1 Edelweiss Securities Limited
CONTENTS
Latest Research
• 'BRAVEHEART SERIES': Zee Entertainment Enterprises - All set to ride the
digital highway
• EdelFlash: HUL - Leading the innovation game
• Construction - Dedicated Freight Corridor: Tracking growth
• Rollover Analysis
• Bond Vector - Gilts trade cautiously with an eye on OMO
Regular Features
• Sales Trader’s Commentary
• Insider Trades & Bulk Deals
• Technical Updates
• Eye Catchers
FIRST CALL
DAILY
India Equity Research
June 27, 2012
India Change in %
26-Jun-12 1-d 1-mo 3-mo
Nifty 5,121 0.1 4.1 (2.3)
Sensex 16,907 0.1 4.2 (2.0)
CNX 500 4,053 0.2 3.6 (2.8)
Global Indices
26-Jun-12 1-d 1-mo 3-mo
DJIA 12,535 0.3 0.6 (5.0)
NASDAQ 2,854 0.6 0.6 (8.5)
Hang Seng 19,050 0.4 1.8 (9.5)
Nikkei 225 8,656 (0.1) 0.9 (15.6)
Net Inv (INR Bn)
22-Jun-12 B uy Sell N et
FII Cash 14.0 12.1 1.9
FII F&O 274.7 259.3 15.4
M F Cash 3.0 4.5 (1.5)
Value Traded - India (INR Bn) Change in %
26-Jun-12 1-d 1-mo 3-mo
BSE Cash 15.6 (18.5) (12.9) (58.9)
NSE Cash 76.2 (12.7) (6.2) (28.8)
NSE F&O 1,572.3 (30.5)
Forex/M oney M arket Change in %
26-Jun-12 1-d 1-mo 3-mo
INR/USD 57.0 (0.0) (3.2) (10.1)
USD/EUR 1.2 0.1 (0.3) (6.1)
USD/YEN 0.0 (0.2) (0.1) (4.5)
10 Yr G-Sec 8.3 (0.4) (2.5) (1.4)
Commodities (USD/M t ton) Change in %
26-Jun-12 1-d 1-mo 3-mo
Copper 8,382 0.4 (3.9) (14.0)
A luminium 2,702 (1.1) (8.6) (15.8)
*Go ld 1,573.5 0.0 0.0 (6.4)
*Silver 27.1 0.1 (4.9) (16.8)
**NYM EX 79 0.4 (12.5) (25.9)
*USD/Troy Ounce **USD/bbl
Agri Commodities (INR/QT) Change in %
26-Jun-12 1-d 1-mo 3-mo
Sugar 3,163.0 (0.0) 1.7 4.5
^INR/M aund ^^INR/KGSectoral Movements % Change
Ticker 26-Jun-12 1 D 1 M 3 M 1 Y
Banking 11,502 0.5 5.5 (1.5) (8.7)
IT 5,989 (0.1) 1.8 (8.0) (8.3)
Pharmaceuticals 6,724 0.7 1.3 4.5 6.7
Oil 7,976 1.2 5.3 0.4 (13.0)
Power 1,893 0.9 6.0 (9.0) (26.2)
Auto 9,320 0.4 0.9 (5.9) 7.3
Metals 10,250 (0.2) 1.6 (7.8) (30.3)
Real Estate 1,625 0.4 3.4 (7.3) (18.3)
FMCG 4,825 (0.9) 5.1 8.2 24.8
Capital Goods 9,677 (0.1) 9.2 (3.4) (28.8)
Open Interest ( IN R mn)
Vo lume 26-Jun-12 25-Jun-12% C hange
Futures 484,841 466,438 3.9
Call 399,105 392,041 1.8
Put 554,978 531,351 4.4
Total 1,438,925 1,389,830 3.5
P ut C all R at io s
Vo lume 26-Jun-12 25-Jun-12% C hange
PCR 0.97 1.04 (7.2)
WPCR 0.89 0.75 18.7
OI PCR 1.38 1.35 2.6
Total OI/ Volume 0.92 0.79 15.3
Nifty IVs at 18 - 21% levels.
FII Activity* (INR M n) (25-Jun)
2 Edelweiss Securities Limited
First Call
STOCKS IN NEWS
Aditya Birla, Jaypee deal likely in 10-15 days (ET)
Bhushan, Monnet revive bids for 20% stake in Orissa Sponge (ET)
Lessors take back 32 Kingfisher aircraft for non – payment (ET)
DoT seeks attorney general’s view on pricing of existing 2G spectrum (ET)
Bhel has received an order worth INR 9.5bn for a 1020MW hydroelectric project in Bhutan
(DNA)
RPower’s Butibori plant start generation (BS)
3 Edelweiss Securities Limited
First Call
SALES TRADERS COMMENTARY
On Tuesday, the Indian equity market closed marginally positive in an extremely volatile
session. Sensex and Nifty gained 0.10% each. Buying was seen in oil&gas, power, PSU and
auto stocks, while consumer durables, FMCG, metal and capital goods stocks faced selling
pressure.
While the Sensex closed at 16906, up 25 points, the Nifty jumped 06 points to end the day
at 5120.
Major gainers were G A I L (India) (2.74%), H D F C Bank (1.78%), Tata Power Company
(1.70%), Oil & Natural Gas Corporation (1.52%), Tata Consultancy Services (1.40%), and
Mahindra & Mahindra (1.36%).
Major losers were Hindustan Unilever (2.02%), Sterlite Industries (India) (1.21%), Infosys
Technologies (1.05%), Tata Steel (1.00%), Bharti Airtel (0.78%), and I T C (0.62%).
The Oil & Gas index jumped 1.20%. Major gainers were Gujarat State Petronet (3.24%), G A I
L (India) (2.74%), Hindustan Petroleum Corporation (2.36%), Oil India (1.5%) and Bharat
Petroleum Corporation (0.37%).
The Power index was up 0.89%. Major gainers were NTPC (0.89%), Reliance Infrastructure
(0.87%), Lanco Infratech (0.8%), Bharat Heavy Electricals (0.8%) and NHPC (0.28%).
The PSU index gained 0.70%. Major gainers were Allahabad Bank (1.51%), Andhra Bank
(1.22%), Bank of Baroda (1.22%), Bank of India (0.6%) and Balmer Lawrie & Company
(0.15%).
The Consumer Durables index was down 0.98%. Major losers were C.Mahendra Exports
(1.41%), Rajesh Exports (1.07%), Blue Star (0.88%), Whirlpool of India (0.84%) and Gitanjali
Gems (0.37%).
Globally, Asian indices ended on a mixed note while European indices were trading in the
green.
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Sturdy free cash flow generation, ~INR10bn net cash, minimal debt, secular growth story, two buy‐back offers in past few quarters and a stable dividend policy earn ZEE Entertainment (ZEE) an unequivocal place among the best stocks to own in the defensive space. Irrespective of the winner amongst DTH or cable operators, it will be one of the safest and most attractive stocks to play the digitisation theme. With 600bps surge likely in ROE post digitisation, we expect ZEE to re‐rate. Our analysis indicates an NPV/share of ~INR73 from mandatory digitisation in spite of considering delays, even though most of the stakeholders are serious on digitisation this time around. Despite conservative estimates, we expect ~80% upside over a two‐year timeframe (TP: INR244). Maintain ‘BUY’. Humungous untapped potential A huge under‐declared subscriber base of ~75mn (likely to come under its ambit post digitisation) and MediaPro (JV with Star) entail humungous potential for ZEE. Zee TV’s viewership rating is near its one‐year high, which bodes well for fresh ad deals.
Overseas investments, sports, HD could reap rich dividends ZEE is investing in international businesses, which could accelerate overseas revenues over the long term. Even though loss in sports division has often been considered a bane for ZEE, sports channels and HD will aid ARPU growth for ZEE over longer term.
Most negatives already factored in Current valuations already factor in the key risks/concerns like (a) delay in digitisation; (b) loss of viewership ratings; (c) sports losses.
Outlook and valuations: Future beaming; maintain ‘BUY’ ZEE is one of our top picks in the media and we have a TP of INR166 from one year perspective. At CMP of INR136, the stock is trading at P/E of 19.4x and 16.5x FY13E and FY14E earnings, respectively. We maintain ‘BUY/Sector Outperformer’.
ZEE ENTERTAINMENT ENTERPRISES All set to ride the digital highway
EDELWEISS 4D RATINGS
Absolute Rating BUY
Rating Relative to Sector Outperformer
Risk Rating Relative to Sector Medium
Sector Relative to Market Equalweight
MARKET DATA (R: ZEE.BO, B: Z IN)
CMP : INR 136
Target Price (1‐year) : INR 166
52‐week range (INR) : 145 / 109
Share in issue (mn) : 958.8
M cap (INR bn/USD mn) : 130 / 2,303
Avg. Daily Vol.BSE/NSE(‘000) : 1,688.8
SHARE HOLDING PATTERN (%)
* Promoters pledged shares (% of share in issue)
: 15.1
PRICE PERFORMANCE (%)
Stock Nifty EW Media
Index
1 month 8.9 3.5 (0.5)
3 months 6.7 (4.8) (5.6)
12 months 1.1 (5.6) (29.3)
Abneesh Roy +91 22 6620 3141 [email protected] Click on image to view video
Alankar Garude +91 22 6623 3301 [email protected]
India Equity Research| Media
June 26, 2012
Promoters*43.6%
MFs, FIs & Banks12.5%
FIIs37.0%
Others6.8%
FinancialsYear to March FY11 FY12 FY13E FY14ERevenues (INR mn) 30,088 30,406 32,767 36,569 Rev. growth (%) 36.8 1.1 7.8 11.6 EBITDA (INR mn) 8,219 7,396 8,618 10,349 Core profit (INR mn) 6,055 5,907 6,730 7,920 Diluted EPS (INR) 6.3 6.1 7.0 8.2 Dil. EPS post‐digitisation (INR)* 6.3 6.1 7.1 10.0 Diluted P/E (x) 21.5 22.1 19.4 16.5 EV/EBITDA (x) 14.8 15.5 12.9 10.3 ROAE (%) 17.5 17.9 18.0 18.7
* Only this line item factors in the post‐digitisation impact
ZEE Entertainment EnterprisesCompelling defensive stock available at a steal
Abneesh Roy Alankar Garude+91 22 6620 3141 +91 22 6623 3301b h @ d l l k d @ d l
J 2012
[email protected] [email protected]
June 2012
1
Key investment thesis
One of the best defensives: Sturdy free cash flow, net cash of ~INR10bn, minimal debt, secular growth story, two buy‐back offers
Digitisation to spur subscription revenues: Huge under‐declared subscriber base of ~75mnDigitisation to spur subscription revenues: Huge under declared subscriber base of 75mn is a big opportunity. NPV/share of ~INR73 from digitisation in spite of considering delays
MediaPro traction visible: MediaPro will increase bargaining power of ZEE aiding subscription revenue as has been visible in Q3FY12 and Q4FY12subscription revenue, as has been visible in Q3FY12 and Q4FY12.
Reduced dependency on ad revenues: Subscription revenues will increase to 56% in FY16 from current ~44% of ZEE’s total revenues
Most negatives discounted: Slowdown in ad revenue growth, delay in digitisation and sports losses are discounted in the current price
Likely to re‐rate: Limited scope for new entrants (two of the three new Hindi GEC entrants have shut shop) and 600bps surge likely in ROE post digitisation
Two‐year target price of INR244; One‐year target price of INR166
2
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Hindustan Unilever (HUL), in a bid to cement its position in the water purifier business, has launched Pureit sachets. Recently, HUL also initiated several other innovations in products and packaging. We perceive the new positioning of Axe as the mother brand for all its male grooming products as a master stroke, as this segment is on a sharp uptrend. We expect HUL (largest soap player) to benefit from the correction in palm oil prices in coming quarters (however, rupee depreciation will limit gains) and softness in stance of major competitor, P&G. The key risk is delayed monsoon, which may impact rural demand. Vindicating our report, Go Contra; turnaround signals getting louder, dated May 26, 2010, the stock has since outperformed Nifty ~94% and crossed the INR1‐tn market cap mark. Reiterate ‘BUY’. One step ahead of competitors in water purifier segment With the bottled water market in India growing at 19%, HUL is well placed participate in demand for water purifiers. Bringing in fresh momentum to the INR35bn purifier market, HUL has launched low‐cost chlorine‐based Pureit sachets (being test marketed in Bhopal). The product is to be dipped in water and left for a while before use to achieve purity comparable to boiled water. This mass market offering will take Puriet across price points and categories and potentially be a game changer as sachets work well in the bottom of pyramid segment (~70% shampoo sales through sachets).
