IIFL - Strategy - Debt and FCCB - 20111129

India - Strategy
29 November 2011
Institutional Equities
Rising debt levels, FCCB redemptions loom

Despite debt levels rising in FY11 after a decline in FY10, they
remain moderate in absolute terms and are likely to decline
in FY12ii on our estimates. However, there are divergent
inter-sector trends with debt levels for some sectors such as
real estate significantly above FY09 levels. Large FCCB
redemptions (US$7.2bn) with depressed share prices would
be a key overhang on balance sheets in 2012. We believe that
companies with balance sheet stress will continue to underperform the market, notwithstanding the valuation discount.
Balance sheet leverage has increased but remains moderate:
Aggregate debt-equity for IIFL Universe ex financials has increased
from 0.35x in FY10 to 0.37x in FY11 but remains below the FY09 level
of 0.45x. Further, on our estimates, this is likely to decline in FY12 to
0.31x and thus we do not see any cause for alarm at an aggregate
level. However, there is wide inter-sector divergence with debt levels
rising for sectors such as real estate, industrials, telecom and utilities.
Specifically for real estate sector for example, debt-to-Ebitda has
increased from 3.8x in FY09 to 5.8x in FY11 and is further estimated
to rise to 6.2x in FY12ii and is suggestive of high level of stress.
Figure1: DebtequityratiohasriseninFY11butwilldeclineinFY12iiDD MMM YYYY

IIFLUniverse
50%
NetDebttoEquity
2.5
40%
2.0
30%
1.5
20%
1.0
10%
0.5
0%
0.0
FY07
FY08
Ashutosh Datar | ashutosh.datar@iiflcap.com

91 22 4646 4642
FY09
FY10
FY11
FY12ii
Source:IIFLResearch.Note:Basedonaconstantsampleof108nonfinancials.
Figure2: LargeFCCBredemptionsareduein2012
US$bn
OutstandingValue
Redemptionvalue
7.2
Large FCCB redemptions in 2012: Between 2005 and 2010,

Indian companies issued FCCBs of US$23bn of which US$7.8bn (at
redemption value) worth of FCCBs mature in 2012. With stock prices
depressed, a large majority of the issues would need to be
redeemed, and refinanced by domestic expensive debt in most
cases, creating refinancing risk as well as impacting profitability.
Pledging of promoter holdings an added risk: While in
aggregate, promoter share pledges remain low and have not
increased in the recent quarter, they are concentrated in a few
sectors and represent non-business risk for stocks where promoter
shareholding is large (22 stocks out of BSE500 with more than 75%
promoter shareholding pledged as of Sept), as the case of GTL
demonstrates.
NetDebttoEBITDA(rhs)
5.3
1.8
0.1
0.5
0.2
Dec2011
2012
Source:Bloomberg,IIFLResearch
Ravi Saraogi | ravi.saraogi@iiflcap.com

91 22 4646 4655 |
1.9
0.7
2013
2014
India - Strategy
Debt levels rising but still comfortable
Figure4: InterestcoveragehasdeterioratedinFY11
Aggregate debt-equity ratio for our coverage at 0.37x in FY11 has risen
modestly from 0.35x in FY10, but it remains below the FY09 peak of
0.45x in FY09. Similarly, while interest coverage ratio has declined
modestly to 9.6x in FY11 from 10.3x in FY10, it remains well above the
FY09 peak of 7.5x. Further, on our estimates, debt-equity ratio for our
universe is likely to decline and interest coverage ratio is likely to
remain flat in FY12ii. Thus, we do not see any balance sheet stress at
an aggregate level.
16
EBITDA/NetInterest
IIFLUniverse
12
8
4
Figure3: DebtequityratiohasriseninFY11
IIFLUniverse
50%
NetDebttoEquity
NetDebttoEBITDA(rhs)
2.5
FY07
FY08
FY09
FY10
FY11
FY12ii
Source:CMIE,IIFLResearch.
40%
2.0
30%
1.5
20%
1.0
10%
0.5
0%
0.0
FY07
FY08
FY09
FY10
FY11
FY12ii
Source:CMIE,IIFLResearch.
Although in aggregate, debt indicators are still comfortable, aggregates

mask wide inter-sector divergence. Thus, while debt indicators have
improved for the consumer discretionary and the materials sector
(relative to FY09-10), they have worsened for the real estate,
industrials, telecom, and utilities sectors. Specifically for the real estate
sector for example, debt-to-Ebitda has increased from 3.8x in FY09 to
5.8x in FY11 and is further estimated to rise to 6.2x in FY12ii and is
suggestive of high level of stress.
Figure5: Debtlevelshaveincreasedwithsignificantintersectordivergence
DebttoEquity
NetdebttoEBITDA
FY10
FY12
FY10
FY12
IIFLUniverseexFinancials
0.4
0.2
0.8
0.4
ConsumerDiscretionary
0.2
0.2
0.4
0.5
ConsumerStaples
0.3
0.1
1.1
0.3
Energy
0.8
0.8
6.7
6.2
RealEstate
0.0
(0.0)
0.2
(0.0)
HealthCare
0.4
0.5
1.4
1.6
Industrials
(0.4)
(0.4)
(1.0)
(1.3)
InformationTechnology
0.4
0.3
1.6
1.0
Materials
(0.0)
1.1
(0.1)
2.5
TelecommunicationServices
0.8
1.0
3.9
4.3
Utilities
0.3
0.3
1.3
1.1
IIFLUniverseexFinancials
Source:Companydata,IIFLResearch.
Two issues in the context of rising debt levels are particularly important
in our view: Firstly, the large FCCB redemptions due in 2012 and
secondly the issue of promoter share pledges.
ashutosh.datar@iiflcap.com
India - Strategy
Figure6: CompaniesinIIFLuniversewithhighdebttoequity
MktCap NetDebt/Equity PricePerf.(%)
Companyname
Sector
(US$m)
FY12ii
YTD
DishTV
Media
1,254
(14)
10.44
KesoramIndustries
Cement
93
(57)
3.95
KSKEnergyVentures
Utilities
388
(60)
3.61
HindustanConstruction
Infrastructure
248
(56)
3.00
GMRInfrastructure
Infrastructure
1,549
(55)
2.86
PGCIL
Utilities
8,482
(3)
2.64
IRBInfrastructure
Infrastructure
912
(37)
2.16
JaiprakashAssociates
Infrastructure
2,516
(42)
2.11
GVKPower&Infra
Infrastructure
317
(74)
2.09
TataPower
Utilities
4,200
(33)
1.98
JainIrrigation
Agribusiness
898
(42)
1.84
SimplexInfrastructures
Infrastructure
181
(54)
1.59
GodrejProperties
RealEstate
865
5
1.56
KECInternational
Construction
202
(61)
1.51
UnitedSpirits
FMCG
1,861
(49)
1.51
PunjLloyd
Infrastructure
296
(59)
1.49
Suzlon
Utilities
798
(57)
1.44
PantaloonRetail
Retail
842
(45)
1.25
MadrasCement
Cement
497
2
1.24
PatelEngineering
Construction
107
(74)
1.21
JSWSteel
Metals
2,437
(52)
1.16
NCCLimited
Infrastructure
181
(74)
1.15
VardhmanTextiles
Midcap
221
(40)
1.15
BhartiAirtel
Telecom
27,648
6
1.13
IVRCLInfra
Infrastructure
169
(74)
1.01
DLFLtd
RealEstate
6,461
(32)
0.96
PetronetLNG
Gas
2,259
25
0.94
PhillipsCarbonBlack
Chemicals
70
(36)
0.92
TataSteel
Metals
7,111
(43)
0.92
IndianOilCorporationltd. Oil&Gas
12,209
(24)
0.89
Figure7: CompaniesinIIFLuniversewithlowinterestcoverage
MktCap Interestcoverage PricePerf.(%)
Companyname
Sector
(US$m)
FY12ii
YTD
KesoramIndustries
Cement
93
(57)
1.01
HindustanConstruction Infrastructure 248
(56)
1.39
CCCL
Construction 64
(72)
1.45
GMRInfrastructure
Infrastructure 1,549
(55)
1.67
PunjLloyd
Infrastructure 296
(59)
1.69
IVRCLInfra
Infrastructure 169
(74)
1.90
NCCLimited
Infrastructure 181
(74)
1.91
DLFLtd
RealEstate
6,461
(32)
2.01
Infrastructure 2,516
(42)
2.05
PatelEngineering
Construction 107
(74)
2.18
PantaloonRetail
Retail
842
(45)
2.23
UnitedSpirits
FMCG
1,861
(49)
2.23
Suzlon
Utilities
798
(57)
2.35
HindalcoIndustriesLtd
Metals
4,345
(52)
2.45
JyotiStructures
Construction 76
(64)
2.51
SimplexInfrastructures Infrastructure 181
(54)
2.54
JainIrrigation
Agribusiness 898
(42)
2.61
IRBInfrastructure
Infrastructure 912
(37)
2.70
KSKEnergyVentures
Utilities
388
(60)
2.72
IndiaCements
Cement
415
(35)
2.90
DishTV
Media
1,254
(14)
3.02
KECInternational
Construction 202
(61)
3.07
KalpataruPower&Trans. Construction 289
(42)
3.09
GVKPower&Infra
Infrastructure 317
(74)
3.14
VardhmanTextiles
Midcap
221
(40)
3.41
GujaratIndustriesPower Utilities
205
(33)
4.00
UnitedPhosphorus
Agribusiness 1,152
(25)
4.02
JSWSteel
Metals
2,437
(52)
4.15
Unitech
RealEstate
1,209
(64)
4.48
PGCIL
Utilities
8,482
(3)
4.48
Source:Bloomberg,IIFLResearch.
India - Strategy
Large FCCB redemptions in 2012

