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Morning Notes
Index Close Change Index Close Change S&P CNX NIFTY 5717.15 0.58 S&P CNX DEFTY 3701.65 1.35
CNX NIFTY JUNIOR 11124.65 0.14 S&P CNX 500 4528.45 0.42
CNX 100 5601.30 0.52 CNX MIDCAP 7909.25 0.07
INDIA VIX 13.04 -10.32 NIFTY MIDCAP 50 2258.80 0.03
BANK NIFTY 11607.40 1.01 CNX ENERGY 7940.70 0.89
LAST SESSION FLASH
The key domestic benchmarks began the week on a bullish note with the Sensex rallying by over 110 points as investors cheered
robust earnings from blue-chip companies such as TCS and L&T. A stronger rupee against the US dollar also added to the bullish
sentiment, luring the appeal of risky assets such as stocks. After a sluggish start, the key domestic benchmarks launched a smart
recovery as the Sensex rebounded in the positive terrain on bullish corporate results. The Sensex then traded range-bound
above the baseline for the major portion of the session as uncertainty over a Spanish bailout deepened worries over Europe s
debt turmoil, checking further gains in stocks.
Nifty GAINERS Nifty LOSERS
Company Close Change Company Close Change JP ASSOCIAT 95.95 2.62 BK BARODA 780.45 -2.06
LT 1,670.10 2.27 JINDAL STEEL 399.40 -1.99
TCS 1318.90 2.26 HEROMOTOCO 1,819.10 -1.67
NTPC 169.80 2.10 ITC 292.70 -1.61
HINDALCO
The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3036, shares
advanced were 1434 while 1477 shares declined and 125 were unchanged. The top gainers of the BSE Sensex pack were Tata
Consultancy Services Ltd. (Rs. 1319.50,+2.26%), Larsen & Toubro Ltd. (Rs. 1668.20,+2.17%), Bharti Airtel Ltd. (Rs.
271.75,+1.91%), NTPC Ltd. (Rs. 169.20,+1.74%), HDFC Bank Ltd. (Rs. 639.10,+1.73%), among others.
Index Aggregates Advances & Declines
P/E P/B DivYield Index Advances Declines No chng A/D Ratio
Sensex 17.29 2.90 1.60 NIFTY 33 17 26 1.94
Nifty 18.88 3.14 1.39
NIFTY JR 26 24 0 1.08
BANK NIFTY 5 7 0 0.71
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GLOBAL VIEW
American & European Indices Asian Indices
Close Change Close Change S&P 500 NIKKEI
1433.81 0.04 9020.08 0.10
NASDAQ HANG SENG
3016.96 0.38 21697.55 0.68
DOW JONES STRAITS TIMES
13345.89 0.02 3047.63 0.05
FTSE 5882.91 -0.22
DAX OIL
7328.05 -0.71 88.30 -0.48
CAC 40 GOLD
3483.25 -0.61 1733.00 0.16
Important Happenings
Yen Retreats to Lowest Since July; Oil, Copper Rebound
The yen weakened past 80 against the dollar for the first time in more than three months amid speculation the Bank of
Japan (8301) will add more stimulus. Oil and copper rebounded. The yen touched 80.01 per dollar, the weakest since July 6
before trading little changed at 79.95 as of 9:50 a.m. in Tokyo. The Nikkei 225 Stock Average rose 0.2 percent, headed for
its longest winning streak since July 2011. The MSCI Asia Pacific Index (MXAP) swung between gains and losses, while
futures on the Standard & Poor s 500 Index were little changed. Oil advanced as much as 0.6 percent to $89.29 a barrel
after yesterday falling to a two-week low. Copper increased 0.4 percent to $7,983 a ton.
