11-Sep-12 Latest Points % Chg. NIKKEI 225 * 8935.5 128.2 1.5 HANG SENG * 20060.9 203.0 1.0 DOWJONES 13323.4 69.1 0.5 NASDAQ 3104.5 0.5 0.0 SGX NIFTY FUT* 5431.0 23.0 0.4 INFY 45.8 0.5 1.2 HDFC BANK 35.1 0.8 2.3 ICICI BANK 34.7 0.7 2.2 TATA MOTORS 22.6 0.6 2.6 WIPRO 8.4 0.1 1.0 TATA COMM. 8.7 0.4 4.2 * At 08:20 a.m. IST on 12-Sep-12 WORLD INDICES & INDIAN ADRs (US$) 12 September 2012 Sushil Financial Services Private Limited Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : [email protected]Please refer to important disclosures at the end of the report For private Circulation Only. EQUITY Latest 1 Day P/E* P/B* SENSEX 17,853.0 0.6 15.3 2.6 NIFTY 5,390.0 0.5 15.0 2.5 CNXMIDCAP 7,278.3 0.5 14.9 1.4 11-Sep-12 *Source: Bloomberg COMMODITIES Latest Points % Chg. GOLD 1732.2 6.0 0.3 CRUDE OIL 97.2 0.6 0.7 FII ACTIVITIES IN DERIVATIVES 11-Sep-12 FII Net Buy (Rs. Crs) Open Interest Ch. in Open Int. (DOD) Index Futures 102.7 9898.5 6.8 Index Options 530.3 43731.5 3.3 Stock Futures 142.3 24813.6 0.9 Stock Options (4.5) 1485.0 5.7 NET INFLOWS (Rs. Crs.) 10-Sep-12 NET MTD YTD FII 727.0 1487.1 64497.6 MF (153.0) (219.5) (9866.9) *YTD From January till date 11-Sep-12 Closing % Chg. Rs. / $ 55.4 0.09 Rs. / EURO 70.9 0.71 Rs. / UK Sterling 88.6 0.41 EXCHANGE RATE G.SEC. YIELD 11-Sep-12 Rate Yield (%) GS CG2022 8.15% 99.8 8.2 MARKETS TODAY Indian equities may open slightly up tracking positive cues from overseas markets ahead of the German constitutional court's ruling on the powers of the European Stability Mechanism later today. Resistance is seen at 5421 levels & support is seen at 5386 levels. Stocks to Watch: IRB Infra, Tata Motors. Data watch: India IIP, France and Germany CPI, France BoP, Italy and EU IIP, UK jobless claims, US energy stocks. KEY OVERNIGHT DEVELOPMENTS Wall street gained Tues, ending at the highest levels since 2007 on optimism over a German court ruling in favour of the Eurozone bailout fund, and on hopes of a stimulus from the US Federal Reserve. Most Asian equities were trading higher on hopes the German constitutional court would approve the legality of the European Stability Mechanism today. Gold gained 0.3% to close at $1732.20 per ounce. Crude oil gained 0.7% to close at $97.20 per barrel. MUST KNOW…. The Supreme Court started hearing the final arguments in Swiss drugmaker Novartis AG's petition seeking a patent for its anti-cancer drug Glivec. Satyam Computer Services Ltd plans to treble its employee strength in China to 1,500 persons by 2015. Shreyas Shipping & Logistics Ltd has signed Memorandum of Agreement (MOA) for purchase of one second hand vessel of 1700 teu capacity at a cost of about Rs.22 Crore. With the purchase of this vessel, the fleet strength increase to six. Hindustan Construction Co Ltd has received two orders aggregating to Rs.15.34 bn. The first order is for construction of a 10.2-km tunnel on the Udhampur-Srinagar-Baramulla railway line in Jammu & Kashmir. The second order, worth Rs.6.50 bn, is for expansion of a section of National Highway-8 between Vadodara and Surat in Gujarat. Panacea Biotec Ltd announced a strategic collaboration with US-based pharmaceutical company Osmotica Pharmaceutical for research, development, and commercialisation of drug delivery-based generic and branded pharmaceutical products for US and other key strategic markets. Phoenix Mills ltd said that it has launched the first phase of its residential project, One Bangalore West, in the city and has already booked sales worth over Rs.5.3 bn. NIIT Technologies Ltd has signed an agreement to acquire Sabre Holdings' Philippines development centre. The Delhi-based information technology solutions company, however, did not disclose the financial details of the deal. The acquisition of the development centre will help NIIT Technologies deepen its engagement with its existing customers in the travel vertical. NIIT Ltd entered into a strategic alliance with Microsoft Corp to offer training in cloud computing. Under the alliance, NIIT will offer new programmes in cloud & emrging technologies in association with Microsoft. Tata Motors Ltd has set up a wholly-owned subsidiary in Indonesia in order to tap the largest automobile market in the Association of Southeast Asian Nations region.
