1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Thursday, March 29, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Mar 27 Mar 28 Change (%) • Indian markets closed down nearly 1% yesterday,
reversing previous session's gains tracking weak
Sensex 17,257.36 17,121.62 -0.79%
global markets. Banks stocks declined on worries of a
CNX Nifty 5,243.15 5,194.75 -0.92%
rise in cost of funds and heavy government borrowing
BSE Mid-cap 6,245.06 6,190.94 -0.87% in the first half of next fiscal year starting April 2011.
BSE IT 6,072.27 6,021.39 -0.84% SBI has raised interest rates on short-term deposits by
BSE Banks 11,678.27 11,475.87 -1.73% up to 100 basis points. Investors expect other banks to
FII Activity (`Cr) follow the leader, which is likely to put pressure on
their margins. In addition, Indian banks have also been
Date Buy Sell Net facing acute cash crunch in the absence of adequate
27-Mar 3,022 2,943 79 government spending following the outflow of advance
26-Mar 3,990 4,084 -94 taxes estimated at around `700bn earlier this month.
Total Mar 52,914 44,133 8782 Except FMCG and pharma, all sectoral indices closed
2012 YTD 185,971 140,892 45079 on negative note with consumer durable, bank, real
estate and oil & gas stocks were major losers. The
MF Activity (`Cr) BSE's banking sector index, which has risen 25% so far
Date Buy Sell Net in 2012, ended 1.86% lower. SBI lost 2.3%, while top
27-Mar 554 707 -153 private lender ICICI Bank and smaller rival HDFC Bank
26-Mar 373 547 -174 declined 2.1% and 1.4%. Shares in UB group
companies, except Kingfisher Airlines, rose after news
Total Mar 9,200 10,607 -1407
channel CNBC TV18 reported Heineken may buy 12-13
2012 YTD 34,560 39,994 -5434
percent of Chairman Vijay Mallya's stake in United
Volume & Advances / Declines Breweries (UBL). Dr. Reddy's Laboratories rose 1.11%
NSE BSE as the company said it has launched Quetiapine
fumarate tablets (25 mg, 50 mg, 100 mg, 200 mg, 300
Trading Volume (Cr) 69.68 49.81
mg and 400 mg), a bioequivalent generic version of
Turnover (`Cr) 10,907 3,686
Seroquel tablets in US market. Cairn India tumbled
Advances 366 889 4.06% after the company's chief executive officer told
Declines 1,144 2,030 the media that a proposed 80% increase in cess on
Unchanged 45 96 crude petroleum oil produced in India could
Total 1,555 3,015 discourage the firm's expansion plan.
Global Markets • Market breadth was weak at ~0.44x as investors sold
large cap stocks. On provisional basis, FIIs sold equity
Index Latest Values Change (%) of `1.48bn while domestic institutions bought equity of
DJIA 13,126.21 -0.54% `0.73bn in cash segment.
NASDAQ 3,104.96 -0.49% • Asian shares dropped sharply today led by commodity
Nikkei * 10,103.06 -0.78% firms under pressure around the region after a sell-off
Hang Seng * 20,681.15 -0.98% for metals and oil overnight in US, while earnings
* as of 8.25AM IST provided an extra drag for the Hong Kong market.
Currencies / Commodities Snapshot • We expect a weak opening for the Indian markets
today following the cues from the global markets and
Latest Previous
Quote Close rising risk averseness of the global investors, which
Indian Rupee per $ 50.73 50.78 are very much on sell side these days.
