FIIs OFFLOADING STUNS RETAIL INVESTORS

After many days of net buying FIIs for the first time in 2013 net sold in excess of Rs 1300Cr in cash market which led to Sensex losing 300 points and NIFTY 100 points. There was nothing to cheer for the stock market in the budget. FIIs took advantage of the situation and offloaded the index heavy weights. Future and Option expiry added further woes to the market. Relinfra lost 9%, SBI 5%, Axis, IDFC, BOB and Ranbaxy lost 4% each.The market saw one of the highest turnover in recent times.
NIFTY stocks cash market turnover around Rs 1300Cr, more than double the daily average turnover. Derivatives turnover was in excess of 4 lac Cr, record for the exchanges. Retail investors who are hoping for a good budget that would prop up the market have been butchered.

COGNIZANT TO PAY 100% BONUS

I T major Cognizant will be paying close to 100% bonuses to most of its staff—lower than what it paid last year. It had paid close to 150% bonus last year.

The US-based software services exporter last month posted a 20% growth in revenue for 2012 and has projected similar growth for FY 2013. The company follows calender year for closing its books.

PRAGMATIC BUDGET, SHORT COVERING MAY TAKE NIFTY BEYOND 5900 LEVEL TOMORROW

Sensex and NIFTY staged a smart recovery after yesterdays's disaster. Today's indices gain were largely due to value buying in select infra, bank, oil&gas and auto stocks. And also partly due to short in covering index stocks. Both FIIs and DIIs remained net buyers in today's cash market. Tomorrow is D day for stock market. A pragmatic budget that will improve the sentiments may take NIFTY beyond 5900 level. Short covering may give a push of another 50 odd points. A bad budget from the market point of view will drive the indices to new low.

NSE MOCK TRADING ON CURRENCY DERIVATIVES ON 02-03-2013

NSE will conduct mock trading on 02-03-2013 for one hour between 9 and 10 a.m.

L&T WINS ORDERS WORTH RS 1504CR

L&T has won orders worth Rs 1504Cr, both in domestic and international markets. Segment wise orders are  - Water and effluent treatment plant Rs 621Cr, Construction of Solar PV plants Rs 413Cr, Power Transmission business Rs 265Cr and Civil Construction business Rs 205Cr. The stock is up 2% and trading at Rs 1391.

MARKET TO OPEN, TRADE IN POSITIVE TERRITORY

After yesterday's disappointing performance, benchmark are expected stage a smart recovery today. Railway budget,global cues and stalemate in Italy gave upper hand to bears who hammered the index stocks. U S market, yesterday closed in green. Railway budget is not as bad as made out by some analysts. Today's rally is likely to be led by Bank, I T, FMCG and oil&gas stocks.

RAIL BUDGET DERAILS STOCK MARKET.

Railway budget for the FY 2013-14 presented by a Congress minister after a gap of 17 years has derailed the stock market. The budget concentrated more on austerity and financial discipline. Benchmark indices BSE lost 300 points and NIFTY lost 90 points.  TCS, INFY, Grasim, Kotak Mahindra Bank, HUL,NTPC, J P Associates and Bharti Airtel are the only stocks that closed in green among NIFTY stocks.  Markets are expecting similar kind of budget from Finance Minister. Hence most speculative positions were unwinded booking losses. 

PF DEPOSITS TO GET MORE INTEREST

EPFO has raised the interest payable on PF deposits from 8.25% to 8.5%p.a. for the current year. This will benefit around 50 million members of the Employees Provident Fund Organisation.

RBS TO CUT STAFF STRENGHT IN INDIA

Royal Bank of Scotland which has 24 branches across the country employing around 1,000  staff has plans to cut its staff strength, as it winds down retail and commercial business in the country.

RBS India has a deposit base of Rs 13,039 crore and an asset book of Rs 12,534 crore as of March 2012. It has negligible non-performing assets on its books.

STRONG OPENING, CLOSING EXPECTED

Benchmark indices are expected to open strongly. Markets across globe on Friday closed in green territory. This and  the news of new banking guidelines will keep many stocks busy. We expect the Sensex to gain over 200 points by close of the day.

L&T FINANCE HOLDINGS, TATA, ADITYA BIRLA,M&M AND BAJAJ GROUP ARE LIKELY TO GET NEW BANKING LICENSE.

