Dead Presidents! - India Equity Research

MCX POST IPO GREY MARKET PREMIUM

2012-02-27T20:22:00.001+05:30

*Company Name*	*Offer Price* *(Rs.)*	*Premium* *(Rs.)*	*Kostak* *(Rs. 2 Lac* *Application)*
Hudco	1000	2.50 to 3	--
IRFC	1000	8.75 to 9	--
MCX (IPO)	1032 (Higher Price Band)	355 to 360	Kostak Price on Last Day (24-2-2012) Rs. 3000 to 31000

Sterlite Industries

2012-02-26T23:01:00.000+05:30

Sterlite Industries

Coal India Limited

2012-02-26T22:57:00.001+05:30

Coal India Limited

Tecpro Systems

2012-02-26T22:47:00.001+05:30

Tecpro Systems

Britannia Industries

2012-02-26T22:46:00.004+05:30

Britannia Industries

Simplex Infrastructure

2012-02-26T22:46:00.001+05:30

Simplex Infrastructure

GSPL Ltd

2012-02-26T22:45:00.001+05:30

GSPL Ltd

Weekly Market Strategy - Feb 26 2012

2012-02-26T22:37:00.001+05:30

Weekly Market Strategy - Feb 26 2012

MBL Infrastructure, Apollo Tyres, GPPL, Unity Infra Projects

2012-02-26T22:35:00.001+05:30

MBL Infrastructure, Apollo Tyres, GPPL, Unity Infra Projects

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2012-02-26T20:11:00.002+05:30

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First weekly fall for markets in 2012

2012-02-25T19:34:00.001+05:30

The Indian markets broke seven-week winning trend on profit booking. The Sensex fell 2% and the Nifty declined 2.4%.

Headlines for the week

Kingfisher Airlines faces tough times
Citigroup sells HDFC stake
Econet seeks $3.1 billion damages from Bharti Airtel
India’s GDP to grow at 7.1% in FY12: Rangarajan
Jan consumer price inflation at 7.65%
ABB Q4 net profit soars over 9-fold
Ranbaxy Q4 consolidated net loss at Rs2982.76 crore

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Weekly Newsletter - Feb 25 2012

2012-02-25T19:27:00.000+05:30

We warned about a meaningful correction on Feb. 22. Incidentally, the main indices witnessed second big fall of 2012 on the day. Not only that, the Indian market broke its seven-week winning streak this week. The frontline indices fell for three straight days and logged their first down week of 2012. Traders preferred to book profits in the run up to important domestic events next month.

The fall this week may not necessarily be a bad thing. A pause is always healthy after such a rise. For those who missed the rally, such corrections could be a blessing in disguise. The Indian market could consolidate in a sideways fashion in the near term as uncertainties over the European debt crisis and geopolitical tensions persist.

One should keep a close eye on FII flows, which have been quite robust so far. Q3 GDP data and LTRO-2 by the ECB will among the events to keep on one’s radar for next week. The Centre must not lose any time in accelerating reforms. That will in turn become fuel for our markets.

India's CPI stood at 7.65% in January

2012-02-25T19:25:00.000+05:30

Provisional annual inflation rate based on all India general CPI (combined) for January 2012 on a point-to-point basis (January 2012 over January 2011) is 7.65%. The corresponding inflation rates for Rural and Urban areas are 7.38% and 8.25%, respectively. Inflation as measured by the Wholesale Price Index (WPI) declined to a 26-month low of 6.55% in January. The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation releases Consumer Price Indices (CPI) on base 2010=100 for all-India and States/UTs separately for Rural, Urban and Combined every month with effect from January 2011. The General Indices for Rural, Urban and Combined are 115.0, 112.8 and 114.0 respectively. The annual consumer price index (CPI) data released for the first time today measures retail prices in major food groups, fuel, clothing, housing and education across rural and urban India. Provisional annual inflation rates of January 2012 for Rural, Urban and Combined in respect of ‘Food & Beverages’ stood at 4.18%, 3.98% and 4.11%, respectively, said Srikant Kumar Jena, Minister of State (Independent charge), Ministry of Statistics and Programme Implementation. Vegetables were cheaper by over 24 per cent on a nationwide basis in January over the same month last year. Milk & Milk products turned dearer by 16.53% on an annual basis, while the price of Oils and Fats rose by 13.47%. Condiments and Spices turned costlier by 11.83% and Fruits by 10.62%. The inflation numbers for Fuel & Light, Clothing, Bedding and Footwear segments were in double-digits.

