6 May 2013

MARKETS TODAY

WORLD INDICES & INDIAN ADRs (US$)

Stock indices are likely to open slightly up on positive cues from overseas
markets, but may trade in a narrow band, taking cues from companies' JanMar earnings. Corporate earnings will lead to stock-specific action resulting in
rangebound trade.Resistance is seen at 5971 levels & support is seen at 5916
levels. Stocks to watch: Grasim Ind, Titan Ind. Result watch: Adani Ports and
Special Economic Zone, Adani Power, Great Eastern Shipping Co, Lanco
Industries, South Indian Bank. Data watch: India Svcs PMI and Composite PMI
for Apr, Germany svcs PMI, Eurozone svcs PMI.

KEY OVERNIGHT DEVELOPMENTS

Asian shares rose today tracking gains in Wall Street as data released Fri
bolstered prospects of an economic revival in the world's largest economy.
The US economy added 165,000 jobs in Apr, which was more than expected,
a US Labor Dept report said Fri. The US jobless rate declined to 7.5% in Apr,
the lowest rate since Dec 2008, from 7.6% in Mar.
3-May-13

EQUITY
Latest
19,575.6
5,944.0
7,897.1

SENSEX
NIFTY
CNXMIDCAP

1 Day
(0.8)
(0.9)
(0.2)

P/E*
16.3
15.8
14.2

P/B*
2.7
2.6
1.5

*Source: Bloomberg

COMMODITIES
Latest
1470.8
95.6

GOLD
CRUDE OIL

Points
3.7
1.6

FII ACTIVITIES IN DERIVATIVES

FII Net Buy (Rs.
Crs)
Index Futures
Index Options
Stock Futures
Stock Options

NET INFLOWS

(12.6)
(468.5)
(684.6)
24.0

3-May-13
Open Ch. in Open
Interest Int. (DOD)
12167.2
49278.0
24757.3
2111.6

(Rs. Crs.)

FII
MF

NET
1613.2
(297.0)

% Chg.
0.3
1.7

0.4
1.1
(0.1)
3.5

2-May-13
MTD
1613.1
(297.4)

YTD
61953.8
(8886.2)

*YTD From January till date

EXCHANGE RATE
Rs. / $
Rs. / EURO
Rs. / UK Sterling

3-May-13
Closing
53.8
70.8
83.8

G.SEC. YIELD
GS CG2022 8.15%

% Chg.
0.01
0.67
(0.04)

3-May-13
Rate
102.0

Yield (%)
7.9

Please refer to important disclosures at the end of the report

Sushil Financial Services Private Limited

Regd. Office : 12, Homji Street, Fort, Mumbai 400 001.

NIKKEI 225 *
HANG SENG *
DOWJONES
NASDAQ
SGX NIFTY FUT*
INFY
HDFC BANK
ICICI BANK
TATA MOTORS
WIPRO
TATA COMM.

* At 08:20 a.m. IST on

Latest
13694.0
22833.8
14831.6
3340.6
6011.5
42.6
43.1
46.7
27.2
7.9
8.4

Points
(105.3)
165.5
130.6
41.5
3.5
1.0
0.9
0.4
0.1
0.1
0.0
6-May-13

3-May-13
% Chg.
(0.8)
0.7
0.9
1.3
0.1
2.5
2.1
0.8
0.4
0.6
0.2

MUST KNOW.