Upping ante on innovation, cost rationalisation HUL recently launched Magic, an after‐wash laundry brand, which reduces water usage by two‐thirds (being test marketed in Andhra Pradesh). Its innovative packaging for Pond’s Talcum Powder also led to cost and waste reduction (won Silver Award at the 24th DuPont Global Packaging Award).
Outlook and valuations: Positive; maintain ‘BUY’ At CMP, the stock is trading at 32.0x and 27.2x FY13E and FY14E, respectively. We reiterate ‘BUY’ on the stock and rate it ‘Sector Outperformer’ on relative return basis.
FLASH NOTE
HINDUSTAN UNILEVERLeading the innovation game
EDELWEISS 4D RATINGS
Absolute Rating BUY
Rating Relative to Sector Outperformer
Risk Rating Relative to Sector Low
Sector Relative to Market Equalweight
MARKET DATA (R: HLL. BO, B: HUVR IN)
CMP : INR 460
Target Price : INR 490
52‐week range (INR) : 463 / 308
Share in issue (mn) : 2,161.5
M cap (INR bn/USD mn) : 995 / 17,593
Avg. Daily Vol.BSE/NSE(‘000) : 2,692.5
SHARE HOLDING PATTERN (%)
* Promoters pledged shares (% of share in issue)
: NIL
PRICE PERFORMANCE (%)
Stock Nifty
EW Consumer Goods Index
1 month 3.3 3.5 2.3
3 months 14.2 (4.8) 13.8
12 months 40.6 (5.6) 26.3
Abneesh Roy +91 22 6620 3141 [email protected]
Hemang Gandhi +91 22 6620 3148 [email protected] Pooja Lath +91 22 6620 3075 [email protected]
India Equity Research| Consumer Goods
June 26, 2012
FLASH
FinancialsYear to March FY11 FY12 FY13E FY14ERevenues (INR mn) 196,477 229,877 264,276 300,431Rev. growth (%) 10.6 17.0 15.0 13.7EBITDA (INR mn) 23,364 30,350 35,894 42,422Net profit (INR mn) 22,961 27,907 31,075 36,615Shares outstanding (mn) 2,180 2,161 2,161 2,161Diluted EPS (INR) 9.6 12.4 14.4 16.9EPS growth (%) (1.1) 30.1 15.7 17.8Diluted P/E (x) 48.2 37.0 32.0 27.2EV/EBITDA (x) 41.7 31.5 26.3 22.0ROAE (%) 77.6 86.2 78.3 74.2
Promoters*52.5%
MFs, FIs & Banks10.3%
FIIs19.4%
Others17.8%
Edelweiss Research is also available on www.edelresearch.com,
Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset.
Edelweiss Securities Limited
The ambitious Dedicated Freight Corridor (DFC) project, targeting
creation of high-capacity, high-speed railway corridors dedicated to
freight movement, boasts of being India’s largest-ever infrastructure
project. The Delhi-Mumbai and Delhi-Kolkata corridors, with an
estimated completion cost of ~INR900bn, are expected to revolutionise
freight transport in India. With a 2017-18 completion target, steady
progress in land acquisition and funding, we expect the next couple of
years to see a lot of action on the project award side. This will trigger
significant opportunities for EPC players like L&T, IVRCL, NCC, among
others, apart from giving a fillip to the country’s logistic network.
DFC development imperative as existing network grossly clogged
Saturation of existing railway capacity has led to congestion and loss of freight market
share for Indian Railways (from ~90% in 1950s to <40% currently). Development of
DFCs with high-capacity efficient network, faster speeds and enhanced design features
is likely to enable railways cope with the increasing freight transport requirements in a
timely and cost effective manner.
Funding in place for ambitious INR900bn multi-phase project
DFC’s current scope is limited to ~3,300 kms on Delhi-Mumbai and Delhi-Kolkata
routes. The project, to be undertaken in phases, is estimated to cost INR900bn. The
construction cost can be broadly broken up into civil construction (65%), electrical
work (20%) and the balance 15% for signaling (please refer interview with Mr. P N
Shukla, Director for Operations & Business Devp., DFCCIL, on page 6 for more details).
While Japan is funding the Delhi-Mumbai route, the Delhi-Kolkata route will be funded
by the World Bank, Indian Railways and the PPP mode.
Land in place; project award to commence soon
Funding from multi-lateral agencies is contingent on achieving milestones like land
acquisition etc. This is likely to ensure that execution issues usually associated with
large infrastructure projects do not arise. As more than 60% of the land has been
acquired, project award is set to begin. Contracts worth ~INR150bn are expected to be
awarded over the next couple of months. With a 2017-18 completion date, we expect a
steady stream of project award till 2014.
Outlook: Networked for growth; advantage EPC players
DFC is expected to have a multiplier effect on Indian Railways’ freight carrying capacity.
It is a step in the right direction for lowering surface freight costs, which are 2-3x of
those in developed countries. Near-term beneficiaries from DFC include EPC
contractors like L&T (BUY/SO), NCC (BUY/SO), IVRCL (HOLD/SP), SADE (BUY/SO), HCC
(HOLD/SP), Simplex (HOLD/SP), Gammon (Not rated), among others. Long-term
beneficiaries include companies related with associated infrastructure like Texmaco,
Titagarh Wagons, CONCOR, BEML, Siemens, Kalindee Rail Nirman etc.
SECTOR UPDATE
CONSTRUCTION
Dedicated Freight Corridor: Tracking growth
Parvez Akhtar Qazi
+91 22 4063 5405
India Equity Research| Construction
June 26, 2012
1 Edelweiss Securities Limited
Rollovers: (D-2 Days): Market-wide roll 47%; Nifty roll 44%
After yesterday’s frenzied selling, Nifty had a quiet session and settled on a flat note.
On the D-2, market-wide rollovers stand at ~47% which is fairly in line with rollovers of
~46% on the D-2 of the May expiry. Market wide futures OI stands at ~INR 476bn
compared with an OI of ~INR 449bn on the D-2 of May expiry. On the back of short
aggression, roll cost levels (cost to long rollers) in stock futures came down in today’s
session. The market wide roll cost levels averaged ~75-85bps.
Chart 1: Market-wide and Nifty futures open interest
4,600
4,800
5,000
5,200
5,400
5,600
5,800
Jul-
11
Au
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Jun
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OI in
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(in IN
R b
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Marketwi de Futures OI Ni fty Futures OI Nifty (LHS)
Nifty rollovers on the D-2 stands at ~44% as compared to ~38% last expiry. Nifty holds
an OI of 543k contracts (INR 140bn) compared to 527k contracts (INR 131bn) on D-2 of
May expiry. Around 40k Nifty contracts were rolled over while ~26k contracts were
added in the next month. Nifty roll cost (cost to long rollers) during the day was ~20.5-
21.5 points. Dividend impact in Nifty futures roll for the next month is ~11 points.
Chart 2: Market wide & Nifty Rollovers with Roll cost for past 5 Days
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10
20
30
40
50
60
20-Jun 21-Jun 22-Jun 25-Jun 26-Jun
Ro
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%)
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120
Ro
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st (bp
s)
Nifty Rol lovers Mkt Rol l overs
Nifty Rol lcost Mkt Rol l costSource: Edelweiss Research
Yogesh Radke
+91-22-6620 3199
Sriram Velayudhan
+91-22-6620 3100
June 26, 2012
Edelweiss Research is also available on www.edelresearch.com,
Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset. Edelweiss Securities Limited
ROLLOVER ANALYSIS Rollovers update: D-2 day India Alternative Research
2 Edelweiss Securities Limited
Rollover Analysis
Chart 3: Sectoral Rollovers: Telecom, metals and auto have shown strong
rollovers
Sectoral Rollover
6% 5%8% 9%
7%10%
16%
10%8%
5%
-2%0%
5%5%
9%
0%
10%
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30%
40%
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Me
tals
Te
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Oil
& G
as
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ee
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om
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r
Ba
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Po
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r
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FM
CG
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me
nt
Ph
arm
a
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/To
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-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
5 D
ay
OI
Ch
g
Tota l OI chgSource: Edelweiss Research
Rollover activity in telecom (50%/30%), metals (55%/37%) and auto (51%/33%) gathered
momentum on the D-2. Counters where rolls have picked up are TCS (66%/40%), Bajaj Auto
(52%/29%) and M&M (50%/24%). Cement (~44%) has seen weak rollovers on the D-2.
Stocks with uptick in rollover activity on the D-2
� TCS (TCS IN): On the D-2, the stock has witnessed good pick up in the rollover
activity. Nearly 66% of the positions got rolled into the next series as against 40%
on D-3. The open interest is currently ~5.89mn shares. Roll cost level in the
counter was ~35-45 bps (profit to short rollers) during the day.
� Bajaj Auto (BJAUT IN): Rollovers gathered momentum in today’s session with
~52% positions getting rolled over to the July series as compared to 29% on D-3.
The counter holds an OI of ~1.42mn shares. After starting the day at ~80 bps
(profit to short roller considering dividend) roll cost levels went down to ~65 bps.
However later it recovered back to ~75 bps.
� Mahindra & Mahindra (MM IN): Rollovers picked up in today’s session with ~50%
positions getting rolled over to the July series as compared to 24% on D-3. The
counter holds an OI of ~4.65mn shares. Roll cost levels (profit to short roller
considering dividend) during the day averaged ~55-60 bps.
