Monday, April 26, 2010

SJVNL IPO: Price Rs.23-26, April29-May3, Lot SIze 250shares

Satlaj Jal Vidyut Nigam Ltd IPO 

  
BRLM:                                                    JM Financial Consultants/IDFC Capital/IDBI Capital/SBI Capital Markets 

Issue Period:                                        April-29 to May-03, 2010 

Price Band:                                    Rs.23 - Rs.26 

Retail Discount:                                      5% Discount of the Issue Price to the Retail Investors (On Allotment). 

Lot Size:                                               250 Equity Shares into multiples of 250 shares 

Registrar:                                                Link Intime India Private Limited 
  
Issue Size :                                        41,50,00,000 Equity Shares of Rs.10/- Each 

Employees :                                            33,50,000 Equity Shares 

Net Issue :                                           41,16,50,000 Equity Shares 

QIB Book:                                     24,69,90,000 Equity Shares (60% of Net issue size) 

HNI Book:                                     4,11,65,000 Equity Shares (10% of Net issue size) 

Retail Book:                                  12,34,95,000 Equity Shares (30% of Net issue size) 

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Thursday, April 22, 2010

Nifty support and resistance watch out for 5177 and 5289 respectively.

Volatile session

  • Nifty settled the day with mere 24 points gains on support from Reliance Industries, SBI, SAIL, Tata Motors, HCL Tech. The index surged more than 70 points and traded above 5300 during the day on back of buying across sectors. However, in the last one-hour it wiped out over 45 points following weak European cues. On daily chart, Nifty failed to close above the resistance of 20-DSMA, however it also failed to close below the support of 50-DEMA, which indicates that the breakout on either side will be a trend deciding move. Key support and resistance levels to watch out for are 5177 and 5289 respectively.

Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Fortis (Target Rs182),Hanung (Target Rs268)Nagar Cons (Target Rs198) and JP Associates (Target Rs168). Traders maintain stop loss accordingly.

Investment Ideas

  • JSW Steel: CMP @ Rs1,205 (Target Rs1,521)





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Wednesday, April 21, 2010

Nifty failed to clear the hurdle of 50-HEMA, which is a worrisome signal.

Dull day

  • Selling pressure in stocks from the engineering and energy sectors led the markets to lose most of their early morning gains. On technical front, Nifty failed to clear the hurdle of 50-HEMA, which is a worrisome signal. Moreover, Nifty is also unable to clear the hurdle of 20-DSMA packed at 5286, which is also a sign of exhaustion. So going forward the view still remains bearish in the near future. 

Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Fortis (Target Rs182),Hanung (Target Rs268)Nagar Cons (Target Rs198) and JP Associates (Target Rs168). Traders maintain stop loss accordingly.

Investment Ideas

  • Essel Propack Ltd (EPL): CMP @ Rs49

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Important - Cheque Alterations, RBI Circular

Important Message regarding alterations on Cheque leaf


We have received RBI guidelines by virtue of which Banks are supposed to prohibit alterations / corrections on the cheque leaf.

As per RBI Circular - DPSS.CO.CHD.No. 1832/01.07.05/2009-10 dated 22nd February 2010.


Prohibiting alterations / corrections on cheques :


No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee's name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.


Based on the above guidelines branch / clearing teams can return cheques which have any alteration in the

·       Payee Name

·       Amount in numbers

·       Amount in words

The only alteration which is allowed is the alteration in the date.

The above change will be incorporated by change in the Terms and Conditions on the chequebook.





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regards

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Monday, April 19, 2010

Nifty upside 5283 good resistance, down trend to continue.

Sell-off continues

  • Today Nifty witnessed huge selling pressure and closed with a loss of 50 odd points, triggered by sell-off in global markets. The index broke the psychological 5200 mark in early trade on the back of selling across all sectors; however the final closing was marginally above 5200 mark. Since, today Nifty saw some demand inching in near the support of 50-DEMA, it can act as a temporary support in the coming session. However on upside 5283 is again a good resistance which should no get surpassed for the down trend to continue.

Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Sesa Goa (Target Rs518),Fortis (Target Rs182) andHanung (Target Rs268). Traders maintain stop loss accordingly.

