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October 14, 2015

FANASTIC SOURCE FOR TURN DATES

September 29, 2015

RELAXO FOOTWARE PRESENTATION

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September 11, 2015

September 4, 2015

AMTEK AUTO SELL OFF

4-Sep-15 AMTEKAUTO AmtekAuto-Roll Sett GOLDMAN SACHS INVESTMENTS MAURITIUS  I LTD SELL 1646420 27.64

PAYONE HEARS SAREGAMA STOCK

4-Sep-15 SAREGAMA Saregama India Ltd. PAYONE ENTERPRISES PRIVATE LIMITED BUY 674000 352.72

August 27, 2015

SALZER ELECTRONICS BULK DEAL TRACKER

27 Aug 2015ELARA INDIA OPPORTUNITIES FUND LIMITEDS165000247.04
27 Aug 2015SWISS FINANCE CORPORATION (MAURITIUS) LTDP200000247.00

RADHAKISHAN DAMANI BUYS MORE OF INDIA CEMENT

 
27-Aug-15 INDIACEM The India Cements Limited DERIVE INVESTMENTS BUY 2000000 72.66
 
 
27-Aug-15 INDIACEM The India Cements Limited MERRILL LYNCH CAPITAL MARKETS ESPANA S.A SELL 1541000 72.61

OIL INDIA PRESENTATION

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August 25, 2015

SBI MUTUAL FUNDS BITES INTO MC DONALD INDIA ( WEST AND SOUTH)

25/08/2015505533WESTLIFESBI MAGNUM BALANCED FUNDB1,293,300260
25/08/2015505533WESTLIFESBI MAGNUM GLOBAL FUNDB870,000260

August 17, 2015

trident Presentation

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KWALITY PRESENTATION

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GLOBUS SPIRIT PRESENTATION

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GAYATRI PROJECT PRESENTATION

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COAL INDIA PRESENTATION

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ARROW COATED PRODUCTS PRESENTATION

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VRL LOGISTICS PRESENTATION

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AXIS CADES PRESENTATION

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Gujarat Pipavav Port Ltd BLOCK TRACKER.


17-Aug-15 GPPL Gujarat Pipavav Port Ltd CREDIT SUISSE (SINGAPORE) LIMITED A/C CREDIT SUISSE (SINGAP SELL 6650000 196.8






17-Aug-15 GPPL Gujarat Pipavav Port Ltd KOTAK MAHINDRA (INTERNATIONAL) LIMITED BUY 6500000 197 -



MANULIFE GLOBAL FUND ASIAN SMALL CAP EQUITY FUND (MLAS) buys INTO VIVIMED LAB

17-Aug-15   VIVIMEDLAB   Vivimed Labs        Limited MANULIFE GLOBAL FUND ASIAN SMALL CAP EQUITY FUND (MLAS) BUY    119054                   297.49

August 12, 2015

L&T MUTUAL FUND BUYS INTO ORIENTAL CARBON.

12/08/2015506579ORIENTCQSHREYA GOENKA .S123,600525
12/08/2015506579ORIENTCQAPARNA GOENKA .S117,959525
12/08/2015506579ORIENTCQUMA GOENKA .S183,857525
12/08/2015506579ORIENTCQSHREYANS GOENKA .S103,600525.51
12/08/2015506579ORIENTCQHDFCMFACMIPLONGTERMPLANB275,000525
12/08/2015506579ORIENTCQL&T MUTUAL FUNDB119,687525
12/08/2015506579ORIENTCQL&T MUTUAL FUND A/C L&T MIDCAP FUNDB75,300525
12/08/2015506579ORIENTCQL AND T MUTUAL FUNDB77,400525

GOKALDAS EXPORTS PRESENTATION

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AURION PRO SOLUTIONS PRESENTATION