China s Factories Losing Pricing Power in Earnings Threat
Chinese factories are losing pricing power in the worst wholesale-cost deflation since 2009, signaling corporate earnings
may deteriorate further and putting a damper on global inflation pressures. Steelmaker China Oriental Group Co. (581)
says falling prices are wiping out profits, while Yunnan Copper Industry Co. (000878) cited the declines for a third-quarter
loss. The producer price index (SHCOMP) fell 3.6 percent in September from a year earlier and may stay negative until the
second half of 2013 without large stimulus, according to Mizuho Securities Asia Ltd.
Oil Rebounds From Lowest in Two Weeks; Keystone Supply Curtailed
Oil rose for the first time in four days in New York amid signs its slide to the lowest level in more than two weeks was
excessive. The Keystone pipeline won t resume full deliveries until next month after a shutdown. Front-month futures
gained as much as 0.7 percent, snapping a three-day, 3.7 percent loss. Prices rebounded after nearing technical support
along the lower Bollinger band. Buy orders tend to be clustered near chart-support levels. The band is at about $87.08
today. Prices also advanced before a report tomorrow that may show new home sales in the U.S. in September rose to the
highest in more than two years. The markets said that given where we are, it could just be a little bit over done, said
Jonathan Barratt, the chief executive officer of Barratt s Bulletin, a commodity newsletter in Sydney. It s been quite a
dramatic decline.
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NEWS UPDATES
MACRO
Coal production in the country has registered record increase during the last two quarters. Coal off-take has also recorded
significant growth during this period while coal supply to Power Sector during April to Oct 2012 has increased by 12%. With
these efforts the Coal India would be able to achieve highest ever production target during this year. This was stated by Minister
of Coal, Shri Sriprakash Jaisawal while addressing a press conference on the issues in coal sector. He said that the Government
has identified 54 coal blocks with total Geographical reserves of about 18.22 Billion Tonnes for taking up bidding of coal blocks.
He said The Government has taken several other steps to ensure increased availability of coal in the country.
COMPANY
Hyderabad-based pharmaceutical major Dr Reddy's Laboratories Limited (DRL), along with its subsidiaries, on Monday said that
it has decided to acquire Netherland-based specialty pharma company OctoPlus NV for about euro 27.4 million (approximately
Rs 193 crore) through a public offer. This deal will help expand the expertise and scientific capabilities of Dr Reddy s. The offer
values 100% of the issued and outstanding ordinary shares. The offer price represents a premium of 30% over the closing price
of Euronext (Amsterdam)-listed OctoPlus as of October 19, 2012.
Lumax Auto Technologies, manufacturer of automotive parts for two and three wheeler industry, has secured business from
Honda Motorcycle & Scooters India (HMSI), the leader in the scooter segment in India. This is for supply of plastic moulded parts
for various models to be manufactured at their 3rd facility in Bangalore including Activa Scooter (110 cC),Dream Yuga
motorcycle (110 cc) launched by HMSI.
Suzlon Group subsidiary, REpower Systems SE, said it has concluded a contract with PE Deus Ex SRL, a project company and a
special purpose vehicle of WSB International GmbH, to deliver eight wind turbines to Romania. The REpower 3.2M114 turbines,
each with a rated power of 3.2 mega watt (MW), a hub height of 93 metre and a rotor diameter of 114 metre, are allocated for a
wind farm project near Margineni (Neamt county, Romania).
Bharti Airtel, India s largest telecom operator has overtaken Spain s Telef nica to become the world s fourth-largest operator in
terms of subscribers. According to the Scoreboard report by analyst firm Wireless Intelligence, the company had over 250
million mobile subscribers at the end of the quarter ended June 2012, representing a year-on-year growth of 13 per cent. This
was the highest subscribers growth among the top five operators globally.
Rain CII Carbon, a wholly owned subsidiary of Rain Commodities has agreed to acquire Rutgers, a Belgium headquartered Coal
Tar Pitch (CTP) manufacturer, from funds advised by Triton. Rain CII has executed share purchase agreement with Triton to
acquire 100% of stake in Rutgers for gross enterprise value Euro 702 million.
