Research reports of BSE companies

Bombay Stock Exchange has introduced its Sponsored Research Initiative to address the needs of its listed companies and their investors. Under the Initiative, each participating company will be covered by empanelled research houses and research reports generated will be available free of charge. Check this page for more research reports.

The goal of this initiative is to create and disseminate company-specific research reports focused on small and mid-cap companies in a standardised format accessible to the retail investor. These reports contain analysis and views on company fundamentals including industry overview, company�s business, profitability and competitive landscape.

Research Reports are currently available for the following companies.

Scrip Code	Company Name	Initiation Report	Updates
533179	Persistent Sys	Download	Download
533098	NHPC	Download	Download
532926	Jyothy Lab	Download	Download
532787	Ess Dee Alum	Download	Download
532684	Everest Kanto	Download	Download
532682	ABG Shipyard	Download	Download
532654	Mcleod Russel	Download	Download
532629	Mcnally Bharat	Download	Download
532508	JSL Stainless	Download	Download
532259	Apar Inds	Download	Download
523838	Simplex Infra	Download	Download
517146	Usha Martin	Download	Download
509930	Supreme Inds	Download	-
509488	Graphite India	Download	Download
506690	Unichem Lab	Download	Download
500840	EIH	Download	Download
500472	SKF India	Download	Download
500403	Sundram Fast	Download	Download
500186	Hindustan Oil	Download	Download
500165	Kansai Nerolac	Download	Download

For any queries/suggestions kindly write to us at: independent.research@bseindia.com

Regards,
Independent Research Cell

Ranbaxy Oct-Dec earnings estimates

Ranbaxy Laboratories will be in focus as the company will detail its Oct-Dec earnings today Ranbaxy Lab :December quarter net sales are expected to go up by 1% to Rs 2,266 crore, Year-on-Year, basis.The company's net profit is expected to go up by 22.4% at Rs 313 crore on YoY basis. Support at 499…Resistance at 508-512-51

Auto Stocks Down

Auto stocks down due to two reasons 1)U.S. oil prices surged 6% Monday following violent protests in, Libya's capital, that claimed an estimated 200 lives over the weekend. While it only contributes 2% of world oil production, the spike in oil prices Monday reflects concerns that the crisis in Libya could spread to other major oil exporting nations.

2)There are rumors that,an additional tax may be announced for Diesel vehicles in the Budget

India Stock market news

Global Equity markets are witnessing strong selling pressure geo-political tensions in Libya and Bahrain raised concerns over oil supplies while a downgrade of Japan's credit rating outlook by rating agency Moody imputed its ability to tackle its massive debt.

In the domestic space, The NSE Nifty is expected to open in the red due to the weak sentiment globally. The Critical Support level for today is seen at 5477 wherein if Nifty stays above this level, overall trend in the market shall remain strong. The first Target for the day is 5532 and after some consolidation around this level, the benchmark may slowly creep towards the Major Resistance at 5578. However below 5477, the Index may drift towards the first Support at 5460. A fall below this mark may get Support around 5432 level.

Reliance Industries may move up 3-4% at open after the

company, post market hours Monday, said British oil major BP will acquire 30%

stake in 23 of its oil and gas blocks for $7.2 bln. The deal is definitely a positive for the company and the valuations look good, today expect Reliance Industries to test 978-980, but the stock has risen over 6% in the past seven sessions.

Satyam Computer is likely to gain on news its business process

outsourcing arm has renewed an order with geospatial services provider,

NAVTEQ, for two years.

Ranbaxy Laboratories will be in focus as the company will detail its Oct-Dec earnings today.expects Ranbaxy to post net profit at 313 cr,

Some price action may also be seen in shares of Wockhardt following news

it has entered into a pact with US-based Sheffield Bio-Science for

distribution and sales of its recombinant insulin

Share market updates

WPI inflation rate for January is likely to come down to 8.01% in January from 8.43% a month ago. Its positive on bank shares as inflation seems to be moderating a

bit, with recent data showing primary articles inflation for the week ended

Jan 29 slipping to 16.24% from 18.44% a week ago

Tata Motors are likely to extend gains as the

company reported much higher than consensus estimates for Oct-Dec minutes before trading ended on Friday. In Oct-Dec, Tata Motors' consolidated net profit jumped nearly four-fold to 2424 cro, which is sharply higher than street estimates of 2090 cr

The company's consolidated net sales rose 21.6% on year to 315.06 bln

rupees during the period.

Hindalco Industries is likely to slip on reporting lower-than-expected

Oct-Dec net profit of 4.60 bln rupees. Analysts had estimated it at 5.45 bln

rupees.

Reliance Infra's share buyback

Reliance Infrastructure will be in the limelight as investors await

the outcome of its board meet today to consider a share buyback.

