>What's In What's Out (RELIGARE)

WHAT'S IN WHAT'S OUT (FEBRUARY 2009) In January 09 AUM rose by 9.4% to Rs.461698 Cr. Top 3 gainers are LIC, IDFC and Deutsche Mutual Fund with increase in corpus of 30%, 28% & 18% respectively. On the other side Edelweiss MF AUM fell highest by around 58% followed by Bharti AXA 24% & Benchmark 16%. Religare MF also came under top 10 fund houses with higher monthly increase in AUMs
MFs have sold shares of Satyam Computer Services Ltd, Infrastructurs Development Finance Company and GVK Power & Infrastructure Ltd. Shares of Satyam were held by 17 AMC's where as Infrastructure Development Finance Company by 3 AMC's and GVK Power by 2 AMC's.
MF looked bullish on Balrampur Chini Mills Ltd as it has attracted investments by 5 AMC's. MFs also invested heavily in Corporation Bank which is held by 5 AMC's. 3 MF's have also purchased more number of shares of Power Grid Corporationof India Ltd.
MF's continued to hold earlier popular largecap stocks like Reliance Industries Ltd, ICICI Bank Ltd, State Bank of India, Bharti Airtel Ltd, Larsen & Toubro Ltd. 108 MF schemes hold more than 5% of scheme corpus in Reliance Industries Ltd. To see full report: What's In....

Daily Technical Report (MARWADI FINANCIAL)

US market were closed, Asian market trading lower due to insurers capital is concern. Interim budget there is no positive sign to boost the economy and affected sector, and due to that events market slumps. Now one expectation is that RBI may be further considering the key policy rate cut to provide the further liquidity in the system, that provide some sort of relief to the market. Again the Fiscal deficit is very high so that is the cause of worry in coming times and we have to seen how this things is settle. It may chance to further depreciate the currency value also so it is the crucial things how government settle the deficit.

On technical note due weakness in the global financial market our market open with negative note and through the day will remain in the negative territory. Intraday trader have to wait for down side movement and conformation of the trend they have to make short position in intraday trading.

To see full report: Technical Report 17-02-2009

>Daily Market Preview (MARWADI FINANCIAL)

#The flat interim-budget presented by the acting FM yesterday was a jolt to
the market as it had higher expectations in this unconventional time. We feel
that projected revenue & fiscal deficit will further dampen the sentiment.
Markets are expected to trade weak in the morning session following the sell
off experienced yesterday coupled with weak Asian markets.

# We expect Nifty to test around 2800 levels in the near term and suggest wait
until market settle around 2750-2800 levels and then accumulate the sound
large and mid-cap companies. We advice to hedge portfolio by index option.

To see full report : Market Preview 17-02-2009

>India Strategy (MORGAN STANLEY)

India Strategy

Tracking Promoter Pledging:
What’s at Stake?
Impact on our views: The new SEBI regulations
require promoters/founders of companies to disclose the
amount of stock they have pledged. The following are
our observations:
Thus far, 293 companies have disclosed pledges on
their holdings.
At current market prices, the total value of pledged
stocks is US$6.8 billion.
This is about 1.1% of the current market cap of the
country.
Assuming 50% margin, the bank credit to these
promoters at US$3.4 billion is 0.6% of outstanding bank
credit.

To see full report: India Strategy

>Telecom Insights (HSBC)

INDIAN TELECOM REVENUE INSIGHTS

Bharti, Idea Cellular: Revenue market share gains continue

# Bharti’s and Idea’s pan-India revenue market share in Q3FY09
jumped by c60 basis points

# Contribution of “B” category circles on a pan-India basis
improved 60 basis points to 32.3%

# Maharashtra, UP (East), Orissa and West Bengal show the
highest revenue growth in the quarter; Bharti our top pick

To see full report: Telecom Insights

>Market Insight 16-02-2009 (RELIGARE SECURITIES)

The Dow closed negative and other markets are trading in the red. The finance minister will announce the interim budget today; expectations from this budget are high given the ongoing economic slowdown. While there is likely to be some relief for certain sectors like auto and exports, we do not anticipate major changes in policies or tax rates. The situation in the US remains grim and hence we will see more bad news before any revival is seen. We remain bearish on our market for the short term; for today we expect high volatility.

To see full report: Market Insight

>India Economics 12-02-2009 (CITI)

India Economics

Consumer Durables Drag Dec Industrial Output Down 2% YoY

# Dec Industrial production below expectations - down 2%: Industrial production
was down -2% YoY below ours (+0.1%) as well as consensus expectations
(Bloomberg at -0.4%; Reuters +1.3%). This follows the -0.3% contraction in
Oct (which was the 1st contraction since the index was constructed in 1994)
and the 1.7% growth in Nov. Cumulatively during the current fiscal (Apr-Dec),
production slowed to 3.2% v/s 9% during the same period last year and poses
some downside risks to the CSO’s FY09 advance GDP estimate of 7.1%.
# Highlights: On a sectoral basis the contraction seen in Dec was due to
manufacturing at -2.5% while electricity and mining saw growth of 1.6% and
1% respectively. As per the use-based classification, consumer goods
contracted -2.7%, with durables down -12.8% (the steepest decline since
March03). Intermediate goods remained in negative territory for the 5th month
in a row, while capital and basic goods were up 4.2% and 1.7% respectively.

# Implications – Advancement of rate cuts; fiscal measures: While we continue to
expect the RBI to cut rates by an additional 100bps-150bps in 1H2009, the
contraction in output could advance easing. Secondly, given the upcoming
elections, the govt will be coming out with its interim budget on Monday -
Feb16 instead of a regular budget. While normally changes in taxation are not
announced in an 'interim budget' we could see the poor data being used as a
reason for additional spending/tax cuts.

# Maintain FY10 GDP estimate of 5.5%: Earlier this week, the CSO pegged FY09
GDP growth at 7.1%. This was slightly higher than our estimate of 6.8%. For
FY10, we maintain our estimate of 5.5%. This factors a contraction in exports,
a further deceleration in investment growth and a moderation in consumption.

To see full report: India Economics