MSFL Research

INDIA WEEKLY ROADMAP WEEK 43 2010 (Oct 25 - Oct 29)

Sensex: ⇑ 0.20% Nifty: ⇑ 0.06% …Upward journey may resume fast..!!

Sensex Nifty After thumping success of maha IPO of CIL, markets look all set to resume their
Closing 20166 6066
Weekly Move + 40.81 + 3.40 upward journey and we believe that there is still huge interest among Global
52 Wk Hi / Low 20855 / 15331 6284 / 4539 Investors in Indian equities…!!
Avg.To/day (Mln) 54125 160918
Institutional Activity (Mon-Fri) Indian markets have lot of reasons to cheer as the biggest public offering in
(` Mln) FIIs MFs Indian history got oversubscribed 15 times (attracted $50 billion) and TCS
Purchase 171508 27342
Sales 135526 45002 became first Indian IT outsourcer to clock $2 Billion revenue in any particular
Net + 35982 - 17660 quarter. And these pointers substantiate our views that Indian companies are
MTD + 210512 - 54163
YTD + 1105763** - 228370* increasing their global clout and their businesses will continue to attract lot of
*FY10-11 **CY10 investments for expected higher ROI.
Advance / Declines Ratio
As corporate India is delivering a very good set of Q2 numbers, we expect strong
upgrades in few of the sectors esp. in services and markets again will not look
very expensive on FY12 basis. We believe that huge business opportunities is
unleashing for mid cap companies also thanks to broadening base of economic
growth in the country. The mid cap space among various sector will be big plays
for next 2-3 years and we suggest to have bottom up approach and invest.

Sectors in Limelight On the broader markets we expect that markets to have a base around 6000
Top Gainers % Top Losers % level on Nifty and start moving up as Fund flows are encouraging and we expect
Pharma 2.9 Realty 3.2
Oil / Refineries 2.5 Construction 2.2
participation to gather momentum. Though there is some concern on Currency
Textiles 2.4 Hotels 2.1 front and the leaders of G-20 are meeting to find some ways to combat the so
Scrips in Limelight
called currency war, we feel that the Govt will not take any drastic measure to
Top Gainers % Top Losers %
Indo Rama Synthetics 26 Sesa Goa 9 disturb FII inflows in the country.
Canara Bank 13 Chambal Fertilizers 6
Abhishek Inds 13 Pratibha Inds 6 We suggest to add position on trading side as momentum on the upside will
Biocon 11 Untiech Ltd. 6
pick up next week.
Merck 11 Sterlite Inds 6
Currency Key Market Drivers
Closing %▲
` /Euro 62.07 - 0.19
• FII Flows
` /US$ 44.46 - 0.98 • Quarterly Results
Rupee ` vs. US$ Institutional
FIIs could be net buyers on dips
Speculative
We expect selling to be initiated on rise
Tech View
Small black candle formation on the daily and doji formation on the weekly
chart indicates indecisiveness. Daily momentum Oscillator is showing signs of
Stock Updates weakness as they have pierced their respective trigger lines on downside. We
Corporation Bank Accumulate expect Nifty to remain in a range of 5950-6150 for the next week and expect
TCS Accumulate
expiry near to 6000.
Cadila Healthcare Buy
 MSFL Research
The MSFL S t o c t r a c

Indo Rama Synthetics

20%
Abhishek Inds. Shree Ashtavinayak Cine United Phosphorus Canara Bank, Biocon, Merck
Federal Bank, J&K Bank Ahmednagar Forgings
Upper Ganges

10%
ENIL, West Coast Paper Aurobindo Pharma, ICRA Ltd. Uttam Galva, Andhra Bank, IOC Tulip Telecom, IDBI, Zee Ltd. TCS, 3i Infotech, TNPL GSFC, ING Vysya Bank, BOI
Torrent Pharma, AIA Eng Sakthi Sugar, GE Shipping Tata Coffee, Bharati Shipyard Corporation Bk, Allahabad Bk Bhushan Steel, Simplex Infra Essar Oil, Arvind Ltd.
Seshasayee Paper, PVR Honda Siel Power, SUN TV Union Bank Of India, Apar Inds. Sona Koyo Steering, Indian Bk Orchid Chemicals, Strides Geometric Soft., Alok Inds.
HT Media, Tricom India Inox Leisure, Simbhaoli Sugar Glenmark Pharma, Sun Pharma Panacea Biotec, Lupin Ltd. Cinemax India Nagarjuna Const., JK Cement

0%
Aventis Pharma, NDTV Orbit Corp., Ackruti City Unitech Ltd., Sterlite Inds, Rolta Sesa Goa, Wipro, GMR Infra Pratibha Inds, Ingersol Rand Chambal Fertilisers, Infosys
JSL Stainless, 3M India Viceroy Hotels, Provouge Mastek, Opto Circuits {I}, DLF HDFC, Reliance Mediaworks GNFC Parsvnath Developers, RCF
Bombay Dyeing, EIH Valecha Engg, Tata Comm Dhampur Sugar, JSW Steel Jyoti Structures, Esab India Nagarjuna Fertilizers
Ind-Swift Labs., ABB Birla Corp., Ispat Ind, TV 18 Alstom Projects, Kinetic Motor Kotak Mahindra, Axis Bank Redington, Ultratech Cement

-10%

-20%
Murudeshwar Ceramics

< -75% -50% 0 50% 75% >

Volume Change

Poonam Mengle Weekly 43

 MSFL Research
The MSFL $ t o c t r a c

Market stays range bound….

Market last week (Week 42 2010)

Gainers with above avg. volumes 57

Gainers with below avg. volumes 88

% Price
Change
Losers with above avg. volumes 36

% Volume Change Losers with below avg. volumes 137

Sensex and Nifty both increased by 0.20% and 0.02% during the week. The market remained volatile during the
week. The market opened with a positive and after trading in range for two days it closed on a negative note. The
food inflation eased by nearly a percentage point to 15.53 per cent as of October 9 compared with 16.37 per cent in
the previous week. This is primarily due to enhanced supplies and a drop in year-on-year inflation in some essential
items, especially cereals, pulses and vegetables such as potatoes and onions. The m- view grid for last week
remained in loser with below average volumes quadrant. There was a marginal rise in gainers with above average
volumes while gainers with below average volumes also witnessed a significant rise same as compared to last week.
There was a marginal decline in losers with above average volumes. Losers with below average volumes witnessed a
significant rise as compared to last week. The grid for next week is expected to be in losers with below average
volumes as we expect markets to trade in a narrow range with a negative bias and profit booking at higher levels.

