Money+Times+Dec 27 Jan 02

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A TIME COMMUNICATIONS PUBLICATION

VOL. XX No. 7 Monday, 27 Dec 2010 2 Jan 2011 Pages 20 Rs.12

Consolidation to continue

amidst range bound trendBy Sanjay R. BhatiaThe domestic markets witnessed a range bound and lacklustre trendlast trading week. The volumes recorded remained low amidst thepositive breadth of the market. The global economy continued topaint a mixed picture as worries on European economies continued toworry global markets. Crude oil prices rose to trade around the US$91-95 levels on the back of low US inventory data. Incidentally, theFIIs remained net sellers in the cash segment but were net buyers inthe derivatives segment ahead of the derivatives expiry next week.Mutual Funds, on the other hand, were net buyers during the courseof last week.

Technically, the KST, RSI and MACD are placed above their signal and trigger line, which is a positive sign for themarkets and would help them witness buying support at regular intervals. The Stochastic, however, is placed in theoverbought territory on the daily charts, which would result in regular bouts of profit taking. A few negative technicalfactors continue to hold good and would continue to cap the upside gains for the markets especially above the CNX Nifty6050 level. The negative divergence formation still holds good and is a negative sign for the markets. The ADX continuesto move sideways along with the +DI and DI line indicating a range bound trend. The market sentiment remainscautious and consolidation is likely to continue.

Now, it is important that the markets witness buyingsupport at regular intervals for the Nifty to test andmove above the 6050 resistance level. The marketswould continue to consolidate and move in a rangebound trend. Listless trading and lower volumeswould be witnessed as the FIIs stay away due totheir festive holidays. In the meanwhile the marketsare likely to take cues from crude prices, which arelikely to test the $98 mark in the near future, and theglobal markets. Any negative news flow is likely tolead to increased selling pressure.Technically on the upside, the BSE Sensex facesresistance at the 20290, 20582 and 20827 levels butseeks support at the 19941, 19162 and 18900 levelsThe support levels for the Nifty are placed at 5950

A Time Communications Publication 1


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5777 and 5540 whereas it faces resistance at the 6050, 6150 and 6275 levels.Traders and speculators can buy Bajaj Hindustan above Rs.119, with a target price of Rs.144 and stop loss of Rs.107.


Lacklustre year-endBAZAR.COM

By Fakhri H. SabuwalaCalendar year 2010 is coming to an end but the ceremonies of the year-end are missing. Trading volumes of late haveshrunk considerably thanks to FIIs disinterest and low retail participation. The year 2010, which began on an optimistic

note, appeared promised raising hopes of crossing all time highs on both the BSE Sensex and the CNX Nifty but it failedAt the Diwali Muhurat session, both the benchmarks came close to their all time highs but failed to even touch them. Isthis a double top syndrome on the 3-year chart pattern? The answer to this is difficult but if it does not progress that waywe are in for a tough time ahead.The year 2010 may end in the vicinity of 20K on the Sensex or 6K on the Nifty but the breadth and depth of participationis conspicuous by its absence. The volume of the number of shares traded in the last three months sums up the disinterestAt the BSE the daily average trading volume in December 2010 so far is 37 crore vis--vis 45 crore in November and 52crore in October. The corresponding figures on the NSE are 74 crore, 89 crore and 92 crore respectively. Such a state is anoutcome of lower foreign fund flows by FIIs and the lack of retail interest thanks to SEBIs crackdown on price rigging. Avery, very welcome move from the viewpoint of the markets well being.At the end of 2010, it is not the market that is engaging the front pages but the tearful prices of onions, tomatoes and allthe vegetables you can name. That statistics can lie is self-evident because inflation index has dipped but the prices of

essentials are at the break! May be the bountiful rainfall spoilt the crops too!Currently, the government is engaged in fire fighting measures of dousing the flames of bribes, corruption and scams onone hand and cooling the high prices of food and essentials. Under the circumstances, the netas and babus have notime for monitoring infra projects or industry demands. Right now, it is a matter of survival and not let the initiative slipfrom the treasury hands to the opposition camp. Can our politicians take steps to consolidate industrial productionfinancial gains, etc.?The budgetary exercise in February 2011 will be to woo the aam aadmi and will be haunted by Nitish Kumars victory inBihar. The congress needs to put everything on the back-burner for now and set its house in order. Can the market thenlook up in such circumstances? Its a rhetoric question and the answer is obvious.Long-term players with liquidity on hand can buy select growth stories especially in the mid-cap segment and reap a richharvest a year or two from now. Central Bank of India, NTPC, NHPC, FSL, Sintex, Renuka Sugars, M&M, SterliteTechnologies, Fortis Healthcare, Tulip Telecom, Opto Circuits, Pipavav Shipyard, PTC, Jupiter Bioscience, Great OffshoreIFCI, IDBI are a few that readily come to mind for investment.

TRADING ON TECHNICALS

Sensex peak just 1133 points awayBy Hitendra VasudeoLast week, the Sensex opened at 19770.02attained a low at 19711.12 and moved up to ahigh of 20151.25 and finally closed the week at20073.66 and thereby showed a net rise of 209points on a week-to-week basis. The stop lossindicated for sell position was 20400, which hasnot yet been violated.

We look forward to the retracement levels of thefall from Sensex 21108 to 18954, which areplaced at 20296 and is the 61.8% retracementand at 20651, which is the 78.6% retracement.The projection of the rising move from 18954could end at 20400 or 21120.Any termination of the 3-leg structure fromSensex 18954 could spell trouble for the market.Termination of the move under 20400 will meanthe zig-zag is still in place from 21108. If that


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happens, then expect a sharp downslide towards 17819. Support of 18954 is important from hereon. On a fall and closebelow 18950, the Sensex can slide down towards 17819. The 200-day average would try and offer support to the Sensexwhich is placed around 18954.On the daily chart, the support is at 19888 and 19500. If the support is held, then expect a rise towards Sensex 20218 and to20400 at least. If the daily chart support of 19888 and 19500 is violated, then expect a slide towards 18954 first and thendepending on the speed and momentum, it can slip down past the 200-day average to finally move near 17819.The 50-day average offers resistance for 1 month ever since it was violated on 27 November 2010. A pull-back from 18954was seen, which tested the 50-day average by making a high of 20217 and closed lower on the same day. Now once againin the last few trading sessions, we have seen it

oscillating around the 50-day average. OnFriday, it closed above the 50-day with apositive candle and is also the highest closing ofthe rise from 19074. Weekly resistances arelikely to get tested in the coming week.Weekly resistance is at 20246 and 20686. Weeklysupport will be at 19978-19806-19500.We have just 1 week to close the calendar year2010. The historical peak was made at 21206 in

January 2008. The same is only 1133 points awayand we have 1 week in hand. A breakout andclose above 21206 as on 31 December 2010 can

push the market into a buoyant mood in 2011.The highest ever daily closing is 20873, thehighest weekly closing is 21004, the highestmonthly closing 20286, the highest quarterly closing is 20286 and the highest calendar year closing is also 20286According to these closing points, 20286 is the first important historical resistance that must be crossed and maintainedduring the week to enable it to violate the sell stop loss of 20400 and then move past it. As that happens on the daily charta set up for a rise towards the peak of resistance range of 20873-21206 will develop. Once the range of 20286-20400 iscrossed then the year 2011 can be welcomed with some euphoric rise towards 20873-21206.With a Christmas weekend and the FIIs not fully operational with allow local operators and fund managers to flex theirmuscles. This can challenge them to prove their muscles. The issue is not only to show their muscles but to carry onfurther in the first quarter of 2011 without repeating the history. The history is of collapses after euphoric moves. Willthey then be able to make the FIIs sit on the running bull and take the market higher will the bear catch them in their

claws to split them. When we look at the Sensex and see it just 1133 points away from the all time peak, the hopes of abreakout this week emerges. This will bring about anxiety and euphoria. A failure and a bad close this week below 19500can rip the bulls.Rise above 20400 can lead to a structural change in the internal and we might have to open up Wave X once again.

The Broad MarketThe BSE Mid Cap had a narrow movement last week. Volatility between 7176-7981 is likely to be seen. Only a breakoutand close above 7981 can resume an uptrend in BSE Mid Cap index. Alternatively, it can move sideways in the definedrange.BSE Small Cap volatility band is likely to be 9999-8617. Attempt to test 9999 could be seen and if it closes the week aboveit, then a strong uptrend can resume. Broadly, BSE Small Cap index can remain in the range of 9999-8617.Wave Tree:

Wave Tree Month Year Sensex Month Year Sensex Remark

Wave I - - - - Dec 1979 113 Feb 1986 656 -Wave II - - - - Feb 1986 656 March 1998 390 -

Wave III - - - - March 1998 390 Jan 2008 21206 -

Wave IV - - - - Jan 2008 21206 22-Dec 2010 20151 In progress

Wave IV Wave W - - - Jan 2008 21206 March 2009 8047 -

Wave IV Wave X - - - March 2009 8047 11-Nov 2010 21108 -

Wave IV Wave X A - - March 2009 8047 Jan 2010 17790 -

Wave IV Wave X B - - Jan 2010 17790 May 2010 15960 -



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Wave IV Wave X C - - May 2010 15960 11-Nov 2010 21108 -

Wave IV Wave X C - i 25-May 2010 15960 23-July 2010 18237 -

Wave IV Wave X C - ii 23-July 2010 18237 31-Aug 2010 17819 -

Wave IV Wave X C - iii 31-Aug 2010 17819 14-Oct 2010 20854 -

Wave IV Wave X C - iv 14-Oct 2010 20854 29-Oct 2010 19768 -

Wave IV Wave X C - v 29-Oct 2010 19768 11-Nov 2010 21108 -

Wave IV Wave Y - - 11-Nov 2010 21108 22-Dec 2010 20151 In progress

Wave IV Wave Y (a) 11-Nov 2010 21108 26-Nov 2010 18954 -

Wave IV Wave Y (b) a 26-Nov 2010 18954 06-Dec 2010 20217 -

Wave IV Wave Y (b) b 06-Dec 2010 20217 12-Dec 2010 19074 -

Wave IV Wave Y (b) c 12-Dec 2010 19074 22-Dec 2010 20151 In progress

Alternatively

Wave IV Wave X C 1 - May 2010 15960 11-Nov 2010 21108 -

Wave IV Wave X C 2 - 11-Nov 2010 21108 03-Dec 2010 19966 In progress

Wave IV Wave X C 2 a 11-Nov 2010 21108 26-Nov 2010 18954 -

Wave IV Wave X C 2 b 26-Nov 2010 18954 06-Dec 2010 20217 -

Wave IV Wave X C 2 c 06-Dec 2010 20217 22-Dec 2010 20151 In progress

Conclusion

The historical top is just 1133 points away and looks to be insight if the resistance of 20400 is crossed. It seems to be sonear but yet appears far enough.