13
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EQUITY
Latest 1 Day P/E* P/B*
SENSEX 17,853.0 0.6 15.3 2.6
NIFTY 5,390.0 0.5 15.0 2.5
CNXMIDCAP 7,278.3 0.5 14.9 1.4
11-Sep-12
*Source: Bloomberg
COMMODITIES
Latest Points % Chg.
GOLD 1732.2 6.0 0.3
CRUDE OIL 97.2 0.6 0.7
FII ACTIVITIES IN DERIVATIVES 11-Sep-12
FII Net Buy (Rs.
Crs)
Open
Interest
Ch. in Open
Int. (DOD)
Index Futures 102.7 9898.5 6.8
Index Options 530.3 43731.5 3.3
Stock Futures 142.3 24813.6 0.9
Stock Options (4.5) 1485.0 5.7
NET INFLOWS (Rs. Crs.) 10-Sep-12
NET MTD YTD
FII 727.0 1487.1 64497.6
MF (153.0) (219.5) (9866.9)
*YTD From January till date
11-Sep-12
Closing % Chg.
Rs. / $ 55.4 0.09
Rs. / EURO 70.9 0.71
Rs. / UK Sterling 88.6 0.41
EXCHANGE RATE
G.SEC. YIELD 11-Sep-12
Rate Yield (%)
GS CG2022 8.15% 99.8 8.2
MARKETS TODAY Indian equities may open slightly up tracking positive cues from overseas markets ahead of the German constitutional court's ruling on the powers of the European Stability Mechanism later today. Resistance is seen at 5421 levels & support is seen at 5386 levels. Stocks to Watch: IRB Infra, Tata Motors. Data watch: India IIP, France and Germany CPI, France BoP, Italy and EU IIP, UK jobless claims, US energy stocks.
KEY OVERNIGHT DEVELOPMENTS Wall street gained Tues, ending at the highest levels since 2007 on optimism over a German court ruling in favour of the Eurozone bailout fund, and on hopes of a stimulus from the US Federal Reserve. Most Asian equities were trading higher on hopes the German constitutional court would approve the legality of the European Stability Mechanism today. Gold gained 0.3% to close at $1732.20 per ounce. Crude oil gained 0.7% to close at $97.20 per barrel. MUST KNOW….
The Supreme Court started hearing the final arguments in Swiss drugmaker Novartis AG's petition seeking a patent for its anti-cancer drug Glivec.
Satyam Computer Services Ltd plans to treble its employee strength in China to 1,500 persons by 2015.
Shreyas Shipping & Logistics Ltd has signed Memorandum of Agreement (MOA) for purchase of one second hand vessel of 1700 teu capacity at a cost of about Rs.22 Crore. With the purchase of this vessel, the fleet strength increase to six.
Hindustan Construction Co Ltd has received two orders aggregating to Rs.15.34 bn. The first order is for construction of a 10.2-km tunnel on the Udhampur-Srinagar-Baramulla railway line in Jammu & Kashmir. The second order, worth Rs.6.50 bn, is for expansion of a section of National Highway-8 between Vadodara and Surat in Gujarat.
