REAL ESTATE COs WITH THEIR DEBT BURDEN IN THE ORDER,,,,,,NAME,,,,EQUITY,,,,,RESERVES,,,,,DEBT in CRORES
AKRUTI: 66.7cr,,,710.85cr,,625.51cr
ANANT RAJ: 58.92,,,2834.13,,,,58.01
ANSAL PRPERTIES: 56.75,,,1098.05,,,1087.33
BRIGADE ENTR: 112.25,,,841.93,,,297.49
DLF: 340.96,,18395.24,,12277.08
HDIL: 214.27,,,3422.95,,,3112.75
INDIA BULL REAL ESTATE: 48.17,,,3782.83,,,338.88
KOLTE-PATIL: 76.31,,,493.27,,,157.05
LANDMARK: 13.41,,39.19,,,0.14
MAHINDRA LIFE: 40.81,,,804.93,,,285.51
OMAXE: 173.57,,,1239.69,,,1779.13
ORBIT: 36.27,,,490.10,,,530.17
PARSVNATH: 184.7,,,1704.90,,,1820.52
PRIME PROPERTY: 10,,,47.9,,,34.85
PURAVANKARA: 106.71,,,1105.99,,,652.40
PENINSULA LAND: 55.84,,,880.90,,,270.87
PHOENIX MILL: 28.96,,,1255.58,,,20
RITESH PROPERTIES: 11.59,,,29.25,,,14.69
SATRA PROPERTIES: 31.07,,,39.72,,,191.02
SOBHA: 72.90,,,915.44,,,,1783.05
SUMMIT SECURITIES: 48.51,,,116.56,,,0
UNITECH: 324.68,,,3275.28,,,8552 ( CLIENTS WHO ARE HOLDING UNITECH,,,,,,PLEASE KEEP IN MIND THAT UNITECH IS IN REAL TROUBLE.....MAY FALL FURTHER .......THEY HAVE Rs.8600cr DEBTS,,,,THEY ARE NOT IN A POSITION TO REPAY EVEN AFTER SELLING THE PROPERTIES......AVOID BUYING UNITECH....EXISTING HOLDERS CAN CONSIDER EXITING UNITECH....
Thursday, November 27, 2008
Wednesday, November 26, 2008
OIL Rich Sheikhs buyying GOLD ?
Oil-rich Sheikhs in the Middle East are scared. How do I know?Because they are buying gold like crazy!First, we got the news that Saudi investors spent $3.47 BILLION on gold in a recent two-week period. On a ratio-to-GDP basis, that's like investors in the U.S. spending $131 BILLION.Why are they doing this? The only explanation I've heard is that the Saudis are turning to gold as a safe haven in the midst of the global financial crisis. And since the financial crisis kicked into high gear in August ... something must be scaring them quite a bit more right now.
Second, Reuters reports that Iran is converting some of its foreign currency reserves to gold. Iran has $120 billion in foreign currency reserves ... there's no details on just how much was shoveled into the yellow metal.Third, gold dealers in Dubai reported running low on gold during the recent Indian holiday, the Festival of Lights, a traditional time for Indians to buy gold. More than 50% of the population of Dubai originally comes from India. And about 20% of the world's gold is traded in Dubai.The world is in the grip of economic hard times — over 40 countries are officially in a recession. Japan just joined that unhappy club. And the euro-zone nations are already there.The oil producers are used to a world where U.S. oil imports always go up. But that world has been turned on its head. In September, crude oil imports dropped to 8.4 million barrels per day, down a whopping 16.5% from the average of 10.1 million barrels registered a year earlier.U.S. crude oil tumbles.This is helping the U.S. trade deficit, but for all the wrong reasons. The way to get lower oil prices is through conservation. Now though, Americans are being forced to conserve by economic hardship.And since the U.S. uses one-fourth of the world's oil, our falling imports are a major driver of cratering oil prices ...There is strong support for oil at $50. But you know that the Saudis, Iranians, Venezuelans and other OPEC heavyweights made their budget plans based on much higher prices. And cheap oil means the only way they can make up revenue is by pumping more oil ... which should weigh on prices even more.Looking forward, it gets worse for the oil producers ...Just last week, the Energy Information Agency projected that OPEC could earn $595 billion in 2009. That's way, way down from projections of $979 billion of net oil export revenues in 2008, and even lower than the $671 billion it earned in 2007.Saudi Arabia earns 29% of OPEC's total revenues. If their revenues go back to 2006 levels, what will that do to the political situation in a country that is already sitting on a fundamentalist Islamic powder keg?Yeah, that might be a really good reason for the Saudi fat-cats to buy gold
Berkshire Hathway shareholders meeting at omaha (2008)
Tuesday, November 25, 2008
Berkshire Hathway shareholders meeting at omaha (2008)
Summary By Some Gentleman who attended the meet.