In 2012, FCCBs totalling US$5.3bn (and with redemption value of
US$7.2bn) will be due for redemption, the highest ever amount. With
stock prices in many cases significantly below conversion prices,
conversion is unlikely (and thus redemption likely) for a vast majority of
these issues (~90% of FCCBs). In addition, in the remainder of 2011,
FCCBs worth US$278mn with a redemption value of US$405mn will
mature. However, FCCB redemptions would drop off sharply in 2013
and 2014 as majority of the FCCBs issued in the peak of 2007 are due
for redemption in 2012.
Figure8: LargeFCCBredemptionsareduein2012
US$bn
OutstandingValue
Redemptionvalue
7.2
5.3
1.8
0.1
0.5
0.2
Dec2011
2012
1.9
0.7
2013
2014
Current Indian accounting norms do not require routing the implied

interest cost on these FCCBs to the income statement and redemption
premium in most cases is appropriated against the securities premium
account., Thus, the cost of this debt has not been routed through the
income statement in most cases and consequently profits have been
overstated. However with FCCB markets drying up (and possibly ECB
markets may as well due to high global risk aversion) YTD (until Sept),
FCCB approvals at US$0.5bn are significantly lower than US$1.6bn for
full-year 2010this low-cost debt would need to be refinanced by
higher-cost domestic debt in most cases. This will adversely impact
profitability in the near term.
Figure9: KeyFCCBsduein2012
Issuer
FCCBsize
Current Redemptio Conversion
Current
(US$mn) outstanding
nvalue
price stockprice
US$mn
US$mn (Rs/share) (Rs/share)
661.2
71
RelianceCom.
1,000
925
1,182
730.5
386
TataSteelLtd
875
382
471
181.4
173
TataMotorsLtd
490
473
624
165.2
62
JaiprakashAsso.
400
354
524
953.4
568
JswSteel
325
274
392
53.0
8
GtlInfra
300
228
321
97.3
23
SuzlonEnergy
300
211
307
92.3
8
FirstsourceSol
275
191
267
163.1
68
SterlingBiotech
250
135
184
97.3
23
SuzlonEnergy
200
121
176
656.2
33
Subex
180
39
53
348.3
147
OrchidChemicals
175
117
168
TulipTelecom
150
97
140
227.4
123
RoltaIndia
150
97
135
368.7
57
RajeshExports
150
24
35
67.1
129
3IInfotech
100
66
94
165.9
19
StridesArcolab
100
80
116
461.6
396
HotelLeela
100
42
61
72.0
33
Subex
99
60
85
80.3
33
PyramidSaimira
90
90
123
246.5
5
Uflex
85
22
26
144.7
123
EducompSol.
80
79
111
590.0
193
KSIRealty
80
80
112
212.9
34
PlethicoPharma
75
75
109
483.8
371
MoserBaer
75
46
61
364.0
20
MoserBaer
75
43
60
407.6
20
EraInfra
75
40
60
158.6
149
PrimeFocus
55
55
79
110.9
47
MasconGlobal
50
50
65
13.0
1
Debtto
Equity
FY11
0.82
1.28
1.38
2.74
1.36
1.99
1.38
0.73
1.45
1.38
2.59
1.57
1.26
0.68
3.31
1.77
1.08
1.79
2.59
1.38
0.66
0.46
2.32
0.50
3.56
3.56
1.58
1.06
0.64
India - Strategy
Promoter share pledges

Another factor that could accentuate balance sheet stress is the large
promoter share pledges in some companies as it denotes in many cases
off-balance sheet promoter debt and thus presents a non-business risk for
investors. At an aggregate level, promoter share pledges are relatively low
and have not increased sequentially during September quarter. As of
September 2011, ~10% of BSE500 companies had more than 50% of
promoter shares pledged with 22 companies having more than 75% of
promoter shares pledged. Sectorally, promoter share pledges are high in
consumer discretionary and utilities where more than 4% of the market
cap is pledged.
Figure10:Companieswithover75%promoterholdingpledged
Promoter
%Promoter %Totalequity
AsofSeptember2011
holding(%) holdingpledged
pledged
GujaratPipavavPort
43.0 100.0 43.0
TataCoffeeLtd.
57.5 100.0 57.5
ICSA
21.5 98.5 21.2
AnsalProperties
46.5 97.7 45.4
PipavavDefence
45.0 97.3 43.8
KingfisherAirlines
58.6 90.2 52.9
GTLLtd.
23.5 96.4 23
UnitedSpirits
28.0 89.6 25.1
GujaratNRECoke
45.9 88.4 40.6
Wockhardt
73.6 87.1 64.1
Spicejet
38.6 86.2 33.3
EssarOil
16.0 84.0 13.4
Bilcare
34.1 83.1 28.3
SKumars
45.7 83.0 38.0
Omaxe
89.1 81.6 72.8
Subex
11.7 81.5 9.5
EraInfraEngg.
58.9 80.9 47.7
JaiBalajiInds.
51.2 79.0 40.4
ShivVaniOil
54.7 77.8 42.5
OrchidChemicals
29.8 77.1 23.0
ARSSInfra.
55.0 77.0 42.4
Uflex
43.5 75.7 32.9
Fallfrom52
wkhigh(%)
(20)
(23)
(74)
(65)
(38)
(66)
(92)
(55)
(75)
(20)
(77)
(54)
(70)
(70)
(10)
(62)
(34)
(79)
(50)
(56)
(82)
(55)
Figure11:Companieswithlargeincreaseinpromoterpledgesoverthelastfewquarters
Jun10
Sep11
Change 1year
%Promoter
%Promoter from52 price
Promoter
Promoter
wkhigh change
CompanyName
holding
holding
holding(%)
holding(%)
(%)
(%)
pledged
pledged
GTLLtd.
ICSA
ARSSInfra
JaiBalajiInds
KSOils
MercatorLines
JSLStainless
AquaLogistics
PipavavDefence
EveronnEducation
ReligareEnt.
53
21
55
51
36
38
40
44
45
27
57
17
0.2
4
45
12
19
23
21
55
51
9
40
40
30
45
42
70
96 (92)(91)
99 (74)(72)
77 (82)(81)
79 (79)(76)
70 (87)(86)
65 (67)(64)
58 (39)(36)
57 (73)(72)
97 (38)(30)
57 (58)(54)
60 (23)(16)
Source:CMIE,Bloomberg,IIFLResearch.
Figure12:Companieswithlargedecreaseinpromoterpledgesoverthelastfewquarters
Jun10
Sep11
Change 1year
from52
price
%Promoter
%Promoter
Promoter
Promoter
wkhigh
change
CompanyName
holding
holding
holding(%)
holding(%)
(%)
(%)
pledged
pledged
KaruturiGlobal
27 65 18
(87)(87)
IndiabullsRealty 22 40 28
(64)(62)
Network18
58 33 59
(74)(71)
GujaratAlkalies 37 26 37
(23)(1)
SRF
47 23 48
(24)(20)
ArvindLtd.
39 47 43 0.4 (22) 60
TataChemicals
28 22 31 1 (20)(10)
TataPower
32 36 32 7 (35)(29)
TataMotors
37 23 35 8 (37)(29)
KPITCummins 30 31 27 17 (17) 18
India - Strategy
Appendix 1 FCCBs due for redemption in 2012