Reliance Infra's share buyback price is expected to be between 650-700

Rupees.

Zee Entertainment Enterprises

Zee Entertainment Enterprises will be in focus as its share buyback price seems likely to disappoint the market. The company, after market hours Friday, said it would buy back shares at up to 126 rupees a share. The street was abuzz with rumours of a buyback price of 135-140 rupees.

Sudar Garments Limited – IPO - AVOID

Sudar Garments Limited is engaged in the manufacturing of garments for Men’s wear, Women’s wear and Kids wear. The company is coming out with an IPO on 21st February 2011 which closes on 24th February 2011. The Price Band has been fixed at Rs 72 to Rs 77.

At the upper price band of Rs 77, the company shall be trading at around 18x its FY 11 annualized EPS which seems expensive and is at a premium to most listed peers like Kewal Kiran, Bang Overseas e.t.c.. The other challenges of the company remain in the form of future Sales generation as it is heavily dependent on few key clients (approximately 98% of the revenues come from 6 customers) which also hinder its ability to withstand any pricing pressure. Crisil has assigned grade 1 to the IPO indicating poor fundamentals. We recommend an AVOID on the Public Issue.

Forex, Currency Daily update

Pair Contract Expected Daily Trend Support 1 Support 2 Res 1 Res 2

USDINR Feb Weak 45.62 45.50 45.80 45.88

EURINR Feb Weak 61.70 61.45 62.00 62.06

GBPINR Feb Mixed 73.00 72.85 73.50 73.62

JPYINR Feb Weak 54.70 54.45 55.00 55.34

Share market updates

TRANSFORMERS AND RECTIFIERS INDIA: December quarter sales are expected to go up by 23% to Rs 162 crore, Year-on-Year, (Y-o-Y) basis.

The company's net profit is expected to go up by 35% at Rs 15 crore on YoY basis.

TITAN: December quarter sales are expected to go up by 50% to Rs 2001 crore, (Y-o-Y) basis.The company's net profit is expected to go up by 92% at Rs 145 crore on YoY basis.

SUN TV:sales are expected to go up by 64% to Rs 696 crore, , ( QoQ) basis.The company's net profit is expected to go up by 69% at Rs 284 crore on QoQ basis

STERLITE TECHNO: sales are expected to go up by 16% to Rs 542 crore, (Y-o-Y) basis.The company's net profit is expected to go down by 5% at Rs 52 crore on YoY basis

: Karur Vysya Bank : December quarter net interest income (NII) are expected to go up by 24% to Rs 188crore, (Y-o-Y) basis.The company's net profit is expected to go up by 34% at Rs 101 crore on YoY basis.

Jyoti Structure : December quarter sales are expected to go up by 13% to Rs 576 crore, , (Y-o-Y) basis.The company's net profit is expected to go up by 9.5% at Rs 25.6 crore on YoY basis.

INDIAN OVERSEAS BANK: December quarter operating income are expected to go up by 18% to Rs 1237 crore Y-o-Y) basis.The company's net profit is expected to go up by 80% at Rs 183 crore on YoY basis.

Federal Bank :December quarter operating income are expected to go up by 17% to Rs 581 crore,(Y-o-Y) basis.The company's net profit is expected to go up by 32% at Rs 145 crore on YoY basis.

Crompton Greaves December quarter sales are expected to go up by 8% to Rs 2415 crore, (Y-o-Y) basis.The company's net profit is expected to go up by 4% at Rs 207 crore on YoY basis.

: Allahabad Bank : December quarter net interest income (NII) are expected to go up by 50% at Rs 1012 crore, (Y-o-Y) basis.The company's net profit is expected to go up by 23% at Rs 426crore on YoY basis.

US dollar overseas Weakens

Symbol	Expiry	Open	High	Low	Close	Chg	% Chg	Volume	OI
USDINR	24-Feb-2011	46.0225	46.1000	45.9350	45.9725	-0.16	-0.3522	3,014,914	643,801
EURINR	24-Feb-2011	63.0500	63.2500	63.0025	63.2025	0.28	0.4530	84,125	39,797
GBPINR	24-Feb-2011	73.5025	74.1300	73.5025	73.9650	0.71	0.9796	30,772	18,536
JPYINR	24-Feb-2011	56.3525	56.8100	56.0950	56.3100	0.25	0.4504	5,553	14,233

The US dollar fell v/s the Indian rupee yesterday tracking decline in the US dollar in the overseas market. Weakness in the local stock market failed to push the USDINR higher as the former has been falling against majors such as Euro, GBP and CHF. The spot USDINR closed the day at 45.7575, down by almost 15 paisa since the Monday’s closing. The Feb future contract closed down 16 paisa 45.972.