_________________________________________________________________I had the good fortune to attend the 2008- Berkshire Hathaway Shareholders meeting at Omaha, Nebraska a few weeks back.It was a wonderful experience listening to and learning from the Master Investor- Warren Buffett himself and all I can say is that he stands alone as the reigning deity of financial world's Mt Olympus!The degree of humility and composure he exhibited, although he is the richest and most well respected human is stunning!I tried to take some notes and would like to share with you some of the best questions and answers which came across during the conversation between we mortals and God.Having read about him, observed him and worshipped him for a few years now, I think it is reasonable to believe that this guy is exactly what he seems: a plain-speaking, tee totaling man of uncrackable integrity who works really, really hard and sticks to his investing and management principles through boom and bust which makes him a freak of nature since he is above normal human tendencies. He is like a comet streaking through the heavens every 75 years or so.The questions the shareholders threw at him for 7 continuous hours ranged from finances, life, religion, career, politics, sports and several other streams. And he answered everything with a Zen like calm and confidence.Even if you are least bothered about investments and finances, I insist, Pl read on.================What does it take to become a successful investor? Brilliance or Smartness?Neither, Success in investing doesn't correlate with I.Q. Once you have ordinary intelligence, what you need is the temperament to control the urges that gets other people into trouble in investing.When do you deicide to invest in a firm?The best thing that happens to us is when a great company gets into temporary trouble. We want to buy them when they're on the operating table. (Mr. Buffett bought Coke when it had its biggest fiasco after launching New Coke; he bought American Express when it went through a loss making phase in the early 60's)What do you look for in people when they come to sell their firms to you?I don't look for the usual credentials such as an MBA, a pedigree (Harvard, Wharton), or cash reserves or market cap of their firm. What I look for is just a passion in their eyes; I think that's the key. A person who is hungry will always do well. I prefer it when people evenafter selling stay on and work for the firm; they are people who can't wait to get off their bed to get to work. Passion is everything; there is no replacement for innate interest.Mr. Buffett, you told us that Berkshire Hathaway has $ 45 Billion in cash. Why aren't you investing?Up until a few years back I had more ideas than money. Now I have more money than ideas.When do you plan to retire?I love my job; I love it so much that I tap dance to work. Mrs. B, the founder of Nebraska Furniture Mark worked until she was 104, she died within 6 months of her retirement, that's a lesson to all my managers, don't retire! I personally am going to work 6-7 years after I die, probably that's what they mean when they say- "Thinking out of the Box"!!Why do stock market crashes happen?Because of human nature for greed and insecurity. The 1970s were unbelievable. The world wasn't going to end, but businesses were beinggiven away. Human nature has not changed. People will always behave in a manic-depressive way over time. They will offer great values to you."What are the things that are taught wrong in Business school and the corporate world?I like such open ended questions, I think Business schools should refrain from teaching their wards about profit making and profit making alone, it gives a sense of 1 dimensional outlook to the young students that loss is a curse. In reality, in the corporate world, failure and loss making are inevitable. The capital market without loss is like Christianity without hell. I think they should teach the student on how to buy a business, how to value a business? Not just on how to determine the price of a business. Because price is what you pay, value is what you get.Do you still hate Technology stocks?With Coke I can come up with a very rational figure for the cash it will generate in the future. But with the top 10 Internet companies,how much cash will they produce over the next 25 years? If you say you don't know, then you don't know what it is worth and you arespeculating, not investing. All I know is that I don't know, and if I don't know, I don't invest."How to think about Investing?The first investment primer was written by Aesop in 600 B.C. He said, 'A bird in the hand is worth two in the bush.' Aesop forgot to saywhen you get the two in the bush and what interest rates are; investing is simply figuring out your cash outlay (the bird in the hand) and comparing it to how many birds are in the bush and when you get them."How do you feel after donating $ 40 Billion to