Issuer
RelianceCommunication
TataSteelLtd
TataMotorsLtd
JswSteelLtd
GtlInfrastructureLtd
SuzlonEnergyLtd
FirstsourceSolutionsLt
SterlingBiotechLtd
SuzlonEnergyLtd
SubexLtd
OrchidChemicals&Pharm
TulipTelecomLtd
RoltaIndiaLtd
RajeshExportsLtd
FinancialTechnologiesI
3IInfotechLimited
StridesArcolabLtd
HotelLeelaVentureLtd
SubexLtd
PyramidSaimiraTheatre
UflexLtd
EducompSolutionsLtd
KslRealty&Infra
PlethicoPharmaceuticals
MoserBaerIndiaLtd
MoserBaerIndiaLtd
EraInfraEngineering
PrimeFocusLtd
Redemption
Yearofissue
month
Mar12
Sep12
Jul12
Sep12
Jun12
Nov12
Jun12
Dec12
May12
Oct12
Mar12
Feb12
Aug12
Jun12
Feb12
Dec11
Jul12
Jun12
Apr12
Mar12
Jul12
Mar12
Jul12
May12
Oct12
Jun12
Jun12
Jan12
Dec12
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2009
2007
2007
2007
2007
2006
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
FCCBsize
(US$mn)
1,000
875
490
400
325
300
300
275
250
200
180
175
150
150
150
100
100
100
100
99
90
85
80
80
75
75
75
75
55
Current
Redemptionvalue
outstanding
(US$mn)
(US$mn)
925
1,182
382
471
473
624
354
524
274
392
228
321
211
307
191
267
135
184
121
176
39
53
117
168
97
140
97
135
24
35
91
133
66
94
80
116
42
61
60
85
90
123
22
26
79
111
80
112
75
109
46
61
43
60
40
60
55
79
Conversionprice
(Rs/share)
661
731
181
165
953
53
97
92
163
97
656
348
227
369
67
2,363
166
462
72
80
247
145
590
213
484
364
408
159
111
Currentstock
Debtto
priceRs/share EquityFY11
71
386
173
62
568
8
23
8
68
23
33
147
123
57
129
553
19
396
33
33
5
123
193
34
371
20
20
149
47
0.82
1.28
1.38
2.74
1.36
1.99
1.38
0.73
1.45
1.38
2.59
1.57
1.26
0.68
3.31
0.33
1.77
1.08
1.79
2.59
1.38
0.66
0.46
2.32
0.50
3.56
3.56
1.58
1.06
India - Strategy
Issuer
MasconGlobalLimited
KaruturiGlobalLtd
ManIndustriesIndiaLtd
PrithviInformationSolu
ZenithInfotechLtd
GreatOffshoreLimited
PidiliteIndustries
RuchiInfrastructureLtd
BharatForgeLimited
3IInfotechLimited
SuzlonEnergyLtd
EasunReyrolleLtd
EverestKantoCylinderL
ShreeAshtCineVision
IndowindEnergyLtd
CountryClubIndiaLtd
GayatriProjectsLtd
IcsaIndiaLtd
MurliIndustriesLtd
KlgSystelLimited
IcsaIndiaLtd
SuzlonEnergyLtd
GeminiCommunicationsLt
GatiLtd
MicroTechnologiesIndia
AarveeDenims&Expor
GrabalAlokImpexLtd
KamatHotelsIndia
SharonBioMedicineLtd
OrgInformaticsLtd
Redemption
period
Yearofissue
FCCBsize
(US$mn)
Dec12
Oct12
May12
Feb12
Aug12
Oct12
Dec12
Feb12
Apr12
Apr12
Jun12
Dec12
Oct12
Dec12
Dec12
Dec11
Aug12
Apr12
Feb12
Mar12
Mar12
Oct12
Jul12
Dec11
Jul12
Apr12
Apr12
Mar12
Dec12
Nov12
2007
2007
2007
2007
2007
2007
2007
2007
2006
2007
2009
2007
2007
2007
2007
2006
2007
2007
2007
2007
2007
2009
2007
2006
2007
2007
2007
2007
2007
2007
50
50
50
50
45
42
40
40
40
40
36
35
35
33
30
25
25
24
23
22
22
21
21
20
20
20
20
18
17
16
Current
outstanding
(US$mn)
50
42
44
50
45
40
37
13
40
27
36
4
35
33
30
25
22
24
6
22
22
21
21
15
13
4
20
16
17
16
Redemption Conversionprice
value(US$mn)
(Rs/share)
65
59
65
76
47
NA
52
19
57
37
53
6
50
42
NA
37
26
33
8
32
30
33
22
22
19
6
28
20
23
NA
13
19
115
346
522
565
102
39
604
154
77
315
271
44
167
103
288
227
379
350
190
77
42
113
250
127
51
225
228
130
Currentstock
priceRs/share
DebttoEquity
FY11
1
4
113
15
38
99
155
16
269
19
23
61
41
NA
8
7
125
39
18
26
39
23
22
27
132
33
17
94
303
9
0.64
0.25
0.06
0.56
1.78
2.63
0.04
0.59
0.75
1.77
1.38
0.51
0.38
NA
1.02
0.28
2.46
0.98
8.23
1.23
0.98
1.38
1.80
1.48
0.42
1.24
3.44
3.26
2.69
0.77
India - Strategy
Issuer
PioneerEmbroideries
SuranaIndustriesLtd
PokarnaLtd
WanburyLtd
ShriLakshmiCotsynLtd
OkPlayIndiaLtd
SuryajyotiSpinningMill
FazeThreeLtd
TantiaConstructionsLtd
KalindeeRailNirmanEng
GvFilmsLtd
WanburyLtd
Redemption
period
Yearofissue
FCCBsize
(US$mn)
Apr12
Jun12
Mar12
Apr12
Sep12
Jul12
Feb12
Dec11
Jul12
Mar12
Oct12
Dec12
2007
2007
2007
2007
2007
2007
2007
2006
2007
2007
2006
2007
15
14
12
11
10
10
10
8
8
7
4
1
Current
outstanding
(US$mn)
11
14
12
11
10
0
3
8
3
3
4
1
Redemption Conversionprice
value(US$mn)
(Rs/share)
16
18
17
15
14
0
4
11
3
NA
5
1
156
140
237
138
108
98
42
17
140
150
11
175
Currentstock
priceRs/share
DebttoEquity
FY11
11
404
89
21
100
12
14
13
41
93
1
21
3.12
3.01
5.83
4.74
1.20
1.18
2.60
2.43
2.47
0.16
0.07
4.74
Source:Bloomberg,IIFLResearch.Note:SortedbyFCCBsize
India - Strategy
Appendix 2 BSE500 promoter share pledge details