Infosys, India s second largest IT services company is banking on ex-defence personnel in the US to staff its subsidiary which
works in the highly-sensitive government and healthcare segments in the country. Majority of the employees of Infosys s US
subsidiary, Infosys Public Services, are ex-army and marine personnel who help in enhancing the credibility to bag projects
sponsored by the national and state governments in the US. They also help the company in getting various security clearances
faster what civilians might find quite difficult.
L&T Finance Holdings Limited (LTFH) entered into definitive agreements with France s Soci t G n rale Consumer Finance on
Friday, 19th October 2012, for the acquisition of 100% of FamilyCredit Ltd. (FCL), a well established NBFC with presence across
two-wheeler and auto financing. The consideration to be paid to complete the acquisition is ~Rs. 120 crores. The conclusion of
the transaction is subject to receipt of appropriate regulatory approvals and to customary closing conditions.
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TECHNICAL ANALYSIS
MOST ACTIVE STOCKS PIVOTAL GUIDANCE
Company Lower 2 Lower 1 Axis Higher 1 Higher 2
5718.39
5672.13 5695.76 5730.31 5740.44
NIFTY
11608.92
11409.90 11509.41 11705.86 11799.32
BANK NIFTY
817.79
808.78 812.28 822.48 828.50
RELIANCE
60.00
58.12 59.00 60.59 61.06
RCOM
444.49
437.42 440.95 449.58 453.13
RELCAPITAL
512.34
505.20 508.27 517.91 520.54
REL INFRA
1671.48
1650.84 1659.16 1684.14 1696.22
LT
99.64
98.06 98.85 100.33 100.45
STER
1082.25
1065.11 1073.68 1089.74 1091.08
ICICIBANK
2258.97
2223.20 2241.09 2274.62 2277.42
SBIN
411.27
404.76 408.02 414.12 414.63
TATASTEEL
101.56
99.95 100.75 102.26 102.38
RPOWER
106.61
104.92 105.76 107.35 107.48
TATAPOWER
2404.99
2366.91 2385.95 2421.65 2424.63
INFOSYSTCH
243.53
239.67 241.60 245.22 245.52
BHEL
280.16
275.73 277.94 282.10 282.45
ONGC
1424.81
1402.25 1413.53 1434.68 1436.44
ACC
51.54
50.72 51.13 51.89 51.96
PUNJLLOYD
643.64
633.45 638.54 648.10 648.89
HDFCBANK
1378.32
1356.50 1367.41 1387.87 1389.58
MARUTI
1227.76
1208.32 1218.04 1236.26 1237.78
AXISBANK
BULLISH for Today BULLISH for BTST/T+2
Name CMP Targets Stop Loss
Name CMP Targets Stop Loss
LT 1670.10 169*-****-****
TATA POWER 106.05 109 111 104
SINTEX 71.40 74 76 70
MPHASIS 404.50 407 409 403
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GOOD FOR DELIVERY
L&T Finance Holdings Limited INFY
L&T Finance Holdings Limited (LTFH) entered into Infosys, India s second largest IT services company is
definitive agreements with France s Soci t G n rale banking on ex-defence personnel in the US to staff its
Consumer Finance on Friday, 19th October 2012, for the subsidiary which works in the highly-sensitive government
acquisition of 100% of FamilyCredit Ltd. (FCL), a well and healthcare segments in the country. Majority of the
established NBFC with presence across two-wheeler and employees of Infosys s US subsidiary, Infosys Public
auto financing. The consideration to be paid to complete Services, are ex-army and marine personnel who help in
the acquisition is ~Rs. 120 crores. The conclusion of the enhancing the credibility to bag projects sponsored by the
transaction is subject to receipt of appropriate regulatory national and state governments in the US. They also help
approvals and to customary closing conditions. This the company in getting various security clearances faster
acquisition will consolidate LTFH s presence in auto what civilians might find quite difficult. While all the
financing business in India. As of 30th June 2012, FCL had employees of Infosys Public Services are based out of the
loan book size of ~ Rs. 12.87bn of which two-wheeler US, a significant chunk of them are ex-military personnel.
