ex-Japan) will grow by 8.3% in 2008, down from an earlier estimate of 8.6%, Hong Kong-based economist Michael Buchanan said in a report. The investment bank last week cut its forecasts for US and Japan. It also trimmed its growth prediction for 2009, to 8.5% from 8.6%. "There could be a tipping point at which the US slowdown has a more significant impact on Asia than before," Buchanan wrote. "The further deterioration in the US economy comes as Japan is also teetering on the edge of recession." Goldman Sachs described the growth downgrades as meaningful but not disastrous. "The impact on currencies is in general likely to be contained, although equity markets could be in for more volatility," it added. For developing Asia's two largest countries - China and India - Goldman Sachs lowered its 2008 growth forecasts to 10% from 10.3% and to 7.8% from 8%, respectively.

Gold tops US$900; falls later

The price of gold breached US $900 a troy ounce for the first time and platinum reached another record early in the week. The dollar fell to a seven-week low against the euro amid rising concerns that an impending recession in the US will force the Federal Reserve to slash rates more aggressively. Gold futures surged to a new record, climbing as high as US$915.90 an ounce, but fell later in the week to US$877.60. Gold for immediate delivery also fell to US$876.95 an ounce on speculation that a rebound in the dollar will stall demand for the precious metal as an alternative investment to stocks and bonds. Platinum and other precious metals also declined. Spot gold prices lost 2.1% on the week, heading for the biggest weekly decline in seven weeks, as the dollar advanced against the euro.

China hikes banks' reserve requirement

China's central bank announced a 0.5% hike in bank reserve ratio in the latest move to cool down the economy and curb inflation. Lenders must park 15% of deposits with the People's Bank of China as reserves from Jan. 25, up from 14.5%, the central bank said. The ratio is the highest since 1984. The PBC said the adjustment is to draw back excess liquidity at banks and curb the overly fast growth of credits. Excess liquidity is a major challenge for the Chinese government as it could result in asset bubbles and overheated economy. The problem could become more pronounced as the record trade surplus pumps more cash into the country. The increase in the reserve requirement is the first such move in 2008, and the 11th since January last year. China's policy-makers decided to shift the country's monetary policy from "prudent" to "tight" at the end of last year to keep the economy on track and tame inflation.

Oracle ups bid price for BEA Systems

Larry Ellison finally gave into the pressure from billionaire investor Carl Icahn, and raised its offer price for BEA Systems by 14% in order to emerge a leading player in the business software segment. Oracle will acquire all outstanding shares of BEA Systems for US$19.37 per share in cash. The offer is valued at about US$8.5bn, or US$7.2bn net of BEA Systems' cash on hand of US$1.3bn. The all-cash price represents a 24% premium from BEA Systems' closing stock price on Tuesday. It's 42% improvement from BEA Systems' share price three months ago, when Oracle launched an unsolicited bid of US$17 per share. That bid was rejected by BEA Systems. San Jose-based BEA Systems represents Oracle's most expensive purchase since it paid US$11.1bn for PeopleSoft in early 2005. The acquisition extends a three-year spree in which Oracle has spent about US$35bn buying dozens of its smaller competitors.

Toyota mulling low-cost compact car

As expected, Tata Motors' ultra low-cost compact car, the Nano has turned the global auto industry upside down with companies like Toyota, Volkswagen and Nissan contemplating their own versions of budget cars. But, the price of US$2,500 still remains a big challenge for the global auto majors. "We have an early prototype in development," President Katsuaki Watanabe said in Detroit. "The vehicle is close to getting a go sign," he said, without saying when the model would be launched or what it would cost. "I think there is a huge market for low-cost and low-priced vehicles," Watanabe told reporters. "I have been asking our engineers to come up with low-cost enabling technology." But, Watanabe said that Toyota was not aiming to compete with Tata Motors. The vehicle must be up to Toyota's standards and must address the key issues of environmental friendliness and safety, he said.

