Weekly Wrap - all-mail-archive

all.mail.archive.com

Weekly Wrap - all-mail-archive

(X) Mean UB (1) LB (1)

Ratio

(2) LB (2) UB (3) LB (3)

UB

Weekly Wrap

Pair Strategy

April 27, 2012

Long PNB & Short Bank Baroda

Higher than expected rate cut failed to cheers banking sector,

leading to a sideways movement in all the banking stocks. Positive

momentum in Bank Baroda has led to a breakdown in historical

price ratio between Bank Baroda and PNB. The price ratio is

currently trading between Upper band 3 at 0.90. We believe that the

breakdown in the price ratio is temporary and expect the price ratio

relationship to be restored.

One year co-relation between PNB and Bank Baroda is ~92% (strong

co-relation). We expect that PNB may outperform Bank Baroda in the

short term. This is an ideal scenario where traders can go Long on

PNB May Future and Short on Bank Baroda May Future at price ratio

of 0.90-0.91.Target for the strategy would be at 0.86, whereas stop

loss should be placed at 0.93(closing basis).

*Price ratio = Bank Baroda /PNB (759/838=0.90).

Recommedation* Price Qty Fut lots

Long PNB (May Futs) 838 250 1

Short Bank Baroda (May Futs) 759 250 1

*~Outlflow(`1.2lac), Time horizon - 30days, Expected return 5-7%

Spread Summary 1-Year 60 Days 21 Days

Last 0.905 0.905 0.905

Mean 0.812 0.836 0.855

Off Mean 0.094 0.069 0.050

Median 0.810 0.841 0.854

Standard Dev 0.032 0.024 0.011

Spread Summary 1-Year 60 Days 21 Days

Correlation 0.92 0.80 0.74

Spread (Rs) (LHS)

Ratio (x)

Absolute spread and price ratio - PNB vs Bank Baroda

-

1.0

0.9

(50)

0.8

(100)

0.7

0.6

(150)

0.5

0.4

(200)

0.3

(250)

0.2

0.1

(300)

0.0

26-Apr 26-Jun 26-Aug 26-Oct 26-Dec 25-Feb 26-Apr

Source: India Infoline Research

Price ratio at 1yr high (Mean + 3Std Dev)

0.95

Price ratio

0.90

0.85

0.80

0.75

0.70

0.65

0.60

26-Apr 25-Jul 23-Oct 21-Jan 20-Apr

Source: India Infoline Research

PNB has underperformed vis-à-vis Bank Baroda Maximum occurrence between 0.77 - 0.81

0.05

0.00

-0.05

PNB

BOB

0.71-0.74

Distribution of price ratio (%)

0.74-0.77

9

-0.10

-0.15

0.77-0.81

37

-0.20

0.81-0.84

31

-0.25

-0.30

0.84-0.87

19

-0.35

-0.40

26-Apr 6-Jul 15-Sep 25-Nov 4-Feb 15-Apr

0.87-0.91

0.91-0.94

0

4

Source: India Infoline Research

Source: India Infoline Research


India Infoline Weekly Wrap

Market Outlook

Investors continue to tread cautiously amid persistent headwinds

for the domestic economy and in part due to uncertainty over

GAAR. FII flows turned weak in April after three months of

strong inflows. The GAAR issue, coupled with the controversial

Vodafone tax case has prompted FIIs to scale down their activity

in local markets.

While valuations may not be expensive for the Indian stocks,

investors are keen to see the tax issues sorted out before taking

a fresh view. In addition, the domestic Indian economy continues

to face challenges in the form of sticky inflation, tight liquidity,

swelling twin deficits, a weak currency, policy paralysis and

dwindling investor sentiment.

Globally too, things have not improved to the extent they should

have. So, the macro-economic backdrop is not conducive for the

equity markets at the moment. Risk aversion is still high. It will

take a while for the plethora of problems to get resolved.

The Indian market will continue to be in danger of a downside,

especially if policymakers fail to address some of the pressing

issues confronting the domestic economy.

