WEEKLY REPORT

Key developments during the week

•S&P cuts India long‐term rtg outlook citing concern overfisc, debt

• Moody's affirms stable rtg on India local, foreign currencybond

• Pranab says rule to tax foreign M&A deals not likely to hurtFDI

• Cabinet minister says no plan to deregulate diesel prices

• Industry secy says consultations on FDI in aviation still on

• Source says Birla Shloka to ink content sharing pact with UK co Wed

• Transgene to co‐develop Canadian co's reproductive cancerdrug

• Gujarat Gas signs agreement with GSPC Gas for assetsexchange

• Strides buys S India sterile formulations unit for 1.25 blnrupee

• Hinduja group's Gulf Oil Corp begins development ofBengaluru SEZ

• IIFCL head says got provisional SEBI OK for setting up infra debt fund

• Federal Bank cuts Base Rate by 20 bps to 10.45% from May 2

• Reliance Ind, partners agree to relinquish KG‐D9 block

• Bharat Forge JV gets order worth 15.7 bln rupees from NTPC

• Maruti Suzuki to invest 20‐24 bln rupees in Rohtak R&D facility

Domestic events week ahead

• Apr 30: CPI for Industrial Workers for March, by Labour Bureau.

• May 1: HSBC Manufacturing PMI for April, by Markit Economics.

• May 1: Trade data for March, by commerce and industry ministry.

• May 1: Automobile sales data for April, by SIAM.

• May 1: Cement production, despatches in April, by CMA.

• May 3: HSBC Services PMI for April, by Markit Economics.

Global events week ahead

•Apr 30: German Retail Sales m‐o‐m & M3 Money Supply y‐o‐y of Europe

• May 01: Manufacturing Purchasing Manager’s Index (PMI) of Britain, The Institute for Supply Management

    Manufacturing Purchasing Managers' Index (PMI) of US

• May 02: Unemployment Rate of Europe, Crude Oil Inventories of US

• May 03: French Industrial Production m‐o‐m, Unemployment Claims of US

• May 04: Retail Sales m‐o‐m of Europe, Unemployment Rate of US

Weekly Sector Outlook and Stock Picks

Pharma sector ‐ In range with negative bias this week

Shares of drug makers are likely to remain rangebound with a negative bias this week, taking cues from the broad market1 ahead of corporate earnings in early May. The street is likely to remain bullish on Ranbaxy Laboratories Ltd, Lupin Ltd and Dr Reddy's Laboratories Ltd on stock specific expectations.

Capital Goods sector ‐ To track broad market this week

Shares of capital goods and engineering companies are likely to track the broad market, which is seen trading with anegative bias this week. Any action would be stock specific. These stocks may see slight upside on Monday on the back of better‐than‐estimated results posted by the sector major Siemens Ltd post‐market hours last week. In the current subdued economic scenario and the slowdown in the capital goods and engineering companies, Siemens results may revive the market in the short term. Siemens last week posted nearly 11% rise in its net profit for Jan‐Mar on the back of higher sales. Revenues during the quarter grew nearly 24%.

FMCG Sector ‐ Rangebound with negative bias; earnings eyed

Shares of fast‐moving consumer goods companies are seen rangebound with a negative bias this week. Any movementmay be stock specific based on Jan‐Mar earnings. Hindustan Unilever, Marico, and Dabur India are scheduled to detail their quarterly earnings on May 1, May 3, and Apr 30, respectively. Volume growth is a key factor for the companies as they hiked product prices several times during Jan‐Mar. While Hindustan Unilever hiked prices of soaps and detergents, Marico undertook price hikes in the edible oil portfolio. Jan‐Mar performance will be critical as the companies may provide guidance for the next two quarters, which will help investors take call on these counters. While profitability is expected to expand year‐on‐year, sales volume growth could be strained. Ability of consumers to absorb price hikes and sustain demand seems to be weakening. Last week, the BSE FMCG index lost 0.4%, while benchmark indices the National StockExchange's Nifty and the BSE's Sensex lost 1.55% and 1% respectively.

Bank sector‐ Seen rangebound this week; Jan‐Mar earnings eyed

Shares of major banks are likely to move in a narrow range this week tracking mixed cues. Movement is likely to be stockspecific based on Jan‐Mar financial results. Sentiment for the sector is likely to get a boost from the better‐than‐ expected Jan‐Mar earnings posted by ICICI Bank and Axis Bank on Friday 27th April. ICICI Bank reported a 31% year‐on‐year rise in fourth‐quarter net profit at 19.02 bln rupees. Axis Bank is also likely to trade with a positive bias. The bank reported net profit of 12.77 bln rupees for Jan‐Mar. Investors are likely to keep a watch on shares of Oriental Bank of Commerce, andVijaya Bank, as they are scheduled to detail Jan‐Mar earnings on Monday Apr 30th. Bank of Baroda will announce their financial results on 4th May, which is expected to provide cues for the respective stock.

Cement Sector ‐ Seen down this week; Apr dispatches data eyed

Shares of major cement makers are seen negative this week as it is expected that the companies to start cutting prices of the commodity ahead of the low‐demand season. Typically, cement demand starts falling by May‐end as construction activity is halted due to the monsoon. Cement stocks have rallied significantly over the past four months as companies raised prices by 10‐25% across regions, helping them to pass on the pressure of rising input costs. Investors may take cues from cement despatches data for April, which will be detailed on Tuesday May 1st .

IT Sector ‐ To track broad market this week amid lack of cues

Shares of major information technology companies are seen range‐bound this week due to lack of sector‐specific triggers.Movement in IT stocks will depend on the broad market and investors have broadly factored in Jan‐Mar earnings that were posted by companies over the past two weeks, but there may be stock‐specific movement based on the results. Jan‐Mar earnings of top software majors gave mixed cues to investors. Infosys' tepid guidance for 2012‐13 (Apr‐Mar) raised fears of a likely slump across the sector, but Tata Consultancy Services' outlook for the year lifted sentiment, as the company said it was confident of topping industry body NASSCOM's estimate of a 11‐14% revenue growth. Even while top brass TCS and Wipro were confident about high growth this year but there are many uncertainties surrounding the sector.

Volatility in Indian rupee against the dollar is one of the variables that pose a continuous challenge for IT companies. After significant depreciation in Oct‐Dec, the Indian unit appreciated in Jan‐Mar, leading most companies to post foreign exchange losses for the latter quarter. Shares of KPIT Cummins and NIIT Technologies will remain in focus as the two midsized companies will detail their Jan‐Mar earnings this week.

Telecom Stocks Outlook:Bias weak this week; Bharti Airtel result eyed

Shares of telecom companies are seen trading with a weak bias this week as sentiment remains bearish after the Telecom Regulatory Authority of India recommended high reserve price of 36.22 bln rupees for the auction of 1 MHz of spectrum in the 1800 MHz band at a pan‐India level early last week. Shares of Bharti Airtel will be in focus this week, as the company will announce its Jan‐Mar earnings on Wednesday 2nd May. Jan‐Mar consolidated net profit of Idea Cellular declined 12.9% on year to 2.39 bln rupees, on account of high finance cost. The company announced its earnings on Thursday last week.

Oil Stocks Outlook: State‐owned refining, upstream cos seen subdued

Shares of state‐owned fuel retailers are likely to remain subdued this week as the government is unlikely to de‐regulate diesel prices anytime soon while a increase in prices of the fuel, and others like petrol and cooking gas, also appear dim. Continued weakness in the rupee, vis‐a‐vis the dollar, will also weigh on these stocks. The recent softening of crude prices will, however, support shares of the three companies‐‐Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd.These companies are currently losing around over 14 rupees on sale of a litre of diesel. Even on petrol,the prices of which were deregulated in 2010, the companies are incurring a loss of over 8 rupees as the government indirectly forces these companies to desist from price hikes fearing popular resentment. The burden is huge and may result in significant losses for these companies in Apr‐Jun. The compensation for losses incurred by these companies in 2011‐12 (Apr‐Mar) may be announced in second half of May, just ahead of their earnings.The subsidy burden will also remain an overhang on upstream companies‐‐Oil and Natural Gas Corp, GAIL (India) Ltd and Oil India Ltd—w ho have to share a major portion of the revenue losses.Usually, these three companies share a third of the revenue losses but the government has raised it to 38.5% as well. That uncertainty may also keep investors away from the stocks for the time being.