3 Edelweiss Securities Limited
Rollover Analysis
Chg in Near Chg in Mid Near Month Mid Month *Roll Cost Roll Cost
Instrument Bloom Sector Mid/Total Mth OI Mth OI Mth OI OI 25-Jun-12 26-Jun-12
BANK Nifty CNXBANK Index 39% (259,500) 448,225 1,836,975 1,193,150 0.10% 0.13%
CNX IT CNXIT Index 23% (1,000) 750 9,050 2,750 0.47% 0.67%
MINIFTY JBEA Index 31% (64,380) 33,260 704,640 322,840 0.43% 0.42%
CNX NIFTY MID CAP 50 NIFTYM50 Index 100% - - - 750
S&P CNX Nifty NIFTY Index 42% (2,001,200) 3,325,350 15,231,150 10,919,800 0.48% 0.42%
Aban Offshore Ltd. ABAN Oil & Gas 34% (159,500) 131,000 2,305,500 1,175,500
Abb Ltd. ABB Engineering 19% (22,000) 14,000 148,000 35,750 -0.01% -0.13%
Abg Shipyard Ltd ABGS Shipping 0% (626,000) - 2,840,000 - 0.00% 0.00%
Aditya Birla Nuvo Limited ABNL Textile 30% (47,500) 44,500 295,250 128,750 0.97% 1.20%
Acc Limited ACC Cement 46% (283,250) 241,000 846,000 734,750 -0.28% -0.55%
Adani Enterprises Limited ADE Misc 40% (520,500) 467,000 3,509,500 2,369,000 0.97% 0.89%
Mundra Port & Sez Ltd MSEZ Misc 41% (960,000) 26,000 3,860,000 2,684,000 0.13% 0.00%
Adani Power Ltd ADANI Power 37% (2,136,000) 1,896,000 9,720,000 5,684,000 0.96% 0.86%
Allahabad Bank ALBK Banking 48% (1,078,000) 988,000 1,912,000 1,756,000 0.86% 0.88%
Alok Industries Ltd ALOK Textile 79% (1,364,000) 2,830,000 20,097,000 75,960,000 0.82% 1.20%
Ambuja Cements Ltd ACEM Cement 34% (2,086,000) 2,356,000 12,600,000 6,574,000 -1.28% -1.43%
Andhra Bank ANDB Banking 42% 10,000 198,000 602,000 432,000 0.61% 0.26%
Alstom Projects India Ltd ABBAP Power 25% (75,500) 65,000 520,000 175,000 1.20% 0.93%
Apollo Tyres Ltd APTY Auto 43% (2,400,000) 2,096,000 4,120,000 3,072,000 0.89% 1.20%
Arvind Limited ARVND Textile 33% (632,000) 340,000 2,512,000 1,248,000 0.99% 0.84%
Ashok Leyland Ltd AL Auto 55% (976,000) 920,000 6,728,000 8,360,000 1.20% 1.00%
Asian Paints Limited APNT FMCG 44% (26,000) 37,875 146,875 113,250 0.81% 0.93%
Aurobindo Pharma Ltd ARBP Pharma 38% (354,000) 302,000 2,022,000 1,260,000 0.88% 0.97%
Axis Bank Limited AXSB Banking 54% (483,750) 971,500 3,765,500 4,468,000 -0.76% -0.74%
Bajaj Auto Limited BJAUT Auto 52% (224,250) 380,875 674,250 743,750 0.87% 0.80%
Bajaj Hindustan Ltd BJH Sugar 42% (2,144,000) 2,248,000 15,264,000 10,984,000 0.88% 1.20%
Bajaj Holdings & Invs Ltd BJHI Banking 15% - - 20,000 3,500 0.26% 0.26%
Balrampur Chini Mills Ltd BRCM Sugar 63% (3,720,000) 4,036,000 5,296,000 8,832,000 1.20% 1.20%
Bank Of Baroda BOB Banking 46% (131,500) 293,750 1,261,750 1,065,750 0.26% 0.54%
Bank Of India BOI Banking 37% (390,000) 287,000 2,061,000 1,228,000 0.10% 0.46%
Bata India Ltd BATA FMCG 41% (288,500) 223,000 779,000 543,500 0.49% 0.53%
Bharat Electronics Ltd BHE Engineering 24% (4,500) 3,250 41,250 12,750 0.78% 0.83%
Beml Limited BEML Engineering 26% (30,000) 32,500 297,000 104,000 0.76% 0.86%
Bf Utilities Limited BFUT IN Power 35% (100,500) 107,000 560,000 300,000 1.20% 1.20%
Bgr Energy Systems Ltd BGRL Power 41% (261,000) 257,000 785,000 542,000 -0.08% -0.89%
Bharat Forge Ltd BHFC Auto 37% (428,000) 512,000 1,746,000 1,020,000 0.60% 0.43%
Bharti Airtel Limited BHARTI Telecom 49% (1,228,000) 1,874,000 5,465,000 5,282,000 0.82% 0.85%
Bhel BHEL Engineering 59% (3,929,000) 4,073,000 10,511,000 14,971,000 0.34% 0.07%
Bhushan Steel Limited BHUS Metals 9% (7,000) 12,000 481,000 49,000 -0.84% -0.99%
Biocon Limited. BIOS Pharma 57% (713,000) 670,000 961,000 1,277,000 -0.98% -1.13%
Bombay Dyeing & Mfg. Co L BD Textile 26% (60,000) 56,500 436,000 152,000 0.81% 0.87%
Bosch Limited BOS Engineering 33% (500) 1,125 3,000 1,500 0.81% 0.80%
Bharat Petroleum Corp Lt BPCL Oil & Gas 30% (73,500) 142,500 1,000,500 425,000 0.51% 0.74%
Bombay Rayon Fashions Ltd BRFL Textile 0% (6,000) - 221,000 - 0.00% 0.00%
Cairn India Limited CAIR Oil & Gas 64% (3,202,000) 3,855,000 5,063,000 8,833,000 -1.79% -2.06%
Canara Bank CBK Banking 29% (124,000) 112,000 933,500 373,500 0.50% 0.69%
Central Bank Of India CBOI Banking 31% (144,000) 164,000 1,448,000 642,000 0.83% 0.82%
Century Textiles Ltd CENT Textile 46% (782,000) 872,000 2,637,000 2,243,000 1.20% 1.20%
Cesc Ltd CESC Power 52% (90,000) 30,000 388,000 423,000 0.92% 0.81%
Chambal Fertilizers Ltd CHMB Chemicals 43% (1,062,000) 1,356,000 3,526,000 2,632,000 1.20% 1.20%
Cipla Ltd CIPLA Pharma 50% (638,000) 564,000 1,551,000 1,524,000 1.20% 0.87%
Coal India Ltd COAL Metals 37% (483,000) 731,000 2,729,000 1,589,000 0.89% 0.90%
Colgate Palmolive Ltd. CLGT FMCG 20% (15,750) 4,750 109,250 27,250 0.91% 0.76%
Core Proj. & Tech. Ltd. CPTL Construction 51% (1,573,000) 1,540,000 4,733,000 4,901,000 1.20% 1.20%
Crompton Greaves Ltd CRG Engineering 45% (1,034,000) 974,000 2,282,000 1,868,000 0.55% 0.76%
Cummins India Ltd KKC Engineering 59% (25,500) 25,000 82,500 117,000 0.92% 0.75%
Dabur India Ltd DABUR FMCG 25% (128,000) 132,000 1,030,000 350,000 0.68% 0.67%
Develop Credit Bank Ltd DEVB Banking 42% (1,696,000) 1,400,000 5,448,000 3,888,000 0.98% 0.98%
Delta Corp Limited DELTA Misc 33% (1,114,000) 1,016,000 4,058,000 2,044,000 1.20% 0.87%
Daily Rollover (Change in OI on a daily basis)
4 Edelweiss Securities Limited
Rollover Analysis
Chg in Near Chg in Mid Near Month Mid Month *Roll Cost Roll Cost
Instrument Bloom Sector Mid/Total Mth OI Mth OI Mth OI OI 25-Jun-12 26-Jun-12
Dena Bank DBNK Banking 34% (892,000) 652,000 5,528,000 2,808,000 0.73% 0.68%
Dish Tv India Ltd. DITV Media 42% (2,224,000) 2,324,000 6,380,000 4,576,000 0.86% 0.75%
Divi'S Laboratories Ltd DIVI Pharma 39% (76,500) 159,500 362,000 231,000 -0.03% 0.29%
Dlf Limited DLFU Construction 53% (2,018,000) 1,226,000 9,171,000 10,390,000 -0.16% 0.00%
Dr. Reddy'S Laboratories DRRD Pharma 35% (71,250) 51,250 639,625 342,250 0.93% 0.83%
Educomp Solutions Ltd EDSL IT 36% (542,000) 558,000 4,276,000 2,366,000 0.60% 0.77%
Escorts India Ltd ESC Auto 45% (1,496,000) 1,480,000 4,944,000 4,012,000 0.99% 0.91%
Essar Oil Ltd ESOIL Oil & Gas 39% (1,884,000) 2,088,000 8,628,000 5,408,000 0.91% 0.94%
Exide Industries Ltd EXID Engineering 34% (244,000) 336,000 1,106,000 570,000 0.55% 0.76%
Federal Bank Ltd FB Banking 22% (4,000) 23,000 222,500 62,000 0.85% 0.63%
Financial Techno (I) Ltd FTECH IT 49% (171,500) 223,000 601,750 573,000 1.20% 0.92%
Fortis Healthcare (I) Ltd FORH Pharma 41% (234,000) 702,000 3,636,000 2,564,000 0.75% 0.75%
Gail (India) Ltd GAIL Oil & Gas 46% (372,500) 401,000 1,141,500 984,000 0.84% 0.86%
The Ge Shpg.Ltd GESCO Shipping 35% (18,000) 21,000 93,000 50,000 1.20% 0.32%
Glaxosmithkline Pharma Lt GLXO Pharma 40% (125) - 6,250 4,250 1.20% 0.35%
Gujarat Mineral Dev Corp GMDC Metals 22% (24,000) 34,000 306,000 84,000 0.78% 1.20%
Gmr Infrastructure Ltd. GMRI Engineering 46% (3,784,000) 2,816,000 30,488,000 25,944,000 0.22% 0.45%
Godrej Industries Ltd GDSP Misc 36% (178,000) 183,000 751,000 431,000 0.92% 0.86%
Grasim Industries Ltd GRASIM Cement 58% (53,250) 109,750 197,875 269,500 0.76% 0.95%
Gujarat State Petro Ltd GUJS Oil & Gas 30% (548,000) 764,000 3,014,000 1,272,000 0.83% 1.20%
Gujarat Fluorochemicals L GFLC Chemicals 59% (566,000) 567,500 1,136,500 1,664,500 1.20% 1.20%
Gvk Pow. & Infra Ltd. GVKP Power 42% (7,836,000) 10,848,000 41,592,000 30,204,000 1.20% 1.20%
Havells India Limited HAVL Misc 35% (175,000) 188,500 499,000 274,000 0.92% 1.20%
Hindustan Construction Co HCC Construction 38% (2,480,000) 3,144,000 16,080,000 9,888,000 1.20% 1.20%
Hcl Technologies Ltd HCLT IT 49% (128,500) 440,000 1,986,500 1,931,000 0.55% 0.63%
Hdfc Ltd HDFC Banking 64% (1,472,000) 1,950,500 3,969,500 7,067,500 0.73% 0.77%
Hdfc Bank Ltd HDFCB Banking 47% (1,252,000) 2,573,000 8,925,000 7,948,500 0.65% 0.67%
Housing Dev & Infra Ltd HDIL Construction 51% (4,076,000) 2,716,000 14,550,000 15,108,000 0.54% 0.54%
Hero Motocorp Limited HH Auto 56% (379,625) 290,875 590,500 740,750 -0.84% -1.03%
Hexaware Technologies Ltd HEXW IT 18% (214,000) 344,000 2,946,000 626,000 0.88% 0.79%