financing constituted 53% and car financing 35%. It has They get security clearances required to work for various
53 branches across 16 states in India and presence in government projects faster than normal civilians even
more than 1,400 dealer outlets with a sizeable customer though we don t do any defence works in the US, said
base in excess of 400,000. It also has a fully staffed Ashok Vemuri, Head of Americas who is also in the board
professional team with hands-on experience in the two of Infosys Public Services. For example, Eric Paternoster,
CEO and President of Infosys Public Services (IPS) is a
wheeler financing and auto financing business.
former Army captain who led infantry units in Korea and
FCL has been showing consistent improvement in its the US before joining the corporate world. Infosys Public
operations. For the quarter ended 30th June 2012, FCL s Services (IPS) was set up as a subsidiary of the Bangalore-
PAT was ~Rs 50mn, backed by impressive NIM of ~13.6%. based company in late 2011. However, the subsidiary
LTFH has plans to improve the operating performance started hiring and ramping up only towards the beginning
further by exploiting its reach through branches and of the fiscal year after obtaining the necessary approvals
OEM relationships, and other operating synergies. from the US government. The company which employs
Speaking on the occasion, Y. M. Deosthalee, Chairman & about 200 people has signed about 40 contracts with the
Managing Director of LTFH, said, FamilyCredit Ltd. is a US government and federal states in a span of just eight
significant player in the two-wheeler financing segment. months. In the quarter ended September 30, 2012, Infosys
The company offers a well established platform with Public Services reported revenues of $24.88 million even
robust credit and risk management systems. The though it is yet to start making profit. Both government
business synergises well with our existing retail financing and healthcare are big areas of opportunities for Indian IT
business and provides opportunity for us to further services companies. However, the laws in certain US states
expand our product offering in the consumer finance prohibit taking sensitive information to offshore locations
domain. Accumulate. Target 74 - 76 in 2 months. thereby limiting the ability of the Indian IT services players
to participate in those contracts. Similarly, healthcare
service is also controlled by various government
restrictions in the US. Infosys which derives close to 64 per
cent of its revenues from North America is also ramping up
its headcount in the US. The company expects to hire
about 2,000 people in the US by the end of 2012 as against
about 1,200 last year. Accumulate. Target 2484 - 2490 in 2
months.
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Institutional Fund Movements
FII Investments Monthly Trends
Month Purchase ( Rs Crore ) Sale ( Rs Crore ) Investment ( Rs Crore)
May 2012 42,443.30 42,790.70 -347.10
June 2012 44,751.20 45,252.40 -501.30
July 2012 49557.40 39284.80 10272.70
Aug 2012 48,136.50 37,332.50 10,803.90