FIIs/MFs activity

Technical View

Markets erased previous week gains on back of revision of Indian

outlook to negative and closed below 5200 levels. The support

of 200 DMA which is placed at 5127 levels holds the key pivot

point for renewed selling pressure for markets. We continue to

advocate cautious stance on markets as long Nifty trades below

5280 levels and would not recommend any bottom fishing in

stock unless clear direction emerges.

F&O View

Nifty rolled at around 71 % and bank nifty at around 72%. Short

rolls were seen inn Bank nifty that suppressed the markets for

last 3 days of expiry. The weighted average price at which the

bank Nifty has short rolled it short are at around 10460,so that is

a crucial level to watch for in May series. The Nifty Put call ratio

OI increases beyond 1.35 with fall in VIX not below 16.8 levels for

May and the WAP of 5298 getting breached in the May series can

give birth to a new uptrend.

Advance/Decline

500

300

100

(Rs cr)

Net FIIs inflow

Net MFs Inflows

2,500

2,000

(No of stocks)

Advance

Decline

(100)

1,500

(300)

(500)

1,000

(700)

(900)

500

(1,100)

0

9-Apr

10-Apr

11-Apr

12-Apr

13-Apr

16-Apr

17-Apr

18-Apr

19-Apr

20-Apr

23-Apr

24-Apr

25-Apr

26-Apr

9-Apr

10-Apr

11-Apr

12-Apr

16-Apr

17-Apr

18-Apr

19-Apr

20-Apr

23-Apr

24-Apr

25-Apr

26-Apr

Global performance

Sectoral performance

Nasdaq

Dow Jones

Nikkei

(0.4)

1.3

1.7

BSE IT

BSE FMCG

BSE Pharma

BSE Oil & Gas

BSE Auto

-2.1

-0.6

-0.8

-1.1

1.9

Shanghai

(0.4)

BSE-200

BSE Small-Cap

-2.3

-2.9

Hangseng

Sensex

(1.3)

(1.4)

BSE Bank

BSE Metal

BSE Cap Goods

-5.0

-3.3

-3.4

Nifty

(2.0)

BSE Power

BSE Realty

-6.0

-5.0

-2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0

-7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0

2


India Infoline Weekly Wrap

Technical Check

Nifty 50 & CNX 500 top 10 gainers

NSE Nifty CNX 500

Company

CMP

(`)

%

Chg Company

CMP

(`)

%

Chg

TCS 1,200 9.3 Asahi India 72 20.4

HCL Tech 510 3.1 Everest Ind. 160 17.2

M&M 710 2.6 Zensar Tech 225 15.4

Maruti Suzuki 1,382 2.1 Dcw 14 5.4

ITC 247 2.0 Aksh Optifibre 18 10.2

Hero Motocorp 2,175 1.5 TCS 1,200 9.3

Dr Reddy 1,789 1.3 Finolex Ind 55 9.1

Tata Motors 313 1.2 Mindtree 576 9.1

Infosys 2,395 1.0 West Coast 53 8.9

Sun Pharma 600 0.5 Kpit Cummins 85 7.8

Technically strong

10 days

Moving

Average (`)

Total

Traded Qty

(lacs)

10 days

Average

Traded Qty

(lacs)

CMP

Company

(`)

M&M 711 703 3.3 1.5

Maruti Suzuki 1,379 1,364 0.7 0.4

Thermax 450 440 0.2 0.1

Asian Paints 3,516 3,378 0.2 0.1

United Spirits 773 727 5.1 4.1

Nifty 50 & CNX 500 top 10 Losers

NSE Nifty CNX 500

Company

CMP

(`)

%

Chg Company

CMP

(`)

%

Chg

RCOM 74 (15.2) Lanco Infra 13 (28.1)

Reliance Power 101 (14.4) HCC 20 (21.8)

BHEL 227 (12.8) FKONCO 139 (17.6)

Reliance Infra 509 (12.3) India Infoline 53 (17.6)

JP Associates 73 (11.4) Jai Corp 67 (17.6)

IDFC 117 (11.1) Ks Oils 6 (17.5)

Ambuja Cement 149 (10.7) India Cement 84 (17.4)

GAIL India 329 (10.5) Polaris 131 (16.7)

Reliance Capital 321 (10.4) GVK Power 16 (16.7)

PNB 833 (9.8) Db Realty 74 (16.4)