Hindalco Industries Ltd HNDL Metals 57% (4,374,000) 5,172,000 12,040,000 15,682,000 0.96% 0.91%
Hindustan Oil Exploration HOE Oil & Gas 33% (590,000) 592,000 2,182,000 1,060,000 0.90% 1.20%
Hindustan Petroleum Corp HPCL Oil & Gas 51% (1,809,000) 1,439,000 2,164,000 2,236,000 0.86% 0.37%
Hindustan Unilever Ltd. HUVR FMCG 54% (1,493,000) 1,237,000 3,831,000 4,495,000 0.62% 0.66%
Hindustan Zinc Limited HZ Metals 26% (126,000) 102,000 1,214,000 430,000 0.98% 0.90%
Indiabulls Real Est. Ltd IBREL Construction 46% (2,432,000) 1,732,000 6,448,000 5,432,000 0.95% 0.95%
Icici Bank Ltd. ICICIBC Banking 45% (987,750) 1,652,000 7,271,500 6,009,250 0.41% 0.51%
Idbi Bank Limited IDBI Banking 60% (3,170,000) 3,466,000 4,516,000 6,820,000 0.39% -0.28%
Idea Cellular Limited IDEA Telecom 50% (3,664,000) 4,432,000 5,628,000 5,616,000 0.33% 0.07%
Infra. Dev. Fin. Co. Ltd IDFC Banking 46% (1,854,000) 2,132,000 12,232,000 10,480,000 0.70% 0.74%
Ifci Ltd IFCI Banking 62% (8,536,000) 9,064,000 31,752,000 52,160,000 0.93% 1.20%
Indraprastha Gas Ltd IGL Oil & Gas 34% (245,000) 375,000 1,672,000 845,000 0.27% 0.78%
The Indian Hotels Co. Ltd IH Misc 46% (360,000) 468,000 3,476,000 2,920,000 -0.51% -0.51%
The India Cements Limited ICEM Cement 39% (466,000) 574,000 2,114,000 1,332,000 0.84% 0.91%
India Infoline Limited IIFL Banking 23% (392,000) 360,000 1,440,000 440,000 1.20% 0.57%
Indian Bank INBK Banking 20% (13,000) 47,000 368,000 92,000 0.75% 0.55%
Indusind Bank Limited IIB Banking 37% (180,000) 496,000 1,867,000 1,092,000 -0.93% -1.14%
Infosys Limited INFO IT 51% (201,875) 350,625 1,457,250 1,541,250 0.76% 0.76%
Indian Overseas Bank IOB Banking 39% (72,000) 208,000 2,164,000 1,388,000 1.20% 0.90%
Indian Oil Corp Ltd IOCL Oil & Gas 38% (245,000) 297,000 1,358,000 820,000 0.94% 0.81%
Irb Infra Dev Ltd. IRB Construction 30% (696,000) 958,000 5,354,000 2,316,000 0.85% 0.97%
Itc Ltd ITC FMCG 51% (1,477,000) 2,215,000 9,577,000 10,059,000 0.90% 0.97%
Ivrcl Limited IVRC Construction 47% (3,956,000) 5,600,000 10,536,000 9,452,000 0.87% 0.78%
Jet Airways (India) Ltd. JETIN Misc 36% (299,000) 320,000 1,369,000 778,000 -2.03%
Jindal Saw Limited JSAW Metals 71% (282,000) 142,000 730,000 1,772,000 1.20% 1.20%
Jindal Steel & Power Ltd JSP Metals 46% (1,158,000) 1,142,500 2,749,000 2,368,500 0.98% 0.91%
Jain Irrigation Systems JI Misc 39% (500,000) 1,736,000 4,462,000 2,856,000 0.92% 0.90%
Jaiprakash Associates Ltd JPA Construction 42% (3,060,000) 4,724,000 21,092,000 15,356,000 0.93% 0.86%
Daily Rollover (Change in OI on a daily basis)
5 Edelweiss Securities Limited
Rollover Analysis
Chg in Near Chg in Mid Near Month Mid Month Roll Cost Roll Cost
Instrument Bloom Sector Mid/Total Mth OI Mth OI OI OI 25-Jun-12 26-Jun-12
Jaiprakash Power Ven. Ltd JPVL Power 38% (1,920,000) 2,000,000 6,832,000 4,272,000 0.98% 0.98%
Jsw Energy Limited JSW IN Power 54% (7,656,000) 6,864,000 10,984,000 13,096,000 0.81% 0.94%
Jsw Ispat Steel Limited NDEN Metals 33% (2,674,000) 3,900,000 18,956,000 9,330,000 0.95% 1.20%
Jsw Steel Limited JSTL Metals 67% (2,451,500) 2,730,500 2,720,500 5,589,500 0.97% 0.96%
Jubilant Foodworks Ltd JUBI IN FMCG 35% (228,250) 291,000 805,500 428,250 0.12% 0.51%
Kotak Mahindra Bank Ltd KMB Banking 43% (851,500) 1,149,500 2,998,500 2,270,000 0.38% 0.34%
Karnataka Bank Limited KBL Banking 39% (632,000) 1,456,000 4,412,000 2,824,000 0.17% -0.85%
Lic Housing Finance Ltd LICHF Banking 67% (178,000) 552,000 1,681,000 3,371,000 0.47% 0.34%
Lanco Infratech Ltd. LANCI Construction 38% (7,164,000) 6,325,000 44,700,000 27,467,000 1.20% 1.20%
Larsen & Toubro Ltd. LT Engineering 45% (667,250) 589,750 2,845,250 2,306,000 0.76% 0.64%
Lupin Limited LPC Pharma 27% (131,500) 142,000 812,500 297,500 0.62% 0.56%
Mahindra & Mahindra Ltd MM Auto 50% (1,036,500) 1,267,500 2,306,500 2,338,500 0.75% 0.58%
Maruti Suzuki India Ltd. MSIL Auto 54% (525,000) 383,000 1,350,000 1,574,500 0.24% 0.13%
Max India Ltd MAX Banking 33% (119,000) 140,000 341,000 168,000 0.64% 1.20%
United Spirits Limited UNSP FMCG 29% (220,000) 353,000 1,642,750 660,500 0.82% 0.79%
Mcleod Russel India Ltd. MCLR FMCG 60% (168,000) 224,000 1,935,000 2,945,000 0.87% 1.20%
Mphasis Limited MPHL IT 25% (15,500) 5,500 149,500 51,000 0.82% 0.71%
Mrf Ltd MRF Auto 46% (14,625) 15,125 27,875 23,750 0.99% 1.00%
Mrpl MRPL Oil & Gas 35% (132,000) 484,000 2,028,000 1,084,000 0.64% 0.82%
Mahanagar Telephone Nigam MTNL Telecom 51% (4,536,000) 6,104,000 13,056,000 13,744,000 0.88% 1.20%
Nagar.Oil Refinery Ltd NOFL Oil & Gas 32% (153,000) 120,000 1,566,000 750,000 0.80% 0.82%
Ncc Limited NJCC Construction 37% (624,000) 820,000 4,728,000 2,776,000 1.20% 0.75%
Nhpc Ltd NHPC Power 31% (2,889,000) 2,250,000 28,476,000 12,860,000 1.20% 1.20%
Nmdc Ltd. NMDC Metals 25% (95,000) 90,000 626,000 208,000 1.00% 0.95%
Ntpc Ltd NATP Power 46% (866,000) 592,000 4,428,000 3,754,000 0.85% 0.97%
Oracle Fin Serv Soft Ltd. OFSS IT 48% (36,125) 35,250 131,875 119,750 1.00% 0.99%
Oil India Ltd OINL Oil & Gas 45% (25,000) 31,000 110,625 91,500 -0.74% -0.72%
Oil And Natural Gas Corp. ONGC Oil & Gas 57% (672,000) 1,180,000 2,521,000 3,296,000 0.82% 0.88%
Onmobile Global Ltd. ONMB Telecom 45% (652,000) 556,000 1,992,000 1,612,000 0.92% 0.77%
Opto Circuits (I) Ltd. OPTC Misc 23% (258,700) 281,000 2,321,800 677,000 0.75% 1.20%
Orchid Chem & Pharma Ltd OCP Pharma 28% (964,000) 698,000 4,928,000 1,932,000 0.81% 0.98%
Oriental Bank Of Commerce OBC Banking 22% (48,000) 56,000 484,000 134,000 0.69% 1.20%
Pantaloon Retail (I) Ltd PF Misc 50% (2,456,000) 2,378,000 6,502,000 6,626,000 1.20% 1.20%
Patel Engineering Ltd. PEC Engineering 38% (172,000) 186,000 970,000 598,000 0.88% 0.87%
Petronet Lng Limited PLNG Oil & Gas 29% (398,000) 456,000 2,316,000 962,000 0.61% 0.82%
Power Fin Corp Ltd. POWF Banking 29% (456,000) 584,000 2,692,000 1,092,000 0.85% 0.82%
Piramal Healthcare Ltd PIHC Pharma 61% (298,500) 363,500 358,500 566,000 0.73% 0.95%
Punjab National Bank PNB Banking 36% (393,000) 564,750 2,069,250 1,140,500 0.77% 0.88%
Polaris Software Lab Ltd POL IT 29% (230,000) 250,000 1,298,000 542,000 0.87% 0.87%
Power Grid Corp. Ltd. PWGR Power 59% (2,798,000) 3,308,000 5,232,000 7,646,000 0.93% 0.96%
Praj Industries Ltd PRJ Engineering 57% (808,000) 796,000 2,900,000 3,820,000 1.20% 0.74%
Ptc India Limited PTCIN Power 33% (236,000) 348,000 1,412,000 696,000 1.20% 0.90%
Punj Lloyd Limited PUNJ Engineering 71% (4,780,000) 3,660,000 9,028,000 22,204,000 -2.08% -2.09%
Ranbaxy Labs Ltd RBXY Pharma 27% (238,000) 288,000 1,927,000 711,000 0.93% 0.91%
Raymond Ltd RW Textile 46% (1,138,000) 1,161,000 1,707,000 1,474,000 1.20% 1.20%
Reliance Communications L RCOM Telecom 54% (9,168,000) 14,792,000 25,328,000 29,960,000 0.71% 0.48%
Rural Elec Corp. Ltd. RECL Banking 27% (736,000) 632,000 3,611,000 1,363,000 0.91% 0.87%
Reliance Capital Ltd RCFT Banking 40% (716,000) 783,000 2,589,500 1,747,500 0.90% 0.96%
Reliance Industries Ltd RIL Oil & Gas 57% (1,237,250) 1,480,500 4,829,750 6,470,000 0.87% 0.89%
Reliance Infrastructu Ltd RELI Power 37% (338,000) 469,000 2,237,000 1,324,500 0.89% 0.88%
Shree Renuka Sugars Ltd SHRS Sugar 46% (3,096,000) 3,072,000 15,624,000 13,528,000 0.83% 1.20%
Rolta India Ltd RLTA IT 40% (116,000) 208,000 964,000 636,000 0.74% 0.68%
Reliance Power Ltd. RPWR Power 49% (1,198,000) 2,146,000 8,806,000 8,620,000 0.80% 0.69%
Ruchi Soya Industries Ltd RSI FMCG 28% (2,582,000) 2,480,000 8,470,000 3,260,000 0.92% 0.98%
Steel Authority Of India SAIL Metals 62% (2,870,000) 1,848,000 6,716,000 11,104,000 1.20% 0.62%
State Bank Of India SBIN Banking 54% (426,000) 1,038,750 3,196,375 3,717,000 -0.41% -0.59%
Shipping Corp Of India Lt SCI Shipping 45% (888,000) 864,000 2,196,000 1,788,000 0.92% 0.93%
Sesa Goa Ltd SESA Metals 50% (2,405,000) 2,030,000 7,860,000 7,800,000 -1.48% -1.70%