Some 20 odd entities are expected to apply for new banking license. As per our analysis most entities will lose out on the following grounds - 10 years sound back ground, impeccable integrity and corporate governance. Tata, M&M, BAJAJ,  ADITYA Birla and L&T finance Holdings are the certain candidates to get the new banking license. And from government stable LIC and India Post are the certainties. Reliance group too may not make to the final list. NBFCs from south may find it very difficult to pass integrity and corporate governance test. None of the real estate and Broking houses will get clean chit from all regulators including, Income Tax, FEMA, ED, SEBI & Exchanges and  hence chances of these entities getting a licence are very dim. SKS Micro which was hoping to apply is not eligible at all.

GUIDE LINES FOR NEW BANKING LICENSES RELEASED

RBI has issued the final guidelines for licensing of new private sector banks wherein entities both from private and public sector shall be eligible to set up a bank through a wholly-owned non-operative financial holding company (NOFHC).

Among others the condition stipulated are:

1. Entities / groups should have a past record of sound credentials and integrity, should be financially sound with a successful track record of 10 years. 

2. A business group, which is keen on applying for a license should have a minimum paid up equity capital of Rs 500 crore. 

3.The NOFHC and the bank shall not have any exposure to the Promoter Group. The bank shall not invest in the equity / debt capital instruments of any financial entities held by the NOFHC.

4. The bank should have 25% of its branches in unbanked rural areas with population less than 10,000.

5.The new bank should also achieve priority sector lending target of 40%.

6.The business plan should be realistic and viable and should address how the bank proposes to achieve financial inclusion.

7. Should list its share within 3 years of starting operations.

8. Holding company should be registered as NBFC with RBI.

9. Last date for applying license is 01-07-2013.

Notwithstanding entities fulfilling the required conditions RBI will use its discretion, to issue the license.

SAIL,NAL,MMTC AND RCF STAKE SALE ON CARDS

Government may off load some stake in SAIL, National Aluminum, Rashtriya Chemicals and Fertilizers and MMTC in this fiscal.

EXPECT WEAK OPENING, POSITIVE CLOSING

NIFTY lost 91 points and Sensex lost more than 300 points yesterday on global cues. Bears took advantage of the weak global markets and hammered the index heavy weights. FIIs net bought in cash market in excess of Rs 1000Cr and DIIs have net sold only to the extent of Rs 229Cr in the same segment. Except Sunpharma and Cipla, all NIFTY stocks closed in red. Metal stocks melted. Tata Steel, Sesa Goa, Jindal Steel and Hindalco lost 4% each.  Bank stocks too were at the receiving end. ICICI, Axis, SBI, BOB, PNB lost considerable grounds. Bank, I T, Auto and Oil&gas stocks are expected to make a come back today by close which may help the benchmark indices to close in green.

IRDA IMPOSES RS 50 LACS FINE ON SKS MICRO

IRDA has imposed a penalty of Rs 50 lakh on SKS Micro finance for violation of certain provisions of the insurance guidelines.

Irda says that the SKS levied a charge on members, that exceeds the premium and violates regulations.

SKS was issuing Group Life Insurance for a flat sum assured equal to the loan amount granted of certain insurance companies for insuring the outstanding loan advanced to its members.

HUDCO TAX FREE BONDS - INVEST

ISSUE PERIOD	21-02-2013 / 15-03-2013
ISSUE SIZE	RS 500CR / SHELF LIMIT RS 2800CR
SERIES	S1 AND S2
INSTRUMENT	TAX FREE SECURED REDEEMABLE NON CONVERTIBLE BONDS
FACE VALUE	RS 1000
PRICE	RS 1000
MINIMUM APPLICATION	5 NCD / RS 5000
RATINGS	AA+ BY CARE AND IRRPL
LEAD MANAGERS	AXIS CAPITAL, ICICI SECURITIES, KOTAK MAHINDRA CAPITAL COMPANY AND SBI CAPITAL MARKETS.
REGISTRAR	KARVY

V-MART TANKS ON LISTING

V-Mart IPO shares were listed in the exchanges  As against the issue price of Rs 210, the stock closed at Rs 203 and there were no buyers at that price.