Technically weak

10 days

Moving

Average (`)

Total

Traded Qty

(lacs)

10 days

Average

Traded Qty

(lacs)

CMP

Company

(`)

EIH 83 84 0.1 0.1

Sterlite Ind 104 107 6.4 6.1

Alstom T&D 161 166 7.3 0.4

IFCI 41 42 30.0 27.5

Piramal Health 435 444 0.2 0.1

Bulk deals

Date Institution Scrip name B/S

Qty

(lacs) Price

25-Apr Macquarie Bank Fedders Lloyds B 8.6 56.0

26-Apr Nomura Singapore Alok Industries B 63.2 19.3

26-Apr Macquarie Bank HCC S 44.5 21.5

26-Apr Macquarie Bank Mercator Ltd S 26.3 21.1

26-Apr Credit Suisse Ruchi Soya S 17.1 82.2

Book closure and record date

Company Date Purpose

ABB 02 May 2012 Dividend

Golden Sec 03 May 2012 Stock Split

HCL Infosystems 03 May 2012 Interim Dividend

Abbott India 04 May 2012 Final Dividend

BOC India 04 May 2012 Dividend

Foseco India 04 May 2012 Interim Dividend

Nifty Future VWAP

Nifty Futs Close

5,400

5,350

5,300

5,250

5,200

5,150

5,100

5,050

Nifty Vwap

30-Mar

2-Apr

3-Apr

4-Apr

9-Apr

10-Apr

11-Apr

12-Apr

13-Apr

16-Apr

17-Apr

18-Apr

19-Apr

20-Apr

23-Apr

24-Apr

25-Apr

26-Apr

27-Apr

Bank Nifty Future VWAP

10700

10600

10500

10400

10300

10200

10100

10000

9900

9800

Bank Nifty Futs Close

Bank Nifty Vwap

30-Mar

2-Apr

3-Apr

4-Apr

9-Apr

10-Apr

11-Apr

12-Apr

13-Apr

16-Apr

17-Apr

18-Apr

19-Apr

20-Apr

23-Apr

24-Apr

25-Apr

26-Apr

27-Apr

3


India Infoline Weekly Wrap

Commodity Corner

Base metals

LME base metals traded steady this week, as successful European

bond auctions alleviated near term concerns regarding European

woes hurting global metal demand. Euro also pushed to a threeweek

high of over $1.32 on the back of Italian and Spanish bond

yields moderating. However, softening manufacturing activity in

China and stagnating macroeconomic numbers in US continued

to restrain any substantial upside in the non-ferrous metals pack.

On macroeconomic front, US numbers were disappointing,

as March durable goods orders declined by 4.2%, drastically

exceeding the expected drop and the largest dip since January

2009. In Europe, UK economy has officially slipped in to recession,

as the GDP during the Q1 2012 contracted by 0.2% following a

0.3% decline in the Q4 2011.

Going in to next week, we suspect that unrelenting Euro

concerns and slowing Chinese end user demand will remain

in focus, which could effectively take away the wind out of

the bull’s sails.

Precious metals

Gold prices witnessed reasonable volatility, as the yellow metal

persistently tested the crucial support levels of US$1,625/ounce

and managed to pare the losses at the end of the week. Market

participants remained cautious amid growing apprehensions

regarding political and economic uncertainty in Europe. In credit

markets, S&P has downgraded Spain’s credit rating by two

notches, citing a challenging fiscal outlook. S&P has stated that

there has been worse-than-expected deterioration of Spain’s

budget and an increasing probability of the government providing

aid to the country’s banks. Gold prices registered strong upside

at the end of the week, as market participants interpreted Ben

Bernanke’s remarks as supportive. Bernanke stated that that the

central bank was ready to initiate more monetary measures in

order to help the US economy, if needed.

On price front, market focus will be accentuated on the

upcoming US advance GDP numbers, where a reading below

the expectations could spur the buying sentiment further.

In Europe, persistent jitters regarding European debilitating

credit conditions also augments “hedge against uncertainty”

appeal for the yellow metal.