CompanyName
GICSSector
GujaratPipavavPortLtd.
TataCoffeeLtd.
ICSA(India)Ltd.
AnsalProperties&InfrastructureLtd.
PipavavDefence&OffshoreEngg.Co.Ltd.
GTLLtd.
KingfisherAirlinesLtd.
UnitedSpiritsLtd.
GujaratNRECokeLtd.
WockhardtLtd.
SpicejetLtd.
EssarOilLtd.
BilcareLtd.
SKumarsNationwideLtd.
OmaxeLtd.
SubexLtd.
EraInfraEngg.Ltd.
JaiBalajiInds.Ltd.
ShivVaniOil&GasExplorationServicesLtd.
OrchidChemicals&PharmaceuticalsLtd.
ARSSInfrastructureProjectsLtd.
UflexLtd.
GlodyneTechnoserveLtd.
UnitechLtd.
ParsvnathDevelopersLtd.
KSOilsLtd.
SuzlonEnergyLtd.
IndiabullsPowerLtd.
JyotiStructuresLtd.
Industrials
ConsumerStaples
Financials
Industrials
Industrials
ConsumerStaples
Materials
HealthCare
Industrials
Energy
HealthCare
Financials
Industrials
Materials
Energy
HealthCare
Industrials
Materials
Financials
Financials
ConsumerStaples
Industrials
Utilities
Industrials
Jun10
Marketcap Promoter
US$mn holding(%) holdingpledged
pledged
484
NA
NA
NA
281
57.5
100.0
57.5
39
20.8
16.8
3.5
83
55.4
86.2
47.7
739
44.8
44.9
20.1
71
52.8
234
66.3
68.5
45.4
1,900
29.2
98.0
28.6
202
46.7
70.1
32.7
798
73.6
84.0
61.9
180
9.5
93.0
8.8
1,858
16.0
86.3
13.8
97
35.4
77.6
27.5
160
49.8
79.6
39.7
454
89.1
40.9
36.5
44
14.0
50.6
7.1
517
58.9
54.8
32.3
79
50.8
4.3
2.2
184
53.3
61.5
32.8
211
26.0
81.0
21.0
57
55.3
0.2
0.1
173
43.0
80.1
34.4
208
58.9
71.9
42.4
1,112
46.6
69.6
32.4
369
74.7
80.2
60.0
58
36.3
749
53.1
71.8
38.1
387
58.6
68.2
40.0
77
26.8
27.3
7.3
Sep11
Promoter
%Promoter
43.0
100.0
57.5
100.0
21.5
98.5
46.5
97.7
45.0
97.3
23.5
96.4
58.6
90.2
28.0
89.6
45.9
88.4
73.6
87.1
38.6
86.2
16.0
84.0
34.1
83.1
45.7
83.0
89.1
81.6
11.7
81.5
58.9
80.9
51.2
79.0
54.7
77.8
29.8
77.1
55.0
77.0
43.5
75.7
56.4
72.1
48.6
72.0
70.2
71.2
9.1
70.3
54.8
69.4
58.6
68.3
27.6
67.9
%Totalequity
pledged
43.0
57.5
21.2
45.4
43.8
22.6
52.9
25.1
40.6
64.1
33.3
13.4
28.3
38.0
72.8
9.5
47.7
40.4
42.5
23.0
42.4
32.9
40.7
35.0
50.0
6.4
38.1
40.0
18.7
India - Strategy
CompanyName
GICSSector
IndiaCementsLtd.
Provogue(India)Ltd.
KemrockIndustries&ExportsLtd.
DBRealtyLtd.
MercatorLinesLtd.
JaiprakashPowerVenturesLtd.
VideoconIndustriesLtd.
NIITTechnologiesLtd.
StridesArcolabLtd.
AlokIndustriesLtd.
ReligareEnterprisesLtd.
ApolloHospitalsEnterpriseLtd.
JSLStainlessLtd.
EveronnEducationLtd.
AquaLogisticsLtd.
LancoInfratechLtd.
JaypeeInfratechLtd.
FortisHealthcare(India)Ltd.
AdaniPowerLtd.
ZylogSystemsLtd.
ReiAgroLtd.
BombayRayonFashionsLtd.
MaxIndiaLtd.
RainCommoditiesLtd.
GatewayDistriparksLtd.
HotelLeelaventureLtd.
McnallyBharatEngg.Co.Ltd.
RadicoKhaitanLtd.
ShreeRenukaSugarsLtd.
ArshiyaInternationalLtd.
JSWSteelLtd.
Materials
Materials
Financials
Industrials
Utilities
HealthCare
Financials
HealthCare
Materials
Industrials
Industrials
Industrials
HealthCare
Utilities
ConsumerStaples
Industrials
Materials
Industrials
Industrials
ConsumerStaples
ConsumerStaples
Industrials
Materials
Jun10
Marketcap Promoter
pledged
410
57
168
250
103
1,751
984
237
471
269
1,112
1,404
264
112
83
559
1,068
890
3,108
122
380
686
812
200
268
245
60
304
429
162
2,395
25.2
42.3
26.0
64.0
38.0
87.7
68.8
39.6
30.0
28.4
57.1
33.5
40.1
26.9
43.5
68.0
83.2
76.5
73.5
36.1
37.9
35.1
36.5
42.5
36.9
53.4
30.6
37.8
38.0
44.9
45.0
66.6
44.7
42.9
38.7
74.1
54.4
62.3
62.7
90.5
18.7
65.0
11.6
27.7
54.1
51.8
55.3
32.0
37.5
50.8
30.0
52.0
20.1
46.0
9.5
40.6
30.8
15.7
36.4
16.8
18.9
11.2
24.8
65.0
37.4
24.6
18.8
25.7
10.7
21.8
3.1
18.8
45.0
39.6
40.7
11.5
14.2
17.8
10.9
22.1
7.4
24.6
2.9
15.4
11.7
7.1
16.4
Sep11
Promoter
%Promoter
25.8
45.3
28.9
61.9
40.2
76.5
68.3
39.2
28.4
30.0
69.9
31.5
39.6
42.3
29.8
69.2
83.3
81.5
73.5
41.2
47.7
34.2
37.0
42.5
40.5
56.5
32.3
39.9
38.1
43.2
37.7
67.6
67.0
65.6
64.8
64.8
63.6
62.9
62.3
62.2
60.2
59.5
59.0
57.5
56.8
56.7
54.2
54.1
53.8
53.6
53.3
48.7
47.9
44.2
44.0
43.7
43.1
43.1
42.4
42.0
40.5
40.4
%Totalequity
pledged
17.4
30.4
19.0
40.1
26.1
48.7
43.0
24.4
17.7
18.0
41.6
18.6
22.8
24.0
16.9
37.5
45.0
43.8
39.4
22.0
23.3
16.4
16.4
18.7
17.7
24.4
13.9
16.9
16.0
17.5
15.3
10
India - Strategy
CompanyName
GICSSector
Jun10
Marketcap Promoter
pledged
A2ZMaintenance&Engg.ServicesLtd.
SintexIndustriesLtd.
NCCLtd.
AbanOffshoreLtd.
TataTeleservices(Maharashtra)Ltd.
DBCorpLtd.
ZuariIndustriesLtd.
MVLLtd.
PantaloonRetail(India)Ltd.
ApolloTyresLtd.
JSWIspatSteelLtd.
CoreEducation&TechnologiesLtd.
GMRInfrastructureLtd.
ZeeEntertainmentEnterprisesLtd.
BhushanSteelLtd.
ShoppersStopLtd.
PeninsulaLandLtd.
GTLInfrastructureLtd.
KSKEnergyVenturesLtd.
IRBInfrastructureDevelopersLtd.
BombayDyeing&Mfg.Co.Ltd.
MothersonSumiSystemsLtd.
DishTVIndiaLtd.
AsianPaintsLtd.
EleconEngineeringCo.Ltd.
ManappuramFinanceLtd.
JSWEnergyLtd.
SujanaTowersLtd.
BharatiShipyardLtd.
EscortsLtd.
Industrials
Industrials
Industrials
Energy
Materials
Financials
Materials
Utilities
Materials
Financials
Utilities
Industrials
Materials
Industrials
Financials
Utilities
Materials
Industrials
Industrials
183
488
190
300
528
713
293
250
785
591
481
579
1,581
2,148
1,302
575
187
160
407
900
281
1,128
1,298
5,413
105
880
1,265
126
47
156
NA
30.2
20.2
53.1
77.7
86.3
34.4
67.6
44.7
39.8
41.1
44.8
70.6
42.8
69.2
68.8
53.7
58.3
52.7
73.9
47.1
65.2
64.8
50.6
45.7
40.7
76.7
38.8
41.8
27.9
NA
29.6
10.4
29.6
33.5
23.1
5.9
30.3
26.1
7.9
95.0
37.2
14.9
29.3
20.9
31.6
26.8
26.5
11.2
16.3
31.7
19.2
16.9
20.1
14.1
32.6
22.5
NA
8.9
2.1
15.7
26.0
20.0
2.0
20.5
11.7
3.1
39.1
16.7
10.6
12.6
14.5
21.8
14.4
14.0
8.3
7.7
20.7
12.4
8.5
9.2
10.9
12.7
6.3
Sep11
Promoter
%Promoter
44.7
35.0
19.5
54.1
77.7
86.5
34.4
70.6
43.7
45.1
70.0
46.8
71.4
43.3
69.2
67.9
55.7
39.9
54.9
74.9
52.6
65.2
64.8
52.8
45.8
36.6
76.7
43.7
46.9
27.6
39.9
38.1
37.8
36.7
33.5
33.0
32.4
31.8
29.7
29.6
28.6
28.6
28.6
28.5
28.4
27.1
26.8
25.4
25.4
24.5
24.4
23.9
22.8
22.4
20.9
20.7
20.5
20.4
20.2
19.2
%Totalequity
pledged
17.8
13.3
7.4
19.9
26.0
28.5
11.2
22.5
13.0
13.3
20.0
13.4
20.4
12.3
19.7
18.4
14.9
10.2
14.0
18.4
12.8
15.6
14.8
11.8
9.6
7.6
15.7
8.9
9.5
5.3
11
India - Strategy
CompanyName
GICSSector
Jun10
Marketcap Promoter
pledged
GitanjaliGemsLtd.
TataGlobalBeveragesLtd.
SobhaDevelopersLtd.
GammonIndiaLtd.
TimeTechnoplastLtd.
Cox&KingsLtd.
SunTVNetworkLtd.
TulipTelecomLtd.
KalpataruPowerTransmissionLtd.
KPITCumminsInfosystemsLtd.
UTVSoftwareCommunicationsLtd.
AdhunikMetaliksLtd.
UnitedBreweries(Holdings)Ltd.
NavneetPublications(India)Ltd.
OnmobileGlobalLtd.
AurobindoPharmaLtd.
HeroMotocorpLtd.
MagmaFincorpLtd.
IpcaLaboratoriesLtd.
EssarPortsLtd.
FutureCapitalHoldingsLtd.
TriveniEngineering&Inds.Ltd.
JainIrrigationSystemsLtd.
JBFIndustriesLtd.
RoltaIndiaLtd.
CESCLtd.
EdelweissFinancialServicesLtd.
ChambalFertilisers&ChemicalsLtd.
McleodRusselIndiaLtd.
UnitedBreweriesLtd.
MotilalOswalFinancialServicesLtd.
ConsumerStaples
Financials
Industrials
Materials
Industrials
Materials
ConsumerStaples
HealthCare
Financials
HealthCare
Energy
Financials
ConsumerStaples
Industrials