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July 31, 2015

Q1 FY16 Updates - TFCIL, Yes Bank, JSW Steel & Vedanta

TFCIL Ltd. (Q1 FY16) – BUY
CMP Rs58, Target Rs82, Upside 43.0%
  • Growth in Q1 FY16 was weak as expected; company remains confident of healthy assets expansion in FY16
  • NIM to remain steady in the longer term
  • Asset quality performance was resilient again
  • Retain Buy rating and 12-month price target to Rs82
Click here for the detailed report on the same.
Yes Bank (Q1 FY16) – BUY
CMP Rs816, Target Rs1,005, Upside 23.2%
  • Loan growth was surprisingly sustained at robust 36% yoy; mix moved back towards Corporate Banking
  • Deposit franchise continues to improve; CASA crosses 23%
  • NIM improvement was a pleasant surprise; outlook is strong too
  • Trend in non-interest income growth disappointed; opex growth remains high on aggressive network investments
  • Uptick in stress assets was in-line with the trend seen in preceding quarters
  • Retain BUY and 12-month target price of Rs1,005
Click here for the detailed report on the same.
JSW Steel (Q1 FY16) – BUY
CMP Rs812, Target Rs1,081, Upside 33.1%
  • JSW’s results were higher than our estimate supported by higher contribution from subsidiaries and marginally higher than expected EBIDTA/ton for the standalone operations
  • Standalone revenue declined higher than expectations due to a sharp drop in blended realisations
  • Volume growth was strong led by an increase in share of retail sales
  • Blended realisations were quite weaker than our expectations due to a sharp fall in HRC prices and higher discounts to boost retail sales
  • Standalone EBIDTA/ton was marginally higher than estimate as the impact of higher than expected decline in realisations was offset by higher than expected decline in raw material costs and other expenses
  • JSW Coated reported strong numbers as the decline in value added product prices was lower than that of HRC
  • Maintain Buy with a revised price target of Rs. 1,081
Click here for the detailed report on the same.
Vedanta Ltd (Q1 FY16) – Accumulate
CMP Rs130, Target Rs145, Upside 11.9%
  • Vedanta’s operational performance were marginally weaker than our estimate due to a miss in its aluminium business
  • The outperformance of copper and zinc international division was offset by lower contribution from aluminum division
  • Aluminium division performance was impacted by the sharp fall in aluminum prices and product premiums and higher coal costs
  • The strong performance in copper division extended further as Tc/Rc margins continue to rise and acid realisations have improved
  • SEL’s power production improved on a qoq basis; However, output at TSPL was lower due to temporary shutdown
  • Domestic zinc business operating profit was dented by higher provisioning for DMF and increase in costs due to purchase of renewable power
  • International zinc business performance improved on the back of higher refined metal production at Skorpion and lower costs
  • Aluminium expansion would be slower than previous guidance due to the sharp fall in realisations and higher costs at BALCO
  • The company is still awaiting clearance for the expansion of its alumina refinery and conversion of IPP unit to CPP for the aluminium business
  • Merger with Cairn and HZL would be positive trigger for the company
  • Maintain accumulate rating on attractive valuations with a price target of Rs142
Click here for the detailed report on the same.


Warm Regards,
Amar Ambani

July 10, 2015

SKAGEN KON TIKI VERDIPAPIRFOND FII BUYS EROS

9-Jul-15 EROSMEDIA Eros Intl Media Ltd SKAGEN KON TIKI VERDIPAPIRFOND BUY 757550 475.37

JUPITER ASSET MGT A/C NWB PLC AS TRUSTEE JUPITER INDIA FD DUMPS EROS MEDIA

9-Jul-15 EROSMEDIA Eros Intl Media Ltd JUPITER ASSET MGT A/C NWB PLC AS TRUSTEE JUPITER INDIA FD SELL 537954 481.69

Merill lynch dumps subex

9-Jul-15 SUBEX Subex Limited MERRILL LYNCH CAPITAL MARKETS ESPANA S.A SV FCCB SELL 3269854 15.78

July 8, 2015

July 7, 2015

BNP PARIBAS CANCELS MAHINDRA HOLIDAYS BOOKING :)

7-Jul-15  MHRIL   Mahindra  Holidays  & Resor BNP PARIBAS ARBITRAGE SELL  1000000  254