Sectors in the limelight…

 Pharma stocks increased by 3% during the week in anticipation of many more contract manufacturing deals
and higher growth prospect in advance markets.
 Banking stocks increased by 1% during the week on account of better than expected Q2FY11 numbers posted
by the leading banks.
 Construction stocks decreased by 2% during the week in anticipation of poor Q2FY11 results on the back of
poor execution due to monsoon season.

Counters in the limelight…

 Canara Bank share price increased by 13% during the week after the lender posted 10 percent growth in its
net profit for the second quarter of FY11.
 Biocon price increased by 13% during the week on account of better Q2FY11 numbers and deal with Pfizer for
biosimilar insulin for which company is expected to get $350mln over a period of 2-3 years.
 TCS share price decreased by 9% during the week after company posted better than expected Q2FY11
numbers and in anticipation of strong demand for outsourcing.

Week 38 Week 39 Week 40 Week 41

Ashish Kumar Weekly 43

 MSFL Research
$ECTOR PREVIEW - Construction Q2FY11 Preview
Seasonality impact seen
Heavy monsoons exacerbate seasonality impact:
The Q2 seasonality impact is expected to reflect in the forthcoming quarterly results of major
construction companies. Good monsoons and resultant flash food has affected project
execution mainly in the states of Andhra Pradesh, Bihar, Uttar Pradesh and J&K. This is
expected to reflect in lower growth numbers (10-12%) for IVRCL & HCC with an exception of
Ahluwalia & Sadbhav

Andhra problems persist; environmental problems dog hydro projects:

Poor state finances, lack of political will & heavy monsoons have adversely affected revival of
the irrigation sector in Andhra Pradesh. Also, agitation for Telangana formation has resulted in
Hyderabad real estate market remaining subdued. Environmental concerns led to cancellation
of Loharinagpala project. Some of NHPC’s major projects are still awaiting forest clearance
which may result in order inflow being muted for EPC players in the hydro power space.

Order inflow muted; order backlog remains strong:

Order inflow for companies under our coverage has declined in Q2FY11 by 16% on a y-o-y
basis to ` 58bln. Transportation and Building segment contributed 48% & 25% respectively to
the inflow. However, order backlog for the companies remains to be strong with average
order backlog/sales in excess of 3 (except Ahluwalia Contracts).

Operating margins to remain under pressure:

Revival in demand scenario has resulted in increase in key raw materials for the construction
sector viz. cement & steel. Poor availability of skilled labor has further added to the cost
pressures. In addition, change in revenue mix is also expected to result in operating margins
deteriorating by 50-150bps.

Key areas to watch for:

• Execution & receivables update on Andhra Pradesh irrigation orders for IVRCL, HCC &
Patel Engg.
• Fund raising plans for equity commitment towards BOT assets for HCC, IVRCL, Patel Engg,
Nagarjuna Construction, GVK Power & Infrastructure
• Update on receivables from Loharinagpala project for HCC & Patel Engg.
• Commonwealth Games projects - receivables & dispute claims, if any.

Outlook:
We continue to remain positive on the construction sector; given the increase in revenue
visibility, fund availability, regulatory overhaul to aid execution.

Summary Financials
Net Sales EBIDTA EBIDTA Margin PAT PAT Margin
Q2FY Q2FY Q2FY chg Q2FY Q2FY chg
y-o-y y-o-y y-o-y
11 11 11 (bps) 11 11 (bps)
HCC 8563 9.4% 1011 13.0% 11.8% 38 201 58% 2.4% 167
Ahluwalia 4198 21.0% 473 2.6% 11.3% (202) 246 3.6% 5.8% (99)
Pratibha 2789 32% 352 23% 12.6% (99) 121 14% 4.3% (70)
IVRCL 13011 6.8% 1210 5.7% 9.3% (100) 390 (21)% 3.0% (101)
Sadbhav 2306 24.5% 264 29.2% 11.5% 41 74.6 101% 3.2% 123
IRB Infra 5480 54.0% 2455 40.5% 44.8% (429) 971 37% 18% (217)
GVK PIL 5019 2.0% 1395 (7.5)% 27.8% (283) 383 (13)% 7.6% (135)

Rahul Metkar Weekly 43

 MSFL Research
Heavy monsoons; Andhra Pradesh irrigation affect execution

Monsoon season across the country limits project execution thereby affecting company’s growth rate
in Q2. This year the country witnessed consistent heavy showers in select regions resulting in floods.
Andhra Pradesh, Bihar, UP & J&K were amongst the worst affected regions. Also, Andhra Pradesh
irrigation orders continue to remain in limbo due to poor state finance & lack of political will. This is
expected to result in <10% growth for HCC & IVRCL Infrastructure.

Exhibit 1: Exposure to Andhra Pradesh irrigation

Companies AP Irrigation orders (` bln) % order book
HCC 35 18.1
IVRCL 39 16.5
Patel Eng. 22 20.0
NCC 15 9.2
Source: Company, MSFL Research

Exhibit 2: Y-o-Y revenue growth trend

Source: Company, MSFL Research

Environmental problems plague Hydro power projects

Environmental concerns forced cancellation of three projects viz. Loharinagpala (600MW), Pala
Maneri (480MW) & Bhaironghathi (381MW) on Bhagirathi River in the state of Uttarakhand.
Loharinagpala was under construction while the other two projects were in the conception stage.
NTPC, the developer of the project had awarded civil contracts to HCC (` 2.8bln) & Patel Engineering
(` 6.7bln) and had incurred a cost in excess of ` 20bln. Also, NHPC projects with a total capacity of
7731MW are awaiting environmental clearance from various authorities (Patel Engineering is L1
bidder in Kotli Bhel 1A project which is awaiting forest clearance)

Order inflow muted, expect pickup in 2HFY11

Order inflow for companies under our coverage has declined in Q2FY11 by 16% on a y-o-y basis to `
58bln. Transportation and Building segment contributed 48% & 25% respectively to the inflow.
However, order backlog for the companies remains to be strong with average order backlog/sales in
excess of 3 (except Ahluwalia Contracts). The cumulative order backlog for the companies stood at `
651.2bln in Q1FY11 as compared to ` 446.8bln in FY09. The low base of FY10 and high order backlog
has resulted in the average order backlog to sales ratio jumping from 3.6 in FY09 to 4.4 in FY10.

Rahul Metkar Weekly 43

 MSFL Research
Exhibit 3: Order backlog & revenue visibility

Source: Company, MSFL Research

Exhibit 4: Quarterly order inflow

Source: Company, MSFL Research

NHAI failed to sustain the momentum in award of projects this quarter. It was able to award only 2
projects with a total length of 168kms and a total project cost of ` 8.7bln as compared to an average
award of 18 projects per quarter. As per the revised targets NHAI plans to award 9000kms of road in
2010-2011. We expect order inflow to pick up for our coverage universe mainly driven by pick up in
industrial capex in 2HFY11 and award of infrastructure projects in road, power & urban infrastructure
segments.

