India PDF 2351

(IBSEC)
Indiabulls Securities
INDIA Edition buysellsignals.com | 1 MONTH PRICE VOLUME
Thursday, January 19, 2012
3Mo
. 1Yr .
5Yr
Indiabulls Securities hits fivemonth high on high volume

Indiabulls Securities, India's 13th largest other financial services company by market capitalisation, traded at its 104-day high of Rs10.20. The stock price surged Rs0.75 (or 8.1%) to close at Rs10.0. Compared with the BSE Sensex index, which rose 210.0 points (or 1.3%) on the day, this was a relative price change of 6.8%.
Shares Outstanding: 311,170,000 Market Cap: Rs311.2 crores (US$61.6 million) Closing Price: Rs10.0
PERCENT R
L-T Rating: 4 out of 5

Price/Earnings Price/Sales Price/NTA ROA ROE Earning Yield % Disc to High % Prem to Low
CONTENTS
S-T Rating: 4 out of 5

1-DAY PRICE (%) PEMAP50 5-DAY PRICE (%) 3-MONTH PRICE(%) Present Value Rs1000 (1 year) REL STRENGTH (6M) Hits (3m) 52-w LOW 8.1 1.3 11.7 27.4 499 43.7 21
8.2x 0.8x 0.7x 5.2 8.6 12.2 56.7 100.0
1 Company overview 2 Shareholder returns 3 Stock analysis and ratings
4 Technical analysis 5 Sector ranking 6 News and events
7 Glossary
A publication of:
Indiabulls Securities ( IBSEC )
buysellsignals.com |
THURSDAY, JANUARY 19, 2012
Company Overview
Activities
Indiabulls Securities is engaged in the securities brokerage industry. IBSL provides range of services to its clients in securities brokerage, including equities, commodities, wholesale debt, futures and options; depositary services; research services; insurance, initial public offering (IPO), and mutual fund distribution. Further details can be found at www.indiabulls.com.
FAVOURABLE CHANGES
Total revenue up 2.4% to Rs368.4 crores ($US82.4m) A track record of profits in 4 of the last 5 years Total liabilities to EBITDA down 20.8% to 2.5: this compares favourably with the Joseph Piotroski benchmark of <5 Total liabilities to total assets down 11.4% to 0.4 Current ratio up 8.5% to 2.2 Working capital to total assets up 5.5% to 46.6% EBIT to total assets up 11.5% to 13.2% Total revenue to total assets up 43.4% to 0.5.
VOLUME WEIGHTED PRICE
UNFAVOURABLE CHANGES
Net profit slumps 43.9% to Rs37.9 crores ($US8.5m) EPS slumps 37.2% to Rs1.62 (US3.62c) Interest cover down 61.9% to 2.4 EBIT Margin down 22.4% to 26.7% Net tangible assets per share down 22.8% to Rs19.55 (US43.7c).
MAJOR COMMON SIZE RATIOS

Total current assets to total assets down from 88.2% to 86.0% Cash to total assets up from 58.1% to 67.6% Total non-current assets to total assets up from 11.8% to 14.0% Fixed assets to total assets down from 7.2% to 6.9% Long term investments to total assets up from 4.7% to 6.5% EBITDA to Sales down from 39.6% to 31.1% EBIT to Sales down from 33.7% to 26.2% Profit before tax to sales down from 28.4% to 15.4% Interest expenses to sales up from 5.3% to 10.8% Profit after tax to sales down from 18.8% to 10.3%.
RELATIVE STRENGTH
Issued Capital
Based on 311,170,000 issued equity shares the market capitalisation is Rs311.2 crores (US$61.6 million). It is India's 15th largest Other Financial Services company by total revenue.
Top Management
The chief executive officer is Divyesh Shah.
Financials
ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2011
year-on-year comparisons with previous corresponding period
Copyright BuySellSignals Financial Research. Please refer to Disclaimer on back page.
Indiabulls Securities ( IBSEC ) | Page 2
Company Overview Cont.

