27th April 2011 Market Closing Updates:

27th April 2011 Market Closing Updates:

Nifty closed 38.75 down at 5831.65
Sensex closed 102.26 down at 19443.09.
The Consumer Durables index was at 6,541.86, up by 51.25 points or by 0.79%. The major gainers were Blue Star (2.73%), Titan Industries (0.98%), Whirlpool Of India (0.62%), Videocon Industries (0.32%) and Bajaj Electricals (0.06%).

The IPO index was at 1,831.95, up by 10.20 points or by 0.56%. The major gainers were Bajaj Corp (5.15%), BS TransComm (3.84%), Coal India (1.84%), ARSS Infrastructure Projects (1.48%) and Indiabulls Power (0.44%).
The Realty index was at 2,317.23, down by 28.8 points or by 1.23%. The major losers were Anant Raj Industries (2.52%), D L F (1.17%), Godrej Properties (0.82%), Ackruti City (0.46%) and Mahindra Lifespace Developers (0.37%).
The Bankex index was at 13,424.74, down by 94.9 points or by 0.7%. The major losers were I C I C I Bank (1.07%), Federal Bank (0.57%), H D F C Bank (0.48%), Bank Of India (0.25%) and Bank Of Baroda (0.2%).
Market Breadth
Market breadth was negative with 1,343 advances against 1,437 declines.
Value and Volume Toppers
Oil & Natural Gas Corporation topped the value chart on the BSE with a turnover of Rs. 775.43 million. It was followed by State Bank Of India (Rs. 724.41 million), Raymond (Rs. 676.63 million) and Amrutanjan Health Care (Rs. 624.62 million).
The volume chart was led by Himachal Futuristic Communications with trades of over 10.47 million shares. It was followed by Birla Cotsyn (India) (7.79 million), Bafna Spinning Mills & Exports (7.44 million) and Birla Power Solutions (7.42 million)
ONGC was the top gainer and was 2.27% up and closed at 310.75 whereas Ambujacem was the top loser 4.63 points down and closed at 150.50

26th April 2011 Market Closing Updates

26th April 2011 Market Closing Updates:

US markets took a pause yesterday after a sharp run up over past four trading sessions. Dow and S & P 500 closed marginally in the red while Nasdaq rose 0.2%. Indian equity benchmarks trimmed their losses, supported by Bharti Airtel, SBI and ICICI Bank. Buying in largecaps at lower levels too supported the Sensex to recover.
Mid & Small-cap Space

The Midcap and Smallcap index rose 0.04% and 0.09% respectively.
Sectors in Limelight
The HC index was at 6,202.31, up by 37.38 points or by 0.61%.
The TECk index was at 3,778.48, up by 16.26 points or by 0.43%.
The Metal index was at 16,775.99, up by 60.88 points or by 0.36%.
On the other hand, the Consumer Durables index was at 6,508.49, down by 34.69 points or by 0.53%.
Market Breadth
Market breadth was negative with 1,283 advances against 1,541 declines.
Alstom Projects India topped the value chart on the BSE with a turnover of Rs. 1,728.87 million. It was followed by State Bank Of India (Rs. 833.88 million), Infosys Technologies (Rs. 777.88 million) and Uflex (Rs. 697.04 million).
The volume chart was led by Birla Power Solutions with trades of over 12.76 million shares. It was followed by Himachal Futuristic Communications (11.03 million), Birla Cotsyn (India) (8.95 million) and Teledata Technology Solutions (6.20 million).

25th April 2011 Closing Market Updates

25th April 2011 Closing Market Updates  15:40

Market was lackluster for the whole day and ended flat. Nifty ended at 5865.40 with 19.30 points of decline whereas Sensex ended at 19560.20 with 42.03 points drop.
Among BSE Sectoral Indices, Consumer durables index was the major gainer by 1% and Oil&Natural gas index was the top loser by 1.72%
In Nifty50 stocks, HCL Tech was the top gainer by 4.15% which ended at 513.5 and Axisbank was the top loser by 4.83% and ended at 1377.60.
Infosystch was the turnover topper on NSE by the traded value and Alok text was the most traded stock on NSE today.
Advance/Decline ratio was negative as 781 stocks declined and 604 stocks gained today on NSE.