Exhibit 5: Details of quarterly road projects

Period No of projects Length Cost in bln
Q3FY10 10 914 76
Q4FY10 19 1522 184
Q1FY11 26 2404 253
Q2FY11* 2 168 9
Total 57 5008 522
As on August 31, 2010
Source: NHAI, MSFL Research

Rahul Metkar Weekly 43

 MSFL Research
Commodity prices inching up; expect margins to remain under pressure

The cement prices cooled off from its high in March 2010 but have started to increase from June
2010; however the steel prices have remained flat during the Q1FY11. We expect the commodity
prices to be higher as compared to previous year which could hurt the margins on EBITDA level.

Exhibit 4: Commodity prices

Source: Company, MSFL Research

Outlook: Order inflow momentum to continue; remain positive over medium term

The government expects infrastructure investment to reach USD 135bln p.a. in FY11 & FY12 as
against an annual spend of USD 55bln in the last 3 years. Hence, we expect the order backlog of
companies to grow by 30% creating a strong platform for medium term growth which is reflected in
the order inflow for Q1FY11.

Key risks include

• Increase in commodity prices, interest rates and funding constraints

• Construction group companies plan equity fund raising for equity commitment towards their
BOT project SPV’s. Any delay in fund raising could affect execution of their captive orders
which forms meaningful part of their total order backlog.

Rahul Metkar Weekly 43

 MSFL Research
Corporation Bank
Accumulate - ` 858 Q2FY11 Result Update
Reco Downgrade
Target Price 858 Support 700
Corporation Bank (Corp Bk) delivered strong set of Q2FY11 numbers with NII growth of
Buy Zone 750 Resistance 815 42.1%; in-line with our expectations of 42.7% growth. However the PAT growth of 20.6%
Sell Trigger 858 surprised us positively (our expectation 14.3%) due to lower than expected provisions. We
Price Performance Downgrade our recommendation from Buy to Accumulate however with a revised price
52 wk Hi/Lo 747/401
target of ` 858.
All time Hi/Lo 747/55
6 mnth Average Vol 95710
Stock Beta 0.72 Strong core income growth
The Net Interest Income (NII) of the bank grew strongly by 42.1% y-o-y driven by 25%
business growth y-o-y and 36 bps y-o-y improvements in the margin. On account of the
strong business growth, the C-D ratio expanded by 701 bps y-o-y for the bank.

Other Income decline; Cost ratios up

The Non-Interest Income of the bank declined by 25% y-o-y on account of sharp decline
in treasury profits by 94% y-o-y. The Fee Income of the bank too remained muted with
7.4% y-o-y growth, in contrast to 32.7% growth in Advances. The Operating expense for
the bank has risen by 36% due to 62% rise in employee expenses and 16.7% increase in
other expenses. As a result of this, the Cost to Income (C-I) ratio has witnessed a steep
Relative Performance %
jump of 547 bps y-o-y to 39.1%. However excluding treasury gains, the C-I ratio has risen
1M 3M 1YR
by 222 bps to 39.3%.
Corp Bank 10.42 34.41 68.59
BSE Bankex 1.22 23.18 (8.06)
No major asset quality surprises
Nifty 1.25 11.47 21.60
The GNPA increased by 1.8% q-o-q on absolute basis while Net NPA declined by 2.25%.
Valuation The GNPA and NNPA of the bank stood at 1.05% and 0.39% respectively as against 2.61%
FY10 FY11P FY12P and 0.29% a year ago. The provision coverage ratio (PCR) of the bank stood at 63.5% (calc)
P/E (x) 9.5 8.0 6.6
while including technical write-offs the ratio stood at 78.51%. The total restructured book
P/BV (x) 1.9 1.6 1.4
P/ABV (x) 2.0 1.7 1.4
stands at 4.2% of the total loan book while the cumulative slippage in the restructured
RONW (%) 21.9 22.1 22.4 book is 6.3%.
Peer Valuation (FY10) Valuation
BOB PNB Avg
We have revised our earnings estimates upwards by 3.1% for FY11E and 3.7% for FY12E to
PE 9.9 9.3 10.0
factor in strong core income growth and lower credit costs. We expect the bank to deliver
P/BV (x) 2.2 2.1 2.3
an average RoE of 22.2% on the back of CAGR 19.7% earnings growth over FY11-12E. At
Equity Data CMP, the bank is trading at 1.4x of its FY12E ABV and 3.5x of its PPP. On account of the
Market Cap. (` bn) 107
above revisions of our estimates, we have revised our price target to ` 858 from ` 660
Face value (`) 10
earlier. However we downgrade our recommendation from Buy to Accumulate as the stock
No of shares o/s (mn) 143
provides 10.7% upside from our new price target.
Sep09 Sep10 %Δ
Promoters 57.17 57.17 0.00
Summary Financials
FD/Foreign Stake 0.00 0.00 0.00
Particulars (` in mln) Q2FY11 Q2FY10 y-o-y FY11P FY12P
DFI's 34.55 33.01 -0.04
FII's 3.63 4.33 0.19 Interest Income 21,581.2 17,695.5 22.0 92,486 113,080
Public 4.65 5.49 0.18 Interest Expense 14,429 12,660 14.0 63,143 77,812
Free Float (mn) 61.43 61.43 0.00 Net Interest Income (NII) 7,152 5,035 42.1 29,342 35,267
Key Institutional Holdings Other Income 2,261 3,018 -25.1 11,984 13,413
Reliance MF, ICICI Pru MF, Principal MF Net Total Income 9,414 8,053 16.9 41,326 48,680
Earnings Profile (in ` mln) Operating Expenses 3,679 2,707 35.9 15,023 17,122
Pre-Provisioning Profit 5,735 5,346 7.3 26,304 31,558
Provisions & Contingencies 976 940 3.9 5,502 6,542
PBT 4,759 4,407 8.0 20,802 25,016
PAT 3,517 2,907 21.0 13938 16760
GNPA (%) 1.1 2.6 -156.0 1.2 1.1
NNPA (%) 0.4 0.3 10.0 0.4 0.4
Cost to Income Ratio (%) 39.1 33.6 546.7 36.4 35.2

Laxmi Ahuja Weekly 43

 MSFL Research
TCS
Accumulate - ` 1101 Q2FY11 Result Update
Reco Downgrade
Target Price 1101 Support 955
TCS showed up with a great set of Q2FY11 numbers beating street expectations and
Buy Zone 957 Resistance 1173 recording double digit Q-o-Q revenue growth at 11.7% (13% in INR revenue) at USD 2004
Sell Trigger 1101 mln. The unexpected margin improvement in the quarter by 86bps (58bps in Indian GAAP)
Price Performance on back of currency tailwinds and rate productivity despite promotional wage hike and
52 wk Hi/Lo 1040/601
variable pay out. Performance in PAT was equally overwhelming with 13% sequential
All time Hi/Lo 1040/208
6 mnth Average Vol 1583639 improvement in PAT at ` 21990 mln. TCS has been outperforming its peers Q-o-Q and we
Stock Beta 0.79 expect it to be well positioned on account of better diversified portfolio as showcased by
continued volume traction. We expect re-rating for TCS to trade at par with Infosys on
FY12P earnings at a multiple of 22 and continue to remain our top pick.