Strategy for the weekHold short position with a stop loss of Sensex 20400 but cover the same on dips to the support range of 19694-19491-18954as the opportunity arises. Sell again on fall below 18950 with the high of the week or 20400, whichever is higher.

WEEKLY UP TREND STOCKSLet the price move below Center Point or Level 2 and when it move back above Center Point or Level 2 then buy with

what ever low registered below Center Point or Level 2 as the stop loss. After buying if the price moves to Level 3 or

above then look to book profits as the opportunity arises. If the close is below Weekly Reversal Value then the trend will

change from Up Trend to Down Trend. Check on Friday after 3.pm to confirm weekly reversal of the up Trend.

ScripsLast

CloseLevel

1Level

2CenterPoint

Level3

Level4

RelativeStrength

WeeklyReversal

Value

StopLoss

UpTrendDate

StopLoss

BuyPrice

BuyPrice

BookProfit

BookProfit

HINDALCO INDS 239.35 - 226.6 233.4 246.2 265.7 74.0 223.4 220 10-12-10

INFOSYS TECHNO 3369.00 - 3270.0 3324.0 3423.0 3576.0 69.4 3233.0 3225 26-11-10

SUN PHARMA 472.75 - 439.7 457.3 490.3 541.0 68.4 454.7 424 10-12-10

JUBILANT FOOD 631.25 - 573.8 609.5 667.0 760.2 68.1 589.5 539 24-12-10

E.I.D. PARRY (I) 272.25 - 256.1 265.3 281.5 306.8 64.9 251.5 248 16-12-10

WEEKLY DOWN TREND STOCKSLet the price move above Center Point or Level 3 and when it move back below Center Point or Level 3 then sell with

what ever high registered above Center Point or Level 3 as the stop loss. After selling if the prices moves to Level 2 or

below then look to cover short positions as the opportunity arises. If the close is above Weekly Reversal Value then the

trend will change from Down Trend to Up Trend. Check on Friday after 3.pm to confirm weekly reversal of the Down

Trend.

ScripsLast

CloseLevel

1Level

2CenterPoint

Level3

Level4

RelativeStrength

WeeklyReversal

Value

StopLoss

UpTrendDate

CoverShort

CoverShort

SellPrice

SellPrice

KSK ENERGY VENT 130.90 117.6 127.4 133.6 137.1 - 19.85 138.55 140 15-10-10

JAYPEE INFRATECH 65.60 59.7 63.8 66.2 68.0 - 21.47 66.33 68.50 12-11-10

GMR INFRASTRUC 44.65 40.6 43.5 45.3 46.5 - 26.92 46.26 47.10 24-12-10

ASHOK LEYLAND 62.25 55.1 60.4 63.9 65.7 - 30.45 67.62 67.40 12-11-10

JINDAL SAW 181.20 168.3 177.3 182.5 186.3 - 30.87 184.42 189.20 24-12-10


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BUY LIST

ScripLast

CloseBuy

PriceBuy

PriceBuyPrice

StopLoss

Target1

Target2

GSFC 365.15 348.43 339.95 331.47 304.00 420.3 492.2

HINDALCO INDUSTRIES 239.35 227.51 223.57 219.64 206.90 260.9 294.2

UNITED BREWERIES 472.55 453.51 438.52 423.54 375.05 580.5 707.4

WIPRO 481.95 463.06 453.50 443.94 413.00 544.1 625.1

EXIT LIST

Scrip LastClose

Sell Price SellPrice

SellPrice

StopLoss

Target1

Target2

ADANI ENTERPRISES 618.00 641.31 655.00 668.69 713.00 525.3 409.3

ALLAHABAD BANK 215.50 220.43 227.05 233.67 255.10 164.3 108.2

ASHOK LEYLAND 62.25 67.31 68.93 70.54 75.75 53.7 40.0

DENA BANK 114.95 120.70 125.05 129.40 143.50 83.8 46.9

FEDERAL BANK 392.70 418.70 429.42 440.15 474.85 327.9 237.0

GLODYNE TECHNOSERVE 728.65 803.92 870.00 936.08 1150.00 243.9 -316.1

INDIAN BANK 256.25 258.28 265.77 273.27 297.55 194.7 131.2

MARICO 121.15 123.34 124.97 126.61 131.90 109.5 95.6

RURAL ELECTRIFICATIO 291.90 317.99 326.95 335.91 364.90 242.1 166.2

THERMAX 836.00 850.54 857.50 864.46 887.00 791.5 732.5

TVS MOTOR COMPANY 69.75 73.28 75.50 77.72 84.90 54.5 35.7

UCO BANK 116.10 120.45 125.53 130.60 147.05 77.4 34.4

VOLTAS 221.55 231.29 236.75 242.21 259.90 185.0 138.7

PUNTER'S PICKSNote: Positional trade and exit at stop loss or target which ever is earlier. Not an intra-day trade. A delivery

based trade for a possible time frame of 1-7 trading days. Exit at first target or above.

ScripsBSE

CODELast

Close Buy PriceBuy On

Rise Stop Loss Target 1 Target 2Risk

Reward

DIAMANT INVEST. & FI 508860 48.75 47.90 50.80 46.30 53.6 58.1 1.97

MAHINDRA HOLIDAY RES 533088 412.00 401.10 421.00 390.15 440.1 470.9 1.28

NOUVEAU MULTIMEDIA 531465 156.00 151.30 158.85 139.50 170.8 190.2 0.90

PFL INFOTECH 531769 78.30 75.00 78.85 68.60 85.2 95.4 0.71

*Diesel price hike is on the cards. That will see prices of BPCL, HPCLand IOC moving up.TOWER TALK

*IspatIndustries will not be merged with JSW and becomes a safe bet for its investors.*Metalsand commodities prices are on the move Sterlite Industries, Hindustan Copper, Hindustan Zinc, SAIL, TataSteel, JSWSL and Hindalcoremain good picks.*Sell Marutiand buy TataMotorsthats the call given by an eminent investment banker.*A big shift from the secondary market to debt is on the anvil as Fixed Deposits with maturity between 1 and 2 years arefetching over 9% p.a.*Titan, Bharti Airteland Infosysare the FIIs favourites.*A2Z Engineering Services lacked Rakeshs RARE touch. Sell on every rise if you hold it.*A market veteran fears sharp correction in near future on the back of high crude oil prices, rising inflation & severalscams. Play safe.*

The share price of Jupiter Bioscience has corrected to attractive levels. Long-term investors can buy for 100%appreciation in 12-15 months.*KalpataruPower has won orders worth Rs.600 cr. in India and the Congo. Scrip can shoot up 10-15% within a monthKeep a watch.*All the negatives of the Lavasa issue have been factored in the HCC's stock price. Any positive announcement hereaftermay trigger an upmove. Aggressive traders can play for short-term gains.*SutlejTextiles counter has witnessed sizeable investment buying. The share is likely to touch Rs.350.*AmbikaCottonMills is expected to post an EPS of Rs.60 in FY11 and Rs.72 in FY12 post increased captive power plancapacity. The share is going cheap and is expected to touch Rs.300 in the medium-term.


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*MorganiteCrucible, 75% subsidiary of UK based Morganite's is all set to post an EPS of Rs.40. The share could doublein about one year.*With a likely EPS of over Rs.28 in FY11 and Rs.36 in FY112, the share of KNRConstructions can be bought for a targeprice of Rs.250.*Post sub-division of its shares SuryaPharma has attracted good buying by HNIs. With a likely EPS of Rs.7+ in FY11and Rs.8 in FY12, the share has all the potential to cross the Rs.50 mark.*WelspunCorp is doing extremely well. Except for the SEBI enquiry, its fundamentals are intact. The share may headtowards Rs.200 mark.*RamaPhosphate is expected to clock an EPS of above Rs.35 in FY11. The fertilizer stock is going cheap. It may touch

Rs.140 in the medium-term.* An Ahmedabad based technical analyst forecasts a breakout inAarvee Denim, GM Breweries, MOIL, SathavahanaIspat&RotoPumps.