Major Global Indices :


Hang Seng : +242.21
Nikkei : -10.25
FTSE : -10.71
CAC : +17.26
DAX : +46.30
Dow Futures : +16.00
Nasdaq futures : +3.75

IPO:INNOVENTIVE INDUSTRIES LIMITED

IPO opens on 26th April and closes on 29th April

• Price band-Rs.117 to 120.
• Standard Chartered Private Equity has taken 10.14% stake in the company. Pre IPO placement was done to them at a price of Rs. 117 per share.
• Expected yield 8% to 12% on listing(*depend on prevailing market conditions)

Our recommendation : Buy

INNOVENTIVE INDUSTRIES LIMITED

A multi-product engineering company

COMPANY & BUSINESS OVERVIEW

INNOVENTIVE INDUSTRIES LIMITED (IIL) is diversified multiproduct engineering company started by six first generation entrepreneurs lead by Mr. Chandu Chavan. IIL manufactures & sells Oil well drilling couplings, membrane panel strips, precision steel tubes, pup joints, Auto components & other products. Supported by its R&D focus and domain expertise, the company has developed new technology and products with enhanced properties at a lower cost.

• Company has grown CAGR of 53% in topline and 47% in bottom-line over last 7 years.

• Innovation driven growth strategies have helped us grow from Rs. 15 Cr to Rs. 453 cr (9 months ended on 31st December 2010) in short period of 7 years with little equity capital.

• 18% Exports as of 2010. Products are well accepted in quality conscious German market.

• Substantial competitive advantage in manufacturing DOM tubes due to internally designed patentapplied pilgering process leading to significant cost savings.

• Caters high growth & diversified sectors- Transportation (45%) – Includes entire auto segment

from 2 wheeler, passenger cars, heavy vehicles, farm equipment’s, construction equipment etc;

energy(30%) and general eng.(25%). It operates in complementary industries and as such provides a well-balanced exposure to industry downturns.

• Long term relationships with established names as customers in domestic and export markets.

• Substantial financial benefits from the Mega Project Status under PSI Scheme 2007, 75% of Capex made till March 2012 will be reimbursed by Govt of Maharashtra by way VAT refund till FY 2016.

Current Eligible Capex is Rs. 262.46 Cr.

• Standard Chartered Private Equity has taken 10.14% stake in the company. Pre IPO placement was done to them at a price of Rs. 117 per share.

KEY PRODUCTS

CEW / DOM Precision Tubes	OCTG Products	Membrane Strips	Other Products
OCTG Products Membrane Strips Other Products APPLICATIONS Auto, Energy Sector, General Engineering, sold in Domestic and Global Markets Customers – Salem Steel, LLC (North America), Volvo Eicher, Lear Auto	APPLICATIONS Couplings and PUP joints for OIL wells which are mainly exported Customers – Arcelor Mittal, Allied Engineer., Welded Tube (Canada), Apolo Tubulars, UZTEL	APPLICATIONS Used in Boilers and is an IMPORT SUBSTITUTE	Auto parts, welded parts, and handles used in 2 and 3 wheelers
INNOVATION Developed the most innovative Pilgering Process for DOM tubes. Patent Filed	NICHE SECTOR Caters the OCTG sector which requires established track record, licenses and top quality	KEY CUSTOMERS BHEL, Thermax, ALSTOM, Cethar Vessel	KEY CUSTOMERS BAJAJ, VOLVO EICHER

INNOVATION FOCUS

IIL, through its R&D focus, has successfully adopted the cold pilgering process to manufacture CEW tubes without the use of the conventional draw bench process. The adoption of cold pilgering technology has resulted in significant cost savings -energy cost savings of up to 80%, reduction in wastage of steel by 7% and lower usage of chemicals. The findings are audited and certified by IIT Mumbai. Innoventive has filed a patent application for this technology in manufacturing CEW tubes from welded tubes using Pilgering process.

