1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Friday, February 24, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Feb 22 Feb 23 Change (%) • Indian markets fell for the second straight day
Sensex 18,145.25 18,078.50 -0.37%
yesterday to reach their lowest closing level in more
than a week as investors took profits on expiry of
CNX Nifty 5,505.35 5,483.30 -0.40%
monthly derivatives amid concerns about high oil
BSE Mid-cap 6,375.69 6,340.54 -0.55% prices. Volatility was high as traders rolled over
BSE IT 6,284.61 6,274.72 -0.16% positions in futures & options (F&O) segment from the
BSE Banks 12,348.87 12,308.49 -0.33% near-month February 2012 series to March 2012
series. Investors are also awaiting further evidence on
FII Activity (`Cr) the health of the global economy as high oil prices
Date Buy Sell Net threaten to fuel inflationary pressures and increase
22-Feb 4,024 3,057 967 costs for companies, affecting their profitability. UBS
21-Feb 4,094 2,599 1495
also said in a note that India looks vulnerable to profit-
taking in the short term after recent outperformance,
Total Feb 49,498 35,116 14382
rising oil prices and seasonally tighter monetary
2012 YTD 102,437 76,974 25463 conditions. The downward movement was mainly led
MF Activity (`Cr) by selling pressure in real estate, metal, auto and
capital goods stocks while FMCG, power and oil & gas
Date Buy Sell Net
stocks witnessed some buying activities which gave
22-Feb 662 1,288 -626 some support to the markets. Realty stocks edged
21-Feb 634 972 -338 lower on profit taking after recent strong gains. DLF,
Total Feb 10,666 12,974 -2308 Phoenix Mills, HDIL and Unitech dropped between
2012 YTD 21,087 25,250 -4163
1.08-6.17%. Sterlite Industries fell 4.09%, with the
stock extending Wednesday's 6.62% slide. As per
Volume & Advances / Declines media reports, the Vedanta Resources group may
NSE BSE merge iron ore firm Sesa Goa with copper and
Trading Volume (Cr) 123.07 32.34
aluminium maker Sterlite Industries to simplify and
consolidate its corporate structure. PNB fell 1.96% as
Turnover (`Cr) 18,316 3,223
the board of directors of the bank at its meeting has
Advances 476 1,092 approved issuance of up to 1.28Cr equity shares to
Declines 1,024 1,786 Government of India and up to 1.58Cr equity shares to
Unchanged 62 108 LIC on preferential basis, at a premium of `993.69.
Total 1,562 2,986 • Market breadth was weak at ~0.61x as investors sold
large cap stocks. On provisional basis, FIIs bought
Global Markets
equity of `1.05bn while domestic institutions sold
Index Latest Values Change (%) equity of `6.41bn in cash segment.
DJIA 12,984.69 0.36% • Asian markets were flat today after rising crude oil
NASDAQ 2,956.98 0.81% prices and tension related to Iran weighed on the
Nikkei * 9,597.19 0.02% equities.
Hang Seng * 21,365.86 -0.07% • We expect a flat to cautious opening for the Indian
* as of 8.25AM IST markets today following the cues from the Asian
markets.
Currencies / Commodities Snapshot
Economic and Corporate Developments
Latest Previous
Quote Close • Amid the country facing an acute coal shortage, a
Indian Rupee per $ 49.11 49.15 ministerial panel, headed by Finance Minister Pranab
Indian Rupee per € 65.73 65.72 Mukherjee, will meet on March 1 to address the
environmental issues that hurt the coal output.
NYMEX Crude Oil($/bbl) 108.44 107.83
Gold ($/oz) 1,778.50 1,784.90 • A panel of ministers will meet on Feb 27 to discuss a
share sale in state-run oil explorer and producer Oil
Silver ($/oz) 35.32 35.56
and Natural Gas Corp, Oil Minister S. Jaipal Reddy said.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • Shasun Pharmaceuticals would meet on February 27,
Previous Current Change 2012, to consider issue of equity shares on a
Company Name
Close(`) Price(`) (%) preferential basis to private equity investor.