Utilities
Financials
Materials
ConsumerStaples
ConsumerStaples
Financials
572
977
441
137
202
510
1,856
356
293
278
739
95
103
270
146
497
8,270
188
590
516
168
74
919
155
177
606
372
667
452
1,923
227
51.5
35.4
60.6
28.0
62.1
63.6
77.0
69.0
55.0
30.2
70.1
55.5
51.4
61.8
50.2
56.2
52.2
41.8
46.2
83.7
70.1
68.0
30.8
47.5
41.9
52.5
38.1
53.7
45.4
75.0
69.7
2.8
32.0
18.0
18.4
21.9
16.9
9.4
30.7
20.4
16.2
15.3
1.3
19.7
24.1
16.8
9.6
3.4
5.9
10.9
11.2
5.9
10.0
9.6
8.5
1.4
11.3
10.9
11.4
16.8
11.6
5.2
9.3
14.3
9.0
7.9
0.6
11.1
11.2
14.1
2.9
1.6
2.5
5.7
4.3
3.2
4.5
7.2
5.9
Sep11
Promoter
%Promoter
53.5
35.2
60.6
32.4
61.8
58.7
77.0
69.9
55.0
26.7
70.0
55.5
51.5
61.8
48.1
54.4
52.2
30.0
46.1
83.7
61.0
68.0
30.4
41.9
42.3
52.5
37.8
55.1
45.7
74.1
69.3
18.7
18.7
18.0
17.8
17.6
17.5
17.2
16.9
16.9
16.8
16.7
16.2
15.3
15.1
14.8
14.4
14.2
13.5
13.2
12.5
12.1
11.7
11.4
11.4
11.0
10.9
10.8
10.4
9.7
9.1
8.5
%Totalequity
pledged
10.0
6.6
10.9
5.8
10.9
10.3
13.3
11.8
9.3
4.5
11.7
9.0
7.9
9.3
7.1
7.8
7.4
4.0
6.1
10.4
7.4
8.0
3.5
4.8
4.7
5.7
4.1
5.7
4.4
6.8
5.9
12
India - Strategy
CompanyName
GICSSector
Jun10
Marketcap Promoter
pledged
JubilantLifeSciencesLtd.
TataMotorsLtd.
DeltaCorpLtd.
EmamiLtd.
AshokLeylandLtd.
AndhraPradeshPaperMillsLtd.
TataPowerCo.Ltd.
EverestKantoCylinderLtd.
FutureVenturesIndiaLtd.
PunjLloydLtd.
TataConsultancyServicesLtd.
Mahindra&MahindraLtd.
CromptonGreavesLtd.
TataCommunicationsLtd.
WalchandnagarIndustriesLtd.
RuchiSoyaInds.Ltd.
MadrasCementsLtd.
YesBankLtd.
UnitedPhosphorusLtd.
TataSteelLtd.
UttamGalvaSteelsLtd.
BallarpurIndustriesLtd.
EssDeeAluminiumLtd.
CarborundumUniversalLtd.
InfotechEnterprisesLtd.
TorrentPowerLtd.
BlueStarLtd.
KwalityDairy(India)Ltd.
MRFLtd.
TubeInvestmentsOfIndiaLtd.
HealthCare
Financials
ConsumerStaples
Industrials
Materials
Utilities
Materials
Financials
Industrials
Industrials
Industrials
ConsumerStaples
Materials
Financials
Materials
Materials
Materials
Materials
Materials
Industrials
Utilities
Industrials
ConsumerStaples
587
9,718
317
1,186
1,264
129
4,259
89
258
302
40,467
8,327
1,477
1,023
54
647
489
1,791
1,177
7,181
136
314
84
565
250
1,806
290
301
525
434
47.3
37.0
48.4
72.7
38.6
52.3
31.8
56.6
NA
37.3
74.1
26.3
40.9
76.2
55.0
46.9
42.0
27.1
27.9
31.3
70.8
49.4
59.4
43.0
23.1
52.8
40.1
75.0
26.7
51.8
19.0
23.5
14.9
14.1
5.7
35.6
NA
0.6
15.3
7.7
3.6
12.3
2.9
9.3
5.0
3.6
3.6
2.9
2.6
2.2
2.1
3.8
1.7
2.6
1.7
1.4
9.0
8.7
10.8
5.5
3.0
11.3
NA
0.2
11.4
2.0
1.5
9.4
1.6
4.4
2.1
1.0
1.0
2.1
1.6
0.9
0.5
2.0
0.7
2.0
0.4
0.7
Sep11
Promoter
%Promoter
48.9
35.1
42.3
72.7
38.6
53.5
31.8
58.0
33.4
37.2
74.1
25.2
41.7
76.2
55.0
52.4
42.0
26.3
26.6
30.7
70.8
49.4
59.5
42.1
23.0
52.8
40.1
75.0
26.9
48.2
8.4
8.3
8.2
8.2
7.1
7.1
6.9
6.8
6.0
5.8
5.7
5.2
5.1
4.6
4.5
3.7
3.6
3.6
3.6
3.4
2.9
2.4
2.3
2.2
1.8
1.7
1.7
1.6
1.5
1.5
%Totalequity
pledged
4.1
2.9
3.5
5.9
2.7
3.8
2.2
3.9
2.0
2.2
4.3
1.3
2.1
3.5
2.5
1.9
1.5
1.0
1.0
1.0
2.1
1.2
1.4
0.9
0.4
0.9
0.7
1.2
0.4
0.7
13
India - Strategy
CompanyName
GICSSector
Jun10
Marketcap Promoter
pledged
GilletteIndiaLtd.
PhoenixMillsLtd.
TataChemicalsLtd.
SunteckRealtyLtd.
SunPharmaAdvancedResearchCo.Ltd.
SunPharmaceuticalInds.Ltd.
ArvindLtd.
CenturyTextiles&Inds.Ltd.
BajajAutoLtd.
JaiprakashAssociatesLtd.
EIDParry(India)Ltd.
HimachalFuturisticCommunicationsLtd.
MaricoLtd.
JindalSawLtd.
PanaceaBiotecLtd.
DaburIndiaLtd.
GreatEasternShippingCo.Ltd.
CoromandelInternationalLtd.
RelianceIndustriesLtd.
Oil&NaturalGasCorpn.Ltd.
CoalIndiaLtd.
InfosysLtd.
ITCLtd.
BhartiAirtelLtd.
NTPCLtd.
StateBankOfIndia
HDFCBankLtd.
HousingDevelopmentFinanceCorpn.Ltd.
WiproLtd.
ICICIBankLtd.
HindustanUnileverLtd.
ConsumerStaples
Financials
Materials
Financials
HealthCare
HealthCare
Materials
Industrials
Materials
ConsumerStaples
Materials
HealthCare
ConsumerStaples
Energy
Materials
Energy
Energy
Energy
ConsumerStaples
Utilities
Financials
Financials
Financials
Financials
ConsumerStaples
1,224
543
1,614
464
287
9,894
420
488
8,849
2,574
656
212
1,704
623
100
3,358
602
1,608
49,764
41,179
36,522
29,893
29,164
27,484
24,496
20,503
19,851
17,954
17,746
16,418
15,896
88.7
65.9
28.1
65.3
66.2
63.7
38.7
40.4
49.7
46.0
47.2
2.0
63.5
46.0
68.7
68.9
30.0
64.3
44.8
74.1
NA
16.1
67.9
84.5
59.4
23.6
79.5
52.0
0.6
1.1
22.5
0.5
0.5
47.0
0.0
0.9
0.2
11.7
11.4
0.1
0.5
0.1
4.2
0.0
NA
0.5
0.7
6.3
0.3
0.3
18.2
0.0
0.4
0.1
5.5
0.2
0.1
0.2
0.1
2.9
NA
Sep11
Promoter
%Promoter
88.8
65.9
31.1
70.1
66.2
63.7
43.4
40.4
50.0
46.9
45.8
48.3
62.8
46.0
74.9
68.7
29.9
64.0
44.7
74.1
90.0
16.0
68.3
84.5
59.4
23.2
79.2
52.5
1.4
1.1
1.0
0.7
0.5
0.5
0.4
0.4
0.3
0.3
0.3
0.2
0.1
0.1
0.1
0.0
0.0
0.0
%Totalequity
pledged
1.2
0.7
0.3
0.5
0.3
0.3
0.2
0.1
0.2
0.1
0.1
0.1
0.1
0.0
0.1
0.0
14
India - Strategy
CompanyName
GICSSector
Jun10
Marketcap Promoter
pledged
NMDCLtd.
Larsen&ToubroLtd.
IndianOilCorpn.Ltd.
BharatHeavyElectricalsLtd.
CairnIndiaLtd.
MMTCLtd.
JindalSteel&PowerLtd.
HindustanZincLtd.
GAIL(India)Ltd.
PowerGridCorpn.OfIndiaLtd.
NestleIndiaLtd.
AxisBankLtd.
SteelAuthorityOfIndiaLtd.
SterliteIndustries(India)Ltd.
AdaniEnterprisesLtd.
DLFLtd.
KotakMahindraBankLtd.
IdeaCellularLtd.
UltratechCementLtd.
OilIndiaLtd.
PunjabNationalBank
NHPCLtd.
MarutiSuzukiIndiaLtd.
BankOfBaroda
HCLTechnologiesLtd.
MundraPort&SpecialEconomicZoneLtd.
Dr.Reddy'SLaboratoriesLtd.
ReliancePowerLtd.
CiplaLtd.
SiemensLtd.
Materials
Industrials
Energy
Industrials
Energy
Industrials
Materials
Materials
Utilities
Utilities
ConsumerStaples
Financials
Materials
Materials
Industrials
Financials
Financials
Materials
Energy
Financials
Utilities
Financials
Industrials
HealthCare
Utilities
HealthCare
Industrials
14,404
14,349
12,628
12,410
10,926
10,771
9,192
9,137
9,067
8,662
7,880
7,464
7,124
6,734
6,610
6,539
6,381
6,221
5,917
5,492
5,354
5,348
5,298
5,201
5,167
5,067
4,984
4,916
4,860
4,550
90.0
78.9
67.7
62.4
99.3
58.4
64.9
57.3
86.4
61.9
37.7
85.8
52.8
73.8
78.6
48.2
47.0
54.8
78.4
57.8
86.4
54.2
53.8
65.3
77.5
25.7
84.8
36.8
55.2
4.2
0.0
4.4
4.8
3.1
0.0
3.4
1.2
Sep11
Promoter
%Promoter
90.0
78.9
67.7
52.1
99.3
58.6
64.9
57.3
69.4
62.8
37.2
85.8
53.3
78.3
78.6
45.5
46.0
63.4
78.4
58.0
86.4
54.2
57.0
64.3
77.5
25.6
80.4
36.8
75.0
%Totalequity
pledged
15
India - Strategy
CompanyName
GICSSector
Jun10
Marketcap Promoter
pledged
HindalcoIndustriesLtd.
AmbujaCementsLtd.
BoschLtd.
PowerFinanceCorpn.Ltd.
ACCLtd.
GrasimIndustriesLtd.
LupinLtd.
CanaraBank
BharatPetroleumCorpn.Ltd.
RanbaxyLaboratoriesLtd.
RuralElectrificationCorpn.Ltd.
BankOfIndia
HindustanCopperLtd.
OracleFinancialServicesSoftwareLtd.
GlaxosmithklinePharmaceuticalsLtd.
TitanIndustriesLtd.
InfrastructureDevelopmentFinanceCo.Ltd.
SesaGoaLtd.
CadilaHealthcareLtd.
RelianceCommunicationsLtd.
NationalAluminiumCo.Ltd.
ColgatePalmolive(India)Ltd.
ABBLtd.
GodrejConsumerProductsLtd.
ContainerCorpn.OfIndiaLtd.
NeyveliLigniteCorpn.Ltd.
BharatElectronicsLtd.
IndusindBankLtd.