Panacea Biotec Ltd announced a strategic collaboration with US-based pharmaceutical company Osmotica Pharmaceutical for research, development, and commercialisation of drug delivery-based generic and branded pharmaceutical products for US and other key strategic markets.
Phoenix Mills ltd said that it has launched the first phase of its residential project, One Bangalore West, in the city and has already booked sales worth over Rs.5.3 bn.
NIIT Technologies Ltd has signed an agreement to acquire Sabre Holdings' Philippines development centre. The Delhi-based information technology solutions company, however, did not disclose the financial details of the deal. The acquisition of the development centre will help NIIT Technologies deepen its engagement with its existing customers in the travel vertical.
NIIT Ltd entered into a strategic alliance with Microsoft Corp to offer training in cloud computing. Under the alliance, NIIT will offer new programmes in cloud & emrging technologies in association with Microsoft.
Tata Motors Ltd has set up a wholly-owned subsidiary in Indonesia in order to tap the largest automobile market in the Association of Southeast Asian
Nations region.
2
Corporate Announcements The Department of Disinvestment invited bids to appoint merchant bankers to advise the government on
the proposed stake sale in MMTC Ltd. The government is planning to sell 9.33% stake in MMTC through
offer for sale on the stock exchanges, the department said in an advertisement. The government currently
holds 99.33% stake in MMTC.
Suzlon group has received an order from Singapore-based Continuum Wind Energy to supply, erect, and
commission 40 wind turbines corresponding to 84 MW, Suzlon Energy Ltd said in a notice to the exchanges.
The commissioning of the 2.1 MW turbines must be completed in 2012-13 (Apr-Mar).
Horizon Infrastructure Ltd has informed the Exchange that the Board of Directors of the Company at their
meeting held on Sept 10, 2012, inter - alia, considered and approved the Scheme of Amalgamation and
Arrangement of SKIL Infrastructure Limited ("SKIL"), Horizon Country Wide Logistics Limited ("HCWLL") and
Fastlane Distriparks and Logistics Limited ("FDLL") with HIL (hereinafter referred to as the "Scheme") under
section 391 to 394 read with sections 78, 100 to 104 of the Companies Act, 1956, subject to approval of
members, creditors/lenders, Stock Exchanges and sanction of the Hon'ble High Court of Judicature at
Bombay and such other appropriate authorities.
Infosys BPO's subsidiary McCamish Systems LLC has launched operations in the US, thus enhancing its
presence in the voluntary group life insurance operations space, Infosys Ltd said in an exchange filing. The
company has commenced operations in Des Moines with 87 employees. It will serve seven insurers and
provide life cover to over 600,000 people. McCamish Systems, a subsidiary of Infosys' wholly owned
business process outsourcing arm, is an end-to-end insurance and retirement solutions provider. "With this
addition to the footprint of Infosys BPO operations, our capabilities and domain expertise in group life
administration have been significantly enhanced, potentially yielding magnified gains for clients,"
Swaminathan D, chief executive officer and managing director, Infosys BPO, was quoted as saying in the
notice. Infosys BPO, set up in Apr 2002, employed 23,288 people and clocked revenue of $494.5 mn during
2011-12 (Apr-Mar).
KGN Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held
on Sept 17, 2012, inter alia, to consider issue of warrants convertible into Equity shares to
Promoters/Promoters Group entities on a private placement / preferential basis in accordance with
Chapter VII of SEBI (ICDR) Regulations 2009, subject to the approval of shareholders.
The Supreme Court started hearing the final arguments in Swiss drugmaker Novartis AG's petition seeking
a patent for its anti-cancer drug Glivec. Novartis had filed a petition with the apex court after the
Intellectual Property Appellate Board rejected its application for a patent to Glivec. The appellate board
had rejected the company's request for a patent on the ground that Glivec was not a new medicine but an
amended version of an already existing compound. The board held Novartis could not show any actual
enhancement of known efficacy for the compound. Cancer Patients Aid Association, Natco Pharma Ltd,
Cipla, Ranbaxy Laboratories, and Hetero Drugs are opposing the grant of patent.