the Bill and Melinda Gates foundation? You are a hero to us! I feel nothing. I haven't sacrificed anything in life. I have had a good life. I donated after I turned 75. I think I admire those people who sacrifice their time, share their food and home, as the people to be emulated not me. Besides, what is money before a man's life?What do you think are the pitfalls in donation?I have never donated a dime to churches or other such organizations; I need to believe in something before I end up doing that. I have beenobserving the Bill & Melinda Gates foundation for years now and I am confident they will do a fantastic job of making use of the money. I am a big believer in Outsourcing, others believed in me as an Investor and gave their hard earned money to invest. I believe in Bill Gates, he is a better donor than me.Why do you work from Omaha and not Wall Street, New York?Wall Street is the only place where people alight from Rolls Royce to get advised by people who use the Public transportation system.You seem to be so well read, tell us how it all started.My father was a stock broker, so we had all these financial books in our library. He introduced me to those classics and I got into them. Iam lucky that my father was not a fan of Playboy! Reading is the best habit you can get. Well, you can learn from teachers too, and have mentors but there are so many constraints attached- they will talk fast, talk slow, they might talk like a pro or they might be terrible communicators. Books are a different animal altogether, I love reading! The beauty about reading and learning is that the more you learn the more you want to learn.People who join Berkshire Hathaway seldom leave. How do you get along well with all your executives?I try to get quality people. I always say - Hire someone in your organization who is better than you are. If you do that, you build a company of giants. If you get people worse than yourself, you build a company of dwarfs. And do not try to do everything yourself. Delegate the jobs and look out of the window. The results will come. That's how you build institutions. It happens only when you empower others, believe in others. Iam an investor, Iam very secured at that, I have no clue how to make Coca-Cola or how to dole out credit cards (Mr. Buffett owns 8% of Coca-Cola and 13 % of American Express). I understand the wisdom of the aphorism that you cannot please all thepeople all the time. Of Course, you will always find qualities that you don't like in people around you, but if you observe carefully the love of the work unites you both. There is no point in being obsessive about a bad quality in a person, whom you otherwise respect.I am a small time businessman from Dallas, Texas, what do I need to do to hit big time?Be patient, Achieving your financial goals and dreams will not happen overnight. As much as we would all really love to accomplish our goals in a few years, this is an ongoing process. Defining your financial goals is not a one-time task; you need to keep adding new plans atdifferent stages in your life. We all admire the skills of Olympic ice skaters, pro golfers, and concert pianists. But do we remember that they didn't acquire their skills overnight? They had to practice hours on end for years to achieve their dreams. The key to success is to continue learning throughout your life with a voracious appetite.I think it is marvelous that you have had a golden run with investing, how did you do that?My rule is to be fearful when others are greedy, and be greedy when others are fearful. Besides, I call investing the greatest job in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it. Stay dispassionate and be patient. You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with drinking Coke, you should be OK. First the crowd is boozy on optimism and buying every new issue in sight. The next moment it is boozy on pessimism, buying gold bars and predicting another Great Depression, most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.Mr. Buffett you have seen so many crashes and recessions, your take on facing recessions and stock market crashes?If past history was all there was to the game, the richest people would be librarians. Every scenario is different. But always remember, Tough times do not last. Tough people do.What is the 1 biggest advice you would impart to a young investor like me?Think for a moment that you are given a car and told this is the only car you would get for the rest of your life. Then you would make sure that you car is taken care of well, it is oiled and detailed every now and then. You would make sure that it never gets rusted, and you would garage it. Think of yourself as that car. You just get 1 body, 1 mind and 1 soul. Take care of it well. Invest in yourself that would be my advice.You personally know many of the Financial executives who are engineers of the current turmoil in the financial world, surprisingly even