Gold should continue to rise into 2011:: Macquarie

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Gold spoilt for choice
Feature article
 Gold should continue to rise into 2011, although it might be difficult to
generate outperformance relative to other commodities given the impact of
competing concerns on the US$ and Euro on the risks of investing in gold.

MOIL, SCI, Claris, RPP:: Grey market premium price: Nov 30th, 2010

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Company Name	Offer Price	Premium
	(Rs.)	(Rs.)
RPP Infra Projects	75	Discount
Manganese Ore (MOIL)	340-375  (+ 5% retail discount)	205 to 215
Claris Life	228-235	14 to 16
Shipping Corp FPO	135- 140 (+ 5% retail discount)	2 to 4

MOIL LIMITED- QIB subscribe 49 times!!!!

Sr.No.	Category	No.of shares offered/reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	16464000	809312438	49.16
1(a)	Foreign Institutional Investors (FIIs)		308886311
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		428630911
1(c)	Mutual Funds		69127032
1(d)	Others		2668184
2	Non Institutional Investors	4939200	43312379	8.77
2(a)	Corporates		21568563
2(b)	Individuals (Other than RIIs)		10558479
2(c)	Others		11185337
3	Retail Individual Investors (RIIs)	11524800	125150362	10.86
3(a)	Cut Off		102555764
3(b)	Price Bids		22594598
4	Employee Reservation	672000	136119	0.20
4(a)	Cut Off		132039
4(b)	Price Bids		4080

Updated as on 30 November 2010 at 1900 hrs

India Telecom: New telecom minister sets a new tone:: JPMorgan

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India Telecom
New telecom minister sets a new tone


India’s new telecom minister Kapil Sibal via a press conference has indicated
a rough roadmap to address recent concerns in the Indian telecom sector. We
believe that this is a step in the right direction for a more transparent
regulatory environment but we don’t expect a resolution in a hurry. We note
that the heightened media attention on this issue in our view has added some
pressure for action. We believe Sibal's comments are more negative for the
new telcos and Reliance Communications (RCOM) than the GSM incumbents
such as Bharti Airtel and Idea Cellular. The jury is still out on 2G pricing,
which is important to determine the levy of fines, if any.

Intergen-related concerns abate as GMR sells its stake; Kotak Sec

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GMR Infrastructure (GMRI)
Infrastructure
Intergen-related concerns abate as GMR sells its stake; valuation upside Rs3/share.
We view with some relief GMR’s sale of its 50% stake in Intergen to China Huaneng at
an equity valuation of US$1.23 bn. GMR’s equity of US$300 mn (valued at zero so far)
in Intergen implies potential upside of Rs3/share. Subjective upside is larger as Intergen
was a key concern on account of the high leverage. We retain our ADD rating given the
lack of clarity on real estate monetization and structure, power project progress (fuel
linkage) and airport regulation.

Dabur India :Namaste Lab acquisition is a positive; Buy:: BofA ML

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Dabur India — Namaste Lab acquisition is a positive; Buy

Price Objective Change: Namaste Labs acquisition is value accretive; Buy
Dabur has acquired Namaste Lab, a US-based ethnic Afro-American hair care co.
We expect the acquisition to be value accretive from FY12E onwards led by 1)
pick up in growth from product and distribution synergies 2) margin improvement
from higher scale and cost synergies and 3) low cost of funding. We raise our
estimates by 6-7% over FY11-12E to factor in the Namaste acquisition. We raise
our PO to Rs112 in line with the EPS increase. Buy on strong EPS CAGR of 26%
over FY10-12E and attractive valuation of 20xFY12E P/E post recent correction.

GGCL (Gas prices for industrial segment up, BUY): IIFL

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GGCL (Gas prices for industrial segment up, BUY): 

Gujarat Gas (GGAS) has increased prices to industrial consumers (83% of its volumes) by 16-17%. This price revision is the first in almost 18 months, and leaves ample scope for a further price increase in the near term, if required. Through this price increase, GGAS would be able to maintain its spread/unit at ~Rs4.1 through CY10 and 1QCY11. We maintain our earnings forecast of 20% CAGR through CY09-12ii, and reiterate BUY.