In cross pairs, the Euro and the GBP rallied against the Indian rupee following rise in the majors. The EURINR for Feb expiry closed the day firm at 63.20, up 28 paisa. The pair posted an intraday high of 63.25. The GBPINR Feb contract crossed the 74.00 mark in the intraday trading, closed few paisa below the level. The Yen gained further against the India rupee with the Feb JPYINR contract closed at 56.31, up 25 paisa.

Local stocks and Debt market

The bear onslaught continues on Dalal Street, with the BSE Sensex and the NSE Nifty falling for the fifth successive trading session. Also, the Sensex briefly fell below 18,000 in intraday day trading, which was for the first time since Aug. 31, 2010. At the close, the benchmark 30-share index, BSE Sensex lost 305.54 points or 1.67% at 18,022.22 with 27 components registering drop. Meanwhile, the broad based NSE Nifty went down by 88.70 points or 1.61% at 5,417.20 with 49 components posting drop.

Indian govt bond yield rose marginally yesterday for second consecutive day of the week. The most-traded 8.13% 2022 bond ended lower at INR99.61, compared with INR99.72 at its previous close

Global market

The US dollar continued to fall further against major currencies on Tuesday on hopes of further economic recovery. U.S. benchmarks the Dow and S&P 500 closed at their highest levels since June 2008 and looked poised for further gains as corporate earnings continue to surprise on the upside. The strong corporate picture and signs of an improving economy eased investors' fears about possible economic fallout from the political turmoil in Egypt, where President Hosni Mubarak announced he will not seek re-election in September after more than 1 million people gathered peacefully across the country to demand that he step down. The Euro rose towards 1.3850 v/s the US dollar and GBP rose towards 1.62 levels. The yen gained with the USDJPY dropped to 81.28 yesterday.

Market Outlook

USDINR Feb: The market is expected to open lower tracking weakness in the US dollar in the overseas market. The Feb contract is expected to take support at 45.75 levels and below that pressure can be extended. Resistance is seen at 45.98 levels. Selling is recommended on pullback.

EURINR Feb: The pair is expected to open higher on firm EURUSD while a weak USDINR will limit gains. The pair is expected to hold on to gains as long as rates sustains above the 63.25 levels. Rates are expected to test 63-65-63.70 today. Buy on dips

GBPINR Feb: The pound may see consolidation against the Indian rupee. Buying at the top does not seem ideal as of now. Watch out to buy GBPINR at the support of 73.55-73.60. Resistance is seen at 74.20-74.25 levels

Economic data for the day

Currency	Event	GMT	CONSENSUS	PREVIOUS
GBP	GBP Purchasing Manager Index Construction	09:30	49.50	49.10
EUR	EUR Euro-Zone Producer Price Index (MoM)	10:00	0.70%	0.30%
EUR	EUR Euro-Zone Producer Price Index (YoY)	10:00	5.20%	4.50%
USD	USD ADP Employment Change	13:15	150K	297K

REC LONG TERM INFRASTRUCTURE BONDS

Issue Closes:- 28^th March, 2011

	IMPORTANT POINTS TO BE NOTED :-
1)	Bonds will be accepted in both physical & demat form. Please write sole/ First applicant's name, Ph No & Appln no on the reverse of the chq.
	Eligible Investors are Individual ( Major )& HUF thru Karta of HUF
2)	Investor applying under demat form has to compulsory attach self attested Pan zerox of all the holders &
	investor applying under physical option has to submit self attested copies of PAN & address proof & self attested cancelled chq.
3)	One bond is of Rs 5000/-. Min appln is of 2 bonds & in multiples of one bond thereafter.
4)	Chq / DD should be drawn in favour of " REC Long Term Infra Bond". Its should be crossed a/c payee only.
5)	Tenure is 10 yrs .Buyback facility is available in OPTION I after 5 yrs & OPTION II -No buy Back
6)	Interest rate is 8% p a.for Option I & 8.10 p.a for Option II
7)	Int on application money at the prescribed rate from the date of credit in REC bank a/c to the date of allotment shall be paid with first annual interest payment.

Share market updates

Indian rupee fell further against the US dollar on Monday following risk aversion due to Egypt crisis. In the interbank market, spot USDINR rose till 46.00 to finally close at 45.90. On MCXSX, the USDINR futures for February expiry settled the day at 46.1350, up 14paisa. The pair earlier posted an intraday high of 46.2275.