Note: This market commentary is written at 12:30 PM IST

LME prices

Base Metals (US$/ton) High Low LTP* Chg(%)

Copper 8,341 7,977 8,313 1.5

Nickel 18,300 17,388 18,256 2.5

Zinc 2,043 1,984 2,034 0.4

Aluminium 2,094 2,050 2,088 0.3

Lead 2,130 2,062 2,121 (0.2)

Precious Metals (US$/ounce) High Low LTP* Chg(%)

Spot Gold 1,661 1,624 1,656 0.8

Spot Silver 32 30 31 (1.7)

* Last Traded Price

LME Copper

Weekly inventory update

Tons Abs Chg. Chg (%)

Copper (LME) 251,825 (9,325) (3.6)

Nickel (LME) 101,760 1,680 1.7

Zinc (LME) 910,575 (1,250) (0.1)

Aluminium (LME) 5,035,625 (22,850) (0.5)

Lead (LME) 363,375 (5,775) (1.6)

Tin (LME) 14,405 760 5.6

Shanghai Copper 204,762 (6,408) (3.0)

Shanghai Zinc 358,489 (8,121) (2.2)

Shanghai Aluminium 349,054 (16,827) (4.6)

COMEX Gold

10500

10000

US$/ ton

Copper (LME)

2000

US$/ ounce

Gold

9500

9000

1750

8500

8000

1500

7500

7000

6500

1250

6000

5500

1000

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

4


Mutual Fund Round-up

India Infoline Weekly Wrap

India Infoline picks

Assets NAV

Absolute return (%) as on Apr 26, 2012

Mutual Funds

(` Cr) (`) 1wk 1mth 3mth 6mth 1yr 2yr 3yr 5yr

HDFC Top 200(G) 10,692 197.2 (3.2) 0.2 2.0 2.5 (9.8) 5.4 84.3 74.8

ICICI Pru Dynamic(G) 4,130 102.8 (2.5) (1.2) 2.7 3.4 (7.2) 5.9 80.1 52.3

IDFC Sterling Equity(G) 1,061 18.8 (2.4) 5.4 13.5 7.4 (1.1) 10.0 124.9 -

Fidelity Tax Advt(G) 1,203 20.7 (2.5) 0.2 2.1 (0.1) (8.7) 5.8 86.3 57.9

HDFC Prudence(G) 6,356 214.1 (2.2) 1.1 5.0 5.0 (1.9) 14.1 104.5 86.2

Reliance Equity Oppor-Ret(G) 3,193 36.7 (2.7) 2.6 7.8 8.0 0.2 14.7 139.7 70.6

IDFC Premier Equity-A(G) 2,345 33.3 (2.5) 3.1 7.4 2.8 1.9 14.4 118.8 131.9

Funds this week: HDFC Top 200 Fund

Fund snapshot Asset allocation (%)

Fund Manager Prashant Jain Equity 99.7

Latest NAV `197.2 Debt 0.0

NAV 52 high/low `218.7/168.1 Cash/call 0.2

Latest AUM (cr) `10,537 Top 5 holdings (%)

Type Open-ended State Bank of India 6.7

Class Equity - Diversified Infosys Ltd. 6.5

Options Growth & dividend ITC Ltd. 5.3

Min investment `5,000 ICICI Bank Ltd. 5.2

Benchmark BSE 200 Tata Consultancy Services Ltd. 4.4

No. of stocks 66 Top 3 sectors (%)

No. of sectors 30 Banks 22.9

Expense ratio 1.8% Software 11.9

Exit load 1% before 1 year Consumer Non Durables 10.5

Reliance Equity Opportunity Fund

Fund snapshot Asset allocation (%)

Fund Manager Shailesh Raj Bhan Equity 95.3

Latest NAV `33.3 Debt 0.0

NAV 52 high/low `37.7/29.3 Cash/call 4.7

Latest AUM (cr) `3,159 Top 5 holdings (%)

Type Open-ended Infosys Ltd. 6.6

Class Equity - Diversified Aventis Pharma Ltd. 5.8

Options Growth, Dividend & Bonus Divis Labs 5.8

Min investment `5,000 SBI 4.1

Benchmark BSE 100 Trent 3.9

No. of stocks 34 Top 3 sectors (%)