RIGHTS ISSUE : BAJAJ FINANCE LIMITED - APPLY

ISSUE CLOSES ON	22-02-2013
ISSUE SIZE	67,60,117 EQUITY SHARES OF RS 10 FV
PREMIUM	RS 1090
RIGHTS BASIS	3:9
RECORD DATE	25-01-2013
BRLM	JM FINANCIAL
REGISTRAR	KARVY

IPO LISTING NEWS : V- MART TO LIST ON 20-02-2013

V-Mart IPO shares will be listed in the exchanges tomorrow. The IPO in the price band of Rs 195-215, closed for subscription on 05-02-2013. The IPO carries grade 3 awarded by CARE. The issue failed to get one time subscription in retail category. We expect the stock to settle down around Rs 120 -130, in the short term.

RIL TO START 4G SERVICES SOON

Telecom Commission has permitted broad band wireless access (BWA) spectrum holders to offer voice services after paying Rs 1658Cr for pan India operations fees. RIL will benefit from this move since it holds pan India BWA spectrum.

NEW BANK FINAL GUIDE LINES BY MARCH

RBI has indicated that guidelines for new banks will be issued before March 2013.      

           Some 3 - 4 group may get licenses in the first instance.

GENERAL MOTORS PROFIT AT $4.90BN

General Motors has reported a net profit of $4.90bn for the year 2012.  This is inspite of losses from European operations. Net income rose to $900m in the quarter, up from $500m in the same period last year.

TCS IS NUMBER ONE IN MARKET CAP, AGAIN.

In today's trade TCS surged to Rs 1448, up by Rs 12. With that the market cap of the company stood at Rs 2.83 lac Cr. as against RIL's Rs 2.76 lac Cr. RIL lost Rs 23 to close at Rs 856.

BUFFETT HAS HEINZ FOR DINNER

Warren Buffett is to buy food giant Heinz in a deal worth $28bn, largest ever in the food industry. 

Berkshire Hathaway and private equity firm 3G will take over the food company, famous for its ketchup and baked beans. The outstanding debt will be rolled over with the existing bankers.

The deal will marry one of the best-known brands in the food industry with one of the US's most famous businessmen.

OPTO CIRCUITS DOWN 10%, ON POOR NUMBERS

OPTO Circuits has lost more than 50% in the last one month. Today it came out with the Dec quarter results which was below market expectations. The stock lost 10% and closed at Rs 62. The market cap of the company has come down below Rs 1500Cr. Just a year ago the market cap was in excess of Rs 6000Cr . Apart from its poor numbers it  follows cumbersome method to declare its results. It has 9 subsidiaries doing the similar business. One does not understand the logic behind having so many subsidiaries.

MARKETS IGNORES EASING INFLATION NUMBERS, SBI PERFORMANCE

Benchmark indices NIFTY lost 36 points ignoring the easing inflation data and improved performance by country's largest bank - SBI, under trying circumstances. Axis, RIL,Bharti, Siemens, WIPRO,BPCL, Powergrid, Maruti  and Tata Motors shares lost between 3-5%. SBI, L&T,IDFC,Relinfra and Ranbaxy lost 2% each. Markets gave thumps down to SBI numbers. Under difficult circumstances SBI has performed very well. SBI is the main lender for KFA. Lenders have decided to recall the loans given to KFA.  Loans made to KFA has already been treated by banks as NPA. This factor has overshadowed the otherwise good numbers produced by SBI for Dec quarter. The stock is expected to recover in the coming days. FIIs have net bought to the extent of Rs 321Cr in cash market and DIIs have net sold for Rs 249Cr  in the same segment. Coal India, Asian Paints, HDFC Bank, HUL, GAIL and Tata Steel were the main gainers among NIFTY stocks. Siemens and WIPRO which were removed from NIFTY were at the receiving end. Siemens closed at Rs 572, down 5%,  a new 52 week low.

WIPRO, SIEMENS OUT OF NIFTY

WIPRO and Siemens will make way for Indusind Bank and NMDC from 01-04-2013 in the 50 -share NIFTY index.

END OF THE ROAD FOR SAHARA

Securities and Exchange Board of India today advised the banks to freeze accounts and seize properties of two Sahara group firms-Sahara India Real Estate Corporation and Sahara Housing Investment Corporation since these entities have failed to comply with SC order. SC had directed these companies to deposit the first installment of Rs10,000 crore by the first week of January 2013 and the remaining by the first week of February 2013.