Siemens Ltd SIEM Engineering 40% (41,750) 58,000 265,250 176,500 0.96% 0.99%
Daily Rollover (Change in OI on a daily basis)
6 Edelweiss Securities Limited
Rollover Analysis
Chg in Near Chg in Mid Near Month Mid Month *Roll Cost Roll Cost
Instrument Bloom Sector Mid/Total Mth OI Mth OI Mth OI OI 25-Jun-12 26-Jun-12
Sintex Industries Ltd BVML Misc 44% (2,646,000) 3,280,000 7,408,000 5,864,000 1.20% 0.93%
S Kumars Nationwide Ltd SKUM Textile 57% (2,944,000) 3,224,000 10,432,000 13,912,000 0.87% 1.20%
Sobha Developers Ltd SOBHA Construction 25% (50,000) 39,000 264,000 86,000 0.63% 0.89%
The South Indian Bank Ltd SIB IN Banking 33% (1,780,000) 1,920,000 5,070,000 2,552,000 1.20% 1.20%
Srei Infrastructure Finan SREI Construction 53% (1,880,000) 1,848,000 4,592,000 5,120,000 1.20% 0.86%
Shriram Transport Fin Co. SHTF Banking 42% (117,000) 130,500 214,500 154,500 0.91% 0.62%
Sterlite Inds (Ind) Ltd STLT Metals 52% (9,868,000) 11,174,000 19,028,000 20,378,000 1.20% 0.92%
Sterlite Technologies Ltd SOTL IT 44% (720,000) 704,000 3,368,000 2,632,000 0.98% 0.64%
Sun Pharmaceuticals Ind. SUNP Pharma 51% (310,500) 420,000 1,012,500 1,073,500 0.94% 0.96%
Sun Tv Network Limited SUNTV Media 37% (35,000) 230,000 517,000 304,000 0.24% 0.08%
Suzlon Energy Limited SUEL Power 67% (31,296,000) 19,792,000 35,696,000 72,896,000 -2.55%
Syndicate Bank SNDB Banking 48% (196,000) 126,000 488,000 446,000 0.68% 0.77%
Tata Chemicals Ltd TTCH Chemicals 27% (69,000) 69,000 555,000 207,000 1.20% 0.90%
Tata Coffee Ltd TCO FMCG 35% (188,750) 185,750 452,750 241,000 0.83% 0.99%
Tata Communications Ltd TCOM Telecom 39% (286,000) 447,000 2,170,000 1,366,000 0.87% 0.88%
Tata Global Beverages Ltd TT FMCG 47% (2,078,000) 2,230,000 4,678,000 4,074,000 1.20% 1.00%
Tata Motors Limited TTMT Auto 50% (2,611,000) 2,880,000 14,308,000 14,293,000 0.67% 0.69%
Tata Motors Dvr 'A' Ord TTMT/A Auto 57% (1,320,000) 1,978,000 3,274,000 4,422,000 -1.75% -2.07%
Tata Power Co Ltd TPWR Power 53% (2,048,000) 2,148,000 4,592,000 5,122,000 0.90% 0.68%
Tata Steel Limited TATA Metals 54% (2,936,000) 1,908,500 9,011,000 10,367,500 -0.96% -0.73%
Tata Consultancy Serv Lt TCS IT 65% (1,143,250) 1,739,000 2,008,000 3,783,750 0.59% 0.42%
Tech Mahindra Limited TECHM IT 45% (61,000) 77,500 207,000 167,500 -0.20% -0.01%
Titan Industries Ltd TTAN FMCG 36% (703,000) 793,000 3,839,000 2,139,000 -0.16% 0.57%
Ttk Prestige Ltd TTKPT IN FMCG 31% (7,000) 8,875 55,125 25,125 -0.05% -0.43%
Tata Teleserv(Maharastra) TTLS Telecom 49% (3,487,000) 3,598,000 12,782,000 12,208,000 1.20% 1.20%
Tvs Motor Company Ltd TVSL Auto 50% (2,536,000) 2,184,000 4,944,000 4,928,000 0.88% 0.58%
Uco Bank UCO Banking 57% (4,368,000) 3,964,000 4,512,000 5,984,000 0.99% 0.86%
Ultratech Cement Limited UTCEM Cement 58% (253,750) 275,500 434,000 592,500 -0.74% -1.30%
Union Bank Of India UNBK Banking 52% (199,000) 667,000 1,743,000 1,901,000 -0.03% 0.22%
United Phosphorus Limited UNTP Chemicals 47% (474,000) 864,000 2,526,000 2,280,000 0.88% 0.97%
Unitech Ltd UT Construction 54% (6,128,000) 6,344,000 24,440,000 28,776,000 0.47% 0.47%
Videocon Industries Limit VCLF FMCG 65% (902,000) 926,000 2,908,000 5,366,000 1.00% 1.00%
Vijaya Bank VJYBK Banking 40% (900,000) 844,000 3,180,000 2,096,000 1.20% 0.96%
Vip Industries Ltd VIP IN FMCG 39% (362,500) 788,000 2,063,750 1,336,000 0.81% 0.25%
Voltas Ltd VOLT Engineering 26% (238,000) 236,000 2,006,000 702,000 0.85% 0.79%
Welspun Corp Limited WGS Metals 73% (2,876,000) 2,952,000 5,362,000 14,782,000 0.96% 1.20%
Wipro Ltd WPRO IT 53% (228,000) 327,000 895,000 1,010,000 0.87% 0.79%
Yes Bank Limited YES Banking 41% (251,000) 1,129,000 5,559,000 3,866,000 0.55% 0.53%
Zee Entertainment Ent Ltd Z Media 22% 26,000 336,000 1,978,000 570,000 0.92% 0.75%
*Rollover Cost: Cost of rolling over the near month future to the next month
Sorted on alphabetical order of company name
Daily Rollover (Change in OI on a daily basis)
7 Edelweiss Securities Limited
Rollover Analysis
Chg in Near Chg in Mid Near Month Mid Month *Roll Cost Roll Cost
Instrument Bloom Mid/Total Mth OI Mth OI Mth OI OI 20-Jun-12 26-Jun-12
BANK Nifty CNXBANK 39% (704,500) 946,250 1,836,975 1,193,150 0.11% 0.13%
CNX IT CNXIT 23% 3,750 1,600 9,050 2,750 0.36% 0.67%
Mini Nifty JBEA 31% (97,440) 82,140 704,640 322,840 0.38% 0.42%
CNX NIFTY MID CAP 50 NIFTYM50 100% - (150) - 750
S&P CNX Nifty NIFTY 44% (1,313,100) 7,308,700 15,231,150 10,919,800 0.36% 0.42%
3IINFOTECH III 34% (556,000) 407,000 2,305,500 1,175,500 -2.46%
Abb Ltd. ABB 19% (16,500) 32,500 148,000 35,750 -1.48% -0.13%
Abg Shipyard Ltd ABGS 0% (952,000) - 2,840,000 - 0.00% 0.00%
Aditya Birla Nuvo Limited ABNL 30% (55,500) 121,250 295,250 128,750 0.74% 1.20%
Acc Limited ACC 46% (813,250) 502,500 846,000 734,750 -0.30% -0.55%
Adani Enterprises Limited ADE 40% (817,500) 1,886,000 3,509,500 2,369,000 0.74% 0.89%
Mundra Port & Sez Ltd MSEZ 41% (2,580,000) 1,006,000 3,860,000 2,684,000 -0.60% 0.00%
Adani Power Ltd ADANI 37% (4,840,000) 4,664,000 9,720,000 5,684,000 0.97% 0.86%
Allahabad Bank ALBK 48% (1,646,000) 1,508,000 1,912,000 1,756,000 0.83% 0.88%
Alok Industries Ltd ALOK 79% (53,482,000) 58,560,000 20,097,000 75,960,000 0.83% 1.20%
Ambuja Cements Ltd ACEM 34% (4,554,000) 4,092,000 12,600,000 6,574,000 -1.00% -1.43%
Andhra Bank ANDB 42% (102,000) 382,000 602,000 432,000 0.36% 0.26%
Alstom Projects India Ltd ABBAP 25% (130,500) 140,000 520,000 175,000 0.93% 0.93%
Apollo Tyres Ltd APTY 43% (3,584,000) 2,648,000 4,120,000 3,072,000 0.90% 1.20%
Arvind Limited ARVND 33% (960,000) 788,000 2,512,000 1,248,000 0.49% 0.84%
Ashok Leyland Ltd AL 55% (2,120,000) 4,248,000 6,728,000 8,360,000 0.79% 1.00%
Asian Paints Limited APNT 44% (49,625) 89,750 146,875 113,250 0.62% 0.93%
Aurobindo Pharma Ltd ARBP 38% (694,000) 512,000 2,022,000 1,260,000 0.89% 0.97%
Axis Bank Limited AXSB 54% (2,016,750) 2,979,500 3,765,500 4,468,000 -0.66% -0.74%
Bajaj Auto Limited BJAUT 52% (300,625) 602,875 674,250 743,750 0.75% 0.80%
Bajaj Hindustan Ltd BJH 42% (5,704,000) 8,640,000 15,264,000 10,984,000 0.90% 1.20%
Bajaj Holdings & Invs Ltd BJHI 15% - 2,500 20,000 3,500 1.20% 0.26%
Balrampur Chini Mills Ltd BRCM 63% (8,128,000) 8,668,000 5,296,000 8,832,000 0.71% 1.20%
Bank Of Baroda BOB 46% (741,250) 855,250 1,261,750 1,065,750 0.44% 0.54%
Bank Of India BOI 37% (828,000) 583,000 2,061,000 1,228,000 0.13% 0.46%
Bata India Ltd BATA 41% (304,500) 441,500 779,000 543,500 0.46% 0.53%
Bharat Electronics Ltd BHE 24% (13,500) 12,500 41,250 12,750 0.59% 0.83%
Beml Limited BEML 26% (69,000) 74,500 297,000 104,000 0.51% 0.86%
Bf Utilities Limited BFUT IN 35% (96,000) 290,000 560,000 300,000 0.57% 1.20%
Bgr Energy Systems Ltd BGRL 41% (395,000) 447,000 785,000 542,000 -0.53% -0.89%
Bharat Forge Ltd BHFC 37% (544,000) 727,000 1,746,000 1,020,000 0.82% 0.43%
Bharti Airtel Limited BHARTI 49% (2,762,000) 4,354,000 5,465,000 5,282,000 0.87% 0.85%
Bhel BHEL 59% (10,137,000) 10,946,000 10,511,000 14,971,000 0.14% 0.07%
Bhushan Steel Limited BHUS 9% (29,000) 38,000 481,000 49,000 -0.94% -0.99%
Biocon Limited. BIOS 57% (954,000) 1,008,000 961,000 1,277,000 -1.21% -1.13%
Bombay Dyeing & Mfg. Co L BD 26% (96,500) 125,000 436,000 152,000 0.78% 0.87%
Bosch Limited BOS 33% (375) 1,375 3,000 1,500 -2.10% 0.80%
Bharat Petroleum Corp Lt BPCL 30% (133,500) 317,000 1,000,500 425,000 0.37% 0.74%
Bombay Rayon Fashions Ltd BRFL 0% (9,000) - 221,000 - 0.00% 0.00%
Cairn India Limited CAIR 64% (6,739,000) 7,169,000 5,063,000 8,833,000 -1.37% -2.06%
Canara Bank CBK 29% (218,000) 263,500 933,500 373,500 0.49% 0.69%
Central Bank Of India CBOI 31% (434,000) 470,000 1,448,000 642,000 0.85% 0.82%
Century Textiles Ltd CENT 46% (1,717,000) 1,652,000 2,637,000 2,243,000 0.95% 1.20%
Cesc Ltd CESC 52% (160,000) 146,000 388,000 423,000 0.77% 0.81%
Chambal Fertilizers Ltd CHMB 43% (1,510,000) 2,216,000 3,526,000 2,632,000 0.77% 1.20%