PetronetLNGLtd.
ShriramTransportFinanceCo.Ltd.
RelianceInfrastructureLtd.
Materials
Materials
Financials
Materials
Materials
HealthCare
Financials
Energy
HealthCare
Financials
Financials
Materials
HealthCare
Financials
Materials
HealthCare
Materials
ConsumerStaples
Industrials
ConsumerStaples
Industrials
Utilities
Industrials
Financials
Energy
Financials
Utilities
4,464
4,342
4,147
4,142
4,099
4,032
3,819
3,698
3,606
3,600
3,520
3,436
3,344
3,196
3,158
3,148
3,012
2,909
2,804
2,761
2,645
2,608
2,462
2,416
2,383
2,313
2,297
2,246
2,245
2,192
2,086
32.1
46.4
71.2
89.8
46.2
25.5
47.1
73.2
54.9
63.9
66.8
64.5
99.6
80.5
50.7
53.3
55.7
74.8
67.7
87.2
51.0
52.1
71.4
63.1
93.6
75.9
22.2
50.0
41.4
42.7
2.4
4.4
1.1
3.2
Sep11
Promoter
%Promoter
32.1
50.4
71.2
73.7
50.3
25.6
46.9
67.7
54.9
63.8
66.8
65.9
99.6
80.4
50.7
53.4
55.1
74.8
67.9
87.2
51.0
75.0
67.3
63.1
93.6
75.9
19.5
50.0
41.4
48.4
%Totalequity
pledged
16
India - Strategy
CompanyName
GICSSector
CastrolIndiaLtd.
UnionBankOfIndia
MangaloreRefinery&PetrochemicalsLtd.
LICHousingFinanceLtd.
AdityaBirlaNuvoLtd.
GlaxosmithklineConsumerHealthcareLtd.
HindustanPetroleumCorpn.Ltd.
ExideIndustriesLtd.
Divi'sLaboratoriesLtd.
CumminsIndiaLtd.
IDBIBankLtd.
SJVNLtd.
GlenmarkPharmaceuticalsLtd.
IndianBank
BajajHoldings&Invst.Ltd.
PidiliteIndustriesLtd.
OrientalBankOfCommerce
L&TFinanceHoldingsLtd.
TechMahindraLtd.
EngineersIndiaLtd.
RelianceCapitalLtd.
OberoiRealtyLtd.
ShreeCementLtd.
AllahabadBank
BajajFinservLtd.
Mahindra&MahindraFinancialServicesLtd.
MphasisLtd.
BioconLtd.
MuthootFinanceLtd.
BharatForgeLtd.
Materials
Financials
Energy
Financials
Industrials
ConsumerStaples
Energy
HealthCare
Industrials
Financials
Utilities
HealthCare
Financials
Financials
Materials
Financials
Financials
Industrials
Financials
Financials
Materials
Financials
Financials
Financials
HealthCare
Financials
Jun10
Marketcap Promoter
pledged
2,055
2,050
2,048
2,010
1,982
1,968
1,920
1,829
1,806
1,778
1,774
1,680
1,607
1,569
1,560
1,558
1,519
1,486
1,451
1,411
1,389
1,348
1,344
1,332
1,328
1,283
1,232
1,226
1,207
1,198
71.0
55.4
88.6
36.5
46.1
43.2
51.1
46.0
52.4
51.0
52.7
90.0
48.4
80.0
34.6
70.6
51.1
NA
73.8
90.4
54.0
NA
65.5
55.2
55.5
61.0
60.6
60.9
NA
42.1
1.5
NA
NA
0.7
NA
0.5
NA
NA
0.4
NA
Sep11
Promoter
%Promoter
71.0
57.1
88.6
36.5
51.1
43.2
51.1
46.0
52.2
51.0
65.1
90.0
48.3
80.0
40.0
70.5
58.0
82.6
71.0
80.4
54.1
78.5
64.8
58.0
58.5
57.4
60.5
60.9
80.1
42.1
%Totalequity
pledged
17
India - Strategy
CompanyName
GICSSector
CrisilLtd.
Procter&GambleHygiene&HealthCareLtd.
FederalBankLtd.
PiramalHealthcareLtd.
CentralBankOfIndia
PatniComputerSystemsLtd.
GodrejIndustriesLtd.
SyndicateBank
BritanniaIndustriesLtd.
IndianOverseasBank
AndhraBank
CorporationBank
IndraprasthaGasLtd.
ThermaxLtd.
AventisPharmaLtd.
GujaratMineralDevp.Corpn.Ltd.
GujaratStatePetronetLtd.
HavellsIndiaLtd.
GujaratGasCo.Ltd.
EIHLtd.
ArevaT&DIndiaLtd.
JubilantFoodworksLtd.
KansaiNerolacPaintsLtd.
TorrentPharmaceuticalsLtd.
GujaratFluorochemicalsLtd.
GodrejPropertiesLtd.
3MIndiaLtd.
IndianHotelsCo.Ltd.
INGVysyaBankLtd.
ShreeGlobalTradefinLtd.
EicherMotorsLtd.
Financials
ConsumerStaples
Financials
HealthCare
Financials
Materials
Financials
ConsumerStaples
Financials
Financials
Financials
Utilities
Industrials
HealthCare
Materials
Utilities
Industrials
Utilities
Industrials
Materials
HealthCare
Materials
Financials
Industrials
Financials
Materials
Industrials
Jun10
Marketcap Promoter
pledged
1,198
1,161
1,145
1,145
1,118
1,103
1,097
1,088
1,085
1,084
1,079
1,040
1,036
1,022
1,010
1,008
958
955
932
928
928
921
914
906
886
855
853
851
844
838
825
51.5
70.6
52.1
80.2
46.3
79.1
66.5
51.0
61.2
51.6
57.2
45.0
62.0
60.4
74.0
37.7
60.1
65.1
46.4
72.2
61.8
69.3
71.5
70.0
83.8
76.0
30.3
44.7
74.9
55.7
7.7
7.9
4.6
4.0
3.7
1.4
Sep11
Promoter
%Promoter
52.4
70.6
53.3
80.2
67.1
79.1
69.5
51.0
65.9
58.0
58.5
45.0
62.0
60.4
74.0
37.7
61.6
65.1
34.6
73.4
58.0
69.3
71.5
70.0
83.8
76.0
33.6
43.9
74.9
55.2
%Totalequity
pledged
18
India - Strategy
CompanyName
GICSSector
OptoCircuits(India)Ltd.
AlfaLaval(India)Ltd.
BataIndiaLtd.
IndiabullsFinancialServicesLtd.
UcoBank
MOILLtd.
GujaratStateFertilizers&ChemicalsLtd.
InfoEdge(India)Ltd.
Jammu&KashmirBankLtd.
PfizerLtd.
BergerPaintsIndiaLtd.
BlueDartExpressLtd.
IL&FSTransportationNetworksLtd.
JagranPrakashanLtd.
BayerCropscienceLtd.
SKFIndiaLtd.
Redington(India)Ltd.
AbbottIndiaLtd.
RashtriyaChemicals&FertilizersLtd.
AkzoNobelIndiaLtd.
TVSMotorCo.Ltd.
RallisIndiaLtd.
AlstomProjectsIndiaLtd.
TTKPrestigeLtd.
HousingDevelopment&InfrastructureLtd.
ShippingCorpn.OfIndiaLtd.
AmtekAutoLtd.
AIAEngineeringLtd.
VoltasLtd.
HTMediaLtd.
HealthCare
Industrials
Financials
Financials
Materials
Materials
Financials
HealthCare
Materials
Industrials
Industrials
Materials
Industrials
HealthCare
Materials
Materials
Materials
Industrials
Financials
Industrials
Industrials
Industrials
Jun10
Marketcap Promoter
pledged
766
765
748
732
726
720
708
703
702
682
675
671
664
623
619
618
609
607
597
586
571
557
551
550
545
541
538
536
533
533
27.4
88.8
51.0
32.4
63.6
NA
37.8
54.2
53.2
70.8
75.6
81.0
75.1
55.3
71.1
53.6
42.9
68.9
92.5
56.4
60.5
50.2
66.5
74.9
42.3
80.1
31.4
61.7
30.5
68.8
NA
NA
Sep11
Promoter
%Promoter
28.1
88.8
52.0
32.3
68.1
80.0
37.8
53.9
53.2
70.8
75.6
81.0
71.2
59.5
71.1
53.6
21.1
75.0
92.5
56.4
59.3
50.8
68.5
74.9
39.2
63.8
37.4
61.7
30.5
68.8
%Totalequity
pledged
19
India - Strategy
CompanyName
GICSSector
PrestigeEstatesProjectsLtd.
ChennaiPetroleumCorpn.Ltd.
StateBankOfTravancore
NationalFertilizersLtd.
FinancialTechnologies(India)Ltd.
CMCLtd.
MahindraHolidays&ResortsIndiaLtd.
IndiabullsRealEstateLtd.
NovartisIndiaLtd.
HMTLtd.
HexawareTechnologiesLtd.
TrentLtd.
StateBankOfBikaner&Jaipur
BASFIndiaLtd.
VijayaBank
WhirlpoolOfIndiaLtd.
BOCIndiaLtd.
MonnetIspat&EnergyLtd.
SouthIndianBankLtd.
MaharashtraSeamlessLtd.
BajajFinanceLtd.
BirlaCorporationLtd.
SupremeIndustriesLtd.
TataInvestmentCorpn.Ltd.
PrismCementLtd.
WyethLtd.
BankOfMaharashtra
StateBankOfMysore
JetAirways(India)Ltd.
RaymondLtd.
EclerxServicesLtd.
Financials
Energy
Financials
Materials
Financials
HealthCare
Industrials
Financials
Materials
Financials
Materials
Materials
Financials
Materials
Financials
Materials
Materials
Financials
Materials
HealthCare
Financials
Financials
Industrials
Industrials
Jun10
Marketcap Promoter
pledged
530
530
527
526
519
518
488
487
482
480
475
472
466
462
461
458
457
456
455
454
452
427
427
426
424
424
422
415
414
411
406
NA
67.3
75.0
97.6
45.4
51.1
83.1
22.1
76.4
98.9
28.4
31.3
75.0
71.7
53.9
75.0
89.5
44.3
53.9
50.5
62.9
49.6
70.0
74.9
51.1
76.8
92.3
80.0
39.6
59.8
NA
40.1
7.2
NA
8.9
2.9
Sep11
Promoter
%Promoter
80.0
67.3
75.0
97.6
45.7
51.1
83.1
27.9
76.4
98.9
28.2
31.8
75.1
73.3
57.7
75.0
89.5
49.4
54.7
56.1
62.9
49.6
73.0
74.9
51.1
79.2
92.3
80.0
39.1
54.8
%Totalequity
pledged
20
India - Strategy
CompanyName
GICSSector