TOP 2 SHAREHOLDERS Name of Shareholder
Foreign Institutional Investors Institutions
PRESENT VALUE RS1000 No. of % Held Shares(milli

24 0 25 10.44 0.17 10.61
3Yr
Total TOP 2 SHAREHOLDERS
SHAREHOLDER RETURNS(PV RS1000)
5Yr
Shareholder Returns
TRAILING ONE WEEK
The stock rose four times (80% of the time) and fell once (20% of the time). The aggregate volume was 1.8 times average trading of 3,679,035 shares. The value of Rs1,000 invested a week ago is Rs1,235 [vs Rs1,035 for the BSE Sensex index], for a capital gain of Rs235(or rise of 23.5%).
TRAILING ONE MONTH

The stock rose fourteen times (61% of the time), was unchanged five times (22% of the time) and fell four times (17% of the time). The aggregate volume was 1.04 times average trading of 16,187,754 shares.
TRAILING ONE YEAR

The value of Rs1,000 invested one year ago is Rs499 [vs Rs891 for the BSE Sensex index], for a capital loss of Rs501. The total return to shareholders for 1 year is -50.1%.
Analysis & Rating (Long-Term & Short-Term)

Long-Term Rating (Fundamentals): 4 out of 5
Indiabulls Securities is ranked number 13 out of 110 listed other financial services companies [that traded today] in India with a market capitalization of Rs311.2 crores (US$61.6 million).
In the other financial services companies it has the 9th highest total assets and 15th highest revenues. Within its sector it has a relatively low P/E of 8.2, low P/S of 0.8. It has a strong relative ROE of 8.6% and ROA of 5.2%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest rating is 5 and the lowest rating is 1.
Relative Valuation Indicators - RVI Fundamental Analysis

THE STOCK MEETS THE FOLLOWING VALUE CRITERION SET BY BENJAMIN GRAHAM:
"A stock price down to at least two-thirds of tangible book value per share"; the price is 0.51 times tangible book value per share of Rs19.55. "Current ratio of two or more"; current assets are 2.18 times current liabilities.
OTHER BULLISH SIGNALS:

Price/Earnings of 8.2 versus sector average of 34.0 and market average of 13.4. The earnings yield of 12.17% is 1.5 times the 10-year bond yield of 8.18%. Price/Sales of 0.84 versus sector average of 2.0 and market average of 1.1. We estimate the shares are trading at a current year Price/Sales of 0.9 and a forward year Price/Sales of 0.9. The Price to Book of 0.7 lower than average of 1.4 for the Other Financial Services sector and 2.0 for the Total Indian Market. We estimate the shares are trading at a current year Price to Book of 0.4 and a forward year Price to Book of 0.3. Return on Equity of 8.6% versus sector average of 4.1% and market average of 14.1%. Total Liabilities/EBITDA of 2.5 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5. Return on Assets of 5.2% versus sector average of 1.1% and market average of 3.2%. Return on Capital Employed of 21.8% versus sector average of 6.0% and market average of 11.9%. The P/E of 8.2 multiplied by the P/NTA of 0.7 is 5.7. Being less than the Benjamin Graham benchmark of 22.5 the stock appears undervalued. The Q Ratio, defined by James Tobin as MCap divided by Total Assets, is 0.4. Compared with the rest of the market the stock is undervalued.
BEARISH SIGNALS: THE STOCK HAS A SCORE OF MERELY 2 OUT OF 9 SET BY JOSEPH PIOTROSKI [PASS MARK >=5 ]:
Positive net income; Improvement in current ratio from 2.01% to 2.18%.
Analysis & Rating (Long-Term & Short-Term) Cont.

Short-Term Rating (Technical): 4 out of 5
Its price change has been positive in the short-term over 5 days and medium-term over 3 months despite its fall over the period of 1 year. Its short term rises have been combined with strong volume resulting in strong momentum rises over 1 day.
Significantly its price of Rs10.0 is at a discount of 8% to its 200-day moving average price of Rs10.877. Its 52-week range has been Rs23.10 to Rs5.0; it is trading at a discount of 56.7 % to its 52-week high and a premium of 100 % to its 52-week low. Rs1,000 invested exactly one year ago is now worth Rs499 of which Rs501 is a capital loss. Recommended stop loss: Rs9.25 Stocks are scored on a set of technical parameters reflecting price performance and trading volumes. They are ranked according to the average values of those parameters. The highest rating is 5 and the lowest rating is 1.
Relative Valuation Indicators - RVI Technical Analysis