Steel Sector: Weak this week amid econ uncertainties

Shares of major steel companies are seen weak in the next five sessions over concerns of economic uncertainties in Indiaamid slowdown in global economies. On the expiry of April contracts on Thursday, traders carried forward bearish bets tothe May series as they expect market prospects in the near term to remain gloomy. Standard & Poor's downgrade of outlook on India rating from 'stable' to 'negative' also added to the bearish sentiments. On Friday, Jindal Steel and Power posted better‐than‐expected Jan‐Mar earnings on the back of higher realisation and rise in sales volumes. The company's consolidated net profit rose 16.5% on year to 11.67 bln rupees and net sales were up 42% on year at 54.65 bln rupees. Market participant expect weakness in steel stocks to continue this week especially in JSW Steel, which continues

to struggle with raw material scarcity. JSW Steel's crude steel production in March fell 3% sequentially to 592,000 ton as it operated at 70% of production capacity. Although the company's crude steel output in Jan‐Mar rose 26% on year to 2.07 mln ton.

Market Range for Week 5050‐ 5380

NIFTY

Resistance – Nifty facing Resistance level @5250 level above this levelit may go up to @5320 &@ 5350 level.

 Support ‐ Support comes for market @5180 level for Nifty; below this level Nifty next support @5130 and @5080 will be the major support for Market.

Technical – Last week Nifty opened at 5277 & it made a high of 5310.Last week we have seen rangebound market with downside. Nifty made a low of 5154 & closed at 5209.Last week Nifty drag 156 points from its high & on weekly basis it closed at 81 point’s lower. Sensex made a weekly high of 17444 & a low of 17019 almost it drag 425 points in the week from its high.So overall last week we have seen some rangbound market with profit booking.

For the coming week the market range we expect 5050‐5380.

Weekly  View –

Last week we had expected market range (5150‐5450) & market made a high of 5310 & made a low of 5209, so overall it hold over both side. In last week report we had mentioned, on daily chart market was not able to cross 50DMA & downward slopping trendline. On weekly chart it was not able to cross 100WMA, because of all that we had mentioned 5350‐5360 will be major resistance unless not close above that we can see rangebound market & all we have seen same.Now on daily chart market near to 100 & 200DMA support level(5130) but at the same time not able to cross 50DMA. On weekly chart still taking support at upper trendline & facing resistance at 100WMA, from last 8 to 10 week we are trading in same range,

so unless we did not get any trigger we can see consolidation in the market & still 5350‐5380 will be major resistance &5180‐5130 will be support for market.

On Friday Dow jumped 28 points, or 0.2%, & the S&P500 rose 4 points, or 0.3%.The Nasdaq added 18 points, or 0.6%. Forthe week the Dow gained 1.5%. The S&P500 advanced 1.8% & the Nasdaq is 2.3% higher for the week.

Weekly Chart

27-04-2012

Markets opened on a flat note traded in a narrow range throughout the day to close marginally in red. On the sectoral front Power, Realty, and Auto were on the losing side whereas IT and FMCG closed with marginal gains. The Advance decline ratio was in favour of  declining counters (Advances = 967/ Declines=1137).

Pattern Formation: On the Daily chart, for the third consecutive trading session we are witnessing a narrow range body formation which indicates cautious approach at current level.

Future Outlook:  Broadly, we are witnessing a sideways movement and there is no clear trend emerging on the daily chart. Hence in coming trading session if nifty for the first hour trades and close above  5220 level then it may test 5250 – 5280 levels. On the downside, we maintain our stance that the 200-day SMA(5132level) remains crucial support level, if breached on closing basis then further weakness to 5050 could be possible in couple of trading sessions. One should adopt cautious approach towards the market.

Data Alert From India –              Not Available

Data Alert From Overseas  –

• Bank of Japan Press Conference.

• French Consumer Spending m-o-m at 12:15.

• US Advance GDP q-o-q.

Domestic Sector News –

• BANKING: The Cabinet has given its nod to The Banking Laws (Amendment) Bill, 2011. The bill envisages raising cap on voting rights in private banks to 26% for a single entity from 10% at present.

• ENERGY: India and Turkmenistan have agreed on pricing of gas that will be imported via the Turkmenistan-AfghanistanPakistan-India pipeline.

• MEDIA: The government may consider to raise foreign direct investment cap to 74% from 49% for cable operator companies and direct to home companies.

• POWER: The government may re-introduce incentives for the wind energy sector to ally concerns over capacity addition during 2012-13. The government had withdrawn two key incentives from Apr 1.

Domestic Stock Specific News  -

• Cabinet minister says no plan to deregulate diesel prices.

• Industry secy says consultations on FDI in aviation still on.

• CMD says NMDC aims to nearly double iron ore output by FY15.

• Gujarat Gas signs agreement with GSPC Gas for assets exchange.

• Gujarat Fluorochemicals, Nahar Ind get carbon credits from UN body.

• Strides buys S India sterile formulations unit for 1.25 bln rupee.

• Hinduja group's Gulf Oil Corp begins development of Bengaluru SEZ.

• Inox Leisure to convert all its cinemas to digital projection.

International News -

• In the week ending April 21, the advance figure for seasonally adjusted initial claims was 388,000, a decrease of 1,000 from the previous week's revised figure of 389,000.

Today’s Result –

Axisbank, Deltacorp, Digjam, HCC, Hexaware, ICICIBank, Indiabulls, Jindalstel, Kajariacer, Kalindee, Ksbpumps, Lancoin, Mahapexltd, Mahlife, Quintegra, Rpglife, Rsystems, SBT, Siemens, Tcpltd, Thinksoft, Thomascook.

Results Announced Yesterday ( Date 26-04-2012 ) –

•Kirloskar Oil  Jan-Mar net profit  56.61 cr rupees vs 47.61 cr rupees (YoY).

• Bata India  Jan-Mar net profit  35.99 cr rupees vs 109.3 cr rupees (YoY).

• Oil Country  Jan-Mar net profit  13.39 cr rupees vs 13.39 cr rupees (YoY).

• L&T Finance Holdings Jan-Mar net profit  59.9 cr rupees vs 82.7 cr rupees (YoY).

• MRF Jan-Mar net profit  150.1 cr rupees vs 89.8 cr rupees (YoY).

• Strides Arcolab Jan-Mar consol net profit 642.07 cr rupees vs 40.70 cr rupees (YoY).

• Vakrangee Soft Jan-Mar net profit  19.81 cr rupees vs 13.89 cr rupees (YoY).

• IDEA Jan-Mar net profit  238.98 cr rupees vs 274.52 cr rupees (YoY).

• Gujarat Gas Co  Jan-Mar net profit  65.17 cr rupees vs 72.36 cr rupees (YoY).

• Vesuvius  India Jan-Mar net profit  11.56 cr rupees vs 13.03 cr rupees (YoY).

Board Meeting (Purpose) – Ador Fontech (Dividend), Hindustan Const (Dividend), Ador Multi (Dividend), ICICI Bank (Dividend), Indiabulls Fin (Dividend), RPG Life (Dividend),  Int Trvl House  (Dividend), Jindal Steel (Dividend), Axis Bank (Dividend), Kajaria Cerm (Dividend), Chowgule Steam (Dividend), Kirloskar Ferro (Dividend), Stanrose Mafat (Dividend), Cinerad Comm (General), State Bank Trav (Dividend), Delta Corp(Dividend), Swadeshi Inds (General), THINKSOFT (Dividend), Mahindra Lifesp (Dividend), Gujarat Hotels ( Dividend), Hexaware Tech ( Dividend).