Apple unveils thinnest laptop

Apple unveiled the world's thinnest laptop yet. The MacBook Air weighs 3lb and is 0.76in, wide narrowing to 0.16in at its slimmest point. It goes on sale in a fortnight priced at £1,199 in the UK compared to US$ 1,799 (£899.50) in the US. Jobs said the MacBook Air's ultra-slim design was partly made possible by its lack of a CD or DVD drive. The CD drive's functions such as playing films, backing up information and installing software will all be carried out wirelessly by the laptop or other Apple devices. Other features of the MacBook Air include a 13.3in back-lit screen, a full size back-lit keyboard and a tracking pad which allows users to manipulate images in a similar way to the iPhone's screen. The new laptop comes with a standard 80GB hard drive and has 2GB of memory. Its eco-friendly aspects include a fully recyclable aluminium case, a mercury-free display and less external packaging than its predecessors.

Weekly positional calls - Jan 18 2008

Buy Ranbaxy

Buy Hero Honda

Buy IOC

Buy Kesoram Industries

Buy Patel Engineering

Punj LLoyd - Jan 18 2008

Punj LLoyd - Jan 18 2008

Godrej Consumer Products - Jan 18 2008

Godrej Consumer Products - Jan 18 2008

Its not Mukesh, its HPCL!

One of the country’s leading petroleum products retailers Hindustan Petroleum Corp. Ltd (HPCL) plans to enter the petrochemicals business by acquiring a “strategic stake” in Andhra Petrochemicals Ltd (APL), according to an executive at APL. If it were to happen, the acquisition would make logical sense for HPCL because it will reduce the company’s dependence on the refining and fuel retailing business.

They (HPCL) are looking for a strategic alliance and this is at a preliminary stage. Only the data is collected (through due diligence) and nothing is through yet,” said V.N. Rao, chief executive and chief operating officer, APL. He added that HPCL could buy some stake in the company.
O.P. Pradhan, executive director, corporate planning and strategy at HPCL, declined to comment on the issue.
“It is basically a vertical integration for the refinery companies to get into petrochemical business,” said Sanjeev Prasad, co-head institutional equities and head of research chemicals, energy, media, telecom at Kotak Securities Ltd, a Mumbai-based brokerage.
According to another analyst, who did not wish to be identified, the petrochemicals business has a margin of $400-600 (Rs15,720-23,580) per tonne while the refining business has a margin of $5-15 per barrel.
The state-owned HPCL has a 9.24 million metric tonne per annum (mmtpa) capacity refinery in Visakhapatnam and it already supplies naphtha to APL’s petrochemical plant in the same city.
It has another refinery in Mumbai; together the two refineries have a total capacity of 16.66mmtpa, which translates into a 12% share in the domestic refining capacity of the country.
Naphtha is one of the products of refineries apart from petrol, diesel and kerosene.
At Friday’s close of Rs32.8 a share, APL has the market capitalization of Rs278.81 crore. Andhra Pradesh Industrial Development Corp. and Andhra Sugar Ltd hold 10.8% and 28.18% stake in the company, respectively. The company ended 2006-07 with revenues of Rs266.10 crore and a net profit of Rs36.35 crore. It produced 42,408 metric tonne of oxo alcohols, a petrochemical in 2006-07.

HPCL ended 2006-07 with a net sales of Rs89,724 crore and a net profit of Rs1,571 crore.
Rao said there was “no question of present promoters divesting” their entire holding in APL.
He said there has been no decision on whether HPCL would acquire a minority or majority stake. “Options could be anything, but as of now nothing has been finalized either way.”
Shares of APL dropped 8.76% to Rs32.80 on the Bombay Exchange on Friday on a day the exchange’s benchmark index plunged 3.49%. The shares hit their 52-week high of Rs42.80 on 7 January.
HPCL shares lost 5.74% to Rs310.95 on Friday.