Cipla Ltd CIPLA 50% (759,000) 1,206,000 1,551,000 1,524,000 0.84% 0.87%
Coal India Ltd COAL 37% (672,000) 1,282,000 2,729,000 1,589,000 0.75% 0.90%
Colgate Palmolive Ltd. CLGT 20% (22,500) 21,250 109,250 27,250 0.56% 0.76%
Core Proj. & Tech. Ltd. CPTL 51% (4,951,000) 4,900,000 4,733,000 4,901,000 1.20% 1.20%
Crompton Greaves Ltd CRG 45% (1,638,000) 1,658,000 2,282,000 1,868,000 0.63% 0.76%
Cummins India Ltd KKC 59% (77,500) 84,500 82,500 117,000 0.65% 0.75%
Dabur India Ltd DABUR 25% (306,000) 310,000 1,030,000 350,000 0.69% 0.67%
Develop Credit Bank Ltd DEVB 42% (2,616,000) 2,976,000 5,448,000 3,888,000 0.99% 0.98%
Delta Corp Limited DELTA 33% (1,584,000) 1,764,000 4,058,000 2,044,000 0.72% 0.87%
5 Day Rollover (Change in OI on a 5 day horizon)
8 Edelweiss Securities Limited
Rollover Analysis
Chg in Near Chg in Mid Near Month Mid Month *Roll Cost Roll Cost
Instrument Bloom Mid/Total Mth OI Mth OI Mth OI OI 20-Jun-12 26-Jun-12
Dena Bank DBNK 34% (1,788,000) 1,380,000 5,528,000 2,808,000 0.69% 0.68%
Dish Tv India Ltd. DITV 42% (4,380,000) 4,236,000 6,380,000 4,576,000 0.77% 0.75%
Divi'S Laboratories Ltd DIVI 39% (93,500) 195,500 362,000 231,000 -0.27% 0.29%
Dlf Limited DLFU 53% (8,029,000) 7,988,000 9,171,000 10,390,000 0.29% 0.00%
Dr. Reddy'S Laboratories DRRD 35% (159,875) 164,625 639,625 342,250 0.87% 0.83%
Educomp Solutions Ltd EDSL 36% (2,303,000) 1,662,000 4,276,000 2,366,000 0.43% 0.77%
Escorts India Ltd ESC 45% (2,756,000) 3,144,000 4,944,000 4,012,000 0.76% 0.91%
Essar Oil Ltd ESOIL 39% (2,492,000) 4,204,000 8,628,000 5,408,000 0.83% 0.94%
Exide Industries Ltd EXID 34% (342,000) 526,000 1,106,000 570,000 0.85% 0.76%
Federal Bank Ltd FB 22% (30,000) 55,500 222,500 62,000 0.45% 0.63%
Financial Techno (I) Ltd FTECH 49% (360,000) 531,000 601,750 573,000 0.63% 0.92%
Fortis Healthcare (I) Ltd FORH 41% (830,000) 2,044,000 3,636,000 2,564,000 0.30% 0.75%
Gail (India) Ltd GAIL 46% (429,500) 769,000 1,141,500 984,000 0.73% 0.86%
The Ge Shpg.Ltd GESCO 35% (29,000) 31,000 93,000 50,000 0.87% 0.32%
Glaxosmithkline Pharma Lt GLXO 40% (2,250) 2,500 6,250 4,250 1.20% 0.35%
Gujarat Mineral Dev Corp GMDC 22% (52,000) 62,000 306,000 84,000 1.20% 1.20%
Gmr Infrastructure Ltd. GMRI 46% (9,832,000) 20,888,000 30,488,000 25,944,000 -0.22% 0.45%
Godrej Industries Ltd GDSP 36% (342,000) 304,000 751,000 431,000 1.20% 0.86%
Grasim Industries Ltd GRASIM 58% (146,500) 240,500 197,875 269,500 1.20% 0.95%
Gujarat State Petro Ltd GUJS 30% (830,000) 1,092,000 3,014,000 1,272,000 0.62% 1.20%
Gujarat Fluorochemicals L GFLC 59% (1,634,000) 1,643,000 1,136,500 1,664,500 0.95% 1.20%
Gvk Pow. & Infra Ltd. GVKP 42% (15,528,000) 22,080,000 41,592,000 30,204,000 0.69% 1.20%
Havells India Limited HAVL 35% (200,500) 238,000 499,000 274,000 0.94% 1.20%
Hindustan Construction Co HCC 38% (5,768,000) 7,648,000 16,080,000 9,888,000 1.20% 1.20%
Hcl Technologies Ltd HCLT 49% (803,500) 1,775,000 1,986,500 1,931,000 0.67% 0.63%
Hdfc Ltd HDFC 64% (3,547,500) 4,407,000 3,969,500 7,067,500 0.73% 0.77%
Hdfc Bank Ltd HDFCB 47% (4,410,500) 6,780,500 8,925,000 7,948,500 0.60% 0.67%
Housing Dev & Infra Ltd HDIL 51% (9,118,000) 12,164,000 14,550,000 15,108,000 0.68% 0.54%
Hero Motocorp Limited HH 56% (548,625) 634,500 590,500 740,750 -0.82% -1.03%
Hexaware Technologies Ltd HEXW 18% (472,000) 516,000 2,946,000 626,000 0.76% 0.79%
Hindalco Industries Ltd HNDL 57% (5,444,000) 13,596,000 12,040,000 15,682,000 0.69% 0.91%
Hindustan Oil Exploration HOE 33% (506,000) 918,000 2,182,000 1,060,000 0.89% 1.20%
Hindustan Petroleum Corp HPCL 51% (2,346,000) 2,070,000 2,164,000 2,236,000 0.81% 0.37%
Hindustan Unilever Ltd. HUVR 54% (1,848,000) 3,140,000 3,831,000 4,495,000 0.63% 0.66%
Hindustan Zinc Limited HZ 26% (240,000) 320,000 1,214,000 430,000 0.62% 0.90%
Indiabulls Real Est. Ltd IBREL 46% (4,328,000) 4,632,000 6,448,000 5,432,000 0.81% 0.95%
Icici Bank Ltd. ICICIBC 45% (3,203,000) 4,101,000 7,271,500 6,009,250 0.26% 0.51%
Idbi Bank Limited IDBI 60% (5,450,000) 5,634,000 4,516,000 6,820,000 0.50% -0.28%
Idea Cellular Limited IDEA 50% (4,180,000) 5,460,000 5,628,000 5,616,000 0.26% 0.07%
Infra. Dev. Fin. Co. Ltd IDFC 46% (6,806,000) 7,962,000 12,232,000 10,480,000 0.67% 0.74%
Ifci Ltd IFCI 62% (16,168,000) 16,592,000 31,752,000 52,160,000 1.20% 1.20%
Indraprastha Gas Ltd IGL 34% (352,000) 677,000 1,672,000 845,000 -0.04% 0.78%
The Indian Hotels Co. Ltd IH 46% (1,428,000) 1,740,000 3,476,000 2,920,000 -0.72% -0.51%
The India Cements Limited ICEM 39% (450,000) 982,000 2,114,000 1,332,000 0.65% 0.91%
India Infoline Limited IIFL 23% (316,000) 428,000 1,440,000 440,000 -1.27% 0.57%
Indian Bank INBK 20% (94,000) 74,000 368,000 92,000 1.20% 0.55%
Indusind Bank Limited IIB 37% (499,000) 915,000 1,867,000 1,092,000 -0.94% -1.14%
Infosys Limited INFO 51% (432,500) 1,040,250 1,457,250 1,541,250 0.81% 0.76%
Indian Overseas Bank IOB 39% (112,000) 832,000 2,164,000 1,388,000 0.65% 0.90%
Indian Oil Corp Ltd IOCL 38% (467,000) 618,000 1,358,000 820,000 0.88% 0.81%
Irb Infra Dev Ltd. IRB 30% (1,574,000) 2,014,000 5,354,000 2,316,000 0.85% 0.97%
Itc Ltd ITC 51% (2,231,000) 6,070,000 9,577,000 10,059,000 0.73% 0.97%
Ivrcl Limited IVRC 47% (6,480,000) 8,676,000 10,536,000 9,452,000 0.81% 0.78%
Jet Airways (India) Ltd. JETIN 36% (222,000) 545,000 1,369,000 778,000 -1.34%
Jindal Saw Limited JSAW 71% (1,570,000) 1,750,000 730,000 1,772,000 1.20% 1.20%
Jindal Steel & Power Ltd JSP 46% (1,535,000) 2,004,000 2,749,000 2,368,500 0.78% 0.91%
Jain Irrigation Systems JI 39% (772,000) 2,484,000 4,462,000 2,856,000 0.91% 0.90%
Jaiprakash Associates Ltd JPA 42% (6,252,000) 11,412,000 21,092,000 15,356,000 0.63% 0.86%
5 Day Rollover (Change in OI on a 5 day horizon)
9 Edelweiss Securities Limited
Rollover Analysis
Chg in Near Chg in Mid Near Month Mid Month Roll Cost Roll Cost
Instrument Bloom Mid/Total Mth OI Mth OI OI OI 20-Jun-12 26-Jun-12
Jaiprakash Power Ven. Ltd JPVL 38% (2,784,000) 3,624,000 6,832,000 4,272,000 0.84% 0.98%
Jsw Energy Limited JSW IN 54% (11,152,000) 11,856,000 10,984,000 13,096,000 0.50% 0.94%
Jsw Ispat Steel Limited NDEN 33% (5,334,000) 7,335,000 18,956,000 9,330,000 0.95% 1.20%
Jsw Steel Limited JSTL 67% (4,554,500) 4,842,000 2,720,500 5,589,500 0.84% 0.96%
Jubilant Foodworks Ltd JUBI IN 35% (178,500) 383,000 805,500 428,250 -0.06% 0.51%
Kotak Mahindra Bank Ltd KMB 43% (1,574,500) 2,059,500 2,998,500 2,270,000 0.40% 0.34%
Karnataka Bank Limited KBL 39% (1,040,000) 1,888,000 4,412,000 2,824,000 -1.11% -0.85%
Lic Housing Finance Ltd LICHF 67% (2,612,000) 2,928,000 1,681,000 3,371,000 0.45% 0.34%
Lanco Infratech Ltd. LANCI 38% (23,076,000) 20,504,000 44,700,000 27,467,000 1.20% 1.20%
Larsen & Toubro Ltd. LT 45% (1,320,500) 1,906,000 2,845,250 2,306,000 0.54% 0.64%
Lupin Limited LPC 27% (179,500) 259,500 812,500 297,500 0.44% 0.56%
Mahindra & Mahindra Ltd MM 50% (1,516,500) 2,039,000 2,306,500 2,338,500 0.71% 0.58%
Maruti Suzuki India Ltd. MSIL 54% (1,548,000) 1,385,750 1,350,000 1,574,500 0.14% 0.13%
Max India Ltd MAX 33% (117,000) 164,000 341,000 168,000 0.87% 1.20%
United Spirits Limited UNSP 29% (470,000) 593,000 1,642,750 660,500 0.97% 0.79%
Mcleod Russel India Ltd. MCLR 60% (1,402,000) 1,215,000 1,935,000 2,945,000 1.20% 1.20%
Mphasis Limited MPHL 25% (90,000) 39,500 149,500 51,000 1.20% 0.71%
Mrf Ltd MRF 46% (16,750) 18,500 27,875 23,750 0.75% 1.00%
Mrpl MRPL 35% (324,000) 840,000 2,028,000 1,084,000 0.57% 0.82%
Mahanagar Telephone Nigam MTNL 51% (7,824,000) 12,120,000 13,056,000 13,744,000 0.88% 1.20%
Nagar.Oil Refinery Ltd NOFL 32% (477,000) 540,000 1,566,000 750,000 0.83% 0.82%
Ncc Limited NJCC 37% (1,144,000) 2,028,000 4,728,000 2,776,000 0.39% 0.75%
Nhpc Ltd NHPC 31% (6,381,000) 6,260,000 28,476,000 12,860,000 0.83% 1.20%
Nmdc Ltd. NMDC 25% (142,000) 164,000 626,000 208,000 1.20% 0.95%
Ntpc Ltd NATP 46% (1,878,000) 1,824,000 4,428,000 3,754,000 0.73% 0.97%