BEST BETS

J K Tyre & Industries LtdCode: 530007Rs.136.25Incorporated in 1951, JK Tyre & Industries Ltd (JKTIL), the flagship company of the JK Organization, is the pioneer inbringing radial technology to India. It introduced radial tyres way back in 1999 and unleashed the radial revolution in theTruck and Bus segments. Today, it is the undisputed leader of radial tyres and commands 75% of India's total Truck &

Bus radial tyre production. Besides, it also enjoys leadership position in the ultra large, Off the Road (OTR) tyre segmentOver the years, JKTIL has created a strong reputation for offering quality products and emerged as India's leading 4-wheeler tyre manufacturer. It offers several variants of tyres under the JK & Vikrant brand for Passenger Cars, LighCommercial Vehicles (LCVs), Trucks, Bus, Tractors, Construction & Mining equipment etc. With an installed capacity toproduce more than 9 million tyres per year, JTIL is the 22nd largest tyre manufacturer in the world. Moreover, it claims tobe the first and only tyre company to be awarded the Superbrand status in India. Having a distribution network of ove4,000 dealers and over 120 stocking points, JTIL has left a mark across every nook and corner of the country. It is also oneof the largest tyre exporters from India with a worldwide customer base in over 80 countries across 6 continents. In fact,to get a foothold in the overseas market, JKTIL acquired Compania Hulera Tornel (CHT) a well-established tyre Companyin Mexico in 2008. Further, it has entered into sourcing arrangements with tyre companies in China, Vietnam and SrLanka for various products including Truck Radial tyres and LCV tyres. Of late, JTIL has even ventured into retreadingunder the brand JK Treads and is in the midst of establishing a nationwide chain of franchisees to reach out tocustomers.As of now, JKTIL have five state-of-the-art manufacturing facilities three in Mysore, Karnataka, one in BanmoreMadhya Pradesh and one in Kankroli, Rajasthan. Recently, it acquired the Mexican company Tornel which has threeplants in Mexico. The total tyre production capacity of the company is thus around 91.50 lakh tyres per year. To meet therobust demand and enhance its market share further, company is implementing a Rs.1,000 crore plus expansionprogramme including setting up a greenfield plant in Chennai, Tamilnadu. It is augmenting its car radial capacity by 5.34lakh tyres at the existing Banmore plant in MP. The Truck & Bus Radial tyre capacity at Mysore plant is being enhancedto 10 lakh tyres from 8 lakh tyres currently. The expansion of its OTR tyres facility is also underway. More importantly,

JKTIL is putting up a new green field facility in Tamil Nadu for manufacture of 25 lakh car radial and 2 lakh Truck/Busradial tyres per year. It has already taken possession of the land and construction is expected to start shortly. The plant isscheduled to go on stream by March 2012. Meanwhile, the company is working towards introducing new products in themarket, adding new customers, providing value added customer service and building up its in-house R&D skillRecently, it installed a state-of-the-art ONLEVEL Tyre Test System, the first of its kind in the world, to provide real data

in real time for a wide range of tests and evaluate the variety of stressful conditions that a tyre may be subjected to on avehicle. This has helped the company reduce the time for tyre development and make technologically superior productsavailable to customer. During 2009-10, it introduced new Hi-performance Tubeless and Rib pattern tyres under the truck& bus radial segment. It also produced its first Ultra Large OTR tyres of 51 size, and 9 feet high weighing 1.8 tonne eachfor BEML. To cater especially the passenger car segment, JKTIL has 125 Steel Wheels in 75 cities across the country fromSrinagar to Kanyakumari and Ahmedabad to Aizawal. Furthermore, JK Radial Tyre Care Centres provide the necessaryfacilities for Truck/Bus Radial tyre repair & servicing including alignment, balancing etc. In addition, its FleeManagement Programme has been a success since inception and provides pre and post sales service and technicaassistance to fleets of trucks or buses.


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Fundamentally, JKTIL has been doing well and has achieved its highest ever turnover and profit during 2009-10 despitethe prolonged illegal strike at its Kankroli plant in Rajasthan. This is because the automobile sector has emerged as amajor growth driver in the economy and recorded a robust growth of around 27% in 2009-10. This was remarkableespecially in the backdrop of the economic crisis. Going forward, the auto sector is expected to register a healthy growthas India is fast emerging as a global hub for small cars. The world's major automobile manufacturers have set up or haveplans to set up world class manufacturing facilities in India for domestic as the well as global markets. But moreimportantly, JKTIL has been successful in turning around its new Mexican subsidiary, which recorded an impressiveprofit for 2009-10. However of, late, due to the sharp rise in rubber prices and other raw materials, tyre manufacturers arefacing a huge margin pressure and JKTIL is no exception. It has recorded significant drop in operating as well as net

margins for H1FY11. Despite that, it has posted an EPS of Rs.10 for H1FY11. Accordingly for current fiscal, it may clock aturnover of Rs.4650 crore with PAT of Rs.85 crore i.e. EPS of Rs.21 on its current equity of Rs.41 cr. For FY12, it has thepotential to report a much better performance on account of a likely fall in rubber prices or increase in tyre realisations.The scrip is currently trading almost at its 52-Week low and offers a good opportunity for investors to buy andaccumulate at declines. At the current market cap of Rs.550 crore, the JKTIL share is available fairly cheap and canappreciate 50% in 12-15 months.

TVS Motor Company: Riding high!ANALYSIS

By Devdas MogiliTVS Motor Company Ltd (TMCL), formerly known as Ind Suzuki Motorcycles Ltd is an 18-year old South India based

company established in 1992. It manufactures a wide range of 2-wheelers from mopeds to racing inspired motorcyclesMr. Venu Srinivasan is the chairman and managing director of the company.The companys manufacturing plants are located at Hosur in Tamil Nadu, Mysore in Karnataka and Solan in HimachaPradesh.In 1982, it entered into a technical know-how and assistance agreement with Suzuki Motor Co Ltd of Japan and in 1985 iincorporated a new company, Lakshmi Auto Components Pvt Ltd for the manufacture of critical engines andtransmission parts.In 1986, the company acquired assets of the Moped Division of Sundaram Clayton Ltd. Also, the name of the companywas changed from Indo Suzuki Motorcycles Ltd to TVS Suzuki Ltd. In 1992, they launched two modles of motorcyclesnamely, Samurai and Shogun and in 1993, it launched TVS Scooty.

Subsidiaries: The companys subsidiaries include Sundaram Auto Components Ltd, TVS Energy Ltd, TVS Housing LtdTVS Motor Company (Europe) B.V., TVS Motor (Singapore) Pte., PT. TVS Motor Company Indonesia. During 2009-10, thecompany acquired the entire shareholding of M/s TVS Energy Ltd (TVS Energy) and thus TVS Energy became a whollyowned subsidiary of the company effective 3 December 2009.

Product Range: During 2002-03, it launched the new stylish TVS Scooty Pep and the upgraded version of Fiero. On 1April 2003, its subsidiary Lakshmi Auto Components Ltd acquired the entire paid-up capital of Sundaram AutoComponents Ltd.In 2003-04, it launched TVS Centra, New Victor GL, Fiero F2, Fx and Scooty Pep. In 2004-05, it launched TVS Star, NewVictor GLX, New Victor GX and the Scooty Pep 'Splash' series.During 2005-06, it launched multiple new products and variants such as Star City ES, Star Sport, Scooty Teenz and 99Colors on Scooty PEP. During 2007-08, the company commenced commercial production from its Nalagarh Plant locatedin Himachal Pradesh. In addition, it launched various new products and variants such as TVS Flame, Apache RTR, StarSport, Star City 110 cc, Scooty TeenZ Electric, TVS Tru4 Oil.In March 2008, it launched the 3-wheeler TVSKing in two variants namely, two stroke

petrol and two stroke LPG. The company wonthe Team Tech 2007 Award of Excellence forIntegrated use of Advanced Computer AidedEngineering Technologies in productdevelopment.


In 2008-09, it launched new variants of theScooty and Apache RTR.Sales: Consequent, to the its entry into 3-wheelers and launch of a new scooter Wego,

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its total sales rose 29% to 1.57 lakh units in November 2010 over November 2009. In November 2010, its sales of 2-wheelerstood at 1.53 lakh units a 27.33% rise from 1.20 lakh units in November 2009 and sold 3,159 units of 3-wheelers inNovember 2010 against 1,101 units in November 2009.During 2009-10, TVS Motor Co. recorded a growth of 13.1% in sales with overall 2-wheeler sales growing to 15.2 lakhunits from 13.4 lakh units in FY09, mainly driven by impressive growth of 19.4% in scooters and 30% in mopeds.The, new launches of TVS JIVE and TVS Wego have enabled it to grow in the hitherto unaddressed segments ofmotorcycles and scooters respectively. With the launch of 4-stroke 3-wheelers, it expanded the sales of 3-wheelers anddoubled its market share to 10% in the domestic market.

New Product Launches:The company introduced TVS JIVE 110 cc with innovative T-Matic technology in the executive

segment, which accounts for 60% of the total motorcycle market. This motorcycle allows hands-free gear shift due to theabsence of the clutch lever. Coupled with this an anti-stall mechanism makes smooth riding possible at low speeds evenin high gears, without the engine shutting off. It is also the first motorcycle in the country to have an under-seat storagecompartment, large enough to hold a water bottle, vehicle documents and even a small umbrella.TVS Wego with superior features marks the companys foray into the higher cc (>100 cc) scooter segment which accountsfor 80% of the scooter market.TVS Apache RTR 180s sporty, chiseled looks and unmatched performance, based on superior engine technology, makesthe bike a class leader in terms of performance and styling. The bike has an aerodynamic design and high power-to-weight ratio that enables excellent acceleration and handling.TVS TRU4 oil, launched successfully 3 years ago, has captured 3% market share in the 4T market. In line with the changeshappening in lubricant's international market, the company launched TRU4 Premium 4T 10W 30 Engine Oil in November2010, a semi-synthetic and fuel efficient lubricant. Subsequent to the successful tests, this product was awarded JASO

MA2 certification. With TRU4, the company has entered international markets like Sri Lanka and Africa.Exports: During FY10, TVS Motor Co. exported 1.63 lakh vehicles. The global financial crisis and consequent lower salesmainly in Africa resulted in a 17% decline in sales. However, the value of exports declined only by 1% due to betterproduct mix and higher realizations. Exports revived in the Q4FY10 registering a growth of 13% and are expected to growfurther during 2010-11. During FY10, the company commenced export of TVS Apache to Brazil and the initial responsehas been encouraging.