Jun10
Marketcap Promoter
pledged
DenaBank
DewanHousingFinanceCorpn.Ltd.
UnitedBankOfIndia
ABGShipyardLtd.
KirloskarOilEnginesLtd.
BEMLLtd.
FAGBearingsIndiaLtd.
HimadriChemicals&Inds.Ltd.
LakshmiMachineWorksLtd.
BGREnergySystemsLtd.
BajajHindusthanLtd.
GruhFinanceLtd.
GreavesCottonLtd.
SadbhavEngineeringLtd.
BajajElectricalsLtd.
SRFLtd.
VSTIndustriesLtd.
AmaraRajaBatteriesLtd.
CityUnionBankLtd.
BalkrishnaIndustriesLtd.
EducompSolutionsLtd.
IndiaInfolineLtd.
ClariantChemicals(India)Ltd.
ZydusWellnessLtd.
MindtreeLtd.
NavaBharatVenturesLtd.
AllcargoLogisticsLtd.
IFCILtd.
GVKPower&InfrastructureLtd.
MahanagarTelephoneNigamLtd.
Financials
Financials
Financials
Industrials
Industrials
Industrials
Industrials
Materials
Industrials
Energy
ConsumerStaples
Financials
Industrials
Industrials
ConsumerStaples
Industrials
Financials
Financials
Materials
ConsumerStaples
Industrials
Industrials
Financials
Utilities
406
388
383
381
379
376
374
365
364
360
360
358
350
345
341
338
336
334
332
331
330
328
319
318
317
316
316
314
312
311
51.2
39.7
84.2
57.1
NA
54.0
51.3
44.6
25.8
81.3
41.8
61.1
51.4
47.6
65.5
47.3
32.2
52.1
54.4
49.8
31.9
63.4
72.5
32.4
45.5
69.8
54.3
56.3
NA
2.0
22.9
7.2
NA
1.3
10.8
3.9
Sep11
Promoter
%Promoter
58.0
39.3
85.5
61.7
62.4
54.0
51.3
44.6
28.3
81.1
35.0
60.4
51.6
47.6
65.6
48.3
32.2
52.1
54.4
49.5
31.6
63.4
72.5
24.3
39.2
69.8
54.3
56.3
%Totalequity
pledged
21
India - Strategy
CompanyName
GICSSector
VIPIndustriesLtd.
Punjab&SindBank
HathwayCable&DatacomLtd.
PuravankaraProjectsLtd.
FreseniusKabiOncologyLtd.
BajajCorpLtd.
HindustanOilExplorationCo.Ltd.
FDCLtd.
KarnatakaBankLtd.
GraphiteIndiaLtd.
PTCIndiaLtd.
BFUtilitiesLtd.
IngersollRand(India)Ltd.
DeepakFertilisers&PetrochemCorpn.Ltd.
SterliteTechnologiesLtd.
AnantRajInds.Ltd.
PersistentSystemsLtd.
PrajIndustriesLtd.
HindustanConstructionCo.Ltd.
GujaratNarmadaValleyFertilizersCo.Ltd.
TimkenIndiaLtd.
MonsantoIndiaLtd.
JaiCorpLtd.
SundramFastenersLtd.
PolarisSoftwareLabLtd.
VardhmanTextilesLtd.
SREIInfrastructureFinanceLtd.
JyothyLaboratoriesLtd.
HCLInfosystemsLtd.
MahindraLifespaceDevelopersLtd.
JMFinancialLtd.
Financials
Financials
HealthCare
ConsumerStaples
Energy
HealthCare
Financials
Industrials
Utilities
Utilities
Industrials
Materials
Financials
Industrials
Industrials
Materials
Industrials
Materials
Materials
Financials
ConsumerStaples
Financials
Financials
Jun10
Marketcap Promoter
pledged
309
296
295
295
293
291
291
282
277
272
270
268
259
256
253
250
249
248
248
246
246
242
241
241
239
236
227
221
220
218
216
43.8
NA
66.5
90.0
90.0
NA
47.2
65.8
62.7
16.3
66.1
74.0
42.6
50.2
61.4
38.9
22.8
39.9
41.2
80.0
72.2
73.0
49.5
29.1
67.2
30.0
70.1
50.2
51.1
66.3
NA
NA
5.6
1.2
NA
NA
3.7
0.6
Sep11
Promoter
%Promoter
52.0
82.1
66.9
90.0
90.0
84.8
47.2
66.6
60.0
16.3
66.2
74.0
43.3
54.7
61.7
39.0
25.8
39.9
41.2
80.0
72.2
73.0
49.5
29.1
61.0
46.2
64.8
50.8
51.1
67.0
%Totalequity
pledged
22
India - Strategy
CompanyName
GICSSector
ElgiEquipmentsLtd.
EntertainmentNetwork(India)Ltd.
TechnoElectric&Engg.Co.Ltd.
KECInternationalLtd.
BalrampurChiniMillsLtd.
DeccanChronicleHoldingsLtd.
OrientPaper&Inds.Ltd.
SimplexInfrastructuresLtd.
KirloskarBrothersLtd.
UnichemLaboratoriesLtd.
GujaratAlkalies&ChemicalsLtd.
BalmerLawrie&Co.Ltd.
GammonInfrastructureProjectsLtd.
ICRALtd.
IVRCLLtd.
ThomasCook(India)Ltd.
CMahendraExportsLtd.
VakrangeeSoftwaresLtd.
TitagarhWagonsLtd.
SKSMicrofinanceLtd.
DenNetworksLtd.
StateTradingCorpn.OfIndiaLtd.
DalmiaBharatEnterprisesLtd.
UshaMartinLtd.
DevelopmentCreditBankLtd.
NIITLtd.
HEGLtd.
PTCIndiaFinancialServicesLtd.
ElectrosteelCastingsLtd.
HeidelbergCementIndiaLtd.
Industrials
Industrials
Industrials
ConsumerStaples
Materials
Industrials
Industrials
HealthCare
Materials
Industrials
Industrials
Financials
Industrials
Industrials
Financials
Industrials
Materials
Materials
Financials
Industrials
Financials
Industrials
Materials
Jun10
Marketcap Promoter
pledged
212
212
211
209
206
189
187
187
185
184
181
170
168
167
167
162
158
158
153
152
150
150
148
146
143
142
142
139
132
129
32.9
71.2
55.0
41.7
37.8
63.4
33.7
54.7
62.2
48.4
36.7
75.7
28.5
9.6
77.2
NA
22.7
49.1
NA
53.7
91.0
NA
38.1
23.1
34.0
52.3
NA
48.4
68.6
0.1
1.9
1.6
26.4
NA
NA
NA
4.5
NA
0.0
1.0
1.0
9.7
NA
NA
NA
1.7
NA
Sep11
Promoter
%Promoter
31.8
71.2
55.0
41.8
40.1
73.8
33.6
55.0
62.4
49.3
36.7
75.5
28.5
11.0
77.1
75.0
29.8
50.0
36.8
54.7
91.0
58.3
38.4
23.1
34.0
55.3
60.0
48.5
68.6
%Totalequity
pledged
23
India - Strategy
CompanyName
GICSSector
FinolexIndustriesLtd.
Network18Media&Invst.Ltd.
TataElxsiLtd.
TamilNaduNewsprint&PapersLtd.
DredgingCorpn.OfIndiaLtd.
PatelEngineeringLtd.
BrigadeEnterprisesLtd.
GulfOilCorpn.Ltd.
JBChemicals&PharmaceuticalsLtd.
RelianceIndustrialInfrastructureLtd.
PolyplexCorporationLtd.
VoltampTransformersLtd.
IVRCLAssets&HoldingsLtd.
KesoramIndustriesLtd.
PrakashIndustriesLtd.
DhanlaxmiBankLtd.
FinolexCablesLtd.
JindalSouthWestHoldingsLtd.
AptechLtd.
GeodesicLtd.
NoidaTollBridgeCo.Ltd.
TinplateCo.OfIndiaLtd.
RelianceMediaworksLtd.
FirstsourceSolutionsLtd.
GreatOffshoreLtd.
DishmanPharmaceuticals&ChemicalsLtd.
MadhuconProjectsLtd.
3IInfotechLtd.
MoserBaerIndiaLtd.
BharatBijleeLtd.
KGNIndustriesLtd.
Materials
Materials
Industrials
Industrials
Financials
Materials
HealthCare
Energy
Materials
Industrials
Financials
Materials
Materials
Financials
Industrials
Materials
Industrials
Materials
Energy
HealthCare
Industrials
Industrials
ConsumerStaples
Jun10
Marketcap Promoter
pledged
127
117
116
114
114
113
112
112
110
103
101
98
97
93
93
91
90
89
88
83
80
78
73
73
72
70
70
69
68
66
65
52.1
58.0
44.6
35.3
78.6
45.5
57.5
49.0
55.5
45.4
46.9
46.1
88.1
26.1
51.1
35.1
55.9
36.2
22.8
26.4
45.2
62.2
21.4
49.7
60.9
57.7
20.4
16.3
35.7
49.1
33.1
5.1
12.3
19.2
3.1
2.0
Sep11
Promoter
%Promoter
52.4
58.5
45.1
35.3
78.6
45.6
57.6
50.0
55.3
45.4
46.9
46.1
83.0
26.6
46.6
35.4
55.9
35.8
23.2
26.4
61.0
62.2
19.9
49.7
61.2
57.7
20.3
16.3
35.7
49.1
%Totalequity
pledged
24
India - Strategy
CompanyName
GICSSector
KaruturiGlobalLtd.
PrranetaIndustriesLtd.
StandardCharteredPlc
RajeshExportsLtd.
AmtekIndiaLtd.
Tv18BroadcastLtd.
AsahiIndiaGlassLtd.
JindalPolyFilmsLtd.
ShreeGaneshJewelleryHouseLtd.
ShreeAshtavinayakCineVisionLtd.
ConsolidatedConstructionConsortiumLtd.
OrbitCorporationLtd.
KiriIndustriesLtd.
ConsumerStaples
Financials
Materials
Industrials
Financials
Materials
Jun10
Marketcap Promoter
pledged
60
10
35,476
757
373
232
164
160
140
74
62
57
32
26.7
2.0
NA
52.8
40.2
57.4
55.2
67.4
70.7
28.5
50.6
43.5
71.6
64.6
NA
22.1
82.4
67.7
60.5
17.3
NA
12.2
23.5
29.5
43.3
Sep11
Promoter
%Promoter
18.2
4.8
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
%Totalequity
pledged
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Source:CMIE,IIFLResearch.Note:SortedbySep2011%Promoterholdingpledge,andthenbyMarketCap
25
India - Strategy
Key to our recommendation structure