Via Mint

NSE Bulk Deal Watch - Jan 18 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
18-JAN-2008,ARIES,Aries Agro Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,110284,217.86,-
18-JAN-2008,ARIES,Aries Agro Limited,KARIMJEE PVT.LTD.,BUY,85270,220.28,-
18-JAN-2008,ARIES,Aries Agro Limited,PACE FINCAP PRIVATE LIMITED,BUY,77990,219.57,-
18-JAN-2008,ARIES,Aries Agro Limited,R.M. SHARE TRADING PVT LTD,BUY,89931,220.56,-
18-JAN-2008,HBSTOCK,HB Stockholdings Ltd,B R INTERNATIONAL/BHARATKUMAR RADHAKRISHNA RUIA,BUY,307700,126.80,-
18-JAN-2008,OMNITECH,Omnitech Infosolutions Li,MANISH VRAJLAL SARVAIYA,BUY,53165,237.01,-
18-JAN-2008,POCHIRAJU,Pochiraju Industries Limi,OM ARORA,BUY,160422,45.57,-
18-JAN-2008,ARIES,Aries Agro Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,110284,218.30,-
18-JAN-2008,ARIES,Aries Agro Limited,KARIMJEE PVT.LTD.,SELL,85270,220.02,-
18-JAN-2008,ARIES,Aries Agro Limited,PACE FINCAP PRIVATE LIMITED,SELL,77990,219.44,-
18-JAN-2008,ARIES,Aries Agro Limited,R.M. SHARE TRADING PVT LTD,SELL,89931,220.64,-
18-JAN-2008,CINEVISTA,Cinevistaas Limited,RAVI KUMAR AGARWAL HUF,SELL,55000,102.97,-
18-JAN-2008,HBSTOCK,HB Stockholdings Ltd,NANDITA MIHIR MEHTA,SELL,307700,126.79,-
18-JAN-2008,MADHUCON,Madhucon Projects Limited,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,255967,807.30,-
18-JAN-2008,OMNITECH,Omnitech Infosolutions Li,MANISH VRAJLAL SARVAIYA,SELL,76452,235.71,-
18-JAN-2008,TATAMETALI,Tata Metaliks Ltd,VIJAY KUMAR,SELL,174690,166.41,-