Performance: For FY10, the company's total revenue including other income grew to Rs.4,363.11 crore from Rs.3,741.18crore in FY09. Profit after tax and an exceptional item was Rs.88.01 crore as against Rs.31.08 crore in FY09. The companyreported an EPS of Rs.1.85 (FV: Re.1) for FY10.

Financial Highlights: (Rs. in crore)Particulars Q2FY11 Q2FY10 H1FY11 H1FY10 FY10

Net Sales 1,589.8 1,115.41 2,959.40 2,091.03 4,363.11Other Operational Income 26.41 14.46 49.80 27.53 67.03Total Exp 1,536.7 1,092.89 2,866.53 2,044.39 4,244.55Other Income 2.58 2.83 6.69 3.14 0.39Interest 14.23 15.33 31.18 32.45 63.17Tax 12.99 (0.41) 23.08 1.51 (11.84)Net Pro fit 54.78 24.55 95.15 42.67 88.01

Paid-up equity (FV: Re.1) 47.51 23.75 47.51 23.75 23.75Basic/ diluted EPS 1.15 0.52 2.00 0.90 1.85

Latest Results: For Q2FY11, it registered 42.5% increase in net sales to Rs.1589.83 crore compared to Rs.1115.41 crore inQ2FY10 whereas net profit zoomed 123.1% to Rs.54.78 crore from Rs.24.55 crore in Q2FY10 netting a basic/diluted EPS oRs.1.15.

Financials: This mid-cap 2-wheeler maker has an equity capital of Rs.47.51 crore with a book value of Rs.18.21. It has adebt:equity ratio of 1.14 with RoCE of 10.60% and RoNW of 13.30%.

Share Profile: The companys share has a face value of Re.1 per share and is listed under the A group on the BSE and

NSE. Its share price hit a 52-week high/low of Rs.87.45/Rs.27.88. At its current market price of Rs.69.75, it has a marketcapitalization of Rs.3437 crore.

Dividends: The company has been paying dividends as shown here: FY10 - 120%, FY09 - 70%, FY08 - 70%, FY07 - 85%,FY06 - 130%, FY05 - 130%, FY04 - 130%, FY03 - 120%, FY02 - 90%.Recently, the company issued bonus shares in the ratio of 1:1.

Shareholding Pattern: The promoter holding in the company is 59.06% while the balance 39.94% is held by non-corporate promoters, institutions, mutual funds and the investing public. Among mutual funds, Sundaram, MorganStanley, Tata, DSP BR, UTI, Principal, Kotak, ING Cub, Bharti AXA, IDFC, Mirae, Birla Sun Life have been adding thecompanys shares during the last few months in November 2010 particularly.


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Prospects: The 2-wheeler industry recorded an impressive growth of 24% during 2009-10. Smaller towns below 10 lakhpopulation that accounted for 75% of the industry grew by 29% in spite of restricted availability of retail finance to endcustomers.Domestic motorcycle sales grew by 30%. Exports declined by 1% in the first half of the year but witnessed a dramaticturnaround in the second half growing at 34% leading to an annual growth of 16%.In the motorcycle category, the economy segment grew by 6% mainly led by export demand. Aided by new launches, theexecutive and premium segments grew by 30% and 38% respectively. However, the motorcycles category marginallydeclined from 81% in 2008-09 to 80% in 2009-10.Ungeared scooters maintained the growth momentum of 24%. Introduction of new products and renewed focus on

market expansion by industry players enabled this growth. The category share however, remained constant at 14%.In contrast to the low growth of 2% in 2008-09, mopeds grew by 28% in 2009-10. The category share increased from 5% in2008-09 to 6% in 2009-10.The growth momentum of the economy is expected to strengthen further. The governments focus on infrastructureimprovement will bolster the economies of smaller towns and rural areas. This translates to significantly enhanceddisposable incomes across segments. The higher affordability factor and increased mobility needs will provideconsiderable scope for industry growth.Consequently, the motorcycle segment is expected to grow by 14%, ungeared scooter segment by 24% and mopeds by10%. TVS Motor Co. expects to consolidate further in the 2-wheeler segment with additional sales coming from the newproducts launched during the year and it will also commence exports of 3-wheelers during 2010-11. The company is thusconfident of further improved performance in 2010-11.

Conclusion: TVS Motors Co. is the flagship company of the TVS Group, is the third largest 2-wheeler manufacturer in

India. The company has a wide range of 2-wheelers with a good market share.It has achieved the take off stage and is all set to ride the 2-wheeler market with lan. In view of its excellent performancegood market share and pedigree, the share of TVS Motor Co. offers good value for investment with a medium-to-long-term investment perspective.

Key indices mark modest gainsMARKET REVIEW

By Ashok D. SinghThe BSE Sensex advanced 208.81 points or 1.05% to settle at 20,073.66 for the week ended Friday, 24 December 2010. TheCNX Nifty rose 62.85 points or 1.05% to end at 6,011.60. The BSE Small-Cap index jumped 1.86% and the BSE Mid-Capindex rose 0.78%. The Sensex was up in 3 out of 5 trading sessions during the week. From the 30 Sensex stocks, 22 gained

while 8 declined last week.The Sensex and the Nifty regained their psychological 20K and 6K marks respectively as higher advance tax payment bytop Indian companies and a major acquisition in the steel sector boosted the market sentiment.The combined advance tax payment for Q3FY11 by top 100 corporate taxpayers rose 18.7% to Rs.27,531 crore overQ3FY10 indicating better corporate performance in the third quarter this year.However, macroeconomic scenario still remains a big concern. The food price index jumped 12.13% while the fuel priceindex increased to 10.74% for the year to 11December 2010. In the previous week, theannual food and fuel inflation stood at 9.46%and 10.67% respectively. The primary articlesprice index was up 15.35% last weekcompared with an annual rise of 13.25% aweek earlier.


Also, soaring global crude oil prices above $91a barrel capped the sharp upside on thedomestic bourses. Finance secretary, AshokChawla, said on Wednesday, 22 December2010 that the government is willing to bear athird of the losses incurred by fuel retailersdue to selling auto and cooking fuel belowcost. If global crude prices rise further oilsubsidies will increase, he said.

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A ministerial panel may meet by end-December on diesel prices, Oil Secretary S. Sundareshan said on Tuesday, 21December 2010. "The agenda of the meeting will be finalised a day before the meeting," Sundareshan told reporters. If theprice of diesel is hiked it will offset an expected decline in wholesale price inflation arising from a favourable base effectDiesel is a key transportation fuel and any hike in diesel prices directly adds to inflationary pressure.Meanwhile, the finance ministry has reportedly shot off a fresh missive to the labour ministry asking it to invest a part othe Rs.5,00,000 crore corpus of the employees' provident fund savings in stock markets. The finance ministry had earlierproposed that the EPF organisation could set aside 15% of funds for investments in the stock market and need not seek anod from the Central Board of Trustees, or CBT, the policy making body of the employees' provident fund organisationor EPFO.

FIIs have resorted to profit booking this month having sold shares worth Rs.1259.50 crore till 22 December 2010. FIIs hadbought equities worth Rs.18,293.10 crore in November 2010 and made made record purchases of Indian stocks this year.Trading for the week began on a weak note. The key indices gave up almost all the intra-day gains on Monday, 20December 2010 after striking two-week highs. The Sensex rose marginally 24.03 points or 0.12% to close at 19,888.88 andthe Nifty was down 1.70 points or 0.03% to end at 5,947.05.The key indices marked modest gains on Tuesday, 21 December 2010 with the Sensex achieving a five-week closing highas reports of higher advance tax payment by top Indian firms and firm global stocks boosted sentiment. The Sensex rose171.44 points or 0.86% to close at 20,060.32 and the Nifty was up 53.60 points or 0.9% to end at 6,000.65. The consolidationsparked by a major acquisition deal in the steel sector also aided the rally in metal stocks. JSW Steel on Tuesday, 21December 2010 entered into a pact with the promoters of Ispat Industries to acquire 41.29% stake in Ispat Industries.The key indices edged lower in a choppy trade on Wednesday, 22 December 2010. The Sensex fell 44.52 points or 0.22% toclose at 20,015.80 and the Nifty was down 16.25 points or 0.27% to end at 5,984.40.

The key indices ended a choppy trading session lower on Thursday, 23 December 2010 as macroeconomic worries arisingfrom a high global crude oil prices weighed on investor sentiment. The Sensex fell 32.92 points or 0.16% to settle at19,982.88 and the Nifty was down 4.40 points or 0.07% to end at 5,980.The key indices marked decent gains on Friday, 24 December 2010 snapping two-day losing streak as metal producersrose on upbeat outlook for base metals. The Sensex rose 90.78 points or 0.45% finally to settle at 20,073.66 and the Niftywas up 31.60 points or 0.53% to end at 6,011.60.The Sensex advanced 208.81 points to settle at 20,073.66 last week. Volumes may continue to remain low as foreign fundmanagers will be on year-end vacation. Public sector oil marketing companies could be in focus as the Empowered Groupof ministers (EGoM) headed by Finance Minister, Pranab Mukherjee, is likely to propose a marginal hike in diesel pricesat a meeting likely to be held on Thursday, 30 December 2010. If the price of diesel is hiked next week it will offset anexpected decline in wholesale price inflation arising from a favourable base effect.Expiry of the near-month December 2010 Futures & Options (F&O) contracts may cause volatility next week, the last

trading week of calendar year 2010. The near-month December 2010 derivatives contracts will expire on Thursday, 30December 2010.Corporate earnings for Q3FY11, which will start trickling in from the second week of January 2011, will set the directionfor the market in the near term.On the global front, concerns over the euro-zone debt crisis and possibility of another rate hike from China may cap theupside in global equities.