after record losses, those executives receive astronomical salaries and bonuses and arrogantly declare that they deserve it, why dint you advice them from making such decisions and what's your view on their justification for their pay?I like sharing my ideas but don't like imposing my ideas on anybody. It doesn't make sense and is a waste of time. If somebody has decidedthat they know everything that is there to know, nobody can help them. The best way to learn and succeed is to know that we know nothing. There is an entire universe out there and still some of us think we can know everything. In the world of investing a few people after making some money tend to imagine they are invincible and great. This is the worst thing that could happen to any investor, because it surely means that the investor will end up taking unnecessary risks and end up losing everything – arrogance, ego and overconfidence are very lethal. Personally I don't feel too comfortable with too much extravagance, because I always think like an investor. My thought process doesn't see a lot of value in a fancy car or a designer suit. Thinking like an investor always is very important to bring in a sense of disciplineand focus. Before reading balance sheets and investing you need to make sure your outlook and mindset is that of an investor. Never let ego, arrogance and over-confidence control you - not just as an investor but also as a human being. You will never have internal peace if you are unable to look at everybody around you with love, compassion and understanding. Irrespective of who the person is, he or she can teach you something you don't know. I have learnt so much from people all around me and I wouldn't have been able to learn all thesewonderful things if I had not spoken to them with a smile. To quote Sir Isaac Newton- If I have seen farther than others, it is because I have stood on the shoulders of giants.It was a 7 hour conversation and I could just capture some of the best questions and answers. As 37,000+ dazed, amazed and grateful shareholders trooped out of the stadium after the meeting, I found myself recalling one of my favorite quotes-"A man has to learn that he cannot command things, but that he can command himself; that he cannot coerce the wills of others, but that he can mold and master his own will: and things serve him who serves truth; people seek guidance of him who is master of himself".
Berkshire Hathway shareholders meeting at omaha (2008)
Summary By Some Gentleman who attended the meet.
_________________________________________________________________I had the good fortune to attend the 2008- Berkshire Hathaway Shareholders meeting at Omaha, Nebraska a few weeks back.It was a wonderful experience listening to and learning from the Master Investor- Warren Buffett himself and all I can say is that he stands alone as the reigning deity of financial world's Mt Olympus!The degree of humility and composure he exhibited, although he is the richest and most well respected human is stunning!I tried to take some notes and would like to share with you some of the best questions and answers which came across during the conversation between we mortals and God.Having read about him, observed him and worshipped him for a few years now, I think it is reasonable to believe that this guy is exactly what he seems: a plain-speaking, tee totaling man of uncrackable integrity who works really, really hard and sticks to his investing and management principles through boom and bust which makes him a freak of nature since he is above normal human tendencies. He is like a comet streaking through the heavens every 75 years or so.The questions the shareholders threw at him for 7 continuous hours ranged from finances, life, religion, career, politics, sports and several other streams. And he answered everything with a Zen like calm and confidence.Even if you are least bothered about investments and finances, I insist, Pl read on.================What does it take to become a successful investor? Brilliance or Smartness?Neither, Success in investing doesn't correlate with I.Q. Once you have ordinary intelligence, what you need is the temperament to control the urges that gets other people into trouble in investing.When do you deicide to invest in a firm?The best thing that happens to us is when a great company gets into temporary trouble. We want to buy them when they're on the operating table. (Mr. Buffett bought Coke when it had its biggest fiasco after launching New Coke; he bought American Express when it went through a loss making phase in the early 60's)What do you look for in people when they come to sell their firms to you?I don't look for the usual credentials such as an MBA, a pedigree (Harvard, Wharton), or cash reserves or market cap of their firm. What I look for is just a passion in their eyes; I think that's the key. A person who is hungry will always do well. I prefer it when people