No. of sectors 21 I.T. 16.9

Expense ratio 1.85% Healthcare 16.8

Exit load 1% before 1 year Auto 10.4

NFO update

Fund Name Close Type Class

BIRLA SUN LIFE FIXED TERM PLAN -

SERIES FE (G)

L&T FIXED MATURITY PLAN - VI

(APRIL90D A) (G)

RELIANCE FIXED HORIZON FUND 22 -

SERIES 4 (G)

03-

May

02-

May

CE

CE

Debt

Debt

30-Apr CE Debt

Dividend update

Mutual Fund Dividend % Record date Class

Escorts short term debt

0.11 02-May Debt

fund

IDFC sterling equity fund 1.40 30-Apr Equity

5


India Infoline Weekly Wrap

Chartbook

Weekly Inflation

Interest Rate

25

20

15

(%)

Primary Article Inflation

Food Inflation

18

16

14

12

(%) 10yr Gsec yield 5yr AAA bond yield

3mth CP rate

10

10

5

0

8

6

4

(5)

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

2

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

IIP and Six core Industries

Crude (Brent/ Nymex)

16

12

8

(%)

Six core Ind.

IIP

180

160

140

120

(US $) Nymex Crude Brent Crude

4

100

0

(4)

80

60

40

(8)

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

Feb-11

Apr-11

Jun-11

Aug-11

Oct-11

Dec-11

Feb-12

20

Jan-08

Jun-08

Nov-08

Apr-09

Sep-09

Feb-10

Jul-10

Dec-10

May-11

Oct-11

Mar-12

Currency Movements

Dollar Index

100

90

80

(EURO/USD)

(INR/GBP)

(INR/USD)

(INR/JPY)

95

90

Dollar Index

70

85

60

80

50

40

75

30

Jan-08

Jun-08

Nov-08

Apr-09

Sep-09

Feb-10

Jul-10

Dec-10

May-11

Oct-11

Mar-12

70

Jan-08

Jun-08

Nov-08

Apr-09

Sep-09

Feb-10

Jul-10

Dec-10

May-11

Oct-11

Mar-12

Source: Bloomberg

6


India Infoline Weekly Wrap

Chartbook...

PMI

US Initial Jobless Claims

70

65

(%)

India Euro Zone China

Germany US

800

700

Initial Jobless Claims ('000)

60

600

500

55

400

50

300

45

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

200

Jan-08

Jun-08

Nov-08

Apr-09

Sep-09

Feb-10

Jul-10

Dec-10

May-11

Oct-11

Mar-12

Volatility Index

Sensex Earning Estimates

100

90

VIX

1,600

(Rs)

FY13

80

70

1,500

60

50

40

30

20

1,400

1,300

.

10

0

Jan-08

Jun-08

Nov-08

Apr-09

Sep-09

Feb-10

Jul-10

Dec-10

May-11

Oct-11

Mar-12

1,200

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

Sensex PE Band

PE Comparision

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

Apr-99

Mar-00

Feb-01

Jan-02

Dec-02

Nov-03

Oct-04

Sep-05

Aug-06

Jul-07

21x

17x

13x

9x

5x

Jun-08

May-09

Apr-10

Mar-11

Feb-12

18

16

14

12

10

8

6

4

2

0

PE (x) FY12 FY13

Dow Jones

Nasdaq

S&P 500

FTSE

DAX

Hang Seng*

Nikkei*

Shanghai Comp

Brazil Bovespa

Mexico Bolsa

Kospi*

Taiwan*

Straits*

Sensex

Source: Bloomberg

7


India Infoline Weekly Wrap

News Recap

S&P cuts outlook on India

Standard & Poor's Ratings Services affirmed the 'BBB-' longterm

and 'A-3' short-term unsolicited sovereign credit ratings on

India. S&P also revised the outlook on the long-term rating to

negative from stable. However, its rival Moody's chose to differ

and maintained its 'Baa3' ratings for India with a stable outlook.

The Finance Minister said there was no need to panic.

Telecom shares tumble on TRAI proposals

Shares of top telecom companies fell amid worries that the

new guidelines proposed by telecom regulator TRAI for the

auction of 2G spectrum will be financially damaging for the

incumbent telecos. The GSM and CDMA operators said that

TRAI's recommendations had the potential to derail a sector that

is a significant contributor to the national economy.