Oracle Fin Serv Soft Ltd. OFSS 48% (109,500) 117,250 131,875 119,750 0.83% 0.99%
Oil India Ltd OINL 45% (69,375) 91,000 110,625 91,500 0.39% -0.72%
Oil And Natural Gas Corp. ONGC 57% (1,112,000) 2,402,000 2,521,000 3,296,000 0.81% 0.88%
Onmobile Global Ltd. ONMB 45% (924,000) 1,212,000 1,992,000 1,612,000 0.84% 0.77%
Opto Circuits (I) Ltd. OPTC 23% (436,800) 569,000 2,321,800 677,000 0.78% 1.20%
Orchid Chem & Pharma Ltd OCP 28% (1,566,000) 834,000 4,928,000 1,932,000 -0.27% 0.98%
Oriental Bank Of Commerce OBC 22% (143,000) 102,000 484,000 134,000 1.20% 1.20%
Pantaloon Retail (I) Ltd PF 50% (6,282,000) 5,854,000 6,502,000 6,626,000 0.83% 1.20%
Patel Engineering Ltd. PEC 38% (560,000) 572,000 970,000 598,000 1.20% 0.87%
Petronet Lng Limited PLNG 29% (2,440,000) 688,000 2,316,000 962,000 0.74% 0.82%
Power Fin Corp Ltd. POWF 29% (732,000) 834,000 2,692,000 1,092,000 0.67% 0.82%
Piramal Healthcare Ltd PIHC 61% (426,000) 410,000 358,500 566,000 0.50% 0.95%
Punjab National Bank PNB 36% (471,000) 1,022,750 2,069,250 1,140,500 0.71% 0.88%
Polaris Software Lab Ltd POL 29% (416,000) 442,000 1,298,000 542,000 0.36% 0.87%
Power Grid Corp. Ltd. PWGR 59% (5,584,000) 6,642,000 5,232,000 7,646,000 1.20% 0.96%
Praj Industries Ltd PRJ 57% (1,664,000) 2,092,000 2,900,000 3,820,000 0.87% 0.74%
Ptc India Limited PTCIN 33% (516,000) 628,000 1,412,000 696,000 0.77% 0.90%
Punj Lloyd Limited PUNJ 71% (19,052,000) 17,888,000 9,028,000 22,204,000 -1.72% -2.09%
Ranbaxy Labs Ltd RBXY 27% (474,000) 580,500 1,927,000 711,000 0.93% 0.91%
Raymond Ltd RW 46% (1,451,000) 1,436,000 1,707,000 1,474,000 0.74% 1.20%
Reliance Communications L RCOM 54% (15,492,000) 24,516,000 25,328,000 29,960,000 0.70% 0.48%
Rural Elec Corp. Ltd. RECL 27% (1,204,000) 1,054,000 3,611,000 1,363,000 0.91% 0.87%
Reliance Capital Ltd RCFT 40% (1,189,000) 1,500,000 2,589,500 1,747,500 0.74% 0.96%
Reliance Industries Ltd RIL 57% (1,986,000) 4,884,500 4,829,750 6,470,000 0.88% 0.89%
Reliance Infrastructu Ltd RELI 37% (911,500) 1,057,000 2,237,000 1,324,500 0.77% 0.88%
Shree Renuka Sugars Ltd SHRS 46% (8,176,000) 9,736,000 15,624,000 13,528,000 0.87% 1.20%
Rolta India Ltd RLTA 40% (504,000) 528,000 964,000 636,000 1.20% 0.68%
Reliance Power Ltd. RPWR 49% (3,768,000) 7,040,000 8,806,000 8,620,000 0.82% 0.69%
Ruchi Soya Industries Ltd RSI 28% (2,982,000) 3,252,000 8,470,000 3,260,000 0.00% 0.98%
Steel Authority Of India SAIL 62% (3,778,000) 4,064,000 6,716,000 11,104,000 0.82% 0.62%
State Bank Of India SBIN 54% (2,043,875) 2,840,500 3,196,375 3,717,000 -0.15% -0.59%
Shipping Corp Of India Lt SCI 45% (1,540,000) 1,624,000 2,196,000 1,788,000 0.66% 0.93%
Sesa Goa Ltd SESA 50% (4,097,000) 4,944,000 7,860,000 7,800,000 -1.25% -1.70%
Siemens Ltd SIEM 40% (16,750) 130,500 265,250 176,500 1.20% 0.99%
5 Day Rollover (Change in OI on a 5 day horizon)
10 Edelweiss Securities Limited
Rollover Analysis
Chg in Near Chg in Mid Near Month Mid Month *Roll Cost Roll Cost
Instrument Bloom Mid/Total Mth OI Mth OI Mth OI OI 20-Jun-12 26-Jun-12
Sintex Industries Ltd BVML 44% (4,526,000) 5,164,000 7,408,000 5,864,000 0.57% 0.93%
S Kumars Nationwide Ltd SKUM 57% (12,088,000) 13,696,000 10,432,000 13,912,000 0.43% 1.20%
Sobha Developers Ltd SOBHA 25% (76,000) 75,000 264,000 86,000 1.00% 0.89%
The South Indian Bank Ltd SIB IN 33% (2,290,000) 2,272,000 5,070,000 2,552,000 1.20% 1.20%
Srei Infrastructure Finan SREI 53% (3,208,000) 4,928,000 4,592,000 5,120,000 0.93% 0.86%
Shriram Transport Fin Co. SHTF 42% (144,500) 146,000 214,500 154,500 0.14% 0.62%
Sterlite Inds (Ind) Ltd STLT 52% (17,318,000) 15,578,000 19,028,000 20,378,000 0.72% 0.92%
Sterlite Technologies Ltd SOTL 44% (1,696,000) 1,992,000 3,368,000 2,632,000 0.98% 0.64%
Sun Pharmaceuticals Ind. SUNP 51% (572,500) 896,500 1,012,500 1,073,500 0.81% 0.96%
Sun Tv Network Limited SUNTV 37% (218,000) 283,000 517,000 304,000 0.77% 0.08%
Suzlon Energy Limited SUEL 67% (73,520,000) 51,352,000 35,696,000 72,896,000 -1.46%
Syndicate Bank SNDB 48% (436,000) 204,000 488,000 446,000 0.90% 0.77%
Tata Chemicals Ltd TTCH 27% (80,000) 164,000 555,000 207,000 0.70% 0.90%
Tata Coffee Ltd TCO 35% (214,500) 213,500 452,750 241,000 0.78% 0.99%
Tata Communications Ltd TCOM 39% (459,000) 1,209,000 2,170,000 1,366,000 0.29% 0.88%
WELSPUN CORP LIMITED WGS 47% (3,480,000) 3,632,000 4,678,000 4,074,000 0.80% 1.00%
Tata Motors Limited TTMT 50% (8,776,000) 10,112,000 14,308,000 14,293,000 0.53% 0.69%
Tata Motors Dvr 'A' Ord TTMT/A 57% (2,258,000) 3,134,000 3,274,000 4,422,000 -2.14% -2.07%
Tata Power Co Ltd TPWR 53% (3,006,000) 3,754,000 4,592,000 5,122,000 0.91% 0.68%
Tata Steel Limited TATA 54% (8,586,500) 7,230,500 9,011,000 10,367,500 -0.41% -0.73%
Tata Consultancy Serv Lt TCS 65% (2,272,250) 3,395,250 2,008,000 3,783,750 0.65% 0.42%
Tech Mahindra Limited TECHM 45% (93,000) 114,000 207,000 167,500 -0.17% -0.01%
Titan Industries Ltd TTAN 36% (1,921,000) 1,782,000 3,839,000 2,139,000 -0.20% 0.57%
Ttk Prestige Ltd TTKPT IN 31% (2,000) 19,000 55,125 25,125 -0.14% -0.43%
Tata Teleserv(Maharastra) TTLS 49% (6,875,000) 8,134,000 12,782,000 12,208,000 1.20% 1.20%
Tvs Motor Company Ltd TVSL 50% (2,812,000) 3,744,000 4,944,000 4,928,000 1.20% 0.58%
Uco Bank UCO 57% (5,764,000) 5,136,000 4,512,000 5,984,000 0.94% 0.86%
Ultratech Cement Limited UTCEM 58% (485,750) 567,500 434,000 592,500 -0.68% -1.30%
Union Bank Of India UNBK 52% (833,000) 1,788,000 1,743,000 1,901,000 0.03% 0.22%
United Phosphorus Limited UNTP 47% (1,760,000) 2,190,000 2,526,000 2,280,000 0.92% 0.97%
Unitech Ltd UT 54% (21,384,000) 22,296,000 24,440,000 28,776,000 0.48% 0.47%
Videocon Industries Limit VCLF 65% (4,476,000) 4,580,000 2,908,000 5,366,000 0.55% 1.00%
Vijaya Bank VJYBK 40% (1,912,000) 1,596,000 3,180,000 2,096,000 0.53% 0.96%
Vip Industries Ltd VIP IN 39% (523,750) 1,180,000 2,063,750 1,336,000 0.90% 0.25%
Voltas Ltd VOLT 26% (408,000) 442,000 2,006,000 702,000 0.84% 0.79%
Welspun Corp Limited WGS 73% (12,392,000) 12,940,000 5,362,000 14,782,000 0.92% 1.20%
Wipro Ltd WPRO 53% (394,000) 589,000 895,000 1,010,000 0.71% 0.79%
Yes Bank Limited YES 41% (626,000) 3,039,000 5,559,000 3,866,000 0.27% 0.53%
Zee Entertainment Ent Ltd Z 22% (250,000) 478,000 1,978,000 570,000 0.70% 0.75%
*Rollover Cost: Cost of rolling over the near month future to the next month
Sorted on alphabetical order of company name
5 Day Rollover (Change in OI on a 5 day horizon)
Edelweiss Research is also available on www.edelresearch.com,
Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset.
Edelweiss Securities Limited
Gilts trade cautiously with an eye on OMO
• The gilts had a rather quiet session with volumes being very low around INR 120bn as
against recent sessions where volumes have been higher than INR 200bn. After the
disappointment of the RBI measures announced yesterday, markets traded with a mild
negative bias.
• However, the movement and trading aggression was limited as the market was expecting
an OMO announcement post-closing. The 10-Y benchmark traded in a tight range of 8.08-
8.10% and ended the session at the day’s high of 8.10% vs 8.09%. In the event of OMO
expectations coming true, the market would resume its bullish run this week.
• The action in the OIS market was limited to the near-end which reversed its trend and
turned paying. The 1-Y OIS ended the day at 7.76-7.77% vs 7.72-7.78%, while the 5-Y OIS
ended at 7.12-7.20% vs 7.12-7.18%.
Non-SLR Market
Vijaya Bank placed 3M CD worth INR 10bn @ 9.23%. Indian Bank placed 1Y CD worth INR
1.10bn @ 9.59%. HPCL placed 1M CP worth INR 10bn @ 9.09%. Piramal Healthcare Limited
placed September Maturity CP worth INR 5bn @ 9.25%.
Money Market
The liquidity situation was quite similar to the previous session with LAF borrowing around
the INR 1tn mark. Call rates inched closer to the repo rate with WAR for the day being at
8.12% vs 8.15% - deals were struck at low levels of 7.80% as well.