Private sector lenders to Deccan Chronicle Holdings LtdICICI Bank, Axis

Bank, IDFC and Religare Finvest--may form a consortium to collectively
initiate legal action against the company over defaults and delays in
repayments.
Bharti Airtel Ltd has entered into a binding agreement to issue 199.87 mn
shares to Qatar Foundation Endowment for $1.26 bn, the Indian telecom
operator said. The shares are being issued at a price of Rs.340 per share.
Qatar Foundation will hold 5% stake in Bharti Airtel post the transaction.
BASF India Ltd shut down its 'plastic segment' on Apr 1 as part of the
restructuring of its operations. The restructuring was carried out to "serve
its customers more effectively and enhance its operational and
technological excellence", it said.
AstraZeneca Pharma India Ltd has informed BSE that a special meeting of
the Board of Directors of the Company will be held on May 06, 2013 to
consider the 'Strategy Plan' for the Company.
Ssangyong Motor, an arm of Mahindra & Mahindra Ltd, sold 12,607
vehicles in Apr, up 25.9% year-on-year. The company's domestic sales grew
27.7% to 5,115 units. Exports in Apr were 7,492 units, up 24.7%.
Mcleod Russel India Ltd has informed BSE that Phu Ben Tea Company Ltd,
a 100% step-down subsidiary of the Company in Vietnam on May 03, 2013
has signed an Agreement for purchase of a Tea Processing Factory in
Vietnam with annual production capacity of 1.2 mn kgs. for a consideration
of USD 2,754,000 plus VAT at the applicable rate.
Power Finance Corp Ltd has sanctioned Rs.25 bn in loans to an arm of GVK
Power & Infrastructure Ltd for setting up a 850 MW hydel power project in
Jammu & Kashmir's Kishtwar district, an official with the state-owned
lender told.
The Supreme Court issued notice to Jet Airways India Ltd on a petition by
income tax department seeking a tax of Rs.1.52 bn for the year 2002-03.
For private Circulation Only.

1 : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435.

Member BSE
Phone: +91 22 40936000 Fax: +91 22 22665758 Email : info@sushilfinance.com

Corporate Announcements & Financial Scoreboard

AstraZeneca Pharma India Ltd has informed BSE that the Board of Directors of the Company at its meeting
held on May 02, 2013, has noted the resignation of Mr. Luigi Felice La Corte, Director, with effect from Apr
15, 2013. Further, Mr. Justin Ooi has been appointed as a Director of the Company in the vacancy caused
by the resignation of Mr. Luigi Felice La Corte. The Board of Directors has also approved the appointment
of Mr. Sanjay Murdeshwar as an Additional Director and also as Managing Director of the Company for a
period of 3 years with effect from May 02, 2013. The appointment of Mr. Sanjay Murdeshwar as Managing
Director is subject to the approval of the Central Government under Part I of Schedule XIII to the
Companies Act, 1956. In view of inadequacy of profits of the Company for the year ended Mar 31, 2013,
the remuneration payable by the Company to the Managing Director has been approved by the
Remuneration Committee of the Board at its meeting held after the conclusion of the Board Meeting, as
well as the appointment and remuneration is subject to the approval of the shareholders of the Company
at the ensuing Annual General Meeting in accordance with the applicable provisions of Schedule XIII to the
said act.
Private sector lenders to Deccan Chronicle Holdings LtdICICI Bank, Axis Bank, IDFC and Religare Finvest-may form a consortium to collectively initiate legal action against the company over defaults and delays in
repayments, The Hindu Business Line newspaper reported. Talks are on between the lenders and the
consortium is likely to take shape soon. However, there is no clarity on whether public sector banks will
join the planned consortium, as per the report. Individually, the lenders have already taken Deccan
Chronicle Holdings to various courts over defaults and other issues, and forming the consortium would
enable lenders to pool resources and make the legal fight against Deccan Chronicle Holdings more potent,
the report said.
Bharti Airtel Ltd has entered into a binding agreement to issue 199.87 mn shares to Qatar Foundation
Endowment for $1.26 bn, the Indian telecom operator said. The shares are being issued at a price of Rs.340
per share. Qatar Foundation will hold 5% stake in Bharti Airtel post the transaction, the Indian company
said in a release. "This strategic partnership with QFE (Qatar Foundation Endowment) demonstrates the
confidence they have in the Company and our strategy for growth," Bharti Airtel Chairman Sunil Bharti
Mittal was quoted as saying in the release. This investment will strengthen the capital structure of Bharti
Airtel and provide more flexibility to the company to deliver on its growth strategy. The investment would
give Bharti Airtel exposure to a strong investor base in West Asia, in addition to South East Asia, the
company said. Bharti Airtel is expected to pare its debt with the proceeds of the transaction. As on Mar 31,
the company had a consolidated debt of Rs.638.40 bn. "As a long-term global investor, our shareholding
gives us exposure to a high growth sector in key emerging markets," Qatar Foundation Endowment's Acting
Chief Executive Officer Rashid Al-Naimi said. Goldman Sachs acted as the sole financial adviser to Qatar
Foundation Endowment on this investment. Bharti Airtel Thurs reported a nearly 80% sequential rise in its
Jan-Mar consolidated net profit to Rs.5.09 bn. The company's consolidated income from operations during
the period was up merely 1% quarter-on-quarter at Rs.204.50 bn.
BASF India Ltd shut down its 'plastic segment' on Apr 1 as part of the restructuring of its operations, the
company said in a notice to the exchanges. The restructuring was carried out to "serve its customers more
effectively and enhance its operational and technological excellence", it said. Under the restructuring, the
'functional solutions' business has been renamed the 'functional materials and solutions business' and a
new division called 'performance materials' will be created under this segment. "The performance
materials business bundles BASF's innovative, downstream plastics from the current performance polymers