evenafter selling stay on and work for the firm; they are people who can't wait to get off their bed to get to work. Passion is everything; there is no replacement for innate interest.Mr. Buffett, you told us that Berkshire Hathaway has $ 45 Billion in cash. Why aren't you investing?Up until a few years back I had more ideas than money. Now I have more money than ideas.When do you plan to retire?I love my job; I love it so much that I tap dance to work. Mrs. B, the founder of Nebraska Furniture Mark worked until she was 104, she died within 6 months of her retirement, that's a lesson to all my managers, don't retire! I personally am going to work 6-7 years after I die, probably that's what they mean when they say- "Thinking out of the Box"!!Why do stock market crashes happen?Because of human nature for greed and insecurity. The 1970s were unbelievable. The world wasn't going to end, but businesses were beinggiven away. Human nature has not changed. People will always behave in a manic-depressive way over time. They will offer great values to you."What are the things that are taught wrong in Business school and the corporate world?I like such open ended questions, I think Business schools should refrain from teaching their wards about profit making and profit making alone, it gives a sense of 1 dimensional outlook to the young students that loss is a curse. In reality, in the corporate world, failure and loss making are inevitable. The capital market without loss is like Christianity without hell. I think they should teach the student on how to buy a business, how to value a business? Not just on how to determine the price of a business. Because price is what you pay, value is what you get.Do you still hate Technology stocks?With Coke I can come up with a very rational figure for the cash it will generate in the future. But with the top 10 Internet companies,how much cash will they produce over the next 25 years? If you say you don't know, then you don't know what it is worth and you arespeculating, not investing. All I know is that I don't know, and if I don't know, I don't invest."How to think about Investing?The first investment primer was written by Aesop in 600 B.C. He said, 'A bird in the hand is worth two in the bush.' Aesop forgot to saywhen you get the two in the bush and what interest rates are; investing is simply figuring out your cash outlay (the bird in the hand) and comparing it to how many birds are in the bush and when you get them."How do you feel after donating $ 40 Billion to the Bill and Melinda Gates foundation? You are a hero to us! I feel nothing. I haven't sacrificed anything in life. I have had a good life. I donated after I turned 75. I think I admire those people who sacrifice their time, share their food and home, as the people to be emulated not me. Besides, what is money before a man's life?What do you think are the pitfalls in donation?I have never donated a dime to churches or other such organizations; I need to believe in something before I end up doing that. I have beenobserving the Bill & Melinda Gates foundation for years now and I am confident they will do a fantastic job of making use of the money. I am a big believer in Outsourcing, others believed in me as an Investor and gave their hard earned money to invest. I believe in Bill Gates, he is a better donor than me.Why do you work from Omaha and not Wall Street, New York?Wall Street is the only place where people alight from Rolls Royce to get advised by people who use the Public transportation system.You seem to be so well read, tell us how it all started.My father was a stock broker, so we had all these financial books in our library. He introduced me to those classics and I got into them. Iam lucky that my father was not a fan of Playboy! Reading is the best habit you can get. Well, you can learn from teachers too, and have mentors but there are so many constraints attached- they will talk fast, talk slow, they might talk like a pro or they might be terrible communicators. Books are a different animal altogether, I love reading! The beauty about reading and learning is that the more you learn the more you want to learn.People who join Berkshire Hathaway seldom leave. How do you get along well with all your executives?I try to get quality people. I always say - Hire someone in your organization who is better than you are. If you do that, you build a company of giants. If you get people worse than yourself, you build a company of dwarfs. And do not try to do everything yourself. Delegate the jobs and look out of the window. The results will come. That's how you build institutions. It happens only when you empower others, believe in others. Iam an investor, Iam very secured at that, I have no clue how to make Coca-Cola or how to dole out credit cards (Mr. Buffett owns 8% of Coca-Cola and 13 % of American Express). I understand the wisdom of the aphorism that you cannot please all thepeople