Volume takes off continues: TCS registered 11.2% sequential increase in its volume backed
by strong deal traction across the board. Company won 8 large deals in the quarter in
banking, insurance, and retail sector. Pricing declined marginally at 26bps Q-o-Q. We
expect good volume traction to continue for the company for remaining part of the year
while pricing to be flat.
Relative Performance %
1M 3M 1YR
Margin improvement- a surprise: Improvement in margins by 86bps was a positive surprise
TCS 11.22 23.29 65.82
BSE IT 3.23 12.39 (39.27)
as against expectation of a decline on back of promotions and variable pay out. Currency
Nifty 1.25 11.47 21.60 tailwind, rate productivity, SG&A efficiency offset the wage hike headwind. However, going
Valuation forward there could be margin pressure from appreciating rupee.
FY10 FY11P FY12P
P/E (x) 29.1 24.4 20.8 Highest addition- forecasting positive demand scenario: TCS added 10717 net employees
P/BV (x) 11.1 8.4 6.6 in the quarter which is highest ever addition. Management has guided 19000 gross
RONW (%) 43.7 41.6 40
additions for remaining half of the year increasing its earlier guidance to 50000 gross
ROCE (%) 38.4 34.4 31.5
additions for the year. Higher addition clearly indicates a strong deal pipeline for the
Peer Valuation (FY10)
Infosys Wipro Avg company.
PE 24.3 21.7 23
P/BV 6.2 4.9 5.5 Valuation: TCS remain as our top pick. We revise our EPS target for FY11/FY12 to
Equity Data ` 42.6/50.1 from earlier 40.5/45. We also go forward with stock re-rating on back of
Market Cap. (` bn) 2037 exemplary outperformance both on top-line and bottom-line front valuing it at par with
Face value (`) 1
Infosys at a multiple of 22. The stock is currently trading at 24.4xFY11P and 20.8xFY12P
No of shares o/s (mn) 1957
earnings. We revise our outlook from ‘Buy’ to ‘Accumulate‘ with a target price of ` 1101 on
Sep09 Sep10 %Δ
FY12P earnings.
Promoters 74.33 74.01 0.00
FD/Foreign Stake 0.00 0.00 0.00 Summary Financials
DFI's 7.98 8.13 0.02 ` mln FY09 FY10 FY11P FY12P
FII's 11.87 12.44 0.05
Net Sales 278129 300289 359546 430896
Public 5.82 5.42 -0.07
OPBDIT 71698 86945 105013 127373
Free Float (mn) 502.41 508.68 0.01
EBIDTA Margin (%) 25.8 29.0 29.2 29.6
Key Institutional Holdings
Depreciation 5641 6609 7170 7999
HDFC MF, UTI MF, Reliance MF, ICICI Pru MF
Interest 287 161 203 50
Earnings Profile (in ` mln)
Other Income -4270 2721 5393 7110
Tax 8390 11970 19576 28448
Net Profit 57381 70927 83457 97986
Adj EPS 26.9 35.8 42.6 50.1
Networth 157000 184667 242648 310723
Debt 5632 1033 1033 1033
Fixed Assets 41896 45394 53814 56315
Net Current Assets 75435 73950 123512 189084

Shweta Malik Weekly 43

 MSFL Research
Cadila Healthcare
Buy - ` 690 Q2FY11 Result Update
Reco Maintained
Target Price 817 Support 646
Cadila’s Q2FY11 results were slightly better than our expectations and we
Buy Zone 680-720 Resistance 740 maintain our positive bias on the stock. Net sales grew 21.2% y-o-y to ` 11063mln
Sell Trigger 820 which were mainly driven by USA, India and Brazilian formulation business. EBIDTA
Price Performance grew by 19% y-o-y which was majorly because of lower other operating income.
52 wk Hi/Lo 728/356
EBIDTA margin improved by 20 bps and were at 21.9% during the quarter. EBIDTA
All time Hi/Lo 728/28
6 mnth Average Vol 99411 margins were subdued slightly because of reduction in other operating income
Stock Beta 0.43 as the management is now not focusing on any new contract manufacturing deals
after the Abbott deal. Margins were also impacted by 45.8% increase in R&D expenses
y-o-y which is a one-off event. Net Profit was up by 30% y-o-y which was on account
of lower interest cost.