and polyurethanes divisions, which were earlier part of the plastic segment," the release said. Another new
division--'mononers'--has been created under the 'chemicals segment', which already has intermediaries
and petrochemical businesses.
Indag Rubber Ltd has informed BSE about the following: "With reference to the approval letter dated Mar
04, 2013 issued by SEBI allowing the promoter(s)/promoter group of the Company, Indag Rubber Limited,
to sell equity shares of the Company held by them through Secondary Market Sale in order to meet the
Minimum Public Shareholding requirement in terms of Rule 19A of Securities Contracts (Regulation) Rules,
1957. In terms of Clause 3(c) of the said letter, the Company note that as on May 03, 2013, the promoter
shareholding of the Company has come down to 76.52% of the share capital from 77.05% on Mar 31,
2013".
AstraZeneca Pharma India Ltd has informed BSE that a special meeting of the Board of Directors of the
Company will be held on May 06, 2013 to consider the 'Strategy Plan' for the Company.
Hindustan Construction Company Ltd has informed BSE that the Board of Directors of the Company at its
Meeting held on May 03, 2013 has appointed Mr. Rajgopal Nogja as Additional Director of the Company
with effect from May 03, 2013 and as a Whole-time Director of the Company for a period of 5 years with
effect from May 03, 2013 designated as Group Chief Operating Officer & Whole-time Director of the
Company, subject to the approval of the shareholders at the ensuing Annual General Meeting of the
Company to be held on Jun 21, 2013. In this regard, the Company has issued a Press Release dated May 03,
2013 titled "HCC appoints Rajgopal Nogja as Group COO and Whole-time Director on HCC Board".
Towa Sokki Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May
03, 2013, have given their consent for the following business: - To issue and allot 8,00,000 Convertible
Warrants (convertible into Equity Shares of the Company) of Rs.10 Per warrant to promoters and nonpromoters on preferential basis.
Ssangyong Motor, an arm of Mahindra & Mahindra Ltd, sold 12,607 vehicles in Apr, up 25.9% year-onyear, Mahindra & Mahindra said in a release on its website. The company's domestic sales grew 27.7% to
5,115 units. Exports in Apr were 7,492 units, up 24.7%. "The domestic as well as export sales increased by
over 20% each compared to the same month last year and came close to the monthly sales record in 2012.
As a result, total sales in Apr rose by 25.9% year-on-year and cumulative sales grew by 20.4% sharply
compared to the same period last year," the company said. "It is very meaningful that we achieved our best
ever monthly sales result in Apr despite the continued global recession," Lee Yoo-il, chief executive officer
said in the release. "We will make utmost efforts to normalise our business by expanding sales with the
launch of face-lifted models consistently."
Transformers and Rectifiers (India) Ltd has informed BSE that the Board of Directors of the Company at its
meeting held on May 03, 2013, inter alia, has approved the followings: 1. To amend Articles of Association
of the Company, relating to Bonus Issue. 2. To Issue of Bonus Shares in the Ratio of 1 (one) equity share for
every 9 (nine) share held, (except to the Promoter/ Promoter group who have agreed to forgo/ waive their
entitlement/ right in proposed bonus issue) to meet the compliance with Minimum Public shareholding
requirement under SCRR of SEBI, subject to approval of members at the general meeting. 3. To call
Extraordinary General Meeting of the Company on June 03, 2013 at 02.00 P.M at the Registered office of
the Company. 4. To enhance the Borrowing powers and to create charge on movable/ immovable assets,
subject to approval of members at general meeting. 5. To re-appoint Mr. Vinod Masson as Executive
Director for a period of 1 year.