BSE Bulk Deals to Watch - Jan 18 2008

18/1/2008 531518 ADARS DERIVA SONIA JINDAL B 79025 30.92
18/1/2008 530889 ALKA INDIA JMP SECURITIES PVT. LTD. S 1480031 1.86
18/1/2008 532910 ANIL PRODUCT NAMAN SEC AND FIN PVT LTD B 45731 375.41
18/1/2008 532910 ANIL PRODUCT NAMAN SEC AND FIN PVT LTD S 52732 375.86
18/1/2008 532935 ARIES AGRO PACE FINCAP PRIVATE LIMITED B 79607 218.93
18/1/2008 532935 ARIES AGRO PACE FINCAP PRIVATE LIMITED S 79051 219.63
18/1/2008 505506 AXON INFOTEC S. B. CORRUGATORS PVT LTD S 30000 75.40
18/1/2008 505506 AXON INFOTEC HANUMAN TRADING AND FEEDS PVT.LTD. S 20000 75.65
18/1/2008 531591 BAMPSL SECUR JMP SECURITIES PVT. LTD. S 319938 3.07
18/1/2008 507050 BELAPUR INDU SHEETAL RAJESH JAIN B 10000 42.20
18/1/2008 500045 BELLA STE AL JMP SECURITIES PVT. LTD. B 1952435 9.92
18/1/2008 500045 BELLA STE AL JMP SECURITIES PVT. LTD. S 1968347 9.97
18/1/2008 531682 CAT TECHNOL ARCADIA SHARE AND STOCK BROKERS P LTD B 185000 10.82
18/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN B 30655 137.71
18/1/2008 505923 CEEKAY DIAKI MASTER FINLEASE LTD B 25059 138.85
18/1/2008 512199 CORE PROJECT RHODES DIVERSIFIED B 600000 337.75
18/1/2008 532271 CYBERMAT INF JMP SECURITIES PVT. LTD. S 337185 15.52
18/1/2008 531270 DAZZEL CONFI ANURAG SABOO B 19500 7.00
18/1/2008 532180 DHANLAK BANK NISHU FINLEASE PVT. LTD. S 163869 153.03
18/1/2008 532751 EASUNREYRL FUTURE VENTURES INDIA LTD B 206325 317.00
18/1/2008 526560 ENGLISH I.CL NAMAN SEC AND FIN PVT LTD S 28601 3495.98
18/1/2008 532876 EVERONN SYS B R INTERNATIONAL B 211985 1180.82
18/1/2008 532876 EVERONN SYS NANDITA MIHIR MEHTA S 211985 1180.82
18/1/2008 531486 FILMCIT MEDI JMP SECURITIES PVT. LTD. S 411777 3.15
18/1/2008 532857 GLORY POLY MAVI IMPEX LTD. B 186800 98.74
18/1/2008 532857 GLORY POLY AXIOM IMPEX INTERNATIONAL LIMITED S 200000 97.33
18/1/2008 524184 GULSHA SUG C KAMAL KUMAR DUGAR AND CO S 219850 80.16
18/1/2008 500178 HARIG CRANKS JMP SECURITIES PVT. LTD. S 2484154 4.95
18/1/2008 532347 HELIOS MAT I NISHA SUMAN JAIN B 140000 136.06
18/1/2008 532414 IKF TECHNO JMP SECURITIES PVT. LTD. B 1808442 15.20
18/1/2008 530165 KANCHA INTER SHIRISH H SHAH S 19100 13.90
18/1/2008 531904 KARUNA CABLE PRABHAKAR RAO MANDAVA S 325000 13.48
18/1/2008 531904 KARUNA CABLE ASHA PRIYA MANDAVA S 349750 13.49
18/1/2008 505299 KULK POW TOO BHUPESH KUMAR LODHA B 8500 247.96
18/1/2008 501209 MAST MEDI SY MAVI INVESTMENT FUND LTD B 39636 71.99
18/1/2008 531456 MINAX TEXTIL JMP SECURITIES PVT. LTD. S 250000 3.09
18/1/2008 500307 NIRLON LTD CITIGROUP GLOBAL MARKETS MAURTIUS PVT LTD B 370761 134.79
18/1/2008 532086 OCEAN INFRST LATIN MANHARLAL SEC PVT LTD S 50000 9.97
18/1/2008 523574 PANTAL RETAI PANTALOON INDUSTRIES LTD B 1080000 770.00
18/1/2008 523574 PANTAL RETAI KISHOR BIYANI S 950000 770.00
18/1/2008 521246 PARAS PETROF JMP SECURITIES PVT. LTD. S 1150000 4.14
18/1/2008 532606 PAREKH ALUM MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. S.V. B 600000 435.00
18/1/2008 532606 PAREKH ALUM U P SHAH HUF S 67051 233.80
18/1/2008 532606 PAREKH ALUM ABDEALI SAIFEE MAMAJI S 93433 230.00
18/1/2008 532606 PAREKH ALUM HALCYON TRADING PVT LTD S 85000 235.00
18/1/2008 532606 PAREKH ALUM PRAKASH SEVANTILAL DOSHI S 62980 235.00