BULLISH SIGNALS:
The price soared 11.7% in the last week and 81.8% in the last month. This has been propped up by firm volume of 1.8 times average for the week and was on volume of 1.04 times average for month. Compared with the BSE Sensex index which rose 3.4% for the week, this represented a relative price increase of 8.3% for the week. The price to 50-day EMAP ratio is 1.3, a bullish indicator. The 50-day EMAP has increased to Rs7.447. An increase is another bullish indicator. The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) minus the 26-day EMA is positive suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal. Breakout: The stock traded at a five-month high of Rs10.20 today.
BEARISH SIGNALS:
In the Indian market of 2,825 stocks traded today, the stock has a 6-month relative strength of 44 which means it has underperformed 56.0% of the market. The price to 200-day MAP ratio is 0.92, a bearish indicator. In the past 200 days this ratio has been under 0.92 200 times suggesting further downside. The 50-day MAP of Rs6.919 is lower than the 200-day MAP of Rs10.877, a bearish indicator. The 200-day MAP has decreased to Rs10.877. A decrease is another bearish indicator. The Relative Strength Index (RSI) of 92.0 has penetrated the overbought line of 70; the stock is also overbought according to the Williams % R indicator of -4.5.
Technical Analysis
Significant Uptrend
SUPPORT
The support price is hovering at the Rs5.0 level. Volume traded at the strong support price zone was 1.0 time average during the single occasion when the support price was breached. In the last month the lowest price was Rs5.0 on Dec 30.
Aggregate Volumes, Prices And Turnover Period

[Volume Index or VI in brackets; 1 is average] NSE: IBSEC.NS 1,692,623 [VI of 3.2]; volume 75.77% of aggregate. Day trader volume: 26.2% for the day; 25.0% for the trailing week and 33.8% for the trailing month. Price: Rs10.0. BSE: 532960.BO 541,296 [VI of 2.6]; volume 24.23% of aggregate. Day trader volume: 23.2% for the day; 15.8% for the trailing week and 31.8% for the trailing month. Price: Rs10.0. Aggregate volume: there were 2,233,919 shares worth Rs2.2 crores (US$437,624) traded. The aggregate volume was 3.05 times average trading of 733,427 shares.
RESISTANCE
The stock is in a short-term spike being above its 50-day moving average price of Rs6.919, but below its 200-day moving average price of Rs10.877. Resistance is apparent at Rs10.20. Volume was 3.0 times average during the single occasion when the resistance price was breached in the last one month. In the last one month the high was at Rs10.20 on Jan 19.
TRAILING MONTH
In the last 21 trading sessions there has been a net rise of 81.82%; the stock has advanced 20 times and the biggest one day rise was 18.8% on Jan 03.
Price Dynamics
VOLATILITY
The stock traded between a two-day low of Rs9.10 and fivemonth high of Rs10.20. The price range has expanded in the last two days (from Rs0.60 two days ago to Rs1.10 today) which, accompanied by a price rise, is a bullish signal. Today its volatility of 12.1% was 7.3 times its average volatility of 1.7%. A price rise on high volatility is a bullish signal. The average daily volatility of 5.0% places the stock in the 3rd quartile in the market meaning it is mildly volatile.
VOLUME WEIGHTED PRICE (VWP)

The price is at a premium of 27.1% to the 1-month volume weighted average price of Rs7.869.
FALLS TO RISES
In the last three months the number of falls outnumbered rises 29:20 or 1.45:1.
BETA
The Beta of this stock is 1.25. A Beta greater than 1 suggests this is a high risk, high return stock with volatility greater than that of the market.
STANDARD DEVIATION (SD)

SD is a statistical measure of deviation from the mean. The SD of 2.9% gives it a percentile rank of 32 meaning that 32% of stocks in the Indian market are less volatile than this stock.
Sector Ranking
Market Share
Indiabulls Securities vs Other Financial Services sector [Other Financial Services sector Total in Brackets] Revenue of Rs368.4 crores (US$73 million)[1.7% of aggregate sector revenue of Rs22,195.2 crores; down from 2.2% in the previous year.] Net Profit of Rs37.9 crores (US$7.5 million) [3.9% of aggregate sector net profit of Rs970.9 crores; up from 3.7% in the previous year.] EBIT of Rs96.5 crores (US$19.1 million) [2.2% of aggregate sector EBIT of Rs4,458.6 crores; down from 3.3% in the previous year.]
BuySellSignals Sector Valuation Table

TOTAL INDIAN MARKET Fundamental Valuation
P/Earnings Price/Net Tangible Assets 2.02x Discount to 52-Wk High (%) 19.1 Premium to 52-Wk Low (%) 12.1
Price Performance Rank