Invesco logs off from Granules India

07/07/2015532482GRANULESNORGES BANK ON ACCOUNT OF THE GOVERNMENT PENSION FUND GLOBALB5,188,57783
07/07/2015532482GRANULESINVESTCO MANAGEMENT LLCS8,830,00083.03

June 30, 2015

Persistent system annual report

download here

Morgan Stanley Picks 1.14 Cr Shares of Granules India

29-Jun-15 GRANULES Granules India Limited MORGAN STANLEY ASIA (SINGAPORE) PTE SELL 31086 83.58
29-Jun-15 GRANULES Granules India Limited RIDGEBACK CAPITAL ASIA LIMITED SELL 11441350 78.85

June 25, 2015

RadhaKishan damani invests into INDIA CEMENTS

25-Jun-15  INDIACEM  The India Cements    Limited                                   DERIVE                   INVESTMENTS BUY  2071580  86.61

June 24, 2015

SUN TV -FII OFFLOADING

24-Jun-15   SUNTV   Sun TV Network Limited    HERMES INV FNDS PLC ON BHLF OF                  HERMES EMERG ASIA EQUITY FUND SELL            2929525           296.31

Gateway Distripark Ltd FUND ACTION

http://corporates.bseindia.com/xml-data/corpfiling/AttachLive/33BE05D3_5134_4F64_B598_4FC099B592B0_193325.pdf

Morgan stanley Logs out of NIIT TECH

23-Jun-15  NIITTECH NIIT    Technologies   Limited  MORGAN    STANLEY     ASIA (SINGAPORE) PTE SELL  308543  403.01

MAHINDRA LIFE SPACE BULK DEAL TRACKER

23-Jun-15   MAHLIFE    Mahindra  Lifespace  DevLtd FID FUNDS   MAURITIUS  LIMITED SELL  445870     410.01

Reliance wealth management spins into Nitin spinners

23-Jun-15 NITINSPIN Nitin Spinners Limited RELIANCE WEALTH MANAGEMENT LIMITED BUY 458964 73.04

June 22, 2015

Porinju buys into V2 RETAIL-22.06.2015

V2RETAIL V2 Retail Limited SUNNY VELIYATH PORINJU BUY 126459 39.54

Hdil bulk deal follow up

22/06/2015532873HDILNOMURA SINGAPORE LIMITEDB2,438,45189.25
22/06/2015532873HDILGOLDMAN SACHS SINGAPORE PTES2,489,32689.29

June 2, 2015

ORIENT BELL INVESTOR PRESENTATION

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GAYATRI PROJECTS PRESENTATION

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Result Updates - Glenmark Pharma, Indian Hotels, Reliance Communications, National Aluminium Co Ltd, Kalpataru Power Transmission