Satyam Computer Services Ltd plans to treble its employee strength in China to 1,500 persons by 2015, the
company said in a release on the BSE website. "China will be a critical pillar of our regional and global
strategy," the release quoted Rohit Gandhi, senior vice president-Asia Pacific, India, Middle East and Africa,
as saying. "The region will increase its revenue contribution from 24% currently in view of the size of
Chinese economy and specific opportunities which we have identified," he was quoted as saying. The
3
company said it is keen to partner with Chinese companies to tap orders in China's telecommunication
space.
Shreyas Shipping & Logistics Ltd has informed BSE that the Company has signed Memorandum of
Agreement (MOA) for purchase of one second hand vessel of 1700 teu capacity at a cost of about Rs.22
Crore. With the purchase of this vessel, the fleet strength increase to six.
Maruti Suzuki India Ltd has informed BSE that, by an Order made on the Aug 22, 2012, the Honble High
Court of Delhi at New Delhi, has directed that a meeting of the Equity Shareholders of the Company will be
held at Sri Sathya Sai International Centre, Pragati Vihar, Lodhi Road, New Delhi- 110003, on Sept 29, 2012,
at 03:00 P.M., for the purpose of considering, and if thought fit, approving with or without modification(s),
the Scheme of Amalgamation between Suzuki Powertrain India Limited and Maruti Suzuki India Limited
and their respective shareholders and creditors (the "Scheme").
Hindustan Construction Co Ltd has received two orders aggregating to Rs.15.34 bn, a company release
said. The first order is for construction of a 10.2-km tunnel on the Udhampur-Srinagar-Baramulla railway
line in Jammu & Kashmir. "The contract for construction of the 10.2-km tunnel...is a repeat order to HCC
awarded by IRCON International Ltd," the release said. "This contract is worth Rs.8.84 bn and will be
completed in 60 months." The second order, worth Rs.6.50 bn, is for expansion of a section of National
Highway-8 between Vadodara and Surat in Gujarat. This project includes construction of a bridge across
Narmada river.
Panacea Biotec Ltd announced a strategic collaboration with US-based pharmaceutical company Osmotica
Pharmaceutical for research, development, and commercialisation of drug delivery-based generic and
branded pharmaceutical products for US and other key strategic markets. "This is a collaboration in which
both the companies are going to identify new products, co-develop, co-invest and bring it to the market,"
Joint Managing Director Rajesh Sharma said. Under the pact that is based on equal risk, investment, and
profit-sharing between the two companies, Panacea Biotec will receive consented amounts of step-
payments representative of 50% share of development costs from Osmotica on achieving development
milestones. Initially, both companies plan to start with a portfolio of 18 drugs and later add more in the 10-
year collaboration. Panacea Biotec will also receive a fixed research fee over and above the 50% share of
development costs for each new product added to the collaboration and for every new market thereof.
After commercialisation of the products in the US, and other markets as may be added in future, there will
be an equal sharing of profits between Panacea and Osmotica. "Panacea Biotec will receive research
milestone payments as soon as the project is identified and agreed. And after that, 50% of the whole
investment that is needed to develop the product would be invested by Osmotica and the profits would be
shared 50-50," Sharma added. Panacea will lead product identification, research, development and
manufacturing while Osmotica will take charge of product registration, legal matters, marketing, sales and
distribution. The collaboration products are expected to be sold under the Osmotica and Panacea Biotec
label.
Canara Bank is conducting a forensic audit of troubled Deccan Chronicle Holdings Ltd, Financial Services
Secretary D.K. Mittal said. "The government is aware of Deccan Chronicle Holdings' situation. Canara Bank,
the lead banker of the bankers' consortium, is conducting a forensic audit of Deccan Chronicle Holdings,"
Mittal told reporters. The government wants to study the systemic failure in the case of Deccan Chronicle
Holdings, he said.