18/1/2008 514300 PIONER EMBRO SANTOSH INDUSTRIES LIMITED B 99000 249.36
18/1/2008 514300 PIONER EMBRO WITHAL COMMERCIAL PVT LTD S 100000 249.26
18/1/2008 532933 PORWAL AUTO V J PATEL INVESTMENT B 100000 61.47
18/1/2008 531646 RFL INTERNAT MUKESH BHANUBHAI SHAH B 31000 2.68
18/1/2008 526407 RIT PRO IND SANJEEV ARORA B 54820 144.35
18/1/2008 523710 SAYAJ HOTELS RUANE CUNNIFF AND GOLDFARB INC AC ACACIA PARTNERS LP B 100900 141.34
18/1/2008 523710 SAYAJ HOTELS CLEARWATER CAPITAL PARTNERS CYPRUS LTD S 151609 143.22
18/1/2008 503297 SUP SYNCOT I DAKSHA M SHAH B 65638 7.71
18/1/2008 526133 SUPERTEX IND JMP SECURITIES PVT. LTD. S 543600 1.57
18/1/2008 505930 VISHAL MELL. LALIT SINGHAL S 25800 72.70
17/1/2008 531223 ANJANI SYNTH MANOHAR PUNDLIKRAO BADHIYE B 70000 55.84
17/1/2008 531223 ANJANI SYNTH ASHA B AGRAWAL S 70000 55.83
17/1/2008 532935 ARIES AGRO MATRIX EQUITRADE PVT LTD B 117052 225.92
17/1/2008 532935 ARIES AGRO MATRIX EQUITRADE PVT LTD S 117052 226.22
17/1/2008 532161 BAFIN ENG PR JMP SECURITIES PVT. LTD. B 500000 2.13
17/1/2008 531671 BISLERI GUJ JMP SECURITIES PVT. LTD. B 514465 7.45
17/1/2008 531936 BLUE CHI IND ASTUTE COMMODITIES AND DERIVATIVES PVT LTD B 450009 3.80
17/1/2008 531936 BLUE CHI IND ASTUTE COMMODITIES AND DERIVATIVES PVT LTD S 408416 3.97
17/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN B 23339 125.68
17/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN S 29403 126.19
17/1/2008 532271 CYBERMAT INF CHIMANLAL MANEKLAL SEC.PVT.LTD B 451843 15.05
17/1/2008 532271 CYBERMAT INF CHIMANLAL MANEKLAL SEC.PVT.LTD S 426843 15.01
17/1/2008 517973 DMC INTER CENTENARY SOFTWARE PRIVATE LIMITED S 25935 35.21
17/1/2008 531621 EZ-COMM TRAD MUKESH JITENDRA VORA S 25455 9.28
17/1/2008 532767 GAYATRI PROJ LEVERAGE INDIA FUND S 50000 675.19
17/1/2008 511682 IFL PRMOTER CENTENARY SOFTWARE PRIVATE LIMITED B 26415 37.46
17/1/2008 532092 KIRTI FINVES ENCA FINLEASE LTD. S 750000 2.04
17/1/2008 531213 MANAP GEN FI LOTUS INDIA MUTUAL FUND AC LOTUS INDIA GROWTH FUND B 119633 189.35
17/1/2008 532882 OMNITECH MANISH VRAJLAL SARVAIYA B 66689 230.67
17/1/2008 532882 OMNITECH MANISH VRAJLAL SARVAIYA S 66689 230.58
17/1/2008 520073 RAUNAQ AUT C CENTENARY SOFTWARE PRIVATE LIMITED S 40250 31.88
17/1/2008 532886 SEL MANUF ASTUTE COMMODITIES AND DERIVATIVES PVT LTD B 155874 216.20
17/1/2008 532886 SEL MANUF ASTUTE COMMODITIES AND DERIVATIVES PVT LTD S 126611 216.00
17/1/2008 531812 SGN TELECOMS JMP SECURITIES PVT. LTD. B 361304 3.29
17/1/2008 531738 SILICON VALL JMP SECURITIES PVT. LTD. B 702666 3.26
17/1/2008 531499 SYBLY INDUSR VICHITRA TRAVELS PVT LTD S 231500 10.12
17/1/2008 526506 SYSTEM COR S SHRI RAM STOCKMART PVT LTD B 60700 139.39
16/1/2008 532935 ARIES AGRO DYNAMIC STOCK BROKING I PVT LTD B 143207 229.64
16/1/2008 532935 ARIES AGRO DYNAMIC STOCK BROKING I PVT LTD S 381232 234.81
16/1/2008 505506 AXON INFOTEC SAPNA JOGANI B 4000 69.16
16/1/2008 505506 AXON INFOTEC SAPNA JOGANI S 4000 69.15
16/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN B 22395 118.49
16/1/2008 505923 CEEKAY DIAKI MAHENDRA KUMAR JAIN S 22688 117.30
15/1/2008 532935 ARIES AGRO DYNAMIC STOCK BROKING I PVT LTD B 393429 234.62
15/1/2008 505506 AXON INFOTEC SAPNA JOGANI B 4000 73.06
15/1/2008 505506 AXON INFOTEC SAPNA JOGANI S 4000 73.05