SAI SILKS IPO BOMBS

SAI silks IPO has received bids for 1.10 crore shares against an offer of 1.27 crore scrips, translating into 87 per cent subscription till 1700 hrs today, as per data available on the National Stock Exchange.  Institutional investors including banks, mutual funds and insurance companies have not shown any interest to the offer. Today was the last day for subscription.

MCX SHEDS 7%

MCX stock lost 7% and closed at Rs 1190. The newly started exchange for equities is yet to pick up the volume. It appears punters have off loaded the speculative positions.

KFA DRAGS U B GROUP AND SOME PSU BANK STOCKS

KFA tanked 5% to close at Rs 10.55, as lenders decided to recall the advances. It also dragged the other U B group stocks. U B holdings lost 10%, closed at Rs 70. United Breweries lost 9% to close at Rs 642. United Spirits lost 5% and ended the day at Rs 1862. Some PSU bank stocks who have substantial exposure to KFA too lost some shine. SBI lost Rs 45 and BOB, PNB both lost Rs 10 each.

TATA STEEL CONSOLIDATED LOSS WIDENS

Tata Steel, on consolidated basis has posted disappointed numbers. The company posted a net loss of Rs 763Cr  for the quarter ended December 31, 2012 as compared to net loss of Rs 602 Cr for the quarter ended December 31, 2011. Total Income has decreased from Rs. 33356 Cr for the quarter ended December 31, 2011 to Rs. 32163 Cr for the quarter ended December 31, 2012.

On stand alone basis the Company has posted a net profit of Rs 1046 Cr for the quarter ended December 31, 2012 as compared to Rs 1421 Cr for the quarter ended December 31, 2011. Total Income has increased from Rs 8579 Cr for the quarter ended December 31, 2011 to Rs. 9406 Cr for the quarter ended December 31, 2012.

COAL INDIA POSTS IMPROVED PERFORMANCE

Coal India has posted a net profit of Rs 1697Cr for the quarter ended December 31, 2012 as compared to Rs 1219Cr for the quarter ended December 31, 2011. 

Company's consolidated net profit after taxes, minority interest and share of profit of associate  stood at Rs 4395Cr for the  quarter ended December 31, 2012 as compared to Rs 4038Cr for the quarter ended December 31, 2011. Total Income has increased from Rs 17227Cr for the quarter ended December 31, 2011 to Rs 19685Cr for the quarter ended December 31, 2012. The stock closed at Rs 348, today, in the exchanges.

KFA TANKS 5% ON LOAN RECALL

KFA shares in the exchanges has hit the lower circuits. Lenders to the troubled airlines have decided to recall the loan amounting to Rs 7500Cr. The stock is locked at Rs 10.55 with no buyers.

FORTIS HEALTHCARE Q3 STAND ALONE DISAPPOINTS

Fortis Healthcare has reported another dismal numbers for Dec quarter. Its stand alone revenue stood at Rs 89.22Cr as against Rs 86.76cr in the previous quarter. Net profit after tax at Rs 3.60Cr as against Rs 9.37 Cr in the Sept quarter. On consolidated basis revenue and net profit has risen because of one time exceptional gain of Rs 973.83Cr,  gain due to stake sale in Religare Health Trust. Fortis stock closed at Rs 101, yesterday. The company has not declared dividend since it went public in 2007. The current market price of the share is still below the IPO price.

SAI SILKS IPO CLOSES TODAY - AVOID

SAI SILKS IPO, in the price band of Rs 70-75 closes today. The share are worth not more than Rs 20. Avoid subscription.

SKS MICRO COLLECTS PREMIUM ILLEGALLY - IRDA

SKS Micro Finance does it again.  SKS has collected double premium, without informing the clients, than what the actual premium is. As per IRDA it is illegal. IRDA has been inspecting the books of SKS for the last one yer for alleged malpractices in distribution of insurance products. The investigation is still on. IRDA is likely to conclude the investigation and issue its order shortly. First Choice IPO has been mentioning from day one that SKS Micro lacks corporate governance. It is proved correct time and again. In the name of helping the poor, the promoters and who manage the affairs of the company are helping themselves. It is no wonder that in recent times the original promoters are off loading their stake in open market.

LENDERS RECALL RS 7500CR KFA LOAN

Lenders to problem ridden airline - KFA have decided to recall the advances made to the company amounting to Rs 7500Cr. KFA management has failed to convince the lenders about capital infusion, settlement withe employees and clearances from DGCA. 