26-04-2012

Future Outlook:   In view of the two consecutive narrow range body  formations it is evident that there is no clear trend emerging. In coming trading session if nifty trades convincingly above 5240 level then only we  may witness upside up to 5300 level. On the downside, the 200day SMA (5132level) remains crucial support  level, if breached on closing basis then further weakness to 5050 could be possible in couple of trading sessions.  We reiterate our view that traders are advised to maintain a cautious approach towards the market.

FII & DII activity -on 25-04-2012 – FII net sellers in index future to the amount of Rs 314.83 cr , in index options net buyers to the amount of Rs 369.11 Cr, in stock futures net buyers to the amount of Rs 218.53 Cr & in stock options net buyers to the amount of Rs 17.82 Cr. Overall FIIs were net buyers by Rs 290.63 Cr.

Capital Market Segment – FII trading activity net sellers of Rs 340.84 Cr & DII trading activity net buyers of Rs 40.70 Cr.

Data Alert From Overseas  –

• German Prelim CPI m-o-m

• US Unemployment Claims at 6:00 pm and Pending Home Sales m-o-m at 7:30.

Domestic Sector News –

• BANKING: Standard & Poor's has lowered the outlook to negative on ratings of 11 financial institutions including STATE  BANK OF INDIA, ICICI BANK and HDFC BANK.

• MINING: Mines Ministry has rejected Odisha's request for mineral rent resource tax on supernormal profits made by iron ore companies.

• PHARMACEUTICAL: Kenyan high court's ruling to amend anticounterfeit act for enhancing access to cheaper drugs is likely to boost Indian generics exports.

• POWER: The government has invoked the special power under the Electricity Act and has directed the entral state regulators  to allow industrial consumers to buy cheaper power from the open market.

Domestic Stock Specific News  -

• S&P cuts India long-term rtg outlook citing concern over fisc, debt.

• IIFCL head says got provisional SEBI OK for setting up infra debt fund.

• GMR Infra says aeronautical charges hike at Delhi airport below view.

• Orchid Chem, Torrent, Aurobindo get US FDA OK for Zyprexa  generic.

• Federal Bank cuts Base Rate by 20 bps to 10.45% from May 2.

• CFO says Zenith Birla to set up 8-20 inch diameter pipes facility.

• Govt sources say today's EGoM meeting on sugar exports deferred.

Today’s Result –

Adorweld , Ajantpharm , Astramicro , ATFL, Bataindia, Biocon, Cholafin, Clnindia, Everestind, Gujratgas, IDEA, Kirloseng, Kirlosind, L&Tfh, Magma, MRF, Oilcountub, Sasken, Star, Strtech, Vakransoft, Vesuvius, Wendt, Xproindia

Results Announced Yesterday ( Date 24-04-2012 ) –

• Wipro  Jan-Mar net profit  1480.9 cr rupees vs 1375.4 cr rupees (YoY).

• Mah Holiday Jan-Mar net profit 37.22 cr rupees vs 40.17 cr rupees (YoY).

• LicHsg  Jan-Mar net profit 253.6 cr rupees vs 314.7 cr rupees (YoY).

• Jindalswhl  Jan-Mar net profit 2.65 cr rupees vs 1.86 cr rupees (YoY).

• Yesbank Jan-Mar net profit 271.8 cr rupees vs 203.3 cr rupees (YoY).

• Alembic Pharma Jan-Mar net profit 20.31 cr rupees vs 10.28 cr rupees (YoY).

• Bharat Ele Jan-Mar net profit 333.8 cr rupees vs 448.2 cr rupees (YoY).

• EID Parry India Jan-Mar consol net profit 137.90 cr rupees vs 112.25 cr rupees (YoY).

• Sterlite Ind Jan-Mar net profit 1277 cr rupees vs 1925 cr rupees (YoY).

• Raymond Jan-Mar consol net profit 3.17 cr rupees vs 29.51 cr rupees (YoY).

EX- Dividend  + Board Meeting –

EX- Dividend – MCX, Sundaram Clayton.

Board Meeting (Purpose) – Ajanta Pharma  (Dividend, Stock Split), Astra Micro (Dividend), CHOLAFIN (Dividend), Everest Inds (Dividend), KIRL INDUS (Dividend), Kirloskar Oil Engines (Dividend), L&T Finance Holdings (Dividend), Magma Fin (Dividend), Mahindra Compo (Dividend), Oil Country Tub (Dividend), Sasken Comm (Dividend), Sterlite Tech (Dividend), Vakrangee Soft (Dividend),  Wendt India (Dividend), XPRO India (Dividend).

Sector wise News:

BANKING: Standard & Poor's has lowered the outlook to negative on ratings of 11 financial institutions including STATE BANK OF INDIA, ICICI BANK and HDFC BANK.

• MINING: Mines Ministry has rejected Odisha's request for mineral rent resource tax on supernormal profits made by iron ore companies.

• PHARMACEUTICAL: Kenyan high court's ruling to amend anti-counterfeit act for enhancing access to cheaper drugs is likely to boost Indian generics exports.

• POWER: The government has invoked the special power under the Electricity Act and has directed the central state regulators to allow industrial consumers to buy cheaper power from the open market.

25-04-2012

BOARD MEETING
• BHARAT ELECTRONICS to consider share buyback.
• EID PARRY INDIA to consider scheme of arrangement.
• GOLDEN GOENKA FINCORP to consider raising of funds.
• PARRYS SUGAR INDUSTRIES to consider scheme of arrangement.
• VARDHMAN CONCRETE to consider rights issue.
• VTM to consider stock split, dividend.
• WHEELS INDIA to consider fund raising.



DATA ALERT FROM OVERSEAS
• UK GROSS DOMESTIC PRODUCT for Jan-Mar.
• US EIA CRUDE OIL STOCKS for week to Apr 20.
• US EIA PETROL STOCKS for week to Apr 20.
• US EIA DISTILLATE STOCKS for week to Apr 20.
• US EIA REFINERY USAGE in week to Apr 20.



Result Update:
• Bajaj Corp  Jan-Mar net profit 34.04 cr rupees vs 26.88 cr rupees (YoY).
• Alstom proj  Jan-Mar net profit 137.37 cr rupees vs 84.4 cr rupees (YoY).
• Polaris  Jan-Mar net profit 61.1 cr rupees vs 57.5 cr rupees (YoY).
• Gruh Finance Jan-Mar net profit 55.57 cr rupees vs 41.60 cr (YoY).
• ING Vysya  Jan-Mar net profit 127 cr rupees vs  91 cr (YoY).
• Petronet  Jan-Mar net profit 245.12 cr rupees vs  206.27 cr (YoY).


 Result today : Aplltd, Basf, BEL, Eidparry, Etpcorp, Fosecoind, HCL‐Insys, Ibrealest, Indiacem, Indorama, Jindalswhl, Kirlosbros, Lichsgfin, Manalipetc, Mhril, Motilalofs, Oberoirlty, Raincom, Raymond, Ster, Supremeind, Swarajeng, Tatametali, Tinplate, Vtmltd, Wipro, Yesbank, Zensartech.

23-04-2012

Market is expected to open on flat note, we can see Nifty spot to trade around 5280-5270 in opening trade, if Nifty spot able to cross the 5330 level we could see some support buying to initiate in market, Nifty spot is having resistance at 5330-5360 above 5360 we can see some comfort in market and it could move till 5390, whereas Nifty spot is having supports at 5280-5250 below that we may see some selling pressure in market and it could slide lower till 5200.