4
South Indian Bank has raised Rs.4.43 bn through a qualified institutional placement of 200 mn equity
shares at Rs.22.13 per share, the bank informed the stock exchanges. The QIP issue, which opened Sep 3
and ended Sep 5, received subscriptions from eight entities, including State Bank of India, Axis Bank, IFCI,
foreign institutional investors, SBI Mutual Fund, SBI Life Insurance and Multiples Private Equity Fund.
Property developer Phoenix Mills ltd said that it has launched the first phase of its residential project, One
Bangalore West, in the city and has already booked sales worth over Rs.5.3 bn. In a statement issued to the
exchanges, the company said that it has sold over 275 apartments with its average basic sale price
exceeding Rs.7,000 per square feet, which was above its own internal estimates. The first phase of the 3-
mn-square-foot residential project will consist of five towers and the construction is expected to begin next
month, the statement said.
NIIT Technologies Ltd has signed an agreement to acquire Sabre Holdings' Philippines development centre,
the Indian company said in a release to the National Stock Exchange. The Delhi-based information
technology solutions company, however, did not disclose the financial details of the deal. The acquisition of
the development centre will help NIIT Technologies deepen its engagement with its existing customers in
the travel vertical. "The acquisition fits well with our strategy of 'Focus and Differentiate' and enhances our
global delivery footprint," said Arvind Thakur, chief executive officer of NIIT Technologies. The Manila-
based development centre has a capacity of 200 seats and can be expanded further, the release said.
Infinite Computer Solutions (India) Limited has informed the Exchange that Hon'ble High Court of
Judicature at Delhi has at the hearing held on Sept 10, 2012 approved the Scheme of Amalgamation of
Infinite Data Systems Private Limited (Wholly Owned Subsidiary of the Company and Transferor Company
1) and Infinite Infosoft Services Private Limited (Wholly Owned Subsidiary of the Company and Transferor
Company 2) with Infinite Computers Solutions (India) Limited (the "Transferee" Company) and their
respective shareholders and creditors ("Scheme"). The appointed date for the merger is Apr 01, 2012.
NIIT Ltd entered into a strategic alliance with Microsoft Corp to offer training in cloud computing. Under
the alliance, NIIT will offer new programmes in cloud and emerging technologies in association with
Microsoft. "The alliance aims to make available skill-sets required to create a pool of cloud-ready
professionals for the global IT (information technology) market," NIIT said. "It is estimated that this
partnership will develop 100,000 newly-skilled cloud-ready professionals over the next 3 years, in India
alone," It said. NIIT is also looking at setting up centres in some countries in East Africa and Asia Pacific by
the end of the current financial year, Chief Executive G. Raghavan said on the sidelines of the press
conference held to announce the alliance. The company is looking at countries such as Kenya, Tanzania,
and the Philippines, to expand, he said. Also, NIIT will launch programmes in non-IT space as well,
Raghavan said, adding that it had already soft-launched programmes for commerce students and
personality development courses, which will see a "full-blown national launch" in Oct-Dec.
Vedanta Group company Sesa Goa Ltd has 2-mn-tn iron ore inventory in Goa and it will seek permission
from the state government to utilise it, a source told. The state government has suspended mining
operations of all the mining leases existing in the state, but has exempted trade and transportation of ore
that has already been mined. The company will seek the state government's permission within the next
seven days to utilise the ore, the source said. "We (Sesa Goa) have more than 2 mn tn iron ore that is
already mined and is also saleable," a source close to the development told. "The government has asked
miners to file certain documents to get mined ore." "Whether we will export the mined ore or will use it for
our Amona (pig iron) plant is something we will decide later," the source said. "Right now, we will file the
5
required documents so that we can get the mined ore." Sesa Goa's Amona plant, situated on the banks of
the Mandovi River in Goa, currently has an installed capacity of 250,000 tn per annum. The company has
two major iron ore mining areas in Goa, one at Codli village in south Goa and other in Sonshi village in
north Goa. Goa is the country's largest exporter of low-grade iron ore fines.