IIFL
Glenmark Pharmaceuticals (Q4 FY15) - BUY
CMP Rs861, Target Rs1,000, Upside 16.2%
  • Revenues, margin in line but PAT marred by one off settlement claim in US
  • US portfolio is set for strong rebound on back of key upcoming launches including Zetia
  • Revise estimates but maintain conviction BUY with fresh 9-12mth target of Rs1,000
Click here for the detailed report on the same.
Indian Hotels (Q4 FY15) - Accumulate
CMP Rs101, Target Rs110, Upside 8.8%
  • Sluggish demand environment, supply growth lead to modest 5.7% yoy rise in standalone Q4 revenues
  • Q4 and FY15 margins under pressure on the back of negative operating leverage headwind
  • Lackluster performance likely to continue until ARRs, occupancies show traction; retain Accumulate
Click here for the detailed report on the same.
Reliance Communications (Q4 FY15)
CMP Rs66, Target Rs70, Upside 6.5%
  • Q4 revenues at +4.8% qoq ahead of estimate on sequential growth in India and global operations
  • India traffic growth up robust 4.5% qoq while voice pricing declines; India EBIDTA margin fell 60bps qoq while Global EBIDTA margin jumps ~850bps qoq
  • Lacks near term triggers would potentially restrict stock upside; retain Accumulate with revised 9-12mth target of Rs70
Click here for the detailed report on the same.
National Aluminium Co Ltd (Q4 FY15) - BUY
CMP Rs48, Target Rs62, Upside 26.5%
  • NALCO’s operational numbers were lower than our estimate due to lower external alumina sales
  • Alumina sales volume declined 24% yoy due to delay in shipment and higher internal consumption
  • Aluminium production improved by 7.8% yoy due to improving coal supply
  • Operating profit of Rs4.3bn was lower than our estimate due to a miss in alumina sales
  • Alumina sales to drive earnings; Maintain BUY with a price target of Rs62
Click here for the detailed report on the same.
Kalpataru Power Transmission Ltd (Q3 FY15) - Accumulate
CMP Rs222, Target Rs240, Upside 8.1%
  • KPTL’s standalone results were disappointing on account of 7% decline in revenue
  • The decline in topline was largely due to shrinking order book and a miss in execution in the Transmission & Distribution (T&D) space
  • Margins improved marginally by 33bps to 9.8%, lower than our estimate
  • Order inflow at Rs. 845cr in Q4 FY15 was largely on account of orders in the T&D space and from the MENA region. The company is also L1 in orders worth Rs. 2,000cr
  • Management remained confident of delivering margins above 10% in FY16 and 15% growth in topline for the standalone entity
  • Near term earnings to remain subdued; Maintain Accumulate with a price target of Rs240
Click here for the detailed report on the same.

Warm Regards,
Amar Ambani
Head of Research, IIFL

May 13, 2015

Edelweiss on Mayur Uniquoters

Mayur Uniquoters came out with Q4FY15 results.

Slowed down on Growth but Margins maintained

·         Revenue degrew from INR 122crs in Q4FY14 to INR 121crs in Q4FY15, down by 1.2%
·         Gross Margins saw a 588bps increase on back of lower raw material costs.
·         EBITDA stood at INR 27.2crs in Q4FY15 from INR 27.4crs in Q4FY14, down 0.7%.
·         EBITDA margins stood maintained at at 22.5% in Q4FY15 up 10bps YoY.
·         PAT stood at INR 18.3crs in Q4FY15 from INR 18.6crs in Q4FY14, down 1.6%.


We still believe in the long term story but we expect slowdown in growth in near term although margins will continue to be maintained.


Year to March
Q4FY15
Q4FY14
% change
Q3FY15
% change
FY15
FY16E
FY17E
Net sales
121
122
-1.2%
129
-6.3%
506
607
736
EBITDA
27
27
-0.7%
26
6.3%
102
115
141
PAT
18.3
18.6
-1.6%
17.0
7.4%
66
69
82
Dil. EPS (INR)





15
15
18
Diluted P/E (x)





28
29
24
EV/EBITDA





18
17
14
ROAE





30
22
22






EBITDA Analysis
Q4FY15
Q4FY14
% change
Q3FY15
% change
Net sales
121
122
-1.2%
129
-6.3%



Raw material consumed
72
80
-10.0%
84
-14.0%



Gross Profits
49
42
15.7%
45
7.9%



Employee Expenses
7
5
24.3%
7
-1.0%



Other Expenses
15
10
57.5%
13
15.7%



Operating expenses
94
95
-1.3%
104
-9.4%



EBITDA
27
27
-0.7%
26
6.3%












Common size metrics- as % of net revenues








Year to March
Q4FY15
 Q4FY14
 Chg YoY (Bps)
 Q3FY15
 Chg QoQ (Bps)
Net sales
100.0%
100.0%
0
100.0%
0



Raw material consumed
59.6%
65.4%
-588
64.9%
-535



Gross Margin
40.4%
34.6%
588
35.1%
535



Employee Expenses
5.5%
4.3%
112
5.2%
29



Other Expenses
12.5%
7.9%
466
10.1%
239



Operating expenses
77.5%
77.6%
-10
80.2%
-267



EBITDA
22.5%
22.4%
10
19.8%
267




EdelInvest Fundamental

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