With the cost saving on account of pilgering process the company has a significant advantage in

pricing its products in competitive global markets.

MARKETS & CUSTOMERS

• Customers include industry leaders such as Bharat Heavy Electricals Limited, Thermax Limited,

Alstom Projects Limited, Bajaj Auto Limited.

• Export to North America, Europe, South America, Kuwait & Middle East

BOARD OF DIRECTORS

Chandu Chavan	Chairman, Promoter	Experience of over 18 years in the industry
Ravindra Katre	Managing Director,Promoter	Oversees raw material procurement and sheet division of Innoventive
Sanjay Waghulade	Whole Time Director,Promoter	Oversees production, tooling & related areas including project set up.
Ramprasad Joshi	Independent Director	Has worked with Aerospace Engineering Department in IIT Mumbai
Yashpaul Gupta	Independent Director	Over 28 years of banking experience and retired as Field General Manager
Pradeep	Tupe Independent Director	Coordinator at MIT Group, Secretary at AIMA
Rajendra Jagdale	Independent Director	Director General of Science and Technology Department established by Government of India
Wlliam Sean Sovak	Nominee Director (Kavos Capital)	MD & co Founder of Lighthouse Advisors India Pvt Ltd

KEY DETAILS

Key Financials - Shareholding Pattern -

RsinCr	FY08	FY09	FY10	FY11*(9months)
SALES	323.10	362.00	421.50	453.20
EBIDTA	37.20	70.20	115.10	123.00
PAT	8.00	14.10	34.30	36.90

* Results are for period ending 9 months (December 2010)

Promoters & Employees 70.28%

Kavos Capital Ltd &

Standard Chartered Pvt.

Equity

29.72%

ISSUE DETAILS

Offering Size	Upto INR 219.58 Cr (after Pre IPO placement of INR 30.42 Cr)
Use of Proceeds	• Capacity expansion of the manufacturing facility at Pimple Jagtap - Rs. 163 Cr • Repayment of debt to the tune of Rs. 50 Cr • Balance for General corporate purposes
Key Dates	Bid opens: 26th April`2011 Bid closes: 29th April 2011, QIB Closes on 28th April 2011, Retail & Non-institutional closes on 29th April`2011
FUTURE STRATEGIES
Innovative Products & Cost Efficient Processes	Develop technology based innovative products to achieve twin objectives of cost competitiveness and improved quality Increase addressable market by applications where seamless tubes, bars & nonferrous tubes can be replaced Designing new products like hydraulic cylinders, bearing spacers, diesel fuel injection tubes, Bi-Metal tubes, drag linkages, etc.
Expand Customer Base	Expand into geographies like North America, Europe, Middle East and Latin America to capture outsourced manufacturing Target segments railways, farm equipment, material handling, marine and infrastructure
Capacity Expansion	Further expand the CEW/DOM capacity to 76,701 MT by 2012
Pursue Selective Acquisitions & Investments	Continue making selective acquisitions leading to new opportunities in related businesses to expand geographic presence, product offerings & technological expertise
Value Creation for All Stakeholders	Create value for all the stakeholders in the company. Retain and nurture talent in the group – created an ESOP Trust for the employees(4.7% stake)

GROWTH DRIVERS • Increasing Investments in oil & gas & infrastructure sectors will drive the demand for precision

tubes, couplings

• Expected growth in the passenger car / automotive segments would result in increased

consumption of precision tubes and auto components

• Discovery of large reserves of natural gas in K G Basin will fuel the growth of gas pipelines

• Government initiatives on capacity addition in power sector to result in increased demand for

precision tubes, membrane strips

• Continued investments in railway up-gradation are expected to spur greater purchase of precision

tubes

KEY BUSINESS RISKS &

MITGATION

• Appreciation of Rupee vis-à-vis USD - Exports contribute significant portion of the gross revenue.

