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Economy News

4

The banking sector is bracing itself for a rate hike of 25 basis points in the mid-quarter review of the RBI scheduled for Thursday. The RBI has so far hiked rates seven times during the last one year and pushed its repo rate (the rate at which it provides liquidity to banks) to 6.5%. (BL)

4

All special economic zones (SEZs) cleared when Kamal Nath was commerce minister have come under the finance ministry scanner. Apart from the tax issues, the finance ministry is looking into whether the approvals meet all policy parameters or not. Officials said a large number of big SEZs were cleared during this period, including those belonging to the Adani group, Reliance, GMR and GVK. (BS)

4

Exports of Indian teas to Egypt remain almost suspended ever since the outbreak of political crisis in the North African nation, negatively affecting the tea shipments from the country, according to export sources. The current turmoil in other north African and Gulf countries such as Libya and Yemen is also impacting indirectly the Indian tea shipments, according to the trade sources and the Upasi. (BL)

Corporate News

4

IVRCL power, buildings and transportation divisions have bagged orders worth Rs 5.65bn. An order worth Rs 2.4bn was received from Power Grid Corporation for transmission project in the North Eastern Region while another order worth Rs 1.2bn is meant for work in Orissa. (BL)

4

The Mumbai-based custodian released on Wednesday a payment of Rs 21.95 bn, recovered from the sale of Harshad Mehta’s assets to the Income Tax department and the State Bank of India. It handed over Rs 19.96bn and Rs 1.99bn to senior revenue and bank officials respectively. (BS)

4

BS Transcomm Ltd, a power and telecom transmission infrastructure turnkey solutions provider, is set to double installed annual capacity of 1,20,000 mn tonnes by September 2011. The company has an order book of over Rs 6bn as on December 2010 which has to be implemented within one year. (BL)

4

TVS Motors is mulling a low-priced motorcycle to shore up volumes in the Indian market. The product, when introduced, would be the cheapest motorcycle in the country. It is working on two products. It would take us another eight to nine months to launch these motorcycles commercially in the market. (BS)

4

Jyothy Laboratories maker of the popular Ujala fabric whitener, has acquired 14.9% stake in Henkel India. The move will make JLL the single largest Indian shareholder in the Indian arm of the struggling Chennai- based maker of Henko detergent and Fa deodorant. It will aggressively bid for a controlling stake in Henkel. (ET)

Source: ET = Economic Times, BS = Business Standard, FE = Financial Express, BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange

MARCH 17, 2011

Equity

% Chg

 

16 Mar 11

1 Day

1 Mth

3 Mths

Indian Indices

 

SENSEX Index

 

18,359

1.1

(0.8)

(7.6)

NIFTY Index

5,511

1.1

(0.6)

(7.4)

BANKEX Index

12,438

2.1

(1.6)

(4.0)

BSET Index

6,175

0.9

(1.7)

(6.1)

BSETCG INDEX

12,502

0.9

(6.7)

(18.5)

BSEOIL INDEX

10,036

0.7

5.3

(6.0)

CNXMcap Index

7,640

1.4

(2.5)

(11.8)

BSESMCAP INDEX

7,890

1.3

(5.2)

(14.1)

World Indices

 

Dow Jones

 

11,613

(2.0)

(5.7)

1.1

Nasdaq

2,617

(1.9)

(7.6)

(1.0)

FTSE

5,598

(1.7)

(8.0)

(4.7)

Nikkei

9,094

5.7

(17.8)

(13.6)

Hangseng

 

22,701

0.1

(4.1)

(1.6)

Value traded (Rs cr)

 
 

16

Mar 11

% Chg - Day

Cash BSE

 

3,306

(8.6)

Cash NSE

11,362

(12.2)

Derivatives

96,325

(40.6)

Net inflows (Rs cr)

 
 

15 Mar 11

% Chg

MTD

YTD

FII

219

(56.7)

2,423

(7,661)