The stock is in 3 indices and 2 sectors.
Total Indian Market Avg IBSEC Rank Rank 1 Rank 2
13.4x
8.2x 917 1.5x 521206 1.5x JINDALPO LY
0.7x 1042 0.1x EASTSILK 0.1x NRC
56.7 550 99.6 531611 98.4 512149 98.3 531515 0.1 531794
100 2727 0.04 512229 0.2 531821 0.3 531126 604.2 526538
THE FOLLOWING INDEX AND SECTORS ROSE SETTING THE TREND FOR ITS RISE OF 8.1%:
Other Financial Services sector of 77 stocks traded today, which was up 177.3 points or 1.8% to 10,096.7, The Total Indian Market of 2825 stocks traded today, which was up 180.8 points or 1.3% to 13,996.8, S&P CNX 500 index of 499 stocks traded today, which was up 49.0 points or 1.3% to 3,929.
Rank 3
1.6x 0.1x SUTLEJTEX BSELINFR A
Lowest Rank Stock Ranking by Percentage Price Change, versus Index and Sectors for 1 day and 6 months
Total Rank of Rank of Number of Stock Stock Stocks in 6 1 Day Months Sector/Inde x
Other Financial Services sector Total Indian Market 1 76 38 1531 108 3372
Size
Market Cap Rs Total Indian Market Avg IBSEC Rank Rank 1 2,038 crores 311.2 crores 761 257,270.8 crores RELIANCE 232,538.2 crores ONGC 221,009.6 crores COALINDIA 14 lakhs 506874 Total Assets Rs Revenue Rs
4,945.6 crores 1,963.7 crores 730.5 crores 806 1,223,736.2 crores SBIN 533,767.9 crores ICICIBANK 386,283.8 crores PNB 16 lakhs 532470 368.4 crores 1000 324,435.6 crores IOC 278,914.6 crores RELIANCE 166,038.8 crores BPCL
Rank 2
Rank 3
Lowest Rank
buysellsignals.net |
Sector Ranking Count

Performance
ROA (%) Total Indian Market Avg IBSEC Rank Rank 1 Rank 2 Rank 3 Lowest Rank 187.5 532470 186.6 521167 0.001 ARCHIDPLY 3.2 5.2 1019 EBITDA Margin 19.8 31.1 284 89.9 SJVN 89.6 NAHARCAP 89.01 NHPC -88.5 526251
Technicals Price Volume Dynamics

PV Rs1,000 (1 Yr) Total Indian Market Avg IBSEC Rank Rank 1 858.2 Rel Hits(3m) PEMAP5 1-Day 5-Day 30-Day 3-Month 1-Year 30-Day Strength 52-W 0 Price (%) Price (%) Price (%) Price (%) Price (%) Avg (6m) Low Volatilit y 62.1 1.3 2.7 8.9 -3.7 -15.6 3.3 Moment um
498.8 2170 5,503.0 531519
43.7 1531 99.96 530967
21 44 62 531611
1.3x 28 1.8x 530533
8.1 76 25 RESURG ERE 21.2 513405 20 IGPL -17.9 533310
11.7 220 43.1 512369 26
27.4 144 2108
7.3 811 119
37.3 ANTGRA TIRUMA PHIC LCHM 28.3 RESURG ERE 24.7 BIRLACO T 0.5 508939 507796
Rank 2
4,166.7 526538 3,989.4 530249 5.8 531611
99.9 503675 99.9 508939 0.04 531693
62 512149 60 531515 1 523301
1.7x 519307 1.7x 531518 0.1x 531611
40 531937 39.5 512267 -25.5 526506
511724
Rank 3
522042
Lowest Rank
Financial Results
Year-on-year Comparisons
ANNUAL REPORT: INDIABULLS SECURITIES (BSE:532960; NSE:IBSEC) EPS SLUMPS 37.2% TO RS1.62 (US3.62C)
Summary
GENERAL INFORMATION
Company Name Company ISIN Company CODE Industry 2011-03-31 Native Currency Basic Shares Outstanding INR 226423529 Indiabulls Securities Limited INE274G01010 IBSEC Other Financial Services sector 2010-03-31 INR 225251666
Financial Results Cont.