all the time. Of Course, you will always find qualities that you don't like in people around you, but if you observe carefully the love of the work unites you both. There is no point in being obsessive about a bad quality in a person, whom you otherwise respect.I am a small time businessman from Dallas, Texas, what do I need to do to hit big time?Be patient, Achieving your financial goals and dreams will not happen overnight. As much as we would all really love to accomplish our goals in a few years, this is an ongoing process. Defining your financial goals is not a one-time task; you need to keep adding new plans atdifferent stages in your life. We all admire the skills of Olympic ice skaters, pro golfers, and concert pianists. But do we remember that they didn't acquire their skills overnight? They had to practice hours on end for years to achieve their dreams. The key to success is to continue learning throughout your life with a voracious appetite.I think it is marvelous that you have had a golden run with investing, how did you do that?My rule is to be fearful when others are greedy, and be greedy when others are fearful. Besides, I call investing the greatest job in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it. Stay dispassionate and be patient. You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with drinking Coke, you should be OK. First the crowd is boozy on optimism and buying every new issue in sight. The next moment it is boozy on pessimism, buying gold bars and predicting another Great Depression, most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.Mr. Buffett you have seen so many crashes and recessions, your take on facing recessions and stock market crashes?If past history was all there was to the game, the richest people would be librarians. Every scenario is different. But always remember, Tough times do not last. Tough people do.What is the 1 biggest advice you would impart to a young investor like me?Think for a moment that you are given a car and told this is the only car you would get for the rest of your life. Then you would make sure that you car is taken care of well, it is oiled and detailed every now and then. You would make sure that it never gets rusted, and you would garage it. Think of yourself as that car. You just get 1 body, 1 mind and 1 soul. Take care of it well. Invest in yourself that would be my advice.You personally know many of the Financial executives who are engineers of the current turmoil in the financial world, surprisingly even after record losses, those executives receive astronomical salaries and bonuses and arrogantly declare that they deserve it, why dint you advice them from making such decisions and what's your view on their justification for their pay?I like sharing my ideas but don't like imposing my ideas on anybody. It doesn't make sense and is a waste of time. If somebody has decidedthat they know everything that is there to know, nobody can help them. The best way to learn and succeed is to know that we know nothing. There is an entire universe out there and still some of us think we can know everything. In the world of investing a few people after making some money tend to imagine they are invincible and great. This is the worst thing that could happen to any investor, because it surely means that the investor will end up taking unnecessary risks and end up losing everything – arrogance, ego and overconfidence are very lethal. Personally I don't feel too comfortable with too much extravagance, because I always think like an investor. My thought process doesn't see a lot of value in a fancy car or a designer suit. Thinking like an investor always is very important to bring in a sense of disciplineand focus. Before reading balance sheets and investing you need to make sure your outlook and mindset is that of an investor. Never let ego, arrogance and over-confidence control you - not just as an investor but also as a human being. You will never have internal peace if you are unable to look at everybody around you with love, compassion and understanding. Irrespective of who the person is, he or she can teach you something you don't know. I have learnt so much from people all around me and I wouldn't have been able to learn all thesewonderful things if I had not spoken to them with a smile. To quote Sir Isaac Newton- If I have seen farther than others, it is because I have stood on the shoulders of giants.It was a 7 hour conversation and I could just capture some of the best questions and answers. As 37,000+ dazed, amazed and grateful shareholders trooped out of the stadium after the meeting, I found myself recalling one of my favorite quotes-"A man has to learn that he cannot command things, but that he can command himself; that he cannot coerce the wills of others, but that he can mold and master his own will: and things serve him who serves truth; people seek guidance of him who is master of himself".