Mutual Fund

 

(85)

(364.5)

210

2,234

FII open interest (Rs cr)

 
 

15

Mar 11

% Chg

FII Index Futures FII Index Options

 

12,066

(2.8)

52,172

1.3

FII Stock Futures FII Stock Options

28,052

2.2

1,087

0.6

Advances / Declines (BSE)

 

16 Mar 11

A

B

T

Total

% total

Advances

168

1,439

201

1,808

65

Declines

37

834

188

871

31

Unchanged

1

87

16

104

4

Commodity

 

% Chg

 

16

Mar 11

1 Day

1 Mth

3 Mths

Crude (NYMEX)

(US$/BBL)

97.8

(0.2)

13.2

11.1

Gold

(US$/OZ)

1,396.9

0.2

0.6

1.4

Silver

(US$/OZ)

34.3

(0.1)

7.8

17.3

Debt / forex market

 
 

16

Mar 11

1 Day

1 Mth

3 Mths

10 yr G-Sec yield % Re/US$

 

7.96

7.96

8.10

7.95

45.12

45.25

45.52

45.36

Sensex

21,100 19,600 18,100 16,600 15,100 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
21,100
19,600
18,100
16,600
15,100
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
MORNING INSIGHT March 17, 2011
MORNING INSIGHT
March 17, 2011

COMPANY UPDATE

Teena Virmani teena.virmani@kotak.com +91 22 6621 6302

ULTRATECH CEMENTS

PRICE: RS.1027

TARGET PRICE: RS.1046

RECOMMENDATION: ACCUMULATE

FY12E P/E: 14.6X

q

We recently met with the management to discuss cement demand and pricing scenario

q

Company ideally positioned to benefit from improvement in cement prices due to largest cement capacity

q

We incorporate recent price hikes and marginally tweak our estimates

q

We arrive at a revised price target of Rs 1046 (Rs.951 earlier) and change our recommendation to ACCUMULATE on declines from REDUCE earlier.

Summary table

(Rs mn)

FY10

FY11E

FY12E

Sales

70,497 130,628 166,541

Growth (%)

10.0

85.0

27.0

EBITDA

19,711 24,042

37,900

EBITDA margin (%) PBT Net profit

28.0

18.4

22.8

13,615

15,691

27,871

10,932

10,827

19,231

EPS (Rs)

87.8

39.5

70.2

Growth (%)

12.0

-55.0

78.0

CEPS(Rs)

104.4

67.6

102.1

Book value(Rs/share) 336.1 Dividend per share(Rs) 5.0

370.5

435.5

4.4

4.4

ROE (%)

26.6

11.2

17.4

ROCE (%) Net cash (debt) NW Capital (Days)

28.5

13.2

19.6

(15,208) (41,013) (39,608)

27.3

32.2

32.2

EV/Sales (x)

1.8

2.3

1.8

EV/EBITDA (x)

6.4

12.5

8.0

P/E (x)

11.7

26.0

14.6

P/BV (x)

2.8

2.8

2.4

Source: Company, Kotak Securities - Private Client Research

Key highlights about the meeting

High sensitivity to cement prices; current scenario of improving prices to benefit company positively

Ultratech Cements has emerged as the largest cement player post consolidation of Samruddhi Cements with itself. Company has a total capacity of 51.75 MT with 48.75 MT in domestic and 3 MT from Star Cement. With a pan-India presence, we expect company to benefit from pricing improvement across any location. Cement prices have witnessed an improvement of nearly Rs 60-70 per bag during Q4FY11 till date on account of supply discipline as well as on expectations of demand improve- ment. Our channel checks also indicate that prices may continue to remain high in near future. We thus expect a significant improvement in average realizations on a sequential basis.