INCOME STATEMENT
Currency in Million of INR a) Income from Operations b) Other Operating Income Total 2 Expenditure a) Employees Cost b) Depreciation /Amortisation c) Operating Expenses d) Administrative & Other Expenses Total 2,718.86 1,458.86 181.58 767.39 1,370.27 214.15 295.58 506.24 2,386.23 1,136.18 75.54 1,211.71 190.88 1,020.83 Up 13.9 Down 21.5 Down 1.9 Down 20.3 Up 108.7 Down 44.4 Up 6.5 Down 15.2 Up 159.6 2011-03-31 3,055.12 555.13 3,610.25 2010-03-31 3,051.21 471.19 3,522.4 Change % Up 0.1 Up 17.8 Up 2.5
3 Profit from Operations before Other Income, Interest & 891.4 Exceptional Items (1-2) i Other Income 5 Profit before Interest & Exceptional Items (3+4) 3 Interest and Finance Charges 7 Profit after Interest but before Exceptional Items (5-6) 3 Exceptional Items 9 Profit from Ordinary Activities before Tax (7-8) o Tax expense (including Wealth Tax and Deferred Tax) 1 Net Profit from Ordinary Activities after Tax (9-10) 2 Extraordinary Items (net of tax expenses Rs. Nil) 3 Net Profit for the year before Minority Interest (11-12) 4 Minority Interest 5 Net Profit from Ordinaryy() Activities after Tax and Minority 378.83 Interest (13-14) 6 Preference Dividend for the year (including corporate dividend tax thereon) 7 Paid-up Equity Share Capital (Face Value of Rs. 2 per Equity Share) 462.22 8 Paid-up Preference Share Capital (Face Value of Rs. 4.61 per Preference Share) 9 Reserves excluding Revaluation Reserves o Earnings per Share before extraordinary items (Face Value of Rs. 2 per Equity Share) Basic (Amount in Rs.) Diluted (Amount in Rs.) Earnings per Share after extraordinary items (Face Value of Rs. 2 per Equity Share) Basic (Amount in Rs.) Diluted (Amount in Rs.) 1 Public Shareholding Number of Equity Shares 157,710,104 Rs1.64 Rs1.62 0.16 0.16 1,983.3 674.74 567.16 188.33 674.74 74.1 965.5 398.34 567.16
1,020.83 346.09 674.74
Down 44.4 Down 45.6 Steady
674.74
Steady
674.74 1.81 459.88
Down 43.9
Up 0.5
1,855.89
Up 6.9
0.27 0.26
Down 38.8 Down 37.2
Rs2.68 Rs2.58
Down 38.8 Down 37.2
156,538,241
Up 0.7

226,423,529 225,251,666 Up 0.5
BALANCE SHEET
Currency in Million of INR Shareholders Funds (a) Share Capital (b) Reserves and Surplus Loan Funds 462.22 1,983.3 1,980.53 4,426.06 Deferred Tax Liability (Net) 459.88 1,855.89 3,391.93 5,707.71 26.18 26.18 Total Fixed Assets (including Capital work in progress / Capital Advances) Investments Deferred Tax Assets (Net) 4,426.06 500.67 476.73 42.03 1,019.43 Current Assets, Loans And Advances (a) Stock of Securities (b) Sundry Debtors (c) Cash and Bank Balances (d) Other Current Assets (e) Loans and Advances 458.01 4,938.24 60.39 828.97 6,285.61 Less: Current Liabilities And Provisions (a) Current Liabilities (b) Provisions 2,733.59 145.39 2,878.98 Net Current Assets Total 3,406.63 4,426.06 3,835.25 657.3 4,492.55 4,522.41 5,733.89 Down 28.7 Down 77.9 Down 35.9 Down 24.7 Down 22.8 49.95 1,023.89 5,939.94 97.35 1,903.82 9,014.96 Down 55.3 Down 16.9 Down 38.0 Down 56.5 Down 30.3 1,211.49 Down 15.9 5,733.89 734.76 476.73 Down 22.8 Down 31.9 Up 0.0 Up 0.5 Up 6.9 Down 41.6 Down 22.5 2011-03-31 2010-03-31 Change %
EBITDA AND MARGINS

2011-03-31 EBITDA Margin % Earnings from Cont. Ops. Margin % Net Income Margin % 31.13 26.21 10.28 2010-03-31 39.63 33.68 18.75

PERFORMANCE RATIOS
2011-03-31 Return on Assets (%) Total Liabilities to EBITDA Total Liabilities/Total Assets Interest Cover Current Ratio 5.19 2.51 0.39 2.42 2.18 2010-03-31 6.6 3.17 0.44 6.35 2.01 Change % Down 21.4 Down 20.8 Down 10.8 Down 61.8 Up 8.8
PER SHARE FIGURES

2011-03-31 Revenue from operating activities EBIT EBITDA Cash Working Capital Shareholders' Funds Total Liabilities Total Assets Net Tangible Assets EPS Final EPS Growth Factor Rs15.945 Rs4.264 Rs5.066 Rs21.81 Rs15.045 Rs19.548 Rs12.715 Rs32.263 Rs19.548 Rs1.62 1.18 USD Conversion at balance date of March 31,2011 Export in XLS 2010-03-31 Rs15.638 Rs5.379 Rs6.33 Rs26.37 Rs20.077 Rs25.339 Rs20.061 Rs45.40 Rs25.339 Rs2.58 Change % Up 2.0 Down 20.7 Down 20.0 Down 17.3 Down 25.1 Down 22.9 Down 36.6 Down 28.9 Down 22.9 Down 37.2
News and Events