Result today : APIL,  M&MFIN,  Suppetro, BOC,  Mysorebank,  Tatasponge, Concor,  Noidatoll,  TCS, Coromandel,  Rallis,  Ultracemco, Geometric , Rallis, Ultracemco, Geometric


Result News Update:
• State Bank of Bikaner and Jaipur Jan-Mar net profit 247.88 cr rupees vs 187.76 cr rupees (YoY).
• Cairn Jan-Mar net profit 2186.23 cr rupees vs 2457.79 cr rupees (YoY).
• Reliance Jan-Mar net profit 4236 cr rupees vs 5376 cr rupees (YoY).
• Merck Jan-Mar net profit 12.39 cr rupees vs 13.39 cr rupees (YoY).
• Mastek Jan-Mar net profit 7.05 cr rupees vs loss of 7.12 cr rupees (YoY).
• Fag Bearing Jan-Mar net profit 46.31 cr rupees vs 42.88 cr rupees (YoY).
• Honeywell Automation Jan-Mar net profit 16.56 cr rupees vs 31.81 cr rupees (YoY).
• Sundaram Clayton Jan-Mar net profit 22.93 cr rupees vs 15.71 cr rupees (YoY).

WEEKLY REPORT

Key developments during the week

•  Mar WPI inflation 6.89%, slightly below RBI projection
•  India Mar CPI combined inflation rate 9.47% vs 8.83% Feb
•  RBI cuts Repo Rate by 50 bps to 8.00% with immediate
effect and leaves Cash Reserve Ratio unchanged at 4.75%
•  RBI says Bank Rate adjusts to 9% with immediate effect
•  PM says Assam's Bongaigaon thermal power plant likely by Oct 2013
•  Govt OKs defence ops' FDI plans of Ashok Leyland, M&M
•  Eicher Motors launches truck in light & medium duty segment
•  KEC International gets orders worth 14.16 bln rupees
•  Trade secy says FY12 exports up 21% at $303.7 bln; imports rise 32%
•  Kingfisher Airlines gets DGFT approval for direct import of ATF
•  Govt won't invoke General Anti‐Avoidance Rule if capitaltax paid
•  Cement cos cut prices in Gujarat, Delhi by 5 rupees/50 kg Wed
•  Lupin resumes sales of generic Fortamet tablets in US
•  Aptech ties up with GAIA Management for Japanese foray
•  US Supreme Court rules in favour of Sun Pharma arm in Prandin lawsuit
•  SpiceJet in talks with oil mktg co's to start importing ATF
•  India crude oil basket falls to 62‐day low of $116.74 per bbl Mon

•  RComm, Google in pact to market android mobile devices in India
•  Tata Motors group Mar global wholesales at 139,655 units, up 26%
•  Aptech, Hungama Digital in pact for education solutions
•  Alstom Projects consortium gets order worth around 18 mln euros
•  Reliance Jan‐Mar net profit 4236 cr rupees vs 5376 cr rupees (YoY).



Domestic events week ahead  
• Apr 24: Budget session of Parliament to resume after recess.


Global events week ahead  
• Apr 23: Flash Manufacturing and Services PMI of Europe, German Flash Manufacturing  and Services PMI.
• Apr 24: G7 Meetings.
• Apr 25: Crude Oil Inventories ,  FOMC Statement and Federal Funds Rate of US.
• Apr 26: German Prelim CPI m‐o‐m, Unemployment Claims of US.
• Apr 27: Advance GDP q‐o‐q of US, French Consumer Spending m‐o‐m, Monetary Policy Statement of Japan.



Weekly Sector Outlook and Stock Picks
Pharma Stocks Outlook: Seen flat with positive bias this week
Shares of pharmaceutical companies are seen trading flat with a positive bias in the week starting Monday. Since the start of this month, shares of pharmaceutical companies have out performed other indices, and the trend is expected to continue as most companies in the sector are expected to post good results.The stocks are also likely to take cues from the broad market. Jan‐Mar corporate earnings will also affect market sentiment in the coming sessions.

Capital Goods sector ‐ To remain weak on BHEL downgrade Shares of capital goods and engineering companies are likely to remain weak over the next five sessions in the absence of any positive triggers. The BHEL stock has lost nearly 6% in the last two sessions after downgraded the company's ratings. Shares of Larsen & Toubro may also fall due to the negative sentiment in the capital goods and engineering space post the downgrade on BHEL.

FMCG Sector ‐  Trend bullish this week; Jan‐Mar earnings eyed Shares of fast‐moving consumer goods companies are seen outperforming benchmark stock indices in the week ahead as investors expect these companies to announce strong Jan‐Mar earnings. Hindustan Unilever, Marico, and Dabur India are scheduled to release their quarterly earnings on May 1, May 3, and Apr 30, respectively. The sales volumes of ITC and Hindustan Unilever are expected to have grown 8‐9% from a year ago in Jan‐Mar. Recently, the companies hiked prices of their products in various categories, which could boost their margins to some extent going forward by offsetting the impact of rise in input costs. Hindustan Unilever's growth in the personal care products category will be watched as this segment contributes 50% to the company's bottomline. Competition in this segment has increased over the past six months. Marico's Jan‐Mar earnings are expected to reflect its foray into the body lotions segment, and the price hikes the company took in a key product category, edible oils. There are concerns over ITC's ability to maintain its cigarette sales volumes as it raised prices by 5‐15% across Gold Flake, and Navy Cut brands earlier this month. Last week, the BSE FMCG index gained 2.98% while benchmark indices, the National Stock Exchange's Nifty and the BSE's Sensex gained 1.6%.


Auto sector ‐  May extend gains this week; Tata Motors top pick
Automobile stocks are likely to extend their gains this week with banks announcing a cut in the interest rates, including those on auto loans. The upside could, however, be capped by some profit booking in the stocks during the week. The broad market has been moving in a range of 200 points, but auto stocks have outdone the market and should perform in positive territory this week also. Tata Motors Ltd, which rose over by 9% in the last five trading sessions, is likely to trade up this week as well.   The company's differential voting rights shares have also seen a sharp 15% increase in their value last week on expectations of better dividend payout by the company as the company's global sales showed strong growth. Mahindra & Mahindra Ltd also got a lift on Friday from the government approving the company's proposal for foreign direct investment into its joint venture for defence systems. Maruti Suzuki Ltd could see some movement in the latter half
of the week, as the company would announce its Jan‐Mar results on Apr 28.



Steel Sector ‐  Seen mixed; Jindal Steel earnings eyed Shares of major steel companies are seen mixed this week, with shares of Jindal Steel and Power Ltd remaining in focus as the company will announce its Jan‐Mar earnings on Friday. Shares of steel companies such as JSW Steel and Kalyani Steels gained over the past five sessions after Supreme Court allowed mining to resume in Karnataka, albeit in limited manner,
on Apr 13. Shares of Kalyani Steel and JSW Steel have gained nearly 18% and 1.5% respectively since then. Shares of JSW Steel, however, on Friday ended 1.6% down at 750.75 rupees on report that Central Empowered Committee, enquiring into illegal mining in Karnataka, has recommended a Central Bureau of Investigation probe into bribes allegedly paid by JSW group company South West Mining, and the Adani Group for mining leases in the state, to former chief minister B.S. Yeddyurappa‐run Prerana Trust.


Cement Sector ‐  In range this week; UltraTech in focus
Shares of most cement companies are seen trading in a narrow range this week with a negative bias, as Jan‐Mar earnings of two sector heavyweights ‐ ACC Ltd and Ambuja Cements Ltd disappointed the Street last week. Investors will now wait for UltraTech Cement's Jan‐Mar earnings that will be detailed on Monday to take a further view on the sector. On Thursday, both ACC and Ambuja Cements posted lower‐than‐expected net profit for Jan‐Mar, reflecting depressed realisation on sales despite higher volumes and strong pricing. Jan‐Mar earnings of the two Holcim group companies‐‐ACC and Ambuja Cements‐‐were also hit following a change in method for accounting depreciation on fixed assets of captive power plants. ACC Ltd posted a 56% year‐on‐year decline in net profit to 1.55 bln rupees, despite a 20% rise in net sales at 29.55 bln rupees. Ambuja Cements' net profit for Jan‐Mar declined 23% on year to 3.12 bln rupees even as its net sales rose 20.8% to 27.48 bln rupees.


