Author Archives 
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MARKET REVIEW 9th Sept, 2010
The key benchmark indices attained their highest closing levels in more than 31 months on higher European stocks and on gains in US index futures. Data showing sustained buying of Indian stocks by foreign funds and good monsoon rains, underpinned sentiments. The BSE 30-share Sensex jumped 132.95 points or 0.71%, up about 130 from the day’s low and off close to 25 points from the day’s high. Banking, realty, tea, consumer durables and capital goods stocks rose. Index heavyweight Reliance Industries (RIL) edged lower in volatile trade. The market breadth was positive…
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NSE Bulk Deals – India Equity Market 9th Sept, 2010
Bulk deal is a stock trading where stock quantities buy or sell by an investor is more then 0.5% of total number of equity shares of the company listed at India stock exchanges.
In year 2004 SEBI bring more transparency to the bulk deals by making is compulsory for stock exchanges to publish intraday bulk deals at the end of the trading day.
Below are current bulk deals at National Stock Exchange of India (NSE):
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Bulk Deals in BSE 9th Sept, 2010
Members are required to make a disclosure on a daily basis up to 5.00 p.m. through DUS (Data Upload software), with respect to all transaction in a scrip for a client where the total quantity bought/sold is more than 0.5% of the number of equity shares of the company listed at BSE…
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Is it all over for the global wind markets?
Weak electricity demand resulting from energy efficiency measures and recessionary forces have made national wind installation targets easier to achieve. We have therefore cut our five year wind industry global demand CAGR to 7.0% from 7.5% previously and our 10-year CAGR to 5.5% from 6.7%. We remain cautious on the wind OEMs, and see few near term catalysts for share price performance. Our favourite part of the value chain remains the wind farm developers as we feel that that the developers offer a more compelling combination of earnings visibility and valuation and our preference for this part of the value chain has now increased. Acciona and EDP R, both rated OW(V), are our highest conviction investment ideas…
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IT SERVICES: Earnings Expectations and Ownership – A Closer Look
Earnings beat/upgrades to drive stock prices — Given current valuations, EPS beat/upgrades remain the key catalyst for the sector, in our view. For example, post 1Q results, TCS was the only stock that witnessed meaningful operational upgrades – after which, TCS outperformed its peers. In that context, we take a closer look at expectations as they can limit or result in surprises/upgrades. Expectations for Infosys are the highest; Wipro the lowest — Our analysis (Fig. 1) highlights that consensus (IBES) expectations for Infosys are the highest…
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MARKET REVIEW 8th Sept, 2010
The key benchmark indices managed to end in positive terrain, gaining for the third day in a row, as good monsoon rains this year will raise farm output, boost rural incomes and lower food inflation. The two key benchmark indices — the barometer index BSE Sensex and the 50-unit S&P CNX Nifty attained their highest closing levels in more than 31 months. The Sensex rose 21.65 points or 0.12%, up close to 126 points from the day’s low and off close to 56 points from the day’s high…
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NSE Bulk Deals – India Equity Market 8th Sept, 2010
Bulk deal is a stock trading where stock quantities buy or sell by an investor is more then 0.5% of total number of equity shares of the company listed at India stock exchanges.
In year 2004 SEBI bring more transparency to the bulk deals by making is compulsory for stock exchanges to publish intraday bulk deals at the end of the trading day.
Below are current bulk deals at National Stock Exchange of India (NSE):
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Bulk Deals in BSE 8th Sept, 2010
Members are required to make a disclosure on a daily basis up to 5.00 p.m. through DUS (Data Upload software), with respect to all transaction in a scrip for a client where the total quantity bought/sold is more than 0.5% of the number of equity shares of the company listed at BSE…
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Hindusthan National Glass & Industries Limited
Hindusthan National Glass & Industries Ltd (HNGIL) registered stable revenue growth of 10.8% y-o-y to Rs 3.6 bn in Q1FY11 primarily on account of volume growth. However, PAT dipped 45% y-o-y to Rs 313 mn primarily on account of lower EBITDA margins, which declined to 20.9% as against 28.3% in Q1FY10 due to higher fuel costs. Although the company has the bargaining power to pass on any increase in costs, there is a time lag in doing so and, hence, there is a temporary impact on margins.
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NSE Bulk Deals – India Equity Market 3rd Sept, 2010
Bulk deal is a stock trading where stock quantities buy or sell by an investor is more then 0.5% of total number of equity shares of the company listed at India stock exchanges.
In year 2004 SEBI bring more transparency to the bulk deals by making is compulsory for stock exchanges to publish intraday bulk deals at the end of the trading day.
Below are current bulk deals at National Stock Exchange of India (NSE):
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Bulk Deals in BSE 3rd Sept, 2010
Members are required to make a disclosure on a daily basis up to 5.00 p.m. through DUS (Data Upload software), with respect to all transaction in a scrip for a client where the total quantity bought/sold is more than 0.5% of the number of equity shares of the company listed at BSE…
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FX Alert – QE2 as USD end-game
A second round of QE will likely put sharp downward pressure on the USD, to some degree versus the euro and other G10 currencies, with potential for a broader USD sell-off. Foreign investors are likely to view the renewed direct intervention as indicating that the Fed’s balance sheet expansion and implicit monetization of fiscal expenditures are first line approaches to dealing with disappointing recovery prospects, rather than the exceptional measures they were meant to be initially. This could have severe implications for foreign perceptions of the quality of the US assets that they are accumulating in private and official portfolios, and may lead them to draw the conclusion that USD weakness is less a by-product than a desired outcome of these measures…
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SOVEREIGN SUBJECTS: Ask Not Whether Governments Will Default, but How
This is the first issue of Sovereign Subjects, a new Morgan Stanley publication focusing on sovereign risk in advanced economies. In this first installment, we take a broad perspective on government balance sheets and raise several themes to which we will return in more depth in subsequent issues. We encourage clients to provide us with feedback on this new publication. Debt/GDP ratios are too backward-looking and considerably underestimate the fiscal challenge faced by advanced economies’ governments. On the basis of current policies, most governments are deep in negative equity…
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GODREJ INDUSTRIES: Rich legacy
Focused mid-income housing player with an asset-light model: Godrej Properties (GPL) is a focused mid-income housing player, with a pan India presence and a differentiated business model. Almost ~77% of GPL’s land bank of ~50msf comprises of joint development (JDA) projects. The JDA approach allows GPL to enjoy a low risk, low capital intensive business model. The advantages of GPL’s model are reflected in its superior RoEs…
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CUMMINS INDIA: Exports to grow 3x by FY12, driving 37% EPS CAGR over FY10-12
Strong demand to boost growth: Cummins India (CIL), the largest engine manufacturer in India, is likely to post accelerated growth over the next two years, led by improving demand in the domestic market and strong rebound in exports on the back of increased outsourcing by its parent. Better product mix, healthy pricing environment, stable commodity prices, and continuous cost-cutting initiatives will keep margins strong…
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BHARTI AIRTEL LIMITED: Some positives, more unknowns
We assume coverage of Bharti Airtel with a Neutral rating and a Mar-11 price target of Rs357 (13% upside). We prefer Bharti over RCOM and Idea as we believe it is better placed to benefit from Phase 1 (minute growth, moderated price competition). However Phase 2 in the Indian telco sector (competition resurgence) could throw up some challenges and we also expect Bharti to face operational issues in Africa in the near term. We see regulation as a continued overhang and don’t expect consolidation in the market anytime soon. Improving performance in Africa, benign regulations, and evidence of high-end churn not increasing at Bharti would make us more positive…