OIL&GAS, BANK STOCKS HELP THE INDICES TO CLOSE IN GREEN

RIL, ONGC and Coal India from oil &gas segment and BOB, SBI, ICICI ,PNB, HDFC from the banking segment helped the benchmark indices to close in green. Barring last Wednesday NIFTY closed in green in 8 trading sessions out of 9. Metals, FMCG and Cement stocks closed in red. IIP and inflation numbers for Jan 2013 had negative impact on the markets. FIIs continues to be bullish on India and have net bought to the extent of Rs 604Cr in cash market. DIIs have net sold for Rs 412Cr. 

SAI SILKS IPO GETS 60% SUBSCRIPTION TILL DAY 2

Sai Silks IPO has received 57% subscription till today.           The issue in the price band of Rs 70-75 closes for subscription tomorrow. Avoid subscription.

IPO LISTING NEWS : V- MART

V-Mart IPO shares will be listed in the exchanges next week. The IPO in the price band of Rs 195-215, closed for subscription on 05-02-2013. The IPO carries grade 3 awarded by CARE. The issue failed to get one time subscription in retail category. We expect the stock to settle down around Rs 120 -130, in the short term.

SAIL, OPTO CIRCUITS, NITISH ESTATES RESULTS TODAY

HEXAWARE FY 12 RESULTS

Hexaware has posted a profit after tax of Rs. 56.60cr for the quarter ended December 31, 2012 as compared to Rs. 78.37cr for the quarter ended December 31, 2011. 

For the year ended Dec 31, 2012 the Group has posted a net profit of Rs. 285.60cr as compared to Rs. 231.98cr for the Year ended December 31, 2011.  The stock in the early trade has gained 4.5% and trading at Rs 85.

SAI SILKS IPO OPENS TODAY - STAY AWAY

SAI Silks IPO in the price band of Rs 70-75 opens for subscription today. The IPO carries grade 2. Avoid subscription. Search this blog for detailed analysis.

MARKETS TO OPEN WITH MILD GAINS AND CLOSE STRONGLY

Global cues may help the indices to open in green. FIIs have been continuously net buying in cash market form Jan 2013. So far this year they invested around Rs 40000Cr in equity. But the benchmark indices have not moved a millimeter in 2103. The NIFTY closed at 5904 as on last Friday, it was at the same level as of 31-12-2012. Under normal circumstances net investments by FIIs to the tune of Rs 40000cr would have taken the NIFTY by at least to 7000 level (up 1000 points). This has not happened, it is strange but true. Markets can stay / move irrationally for longer period than rationally one can think and vice- versa.

IRDA HIKES INSURERS INVESTMENT LIMIT

IRDA has hiked the investment limit by insurers to 15% in a single company from the current 10%. There are 24 life insurers in India with combined assets of Rs.16 trillion, of which nearly one third held in equity.

Irda says insurance companies will be allowed to increase their exposure in equity in a given company to 12% and 15%, depending upon the size of the controlled fund of the insurer.

SBI Q3 FY 13 RESULTS

SBI will declare its Q3 results on 14-02-2013. We expect the SBI to declare profit before tax for the quarter around Rs 9500Cr as against Rs 7260Cr declared in Q3 of FY12.

HINDALCO POSTS EXCELLENT Q3 NUMBERS

Hindalco has posted excellent numbers for Dec quarter under difficult circumstances. Total revenue stood at Rs 6872Cr  and net profit at Rs 434Cr. The figures for the Sept quarter were Rs 6164 Cr and 359Cr respectively. The stock after touching intra day  low of Rs 109 now trading around Rs 113.

IPO ANALYSIS : SAI SILKS, FAIR VALUE RS 20.

MATTERS OF CONCERN / RISKS:

1.       Unprofessionally managed company.

2.       The promoters face FEMA violation cases.

3.       Statutory dues including gratuity liability and income tax arrears amounting to Rs 150lacs is has not been remitted by the company.

4.       Over 90 per cent purchase are made from group companies.

5.       The company has negative cash flows from its operating activity, investing activity and financing activity for the financial year 2007-08 to 2011-12 and for the period ended October 31, 2012.

6.       Related party transactions for a net aggregate amount of Rs 14594.99 lakhs for the period ended October 31, 2012.

7.       Company’s Trade Receivables, Trade Payables and Loans & Advances are subject to confirmation and reconciliation.