IT Sector ‐  To take cues from TCS' Jan‐Mar earnings this week Shares of major information technology companies are seen taking cues from Jan‐Mar earnings of Tata Consultancy Services that will be announced Monday. The Street will also eye earnings of soaps‐to‐software major Wipro Ltd on Wednesday. Sentiment for the sector has remained mixed in the past two weeks after Infosys' Jan‐Mar performance upset investors, but HCL Technologies' earnings were nearly in line with Street expectations. HCL Technologies' net profit for Jan‐ Mar was 6.02 bln rupees. Infosys' outlook of a tepid 8‐10% revenue growth in 2012‐13 (Apr‐Mar) has set a tone of caution
amongst investors, and they will watch out for comments from managements of TCS and Wipro to take a view on the sector as a whole.


Oil Sector ‐  RIL in range this week; state‐owned retailers up
Reliance Industries Ltd's shares are likely to trade in a narrow range this week after the company reported a net profit of 42.36 bln rupees for Jan‐Mar, down 21% on year. Other income of 22.95 bln rupees supported the company's bottomline while all three core operations performed poorly during the quarter. The other income came mostly from investing over 700 bln rupees cash reserves the company has. Despite the poor performance downside in the stock will be capped because of the company's ongoing share buy back at up to 870 rupees per share. Cairn India disappointed the Street with its net profit declining 11% on year in Jan‐Mar to 21.86 bln rupees, mainly because of a rise in cess on crude oil and foreign exchange losses. Shares of the oil marketing companies are seen up this week as crude prices continue to soften.   Shares of oil marketing companies, Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, ended last
week with gains. The government is likely to announce within the next few weeks the final subsidy figure for the oil marketing companies towards revenue loss incurred on sale of subsidised fuel in 2011‐12 (Apr‐Mar). Also the government is expected to take a call on raising petrol and diesel prices soon as under‐recoveries on these fuels have increased significantly



Telecom Sector ‐ Down this week; Idea's Jan‐Mar earning eyed Shares of most telecom companies are seen trading with a weak bias this week as investors have taken short positions in the April month futures contract, indicating a bearish outlook for most stocks. Shares of Idea Cellular will be in focus this week, as the company will announce its Jan‐Mar earnings on Thursday.

WEEKLY NIFTY OUTLOOK

Resistance – Nifty facing Resistance level @5350 level above this level it may go up to @5400 &@ 5450 level.

Support ‐ Support comes for market @5250 level for Nifty; below this level Nifty next support @5200 and @5150 will be the major support for Market.



Technical – Last week Nifty opened at 5190 & it made a high of 5342.Last week we have seen rangebound market with stocks specific movements. Nifty made a low of 5183 & closed at 5290.Last week Nifty gain 159 points from its low & on weekly basis it closed at 83 point’s higher. Sensex made a weekly high of 17530 & a low of 17010 almost it gain 520 points in the week from its low.So overall last week we have seen some rangbound market.  For the coming week the market range we expect 5150‐5450.


Market Commentary ‐
The market may remain volatile as traders roll over positions from the near‐month April 2012 series to May 2012 series.The April 2012 derivatives contracts expire on Thursday, 26 April 2012.
Investors will closely watch India Inc's Q4 March 2012 and year ending March 2012 (FY 2012) earnings. Focus is on the guidance provided by the management for the year ending March 2013 (FY 2013) to gauge the earnings outlook.
Meanwhile, the Federal Reserve may hint at Quantitative easing (QE3) at its April 25 gathering. Central bank policy makers upgraded the outlook for the US economy at their March 13 meeting, while they reiterated their pledge to keep interestrates near zero until at least late 2014.

Important Results  ‐ Apil, TCS, Ultracemco, Petronet, Polaris, Sesagoa, Lichsgfin, Wipro, Yesbank,  Raymond, Ster, MRF, Bataindia, IDEA, Biocon, Axisbank, Jindalstel, HCC, Hexaware, ICICIBank, Maruti.

19-04-2012

FII & DII activity on 18-04-2012 – FII net buyers in index future to the amount of Rs 589.47 cr , in index options net buyers to the amount of Rs 1405.34 Cr, in stock futures net sellers  to the amount of Rs 297.00 Cr & in stock options net sellers to the amount of Rs 77.66 Cr. Overall FIIs were net buyers by Rs 1620.15 Cr.

Capital Market Segment – FII trading activity net buyers of Rs 221.63 Cr & DII trading activity net buyers of Rs 37.88 Cr.

Result today : TFCILtd, Hindzinc, Indusindbk, ACC, Sonatsoftw, Ambujacem.


Tata Communications quits race for Cable & Wireless
• Govt hits back at Vodafone, terms its notice 'premature'
• NTT DoCoMo to up 26% stake in Tata Teleservices to 49%
• TRAI says entry fee paid by telecom licensees non-refundable
• Govt OKs rupee debt refinancing via overseas borrow for power cos
• SRS enters hospitality space with mgmt takeover of Haridwar hotel



DATA ALERT FROM OVERSEAS
• US JOBLESS CLAIMS REPORT for week to Apr 14.
• US DJ-BTMU BUSINESS BAROMETER for week to Apr 7.
• US EXISTING HOME SALES for March.
• EU FCCI Flash Consumer Confidence Indicator for April.
• US EIA WEEKLY NATURAL GAS STORAGE REPORT for week to Apr 13.


BOARD MEETING
• ACC, to consider amalgamation of arm ACC Concrete with self.
• ARIHANT SUPERSTRUCTURES, to mull purchase of land at Khalapur.
• CIRCUIT SYSTEMS INDIA, to consider SEZ properties sale.
• IND-SWIFT LABORATORIES, to mull allotment of warrants.
• SESHASAYEE PAPER AND BOARDS to mull merger of SPB Papers with self.


SUBROS: Stock has risen 51% over five days on talk Japan's Denso Corp and Suzuki Motors will raise stake to seize control of the company.
• TATA COMMUNICATIONS: Has pulled out of the race to buy London-listed Cable & Wireless Worldwide after it failed to agree on a price.
• TATA TELESERVICES (MAHARASHTRA): Japan's NTT DoCoMo may soon raise its stake in the company to 49% from 26% currently.

CLUTCH AUTO: Has started production at its Bhiwadi plant, and at its old production facility in Faridabad following strike at its main unit at Faridabad.
• GAIL INDIA: Has inked an agreement with GUJARAT GAS CO to sell and transport 2.13 mscmd gas from the Panna-Mukta and Tapti fields.
• PEARL ENGINEERING: NSE to suspend trading in the company's shares from Apr 26 on violation of listing agreement.
• SPICEJET: Has been approached by several West Asian and South East Asian airlines for stake buys, but is awaiting changes in policies to begin negotiations.
• SRS: Has forayed into the hospitality sector through a management deal with Haridwar-based Lakshya Hotel.

18-04-2012

Market Outlook:

Market is expected to open on positive note, We can see Nifty spot to trade around 5310-5320 in opening trade, if Nifty spot sustain above 5325 level we may see buying momentum to continue in midcap space, Nifty spot is having resistance at 5325-5360 above 5360 we may see short covering to initiate in market and it could move till 5390 during the day, whereas Nifty spot is having supports at 5280-5250.

Result today : Infotecent, Saberorgan, Rssoftware, Canfinhome, HDFCBANK, HCLTECH, CMC.

DATA ALERT FROM INDIA

• CPI COMBINED, URBAN AND RURAL for March, to be detailed by CSO.