Sept 2012 66,752.50 47,491.20 19,261.50
Oct 2012 43,204.10 31,956.70 11,247.40
523655.20 429426.70 +94128.60
Gross till date (2012)
20,000.00
15,000.00
10,000.00 MF
FII
5,000.00
0.00
May June July Aug Sept Oct
-5,000.00
Mutual Fund Investment Monthly Trends
Month Purchase ( Rs Crore ) Sale ( Rs Crore ) Investment ( Rs Crore)
May 2012 8,413.50 8,764.90 -351.20
June 2012 8,677.80 8,151.40 526.40
July 2012 9061.80 10770.60 -1708.90
Aug 2012 9,747.60 11,210.50 -1,462.90
Sept 2012 10,838.70 13,893.10 -3,054.50
Oct 2012 6,006.60 7,678.40 -1,672.00
Gross till date (2012) 95009.90 108587.50 -13577.60
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Following the MUTUAL FUNDS
SBI Magnum Global - G
Latest NAV: 63.33 (18/10/12) 52-Week High: 63.33 (18/10/12) 52-Week Low: 48.10 (20/12/11)
Returns Year Fund Category
1 Year 15.02 16.65
3 Year 12.34 8.61
5 Year 3.65 4.37
Return Since Launch 13.53 -
Top Holdings: As on 30 Sep. Top 5 Sectors
Name of Holding % Net Assets Top 5 Sectors % Net Assets
Muthoot Finance 4.77 Financial 14.08
Sadvab Engineering 4.22 Services 12.63
Cadila Healthcare 4.09 Healthcare 9.13
Supreme Industries 3.61 Automobile 8.29
Greaves Cotton 3.58 Engineering 7.41
Top 3 Holding Company Details
Muthoot Finance Other Funds That Own Muthoot Finance
LTP: 181.65 PE Ratio: 7.12
Fund name % Net Asset Date
PB Ratio: 2.13 Year to Date Return: 12.23
SBI Magnum Emerging Businesses 6.38 Sep 30, 2012
SBI Magnum Global 4.77 Sep 30, 2012
SBI Magnum Balanced 3.93 Sep 30, 2012
SBI Magnum Midcap 3.79 Sep 30, 2012
Sadvab Engineering Other Funds That Own Sadvab Engineering
Fund name % Net Asset Date
LTP: 144.15 PE Ratio: 13.67
HSBC Small Cap 5.92 Sep 30, 2012
PB Ratio: 2.68 Year to Date Return: 44.37
ICICI Prudential Midcap 5.79 Sep 30, 2012
ICICI Prudential Midcap Inst I 5.79 Sep 30, 2012
HDFC Infrastructure 5.64 Sep 30, 2012
Cadila Healthcare Other Funds That Own Cadila Healthcare
LTP: 867.15 PE Ratio: 27.86
Fund name % Net Asset Date
PB Ratio: 6.62 Year to Date Return: 23.06
SBI Magnum Pharma 8.42 Sep 30, 2012
Reliance Pharma 5.00 Sep 30, 2012
UTI Pharma & Healthcare 4.26 Sep 30, 2012
SBI Magnum Global 4.09 Sep 30, 2012
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DERIVATIVES NOTES
Nifty November 2012 futures were at 5757, at a
premium of 39.85 points over spot closing of 5717.15. Nifty
Institutional Investment Trends
October 2012 futures were at 5721.45, near spot closing.
Turnover on NSE`s futures & options (F&O) segment rose to
Rs 172906.86 crore from Rs 167574.92 crore on Friday, 19
(in Crores) ) Oct 22, 2012 October 2012.
BUY SELL OIEoD L&T October 2012 futures were at 1676.05, at a premium
over spot closing of 1670.10. State Bank of India (SBI)
4786.36 4550.37 17986.52
INDEX FUTURES October 2012 futures were at 2246, near spot closing of
2241.
17505.10 17681.39 52699.12
INDEX OPTIONS
United Spirits October 2012 futures were at 1304.30, at a
8994.65 8699.99 32402.93
STOCK FUTURES premium over spot closing of 1300. In the spot market, the
50-unit S&P CNX Nifty advanced 32.90 points or 0.58% to
1680.97 1606.01 2731.43
STOCK OPTIONS settle at 5,717.15.