Dubai Developer invoke “SEIZE Property” clause
Wednesday, November 26, 2008
Dubai Developer invoke “SEIZE Property” clause
A new trend is emerging in Dubai, which has many developers invoking a default clause in the sale agreements, which state that if a purchaser defaults on payment of installments, the developer can keep the earlier payments as well as the property.This is causing speculators a lot of grief, since many had paid the first deposit as a means of booking the property and had hoped to exit before the next installment.However, Dubai lawyer Kavita Panicker, says she receives "two or three calls each day" from US-based investors regarding property purchased in Dubai. Most cannot pay the installments and are facing problems paying installments. She said these investors are happy to exit at a loss.However, developers are reluctant to take the properties back and are invoking the seize property clause in the sale agreements.
Dubai Developer invoke “SEIZE Property” clause
A new trend is emerging in Dubai, which has many developers invoking a default clause in the sale agreements, which state that if a purchaser defaults on payment of installments, the developer can keep the earlier payments as well as the property.This is causing speculators a lot of grief, since many had paid the first deposit as a means of booking the property and had hoped to exit before the next installment.However, Dubai lawyer Kavita Panicker, says she receives "two or three calls each day" from US-based investors regarding property purchased in Dubai. Most cannot pay the installments and are facing problems paying installments. She said these investors are happy to exit at a loss.However, developers are reluctant to take the properties back and are invoking the seize property clause in the sale agreements.
Tuesday, November 25, 2008
The Mullahs Have Landed - in Dubai
Tuesday, November 25, 2008
The Mullahs Have Landed - in Dubai
Dubai is soon headed for a crisis of such huge proportions that its expatriate population has never seen ever. A double whammy of weak crude prices - down from $150 to $50 a barrel - and a weaker US currency petrodollars - will make its ruling Executive council scour high and low for ideas on how to fund the highly leveraged property expansion and what to make of sinking asset depreciation.For expatriates, those who made laughable investments , believing that a Las Vegas could be created right around the fringes of Islamic fundamentalism, this could be a wake-up call for a long dreary nuclear winter.With the pain starting to ride down the nerve to common people, Dubai's success and any impending failure would get straightaway tied to the unIslamic indulgences of the place.financial pain gives rise to conservatism and religious extremism. With Dubai sandwiched between Shia Iran and Sunni Saudi Arabia, it could get caught in any crossfire.The role of Dubai has never been understood; why is Dubai so powerful within the Emirates - even though it has no oil, no manufacturing base, nor has it been able to achieve Singapore's status as a port of repute. Yet, it has been able to hold up to Abu Dhabi, which owns 90 percent of the UAE's oil, and whose rulers, although more powerful, are far more low profile.One reason that comes to mind is that Dubai is a refiner for Iran's oil, and a lot of refining margins are tied to the price of oil, which means the last four years were a bonanza for Dubai. This perhaps explains its clout. With clout, comes ambition, and with ambition a penchant for breaking rules, and Dubai has had all of it. In fact its direction toward becoming a tourism hub for Middle East revelers has always been watched closely by the Islamic right.Dubai has no choice, because tourism in desert cannot takeoff without prostitution, alcohol or gambling. There is always talk about how activities in Dubai are frowned upon by the conservative Islamic countries. Some time in 2005 there was a rumor of some threats by Islamic extremists to bomb City Center, a shopping mall in Dubai, all of which was well-handled and overcome without alarm. Clearly, it had become evident even then that Dubai's success was getting increasingly uncomfortable for some, and sooner or later there was bound to be trouble.However, before Islamic conservatism could get it, the credit crisis from the West got its goat. As much as interest may be haram (sin) in Islam, this did not stop mortgage on construction from becoming the fuel for Dubai's real estate bubble, as it goaded the desire of millions of expats of owning castles in the sand.With bright ideas and some really grandiose schemes indeed being delivered, it was western money, and speculation drove up the market in Dubai. There was a time in 2007, when financial