DATA ALERT FROM OVERSEAS

• UK UNEMPLOYMENT FIGURES for March.

• EU BALANCE OF PAYMENTS FOURTH QUARTER ESTIMATE.

• EU CONSTRUCTION OUTPUT for February.

• US MBA MORTGAGE APPLICATIONS SURVEY for week to Apr 13.

• US CRUDE OIL STOCKS in week to Apr 13.

• US GASOLINE STOCKS in week to Apr 13.

• US DISTILLATE STOCKS in week to Apr 13.

• US REFINERY USAGE in week to Apr 13.

Result :

•SKF India Jan-Mar net profit 65.97 cr rupees vs 60.95 cr rupees (YoY).

• VST Ind Jan-Mar net profit 36.73 cr vs 26.90 cr rupees (YoY).

• IFCI Jan-Mar net profit 219.25 cr vs 233.03 cr rupees (YoY).

HCL Technologies Jan-Mar standalone net profit 400 cr rupees

• HCL Technologies Jan-Mar standalone net sales 2165 cr rupees

• HCL Technologies Jan-Mar consol net profit 603 cr rupees

• HCL Technologies Jan-Mar consol revenue 5216 cr rupees

• HCL Technologies to pay 2 rupees/share dividend

RBI surprises market with 50 bps rate cut; CRR unchanged

RBI Policy: Repo Rate cut 50 bps to 8.00% with immediate effect
Reverse Repo rate adjusts 50 bps lower to 7%


RBI Policy: Cash Reserve Ratio unchanged at 4.75%

17-04-2012

FII & DII ACTIVITY
FII & DII activity on 16-04-2012 – FII net sellers in index future to the amount of Rs 333.58 cr , in index options net sellers to the amount of Rs 219.76 Cr, in stock futures net buyers to the amount of Rs 101.86 Cr & in stock options net sellers to the amount of Rs 0.18 Cr. Overall FIIs were net sellers by Rs 451.66 Cr.


Capital Market Segment – FII trading activity net sellers  of Rs 509.43 Cr & DII trading activity net buyers of Rs 218.23 Cr.




 DATA ALERT FROM OVERSEAS
• JAPAN REVISED INDUSTRIAL PRODUCTION for Feb.
• JAPAN CONSUMER CONFIDENCE SURVEY for Mar.
• GERMANY ZEW INDICATOR OF ECONOMIC SENTIMENT for Apr.
• EU HARMONISED CPI for Mar.
• US ICSC-GOLDMAN SACHS CHAIN STORE SALES INDEX for wk to Apr 14.
• US HOUSING STARTS AND BUILDING PERMITS for Mar.


• US JOHNSON REDBOOK RETAIL SALES INDEX for wk to Apr 14.
• US INDUSTRIAL PRODUCTION for Mar.
• US CRUDE OIL STOCKS in week to Apr 6.
• US GASOLINE STOCKS in week to Apr 6.
• US DISTILLATE STOCKS in week to Apr 6.
• US REFINERY USAGE in week to Apr 6.


MARKET NEWS


• Crisil Jan-Mar standalone net profit 53.85 cr vs 44.75 cr rupees (YoY).
• Mindtree Jan-Mar consolidated net profit 68.9 cr vs 32.0 cr rupees (YoY).


•AVIATION: Air India's staff unions have sought a meeting with aviation minister Ajit Singh to express concerns over hiving off of the company's engineering and ground-handling departments into separate companies.
• ENERGY: Coal secretary has convened a meeting of private coal mining companies and COAL INDIA to identify projects that can be outsourced to private mining companies.
• RETAIL: Maharashtra government has notified farmers can sell fresh produce to consumers directly, rather than through agriculture produce marketing committees.
• TELECOM: Telecom Regulatory Authority of India has released recommendations on telecom licence guidelines that suggest three levels of unified licences-- national level, service-area level and district level.


•STEEL AUTHORITY OF INDIA: Government is mulling demands of a consortium led by the company for state funding of a $10.8 bln investment plan in Afghanistan to set up steel and power plants, iron ore mining, and development of associated infrastructure.
• TILAKNAGAR INDUSTRIES: The company's Shrirampur unit has received from the Maharashtra government 'mega project' status, which gives it tax and electricity duty sops.
• SMS PHARMA: Has won a case against Hyderabad-based NATCO PHARMA, following which the latter will have to pay over 275 mln rupees to the former.


HINDUSTAN UNILEVER: Has leased its erstwhile headquarters in south Mumbai to HOUSING DEVELOPMENT FINANCE CORP at 1.1 bln rupees for a three-year period.
• HOTEL LEELAVENTURE: As part of a debt recast plan, promoters will put in 1.5 bln rupees into the company through a preferential allotment of shares.
• INDIAN OIL CORP: Has signed agreements with 20 banks to avail five-year loans worth $250 mln.
• IVRCL: Fund House Merrill Lynch Capital Markets has bought 2.12 mln shares of the company for 150 mln rupees through the open market.
• MAGMA FINCORP: Has got R2 approval from insurance regulator for insurance joint venture.


ARO GRANITE INDUSTRIES: To pay dividend of 1 rupee a share.
• BHARTI AIRTEL: Income Tax Department has issued fresh notices to the company for non-payment of tax deducted at source dues for its overseas operations.
• Has signed an information technology outsourcing deal with Avaya Inc that covers all 20 countries where it has mobile telephony services.
• CLUTCH AUTO: Work at Faridabad unit of the company has stopped due to workers' strike.
• COAL INDIA: Has got board approval for signing 20-year fuel supply agreements with power companies, including a clause that penalises the world's largest coal producer for falling short on its commitment.
• ESSAR OIL: Plans to raise 63 bln rupees debt to pay off its sales tax dues to the Gujarat government as part of a corporate debt recast plan.

India Mar WPI inflation rate 6.89% vs 6.95% Feb

BLOOMBERG :
• India Mar WPI inflation rate 6.89% vs 6.95% Feb
• India Mar WPI primary articles inflation 9.62% vs 6.28% Feb
• India Mar WPI fuel group inflation 10.41% vs 12.83% Feb
• India Mar WPI manufactured pdts inflation 4.87% vs 5.75% Feb

16-04-2012

Market is expected to open on negative note, we can see Nifty spot to trade around 5195-5190in opening, if Nifty spot sustain below 5180 then we may see selling pressure in market, Nifty spot is having supports at 5180-5150 below 5150 we may see unwinding pressure to come in market and it could slide further lower Nifty spot is having resistance at 5230-5260.

FII & DII activity

FII & DII activity on 13-04-2012 – FII net buyers in index future to the amount of Rs 214.50 cr , in index options net buyers to the amount of Rs 1074.73 Cr, in stock futures net sellers to the amount of Rs 104.74 Cr & in stock options net sellers to the amount of Rs 25.63 Cr. Overall FIIs were net buyers by Rs 1158.86 Cr.

Capital Market Segment – FII trading activity net buyers  of Rs 137.25 Cr & DII trading activity net sellers of Rs 479.68 Cr.


PRIME FOCUS: Board has approved conversion of 1 mln warrants held by promoter Namit Malhotra into 10 mln equity shares at 554.78 rupees per share.
• RAIN COMMODITIES: Has bought back 10 mln shares at an average price of 32.12 rupees a share between Nov 14 and Mar 29.
• RELIANCE POWER: The Export-Import Bank of US has approved a $80.30 mln direct loan for the company to purchase solar power equipment from American firm
•ECLERX SERVICES: Has acquired US-based niche operational and analytics company Agilyst Inc through its wholly-owned arm eClerx Investments in an all-cash deal.