Domestic business continues to grow: Cadila has shown revenue growth across business
segments. The domestic formulations business grew by 18.4% during the quarter which
was mainly driven by branded formulations which grew by 19.1% during the quarter.
Growth was led by new product launches and traction in older brands. Zydus wellness
Relative Performance % growth was 23.2% during the quarter and company also launched Sugarfree mint and
1M 3M 1YR
Eggless mayonnaise during the quarter. The Animal Healthcare business also showed a
Cadila 11.65 10.59 28.80
BSE Healthcare 9.42 14.59 46.05
healthy growth of 17.9% during the quarter.
Nifty 1.25 11.47 21.60
Export sales driven by USA and Brazil: Exports showed an overall growth of 24.6% which
Valuation
was mainly on account of USA and Brazilian formulation business which grew by 40.8%
FY10 FY11P FY12P
P/E (x) 27.9 21.1 16.9
and 26.7% respectively. USA growth was driven by launch of Flomax in Q1FY11 and
P/BV (x) 5.78 6.59 5.07 improvement in market share by the older products. Emerging market formulation was
RONW (%) 33.5 32.7 31.3 back on track clocking growth of 43% y-o-y against degrowth in Q1FY11. European
ROCE (%) 24.3 26.6 27.4
business grew by 11.3% and Cadila is continuously shifting manufacturing to India to
Peer Valuation (FY10)
improve margins. Zydus Hospira JV launched one more product and registered growth of
SPIL lupin
PE 22.6 17.8 53.8% during the quarter. API sales degrew by 7.1% due to higher base and delay in
P/BV 3.9 4.7 shipment of product worth ` 50 mln.
Equity Data
Valuation: Management had guided for USD 1 bln topline in FY11 and looking at the first
Market Cap. (` bn) 141
Face value (`) 5 half performance we believe that the company is on track to achieve it. At CMP of ` 690
No of shares o/s (mn) 205 the stock is currently trading at 16.9xFY12E. Looking at the current performance the stock
Sep09 Sep10 %Δ deserves to be rerated and we are raising our Target Price from ` 736 to ` 817 valuing it
Promoters 74.79 74.79 0.00 at 20xFY12E.
FD/Foreign Stake 0.00 0.00 0.00
DFI's 14.40 13.66 - 0.05
FII's 3.12 4.96 0.59 Summary Financials
Public 7.69 6.59 - 0.14 Particulars (` in mln) Q2FY11 Q2FY10 y-o-y FY11P FY12P
Free Float (mn) 172.03 258.07 0.50 Net sales 11063.2 9126 21.2 52760 60691
Key Institutional Holdings OPBDIT 2449 2057 19.1 10198 12309
Interest 160 231 -30.5 735 700
ICICI Pru MF, SBI MF, Reliance MF, UTI MF
Depreciation 304 311 -2.2 1429 1579
Earnings Profile (in ` mln)
OPBT 1984 1515 30.8 8034 10030
O.Inc(+)/Ex Ord Exp(-) 39 41 -6.3 172 211
PBT 2022 1495 35.3 8206 10241
PAT 1708 1319 29.5 6675 8357
EPS (Rs.) 8.35 6.45 29.5 32.62 40.85
Book Value - - - 105 136
Total shareholders fund - - - 21422 27872
Debt - - - 10500 10000

Hitesh Mahida Weekly 43

 MSFL Research
INDIA WEEKLY TECHNIVIEW WEEK 43 2010 (Oct 25 - Oct 29)

Expect Expiry near 6000….

The Market Trend Small black candle formation on the daily and doji formation on the
Sensex Nifty
66
weekly chart indicates indecisiveness. Daily momentum Oscillator is
Close 20166 6066 showing signs of weakness as they have pierced their respective trigger
% Change -0.62 -0.67 lines on downside. We expect Nifty to remain in a range of 5950-6150
for the next week and expect expiry near to 6000.
Support 1 19822 5967

Support 2 19693 5827

We had mentioned in our last weekly (weekly 42) to sell Nifty for a
Resistance 1 20470 6164 target of 5820 and it made a low of 5967 and bounced back. Critical
Resistance 2 20854 6284 support and resistance level are placed at 5967(5827) and 6164(6284)
for the Nifty. 14 Daily exponential moving average have been pierced on
Short-Term Trend Negative
downside while 7 and 28 DEMA is acting as support. Daily RSI has fallen
Medium-Term Trend Positive sharply from the overbought territory and is about to enter into
Long-Term Trend Positive negative territory and is running below the trigger line indicating
weakness. Weekly RSI is into overbought territory indicating cautious
Sentiments Cautious
signal. Daily stochastic Oscillator has reversed from the overbought
Key Indicators & Patterns territory and has entered into negative territory and has pierced trigger
7 DEMA 20165 6072 line on downside indicating weakness. Weekly Stochastic Oscillator is
14 DEMA 20167 6072 into overbought territory and has pierced trigger line on downside.
200 DEMA 18144 5868
Small black candle formation on the daily and doji formation on the
weekly chart indicates indecisiveness. We expect Nifty to remain in a
14 RSI 55 54
range of 5950-6150 for the next week and expect expiry near to 6000.
14 SO 30 33
BSE Sensex - Daily
Small black candle on the daily and
* BSE - SENSEX (20,334.14, 20,351.74, 20,088.67, 20,165.86, -94.7207)

21000

20500

couple of doji type candle on the

20000

19500

weekly chart indicates weakness. 7 &

19000

18500

18000

14 DEMA have been acting as support. 17500

17000

Daily momentum indicators are

16500

16000

15500

showing signs of weakness. Weekly Volum e (10,920,385)

15000

50000
45000

Momentum indicators are into

40000
35000
30000
25000
20000
15000

overbought.
10000
5000
x 1000

2009 Decem ber 2010 February March April May June July Augus t Septem ber October Nove

CNX Nifty - Daily

* S&P CNX NIFTY (6,113.40, 6,121.10, 6,041.35, 6,066.05, -35.4502) 6400

Small black candle on the daily and

6300

6200

6100

6000

couple of doji type candle on the

5900

5800

5700

5600

weekly chart indicates weakness. 14

5500

5400

5300

5200

DEMA have been pierced on downside

5100

5000

4900

4800

indicating weakness while 7 DEMA is

4700

4600

4500

4400

acting as support. Daily momentum

Volum e (109,374,888)
35000

30000

25000

20000

indicators are showing signs of

15000

10000

5000
x 10000

2009 Decem ber 2010 February March April May June July Augus t Septem ber October Nove

weakness.
 MSFL Research
T E C H N I PICKS
Essar Oil ( ` 150) Triangle pattern break out seen
ESSAR OIL (142.150, 150.900, 142.000, 149.700, +8.0000)

The stock has witnessed break out of the triangle 165

160

pattern with good volumes. Its immediate 155

support and resistance are 137(132) and

150

145

154(162) respectively. 7, 14, 28 & 50 Daily 140

135

exponential moving averages have been pierced 130

on upside and are acting as support. The stock 125

120

has witnessed triangle break out on upside with 115

good volumes. Daily and weekly RSI have

110

105

entered into positive territory and have pierced Volume (13,983,019)

100
30000

their respective trigger lines on upside indicating

25000

20000

strength. We therefore recommend buying on

15000

10000

declines with stop loss below support level.

