1. VValuehunt
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E-Mail : dhananjayan.jayabal@cp-artha.co | Mobile : +91 96294 74080
Morning Notes – 29 April 2013
Good Morning!!
Last week special situation picks and our rating on it
1. Agro Tech Foods Ltd – Buyback of Shares
a. Business -Subsidiary of ConAgra Inc, USA, Agro Tech’s product categories include edible oils, snacks, spreads, puddings and desserts and
convenience meals
b. Special situation - Last week, they announced buyback through tender offer maximum price of Rs 520 for 1 million shares.
c. Fundamentals - Operating margin is 7% for the last two years, whereas the net income margin is just 5%. Return on Operating assets, capital
employed and equity is 16%, 21% and 19% respectively.
d. Valuation -Proforma valuation after adjusting for buyback is 30.2x PE, 46.5x P/FCF and 4.9x P/BV. This is overvaluation as the earnings yield
and FCF yield is just 3.3% and 2.2%.
e. CP-Artha’s Rating - We don’t see big upside in the price of this stock as per our Market Expected Growth Rate (MEGR) on equity – Avoid
2. Avantel Ltd – Buyback of Shares
a. Business - Avantel Limited is engaged in manufacturing of telecom products and rendering related customer support/other services
b. Special Situation – Company to consider a proposal of buyback of Equity Shares of the Company
c. Fundamentals – The last 9 months results was very bad. Margins are down and expected to go down in Q4 2013
d. CP-Artha’s Rating – This is net debt company and we are not very comfortable how they are going to be buyback the shares. Considering the
nature of the business, we believe that this stock doesn’t have big upside move in market value – Avoid
We do have couple of other picks from last week that we will discuss it in tomorrow’s morning note.
Market Commentary

2. VValuehunt
Company Special Situation Comments
Piramal Glass Ltd Divestiture
Company’s subsidiary in Sri Lanka, Piramal Glass
Ceylon PLC has on April 26, 2013 agreed to sell part
of its Land at Rathmalana for a consideration of Sri
Lankan Rupees 355 Million (equivalent to INR 151.69
Million approximately)
NTPC Ltd Special Dividend
Board of Directors to consider special dividend in the
coming board meeting to be held on 10th May 2013
Close
Price
Points
Change
(%)
Nifty 5,871 (44.8) (0.7)
Sensex 19,286 (120.1) (0.6)
Nikkei 13,884 (41.9) (0.3)
Straight Time 3,348 11.1 0.3
Hang Seng 22,547 146.5 0.6
Shanghai 2,178 (21.4) (0.9)
FTSE 100 6,426 (16.1) (0.2)
CAC 40 3,811 (30.4) (0.8)
DAX 7,814 (18.1) (0.2)
DJIA 14,712 11.7 0.1
S&P 500 1,582 (2.9) (0.1)
NASDAQ 3,279 (10.7) (0.3)
Global Indices
Close Price Change (%)
Realty 1,893 (2.2)
Oil & Gas 8,692 (1.6)
Metal 8,637 (1.4)
Bankex 14,343 (1.4)
Capital Goods 9,757 0.3
Power 1,733 (1.2)
IT 5,615 (1.5)
Auto 10,848 0.8
FMCG 6,116 (0.8)
HeathCare 8,625 (0.8)
Sectoral Indices
Buy Sell
FII (Rs.mn) 33,374 31,126
Change (%) (46%) (35%)
DII (Rs.mn) 10,344 14,122
Change (%) (2%) (39%)
**FII – Foreign Institutional Investor
**DII – Domestic Institutional Investor
FII & DII Turnover
Special Situation Stocks
5,600
5,800
6,000
17-Apr-13 26-Apr-13
Nifty
5,871
(0.76%)
Nifty Movement
Contact Us:
E-Mail : dhananjayan@artha-cap.com | Mobile : +91 96294 74080
Change (%)
INR - USD 54.37 0.3
INR - EUR 70.85 0.1
INR - GBP 84.17 1.3
JPY – USD 98.04 (1.4)
Currency
Contact Us:
E-Mail : dhananjayan.jayabal@cp-artha.co | Mobile : +91 96294 74080
Morning Notes – 29 April 2013