Phoenix Mills: One up on High Street. Initiate with OW:: JPMorgan

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Phoenix Mills
Overweight
PHOE.BO, PHNX IN
One up on High Street. Like the product... like the stock. Initiate with OW


• Initiate with OW and Mar-12 PT of Rs280: Phoenix Mills is a leading
and the only listed play on retail real estate in India. We believe the
company offers stability and near-term earnings growth via a combination
of high-quality retail-led mixed use developments which are completing
over the next 12 months. The portfolio has seen substantial pre-lease
commitments, which should translate into a steadily growing annuity
stream. This gives healthy visibility on our forecast rent growth of 57% over
FY10-13E, which should, in turn, be the prime driver of earnings CAGR of
61% during FY10-13E.

FII & DII trading activity on NSE and BSE as on 30-Nov-2010

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FII trading activity on NSE and BSE on Capital Market Segment

The following is combined FII trading data across NSE and BSE collated on the basis of trades executed by FIIs on 30-Nov-2010.

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 30-Nov-2010 6499.13 5609.67 889.46

 

Domestic Institutional Investors trading activity on NSE and BSE on Capital Market Segment

The following is combined Domestic Institutional Investors trading data across NSE and BSE collated on the basis of trades executed by Banks, DFIs, Insurance, MFs and New Pension System on 30-Nov-2010.

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 30-Nov-2010 1507.32 1942.35 -435.03

 

Maruti,Toyota to launch Etios:: JPMorgan,

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Maruti Suzuki India Ltd Neutral
MRTI.BO, MSIL IN
Toyota to launch Etios


• Toyota Etios to roll out in December, targets sale of 70,000 units:
Toyota will launch its new ‘Etios’ platform in early December, with
the launch of the sedan variant, which will be followed up with the
hatchback version three month’s later. Sales Target: In 2011, Toyota is
targeting sales 70,000 units, including both models.

FII DERIVATIVES STATISTICS FOR 30-Nov-2010

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FII DERIVATIVES STATISTICS FOR 30-Nov-2010
	BUY		SELL		OPEN INTEREST AT THE END OF THE DAY
	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores
INDEX FUTURES	90219	2638.51	72077	2108.79	625282	18423.59	529.72
INDEX OPTIONS	242974	7136.63	231239	6801.10	1676583	49068.44	335.53
STOCK FUTURES	83301	2349.08	62440	1773.92	1302127	34019.73	575.16
STOCK OPTIONS	12737	377.27	12532	372.93	16903	479.72	4.33
						Total	1444.75

 

India – Telecom (Minister begins clean-up act; we upgrade Bharti):IIFL

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India – Telecom (Minister begins clean-up act; we upgrade Bharti): Telecom minister Kapil Sibal issued a clear statement yesterday that the government will: 


1) cancel the licences of new telcos who were ineligible at the time of licence application in 2008:


2) include revenue-share payments for spectrum in the calculation of “payments for spectrum” and not only upfront payments; and 
3) evolve a policy framework in the next few weeks. 


With this, the stage is set for a comprehensive improvement in the regulatory environment, especially relating to transparency and licence payout risk, and potentially some reduction in competitive intensity through cancellations of licences. We view these developments as positive for Bharti and Idea. We upgrade Bharti to BUY with a target price of Rs399. In the case of Idea, valuations deter us from becoming positive, though it may happen that the new telecom policy includes progressive M&A changes and leads to an upside.

NSE, Bulk deals, 30-Nov-2010

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Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Wght. Avg.  Price
BEDMUTHA	Bedmutha Indust Ltd	RABADIYA CHANDULAL RANCHHODBHAI	BUY	1,25,520	68.19
BEDMUTHA	Bedmutha Indust Ltd	RABADIYA CHANDULAL RANCHHODBHAI	SELL	1,00,000	70.31
BEDMUTHA	Bedmutha Indust Ltd	RAJ FINVEST	BUY	3,73,921	69.72

BSE, Bulk deals, 30/11/2010

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Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
530901	ACIL	DISHA BHARAT TAKWANI	B	94585	20.68
532975	Aishwarya Tele	RAMA MANOHAR REDDY GANGAVARAM	B	200000	18.55
532975	Aishwarya Tele	VENKATRAMI REDDI GORLA	B	490000	18.55