5000
x1000

2009 December 2010 February March April May June July August September October Nove

Bajaj Auto (` 1487) Channel marginally pierced; Sell below 1450

BAJAJ AUTO (1,503.00, 1,503.00, 1,480.10, 1,486.55, -3.6499)

The stock has been moving in a rising top and 1650

1600

rising bottom formation on the daily candle

1550

1500

1450

chart. Its immediate support and resistance are 1400

1350

1427(1340) and 1555(1615) respectively. Short

1300

1250

1200

term Daily exponential moving averages have 1150

1100

been pierced on downside and are acting as

1050

1000

950

resistance. Couple of black candles on the daily 900

850

and weekly chart indicates weakness. The stock

800

750

700

has marginally pierced the rising channel on the 650

Volume (215,762)

downside however volumes were lower. We

25000

20000

recommend selling below 1450 for a target of

15000

10000

1340.
5000
x100

2009 December 2010 February March April May June July August September October Nove

Cairn India (` 335) Support line pierced; Sell

CAIRN INDIA (337.850, 339.000, 334.000, 334.750, -2.5500), Relative Strength Index (46.6748)

The stock has pierced the support line on

375
370
365

downside indicating weakness. Its immediate

360
355
350
345

support and resistance are 317(326) and 340

335
330

344(355) respectively. 7 & 14 DEMA’s have been

325
320
315
310

pierced on downside and are acting as 305

300
295

resistance. Daily RSI has reversed from the 290

285
280

overbought territory and has entered into

275
270
265
260

negative territory and has pierced trigger line on 255

250
245

downside indicating weakness. The stock is

240

Volume (1,225,164)
35000

expected to complete rounding pattern on the

30000
25000
20000
15000

daily chart. Recommend selling on rallies. 10000

5000
x1000

2009 December 2010 February March April May June July August September October Nove

Vinit Birla Weekly 43

 MSFL Research
T E C H N I PICKS
BHEL (` 2526) Double bottom witnessed; Buy
BHEL (2,550.05, 2,559.00, 2,506.65, 2,526.10, -15.2998)

The stock has witnessed double bottom 2700 100.0% 2700

formation on daily chart with good volumes. Its 2650

61.8%
2650

2600 2600

immediate support and resistance are 2510(2487)

50.0%
38.2%
2550 2550
23.6%

and 2566(2610) respectively. The stock has 2500

0.0%
2500

closed at its 7, 14 & 28 DEMA on daily chart. 2450 2450

2400 2400

Daily RSI has entered into negative territory but 2350 2350

is showing signs of reversal and Weekly RSI too is 2300 2300

showing strength. Daily Stochastic Oscillator too 2250 2250

is showing signs of reversal from oversold zone.

2200 2200

16000 Volume (292,122) 16000

15000 15000
14000 14000

The stock has the potential to retrace 61.8% of 13000

12000
11000
13000
12000
11000
10000 10000

the recent fall of value (2486, 2694). Buy at CMP

9000 9000
8000 8000
7000 7000
6000 6000

or on decline with strict stop loss.

5000 5000
4000 4000
3000 3000
x100 x100

November December 2010 February March April May June July August September October Nove

ICICI Bank (` 1132) Taking support of 7 DEMA on weekly chart; Buy

ICICI BANK (1,135.00, 1,139.00, 1,117.10, 1,131.85, +2.2500)

The stock has taken good support near its 7 Daily

1200 1200

1150 1150

Exponential Moving Average (DEMA) on weekly 1100 1100

chart, which is at 1100. Its immediate support 1050 1050

1000 1000

and resistance are 1108(1080) and 1170(1215) 950 950

respectively. The stock has pierced its 7 and 14 900 900

Daily exponential moving averages on upside.

850 850

800 800

Daily RSI is showing positive divergence on the 750 750

daily chart indicating strength; Weekly RSI too is 700 700

showing strength. Daily Stochastic Oscillator too

Volume (2,147,228)
12000 12000
11000 11000
10000 10000
9000 9000

is showing positive divergence. The stock can be 8000

7000
6000
8000
7000
6000

bought on dips with strict stop loss of its support

5000 5000
4000 4000
3000 3000
2000
x1000 2000
x1000

levels. November December 2010 February March April May June July August September October Nove

Tata Motors (` 1149) 7 DEMA pierced on downside; Sell on rise

TATA MOTORS (1,173.40, 1,175.05, 1,145.15, 1,148.85, -18.2500)

The stock has pierced its 7 DEMA on downside 0.0% 1200

1150

on daily chart. Its immediate support and

23.6%

38.2%
1100
50.0%

resistance are 1117(1080) and 1175(1195)

61.8%
1050

1000

respectively. Daily and Weekly RSI and Stochastic 100.0%

950

Oscillator are showing negative divergence, 900

161.8% 850

indicating weakness. There is an appearance of 800

long black candlestick on daily chart. The stock 750

Volume (2,111,964)

might retrace 50 % from its recent run up. Our 15000

10000

recommendation is to sell on rise with strict stop x1000

5000

loss of support level.

November December 2010 February March April May June July August September October Nove

Vinit Birla Weekly 43

 MSFL Research
T E C H N I VIEWS
Stocks Chart Remarks
HCL TECHNOLOGIES (424.000, 425.850, 413.200, 416.850, -6.75000)
470

HCL Tech Couples of Black candle stick on Daily chart

465
460
455
450
445
440
435

indicate weakness in the stock. Short term

430
425

CMP 416
420
415
410
405
400
395

DEMAs are pierced on down side and acting as

390
385

Reco Sell
380
375
370
365
360
355

resist. Daily RSI & Stochastic Oscillator both are

350
345
340

Support 400, 387

335
330
325
320
315

showing negative divergence. Weekly RSI has

310
305
300

Resist. 432, 448

295
290
285
280

trigger their line on down side. The stock is

275
270
265
260
255
250
245
240

expected to touch 100 DEMA on downside. Sell

235
230
Novem ber Decem ber 2010 February March April May June July Augus t Septem ber October Nove

HDFC LTD (708.000, 709.400, 685.050, 691.950, -12.8000) 900

HDFC 850
Bear Engulfing pattern has been formed on Daily
chart indicate weakness. Daily RSI is continues
800

CMP 691 750

trading into negative territory while Weekly RSI

700

Reco Sell with SL 650

600

showing negative trend. Couples of Black candle

Support 675, 647 550

500
sticks on weekly chart indicate weakness. Short
Resist. 720, 736 450

term DEMAs have been pierced on downside

400

indicate weakness. Sell with SL of 720.

350
Novem ber Decem ber 2010 February March April May June July Augus t Septem ber October Nove

INDIAN OIL CORP (416.550, 429.700, 415.650, 428.100, +13.3000)

470

IOC After making 52week high stock is sharply

465
460
455
450
445
440
435

corrected. The stock have been taking strong

430

CMP 428
425
420
415
410
405

support of short term trend line on daily chart

400
395
390

Reco Buy on dips

385
380
375
370

and it is expected to bounce back from that

365
360
355

Support 417, 403

350
345
340
335

level. Daily RSI has reversed from oversold

330
325
320
315

Resist. 440, 455

310
305
300

territory while Weekly RSI showing positive

295
290
285
280
275
270
265

divergence. Buy on dips with TP of 455.