India to receive normal monsoon this year

The India Meteorological Department (IMD) put to rest fears that

El Nino weather pattern will hurt prospects for the southwest

monsoon. The weather office said that the country is likely to

experience normal rainfall this year too. Rains during the June-

September season are likely to be 99% of the long-term average,

IMD predicts.

Cabinet clears hike in voting rights for pvt banks

The Union Cabinet has approved raising voting rights of

stakeholders in private banks to 26% from 10% at present.

However, the RBI's approval will be mandatory for buying equity

stake of above 5%. The amendments are part of changes approved

by the Cabinet in the proposed Banking Laws (Amendment) Bill.

SC extends deadline for 2G licence cancellation

The Supreme Court has given an extension for the cancellation

of 2G licences but has not given the Government the 400 days it

wanted for conducting fresh spectrum auctions. The apex court

has extended the deadline for the cancellation of 2G licenses to

Sept. 7.

Fed leaves rates steady

The US Federal Reserve left its key interest rates unchanged while

reiterating its pledge to do more in a bid to sustain the ongoing

recovery. “Additional bond-buying is still very much on the table,”

Fed chief Ben Bernanke said. The FOMC also lifted its GDP growth

projection while lowering the estimate for unemployment.

IMF mobilised US$430bn in additional resources to fight the

ongoing global slowdown and prevent damage form any fresh

turbulence in the financial markets.

China's flash manufacturing PMI improved in April but

remained below the 50 mark that separates expansion and

contraction. Separately, Moody's Investor Service said that the

outlook for China's debt ratings was positive.

Meanwhile, the UK economy slipped back into recession in

the first quarter of 2012 while the Eurozone composite PMI fell

to a five-month low.

The Bank of Japan (BOJ) expanded its monetary stimulus

to boost the world's third-largest economy and South Korea's

economy grew faster than expected in Q1 CY12. S&P cuts Spain's

ratings by two notches and maintains a negative outlook.

Event Calendar

Period : 30 th Apr – 4 th May

US

• Apr Consumer Confidence (24 Apr)

• Feb House Price Index MoM (24 Apr)

• March Durable Goods Orders (25 Apr)

• FOMC Rate Decision (25 Apr)

• Q1 GDP QoQ (Annualized) (27 Apr)

India

• Food Articles WPI YoY (26 Apr)

• Primary Articles WPI YoY (26 Apr)

• Fuel Power Light WPI YoY (26 Apr)

China

• Apr HSBC Flash China Manufacturing PMI (22-25 Apr)

• MNI April Business Condition Survey (27 Apr)

Euro Zone

• Apr PMI Manufacturing (21-24 Apr)

• 2011 Euro-Zone Govt Debt/GDP Ratio (23 Apr)

Period : 7 th May – 11 th May

US

• Mar Consumer Credit (8 May)

• Mar Wholesale Inventories (9 May)

• Apr Import Price Index YoY (10 May)

• Apr Producer Price Index YoY (11 May)

India

• Food Articles WPI YoY (10 May)

• Primary Articles WPI YoY (10 May)

• Fuel Power Light WPI YoY (10 May)

• Mar Industrial Production YoY (11 May)

China

• Apr Money Supply - M0 YoY (11-15 May)

• Apr Money Supply - M1 YoY (11-15 May)

• Apr Money Supply – M2 YoY (11-15 May)

Euro Zone

• May Sentix Investor Confidence (7 May)

IIFL, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai 400 013

The information in this newsletter is generally provided from the press reports, electronic media, research, websites and other media. The information also includes information from interviews

conducted, analysis, views expressed by our research team. Investors should not rely solely on the information contained in this publication and must make their own investment decisions based on their

specific investment objectives and financial position and using such independent advisors as they believe necessary. The materials and information provided by this newsletter are not, and should not be

construed as an advice to buy or sell any of the securities named in this newsletter. India Infoline may or may not hold positions in any of the securities named in this newsletter as a part of its business.

Past performance is not necessarily an indication of future performance. India Infoline does not assure for accuracy or correctness of information or reports in the newsletter.

8

More magazines by this user
Similar magazines