• MCNALLY BHARAT ENGINEERING CO: Has launched a "friendly" takeover bid for Specialist Energy Group Plc; plans to up stake in company to 41.69%.
• NATIONAL ALUMINIUM CO: Plans to set up a new aluminium smelting facility with capacity of 500,000 tn and a 1,250 MW captive power plant in Odisha at an investment of 180 bln rupees.
• PARSVNATH DEVELOPERS: Sahara Group, ICICI BANK, BHUSHAN STEEL, Bharti Realty, Red Fort Capital and Shree Lal Mahal are in the race to buy its 1.18-acre commercial land in New Delhi.
• PIRAMAL HEALTHCARE: Is set to buy a European drug company for $50 mln-$100 mln.



DATA ALERT FROM INDIA
• WPI INFLATION for Mar, to be detailed by commerce and industry ministry.


DATA ALERT FROM OVERSEAS
• EU FOREIGN TRADE for Feb.
• US ADVANCE MONTHLY SALES FOR RETAIL & FOOD SERVICES for Mar.
• US EMPIRE STATE MANUFACTURING SURVEY in Apr.
• US TREASURY INTERNATIONAL CAPITAL DATA for Feb.
• US NAHB HOUSING MARKET INDEX in Apr.
• US INVENTORIES & SALES for Feb.



BOARD MEETING
• CEREBRA INTEGRATED TECHNOLOGIES, to consider allotment of warrants.
• JAIHIND SYNTHETICS, to mull preferential issue of equity shares.
• MULTI COMMODITY EXCHANGE OF INDIA, to consider interim dividend.
• NAVA BHARAT VENTURES, to mull renewal of working capital facilities.
• SUNDARAM MULTI PAP, to consider allotment of bonus shares.

Weekly Market Sector Outlook

Key developments during the week
•  RBI says India Feb services exports $11.23 bln, imports $6.75 bln
•  Source says oil min OKs RIL‐BP integrated survey plan forKG‐D6
•  India Feb IIP below estimate at 4.1%; error slashes Jannumber
•  Minister says Cabinet OKs Neyveli JV for 1,980MW Uttar Pradesh project
•  Aviation minister says FDI in sector not discussed by Cabinet
•  IDBI Bank raises 110 mln Swiss francs via bonds
•  Maruti Suzuki launches 7‐seater Ertiga at 589,000 rupees ex Delhi
•  Mitsui Sumitomo to buy 9.37% in Max New York Life from Max India
•  Reliance Broadcast JV inks pact with Dish TV for BIG CBS Spark
•  Bharti Airtel launches 4G svcs in Kolkata; Bengaluru launch in a mo
•  Govt says approval not needed for FII invest in commodity bourses
•  India Mar car sales up 19.7% on yr, FY12 sales up 2.2%
•  India Feb exports up 4% on year, imports rise 21%
•  PNGRB cuts Indraprastha Gas network, compression fees;shr plunges
•  TTK Prestige, Swiss co in pact for water purification devices
•  Godrej Prop in pact for redevelopment project at Byculla,Mumbai
•  Somany to buy 26% in Commander Vitrified for 32.5 mln

Domestic events week ahead
• Apr 16: WPI inflation for March, by commerce and industry ministry.
• Apr 17: RBI to detail Annual Policy Statement for 2012‐13 (Apr‐Mar).
• Apr 18: CPI Combined, Urban and Rural for March, to be detailed by CSO.
• Apr 20: CPI for farm, rural labourers for March, by Labour Bureau.


Global events week ahead  
• Apr 16: Core Retail Sales m‐o‐m of US.
• Apr 17: Consumer Price Index  y‐o‐y &  Zentrum fur Europaische Wirtschafts forschung Economic Sentiment of Europe, Industrial Production m‐o‐m of US.
• Apr 18: Crude Oil Inventories of US.
• Apr 19: Unemployment Claims & Philly Fed Manufacturing Index of US, Trade Balance of Japan.
• Apr 20: German Producer Price Index m‐o‐m.



Weekly Sector Outlook
Pharma sector ‐  To follow broad market with negative bias
Shares of pharmaceutical companies are seen taking cues from the broad market this week with a negative bias. The
broad market would eye inflation data for March, Reserve Bank of India's annual monetary policy review Tuesday, and
corporate earning announcements. On Monday, the inflation data will be keenly eyed, as it will set the tone for the RBI's
policy the next day. According to a poll, the headline inflation rate is seen at 6.62% in March compared with 6.95% in
February.

Capital Goods sector ‐ To underperform market
Shares of capital goods and engineering companies are likely to underperform the market over the next five sessions in
the absence of any positive triggers. The Street would keenly watch for a cut in the repo rate in the Reserve Bank of India's
annual policy statement due Tuesday.

FMCG Sector ‐  Seen outperforming main indices in this week
Shares of fast‐moving consumer goods companies are seen outperforming the broader indices in this week, as investors
may look for safety while parking their money in these stocks. FMCG companies provide a relative certainty of
performance, and therefore, the rush towards these stocks is expected to continue in the near term. Besides the defensive
buying, investors will also watch out for the Jan‐Mar earnings of these companies for cues. While Hindustan Unilever Ltd
will declare its earnings on May 1, Dabur India Ltd and Godrej Consumer Products Ltd will detail their earnings on Apr 30.
Street expects the FMCG companies to witness some strain in volume growth, especially in categories such as personal
care products, owing to the price hikes. However, the stocks will still remain a safe bet in spite of these factors.  

Bank sector‐  Profit sales likely; eye on RBI policy Tue
Bank shares are likely to remain subdued this week due to profit booking following the uptick in the stocks earlier this
month. It is expected that the Reserve Bank of India reduce the repo rate by 25 basis points as industrial growth has
remained weak while inflation is now close to the central bank's immediate comfort level of 7%. Data released Thursday
last week revised India's industrial growth for January to 1.1% from a seven‐month‐high of 6.8%. In February, industrial
output recorded a sluggish growth of 4.1%. Release of Wholesale Price Index‐based inflation figures for March on Monday
will also likely influence the short‐term trend of equity markets


Auto sector ‐  To take cues from RBI monetary policy
Automobile stocks are likely to take cues from the Reserve Bank of India's monetary policy on 17
th Apr. It is expected that the central bank would slash its repo rate, the rate at which it lends to other banks, by at least 25 basis points. A repo rate cut would translate into lower loan rates, which would augur well for the automobile sector as most vehicles in India are bought on credit. Government raised general excise duty by 200 basis points in its Budget for 2012‐13 that forced automanufacturers to revise product prices upwards. So, a repo rate cut would provide some respite for prospective buyers. Beyond the monetary policy, investors would watch out for the Jan‐Mar earnings, which is largely expected to be a mixed bag with raw material cost pressures remaining in the fourth quarter. Margins for two‐wheeler manufacturers are expected to remain stable


Steel Sector ‐  In range this week ahead of Jan‐Mar earnings
Shares of major steel companies are seen trading in a narrow range this week ahead of Jan‐Mar earning announcements.Shares of steel makers such JSW Steel and Kalyani Steel had jumped last week on reports that iron ore mining will resume,albeit in limited manner, in Karnataka. The Supreme Court last week accepted recommendations of its Central Empowered Committee, which will in effect lead to resumption of mining operations in the state with an annual cap of 30 mln tn. However actual commencement of mining could take 3‐4 months, industry officials indicated. Steel stocks will mainly follow companies Jan‐Mar earnings that are expected to be relatively better than in the previous quarter mainly driven by

higher steel prices and robust demand growth. Long steel product prices have risen by close to 4,000 rupees/ton during the last 3 months, driven by strong demand and production problems faced by smaller steelmakers. Steel demand growth has remained robust at close to 10%, which should lead to strong volumes for steelmakers. Jan‐Mar is usually a better quarter for steel makers as construction demand revives during this period. However JSW Steel's volumes are expected to remain under pressure at 2 mln ton as the iron ore shortage scenario has persisted and the company was not been able to ramp up further from last quarter.