260

Novem ber Decem ber 2010 February March April May June July Augus t Septem ber October Nove

RELIANCE INFRASTRUCTURE LIMITED (1,072.95, 1,072.95, 1,047.35, 1,053.00, -8.55005) 1270

Reliance Infra Bear Engulfing patter have been formed and

1260
1250
1240
1230
1220
1210

couples of Black candle sticks on Daily chart

1200

CMP 1053
1190
1180
1170
1160
1150

indicating weakness. The stock has strongly

1140

Reco Sell on rise

1130
1120
1110
1100

facing resist. of Long term DEMAs. Daily &

1090
1080
1070

Support 1034, 1012

1060
1050
1040

Weekly RSI showing negative divergence.

1030
1020
1010

Resist. 1078, 1094

1000
990
980

Therefore we recommend to Sell on rise.

970
960
950
940
930

Novem ber Decem ber 2010 February March April May June July Augus t Septem ber October Nove

JSW STEEL LIMITED (1,274.80, 1,296.00, 1,238.15, 1,255.10, -16.0000)

Few Black candle sticks on Weekly chart

1450

JSW Steel
1400

1350

1300

CMP 1255
1250

1200

1150
indicating weakness. Short term DEMAs are
Reco Sell
1100

1050

1000
pierced on downside on daily chart. Daily RSI
950

showing down side trend while weekly RSI has

Support 1226, 1205
900

850

given selling signal. The stock is expected to

800

Resist. 1303, 1330

750

700

touch 100 DEMA on downside at 1205 level. Sell

650

600

Novem ber Decem ber 2010 February March April May June July Augus t Septem ber October Nove

HIND PETROLEUM (497.800, 504.400, 494.600, 500.050, +3.39999)

Hind petro Couples of Doji candle sticks on Daily chart

570
560
550
540
530
520

indicating incisiveness. Daily RSI showing

510

CMP 500
500
490
480
470

reversed form negative territory and showing

460
450

Reco Buy on dips

440
430
420

strength. Daily Stochastic Oscillator has reversed

410
400

Support 490, 488

390
380
370
360

and given buying signal while Weekly RSI

350
340

Resist. 522, 538

330
320
310

showing positive divergence. Buy on dips.

300
290
280
270
Novem ber Decem ber 2010 February March April May June July Augus t Septem ber October Nove

TATA STEEL LIMITED (632.000, 633.000, 616.000, 617.500, -10.9000)

Bunch of Black candle have been seen on Daily

760

Tata Steel
750
740
730
720
710

chart and Bear Engulfing formed on Weekly

700

CMP 617
690
680
670
660
650

chart indicating negative trend in the stock. Daily

640
630

Reco Sell
620
610
600
590

RSI continues trading into negative territory.

580
570

Support 600, 580

560
550
540
530

Short term DEMAs are pierced on downside. The

520
510
500

Resist. 633, 650

490
480
470

stock might be touch 600 level in near term. Sell

460
450
440
430
420
410

Novem ber Decem ber 2010 February March April May June July Augus t Septem ber October Nove

Bansi Gorakhiya Weekly 43

 MSFL Research
T E C H N I VIEWS
Stocks Chart Remarks
KARUR VYSYA BANK (540.000, 574.600, 538.200, 569.350, +30.8000) 670

Karur Vyasa Bank The stock has bounced from 50 DEMA with
660
650
640
630
620
610
600
590
580

volume after consolidation on daily candle

570

CMP 569
560
550
540
530
520
510
500

chart. The stock has very good support of

490
480

Reco Buy
470
460
450
440
430
420
410

50 DEMA from where it bounced every

400
390

Support 550, 530

380
370
360
350
340
330
320

time. We expect stock could test 607 level

310
300

Resist. 615,650
290
280
270
260
250
240

on upside. Buy on dips.

230
220

2009 Decem ber 2010 February March April May June July Augus t Septem ber October Nove

Jindal Saw JINDAL SAW LIMITED (219.300, 228.400, 217.000, 226.750, +9.30000) 235
230
The stock has taking trend line support on
weekly candle chart indicates strength
225

CMP 226
220
215
210
205

Reco Buy on dips

200
195
190
185
while on daily chart it moving on higher
top higher bottom pattern. We expect
180

Support 219, 208

175
170
165

stock could test 250 level on upside while

160

Resist. 229,245
155
150
145

downside 50 DEMA and trend line act as

140
135
130
125

support buy on dips

2009 December 2010 February March April May June July August September October Nov

Nitinfire
NITIN FIRE PROT IND. LTD. (327.000, 339.400, 325.300, 333.550, +6.19998)
430
420
410
Double bottom pattern has been formed
on daily chart and the stock has successful
400

CMP 333 390

380
370

pierced and close above 55 DEMA on daily

360

Reco Buy
350
340
330

candle chart indicates strength. 55 DEMA &

320

Support 322, 360

310
300
290

20 DEMA act as support while 200 DEMA

280

Resist. 345, 370

270
260
250

act as resistance. Buy

240
230
220
2009 December 2010 February March April May June July August September October Nov

Welcorp
WELSPUN GUJ STAHL ROHREN (251.900, 252.450, 248.150, 248.900, -1.90001)
300
295
290
The stock has moving in Rising channel on
CMP 248 daily chart where it corrected from 276
285
280
275

with lower volume. The stock has strong

270

Reco Buy
265
260
255

support of 200 DEMA and lower arm of

250

Support 248,232
245
240
235

channel from where we expect bounce. On

230

Resist. 260 ,278 225

220

upside 20DEMA act as resistance. Buy

215
210
205
2009 December 2010 February March April May June July August September October Nov

MRPL
MRPL (81.1000, 83.7000, 80.4500, 82.8000, +2.30000) 93
92
91
90
89
The stock has given Flag Patten breakout
on daily chart indicates strength. Generally
88

CMP 82.75
87
86
85
84
83

Breakout of Flag Patten leads to 8-10% up-

82

Reco Buy
81
80
79
78

move. We expect stock could test 88 level

77
76

Support 79,77
75
74
73
72

on upside Daily and weekly RSI shows

71
70

Resist. 86,88
69
68
67
66

strength buy on dips

65
64
63

2009 December 2010 February March April May June July August September October Nov

Escort ESCORTS LTD (214.900, 221.900, 214.900, 220.300, +6.45000) 245

240
The stock has bounced from 50 DEMA and
235

pierced short term resistance line on

230

CMP 220
225
220
215
210
205

upside indicates strength. We expect stock

200

Reco Buy
195
190
185
180

could test 240 level on upside while

175
170

Support 210,,195
165
160
155
150

downside 50 DEMA act as support. Daily

145
140

Resist. 235, 248

135
130
125
120

RSI, Stochastic oscillators indicates

115
110
105
100
95

strength. buy
2009 December 2010 February March April May June July August September October Nov