Cement prices (Rs per 50kg bag) 300 North South West East 270 240 210 180
Cement prices (Rs per 50kg bag)
300
North
South
West
East
270
240
210
180
Apr-06
Jun-06
Aug-06
Oct-06
Dec-06
Feb-07
Apr-07
Jun-07
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08
Oct-08
Dec-08
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11

Source: CMA, Kotak Securities - Private Client Research

Cement demand growth lagged during FY11

Cement demand growth had lagged during FY11 till Feb, 2011 (4.7%) due to lack of construction activity and issues related to sand availability. Lower than expected demand coupled with incremental supplies had put pressure on the cement prices during 9MFY11 but prices have now recovered on account of pricing discipline being observed by cement players. We expect demand growth to recover during FY12 led by government's initiative to boost infrastructure spending as well as rural spending. Our estimates factor in demand to grow at a CAGR of 9.9% between FY11-FY13.

Kotak Securities - Private Client Research

Please see the disclaimer on the last page

For Private Circulation

2

MORNING INSIGHT March 17, 2011
MORNING INSIGHT
March 17, 2011

Cement industry dispatches (MT)

20 15 10 5 0 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11
20
15
10
5
0
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11

Source: CMA

Ultratech Cement's capex plan going ahead

Ultratech Cement's domestic capacity stands at 48.75 MT post merger of Samruddhi cements. Acquisition of ETA Star Cement added another 3 MT, thereby taking its total capacity to 51.75 MT. White Cement capacity stands at 560000 tpa. Company is planning to expand its grey cement capacity by 4.8 MT at Raipur, Chattisgarh and by 4.4 MT at Malkhed, Karnataka at a total cost of Rs 56 bn in next two years. Along with this, it also plans to spend another Rs 46 bn for material evacuation and logistic infrastructure, setting up of thermal power plants and waste heat recovery systems as well as modernization and upgradation of existing projects. These new capacities are likely to get operational by Q4FY13 or Q1FY14.

Incorporate recent price hikes in our estimates

We marginally tweak our estimates to incorporate the recent price hikes witnessed across regions. We expect grey cement realizations to improve to nearly Rs 3600 per tonne during Q4FY11 as against Rs 3279 per tonne during Q3FY11 and Rs 3021 per tonne in Q2FY11. Thus, we expect grey cement realizations to average at nearly Rs 3455 per tonne for FY11.

We expect blended cement realizations (including white cement) to be Rs 3646 per tonne and Rs 3898 per tonne for FY11 and FY12 respectively and thus expect rev- enues to grow to Rs 130 bn and Rs 167 bn in FY11 and FY12 respectively.

Financial outlook

n

We expect grey cement dispatches of nearly 35.8MT and 42.9MT for FY11 and FY12 respectively. Including revenues from white cement, wall care putty and RMC, we expect overall revenues to be Rs 130 bn and Rs 167 bn in FY11 and FY12 respectively.

n

We expect costs to remain high going forward so improvement in realizations is not likely to fully translate into improvement in operating margins. We thus ex- pect operating margins to be 18.4% and 22.8% for FY11 and FY12 respectively.

n

Volume growth in cement division and improvement in cement realizations is likely to lead to net profits of Rs 10.8 bn and Rs 19.23 bn in FY11 and FY12 re- spectively.

Kotak Securities - Private Client Research

Please see the disclaimer on the last page

For Private Circulation

3

MORNING INSIGHT March 17, 2011
MORNING INSIGHT
March 17, 2011

We now recommend to ACCUMULATE on Ultratech Cements with a revised price target of Rs.1046

Valuation and recommendation

n

At current price of Rs 1027, stock is trading at 14.6x P/E and 8.0x EV/EBITDA for

FY12.

n

We marginally tweak our estimates and arrive at a revised price target of Rs 1046. (Rs 951 earlier) valued at 8.2x EV/EBIDTA on FY12 estimates.

n

We upgrade the stock to ACCUMULATE from REDUCE earlier since cement re- alizations have firmed up. We thus advise investors to accumulate the stock on declines.

n

We believe that recent price hikes are likely to be positive for the company and quarterly numbers can surprise positively on a sequential basis.

n

Key risks to our recommendation would be steep increase in costs or sharp de- cline in cement prices from the current levels in near term.