Analyst Picks - Biocon, IDFC, Marico, ONGC

ONGC

CMP: Rs 1,209.45

Target price: Rs 1,348

CLSA expects ONGC shares to consolidate, citing absence of major triggers for at least a year.“With valuations at par with global peers, we see a more challenging near term stock outlook — especially as visibility on other triggers (discoveries, East Coast developments, ONGC Videsh re-rating, gas price deregulation, fuel pricing overhaul) is a year or more away,” the investment bank said in a recent note.

“While there is potential for 15-16% EPS upgrades if the likely Re1-2/litre price hike and Rs 2/litre excise cut in auto fuels is not followed by a hike in ONGC’s OIDA (Oil Industry Development Act) cess or subsidy sharing, the lacklustre outlook for ONGC’s production growth over FY09-10CL and its relatively modest leverage to crude prices (every $/bbl changes EPS by 0.5%) is a dampener for future surprises,” CLSA added.


IDFC

CMP: Rs 209.25

Target price: Rs 195

Citigroup rates IDFC a sell with a price Target of Rs 195. It believes the recent rise in this stock factors in possible positive surprises. “While the business momentum continues to remain strong and in line with expectations; we believe wholesale funded institutions such as IDFC are relatively more exposed to interest rate tightness/cyclicality (as is the case with many global markets currently) and should be valued at a discount to private banking peers,” the investment bank said in a note.

Citi estimates the infrastructure financier’s earnings per share (EPS) for 2007-08 at Rs 6.54 and Rs 8.82 in 2008-09. For 2006-07, IDFC reported EPS of Rs 4.48.

Marico

CMP: Rs 65.25

Target price: Rs 90

Kotak’s private client group recommends a buy on Marico, with a 12-month price Target of Rs 90.
“We expect business revenues to grow at a CAGR (compounded annual growth rate) of 23% over FY07-09. The PAT (profit after tax) is expected to grow to Rs 2.25 billion ( Rs 225 crore) at a CAGR of 41% over FY07-09E,” the retail brokerage said in a note.

“We forecast Marico will consolidate its leadership position in the beauty and wellness segment on the back of changing lifestyles, demand for high quality products and consistent introduction of new products and brand extensions. Kaya Skin Clinic, the skincare solutions business, is also expected to witness high growth post consolidation in FY07,” Kotak added.


Biocon

CMP: Rs 518.70

Target price: NA

IDBI Capital Markets has rated Biocon a buy, after its lower-than-expected third quarter earnings. It advises clients to buy the stock on fall citing better growth prospects.

“There are quite a few positive developments, the management has indicated intent of unlocking value in its contract research subsidiary ‘Syngene’ though an IPO. Also, Clinigine has now broken even and though much smaller presently, is likely to follow a similar path,” the institutional brokerage said in a report.

“The other research programmes - both in Oral Insulin and other biosimilars are progressing well. In fact, the company hopes to launch some of these in the Indian market as early as 2010. The process for registration and sale in a number of markets for injectible insulin/insugen is ongoing. The earliest launch in US / Europe could be 2-years hence, but the opportunity is big,” IDBI Cap added.

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