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June 30, 2015

Persistent system annual report

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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


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


Morgan stanley Logs out of NIIT TECH

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


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





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

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

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