Cement Sector ‐  Bias positive; ACC, Ambuja Cements eyed
Shares of major cement manufacturers are seen trading with a positive bias this week, as investors expect companies from the sector to report robust Jan‐Mar earnings. The Street will take cues from the earnings of sector majors ACC and Ambuja Cements who will announce their results Thursday Apr 19th
. It is expected that Jan‐Mar may be the best quarter for cement companies in the last two years, backed by improved realisations, higher sales volumes, and strong pricing. The last two years have been tough: demand has been weak, costs have been rising and investigations on price collusion continue. Despite the positive sentiment, shares of cement companies took a beating this week on reports that Competition Commission of India, which is investigating alleged price manipulations by cement companies, was likely to levy heavy fines on most sector majors.


IT Sector ‐  In range; HCL Technologies' comments eyed
Shares of information technology companies are likely to move in a narrow band in the next five sessions, with HCL Technologies' outlook on growth eyed for more clarity on the industry in 2012‐13 (Apr‐Mar). Last week , Infosys disappointed the market with weak dollar revenue growth guidance for 2012‐13. HCL Technologies will Wednesday April 18 th announce earnings for the year ended March. Infosys, India's second‐largest software exporter, known to clock a faster growth rate than the industry, guided for a 8‐10% on year growth in revenue in the current financial year at $7.553 bln‐$7.692 bln against industry body NASSCOM's outlook of 11‐14% growth for the entire sector. Disappointing Infosys guidance has already dragged information technology stocks down last week and so a further damage to it (stocks) is likely
only if there are some negative comments from other companies.






Oil Sector ‐  Seen up this week on softening crude prices
Shares of state‐owned oil marketing companies are seen recovering this week as the price of Indian basket of crude eased significantly last week. The market nearly ignored the fall in crude prices because of overall gloomy sentiment following the tsunami scare, and poor February industrial production data. In the week ahead, investors will mostly eye rate and inflation‐sensitive sectors considering the Reserve Bank of India's annual monetary policy review is due Tuesday 17th April.The government is likely to announce within the next few weeks the final subsidy figure for the oil marketing companies towards revenue loss incurred on sale of subsidised fuel in 2011‐12 (Apr‐Mar). Usually these companies report better profits in the last quarter because the government announces maximum compensation to them in this quarter. Likely positive results due to this reason will protect the downside in oil stocks. Market is also expecting that the government
may soon be forced to take a call on raising petrol and diesel prices as under‐recoveries on these fuels have increased significantly.


Technical – Last week Nifty opened at 5282 & it made a high of 5306.Last week we have seen rangebound market withsome downside. Nifty made a low of 5185 & closed at 5207.Last week Nifty drag 121 points from its high & on weekly basis it closed at 115 point’s lower. Sensex made a weekly high of 17407 & a low of 17027 almost it drag 380 points in the week from its high.So overall last week we have seen some rangbound market.  For the coming week the market range we expect 5050‐5400.

Nifty view–
Last week we had expected market range (5200‐5450) & market made a high of 5306 & made a low of 5185, so overall it hold over both side range only last day of the trading it broke lower side range, but it manage to close above 5200.In last week report we had mentioned, on daily chart market was not able to cross 50DMA & facing resistance at upper trendline, on weekly chart it was fail to cross 100WMA we had also mentioned that 5420‐5450 will be major resistance & all we have seen that market fail to cross that level & from higher level we have seen selling in the market.Now on daily chart last week market again fail to cross 50DMA & upper trendline, also close below short term moving avg (5&20). On weekly chart last week again market fails to cross 100WMA but close near to 50WMA & upper trendline. On weekly chart
osilator not showing positive cross over, so overall again 5180‐5140 will be major support because 200DMA led at (5140) close below that we can see some more downside & upper side still 5320‐5350 will be major resistance for market.U.S stocks stumbled Friday, following a two day rally, closing lower for a second straight week with the worst decline of the year. The Dow tumbled 1.6% while the S&P500 sank 2% & the Nasdaq lost 2.3%. On Friday, Dow dropped 137 points, or 1.1%, while the S&P500 shed 17 points, or 1.3% & Nasdaq lost 44 points, or 1.5%.

13-04-2012

FII & DII activity 
FII & DII activity on 12-04-2012 – FII net buyers in index future to the amount of Rs 192.66 cr , in index options net buyers to the amount of Rs 277.73 Cr, in stock futures net buyers to the amount of Rs 13.31 Cr & in stock options net sellers to the amount of Rs 81.93 Cr. Overall FIIs were net buyers by Rs 401.76 Cr.


Capital Marget Segment – FII trading activity net buyers of Rs 135.98 Cr & DII trading activity net buyers of Rs 237.4 Cr.




BOARD MEETING 
• RANA SUGARS, to mull allotment of shares to promoters on preferential basis.
• VAKRANGEE SOFTWARES, to mull record date for share split, bonus share issue.




MARKET NEWS
AVIATION: The government has approved financial restructuring and turnaround plan for national carrier Air India, making way for a 300-bln-rupee fund infusion by 2020-21 (Apr-Mar).
Note on 49% foreign direct investment in airlines by foreign carriers will go to Cabinet soon.
• OIL & GAS: The government is likely to raise retail prices of subsidized fuels once Parliament approves the Finance Bill for 2012-13 next month.
• PHARMACEUTICALS: GlaxoSmithKline and Teva Pharmaceutical Industries are in separate discussions to acquire the domestic business of Bengaluru-based Micro Labs.
• SHIPPING: Spot freight rates for crude tankers increased 4-14% month-on-month in March following increase in tonnage demand from India and China.
STATE BANK OF INDIA: Plans to buy loans given mostly to Indian companies by banks in the US and Europe to boost its overseas credit assets and profitability.


• SUZLON ENERGY: Is in talks with STATE BANK OF INDIA, BANK OF BARODA, CENTRAL BANK OF INDIA, CANARA BANK, and IDBI BANK to raise a term loan of $700 mln this financial year.


MANGALORE REFINERY AND PETROCHEMICALS: Has been forced to shut down two units of its 11.82-mln-tn refinery in Karnataka due to acute water shortage.
• MAX INDIA: Japan's MS&AD Insurance Group will withhold the tax while buying 26% stake in the company's joint venture Max New York Life Insurance.
• OIL AND NATURAL GAS CORP: Moody's Investors Service has downgraded the company's domestic currency rating to Baa1 from A2.
• RELIANCE COMMUNICATIONS: Has entered into a two-year exclusive deal to bundle its service with Google Android.
• SHREE GANESH JEWELLERY HOUSE: Its joint venture with Alex Group of Companies has commissioned a 25 MW solar power plant in Gujarat.


GAIL INDIA: Moody's Investors Service has downgraded the company's domestic currency rating to Baa2 from A3.
• GMR INFRASTRUCTURE: Arm GMR Hyderabad International Airport registered 13.16% growth in passenger traffic in 2011-12 at 8.6 mln.
• IDBI BANK: Has raised 6.2 bln rupees through issue of Swiss-franc denominated bonds.
• IVRCL: Is looking to sell 37.5% stake in its special purpose vehicle IOT Utkal Energy Services.
• JET AIRWAYS: Plans to shift its global operations to Munich in Germany.
• KINGFISHER AIRLINES: Lenders want the company to identify and sell some of its non-core assets to bring in capital.


Finance ministry wants Mallya to sell assets to save Kingfisher Air
• Telenor-Unitech row arbitration in Singapore
• Infosys founder's fund invests 1 bln rupees in Connexios
• Shriram mulls taking Honda to Company Law Board


  Infosys Result




• Jan-Mar standalone net profit 2759 cr rupees
• Jan-Mar standalone income from ops 8183 crrupees
• FY12 consol net profit 8316 cr rupees vs 6823 cr
• FY12 consol revenue 33734 cr rupees vs 27501 cr
• To pay final dividend of 22 rupees/share
• To pay special dividend of 10 rupees/share