Sensex, Nifty near 1-1/2-week closing lows

2012-02-25T09:22:00.001+05:30

Key benchmark indices fell for the third straight day to reach their lowest closing level in almost 1-1/2 weeks. The barometer index, BSE Sensex, fell below the psychological 18,000 level as higher oil prices hit sentiment adversely. The Sensex lost 154.93 points or 0.86%, up close to 75 points from the day's low and off about 275 points from the day's high. The market breadth was weak.

India imports about 80% of its total oil consumption and the rise in prices could worsen a widening trade deficit. Oil advanced for the seventh day in a row today, 24 February 2011, the longest winning streak since January 2010, on signs of economic recovery from the US to Germany and concern escalating tension with Iran threatens crude supplies. Nymex crude oil for April delivery was up 35 cents to $108.18 a barrel.

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MCX Subscription Oversubscription Details - Retail

2012-02-25T09:19:00.000+05:30

MULTI COMMODITY EXCHANGE
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)	2162083	106192932	49.12
1(a)	Foreign Institutional Investors (FIIs)		43593366
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		51320550
1(c)	Mutual Funds		7818888
1(d)	Others		3460128
2	Non Institutional Investors	926607	139313544	150.35
2(a)	Corporates		73526028
2(b)	Individuals (Other than RIIs)		64728672
2(c)	Others		1058844
3	Retail Individual Investors (RIIs)	2162082	52190634	24.14
3(a)	Cut Off		46194600
3(b)	Price Bids		5996034
4	Employees	250000	44034	0.18
4(a)	Cut Off		42276
4(b)	Price Bids		1758
Updated as on 24 FEB 2012 at 2030 hrs

Gujarat Gas

2012-02-24T19:16:00.001+05:30

Gujarat Gas

MCX IPO subscribed 52.75 times

2012-02-24T19:15:00.001+05:30

Note this is upto 4PM ONLY

Gets bids for 29.01 crore shares

The initial public offer (IPO) of Multi Commodity Exchange of India (MCX), India's biggest commodity exchange by turnover, was subscribed a massive 52.75 times by 16:00 IST on third and final day of bidding for the IPO today, 24 February 2012. The IPO got bids for 29.01 crore shares.

MCX had on Tuesday, 21 February 2012, raised Rs 95.62 crore through issue of 9.26 lakh shares to 12 anchor investors at Rs 1,032 per share, the top end of Rs 860-1,032 per share price band for the initial public offer (IPO). The anchor investors are Wellington Management Company, Blackrock Global Funds Asian Dragon Fund, Deutsche Securities Mauritius, Tata AIG Life Insurance, Canara HSBC Oriental Bank of Commerce Life Insurance Company, ICICI Prudential Mutual Fund, Acacia Conservation Fund LP, Birla Sun Life Trustee Company, Kuwait Investment Authority Fund, Sundaram Mutual Fund, GMO Emerging Domestic Opportunities Fund and Credit Suisse (Singapore).

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Market snaps 7-week rally on profit booking

2012-02-24T19:14:00.001+05:30

The market tumbled last week, snapping a seven-week rally, as investors booked profits as concerns mounted over rising crude oil prices.

The Sensex fell 365.78 points or 2% to 17,923.57 in the week ended 24 February 2012. The S&P CNX Nifty fell 135 points or 2.43% to 5,429.30.

The BSE Mid-Cap index tumbled 3.74% and BSE Small-Cap index slipped 3.65%. Both these indices underperformed the Sensex.