Appreciation of rupee versus USD may adversely impact company’s performance. However,

Company hedges the forex risk immediately on confirmation of Export Orders.

• Rising employee cost – The employee cost in manufacturing sector are lagging behind other

growth industries such as IT and Finance. It is expected that employee cost will grow substantially

to catch up with other industries. This is already factored in our Business Model.

For more details on your E-mail about the Company kindly send your ids on info@integrity.org.in or SMS on 9890966600

21st April Market Closing Update:

21st April Market Closing Update:
Nifty closed 28.45 up at 5880.10
Sensex closed 102.35 up at 19573.33

20th April Market Closing Update:

20th April Market Closing Update:

The benchmark Sensex added more than 250 points in the afternoon trade and shrugged off trial court order on 2G case. The rally was led by buying across sectors at 14:30 hours - TCS was the leading star, with rising more than 4%.
Heavyweights ONGC, Wipro, SBI, NTPC, ICICI Bank, Bharti, ITC and HDFC gained 1-2%. HCL Tech extended its upmove - rallied 9% after the 17% rise in third quarter net profit of Rs 468 crore.
Infosys, BHEL and Reliance Industries were up 0.8% each. M&M and Tata Motors were other biggest gainers, with gaining 5.5% & 3.5%, respectively.
Metal companies' shares too were helping the markets - Tata Steel, Jindal Steel, SAIL, Hindalco and Sterlite rallied 2-3%. HUL, Kotak Mahindra Bank and DLF went up 2%.
The 30-share BSE Sensex was trading at 19,427, up 306 points and the 50-share NSE Nifty went up 95 points to 5,836.
Global cues were quite supportive today - European markets like France's CAC, Germany's DAX and Britain's FTSE were trading about 2% higher. US index futures too gained 1%.
Anil Dhirubhai Ambani Group companies' shares also recovered - Reliance Power and Reliance Capital were flat. Reliance Infrastructure gained 0.5% but Reliance Communications remains down 3%.
Hero Honda was down 2% and L&T was marginally in the red.
In midcap space, BF Utilities, Triveni Engg, Jubilant Foodworks, Techno Electric and Trent rallied 6-10%. However, DB Realty, IRB Infra, Den Networks, Nava Bharat and Petronet LNG lost 2-8%.
In smallcap space Subex, Lloyds Metals, JVL Agro, Nouveau Multi and Gujarat Ambuja Exports jumped 9-12%. However, Atlanta, Prabhav Industries, Kama Holdings, Ontrack Systems and IT People slipped 4-10%.
About 1924 shares advanced as against 974 shares declined on Bombay Stock Exchange.

19th April Market Closing Updates:

19th April Market Closing Updates:

Nifty closed 15.25 points up at 5744.35
Sensex closed 35.01 points up at 19126.18
The Sensex traded on a lackluster manner. Power, realty and PSU traded lower, while teck and oil & gas gained.Sensex Movers.
Bharat Heavy Electricals contributed fall of 12.92 points in the Sensex. It was followed by Grasim Industries (8.74 points), Hero Honda Motors (8.06 points), State Bank Of India (7.56 points) and Tata Motors (6.12 points).
However, H D F C Bank contributed rise of 13.67 points in the Sensex. It was followed by Bharti Airtel (9.43 points), Larsen & Toubro (6.27 points), Infosys Technologies (2.96 points) and Mahindra & Mahindra (2.15 points).
Mid & Small-cap Space
The BSE Mid and small caps outperformed their larger counterparts gaining 0.01% and 0.08% respectively.
The major gainers in the BSE Midcap were Alstom Projects India (1.02%), Alfa-Laval (India) (0.27%), Anant Raj Industries (0.16%), Core Projects and Technologies (0.06%) and Amtek Auto (0.03%).
The major gainers in the BSE Smallcap were Amtek India (2.81%), Aarti Industries (1.31%), A B G Infralogistics (0.97%), Genesys International Corporation (0.74%) and Abhishek Industries (0.58%).
Sectors in Limelight
The Power index was at 2,717.15, down by 25.96 points or by 0.95%. The major losers were Bharat Heavy Electricals (2.75%), Crompton Greaves (2.49%), G M R Infrastructure (0.74%), A B B (0.72%) and Reliance Infrastructure (0.14%).
The Realty index was at 2,313.94, down by 19.74 points or by 0.85%. The major losers were D B Realty (1.96%), Indiabulls Real Estate (1.52%), D L F (0.49%), Ackruti City (0.4%) and Mahindra Lifespace Developers (0.29%).
The Auto index was at 9,329.34, down by 61.91 points or by 0.66%. The major losers were Hero Honda Motors (3.58%), Ashok Leyland (1.31%), Exide Industries (1.17%), Bajaj Auto (0.64%) and Bharat Forge (0.11%).
Market Breadth
Market breadth was negative with 1,195 advances against 1,578 declines.
Value and Volume Toppers
Cairn India topped the value chart on the BSE with a turnover of Rs. 102,290.51 million. It was followed by Infosys Technologies (Rs. 1,049.34 million), Pipavav Shipyard (Rs. 576.47 million) and State Bank Of India (Rs. 494.74 million).
The volume chart was led by Cairn India with trades of over 296.84 million shares. It was followed by Himachal Futuristic Communications (12.90 million), Cals Refineries (7.16 million) and Teledata Technology Solutions (6.73 million).

18th April 2011 Closing Market Updates

18th April 2011 Closing Market Updates:

Nifty closed 95.45 points at 5729.10
Sensex closed 295.65 points down at 19091.17 
Indian equity benchmarks extended losses in the afternoon trade due to profit booking as well as further build-up in shorts. Technology was the leading dragger, with the respective index falling more than 2%. Infosys fell over 2% - it had fallen nearly 10% on Friday on the back of poor EPS guidance forecasted for FY12 by the company.

Next on the radar - the India's largest IT software exporter TCS will be announcing its results on Thursday. The stock was the leading scrips in today's fall, with losing nearly 4%. HCL Tech was down 2.5%.

All sectoral indices were in the red - the BSE Realty, Metal, Capital Goods, Bank, Healthcare, FMCG and Power indices slipped 1-2%.Heavyweights BHEL, HDFC Bank, ITC, L&T, SBI, ICICI Bank and HDFC Bank were down 1-2%.

The 30-share BSE Sensex shed 261 points to trade at 19,125 and the 50-share NSE Nifty tumbled 86 points to 5,738. The BSE Midcap Index lost 1% and Smallcap Index fell 0.5%.However, ONGC, HUL, Hero Honda, Bajaj Auto and Maruti Suzuki were only gainers on Nifty.In midcap space, JM Financial, Hathway Cable, MVL, KGN Industries and Shree Global rallied 5-8% while Chambal Fertiliser, Max India, HOEC, Opto Circuits and Sterlite Tech fell 5-6%.

In smallcap space, Prraneta Inds, OCL Iron, Poly Medicure, C Mahendra Exports and GSS America Info gained 9-12%. However, Paper Products, Uflex, Marathon Nextgen, KNR Construction and Camlin lost 5-9%.Market breadth was in favour of declines; about 1152 shares advanced as against 1718 shares declined on Bombay Stock Exchange.Realty and IT were the most hit indices by 3.17% and 2.73% respectively.

Top Gainers in Nifty 50 was Hindustan Lever Ltd, it closed at 282 and was 2.53% up
Top loser in Nifty 50 was DLF, it closed at 232.70 and was 4.96% down