BUY - Absolute - Stock expected to give a positive return of over 20% over a 1-year horizon.
SELL - Absolute - Stock expected to fall by more than 10% over a 1-year horizon.
In addition, Add and Reduce recommendations are based on expected returns relative to a hurdle rate. Investment horizon for Add and Reduce recommendations is up to a year. We
assume the current hurdle rate at 10%, this being the average return on a debt instrument available for investment.
Add - Stock expected to give a return of 0-10% over the hurdle rate, ie a positive return of 10%+.
Reduce - Stock expected to return less than the hurdle rate, ie return of less than 10%.
Published in 2011. India Infoline Ltd 2011.

This report is published by IIFLs Institutional Equities Research desk. IIFL has other business units with independent research teams separated by Chinese walls, and therefore may, at
times, have different or contrary views on stocks and markets. This report is for the personal information of the authorised recipient and is not for public distribution. This should not be
reproduced or redistributed to any other person or in any form. This report is for the general information of the clients of IIFL, a division of India Infoline, and should not be construed as
an offer or solicitation of an offer to buy/sell any securities.
We have exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but do not
guarantee its accuracy or completeness. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without
notice.
India Infoline or any persons connected with it do not accept any liability arising from the use of this document. The recipients of this material should rely on their own judgment and take
their own professional advice before acting on this information.
India Infoline or any of its connected persons including its directors or subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to
any person from any inadvertent error in the information contained, views and opinions expressed in this publication.
India Infoline and/or its affiliate companies may deal in the securities mentioned herein as a broker or for any other transaction as a Market Maker, Investment Advisor, etc. to the issuer
company or its connected persons. India Infoline generally prohibits its analysts from having financial interest in the securities of any of the companies that the analysts cover. In addition,
the company prohibits its employees from conducting F&O transactions or holding any shares for a period of less than 30 days.
26

IIFL - Strategy - Debt and FCCB - 20111129

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India - Strategy

Rising debt levels, FCCB redemptions loom

Figure1: DebtequityratiohasriseninFY11butwilldeclineinFY12iiDD MMM YYYY

Ashutosh Datar | ashutosh.datar@iiflcap.com

Large FCCB redemptions in 2012: Between 2005 and 2010,

Ravi Saraogi | ravi.saraogi@iiflcap.com

Debt levels rising but still comfortable

Although in aggregate, debt indicators are still comfortable, aggregates

Large FCCB redemptions in 2012

Current Indian accounting norms do not require routing the implied

Promoter share pledges

Appendix 1 FCCBs due for redemption in 2012

Appendix 2 BSE500 promoter share pledge details

Key to our recommendation structure

Published in 2011. India Infoline Ltd 2011.

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