Put Call Ratio
Symbol Expiry Date Put Call Ratio
NIFTY 31-Dec-15 48300 500 96.60
NIFTY 30-Jun-16 9350 350 26.71
PNB 29-Nov-12-113***-***** 6.29
PTC 29-Nov-12-240**-**** 6.00
IVRCLINFRA 29-Nov-12-264***-***** 5.50
DIVISLAB 29-Nov-12 2500 500 5.00
TATACOMM 29-Nov-12-100**-**** 5.00
TATAMOTORS 27-Dec-12 5000 1000 5.00
ASIANPAINT 29-Nov-12 2750 625 4.40
JPASSOCIAT 27-Dec-12-320**-**** 4.00
HDIL 29-Nov-12-122****-****** 3.91
PUNJLLOYD 29-Nov-12-248***-***** 3.65
BHARATFORG 29-Nov-12 3000 1000 3.00
AXISBANK 25-Oct-12 246****-******* 2.33
ADANIPOWER 29-Nov-12-320**-***** 2.00
JSWENERGY 29-Nov-12-240**-***** 2.00
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DIVIDEND & OTHER INFORMATION
Symbol Company Name Ex-Date Purpose
SIMBHSUGAR Simbhaoli Sugars Limited 17-Oct-12 Annual General Meeting
Kinetic Motor Company
KINETICMOT Limited 18-Oct-12 Annual General Meeting
INFY Infosys Limited 18-Oct-12 Interim Dividend Rs.15/- Per Share (Purpose Revised)
Final Dividend Rs.4/- Per Share And Interim Dividend Rs.2/- Per
HCLTECH HCL Technologies Limited 19-Oct-12 Share (Purpose Revised)
NRBBEARING NRB Bearing Limited 23-Oct-12 Scheme Of Arrangement
CRISIL CRISIL Limited 23-Oct-12 Interim Dividend
Motilal Oswal Financial
MOTILALOFS Services Limited 23-Oct-12 Interim Dividend
HINDZINC Hindustan Zinc Limited 23-Oct-12 Interim Dividend
FOSECOIND Foseco India Limited 25-Oct-12 3rd Interim Dividend
Goenka Diamond and Jewels
GOENKA Limited 25-Oct-12 Face Value Split From Rs.10/- To Re.1/-
ASIANPAINT Asian Paints Limited 29-Oct-12 Interim Dividend
Sterlite Industries ( India )
STER Limited 29-Oct-12 Interim Dividend
Navin Fluorine International
NAVINFLUOR Limited 29-Oct-12 Interim Dividend Rs 7.50 Per Share
The Orissa Minerals
Development Company
ORISSAMINE Limited 29-Oct-12 Face Value Split From Rs.10/- To Re.1/-
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COMMTRACK COMMTRACK COMMTRACK
The following technical indicators are IDEAL as per charts. PL IGNORE rates which markets have crossed.
RECOMMENDATIONS
COMMODITY CONTRACT ADVICE IDEAL ENTRY STOP LOSS TARGET 1 TARGET 2
MCX ZINC OCT 31 BUY 100 99.10 100.70 101.50
MCX COPPER NOV 30 BUY 433.50 431.50 435.50 437.40
MCX LEAD OCT 31 SELL 114.30 115.50 112.50 112
MCX GOLD DEC 05 BUY 312**-***** 312**-*****
MCX NICKEL OCT 31 BUY 100 99.10 100.70 101.50
MCX SILVER DEC 05 SELL 600**-***** 595**-*****
MCX ALUMIN OCT 31 BUY 105.30 104.70 106.10 106.80
MCX CRUDE NOV 15 BUY 485*-****-**** 4965
PIVOTS
COMMODITY CONTRACT S1 S2 R1 R2 TRENDS
CRUDE NOV 15-487*-****-**** 4957 BULLISH
GOLD DEC 05-309**-***** 311**-***** BULLISH
ALUMINIUM OCT 31 103.70 103.20 105.35 105.90 BULLISH
NICKEL OCT 31-890-***-***-*** BULLISH
SILVER DEC 05-595**-***** 600**-***** BEARISH
SILVERMINI NOV 30-591**-***** 599**-***** BULLISH
GOLDMINI NOV 05-308**-***** 310**-***** BULLISH
LEAD OCT 31 112.30 111.50 114.10 115.10 BEARISH
COPPER NOV 30 431 427 437.70 440.50 BULLISH
ZINC OCT 31 99 98 101.25 102 BULLISH
DISCLAIMER
This material is for your private information, and we are not soliciting any action based upon it. Transactions involving stocks and derivatives give
rise to substantial risk and are not suitable for all investors. The material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are our current opinions as of the date
appearing on this material only.
Corporate Office
102/B, Charmee Enclave, Service Road, Off Shraddhanand Road, VIle Parle (E) Mumbai- 400 057. Tel: (022-**-**-**-**.
Contact Person: Mitesh Shah; Email: ******@******.***
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