Indian Rupee per € 67.68 67.61 Economic and Corporate Developments
NYMEX Crude Oil($/bbl) 105.45 105.41 • Prime Minister's Economic Advisory Council Chairman
Gold ($/oz) 1,661.10 1,657.90 C Rangarajan said the government should consider
decontrolling diesel prices to keep petroleum subsides
Silver ($/oz) 32.05 31.83
at the budgetary level.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • Panacea Biotec, has set up a new state-of-the-art
Previous Current Change cancer drug manufacturing facility at Baddi,
Company Name
Close(`) Price(`) (%) Himachal Pradesh. The `55Cr facility has an annual
United Spirits 559.10 586.45 4.89 production capacity of about 1.2 million vials, and
India Sec 56.55 58.45 3.36 complies with international regulatory standards
Muthoot Fin 128.00 131.80 2.97 such as current good manufacturing practice, US
Manappuram Fin 29.95 30.70 2.50 Food and Drug Administration and UK Medicines and
Union Bank 216.90 222.25 2.47 Healthcare products Regulatory Agency
(BSE Mid-Cap) • GMR Infra's plans to have a power zone at its
11,000-acre Special Economic Zone in Andhra’s
Previous Current Change Kakinada have taken a back seat, due to drop in gas
Company Name
Close(`) Price(`) (%)
production at the Krishna-Godavari basin.
Rajesh Exports 118.60 126.40 6.58
Bajaj Elect 182.15 194.00 6.51 • A government official said the civil aviation regulator
Procter & Gambl 2020.15 2128.00 5.34 might take action against Kingfisher Airlines, if its
Strides Arco 560.90 582.40 3.83 employees and vendors were not paid soon.
Jagran Prakashan 97.40 101.00 3.70 • In major restructuring that may play out shortly in
India’s largest brewer, United Breweries Ltd (UBL),
TOP LOSERS Amsterdam-based global beer major Heineken may
raise its stake from the current 37.5%.
(BSE A-Group)
• Force Motors exited from its joint venture with
Previous Current Change
Company Name Germany's MAN Truck & Bus AG to make commercial
Close(`) Price(`) (%)
Gitanjali Gems 350.70 327.20 -6.70 vehicles in India by selling its stake for €150mn
Titan Inds 237.75 223.95 -5.80 (over `1,000Cr).
HDIL 87.40 82.40 -5.72 • GAIL India has signed an agreement to supply
IB Real Est 64.00 60.45 -5.55 natural gas to Information Technology Park,
JPINFRATEC 48.40 45.80 -5.37 Bangalore.
• ACC announced an investment of `3,300Cr by 2015
(BSE Mid-Cap)
to set up three grinding units and a clinker facility.
Previous Current Change
Company Name US markets
Close(`) Price(`) (%)
Gitanjali Gems 350.70 327.20 -6.70 U.S. stocks fell for a second session Wednesday as
Hindustan Const 25.85 24.35 -5.80 investors dumped energy and other stocks closely
HDIL 87.40 82.40 -5.72 related to global growth after a disappointing report on
IB Real Est 64.00 60.45 -5.55 durable-goods orders.
JPINFRATEC 48.40 45.80 -5.37 The Dow Jones Industrial Average ended down 71.52
points, or 0.5%, to 13,126.21. The Nasdaq Composite
Index fell 15.39 points, or 0.5%, to 3,104.96.
The S&P 500 Index SPX -0.49% lost 6.98 points, or
0.5%, to 1,405.54.
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 / Thursday Friday Monday Tuesday
Regions 29/Mar 30/Mar 2/Apr 3/Apr
India Forex Reserves Data
Trade Deficit - RBI;
External Debt
US US GDP Data Personal Construction Factory Orders
Consumption spending (MoM)
Expenditure - Price
Index (Feb) (YoY &
MoM)
Core Personal Total Vehicle Sales
Consumption
Expenditure - Price
Index (Feb) (YoY &
MoM)
Personal Income
(Feb, MoM); Chicago
Purchasing
Managers' Index
(Mar)
Global Germany Eurozone Consumer UK & Germany Eurozone's Producer
Unemployment data Price Index (YoY) Purchasing Manager Price Index (MoM)
Index Manufacturing and (YoY)
UK GFK consumer Construction Orders UK's BRC Shop Price
spending (YoY); Housing Index (MoM)
Starts (YoY)
Japan
manufacturing, CPI
& Unemployment
data
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