Higher oil prices spoiled investor sentiment. India imports about 80% of its total oil consumption and the rise in prices could worsen a widening trade deficit. Oil advanced for the seventh day in a row on Friday, 24 February 2011, the longest winning streak since January 2010, on signs of economic recovery from the US to Germany and concern escalating tension with Iran threatens crude supplies. Nymex crude oil for April delivery hovered at $108.31 a barrel in Asian electronic trading on Friday, 24 February 2012.

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MCX Oversubscription in retail

2012-02-24T19:13:00.002+05:30

MCX has been oversubscribed 20.5 times at cut off in retail.

ABB

2012-02-24T09:26:00.001+05:30

ABB

MCX IPO Premiums continue to remain stable

2012-02-24T09:19:00.000+05:30

*Company Name*	*Offer Price* *(Rs.)*	*Premium* *(Rs.)*	*Kostak* *(Rs. 1 Lac* *Application)*	*Kostak* *(Rs. 2 Lac* *Application)*
Hudco	1000	2.50 to 3 (Seller)	--	--
IRFC	1000	8 to 9	--	--
MCX (IPO)	--	335 to 340	--	3300 to 3400

Markets may see subdued opening

2012-02-24T09:18:00.001+05:30

It is expected to be a subdued opening led by marginally higher Asian indices. Concerns may remain over rising global oil prices.

Headlines for the day

Tata Steel seeks shareholders' nod to up borrowing limit
IDFC PE to invest Rs150 crore in Staragri Warehousing
DB Realty sees no financial impact from Etisalat exit
Citi seeks $2.1 billion for stake in HDFC: sources
Kingfisher Airlines crisis: Banks reluctant to lend more
SBI to get Rs 7900cr from govt by next month-end
EGoM to meet today to review changes in gas policy

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Precious metals glitter

2012-02-24T09:17:00.001+05:30

Weak dollar, follow through buying and Israel Iran tension push up prices

Bullion metal prices ended substantially higher on Thursday, 23 February 2012 at Comex. Comex April gold futures prices ended the U.S. day session with solid gains on Thursday, on good follow-through buying. Gold is being boosted this week by fresh safe-haven investment demand. The key factors were also in a bullish daily posture for the precious metals on Thursday, as the U.S. dollar index was lower and crude oil prices were solidly higher.

Gold for April delivery ended higher by $15 or 0.84%, to end at $1,786.3 an ounce on the Comex division of the New York Mercantile Exchange on Thursday. It reached a high of $1,789.3 during intra day trading.

Gold ended the month of January higher by 11%. For the year 2011, gold rose 10%.

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Crude ends at nine month highs

2012-02-24T09:16:00.003+05:30

Weak dollar and less than expected increase in supplies push prices higher

Crude prices ended at nine month highs on Thursday, 23 February 2012 at Nymex. Weak dollar and energy department's report showing that crude inventories rose little less than expected last week pulled up prices substantially higher on Thursday.

Light and sweet crude for April delivery rose $1.55 (1.5%) to $107.83 a barrel on the New York Mercantile Exchange on Thursday. It was highest close for crude prices since May 2011.

In the latest weekly inventory report, the EIA reported today that an increase of 1.6 million barrels in the nation's crude supplies for the week ended 17 February 2012. Market had expected an increase of about 1.7 million barrels. The EIA also reported gasoline supplies down by 600,000 barrels and distillates inventories down by 200,000 barrels. Market had expected gasoline stockpiles to fall 450,000 barrels and distillates stockpiles to drop 1.8 million barrels on the week.

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Market may open flat to slightly higher

2012-02-24T09:16:00.001+05:30

Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 7 points at the opening bell.

Bank of Baroda said after market hours on Thursday, 23 February 2012 that a meeting of the board of directors of the bank will be held on 27 February 2012, to consider proposed preferential issue of equity shares in favour of Life Insurance Corporation of India (LIC)/ Mutual Funds (MF).

Key benchmark indices fell for the second straight day to reach their lowest closing level in more than a week on Thursday, 23 February 2012 as profit booking emerged after recent strong rally in share prices. The BSE Sensex shed 66.75 points or 0.37% to settle at 18,078.50, its lowest closing level since 14 February 2012.

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