Monday, February 20, 2012


Incorporated in 2003, Multi Commodity Exchange of India Ltd (MCX) is India based electronic commodity futures exchange. MCX provides online trading facility along with clearing and settlement operations for commodity futures across India.MCX allows trading in more than 50 commodities across sectors like bullion, metals, energy, weather, and agricultural products. The Exchange is the world's largest exchange in Silver, the second largest in Gold, Copper and Natural Gas and the third largest in Crude Oil futures, with respect to the number of futures contracts traded.

Issue Open:         February 22, 2012
Issue close:         February 24, 2012
Price Band:        Rs. 860 - Rs. 1032 Per Equity Share
Minimum Bid Size: 6 Equity Shares
Face Value:         Rs. 10 Per Equity Share
Issue Type:         100% Book Building
Maximum Subscription Amount  for Retail Investor: Rs. 200000

CRISIL has assigned an IPO Grade 5 to MCX IPO. This means as per CRISIL, company has 'Strong Fundamentals'. CRISIL assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals.


Monday, February 13, 2012

‘Buy’ maintained on Hindalco – TP reduced to Rs.179

Buy rating on Hindalco Industries is maintained with a target price of Rs.179 as against the earlier 
target price of Rs.186.

Though the company’s standalone performance was up to market expectations in 3QFY12, Novelis’
EBITDA missed expectations. Considering this along with lower metal prices, hardening rupee against 
USD, higher coal prices and slower execution of Mahan smelter, EPS estimates for FY12 has been 
reduced by 10 -17%. Hence, the target price is lowered to Rs.179.

Company’s standalone outperformance was driven by better than expected aluminium premium. 
However, cost pressure on domestic aluminium business still persists.

Start up Mahan smelter has been delayed.

Novelis’ volume and margin will recover but this may take 1-2 quarters.

It seems that the stock price would hinge on aluminium price recovery and timely execution of 
expansion projects.

Further delays in expansion projects and sharp increase in coal prices are downside risks.

Wednesday, February 1, 2012

Update - Muthoot Finance

Net profit of Muthoot Finance rose 61.27% to Rs 250.88 crore in the quarter ended December 2011 as against Rs 155.57 crore during the previous quarter ended December 2010. Sales rose 91.24% to Rs 1226.14 crore in the quarter ended December 2011 as against Rs 641.15 crore during the previous quarter ended December 2010.