Reported Buying Selling
December 30: Indiabulls Securities director buys
Indiabulls Securities (IBSEC) director Orthia Properties Private Limited bought 586,637 shares worth approximately Rs33.7 lakhs (US$63,277.5) on December 28, 2011. Orthia Properties Private Limited previously held 873,351 shares and now holds 1,459,988 shares (or 0.6%). The purchase price was Rs5.80.
October 17, 2011: Indiabulls Securities: Updates on Outcome of AGM

[News Story] Indiabulls Securities Ltd has submitted to BSE a copy of the the minutes of the 16th Annual General Meeting of Equity Shareholders of the Company was held on September 30, 2011. http://www.bseindia.com/xmldata/corpfiling/AttachLive/Indiabulls_Securities_Ltd_171011.p dfSource: Bombay Stock Exchange of India Open Full Announcement.
September 05, 2011: Indiabulls Securities announces AGM

Indiabulls Securities has announced its Annual General Meeting will take place on September 30, 2011. Open Full Announcement.
December 30: Indiabulls Securities director buys

Indiabulls Securities (IBSEC) director Orthia Properties Private Limited bought 586,637 shares worth approximately Rs33.7 lakhs (US$63,277.5) on December 28, 2011. Orthia Properties Private Limited previously held 873,351 shares and now holds 1,459,988 shares (or 0.6%). The purchase price was Rs5.80.
January 25, 2011: Indiabulls Securities: Financial Results for Dec 31, 2010
[News Story] Indiabulls Securities Ltd has informed BSE about the Financial Results for the Quarter ended December 31, 2010.Source: Bombay Stock Exchange of India Open Full Announcement.
December 09, 2010: Indiabulls Securities Limited: Updates on result of postal ballot
RECENT DIRECTOR BUYING
Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly 873,351 shares 873,351 shares 1,459,988 Rs5. shares(0. 75 63%) 1,459,988 Rs5. shares(0. 75 63%) [News Story] Indiabulls Securities Ltd has submitted to BSE a copy of the minutes of proceedings held on November 19, 2010 in relation to declaration of results by Postal Ballot conducted pursuant to Section 192A of the Companies Act, 1956.http://www.bseindia.com/xmldata/corpfiling/AttachHis/Indiabulls_Securities_Ltd_091210.p dfSource: Bombay Stock Exchange of India Open Full Announcement.
28Orthia 12Properties 2011 Private Limited 28Orthia 12Properties 2011 Private Limited
586,637 shares 586,637 shares
December 07, 2010: Indiabulls Securities: Minutes of results of postal ballot

[News Story] Indiabulls Securities Limited has submitted to the Exchange a copy of Minutes of proceedings held on November 19, 2010 in relation to declaration of result by Postal Ballot conducted pursuant to Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001, as amended, on the Special Resolution as set out in the Postal Ballot Notice dated October 18, 2010.http://www.nseindia.com/content/corporate/Indiabulls_P roceeding_07122010.zipSource: National Stock Exchange of India Open Full Announcement.
Company Announcements:Recent Headlines and Snippets

THE LAST 15 SNIPPETS WERE:
November 17, 2011: Indiabulls Securities: Disclosure under SEBI Takeover Regulations
[News Story]http://nseindia.com/content/corporate/Farallon_ibullsSe c_17112011.zipSource: National Stock Exchange of India Open Full Announcement.
December 01, 2010: Indiabulls Securities increases issued capital by 0.01%

Indiabulls Securities (IBSEC) has announced an increase of 28,275 shares (or 0.01%) in total share on issue from 254,570,578 to 254,598,853. The effective date is 02 Dec, 2010. Open Full Announcement.
October 20, 2011: Indiabulls Sec: Financial Results for Sep 30, 2011
[News Story] http://www.bseindia.com/xmldata/corpfiling/AttachLive/Indiabulls_Securities_Ltd_201011_ Rst.pdfSource: Bombay Stock Exchange of India Open Full Announcement.
News and Events Cont.