Voltas 102.65 110.65 7.79
• Coal India Ltd. will seek offtake commitments from
Lanco Infra 19.50 20.85 6.92
power utilities before importing, as has been asked
Amtek Auto-$ 133.30 140.50 5.40 by the Prime Minister’s Office.
BPCL 625.40 657.15 5.08
• The state-owned coal sector monopoly was recently
Oracle Fin 2119.55 2218.40 4.66
asked by the Prime Minister’s office (PMO) to meet
(BSE Mid-Cap) the supply commitments of the power sector even if
it means resorting to imports.
Previous Current Change
Company Name
Close(`) Price(`) (%) • Zuari and Chambal eye UB's Mangalore Chemicals.
Alfa Laval 2821.35 3267.55 15.82 According to two independent sources, Mallya has
Voltas 102.65 110.65 7.79 been approached by two Indian companies to buy
Lanco Infra 19.50 20.85 6.92 him out of Mangalore Chemicals & Fertilisers (MCF),
Amtek India-$ 99.25 105.65 6.45 a 36-year-old company owned by the group. These
Amtek Auto-$ 133.30 140.50 5.40 sources said leading agro chemicals players Zuari
Industries and Chambal Fertilisers & Chemicals have
TOP LOSERS had preliminary dialogue with the group brass, with
buyout proposals, and have even submitted initial
(BSE A-Group)
term sheets.
Previous Current Change
Company Name • Amara Raja Batteries is planning to set up a
Close(`) Price(`) (%)
Jaiprakash Asso 80.00 74.60 -6.75 greenfield project and has earmarked `190Cr for the
HDIL 119.90 112.50 -6.17 first phase.
Reliance Cap 443.70 420.10 -5.32 • Ashok Leyland is planning to set up a new
Sun TV Network 331.45 315.20 -4.90 production facility near Chennai.
Jain Irrigation 112.40 107.10 -4.72 US markets
(BSE Mid-Cap) US markets closed with broad gains Thursday, with the
S&P 500 near a 10-month high, as reports underlining
Previous Current Change
Company Name general improvement in the economy offset a
Close(`) Price(`) (%)
Prestige Estates 106.95 100.05 -6.45 disappointing outlook from Hewlett-Packard Co.
HDIL 119.90 112.50 -6.17 The Dow Jones Industrial Average rose 46.02 points, or
Sobha Dev 296.15 278.65 -5.91 0.4%, to 12,984.69. The S&P 500 gained 5.80, or 0.4%,
Kalpataru Power 115.05 109.10 -5.17 to 1,363.46, its highest since April 29. The Nasdaq
D B REALTY 88.90 84.35 -5.12 Composite advanced 23.81 points, or 0.8%, to
2,956.98.
U.S. data showed home prices climbed 0.7% in the final
month of last year. And jobless claims last week held
near a four-year low.
Keynote Capitals Institutional Research (research@keynotecapitals.net) (+9122-30266000)

3. K E Y N O T E
INSTIT UT IONAL R ES EAR C H
India and Global Economic Calendar
Countries / Friday Monday Tuesday
Regions 24/Feb 27/Feb 28/Feb
India Forex Reserves Data
Weekly Supplement of RBI
US Reuters/ Michigan Pending Home Sales (MoM) Durable Goods Orders
Consumer Sentiment Index
New Home Sales (Jan) Consumer Confidence
Global UK GDP (YoY & QoQ) (Q3) Eurozone M3 Money Supply Japan's National Consumer
(YoY) Price Index (YoY)
UK Index of Services (3M) UK,s Mortgage Approvals Japan's National CPI Ex
(Jan) Food, Energy (YoY)
UK Total Business Germany,s Retail Sales
Investment (YoY & QoQ) (MoM)
(Q4)
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