Investment Ideas

  • Voltas: CMP @ Rs180 (Target Rs234)

 

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Shriram Transport Finance Limited Public Issue of Secured Listed Redeemable Non-Convertible Debentures

Details of the public issue of secured listed redeemable NCDs by Shriram Transport Finance Limited

Issue

Rs. 250 crores with an option to retain over subscription up to Rs. 250 crores for issuance of additional 2,500,000 NCDs, aggregating to a total of up to Rs. 500 crores

Listing status

The NSE and the BSE

Issuance and trading

In dematerialised form only

Depository

NSDL and CDSL

Ratings

'CARE AA+' by CARE

Face Value

Rs.1,000

Multiples of

Rs.1,000


Particulars

NII/QIB

Retail

Reservation for each category

Up to 10%/ 10%of issue size respectively (Rs.100 Crores for allotment to NII assuming Issue size of Rs.500Crores)

Up to 80% of issue size (Rs.400 Crores for allotment to retail assuming Issue size of Rs.500 Crores)

Minimum number of NCDs per application

101 NCDs (Rs.1,01,000/-)

10 NCDs (Rs.10,000/-)

 


Visit: fixeddepositsrates.blogspot.com/ for more updates on this issue

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Sunday, April 18, 2010

NIIT business margin improved, Target Rs80

·         NIIT: Upgrade to ACCUMULATE; Target: Rs80, the improvement in business prospects and margin improvement have led us to raise FY11E earnings to Rs 4.7 and FY12E at Rs 5.3

·         Adhunik Metaliks: To witness power of Captive Mining; Not Rated; our SoTP valuation for the stock is at Rs185/share.

·         Hero Honda to continue to show strong performance, volume growth 19% YoY and EBITDA margins expected to expand by 70bps YoY

·         Sesa Goa Ltd to report good results, key things to watch for are the company's outlook on volume growth and break up revenues into spot and contract and outlook on exports

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Thursday, April 15, 2010

Revision in interest rate of JSL LTD

This is to inform you that the Company has decided to revise Fixed Deposit Scheme of the Company w.e.f. 15th April, 2010 in the following manner:-


NON CUMULATIVE DEPOSIT

Period in Months

Minimum Deposit

Rate of Interest (p.a.)

12

RS. 21,000/-

8.25%

24

RS. 21,000/-

8.50%

36

RS. 21,000/-

8.75%

Post dated quarterly interest warrants will be sent on financial year basis, in advance.



CUMULATIVE DEPOSIT

Period in Months

Minimum Deposit Amount

Maturity Amount

Rate of Interest (p.a.)

Yield to Maturity (p.a.)

12

RS. 21,000/-

RS. 22,787/-

8.25

8.50%

24

RS. 21,000/-

RS. 24,847/-

8.50%

9.16%

36

RS. 21,000/-

RS. 27,227/-

8.75%

9.88%

-          Amount payable on maturity (subject to deduction of tax at source, if any)

-          Deposits are acceptable in multiples of Rs. 1,000/- above the minimum deposit amount.

-          0.25% extra interest would be paid, over and above the rate of interest as payable under cumulative and non-cumulative schemes, to the following:-

(i)                   Senior citizen (of 60 years and above) -  age proof to be attached.

(ii)                 Shareholders of the company having minimum 100 shares – copy of latest shareholding to be attached.

 

We may add that now the PAN is mandatory for all fresh / renewal fixed deposit application.  In the absences of PAN, the application form will be invalid/rejected.

 

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Wednesday, April 14, 2010

Idea (Target Rs78), JSW Steel (Target Rs1,300)

omentum turns negative

  • Today, Nifty closed with meek losses after witnessing volatility throughout the day. Though, the overall bias and market breadth were in a negative mood. Auto, oil & gas exploration, banking shares kept the markets in negative territory. Taking into consideration the negative crossover of daily MACD accompanied with bullish trendline break and neckline break of head-and-shoulders pattern, we are revising our short term bias for the target of 5000-levels.


Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Idea (Target Rs78)JSW Steel (Target Rs1,300)3i Infotech (Target Rs88) andHanung (Target Rs268). Traders maintain stop loss accordingly.

Investment Ideas

  • HBL Power System (HBL): CMP @ Rs37 (Target Rs58)

 

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Tuesday, April 13, 2010

Infosys remains the top pick, Tgt Rs3,200

Infosys Technologies

Reco: ACCUMULATE

CMP: Rs2,781

Target Price: Rs3,200

On song , Retain ACCUMULATE

Infy reports revenues at US$ 1,296 mn (+5.2% QoQ) marginally ahead of expectation (US$ 1,292 mn). Margins declined by ~150 bps QoQ to 34%. Profits at Rs 16.2 bn met estimates driven by lower depreciation. Operating metrics remained rock solid with vols growing at ~4.6% QoQ. European revenues grew by ~8% sequentially despite cross currency hits. BFSI/ Manufacturing continued to record stellar growth at ~5.8%/10% QoQ.

FY11 revenue guidance at US$ 5.57-5.67 bn (+16%-18% YoY) should provide strong base to both our/street revenue growth expectations of 20%+ revenue growth heading into FY11. June'10 guidance of US$ 1,340-1,350 mn(+2.6%-3.4% QoQ) implies a 3.1-3.8% CQGR over Q2FY11-Q4FY11 for company to meet it's guidance.