 Mita Rajen Shah, Rajen P. Shah, Sanjay Suresh Shah and Garden Silk Mills Ltd - Partner of Saska
Investments ("the Sellers") ("Promoters"), which form part of the promoter and promoter group of Surat
Textile Mills Ltd (the "Company"), has submitted to BSE a Notice of Offer for sell an aggregate of
1,30,44,142 equity shares of the face value of Re.1 each constituting 5.87% of the paid up equity share
capital of the Company (the "Sale Shares") on May 08, 2013 exclusively through the separate window
provided by BSE Ltd (the Stock Exchange) for this purpose. The Sale shall take place on the separate
window of the Stock Exchange and shall commence on May 08, 2013 at 9.15 a.m. and shall close on the
same day at 3.30 p.m.
Mcleod Russel India Ltd has informed BSE that Phu Ben Tea Company Ltd, a 100% step-down subsidiary of
the Company in Vietnam on May 03, 2013 has signed an Agreement for purchase of a Tea Processing
Factory in Vietnam with annual production capacity of 1.2 mn kgs. for a consideration of USD 2,754,000
plus VAT at the applicable rate.
Power Finance Corp Ltd has sanctioned Rs.25 bn in loans to an arm of GVK Power & Infrastructure Ltd for
setting up a 850 MW hydel power project in Jammu & Kashmir's Kishtwar district, an official with the stateowned lender told. GVK Ratle Hydro Electric Project Pvt Ltd is the GVK arm setting up the plant. This was
the first project in the country taken up by GVK under the tariff-based bidding process. "The total cost of
the project is Rs.6,168 crore (Rs.61.68 bn). The debt portion is Rs.4,625 crores (Rs.46.25 bn). The sanction
letter was issued on Apr 2," the official said. The power project is located on National Highway-24 and its
major structures are located on river Chenab. The plant is likely to commence operation in 2017. It will
provide 16% of its output free of cost to the home state. The company has the forest clearance from the
state government for the project. It has also secured environment clearance from Ministry of Environment
and Forest and techno-economic clearance from Central Electricity Authority.
The Supreme Court issued notice to Jet Airways India Ltd on a petition by income tax department seeking
a tax of Rs.1.52 bn for the year 2002-03. The tax department has moved the apex court challenging a
Bombay High Court judgment dated Oct 23, 2012, which rejected the tax department's demand. The apex
court bench headed by Justice R.M. Lodha issued notices on the tax department's plea, that also sought a
stay on the high court's decision. For the financial year 2002-2003, Jet Airways had sought tax deductions
under various heads including aircraft re-delivery charges, heavy maintenance charges, depreciation of
leased aircraft, repair to furniture and fixtures, interest income on fixed deposits and gratuity adjustment.
The tax department passed the order for Rs.1.52 bn tax demand in 2005 disallowing the deductions
claimed. However, on an appeal by Jet Airways, the tax department's order was set aside by Commissioner
of Income Tax (Appeals). The pleas of tax department against this order rejecting the demand raised were
later dismissed by Income Tax Appellate Tribunal and then by Bombay High Court.
Astral Poly Technik Ltd said it has bought 5.60% additional stake in its joint venture company Astral
Technologies for Rs.6.97 mn. Consequently, Astral Poly's stake in Astral Technologies has increased to
37.50% from 31.90%, the company said in a notice to the exchanges. Astral Poly had entered into a share
purchase agreement with its joint venture partner Yogesh Patel for increasing its stake. In a separate
transaction, Ramco Group acquired 37.50% stake in Astral Technologies from Yogesh Patel and Lakdawalla
Investment Ltd. Astral Poly said its holding in Astral Technologies now equals the stake owned by Ramco
Group, a new partner in the joint venture.
Savita Oil Technologies Ltd has informed BSE about Intimation regarding termination of Technical
Collaboration Agreement for Genuine Products.