Kotak Securities - Private Client Research

Please see the disclaimer on the last page

For Private Circulation

4

MORNING INSIGHT March 17, 2011
MORNING INSIGHT
March 17, 2011

COMPANY UPDATE

Teena Virmani teena.virmani@kotak.com +91 22 6621 6302

GRASIM INDUSTRIES

PRICE: RS.2436

TARGET PRICE: RS.2710

RECOMMENDATION: ACCUMULATE

FY12E P/E: 9.2X

q

Demand scenario for VSF continues to remain strong

q

VSF prices have witnessed further improvement led by higher prices of competing fibres

q

Cement prices started firming up since the beginning of Q4FY11

q

We tweak our estimates to factor in higher VSF and cement realizations and arrive at a revised price target of Rs 2710 on FY12 estimates (Rs 2530 earlier)

q

We continue to remain positive on the company and maintain ACCUMU- LATE on the stock.

Summary table

(Rs mn)

FY10

FY11E

FY12E

Sales

199,548 206,824 239,473

Growth (%)

9.0

4.0

16.0

EBITDA

57,867

45,479

57,405

EBITDA margin (%) PBT Net profit

29.0

22.0

24.0

49,930

36,212

46,654

30,955

20,524

24,344

EPS (Rs)

295.3

223.8

265.5

Growth (%)

24.0

(24.0)

19.0

CEPS (Rs)

446.0

347.6

406.9

BV (Rs/share)

1,365.8

1,553.8

1,783.4

Dividend/Share (Rs)

30.0

30.0

30.0

ROE (%)

25.7

15.3

15.9

ROCE (%) Net cash (debt) NW capital(days)

30.0

21.1

24.4

13,136

13,307

22,048

38

33

33

EV/Sales (x)

1.1

1.0

0.8

EV/EBITDA (x)

3.6

4.6

3.5

P/E (x)

8.2

10.9

9.2

P/BV (x)

1.8

1.6

1.4

Source: Company, Kotak Securities - Private Client Research

Key highlights about the meeting

VSF demand and pricing continues to remain strong

VSF demand as well as prices continued to remain strong during FY11 led by short- age of cotton as well as revival in the textile industry. VSF realizations have been on an uptrend since the beginning of FY10. VSF prices have moved from Rs 97 per kg in Q1FY10 to Rs 123 per kg for Q3FY11. Post recent price hikes seen in VSF due to higher prices of cotton, VSF prices now stand nearly Rs 145-150 per kg. Cotton prices historically have traded at a discount to VSF prices but shortage of cotton has led to sharp increase in the cotton prices, much above the VSF prices. Thus, we expect VSF prices to remain strong for next few quarters till the time we see mean- ingful increase in cotton acreage and inventory post the harvesting season.

VSF price trend (Rs per kg) 124 113 102 91 80 Q1FY09 Q2FY09 Q3FY09 Q4FY09
VSF price trend (Rs per kg)
124
113
102
91
80
Q1FY09
Q2FY09
Q3FY09
Q4FY09
Q1FY10
Q2FY10
Q3FY10
Q4FY10
Q1FY11
Q2FY11
Q3FY11

Source: Company

We thus incorporate higher VSF prices in our estimates and expect revenues to grow at a CAGR of 10% between FY10-FY12.

Improvement in cement prices witnessed since the beginning of

Q4FY11

Fall in the cement prices and continued cost pressures impacted Grasim's cement division performance during 9MFY11 adversely. However, cement prices have seen improvement of nearly Rs.60-70 per bag during Q4FY11 from Q3FY11 price levels. Pricing discipline among cement manufacturers coupled with sharp decline in non- trade cement sales resulted in pushing up the average realizations. Inline with im- provement in the cement prices seen in Q4FY11, we marginally tweak our estimates for cement pricing.