Markets poised to flare upGURU SPEAK

By G. S. RoongtaThe BSE Sensex, which had hit 21108 on Thursday, 11 November 2010 and subsequently corrected by nearly 2100 pointsat 18954 on Friday, 26 November 2010, has again recorded a significant rise last week. Earlier, it had displayed signs of

recovery in the first week of December when it rose by 1100 points and moved around this level for weeks. This led us toconclude that the undercurrent is indeed strong and is the basis of our belief that the bull market wilreassert itself as enumerated by this column week after week.Technical analysts, however, begin to see lower levels whenever the market undergoes a correction andunsettle investors who have taken an investment decision and opt out like traders misled by the gloomytechnical analyses. But we have repeatedly proved them wrong for over two years now as their short-sighted outlook cannot match the long-term outlook of a fundamentalist.If you recall, the technical experts had started projecting a Sensex level of 15960 in May 2010 every timethe market underwent a legitimate correction of its previous rise. Ever since, the market has corrected

several times but has not fallen below 17800, which is indeed a strong support level for the ongoing bull market. Having

G.S. Roongta


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seen this repeatedly, I dont understand why they continue to create a panic among investors when the strong supportlevel of Sensex 17800 has not been violated since August 2010.Readers of this column are well aware that Money Times has always provided the much needed moral support to stayfirm and saved them from the so-called panic witnessed in the market now and then. In fact, we have gone to the extentof welcoming each panic as blessing in disguise and buy good stocks at lower prices. Accordingly, our headline for theDecember 1319, 2010 issue was Welcome the market crash, it is a blessing in disguise after it crashed to 18954 on Friday26 November 2010. Similarly, our last column was headlined Be patient, market in on the right track proved absolutelyright as evident by the market movements last week.Thereafter, the Sensex has gained nearly 1200 points within three weeks till 21 December 2010. Did the technical analysts

get any such strong guidelines at this critical juncture when brokerages and fund houses sold valuable stocks of investorsat throwaway prices for want of margin money because they were leveraged? Does this not prove that our strongconviction and foresight has helped to calm investors and book cool profits when there is panic all around?But I must express my disappointment at investors who get swayed by such short-sighted technical analyses featured inthe pink papers or TV channels and exit good stocks in a correction. After years of repeatedly advising investors not to gecarried away by the speculative elements or technical analysts, whose outlook is purely short-term, it is painful to observethat while they buy stocks recommended in this column, which they sell on the basis of the TV channels or the pinkpapers and end up with losses while trying to meet their margin commitments. It is for this reason that I have not beenmaking any recommendations for the past 3-4 weeks as we are unnecessarily blamed for such losses. Or what is the poinon taking a contrarian stand and proving right for weeks on end if investors cannot muster the courage to buy stocks in acorrective phase. This story is being repeated every 2-3 months.But I am equally happy that subscribers to our Investment Advisory Service (IAS) have been more committed, strong and

patient because of which they have booked handsome gains. We are pleased to advise that out of the 200 stocksrecommended since its launch in February 2009 around 15-20 stocks have gained between 100-200%, about 100 stockshave given 100% return on a y-o-y basis while the rest have yielded gains between 50-100% and there is hardly any stockthat can said to have failed.Two weeks back when the market was in panic, we recommended several mid cap and small cap stocks that fell sharplyand gave instant returns of 20-25% within a week to IAS subscribers. We know this as we have full record of the scripsrecommended, their price, date and duration of holding. It, therefore, comes as no surprise that several subscribers haveavailed of the service 5-6 times as these recommendations were very rewarding.On Monday, 20 December 2010, the Sensex gained 185.47 points while the Nifty gained 51.90 points and the Sensexcrossed the 20K mark on Tuesday, 21 December 2010, at 20060.32 while the Nifty crossed the 6K mark at 6000.65 afterseveral weeks. The fear about the scams bribery and corruption, the political uncertainty and last but not the least thefinancial instability in Euro zone countries were all put aside as the benchmarks asserted themselves once again.

The best global cue favouring Indian bourses came from the Dow Jones as US policy makers appeared confident of astronger US economy in calendar year 2011. Accordingly, the S&P 500 crossed the 1350 mark and has already gained 12%before 2010 end. Meanwhile, the Dow Jonescrossed 11500 after making a low below10,000 on injection of fresh liquidity in thesystem and grant of relief packages.

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Broadly speaking about global cues, onecannot help but notice that China, which isranked as the best growth story for a decade,is now slipping slowly faced by higher rate ofinflation, rising interest burden and a likelyasset bubble. This may pave the way forIndia, the second best performing Asian

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Europe and the Euro zone countries willcontinue to be entangled with debt crises,which will force them to maintain a slow pacein 2011 too. The rise in exports, the weakeningdollar and strengthening rupee will farebetter compared to the global economy. These

Telefa x: 022-22616970 or ema il us at mo neytime [email protected] om .



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are the most favourable signs for India to shine well in days to come and which evenly matches with the higher GDPgrowth of over 9% and IIP in double digits.Mid-week, on Wednesday & Thursday, 22 & 23 December 2010, the markets showed signs of indecisiveness after the riseon Monday & Tuesday pointing to an evenly positioned situation between bulls and bears in a tug-of-war havingrecovered 1200 points from the 2100 points lost since early November 2010 as given above. Accordingly on Wednesday22 December 2010, the Sensex slipped back with a loss of nearly 135 points at the close of market settling in the red by44.52 points at 20015.31 while the Nifty closed below 6K at 5984.40. So either the bears tried to assert their strength orinvestors preferred to book profit at higher levels.A similar trading pattern was repeated on Thursday, 23 December 2010, when the Sensex attained the previous days

high in the pre-market session as well as in regular trading and fluctuated within 50 points several times throughout theday. It ended with a fall of 32.92 points to close at 19982.88 near to 20K. The Nifty hardly lost 4.40 points at 5980 hinting oa fierce fight in days to come on account of the F&O settlement next week on Thursday, 30 December 2010, which is alsothe year end for the FIIs.But on Friday, 24 December 2010, the markets turned hopeful as the Sensex rose 90.78 points to 20073.66 and the Niftyrose 31.60 points to 6011.60 crossing the 20K and 6K marks respectively. Having struggled around these levels for the pastwo weeks, the markets will flare up now.Commodity stocks under the leadership of Tata Steel, Hindalco, Sterlite Industries hit new 52-week highs but met profitbooking at higher levels. The takeover of Ispat Industries by JSW Steel was also a hot news for the market but did notimpact its share price much as it was considered a friendly takeover. Pharma and power stocks were relatively betterautomobile stocks also encountered profit booking as Maruti slipped below Rs.1400 and Tata Motors too pared the recengains.

Mid cap and small cap stocks are struggling hard to gain their lost strength but provide a better opportunity for higherpercentage gain whenever the market rallies further in January 2011.Elecon Engineering, which is near its 52-week low at Rs.76, Mukand Ltd at Rs.57, Shanthi Gears at Rs.42, Vimta Labs aRs.30 and JK Lakshmi Cement at Rs.56 are some of the few stocks that will stand re-rated looking at their fundamentastrengths.Andhra Sugars, Century Textiles, GE Shipping, KSB Pumps, Cosmo Films, Sarda Energy and Gujarat Alkalies are set toflare up anytime now as they refuse to go down any further. Garden Silk, which had slipped to Rs.94 week before, gained30% last week. So also, Arvind Ltd, which flared up by 50% and was referred in our article last week.All the shares referred above are fundamentally strong and will flare up when the market rallies in January 2011.

Recently, PSL Ltd (Code: 526801) (Rs.89.20)made a new 52-week low of Rs.81 and has recovered slightly from

that level. The scrip has thus corrected almost 60% from its high of Rs.189 made in January 2010. Investors can safely buythis scrip at current levels as no further downfall is expected. The fundamentals of the company are intact and it isexpected to perform well in the coming quarters. It is among the few scrips with a dividend yield of over 4% andavailable at over 40% discount below its book value. At a current market cap of Rs.475 crore, it is trading at a forward P/Emultiple of less than 4 times. The company is one of Indias largest manufacturers of high grade large diameter HelicalSubmerged Arc Welded (HSAW) pipes that are mainly used for oil, gas & water transmission as well as structural andpiling applications for both onshore and offshore sectors. It also offers range of coating services including pipe corrosionprotection service and the most stringent of pipe-coating applications like Polyethylene, Coal tar enamel, Fusion-bondedepoxy, Concrete weight coating etc. It even undertakes turnkey projects for setting up pipe manufacturing & pipe coatingplants from the greenfield stage for which it has technical collaboration with renowned design & engineering firms fromGermany & Italy. The company boasts of a total 13 HSAW pipe mills, of which 11 pipe mills are in India, one in UAE andone in North America. The combined pipe manufacturing capacity stands at 17,75,000 TPA with 14,00,000 TPA in India

75,000 TPA in UAE 3,00,000 TPA in USA. As of now, the company has a total order book position of over Rs.2000 crorewhich is expected to improve in the coming few months as the company awaits the results of a few bids. For FY11, thecompany is estimated to clock a turnover of Rs.4,250 crore with PAT of Rs.125 crore posting an EPS of Rs.23 on its currentequity. A solid bet!