Information of Bulk Deals 3rd May 2013 on BSE

Scrip name

Name of Client

Acclaim Ind

Ceeplast Trading Company Private Limited

Acclaim Ind

Polymers Multi Trade Pvt Ltd

Adarsh Plant

Naishadkumar Naginbhai Patel

Adarsh Plant
Adi Rasayan

BUY (B) /
SELL (S)
S

Quantity
Shares
60,000

Trade Price/
W Avg. Price
9.36

35,000

9.69

50,000

3.1

Praful Jhaverbhai Mistry

50,000

3.1

Jeraj Rajesh Joshi

94,000

16

Allied Comp

Shriram Credit Company Limited

635,575

0.35

Anshus Clothing

Rathod Manot Chhaganlal Huf

32,000

30.74

Dhampure Spec

Sorabh Gupta

91,455

9.19

Eastern Sugar

A P Trading And Finance Company P Ltd

223,830

5.39

Eastern Sugar

Anoop Nopany

223,825

5.39

Eon Electric

Vpm Electricals Private Limited

1,085,050

24.62

Eon Electric

Vpm Industrial Services Corporation Llp

1,086,560

24.62

Eurofinmart

Aman Agrawal

50,000

75.25

Eurofinmart

Vaibhav Garg

50,000

75.25

Glory Polyfilms

Apoorve Rajendra Talera

632,500

1.17

Glory Polyfilms

Streamline Shipping Company Pvt Ltd

893,290

1.17

Krebs Bio

Anapothana Vema Trust

71,730

9.5

Mm Forgings

Hdfc Mutual Fund

110,000

68.25

Saboo Brothers

Manubha Prabhatsang Vaghela

97,200

12.66

Saboo Brothers

Mit Gopalbhai Shah

48,300

12.66

Saboo Brothers

Rutvij Chinubhai Parikh

48,900

12.66

Setco Auto

Laburnum Capital Advisors Private Limited

174,963

107

Setco Auto

Prakash Pranlal Doshi

164,950

107

Shree Nath Comm

Akasha Syncotex Limited

676,840

14.22

Shree Nath Comm

Swadhinata Vintrade Private Limited

676,840

14.22

Spicejet

Rekha Rakesh Jhunjhunwala

2,500,000

38.94

Quantity
Shares
58000

Trade Price/
W Avg. Price
432

Information of Bulk Deals 3rd May 2013 on NSE

Scrip name

Name of Client

Heritage Foods (I) Ltd.

Kamal Kabra

BUY (B) /
SELL (S)
B

Heritage Foods (I) Ltd.

Usha Kabra

58000

432

Mangalam Cement Ltd

Leasemen Fin-Invest (India) Private Limited

160000

125.57

Mangalam Cement Ltd

Teenlok Advisory Services Pvt. Ltd

200010

125

Mm Forgings Ltd.

Hdfc MF A/C Hdfc Midcap Opportunities Fund

170000

68.25

Snapshot of BULK DEALS in the previous week

Scrip name

Name of Client

Aanjaneya Lifecare Ltd

Aanjaneya Lifecare Ltd
Housing Development And I
Gic Housing Finance Ltd
Gic Housing Finance Ltd
Housing Development And I

Butterfly Commotrade Private Limited

Chayadeep Ventures Llp
Platinum Asia Fund
Kamal Kabra
Usha Kabra
Platinum Invs Mgmt Ltd A/C The Platinum
Internat
The Il&Fs Financial Services Limited
Vpm Electricals Private Limited
Vpm Industrial Services Corporation Llp
Chayadeep Ventures Llp