Renuka Sugar SHR RENUKA SUGARS (85.8000, 87.6500, 84.4500, 84.9000, -0.25000)
125

120
The stock has bounce after taking a
support of 38.2 Fibonacci retrenchment
115

CMP 85 110

105

level on daily candle chart indicates

100

Reco Buy 95

90

strength. We expect stock could test 96

85

Support 83, 76
80

75

level in short term as moving in higher top

70

Resist. 91,96
65

60
55

2009 December 2010 February March April May June July August September October Nov
50
higher bottom formation. Buy

Nimesh Thaker Weekly 43

 MSFL Research
DERIVED VALUE
F & O Trend

 Positive: ABG Shipyard,Andhra Bank,Essar Oil, IDBI F&O turnover (NSE) at ` 7175.81 bln
Bank,Jindal Saw,Punj Lloyd,Yes Bank have witnessed
long build up of positions in Nov Series. 800000 717581
700000
 Negative : ABNUVO,Axis Bank,Exide Ind.,HCC, 600000
462872
HDIL,HUL,IDFC,Indian Hotels,JP Associates,ONGC, 500000
Sesa Goa,Tata Global,Tata Steel,Unitech have 400000
witnessed short build up of positions in Nov.Series 300000
200000 99426 129813
76715
 FII’s were the net buyers in the last week to the 100000 25470
tune of ` 1481 cr. while their open interest has 0
gone up by 1.84 %. Index S tock Index S tock Total C as h
Future Future Option Option

FII Trade summary

FII’s derivative activities for the week*
(` in Crore) Buy Sell Net Open Int.

Index Futures 10748 9550 1199 79450

Index Option 32269 30089 2180 317924
Stock Futures 16290 18129 -1839 224502
Stock Options 1946 2004 -58 6798
Total … 61252 59771 1481 628674

MSFL Derivatives Strategies

Punj Lloyd ` 131 Apollo Tyres ` 78

Outlook – Positive Outlook – Negative
Increase in price coupled with increase in open interest Decrease in price coupled with increase in open interest
indicates Long build up of positions in Nov Series. The stock indicates short build up of positions. The stock is likely to test `
is likely to test ` 140 levels. 68.
Strategy – Covered Call Strategy Strategy – Sell a Future Strategy
Buy a Nov Fut @ ` 130.90
Sell a Nov Future @ ` 77.70
Write a Nov 150 call @ ` 2.00
Keep a strict stop loss of ` 80
Keep a trading Stop loss of ` 126
Payoff Payoff
Maximum profit ` 21.10 at or above ` 150 levels while loss is Maximum profit ` 9.70 at or below ` 68 levels. While loss is `
` 2.90 at stop loss levels. 2.30 at or above the stop loss levels.
Logic Logic
Buying a future allows one to gain on the up move while
writing an out the money call reduces the cost of the Selling a future allows one to gain on the down move.
strategy.

Jitesh Ranawat Weekly 43

 MSFL Research
THE WEEK GONE BY
Sectoral Market Movements: Indicative Change in Market Capitalization
(Change) Week 39 Week 40 Week 41 Week 42 Change Change
Month Year
BSE Sensex 1.99 -0.95 -0.62 0.20 0.24 26.86
Nifty 2.08 -0.65 -0.67 0.06 0.50 28.74

Automobiles 3.70 -0.52 1.92 -0.71 3.65 68.08

Auto Ancillaries 0.66 -1.49 0.06 0.22 -0.10 47.01
Banking & Finance 2.68 0.50 -0.76 1.21 3.56 54.93
Shipping 1.78 7.67 -2.04 1.10 7.84 34.10
Cement 1.77 1.51 -0.74 -1.34 1.20 23.40
Construction -0.66 2.49 -2.03 -2.24 -2.19 10.64
Realty 4.53 -1.71 -0.89 -3.19 -2.27 9.10
Paper -0.30 -0.90 0.28 2.12 2.18 77.79
Tea / Coffee 1.03 1.95 -2.21 2.17 3.90 45.69
Sugar 4.39 -1.50 -2.05 0.86 -1.30 -20.69
Textiles 1.18 1.61 2.05 2.37 7.65 35.13
Oil / Refineries -1.00 0.70 -1.52 2.53 -0.50 20.52
FMCG -0.47 -0.16 -0.32 -0.92 -1.27 30.84
Pharmaceuticals 3.72 2.64 -0.17 2.93 8.94 52.72
Steel 6.98 -2.38 -0.17 -1.47 1.23 35.74
Telecom -1.93 -0.75 -2.60 0.14 -5.50 11.34
Power 3.70 -0.58 -2.92 -0.46 -2.03 0.89
Hotels 0.22 0.73 -2.77 -2.12 -5.02 5.77
I.T. 1.36 -0.49 0.10 0.53 2.14 23.39
Power Equipment 4.48 0.30 -2.53 0.23 1.84 16.62
Engineering 3.80 -0.93 -1.64 0.52 1.34 31.74
Fertilizers -0.94 2.39 12.42 -0.87 13.05 64.20
Aluminium/Metals 2.02 4.08 1.28 0.51 4.55 26.62
Media 1.22 0.22 -3.21 0.83 -1.86 37.13

Over the last week
Out performer
Textiles, Oil / Refineries, Pharmaceuticals
Market performer
Automobile, Auto Ancillaries, Shipping, I.T
Banking & Finance, Cement, Paper, FMCG
Tea / Coffee, Sugar, Steel, Telecom, Power
Power Equipment, Engineering, Fertilizers
Aluminium/Metals, Media
Under performer
Construction, Realty, Hotels
Over the last month
Out performer
Shipping, Textiles, Pharmaceuticals
Fertilizers, Aluminium/Metals
Market performer
Automobile, Auto Ancillaries, Cement
Banking & Finance, Construction, Realty
Paper, Tea / Coffee, Sugar, FMCG, Power
Oil / Refineries, Steel, I. T., Engineering
Power Equipment, Media
Under performer
Telecom, Hotels
Over the last year
Out performer
Automobile, Auto Ancillaries, Paper, Steel
Banking & Finance, Tea / Coffee, Textiles
Pharmaceuticals, Fertilizers, Media
Market performer
Shipping, Cement, Oil / Refineries, FMCG
I.T., Engineering, Aluminium/Metals
Under performer
Construction, Realty, Sugar, Telecom
Power, Hotels, Power Equipment

Poonam Mengle Weekly 43