India Yield Curve – G-Sec & OIS
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
1-Y 2-Y 5-Y 10-Y 30-Y
(%)
G-Sec (T) G-Sec (T-10)OIS (T) OIS (T-10)Source: Edelweiss research, CCIL, Bloomberg
Liquidity Situation – LAF borrowing at INR 1.02tn
0
200
400
600
800
1,000
1,200
1,400
18-May 25-May 1-Jun 8-Jun 15-Jun 22-Jun
(Cu
mu
lati
ve
LA
F U
sa
ge
-IN
R b
n)
LAF Injection RBI Comfort LevelSource: Edelweiss research, Bloomberg, RBI
BOND VECTOR Fixed Income Daily
26-Jun 25-Jun Change*
Govt. Bonds
8.24% 2018 8.19% 8.19% 1
8.19% 2020 8.16% 8.18% -2
8.15% 2022 8.10% 8.09% 1
9.15% 2024 8.38% 8.37% 2
Corp. Bond
5 yrs 9.40% 9.40% 0
10 yrs 9.33% 9.32% 1
Corp. Bond (Non-PSU)
2 yrs 9.81% 9.82% -1
5 yrs 9.65% 9.60% 5
10 yrs 9.50% 9.50% 0
C D
3 mth 9.18% 9.15% 3
6 mth 9.45% 9.40% 5
1 yr 9.59% 9.64% -5
C P
3 mth 9.45% 9.40% 5
6 mth 9.90% 9.85% 5
1 yr 10.10% 10.00% 10
Swap
1 Yr 7.79% 7.74% 5
2 Yr 7.32% 7.28% 4
5 Yr 7.17% 7.16% 1
* Change in bas is points
Other Indicators* 26-Jun 25-Jun Change
Crude (USD/bbl) 91.5 91.0 0.5%
Gold (USD/Oz) 1582 1584 -0.1%
USDINR 57.04 57.02 0.0%
1Y INR NDF Prem. 6.81% 6.75% 0.06%
Dollar Index 82.44 82.50 -0.1%
Nifty 5121 5115 0.1%
MIBOR (o/n) 8.14% 8.14% 0.00%
LIBOR (1mth) 0.25% 0.25% 0.00%
* Figures as on 18:00 hrs IST
Source: Edelweiss research, Bloomberg, CCIL
Yield Curve
India Fixed Income Research
Jagdeep Kannarath
+91 22 6620 3083
June 26, 2012
Bond Vector
2 Edelweiss Securities Limited
CBLO 7.81% 7.97%
Repo 8.03% 8.04%
Cal l 8.12% 8.15%
26-JunWAR 25-Jun
Volume
(INR bn)
CBLO 634.4 628.6
Repo 147.9 139.8
Ca l l 166.9 174.4
26-Jun 25-Jun
G-Sec Activity
0
50
100
150
200
250
300
350
26-Jun25-Jun22-Jun21-Jun20-Jun19-Jun18-Jun15-Jun
( D
aily
Vo
lum
e -
INR
bn
)
GSec Total Vol 8.79 2021 9.15 2024Source: Edelweiss research, CCIL
Overnight Money Market Yields
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
26
-Ju
n
22
-Ju
n
20
-Ju
n
18
-Ju
n
14
-Ju
n
12
-Ju
n
8-J
un
6-J
un
4-J
un
31
-Ma
y
29
-Ma
y
25
-Ma
y
23
-Ma
y
21
-Ma
y
(%)
Call Repo CBLOSource: Edelweiss research, CCIL
Overnight Money Market Activity
0
100
200
300
400
500
600
700
26-Jun25-Jun22-Jun21-Jun20-Jun19-Jun18-Jun15-Jun
( D
aily
Vo
lum
e -
INR
bn
)
Call Repo CBLOSource: Edelweiss research, CCIL
Bond Vector
3 Edelweiss Securities Limited
Tenor AAA AA+ AA
1Y 146 190 210
5Y 69 133 157
10Y 82 113 140
*AA+ and AA spread as per Bloomberg As per previous session yields
26-Jun 25-Jun
32.00 35.00
5.00 6.00
20.00 5.00
57.00 46.00
Volume (INR bn)
CD Primary
CD Secondary
CP Tota l
Total
INR bn 22-Jun 21-Jun MTD
FII 1.92 0.68 -5
MF 71.97 41.49 573
5Y Corporate Bond Spreads
0
20
40
60
80
100
120
140
160
180
25
-Ju
n
21
-Ju
n
19
-Ju
n
15
-Ju
n
13
-Ju
n
11
-Ju
n
7-J
un
5-J
un
1-J
un
30
-Ma
y
28
-Ma
y
24
-Ma
y
22
-Ma
y
18
-Ma
y
(bp
s)
5Y AAA 5Y AA+ 5Y AASource: Edelweiss research, Bloomberg
Short-term Debt Activity – CDs & CPs
0
10
20
30
40
50
60
26-Jun25-Jun22-Jun21-Jun20-Jun19-Jun18-Jun15-Jun
( D
aily
Vo
lum
e -
INR
bn
)
CD Primary CD Secondary CP TotalSource: Edelweiss research
Net Debt Flows – FII + MF
(200)
0
200
400
600
800
1,000
1,200
Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12
(IN
R b
n)
FII MFSource: Edelweiss research, Bloomberg
Bond Vector
4 Edelweiss Securities Limited
Event Calendar – India & Global
Events & Updates Expected Actual Prior
26-Jun US - Consumer Confidence JUN 63.50 - 64.90
28-Jun US - GDP (QoQ) Annualised Q1 1.90% - 1.90%
US - Initial Jobless Claims 385K - 387K
29-Jun US - University of Michigan Confidence JUN 74.10 - 74.10
IN - Current Account Balance Q1 - - -$19.62B
EU - CPI Estimate (YoY) JUN 2.40% - 2.40%
4 Edelweiss Securities Limited
First Call
INSIDER TRADERS
Company Name Acquirer/Seller B/S Qty
Traded
Aarti Drugs Harshit M Savla Buy 15393
Aarti Industries Anushakti Chemicals & Drugs Buy 21556
Aksh Optifibre Dr. Kailash S. Choudhari Buy 4375000
BCB Finance Bharat Bagri Buy 56000
BCB Finance Sarla Bagri Buy 56000
BCB Finance Uttam Bagri Buy 56000
Cairn India Life Insurance Corporation of
India
Buy 778009
CEAT Summit Securities Buy 17000
Celestial Biolabs Amit Kumar Singh Buy 200000 inter se
transfer
Celestial Biolabs Nitin Kumar Singh Buy 389000 inter se
transfer
Gitanjali Gems Mehul C. Choksi Buy 130754
Indian Hotels Co Tata Sons Buy 48000000 Preferential
Allotment
Kirloskar Ferrous Industries Kirloskar Industries Buy 25928
Liberty Phosphate Liberty Urvarak Buy 249325
LT Foods Raghuvesh Holdings Buy 59944
Microsec Financial Services Topview Enclaves LLP Buy 21461
Ramco Industries P R Ramasubrahmaneya Rajha Buy 32322
RDB Realty & Infrastructure Sheetal Dugar Buy 39054
S Kumars Online Yashaswini Leisure Buy 1429598 off market
Tata Motors Tata Sons Buy 300000
Tilaknagar Industries Amit Dahanukar Buy 20000
Welspun India Krishiraj Trading Buy 35037
Amarjothi Spinning Mills Amarjothi Colour Melange
Spinn06
Sell 1822500 inter se
transfer
Celestial Biolabs Dr A N Singh Sell 589000 inter se
transfer
HDFC Bank Benjamin Frank Sell 17000
IL&FS Investment Managers Mr Shahzaad Dalal Sell 33100
Liberty Phosphate Anisha Raoof Dhanani Sell 200000
NCL Research & Financial
Services
GCM Securities Sell 24150
5 Edelweiss Securities Limited
First Call
BULK DEALS
Date Company Name Acquirer/Seller B/S Qty Traded Price
26-Jun-12 ABG Shipyard Nippon Investment & Finance
Company
Buy 514000 376.56
26-Jun-12 Action Financial Services (I) Pinky Jajodia Buy 60000 37.89
26-Jun-12 Chambal Breweries &
Distilleries
Jayant Security & Finance Buy 53000 82.35
26-Jun-12 D B Corp Nalanda India Equity Fund Buy 2000000 199.99
26-Jun-12 D B Corp Reliance Life Insurance Co.. Sell 1000000 200
26-Jun-12 D B Corp Reliance Mutual Fund Sell 997792 200
26-Jun-12 Dhvanil Chemicals Togadiya Hareshbhai
Madhabhai
Sell 45944 60.3
26-Jun-12 Elecon Engineering
Company
Hdfc Mutual Fund A/C Hdfc
Infrastructure Fund
Sell 1000000 54
26-Jun-12 Elecon Engineering
Company
Hdfc Mutual Fund A/C. Hdfc
Infrastructure Fund
Sell 1007331 53.98
26-Jun-12 Gateway Distriparks Morgan Stanley Asia
(Singapore) Pte
Buy 950000 131
26-Jun-12 Parichay Investments Jhaveri Sanjeev Burman Sell 7624 192.02
26-Jun-12 Pearl Polymers Amit Seth Buy 230000 9.67
26-Jun-12 Pearl Polymers Pearl Int. Tours & Travels Sell 145000 9.61
26-Jun-12 Sai Wires India Slp Traders (Satish Vasant
Ghone )
Buy 42900 75.8
26-Jun-12 Sai Wires India Sunita Bansal Sell 50,000 76.92
26-Jun-12 Shalibhadra Finance Jigneshkumar Harshvadan
Gandhi
Sell 31,784 57.52
26-Jun-12 Suryalata Spinning Mills Jamson Securities Buy 94,751 57.00
26-Jun-12 Suryalata Spinning Mills Ravinder Reddy Nandi Sell 99,851 57.00
26-Jun-12 Tricom India Ajas Components Sell 1,240,000 5.15
6 Edelweiss Securities Limited
First Call
TECHNICAL UPDATES
Monday’s selling lacked the follow through as the index traded in a narrow range of 39
points throughout the day and ended with a minor gain of 6 points. Nifty seems to be
locked in a tug-of-war between the bulls and the bears, oscillating between 5200 and
5040 without a decisive move in the offing. Volumes in yesterday’s session were below
par underlining the indecisiveness in the current scenario, whereas the market breadth
was marginally in favour of declines. Momentum is a mixed bag on the daily and hourly
charts leading to the choppy price action. Nifty clearly faces resistance near the 50%
retracement mark of 5200 and the bullish trigger is likely to come once that level is taken
out, while the downside is well protected by the 200 SDMA at 5075 and the multiple
swing support of 5040 that the bears are watching closely to gain an upper-hand. In the
run-up to the June series derivatives settlement on Thursday, one could say the current
scenario is like “calm before the storm”.
Sectorally, the top gaining indices of the day were Oil & Gas (+1.2%), Pharma (+0.91%)
and Banks (+0.45%). The underperforming sectors of the day were FMCG (-0.81%) and
Metals (-0.33%). The broader market indices ended mixed with CNX Midcap gaining
0.59% and the CNX Smallcap index losing a marginal 0.06%.
Bullish Setups: TATA, HUVR, HMCL, HPCL, DRRD, SBIN
Bearish Setups: COAL, TCS, MSIL, HDFC
Nifty Index Indicator Outlook Points*
Candlestick Positive 1
Stochastic Positive 1
Moving Avg Negative (1)
RSI Neutral 0
ADX Neutral 0
MACD Neutral 0
Aggregate Positive 1
February
13 21 27 5
March
12 19 26 2 9
April
16 23 30 7
May
14 21 28 4
June
11 18 25 2
July
9 16
-100
-50
0
50
100
150
100000
200000
300000
x1000
4750
4800
4850
4900
4950
5000
5050
5100
5150
5200
5250
5300
5350
5400
5450
5500
5550
5600
5650
5700
5200 (50% retracement)
5040
Bloomberg Code NIFTY Index
Spot Price 5,120
Res istance 1 5,145
Res istance 2 5,190
Support 1 5,093
Support 2 5,073
Ni fty 20 SDMA 5,043
Ni fty 50 SDMA 5,052
Ni fty 200 SDMA 5,074
Adv : Dec [NSE] 698 : 746
Turnover Rs Crs . 9,178
BSE+NSE cash
7 Edelweiss Securities Limited
First Call
EYE CATCHERS Futures Snapshot
Top OI Rises Top OI Falls
Scrip % OI Chg OI % Price
Chg
% Future
Vol Chg
Sun Tv 31 822 2.7 76
Andhra Bank 25 1,034 1.1 (12)
Jain Irrigation System 20 7,322 1.8 130
ZEE LTD 17 2,548 3.1 259
Divi's Lab 16 597 3.4 461
Bosch Ltd 16 5 (1.3) 225
Union Bank 15 3,644 3.0 (8)
VIP Industries Ltd 14 3,400 (0.5) (29)
Scrip% OI
ChgOI
% Price
Chg
% Future
Vol Chg
ABG Shipyard Ltd (18) 2,840 (0.9) 125
Adaniports (12) 6,544 1.2 181
Suzlon (9) 110,968 0.8 27
HPCL (8) 4,401 2.7 174
Colgate Palmolive (7) 137 1.2 305
Arvind Limited (7) 3,780 1.2 (18)
Syndicate Bank (7) 936 0.5 5
CESC Ltd (7) 813 0.6 56
8 Edelweiss Securities Limited
First Call
Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai – 400 098.
Board: (91-22) 4009 4400, Email: [email protected]
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