S. Kumars Nationwide Ltd

Eon Electric
Eon Electric
Aanjaneya Lifecare Ltd

BUY (B) /
SELL (S)
S
B
S
S
B
S

Quantity
Shares
75000
123019
2623305
601000
600000
2424843

Trade Price/
W Avg. Price
78.71
78.39
54.97
117.65
117.65
53.32

S
B
S
S

1800000
915,996
914,335
130000

7
24.78
24.78
93.48

Declaration made under SEBI (Insider Trading) Regulation 2002

Company Name

Name of Acquirer / Seller

Transaction
Date

Andhra Petrochemicals Ltd

Dr B B Ramaiah

05/04/2013

41500

Hatsun Agro Product Ltd

S Anand

03/05/2013

2000

4741

Indusind Bank Ltd

Anil Ramachandran

29/04/2013

1000

8235

Indusind Bank Ltd

Anil Ramachandran

30/04/2013

4000

4235

Indusind Bank Ltd

S V Zaregaonkar

29/04/2013

6000

17150

Irb Infrastructure Devlprs Ltd

Virendra D Mhaiskar (Huf)

04/04/2013

270000

83738795

Lupin Ltd

Kaushik Samanta

30/04/2013

250

3775

Rossell India Ltd

Rishab Mohan Gupta

03/04/2013

2500

729867

1.99

Rossell India Ltd

Rishab Mohan Gupta

04/04/2013

697

730564

1.99

Safari Industries India Ltd

Sudhir Jatia

05/04/2013

3740

1787500

59.78

Sinclairs Hotels Ltd

Navin Chand Suchanti

03/05/2013

803

313315

5.16

Sks Logistics Ltd

Sarvesh Kumar Shahi

03/05/2013

170

804721

5.55

Supreme Infra India Ltd

Vikram Sharma

03/04/2013

25000

0.15

2994783

17.89

Supreme Infra India Ltd

Vikram Sharma

03/04/2013

5000

0.03

2999783

17.92

Technofab Engineering Ltd

Avinash C Gupta

30/03/2013

33552

507746

4.84

Transport Corptn Of India Ltd

Dharmpal Agarwal

03/04/2013

19741

791430

1.09

Transport Corptn Of India Ltd

Dharmpal Agarwal

04/04/2013

10500

801930

1.1

Trident Ltd

Trident Corp Ltd

04/04/2013

45558

170529558

Buy /
Sell

No. of Shares
Transacted
Qty
%

0.01

Holding after
Transaction
Qty
%

25.19

54.86

Rating Scale
This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six
rating categories, with a corresponding risk rating.

Risk Rating
Risk Description

Predictability of Earnings / Dividends; Price Volatility

Low Risk

High predictability/ Low volatility

Medium Risk

Moderate predictability / volatility

High Risk

Low predictability/ High volatility

Total Expected Return Matrix

Rating

Low Risk

Medium Risk

High Risk

Buy

Over 15 %

Over 20%

Over 25%

Accumulate

10 % to 15 %

15% to 20%

20% to 25%

Hold

0% to 10 %

0% to 15%

0% to 20%

Sell

Negative Returns

Negative Returns

Negative Returns

Neutral

Not Applicable

Not Applicable

Not Applicable

Not Rated

Not Applicable

Not Applicable

Not Applicable

Please Note
Recommendations with Neutral Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).
** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have
enhanced our return criteria for such stocks by five percentage points.
Desk Research Call is based on the publicly available information on the companies we find interesting and are quoting at
attractive valuations. While we do not claim that we have compiled information based on our meeting with the management,
we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as
Desk Research Calls (DRC), we intend to release regular updates on the company as is done in our other rated calls.
For any information or suggestion, please contact the below mentioned

Vatsal Shah (vatsal.shah@sushilfinance.com)

Nishita Shah (nishita.sshah@sushilfinance.com)

Bhaveshkumar Jain (bhaveshkumar.jain@sushilfinance.com)

Sushil Financial Services Private Limited

Member BSE: SEBI Regn.No. INB/F010982338 | Member NSE: SEBI Regn.No.INB/F230607435.
Office: 12, Homji Street, Fort, Mumbai 400 001. Phone +91 22 4093 6000 Fax +91 22 2266 5758
Additional information with respect to any securities referred to herein will be available upon request.
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taken in preparing the above, we claim no responsibility for its accuracy. We shall not be liable for any direct or indirect losses arising from the use thereof and the
investors are requested to use the information contained herein at their own risk.
This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete
description of the securities, markets or developments referred to in the material. The information, on which the report is based, has been obtained from sources,
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