STOCK WATCH

*******

Cords Cable Industries Ltd (Code: 532941) (Rs.33.50) is another scrip that is consistently making new lowsThe company provides cost-effective, quality solutions for various electrical connectivity requirements. It is mainlyengaged in customized design and development, quality manufacturing and reliable delivery of all types of low tensionrange cables and household wires. Its products include LT Power & Control cables, Instrumentation cablesThermocouple Extension cables, Compensating cables, Telephone cables, Panel wires and Customised cables. It supplies



13/20

to all big players like BHEL, TATA Power, Reliance Power, IOC, HPCL, Essar, NTPC, Siemens, Tata Steel, L&T etc. andhas a huge clientele. Besides, it alsoexports its products to several countrieslike Oman, Kazakhastan, Egypt, UAE, etc.To make its business model moresustainable, the company is trying toincrease its global presence and isseriously exploring opportunities on theexport front. As per reports, 50% of its

current order book position constitutessupply to overseas markets. Importantly,the company has recently revived itsexpansion plans, which were put on holddue to the general recession. It hasalready achieved financial closure and theproject is in an advanced stage of civilconstruction and is expected to becommissioned by end of the current fiscal.Fundamentally, the company has beenreporting satisfactory performance andmay end FY11 with sales of Rs.250 crore

with PAT of Rs.5.25 cr. This translates intoan EPS of Rs.4.60 on its equity of Rs.11.40cr. Buy at declines.


*******

On the back of not so encouraging

Q2FY11, the share price of Amara RajaBatteries Ltd (Code: 500008)(Rs.182) took a beating and correctedby almost 20% from Rs.225 to the currentlevel. The Q2FY11 performance wasaffected due to higher lead price andrealisation pressure from the telecom

sector. Long-term investors should takethis opportunity to accumulate this scripas it is an Exide in making. With 26%equity held by Johnson Controls USA, it isone of the largest manufacturers of leadacid batteries for both industrial andautomotive applications in the Indianstorage battery industry. In fact, it is thelargest manufacturer of VRLA (valve-regulated lead-acid battery) batteries inSouth Asia. Under the automotivedivision, it caters across the vehicles

segment like passenger cars, MUV,commercial vehicles, motorcycles &scooters. It also commands a substantialmarket share in the replacement market.Under industrial division, it suppliesbatteries for Telecom infrastructure, UPSsystems, railways, and has startedsupplying to the IT and banking sectors.Leveraging its partnership with JohnsonControls of USA, the company has

37 out of 40 Winners of 2010identified 11 months back!!

Winnersof2010hasperformedwellwith37outof40stocks

recommendedrecordinggainsoverthelast11months.

Thisannualnewsletteralongwithitsthreequarterlyupdateshashelped

manytradefrequentlyinthescripsidentifiedwhileinvestorsaresittingon

handsomeprofits,

ifnot

encashed

already.

ScripsPrice

31-12-09 (Rs)Price

12-11-10 (Rs)Gain(Rs)

Gain%

Coromandel Fertilizer 237.60 648.00 410.50 172.80

Rallis India 632.70 1450.00 817.30 129.20

Whirlpool Of India 140.00 303.30 163.30 116.60

Bayer (India) 541.00 1096.00 555.00 102.60

Eicher Motors 655.00 1282.00 627.00 95.70

Bank Of Baroda 511.30 982.00 470.70 92.10

Unichem Laboratories 138.20 253.30 115.10 83.30

Shriram Transport Finance 484.90 851.00 366.10 75.50

Zuari Industries 469.60 821.00 351.40 74.80

LIC Housing Finance 804.00 1335.00 531.00 66.00

Bajaj Electricals 163.40 271.10 107.70 65.90

Gujarat Gas Company 234.40 383.30 148.90 63.50

Lupin 298.00 468.80 170.80 57.30

Castrol India 302.90 476.00 173.10 57.10

Apollo Hospitals Ent 328.00 509.40 181.40 5

Ipca Laboratories 209.40 325.10 115.70 55.30

Asian Paints 1796.00 2629.00 833.00

Punjab National Bank 907.00 1327.00 420.00 46.30

Union Bank Of India 264.00 384.40 120.40 45.60

E.I.D. Parry (India) 369.90 531.80 161.90 43.80

Motherson Sumi System 131.50 187.90 56.40 42.90

Exide Industries 115.60 164.60 49.00 42.40

Crisil 4418.00 6172.00 1754.00 39.70

ITC 125.40 173.80 48.40 38.60

Engineers India 258.50 346.50 88.00 34.00

Astra Zeneca Pharma 949.00 1216.00 267.00 2

Jain Irrigation Systems 173.40 214.10 40.70 23.50

Uttam Galva Steels 119.40 146.10 26.70 22.40

GAIL (India) 413.10 486.40 73.30 17.70

Shree Cement 1926.00 2236.00 310.00 16.10

Bharat Petroleum Corp. (BPCL) 632.80 730.00 97.20 15.40

Infosys Technologies 2605.00 2999.00 394.00 15.10

Aventis Pharma 1695.00 1890.00 195.00

GTL 386.90 415.30 28.50 7.40Hero Honda Motors 1716.00 1817.00 101.00 5.90

Hindustan Zinc 1213.00 1239.00 26.00 2.10

Container Corp. Of India 1309.00 1314.00 5.00 0.40

MakesureyoubookWinnersof2011foraroundtheyearbankoftradable&investmentstockswithdefinedlevelsofsupports&resistances.

Winnersof2011willbeissuedduringthefirstweekofJanuary2011.Price:Rs.5000perannum.

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recently developed small VRLA batteries for commercial and household applications and also Front Terminal Access(FTA) batteries for the telecom segment. Currently, it is in the midst of expanding its medium VRLA capacity to 18 lakhunits and motorcycle batteries capacity to 24 lakh units. To further enhance its market share, it has entered into amarketing tie up with Maruti and Tata International for automotive batteries. It is already an exclusive supplier toDaimler Chrysler, Ford and Swaraj Mazda. In future, the company hopes to provide high-energy density batterysolutions for Hybrid Electric Vehicles using the Li-ion technology. For FY11, it may report a turnover of Rs.1750 crorewith PAT of Rs.150 crore registering an EPS of Rs.18 on its equity of Rs.17 crore having face value of Rs.2 per share.

*******

The share price of Paper Products Ltd (Code: 509820) (Rs.56.55)is trading in a narrow range after hitting a

new 52-Week low of Rs.52 made a couple of weeks ago. It reported satisfactory performance for Q3CY10 although profitstood marginally lower at Rs.7.75 crore on 15% higher sales of Rs.182 crore against Rs.161 crore in Q3CY09. With a richexperience of over 75 years, this MNC offers a multi-dimensional portfolio of packaging solutions, with functionalityproduct protection as well as valuable shelf appeal. Its portfolio includes flexible packaging, specialised pouches, packageprotection, decoration technologies (Labelling Options), specialised cartons, packaging machines, barrier metallised &holographic options. It claims to have pioneered flexible packaging and introduced virtually every form of modernflexible packaging in India. It also boasts to be a market leader with 3 state-of-the-art, fully-integrated manufacturingfacilities at Thane, Silvassa and Hyderabad commanding over 65% market share. In January 2007, it set up a new plant aRudrapur, Uttarakhand. It also reconstructed its packaging facility after a fire and relocated the machines and utilities aThane that went fully operational in January 2010 and has enhanced its operational capacity by over 20%. Recently, it hasfloated a VRS scheme for its Hyderabad employees to become more efficient & productive. For CY10, it may report atopline of Rs.700 crore and bottomline of Rs.28-30 crore i.e. an EPS of Rs.4.80 on its equity of Rs.12.50 having face value as

Rs.2 per share. This debt-free MNC, which has been paying uninterrupted dividend for the last 60 years, is availablereasonably cheap at a market cap of just Rs.350 cr.

By KukkuFIFTY FIFTY

Investment calls*Incorporated in 1947, Andhra Sugars (Rs.112) is engaged in the manufacture and sale of Sugar, Organic and InorganicChemicals with plants located at Tanuku, Kovvur, Taduvai, Saggonda and Bhimadole. Non-conventional Wind Power isbeing generated at Ramagiri in Andhra Pradesh and at Veeranam and Kundadam in Tamil Nadu.Key Investment Arguments: Robust Business Model: Backward and Forward Integration with locational advantage are the main attributes o

success for both its caustic soda unit and sugar units. The company uses most of its by-products very efficiently.

Realization gains: Caustic soda prices have firmed up recently by 30% to peak levels over last few months. This willead to good profits in H2FY11.

Sugar Turnaround: With the sugar sector also turning favourable, it is expected that its sugar unit, too, will contributeto profits in H2FY11.

Rewarding Shareholders: If the past track record is any indication, dividend is likely to be maintained at around 50%on its expected book value of around Rs.150 by the year end with a Gross Block of Rs.743 crore, debt of Rs.210 croreand a market cap of Rs.291 crore. The company has investments worth Rs.141 crore in Jocil Ltd and AndhraPetrochemicals Ltd. Hence the stock looks attractive for investment at current levels.

Performance: Last year, its standalone sales were Rs.582 crore and the EPS was Rs.24 while consolidated sales wereRs.849 crore with EPS of Rs.32. The company has reduced debts from Rs.313 crore to Rs.210 crore. For H1FY11, itposted a net profit of around Rs.10 crore for the 1st half. During this period the sugar unit reported a loss of aroundRs.19 crore. Thus even if the sugar unit reports a small profit in H1FY11, the company is likely to report a net profit of

Rs.28 crore for H2FY11 on a conservative basis without taking into account better price realisation on caustic soda andsugar. Thus full year profit is likely to be around Rs.38 crore on its equity base of Rs.27 crore leading to an EPS of Rs.14for FY11. The stock is thus valued at 7.6 its FY11 EPS of Rs.14.