Symbol	Expiry	Open	High	Low	Close	Chg	% Chg	Volume	OI
USDINR	Feb	46.1000	46.2275	46.1000	46.1350	0.1425	0.3098	3,739,377	602,698
EURINR	Feb	62.7500	62.9875	62.6500	62.9175	-0.1325	-0.2102	92,692	39,055
GBPINR	Feb	72.9900	73.2900	72.9900	73.2475	0.3275	0.4491	13,333	17,473
JPYINR	Feb	56.1525	56.2625	56.0250	56.0575	0.5075	0.9136	17,702	14,609

The rupee was pressurized by declines in local stock market. The BSE Sensex on Monday shed 0.4 per cent leading to a 10.63 per cent fall in January; it’s lowest since October 2008. FII have pulled out over Rs 8,900 crore ($ 1.95 billion) from Indian equities in January in contrast with a record $29.3 billion they pumped in last year.

In the local debt market, federal bond yields rose while the OIS curve flattened as short-end rates shot up on worries over tight cash conditions. The yield on the most-traded 8.13 %, 2022 bond closed at 8.17 %, up 1 basis point from its previous close, while the second most traded 7.17 %, 2015 bond yield closed up 5 bps at 8.13 %.

In cross pairs, the EURINR opened lower but witnessed mild recovery tracking gains in the EURUSD. The EURINR Feb contract closed the day off 13 paisa at 62.91. The pair fell to a low of 62.65 during the morning session. The GBPINR gained tracking USDINR gains along with modest recovery of GBPUSD. The cross pair for Feb expiry closed the day at 73.2475, up 32 paisa or 0.32%.

In the global market, the Euro rose against the US dollar on expectations of hawkish stand by the ECB. The euro rose as high as $1.3740 just near to last week's two-month peak of $1.3760. It last traded at $1.3718, up 0.2 % on the day. The EURUSD is currently trading above 1.37 levels in the Asian session. As per yesterday’s data, consumer prices in the Euro zone rose 2.4 % year-on-year, holding above the ECB's target of just below 2 % for the second month. The data helped to lift the three-month Euribor rate to 1.074 %, its highest since July 2009. The single currency's rebound has also helped the British pound, which has additionally been boosted by expectations of a rate hike by the Bank of England. The GBPUSD is currently trading above the recent high of 1.6059. The GBPUSD recovered from of 1.5821 to 1.6049 yesterday.

USDINR Feb: The market has opened lower on decline in the US dollar in the overseas market. The market is taking support at the 46.00 levels and below that selling pressure can be witnessed. The resistance is seen at 46.12 and then 46.23 levels. We recommend selling on a pullback towards the immediate resistance levels with stop loss above the 46.23 levels.

EURINR Feb: The Euro looks positive against the Indian rupee while gains may be limited on weak USDINR. The EURUSD has resistance at 1.3760, above that market may advance towards 1.39 levels. The EURINR has opened firm and currently above the 63.00 levels. The support for the day is seen at 62.95-63.00 and sustained trading above the same should keep higher for the day. The resistance is seen at 63.24 and then 63.40. We recommend buying on dips for the day.

GBPINR Feb: The pound is expected to trade firm with support at the 72.45-50 range and any dip towards the same is ideal for buying for the day. The resistance is seen at 73.90-73.95.

Economic data for the day

Currency	Event	GMT	CONSENSUS	PREVIOUS
EUR	EUR Producer Prices (MoM) (DEC)	07:45	0.60%	0.40%
EUR	EUR Producer Prices (YoY) (DEC)	07:45	5.00%	4.50%
EUR	EUR German Unemployment Rate (s.a) (JAN)	08:55	7.50%	7.50%
EUR	EUR German Unemployment Change	08:55	-10K	3K
EUR	EUR German Unemployment Rate s.a.	08:55	7.50%	7.50%
EUR	EUR German Purchasing Manager Index Manufacturing	08:55	60.20	60.20
EUR	EUR Italian Unemployment Rate (SA)	09:00	8.70%	8.70%
EUR	EUR Euro-Zone Purchasing Manager Index Manufacturing	09:00	56.90	56.90
GBP	GBP Purchasing Manager Index Manufacturing	09:30	58.00	58.30
GBP	GBP M4 Exclduing OFCs (3M ) (YoY)	09:30		3.50%
GBP	GBP Net Consumer Credit	09:30	0.0B	-0.1B
EUR	EUR Euro-Zone Unemployment Rate	10:00	10.10%	10.10%
USD	USD Construction Spending (MoM)	15:00	0.10%	0.40%
USD	USD ISM Manufacturing	15:00	57.90	57.00
USD	USD ISM Prices Paid	15:00	73.50	72.50
USD	USD ABC Consumer Confidence (JAN 30)	22:00
USD	USD Domestic Vehicle Sales	22:00	9.60M	9.46M
USD	USD Total Vehicle Sales	22:00	12.70M	12.53M