3. VValuehunt
Economic Times Business Standard
 DGH wants Reliance Industries to give up 86% of KG-
D6 area
 Improving bottom line key focus for Indian CIOs: E&Y
 Airlines challenge hike in charges at Mumbai airport
 Ayurveda helps Kerala becomne a medical tourism
hub
 Par Panel criticises govt for delays in auction of coal
blocks
 'Power cos should decrease tariff if global fuel prices
fall'
 Super bikes overtake slowdown, double sales
 Tata Motors hits out at move to allow quadricycles
Business Line
 Italian cosmetics firm makes India its first foreign stop
 'Jet's financial health a factor in Abu Dhabi seat hike'
 Consultancies plan big as India gears up to join top 10
health care markets
 NMDC open to giving management control in Chhattisgarh
project
 FII holding in SKS Microfinance soars to 36%
 MCA starts investor awareness campaign against fraud
schemes
 RBI policy, Q4 earnings to drive markets this week: experts
 FIIs infuse $11 billion in equity market in 2013 so far
 Choosy FIIs increase stake in 18 Nifty firms to record high
Money Control
 Import tariff value of gold hiked to $472/10 grams
 JSW Steel puts Rs 35,000-cr West Bengal steel
project on hold
 Delhi police register case against Deccan Chronicle
Holdings
 Hyundai Construction Equipment to set up more
lines for expansion
 Sesa Goa Q4 net down 74% at Rs 297.51 cr
 HSBC cuts gold, silver price forecasts for 2013, 2014
 Here's what to expect from HUL Q4 earnings
 Federal Bank Q4 net falls 6.6% to Rs 222cr
 Sebi may get greater powers to check money-pooling
frauds
 Wall St Week Ahead: Central banks, data to steer investors
 Motilal Oswal Q4 net profit soars 25.7% to Rs 36.7cr QoQ
Note : Click on article to read the respective news
Headline News
Company
Close
Price
Change (%)
Maruti Suzuki 1,673.15 5.17
Bharti Airtel 318.45 4.81
Bajaj Auto 1,895.70 3.14
GAIL (India) 351.05 1.93
Larsen & Toubro 1,540.85 1.42
Nifty Gainers
Company
Close
Price
Change (%)
HCL Technologies 684.25 (4.84)
Jindal Steel 314.95 (4.33)
Reliance Inds. 792.40 (3.32)
JP Associates 75.00 (3.16)
Hind. Unilever 465.05 (2.84)
Nifty Losers
Rs. Change (%)
Crude (Rs/Bbl) 5,070 (0.1)
Gold (Rs/10 grms) 27,193 0.5
Silver (Rs/Kg) 45,035 0.5
Copper (Rs/Kg) 382 0.1
Note: MCX near month Futures Price
Commodity
Contact Us:
E-Mail : dhananjayan.jayabal@cp-artha.co | Mobile : +91 96294 74080
Morning Notes – 29 April 2013

4. VValuehunt
Company Buyer / Seller
Transaction
Date
Buy
/Sale
Shares Trans. Holdin
g after
Trans.
Quantity %
Aarti
Industries Ltd
Anushakti
Chemicals & Drugs
Ltd
25/03/2013 B 10,900 3.95
Aarti
Industries Ltd
Anushakti
Chemicals & Drugs
Ltd
25/03/2013 B 10,900 3.95
CORE
Education &
Technologies
Ltd
Wisdom Global
Enterprises Ltd
22/03/2013 B 225,000 23.9
CORE
Education &
Technologies
Ltd
Wisdom Global
Enterprises Ltd
25/03/2013 B 100,000 24
Tube
Investments
of India Ltd
Arun Murugappan
Childrens Trust
28/03/2013 B 25,000 0.11
Tube
Investments
of India Ltd
M A Alagappan J/w
M A M
Arunachalam
28/03/2013 B 5,000 0.11
Insider Trading
Company Client Name
Buy
/Sale
Quantity %
Choice Infra
CHOICE EQUITY
BROKING PRIVATE
LIMITED
B 220,000 90.4
Khaitan Elect
UMAPUTRA
CONSULTANTS LLP
B 235,612 81
Khaitan Elect
ARION COMMERCIAL
PRIVATE LIMITED
S 235,612 81
** Weighted Average
Bulk Deal (BSE/NSE)
Company Ex-Date Purpose Rs.
ABB 30 Apr 2013 Final Dividend 3.00
Puravankara Proj 30 Apr 2013 Interim Dividend 2.50
De Nora India 02 May 2013 Final Dividend 7.00
Corporate Action
Disclaimer:
Reports prepared by CP-Artha Financial Advisory Private Ltd contain selected information and do not purport to be complete. The reports based on publicly available
information and data ("the Information") believed to be accurate and complete. Possible errors or incompleteness of the Information do not constitute grounds for liability,
neither with regard to indirect nor to direct or consequential damages. CP-Artha Financial Advisory Private Ltd, their shareholders and employees are not liable for the
accuracy and completeness of the statements, estimations and the conclusions derived from the Information contained in these documents.
Morning Notes – 29 April 2013