Kotak Securities - Private Client Research

Please see the disclaimer on the last page

For Private Circulation

5

MORNING INSIGHT March 17, 2011
MORNING INSIGHT
March 17, 2011
Company’s average cement realizations (Rs/tonne) 3700 3500 3300 3100 2900 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
Company’s average cement realizations (Rs/tonne)
3700
3500
3300
3100
2900
Q1FY09
Q2FY09
Q3FY09
Q4FY09
Q1FY10
Q2FY10
Q3FY10
Q4FY10
Q1FY11
Q2FY11
Q3FY11

Source: Company

Capex schedule

In order to tap the growing demand of VSF and as well as improving VSF prices, company has commenced capacity expansion. Grasim is expanding its VSF capacity by setting up of Greenfield plant of 1,20,000 tons at Vilayat at a total cost of Rs 17 bn and browfield expansion of 36,500 tons at Harihar plant and plant upgradation at a total cost of Rs 4.5 bn. For Cement division, company would be investing Rs 105 bn for expanding the capacity as well as for modernization and upgradation of exist- ing units. These facilities are expected to commission from Q1FY14.

Financial outlook

n

We fine tune our estimates for VSF and cement realizations in our estimates and expect revenues to grow to Rs 207 bn and Rs 239 bn for FY11 and FY12 respec- tively.

n

Even though pulp, sulphur and power costs continue to remain high, we expect margins to improve in FY12 led by better pricing realizations seen in cement and VSF. We thus expect margins to be 22% and 24% in FY11 and FY12 respec- tively.

n

Post revising our revenue estimates upwards and also incorporating higher minor- ity interest, our net profit estimates stand revised to Rs 20.5 bn and Rs 24.3 bn for FY11 and FY12 respectively as against Rs 20.7 bn and Rs 21.8 bn earlier for FY11 and FY12 respectively.

We continue to maintain ACCUMULATE on Grasim Industries with a revised price target of Rs.2710

Valuation and recommendation

n

At current market price of Rs 2436, stock is trading at 10.9x and 9.2x P/E and 4.6x and 3.5x EV/EBITDA for FY11 and FY12 respectively.

n

We tweak our estimates to factor in higher VSF and cement realizations and arrive at a revised price target of Rs 2710 on FY12 estimates (Rs 2530 earlier)

n

We continue to remain positive on the company and maintain ACCUMULATE on the stock.

Sum of the parts valuation based on FY12 estimates

Division

EBITDA

EV/EBITDA

EV

Rationale

(Rs mn)

(x)

(Rs mn)

Valuation of VSF division

15,027

5

75,135

Based on relative valuations

Valuation of chemical division

1,328

5

6,638

Based on relative valuations

Total

Valuation of 60.3% holding in merged entity

135,879

At 20% discount to current price of Rs 1028

Other Investments

8,755

At 20% holding company discount to current

 

market price

Net debt

(22,048)

Total valuation

248,455

Value per share (Rs)

2,709

Source: Kotak Securities - Private Client Research

Kotak Securities - Private Client Research

Please see the disclaimer on the last page

For Private Circulation

6

MORNING INSIGHT March 17, 2011
MORNING INSIGHT
March 17, 2011

Bulk deals

Trade details of bulk deals

 

Date

Scrip name

Name of client

Buy/

Quantity

Avg.