November 24, 2010: Indiabulls Securities: Allotment of securities
[Press Release] Indiabulls Securities Limited has informed the Exchange that upon exercise of stock options vested in terms of 'Indiabulls Securities Limited Employees Stock Option Scheme - 2008", by certain eligible employees and receipt of full consideration therefor, the Compensation Committee of the Board of Directors of the Company at its meeting held on November 24, 2010, has allotted an aggregate of 28,275 (Twenty Eight Thousand Two Hundred Seventy Five) Equity shares of face value Rs.2/- each to such employees. Consequent to the said allotment, the paid-up Equity share capital of the Company stands increased from Rs.46,21,68,472/- divided into 23,10,84,236 Equity shares of face value Rs.2/- each to Rs.46,22,25,022/- divided into 23,11,12,511 Equity shares of face value Rs.2/- each.Source: National Stock Exchange of India Open Full Announcement.
October 18, 2010: Indiabulls Securities: Updates

[Company Release] Indiabulls Securities Limited has informed the Exchange regarding the Earnings Update for the quarter ended September 30, 2010 dated October 18, 2010 titled as "Indiabulls Securities Limited; Earnings Update - Quarter 2 FY 2011".http://www.nseindia.com/content/corporate/IBSEC_UPD ATES_18102010.zipSource: National Stock Exchange of India Open Full Announcement.
October 18, 2010: Indiabulls Securities: Record date

[Company Release] Indiabulls Securities Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on October 18, 2010, have fixed October 28, 2010 as the record date for the purpose of determining the names of members eligible for receipt of interim dividend. The dividend will be paid on or before November 16, 2010.Source: National Stock Exchange of India Open Full Announcement.
November 19, 2010: Indiabulls Securities: Result of postal ballot

[Company Release] Indiabulls Securities Ltd has informed BSE that pursuant to Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolutions by Postal Ballot) Rules, 2001, as amended, the Shareholders of the Company have, by means of Postal Ballot (the results whereof have been announced on November 19, 2010), passed with requisite majority a Special Resolution under Section 17 of the Companies Act, 1956, as set out in the Postal Ballot Notice dated October 18, 2010.Source: Bombay Stock Exchange of India Open Full Announcement.
November 02, 2010: Indiabulls Securities: Notice of postal ballot

[Company Release] Indiabulls Securities Ltd has informed BSE that the members of the Company will consider to approve the special resolution, by way of Postal Ballot.http://www.bseindia.com/xmldata/corpfiling/announcement/Indiabulls_Securities_Ltd_0211 10.pdfSource: Bombay Stock Exchange of India Open Full Announcement.
October 27, 2010: Indiabulls Securities recommends dividend

Indiabulls Securities today announced a interim dividend of Rs1.0 per share. The ex dividend date is October 27, 2010. Open Full Announcement.
October 18, 2010: Indiabulls Securities: Financial result updates

[Company Release] Indiabulls Securities Limited has submitted to the Exchange the Standalone Financial Results for the period ended September 30,2010.http://www.nseindia.com/content/corporate/IBSEC_30 SEP2010_S_Q2H.zipSource: National Stock Exchange of India Open Full Announcement.
Glossary
DEBT/EQUITY
Net Debt/Net Assets (times) Dividends received during the Period
TOTAL PROFIT (LOSS) OVER N YEARS (3/2/1)

Capitla Gain (Loss) plus Dividens received minus Original Investment
CURRENT RATIO
Current Assets/Current Liabiliites (times)
INTEREST COVER
Earnings Before Interest and Tax/Interest (times)
TOTAL LIABILITIES/TOTAL ASSETS

Total Liabilities/Total Assets
EARNINGS YIELD ACTUAL

Earnings Per Share/Share Price (%)
FREE CASH FLOW PER SHARE

Earnings Before Interest, Tax, Depreciation and Amortisation Minus Capex/Per Share
EBIT MARGIN
Earnings Before Interest and Tax/Revenue (%)
CAPITAL GAIN/LOSS FROM N YEARS AGO TO N-1 YEARS AGO

Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
RETURN ON ASSETS
Net Profit/Total Assets (%)
ANNUAL RETURN
Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
PRICE/EARNINGS
Share Price/Earnings Per Share (times)
PRICE/SALES PS
Share Price/Sales Per Share (times)
BANKS COST-TO-INCOME RATIO OR EFFICIENCY RATIO

Total Non-Interest Expense/Total Income (Net Interest Income + Non-Interest Income)
PRICE/NTA
Closing Share Price/Net Tangible Assets Per Share (times)
BANKS NON-INTEREST INCOME TO TOTAL INCOME