Tata Motors Ltd has set up a wholly-owned subsidiary in Indonesia in order to tap the largest automobile
market in the Association of Southeast Asian Nations region, the company said in a press release. The
subsidiary, PT Tata Motors Indonesia, will help Tata Motors foray into both, the passenger car and
commercial vehicle segments in that country, the automaker said. "The company will begin to launch its
products in 2013, for which extensive preparations are now on," the country's largest manufacturer of
commercial vehicles said. By 2013, PT Tata Motors Indonesia will have 10-15 dealers in the country. "Over
a period of three years, the company will set up a country-wide network of about 60 full-service dealers,
about 100 other workshops and about 300 more spare part retailers," Tata Motors said. Tata Motors is also
considering a manufacturing base in Indonesia, through which it will cater to the ASEAN region and is
planning investments to increase component localisation in Indonesia.
Indian Bank has informed the Exchange that with reference to Communication dated Feb 02, 2012
informing the approval accorded by the Board of Directors of the Bank for a Scheme of Amalgamation of
M/s Indfund Management Limited, a wholly owned subsidiary of the Bank with Indian Bank. Accordingly,
M/s Indfund Management Limited has since been merged with the Bank.
Zydus Pharmaceuticals USA Inc, the US arm of Cadila Healthcare Ltd, has received the US Food and Drug
Administration's approval for the generic version of chemotherapeutic antibiotic Levaquin, the regulator
said on its website. Zydus Pharmaceuticals has got approval for 250 mg, 500 mg, and 750 mg strengths of
the drug levofloxacin, which is marketed under the brand name Levaquin in the US by Janssen
Pharmaceuticals Inc. Levofloxacin is a synthetic chemotherapeutic antibiotic prescribed for treating
infections such as pneumonia, chronic bronchitis and sinus, and urinary tract, kidney, prostate, and skin
infections. Levofloxacin is also prescribed for severe life-threatening infections caused by bacteria such as
anthrax or those resistant to antibiotics. Several other companies are already marketing generic
levofloxacin in the US. These include Indian drug majors such as Cipla Ltd, Dr Reddy's Laboratories Ltd,
Time Technoplast Ltd Aruna Vageria 5/9/2012 B 33127 0.02 33127 0.02
Transport Corpor of India Ltd Bhoruka International Pvt Ltd 24/08/2012 B 10000 10237500 14.08
Transport Corpor of India Ltd TCI India Ltd 5/9/2012 B 5000 4029453 5.53
TVS Srichakra Ltd R Haresh 4/7/2012 B 282 90601 1.18
TVS Srichakra Ltd R Haresh 4/9/2012 B 201 104968 1.37
TVS Srichakra Ltd R Haresh 5/9/2012 B 2079 107047 1.4
TVS Srichakra Ltd R Haresh 9/7/2012 B 151 90752 1.18
TVS Srichakra Ltd R Haresh 12/7/2012 B 1000 91752 1.2
TVS Srichakra Ltd R Haresh 16/08/2012 B 2867 94619 1.24
Upp Ganges Sug&Industr Ltd Yashovardhan Invt&Trading Comp Ltd 4/9/2012 B 10407 591827 5.12
Wipro Ltd V Ramachandran 14/08/2012 S 1196 7701
Wire and Wireless (India) Ltd Laxmi Narain Goel 8/8/2012 S 475000 400000 0.09
Zuari Industries Ltd Duke Commerce Ltd 4/9/2012 B 21161 102161 0.35
13
Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating.
Risk Rating
Risk Description Predictability of Earnings / Dividends; Price Volatility
Neutral Not Applicable Not Applicable Not Applicable
Not Rated Not Applicable Not Applicable Not Applicable
Please Note
Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).
** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have enhanced our return criteria for such stocks by five percentage points.
“Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.
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