 

Sell

of shares

price

 

(Rs)

 

16-Mar

ABC India-$

Seagull Enterprise

B

45,000

127.6

16-Mar

ABC India-$

Search Invatrade Pvt Ltd

S

65,000

127.6

16-Mar

Acropet Tec

Crosseas Capital Services Pvt Ltd

B

523,137

103.3

16-Mar

Acropet Tec

Financecorp Capital India Pvt Ltd

B

339,914

103.6

16-Mar

Acropet Tec

Groove Finance And Investmt Pvt Ltd

B

241,000

104.9

16-Mar

Acropet Tec

S V Enterprises

B

200,000

105.0

16-Mar

Acropet Tec

Groove Finance And Investmt Pvt Ltd

S

261,000

104.5

16-Mar

Acropet Tec

Financecorp Capital India Pvt Ltd

S

339,914

103.9

16-Mar

Acropet Tec

Crosseas Capital Services Pvt Ltd

S

523,137

103.4

16-Mar

Akar Tools

Akar Alloys Pvt Ltd

S

50,000

75.0

16-Mar

Alpha Graphic

Nalini Girish Chheda

B

27,000

12.0

16-Mar

Alpha Graphic

Girish Jadhavji Chheda

B

29,153

12.0

16-Mar

Alpha Graphic

Disha Bharat Takwani

S

29,200

12.0

16-Mar

Anjani Fabrics

Sameep Exim Pvt Ltd

S

50,000

51.4

16-Mar

Arman Fin Serv

Prabhavathi Devi

B

24,500

15.6

16-Mar

Arman Fin Serv

Rajgopal Gilda

S

24,500

15.6

16-Mar

Aro Granite-$

Amit Shantilal Motla

B

69,408

40.1

16-Mar

Aro Granite-$

Bhavna Amit Motla

S

69,408

40.1

16-Mar

Assamco

Link Holdings P Ltd

B

1,600,000

17.5

16-Mar

Assamco

Cromwell Securities Ltd

S

1,600,000

17.5

16-Mar

Chandni Tex

Aarya Agro Bio And Herbals Pvt Ltd

B

1,000,000

68.7

16-Mar

Chandni Tex

Amrapali Capital & Finance Services

S

808,271

65.6

16-Mar

Chandni Tex

Vicky Rajesh Jhaveri

S

92,510

68.8

16-Mar

Clarus Finance

Jigar Praful Ghoghari

B

100,000

100.8

16-Mar

Clarus Finance

Subhash B Jain

S

194,994

100.7

16-Mar

Dhruva Capital

Rajesh Navlani

B

25,000

20.7

16-Mar

Dhruva Capital

Bharati Navlani

B

25,000

20.7

16-Mar

Dhruva Capital

Rupinder Jit Kaur

B

25,000

20.7

16-Mar

Dhruva Capital

Ajay Kumar Agarwal

B

24,200

20.7

16-Mar

Dhruva Capital

Karnawat Hire Purchase Pvt Ltd

S

49,000

20.7

16-Mar

Dhruva Capital

Kailash Karnawat

S

51,000

20.7

16-Mar

Filatex India-$

Anushreya Pvt. Ltd

B

94,200

40.8

16-Mar

Filatex India-$

Aryav Exports Pvt Ltd

S

90,000

40.8

16-Mar

Gomti Finlease

Yogendra Khandeliya

B

23,000

12.9

16-Mar

Gomti Finlease

Badri Vishal Rungta HUF

S

23,000

12.9

16-Mar

Indian Toner-$

Kavita Ishwar Manglani

B

50,700

17.4

16-Mar

Indian Toner-$

Girish Ishwardas Manglani

S

50,000

17.4

16-Mar

Marvel Capital

Jmp Securities Pvt Ltd

S

31,400

20.0

16-Mar

Omax Autos

Haresh Tikamdas Kaswani

B

116,000

40.4

16-Mar

Omax Autos

Ricky Ishwardas Kirpalani

S

116,000

40.4

16-Mar

Parsharti Inv

Bharat Vinodchandra Shah

B

20,000

18.0

16-Mar

PM Telelinnks

Jakirhusen Gulamhusen Dauva

S

54,950

55.8

16-Mar

Rajasthan Tube

Deepak Manakchand Jain

S

28,000

21.0