*The business of Mukand Engineers (Rs.41.60)continues mainly in the areas of supply and erection of equipment forPower Generation Plants, Integrated steel Plants, Aluminum Plants and Hydrocarbon Plants. The contracts cover erectionof mechanical plant, Structural Works, Piping Works and Electrical works. The company also undertakes Engineering andProject Management jobs for rolling mills in Steel plants and Electrical works at Power plants.During FY10, it booked new orders valued at Rs.1,035.3 crore, which includes Fabrication & Erection of Structural ofAluminium Smelter and Steel Hot Strip Mill in a steel plant, Equipment Supply, Cabling package, Earthing & Lightingprotection electrical systems in a power plant and a specialized shut down job in a Refinery. Business, the company has



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received enquiries for expansion projects in Hydrocarbons Industry as well as in Aluminium, Integrated Steel Plants andPower Projects.The cost escalation clause is provided in the quotation itself. However, the abnormal increases have to be borne by thecompany. The risk of time over runs due to delays on account of client not providing site and other facilities results inhigher costs. Such costs are claimed by it. These are considered in accounts after realization.The turnover in Q1FY11 was less as the clients' sites were not made available as per schedule. Its order book position isgood at Rs.198.59 crore as on date.The company has loans and interest receivable from certain investment companies who paid Rs.156 lakh during Q2FY11leaving an outstanding of Rs.1280.75 lakh of loans and Rs.623.33 lakh of interest. Net worth of these companies has

eroded. Based on it's assessment of these parties, the management expects to realise these dues during 2010-11 and 2011-12.Although H1FY11 are not encouraging due to the above reasons, it is very interesting to note that the promoter holdinghas gone up by 4.88% during the period.Seeing to the good order position and its strong capabilities of management, investors can accumulate this stock on dipsfor good long-term growth.

Market Review*Chemfab Alkalis (Rs.63) is another good stock in the heavy chemicals sector of caustic soda & chlorine. The companyreported encouraging H1FY11 results as sales went up by 6% to Rs.46 crore while net profit shot up by 82% to Rs.5.61crore on its small equity base of Rs.4.59 crore.Price realisation has gone up from Rs.900 to Rs.1280 per 50 kg bag of caustic soda, which is sure to improve margins inH2FY11.

If H1FY11 profits are any indication, then full year EPS is likely to be around Rs.12/13. The company has a good dividendpayment track record and paid 50% dividend on its Rs.5 paid-up face value stock. The promoter holding is 74.90%Investors can safely accumulate this stock for a target price of Rs.90 over the next 6 months.


Early Bird Gainsinvestment newsletter

Early Bird Gains (EBG), our weekly investment newsletter specialising inmulti-baggers for medium-to-long-term investment, has once again

proved to be a market outperformer as each and every stock from the 57recommended in 2009-10 has proved to be a winner with gains ranging

from 900% to 21%.

* Balaji Amines (Rs.41.85) has reacted from a high of Rs.58 to the current levels of Rs.41. With an expected EPS of Rs.9book value of Rs.27, ROCE of 22.5% &RONW 25%, investors can keep watchon this stock for investment. Thosehaving booked profit at higher levelscan think of accumulating it again ondips.* Part profit booking was advised inAtlas Copco (Rs.1751.50). Investors

can continue to hold the remaining lotas the delisting offer likely to give betterreturns. Moreover, its outlook is alsoencouraging.

2 stocks grew over 500%

1 stock grew between 400% - 500%

1 stocks grew between 300% - 400%






Revised subscription rates from 1 January 2011

Having consistently delivered for 7 long years outperforming any brokerage,

mutual fund of media, there is a strong case for raising the subscription rate ofEarly Bird Gains (EBG) since its launch on 1 October 2003.

* Recent developments in the Sugarsector like allowing of export, futuretrading and increase in levy prices havehelped firm sugar stocks. Investors canhold onto good stocks like RajshreeSugar, Andhra Sugars, RenukaSugar, Dwarikesh, TriveniEngineering, Balrampur Chini for

good medium-term returns.* GSFC (Rs.365.15) is another goodstock which investors can continue tohold for higher targets.

Along with the rate revision, we have also introduced a 6 monthly subscriptionformat for the convenience of our young readers.

* Restructuring at Dharamsi MorarjiChemicals (Rs.15.65) will benefit thecompany over the long run. Patientinvestors can accumulate small quantityon dips on a high-risk, high-gains basis.

The new rates effective from Saturday, 1 January 2011, are as follows:

6 months: Rs.4000, 1 year: Rs.7000, 2 years: Rs.12000, 3 years Rs.15000

Subscriptions at the current rate, however, will continue to be accepted onlytill 5 p.m. on Friday, 31 December 2010.

* Saraswati Industrial Syndicate


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(Rs.1172), an engineering giant company also in the sugar sector, looks good for investment on dips.


By V. H. DaveEXPERT EYE

This scrip was earlier recommended in Early Bird Gains (EBG), our investment newsletter specializing in multi-baggers, at Rs.113.55 on 4 May 2010. Thereafter, the stock zoomed to touch a new 52-week high of Rs.395 on 12

November 2010 giving over 247% returns to EBG subscribers in 6 months!

Gitanjali Gems: To bounce back

The share of Gitanjali Gems Ltd (GGL) (Code: 532715) (Rs.198.10) is currently traded at a discount of 48% to its 52-weekhigh of Rs.395 made on 12 November 2010. The companys robust fundamentals will take its share price to Rs.300 in themedium-term, which will fetch a gain of about 50%.Established in 1986, GGL is one of the largest integrated diamond and jewellery manufacturing companies in India. Itsoperations include cutting and polishing rough diamonds sourced from overseas mainly for exports and the manufactureand sale of diamond jewellery in India and overseas.GGL is in the process of establishing its first gems & jewellery SEZ at Hyderabad. It has presence in USA, UK, BelgiumItaly, Middle East, Thailand, South East Asia China and Japan. Its retail sales & distribution network comprises 112distributors and 2,000 outlets in India and 150 retail outlets in the USA. Its IPO in February 2006 was priced at Rs.195 pershare.Diamond processing, which accounted for 85% of its revenues in FY06, saw a decline to nearly 42% in FY10 because of thecompanys strategy to venture into high-value added operations of jewellery retailing, which is margin accretive. The

company is planning to invest Rs.400 cr. over the next 18 months for expanding its retail business globally. It is planningto increase the number of store in India by three fold and double the outlets it owns in USA, China and the Middle-East. Ihas over 500,000 sq ft of retail space and is planning to increase it up to 1.5 million sq ft within the next three years.GGL is also planning to open up 60 exclusive jewellery stores under its joint venture (JV) with state owned Minerals &Metal Trading Corporation (MMTC). This 74:76 JV between MMTC and GGL was floated recently and is expected to fetchrevenues of about Rs.100 cr. in the first year of operation.The company is going to acquire 70% stake in the Bangalore-based mobile retail chain operator MobileNXT (MNXT),through its wholly-owned subsidiary, Gitanjali Lifestyle Ltd. (GLL) for which it has entered into an investment cumshareholders agreement with MNXT. MNXT is present across 21 stores in South India and in tier 2 and tier 3 cities and itsstores are a one-stop shop offering a host of telecom related products and services.GGLs wholly-owned subsidiary, Gitanjali USA Inc, has acquired 51% stake in Diamlink Inc (Diamlink) - a New Yorkbased company engaged in the business of diamonds and diamond studded jewellery.GGL is constructing the Rajiv Gems

Park, first private jewellery SEZ inIndia and has already completed theconstruction of two diamond cuttingand polishing units spread over 1 lakhsq. ft. area. The company is alsodeveloping a jewellery manufacturingfacility spread across 2 lakh sq. ft. ofarea.In October 2009, the UK-based BrandFinance, valued the four leading brandsof the company at Rs.514 crore(Nakshatra), Rs.468 crore (Gili), Rs.309

cr. (D'Damas) and Rs.210 cr. (Asmi),respectively. GGL is not only gearingtowards improving sales but is alsolooking at multiplying the value ofthese brands by 1.5 to 2 times by 2011-2012.For FY10, the companys consolidatedsales rose by 28% to Rs.6528 cr. and netprofit by 33% to Rs.200 cr. with an EPSof Rs.25. During Q2FY11, consolidated

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net profit surged 52% to Rs.80 cr. on 43% higher sales of Rs.2510 cr. During H1FY11, net profit jumped 62% to Rs.159 cr.on 41% higher sales of Rs.4376 cr. while the half-yearly EPS stands at Rs.18.9.GGLs equity capital is Rs.84.3 cr. and with consolidated reserves of Rs.2100 cr., the book value of its share works out toRs.260. GGL has outstanding FCCBs of about $73.86 million Rs.332 crore due to mature in November 2011. Theconversion price was at Rs.220 per share. Nothing has been heard from the company in this regard.The promoters hold 54% in the equity capital, foreign holding is 22.5%, institutional holding is 0.4% and with PCBholding of 11.6% leaves 11.6% with the investing public.Gems & Jewellery is the fastest growing jewellery market in the world. During FY10, the Indian gems & jewellery exportsadvanced by 16% to $28.4 billion from $24.4 billion in FY09. Recognised as the diamond polishing capital of the world

India is gaining prominence as an international sourcing destination for high quality designer jewellery with global retaimajors such as Wal-Mart and JC Penney procuring jewellery from India.The presence of highly skilled and low-cost labour enables India to design and make high volumes of exquisite jewelleryat relatively lower costs. The domestic jewellery market is pegged at US $16 billion, which includes gold, diamondplatinum and others is expected to grow to US $25.2 billion in 2-3 years.GGLs retail reach spans over 3,000 outlets of which about 500 are exclusive outlets of the company. About 3.5 lakh sq. ftwas added in FY10, taking the total retail footprint to about 1 million sq. ft. Plans are on to add a further 3 lakh sq. ft .inspace through franchisees as well as company owned stores. New expansion is also slated to come up in the relativelyuntapped Tier II and Tier-III cities. The project is being developed by Gitanjali Infratech Ltd, a 100% subsidiary of theGitanjali Group.GGL expects to earn Rs.125 cr. in revenue in the current fiscal from the development of 100,000 sq. ft. in Andheri (W)Mumbai. It is already developing 400,000 sq ft in Borivli (W), Mumbai, which is expected to yield around Rs.375-400 cr

revenue in the current fiscal.GGL is likely to post a consolidated EPS of Rs.40 in FY11 and Rs.46 in FY12. At the CMP of Rs.198, the share is trading at aP/E multiple of 4.9 on its FY11 estimated earnings and 4.3 on FY12 projected earnings. The GGL share is recommendedwith a target price of Rs.300 in the medium-term. This would fetch an appreciation of about 50%. The 52-week high/lowof the share has been Rs.395/94.