Non-Interest Income (Loan fees etc)/Total Income (Net Interest Income + Non-Interest Income)
CASH/MCAP
Cash plus Liquids/Market Capitalisation (times)
VOLUME INDEX
Number of shares traded in the period/Average number of shares traded for the period
BANKS TIER 1 RATIO

Tier 1 Capital (Ending Equity - Intangibles etc)/Total Tangible Assets
MOVING AVERAGE PRICE (N PERIODS)

Sum of Prices for each Period/Number of Periods
BANKS TIER 2 RATIO

Tier 2 Capital (Tier 1 - Subordinated Debt + Unrealised Gains/Loan Losses)/Total Tangible Assets
PRICE CLOSE/MOVING AV PRICE

Latest Price/Moving Average Price
NET INTEREST MARGIN

Net Interest Income/Average of all Earning Assets
DIVIDEND YIELD
Dividend Per Share/Share Price (%)
RETURN ON EQUITY (SHAREHOLDERS' FUNDS)

Net Profit/Net Assets (%)
DIVIDEND % FRANKED (A)

Dividend Per Share Franked/Dividend Per Share (%)
DIVIDEND PAYOUT RATIO

Dividend Per Share/Earnings Per Share (%)
CAPITAL PROFIT (LOSS) N YEARS AGO (3/2/1)

Value of Current Investment minus Value of Original Investment
INCOME DURING THE N YEARS (3/2/1)

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BST MOMENTUM COLOUR GUIDE Momentum Up Weak Momentum Up Momentum Down Weak Momentum Down Strong Unchanged Weak Unchanged Untraded
Price increase fuelled by above average Volume Price increase on below average Volume Price decrease fuelled by above average Volume Price decrease on below average Volume Price unchanged on above average Volume Price unchanged on below average Volume Untraded
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(IBSEC)

Indiabulls Securities hits fivemonth high on high volume

L-T Rating: 4 out of 5

S-T Rating: 4 out of 5

8.2x 0.8x 0.7x 5.2 8.6 12.2 56.7 100.0

1 Company overview 2 Shareholder returns 3 Stock analysis and ratings

4 Technical analysis 5 Sector ranking 6 News and events

Indiabulls Securities ( IBSEC )

THURSDAY, JANUARY 19, 2012

VOLUME WEIGHTED PRICE

MAJOR COMMON SIZE RATIOS

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Indiabulls Securities ( IBSEC ) | Page 2

Indiabulls Securities ( IBSEC )

THURSDAY, JANUARY 19, 2012

Company Overview Cont.

PRESENT VALUE RS1000 No. of % Held Shares(milli

Total TOP 2 SHAREHOLDERS

SHAREHOLDER RETURNS(PV RS1000)

TRAILING ONE MONTH

TRAILING ONE YEAR

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Indiabulls Securities ( IBSEC ) | Page 3

Indiabulls Securities ( IBSEC )

THURSDAY, JANUARY 19, 2012

Analysis & Rating (Long-Term & Short-Term)

Relative Valuation Indicators - RVI Fundamental Analysis

OTHER BULLISH SIGNALS:

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Indiabulls Securities ( IBSEC ) | Page 4

Indiabulls Securities ( IBSEC )

THURSDAY, JANUARY 19, 2012

Analysis & Rating (Long-Term & Short-Term) Cont.

Relative Valuation Indicators - RVI Technical Analysis

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Indiabulls Securities ( IBSEC ) | Page 5

Indiabulls Securities ( IBSEC )

THURSDAY, JANUARY 19, 2012

Aggregate Volumes, Prices And Turnover Period

VOLUME WEIGHTED PRICE (VWP)

STANDARD DEVIATION (SD)

Indiabulls Securities ( IBSEC ) | Page 6

Indiabulls Securities ( IBSEC )

THURSDAY, JANUARY 19, 2012

BuySellSignals Sector Valuation Table

Price Performance Rank

Total Indian Market Avg IBSEC Rank Rank 1 Rank 2

8.2x 917 1.5x 521206 1.5x JINDALPO LY

0.7x 1042 0.1x EASTSILK 0.1x NRC

1.6x 0.1x SUTLEJTEX BSELINFR A

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Indiabulls Securities ( IBSEC ) | Page 7

Indiabulls Securities ( IBSEC )

THURSDAY, JANUARY 19, 2012

Sector Ranking Count

Technicals Price Volume Dynamics

498.8 2170 5,503.0 531519

43.7 1531 99.96 530967

1.3x 28 1.8x 530533

8.1 76 25 RESURG ERE 21.2 513405 20 IGPL -17.9 533310

11.7 220 43.1 512369 26

27.4 144 2108