8.       This is the second attempt by the company. Its maiden attempt in 2009 failed.

9.       Group companies involved in similar business, clash of interest.

10.   Kalamandir and other trade mark not registered.

11.   Limited geographical presence with stores located in Bangalore and Hyderabad accounts for 90 per cent.

12.   Working capital intensive industry. Change in fashion and taste of consumer may lead to huge unsalable inventory pile up.

13.   Pathetic track record of BRLM.

14.   Company has entered into un related business and definite loss business activity -Wind Power, where it has already sunk Rs 11Cr.

15.    Out of the Rs 89Cr of IPO money, Rs 59Cr will go for working capital, Rs 1Cr for repayment, Rs 8.50Cr for brand promotion and only Rs 12.73Cr for setting up of new stores. The impact of IPO funds in shoring up the top and bottom line in the coming years is minimal.  

VALUATION AND RECOMMENDATIONS

     The company post IPO will have equity around Rs 22.50Cr. For the FY14, at best the company may report an EPS of Rs 4.50. This category of companies’ shares should not be trading beyond 5 PE multiples. Hence the fair value of the share is around Rs 20. Avoid subscription. Do not be misled by the “safety net “offered by the company /BRLM.

SAHARA, SEBI FACE SC HEAT

SC has pulled up SEBI for not taking concrete action against Sahara group. And also SC has said that SEBI is free to freeze accounts and seize properties of its two companies for defying court orders by not refunding Rs 24,000 crore to investors.

IPO ANALYSIS: BIG NAME, BIG LOSS

In the year 2010, 72 IPOs hit the market. Out of this only 15 IPOs are trading above the issue price. The IPOs which caused maximum loss to the investors indicated in the following table. We have excluded the small time merchant bankers for analysis. The IPOs managed by the biggies of investment banking has caused the maximum damage. Judge yourself.

NAME OF THE COMPANY	IPO PRICE RS	CMP RS	LOSS RS	BRLMS
A2Z MAINTENANCE	400	36	364	IDFC CAPITAL, DSP MERRILL LYNCH, ENAM SECURITIES, ICICI SECURITIES, SBI CAPITAL MARKETS
ORIENTAL GREEN	47	12	35	JM FINANCIAL GOLDMAN SACHS,UBS SECURITIES, AXIS BANK
RAMKY INFRA	450	91	359	ENAM SECURITIES  DEUTSCHE EQUITIES
INDO SOLAR	29	4	25	ENAM SECURITIES
SKS MICRO FINANCE	985	151	834	KOTAK MAHINDRA CAPITAL , CITIGROUP GLOBAL, CREDIT SUISSE SECURITIES
JAY PEE INFRATECH	102	49	53	MORGAN STANLEY, DSP MERRILL LYNCH, AXIS BANK, ENAM SECURITIES, ICICI SECURITIES, IDFC CAPITAL JM FINANCIAL CONSULTANTS, KOTAK MAHINDRA CAPITAL, SBI CAPITAL MARKETS.
NITESH ESTATES	54	14	40	ICICI SECURITIES ENAM SECURITIES KOTAK MAHINDRA CAPITAL COMPANY JM FINANCIAL CONSULTANTS
GOENKA DIAMONDS	153	34	119	SBI CAPITAL
SHREE GANESH JEWELLERY	260	112	128	AXIS BANK, ICICI SECURITIES,  AVENDUS CAPITAL
NMDC	300	152	148	UBS SECURITIES, CITIGROUP GLOBAL MARKETS, EDELWEISS CAPITAL, KOTAK MAHINDRA CAPITAL MORGAN STANLEY INDIA RBS EQUITIES (INDIA).
ARSS INFRA	450	43	407	IDBI CAPITAL MARKET, SBI CAPITAL MARKETS
D B REALTY	468	136	332	ENAM SECURITIES KOTAK MAHINDRA CAPITAL COMPANY
VASCON ENGINEERS	165	49	116	KOTAK MAHINDRA CAPITAL ,ENAM SECURITIES
MICRO SEC SECURITIES	118	37	81	SBI CAPITAL MARKETS
TECPRO SYSTEMS	355	146	209	SBI CAPITAL MARKETS, KOTAK MAHINDRA CAPITAL
CEBBCO	127	52	75	ICICI SECURITIES  EDELWEISS CAPITAL