Despite headwinds from recent currency appreciation and wage increments (believe Infosys best placed amongst other Tier 1 peers to handle the same) and co's INR EPS guidance at ~Rs 107-111, we remain confident, albeit raise FY11/FY12E earnings by ~2.5/2.2% to Rs 124.2/Rs 146 respectively (US$/INR assumptions unchanged at Rs 45/$)

Infy remains the top pick. Retain ACCUMULATE with a revised target price of Rs 3,200, based on 22x 1 year rolling forward P/E multiple (V/s Rs 3,100 earlier). Any sharp INR appreciation remains the key risk to our call.

 

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Friday, April 9, 2010

Food & Inns Ltd Fixed Deposit Scheme @ 12 %

ACCEPTING FRESH DEPOSITS

Food & Inns Ltd has start accepting Fresh Deposits w.e.f 5th April, 2010.

Period     -- Rates
1 year     -- 11.00% 
2 years   -- 11.50%
3 years   -- 12.00%

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Thursday, April 8, 2010

Mphasis acquires Fortify, Buy Target 650

 Mphasis acquires Fortify, to add ~24 mid market clients, <2% of revenues, we maintain our HOLD with a price target of Rs 650.

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Tuesday, April 6, 2010

Titan Buy Target: Rs2,080

Titan upgraded to 'ACCUMULATE'; Target: Rs2,080;

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Godrej acquires Indonesian company for Rs12.0 bn, 10-14% upside in the GCPL from CMP

Godrej Consumer acquires Indonesian company for Rs12.0 bn, it is both earnings accretive and value accretive

Godrej Consumer Products Ltd (GCPL) on 6th April 6, 2010 announced that it has entered into an agreement to acquire PT. Megasari Makmur Group and its distribution company PT. Intrasari Raya in Indonesia. Megasari Group manufactures and distributes a wide range of household products including household insecticides, wet tissues, baby care products and air fresheners.

About Megasari

The Megasari group is a leading consumer products manufacturing company operating in the household and cleaning product segments of Indonesia. The company has 6 factories and a strong distribution network with presence across 90,000 outlets and 74 regional distributors. The company is one of the leading players in the Insecticide and Air care business. Megasari recorded revenues of USD120 mn or Rs5.4 bn approximately in CY09 with a 20% yoy growth. Its key brands are HIT, Mitu and Stella - these brands contribute approximately 71.8% to the company's total sales.

Impact – Financial

The acquisition value is Rs12.0 bn in all cash deal, hence translating into valuation of 12X EV/Ebidta and 2.2X EV/Sales. We believe that acquisition is attractively priced - leaving tremendous room for value accretion - GCPL itself trades at EV/Ebidta of 21X and EV/Sale of 3.8X on its FY10 estimates. Further, current acquisition adds approximately 25% to FY10E Revenues and Ebidta of the company. Upfront the acquisition is earnings accretive and value accretive for the company. The clear-case arbitrage in valuation of Megasari and GCPL will result in 10-14% upside in the GCPL from CMP to fully-factor the acquisition.

Impact – Structural

Megasari acquisition is in sync with previous acquisitions and broader corporate strategy i.e. becomes an emerging market consumer play in next 5 years. Hence, all previous acquisitions i.e. Rapidol, Kinky, Tura and recent acquisition Megasari is step in the same direction. With Megasari under-fold, GCPL would now get access to Indonesia one amongst four fastest growing consumer markets in Asia. We believe that the Megasari acquisition is both complimentary and synergistic.

Prima facie, we give thumbs-up to the acquisition and upgrade our price target from Rs246/Share to Rs299/Share. We maintain our positive bias on GCPL with 'HOLD' rating and price target of Rs299/Share.

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Companies worth buying are – LT, BHEL, ABB, JP, Tata Steel, TCS, BEML, Tata Power, Escorts, Hindalco, GMR, HDFC, Cairn, Jindal Steel.

Nifty is over 100 points above its closing on 18th Mar 2010 (5246) when we gave our previous Market View. Our estimate on Nifty was bullish and we still hold the same view (copied below) -

 

"Nifty is in uptrend. Immediate resistance is 5260 above which the first target is 5315. If Nifty sustains above 5300, in next 4-6 months it may achieve 5700. Markets will become bearish below 5150.

Positive sectors are – infrastructure, capital goods, healthcare, education, agro, metals, auto, IT, energy, pipes, and engineering.

Companies worth buying are – LT, BHEL, ABB, JP, Tata Steel, TCS, BEML, Tata Power, Escorts, Hindalco, GMR, HDFC, Cairn, Jindal Steel.

Keep global risks in mind which can create sharp panic in markets."   

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Call: 9818269396 
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