16-Mar

Ram Kaashyap

Sangeeta Management Cons Pvt Ltd

B

51,757

11.0

16-Mar

Ram Kaashyap

Kunjita Impex Pvt. Ltd

S

51,756

10.7

16-Mar

Ravinay Trad

Kaizen Stoktrade Pvt Ltd

B

15,000

131.1

16-Mar

Sampada Chem Advance India Shares & Sec Pvt Ltd

B

36,000

414.0

16-Mar

Sampada Chem Anuj Garg

S

36,000

414.0

16-Mar

Sanjivani Par

Novel Apartments Pvt Ltd

B

40,000

39.3

16-Mar

Sanjivani Par

Palak Sarees Trading Pvt Ltd

S

40,000

39.3

Kotak Securities - Private Client Research

Please see the disclaimer on the last page

For Private Circulation

7

MORNING INSIGHT March 17, 2011
MORNING INSIGHT
March 17, 2011

Trade details of bulk deals

 

Date

Scrip name

Name of client

Buy/

Quantity

Avg.

 

Sell

of shares

price

 

(Rs)

 

16-Mar

Setco Auto

Urja H Sheth

B

120,000

118.5

16-Mar

Setco Auto

Udit Harish Sheth

S

120,000

118.5

16-Mar

Spice Islands-$

Cm Securities Pvt Ltd

B

70,000

19.3

16-Mar

Splash Media

Novel Suppliers Pvt Ltd

B

500,000

43.0

16-Mar

Splash Media

Meenakshi Mercantiles Ltd

B

500,000

43.0

16-Mar

SRS Real Infra

SRS Housing Finance Ltd

B

2,000,000

44.7

16-Mar

SRS Real Infra

SRS Portfolio Ltd

S

2,000,000

44.7

16-Mar

Twilight Litaka-$ Pam Pac Machines Pvt Ltd

S

250,000

47.9

16-Mar

Vaibhav Gems

Salil Chaturvedi

S

410,529

35.4

16-Mar

Welspun Proj

Pegasus Stocks And Shares Pvt Ltd

S

315,000

62.0

Source: BSE

 

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MORNING INSIGHT March 17, 2011
MORNING INSIGHT
March 17, 2011

Gainers & Losers

Nifty Gainers & Losers

 

Price (Rs)

chg (%)

Index points

Volume (mn)

Gainers

ICICI Bank

1,027

3.1

11.9

4.1

SBI

2,644

3.2

7.0

1.8

Reliance ind

1,047

1.0

5.6

4.7

Losers

HDFC

660

(0.5)

(1.4)

2.8

Hindustan Unilever

271

(1.2)

(1.2)

4.9

Hindalco Ind

203

(0.5)

(0.5)

7.5

Source: Bloomberg

Research Team

Dipen Shah IT, Media dipen.shah@kotak.com +91 22 6621 6301

Saurabh Agrawal Metals, Mining agrawal.saurabh@kotak.com +91 22 6621 6309

Ruchir Khare Capital Goods, Engineering ruchir.khare@kotak.com +91 22 6621 6448

Jayesh Kumar Economy kumar.jayesh@kotak.com +91 22 6652 9172

Sanjeev Zarbade Capital Goods, Engineering sanjeev.zarbade@kotak.com +91 22 6621 6305

Saday Sinha Banking, NBFC, Economy saday.sinha@kotak.com +91 22 6621 6312

Ritwik Rai FMCG, Media ritwik.rai@kotak.com +91 22 6621 6310

Shrikant Chouhan Technical analyst shrikant.chouhan@kotak.com +91 22 6621 6360

Teena Virmani Construction, Cement, Mid Cap teena.virmani@kotak.com +91 22 6621 6302

Arun Agarwal Automobiles arun.agarwal@kotak.com +91 22 6621 6143

Sumit Pokharna Oil and Gas sumit.pokharna@kotak.com +91 22 6621 6313

K. Kathirvelu Production k.kathirvelu@kotak.com +91 22 6621 6311

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