*******

Orient Press: Back into profitsThe share of Orient Press Ltd (OPL) (Code: 526325) (Rs.95.10) is recommended for decent gain in the long-term on itsstrong comeback with improved workingresults.


Incorporated in 1987, OPLis into the printingof Capital Market stationery, commercial

printing like text books, Annual Reports etc.,Security Printing like MICR Cheques,Dividend Warrants, Shares and DebentureCertificates, Railway Tickets and Couponsetc., Computer Stationery, Telephone Cards(Scratch Cards), Smart Cards, RechargeCoupons and Note Books etc. The company isalso engaged in Packaging materials of allkinds i.e. Flexible Packaging material of multi-layer film laminates, paper boards, monocartons, liner cartons, display cartons andouter corrugated boxes etc.For the six months ended 31 March 2010(FY10), OPL posted sales of Rs.67.3 cr. againstsales of Rs.162 cr. in 18 months ended 30September 2009 (FY09). Net profit duringthese periods stood at Rs.5.9 cr. and Rs.9.6 cr.respectively.During FY09, One Time Settlement (OTS) ofdues to IFCI was agreed upon and thepayments effected. Accordingly, OPL tookcredit for the waiver of principal amount of

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Rs.6.7 cr. to Capital Reserves and waiver of interest amounting to Rs.2 cr. to Profit & Loss Account as exceptional items.During Q2FY11, OPL posted a net profit of Rs.3.4 cr. on sales of Rs.38.7 cr. For H1FY11, net profit stood at Rs.6.2 cr. onsales of Rs.75 cr. while the half-yearly EPS works out to Rs.7.7.Its Printing Divisions performance was better and contributed higher margins due to improvement in the capital marketThe company also explored new product markets in the printing segment to compensate for the loss of business in thecapital market.The Packaging segment has incurred marginal loss compared to the previous year. However during the current year, itsPaper Board Division is expected to record a good turnover with a better profit margin due to the good order bookposition as on date.

OPL is also developing the export market not only in the packaging segment but also in the printing segment and it hasreceived a good response resulting in increased sales, which in turn will lead to higher in profits in coming years. DuringFY10, exports increased by 19.5% to Rs.22 cr. from Rs.18.5 cr. in FY09.The companys equity capital is Rs.8.1 cr. and reserves of Rs.25.5 cr., give its share a book value of Rs.41. The promotershold 90.1% in the equity capital, foreign holding is 0.3% and institutions hold 1% leaving 8.6% with the investing public.To maintain its position as one of the leading player in the printing and packaging industry, OPL is keen to induct newtechnology and upgrade the existing technology. The companys main thrust is now in paper and paperboard relatedprinting and packaging business and safeguard its business interest against any legislation to curb plastic relatedpackaging on grounds of pollution.OPL has committed itself to eco-friendly packaging and the first step in this direction is to install and commissionautomatic Board to Kraft fluting lamination machines. The next step is to introduce environment-friendly automaticlamination machines. All such machinery will help OPL maximise its business opportunity in the value added printing &

packaging sector and export markets.The printing and packaging industry is a service industry and is co-related with the growth of GDP and education in thecountry. Since the GDP growth of the country is pegged at 9%, it provides a lot of encouragement for the growth of thisindustry.


By Nayan PatelTECHNO FUNDA

G M Breweries LtdBSE Code: 507488NSE Symbol: GMBREWLast Close: Rs.91.50G.M. Breweries Ltd (GMBL) set up in 1981 by Mr. James WilliamAlmeida manufactures and markets Alcoholic Beverages, such asCountry Liquor (CL) and Indian Made Foreign Liquor (IMFL). Mr. Almeidas aim was to provide the finest qualitycountry liquor to the common man who can savours it, at the lowest possible price. The company is growing steadilywith a dedicated customer base and is the largest manufacturer of country liquor in Maharashtra with a sizeable marketshare. GMBL also has loyal shareholders who have has been rewarded with dividend continuously every single year aftethe public issue. Initially the company started producing 200 cases a day and has expanded to more than 50,000 cases aday. It has a state-of-the-art fully-automatic Bottling Plant at Virar, District Thane in Maharashtra with a capacity toproduce about 50,000 cases a day.

Review

In the issue dated 29 November 2010, we hadrecommended Indo Borax & Chemicals at Rs.70.35.Last week, it zoomed to Rs.91 and recorded 29.99%return in just one month in a highly volatile anduncertain market trend.

Country liquor industry producers were earlier producing only 750 ml & 375 ml bottles only. GMBL introduced countryliquor in 180 ml bottles. It was also the pioneer in introducing PET bottles in the country liquor industry.GMBL has an equity base of Rs.9.36 cr. that is supported by huge reserves of around Rs.46.90 cr. (which is more than 5times of its equity). The promoters hold 74.43%, non-promoter corporate bodies hold 1.93%, foreign investors hold 2.08%

while the investing public holds 21.56% stake in the company.For Q2FY11, it recorded net sales of Rs.53.12 cr. with net profit of Rs.5.48 cr. against net sales of Rs.49.24 cr. with net profitof Rs.1.43 cr. in Q2FY10. (Net profit zoomed 283% on a quarterly basis). For H1FY11, it recorded net sales of Rs.110.03 crwith net profit of Rs.10.13 cr. against net sales of Rs.104.11 cr. with net profit of Rs.3.96 cr. in H1FY10. (Net profit zoomed156% on a half-yearly basis). The quarterly EPS was Rs.5.87 while H1FY11 EPS is Rs.10.84. This company is a regulardividend paying company and paid 20% dividend for FY10. At the current level, the stock is available at a forward P/Emultiple of just 4.15.Buy with a stop loss of Rs.75. On the upper side, the stock will go up to Rs.100-110 in the short-term and to Rs.125-150level in the long-term.


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Central Bank of India turns 100MONEY FOLIO

Central Bank of India announced the beginning of its centenary celebrations with a simple and elegant function on 23December 2010.Started by Sir Sorabji Pochkhanwala, as a bank totally managed by Indians, exclusively meant for Indians on 21 Decembe1911, the Bank today has a total business of over Rs.2,70,000 crore as on September 2010.In the Centenary Year, the Bank has plans to expand its existing network in domestic & overseas markets, introduce newproducts aimed in particular at the younger customer segment and accelerate the technology based Financial Inclusion

programme. The occasion was graced by the President of India, Smt. Pratibha Devisingh Patil.

JSW Steel acquires Ispat JSW Steel has acquired a majority 41.29% stake in debt ridden Ispat Industries for Rs.2157 crore. Ispat promoters Pramod and Vinod Mittal will hold 26% stake in the company. The JSW-Ispat combine will have a capacity of 14.3 milliontonnes per annum (mtpa) by March 2011, making it Indias largest steel company by capacity.

JSW proposes to infuse Rs.7500 crore to refinance Ispats debt, which is at Rs.9500 crore including Rs.2000 crore asworking capital.Ispat will be made profitable within 12 months, said JSW Vice Chairman & Managing Director Sajjan Jindal after makingannouncement of the takeover.

INF Vysya ties-up with Angel Broking

ING Vysya Bank Ltd. and Angel Broking announced a strategic tie-up that will enable ING customers to manage theiraccounts with a single online interface. The platform allows ING customers to lien mark funds in the ING savingsaccount, ING demat account and Angel trading account and trade instantly. If the customer does not use the funds fortrading, they remain in the Savings account and the lien mark is automatically released.ING Vysya Bank customers have the choice across Online Trading, Mobile Trading and also dealing facility through thephone. The customer can opt of one or more of the following segments: Equities, Futures & Options, Exchange TradedCurrency Derivatives and Commodities, on a single platform. The platform also allows access to multiple exchanges,namely BSE, NSE, NCDX, MCX and MCX-SX.

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Printed & Published by R.N. Gupta for the proprietors Time Communications (India) Ltd. and printed by him at The Urdu Press 79-A, Jairaj BhaiLane, Mumbai 400 008. Registration No.: 63312/91, REGD. NO. MH/MR/South - 72/ 2006-08

Disclaimer: Investment recommendations made in Money Times are for information purposes only and derived from sourcesthat are deemed to be reliable but their accuracy and completeness are not guaranteed. Money Times or the analyst/writer doesnot accept any liability for the use of this column for the buying or selling of securities. Readers of this column who buy or sellsecurities based on the information in this column are solely responsible for their actions. The author, his company or hisacquaintances may/may not have positions in the above mentioned scrip.


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