executives from New York, speculated on villas in Jumeirah, booking a villa one week, and selling it out the next for a profit. It was this false sense of a bullish market that encouraged lesser mortals among the expatriates to participate in the orgy. Until of course, it all blew up last week in their faces.Finally, as the sand settles, people will begin to see Dubai what it it really is - a city of imagination but very little lastability: without natural resources, like water and fertile soul, and no oil, it looks like this time the devil has come to stay.Without the sins of the West - alcohol, prostitution, gambling - Dubai would have certainly found it a challenge to sustain its tourism story. Now, as the hype of the glamor and glitz, gets replaced by caution and conservatism, the Mullahs are now going to have all the time to take a hard look at what Dubai represents, and see how it fits in to the general laws of Shariah. With Dubai now having to increasingly depend on Abu Dhabi and Saudi money, the Mullahs have surely landed
The Mullahs Have Landed - in Dubai
Dubai is soon headed for a crisis of such huge proportions that its expatriate population has never seen ever. A double whammy of weak crude prices - down from $150 to $50 a barrel - and a weaker US currency petrodollars - will make its ruling Executive council scour high and low for ideas on how to fund the highly leveraged property expansion and what to make of sinking asset depreciation.For expatriates, those who made laughable investments , believing that a Las Vegas could be created right around the fringes of Islamic fundamentalism, this could be a wake-up call for a long dreary nuclear winter.With the pain starting to ride down the nerve to common people, Dubai's success and any impending failure would get straightaway tied to the unIslamic indulgences of the place.financial pain gives rise to conservatism and religious extremism. With Dubai sandwiched between Shia Iran and Sunni Saudi Arabia, it could get caught in any crossfire.The role of Dubai has never been understood; why is Dubai so powerful within the Emirates - even though it has no oil, no manufacturing base, nor has it been able to achieve Singapore's status as a port of repute. Yet, it has been able to hold up to Abu Dhabi, which owns 90 percent of the UAE's oil, and whose rulers, although more powerful, are far more low profile.One reason that comes to mind is that Dubai is a refiner for Iran's oil, and a lot of refining margins are tied to the price of oil, which means the last four years were a bonanza for Dubai. This perhaps explains its clout. With clout, comes ambition, and with ambition a penchant for breaking rules, and Dubai has had all of it. In fact its direction toward becoming a tourism hub for Middle East revelers has always been watched closely by the Islamic right.Dubai has no choice, because tourism in desert cannot takeoff without prostitution, alcohol or gambling. There is always talk about how activities in Dubai are frowned upon by the conservative Islamic countries. Some time in 2005 there was a rumor of some threats by Islamic extremists to bomb City Center, a shopping mall in Dubai, all of which was well-handled and overcome without alarm. Clearly, it had become evident even then that Dubai's success was getting increasingly uncomfortable for some, and sooner or later there was bound to be trouble.However, before Islamic conservatism could get it, the credit crisis from the West got its goat. As much as interest may be haram (sin) in Islam, this did not stop mortgage on construction from becoming the fuel for Dubai's real estate bubble, as it goaded the desire of millions of expats of owning castles in the sand.With bright ideas and some really grandiose schemes indeed being delivered, it was western money, and speculation drove up the market in Dubai. There was a time in 2007, when financial executives from New York, speculated on villas in Jumeirah, booking a villa one week, and selling it out the next for a profit. It was this false sense of a bullish market that encouraged lesser mortals among the expatriates to participate in the orgy. Until of course, it all blew up last week in their faces.Finally, as the sand settles, people will begin to see Dubai what it it really is - a city of imagination but very little lastability: without natural resources, like water and fertile soul, and no oil, it looks like this time the devil has come to stay.Without the sins of the West - alcohol, prostitution, gambling - Dubai would have certainly found it a challenge to sustain its tourism story. Now, as the hype of the glamor and glitz, gets replaced by caution and conservatism, the Mullahs are now going to have all the time to take a hard look at what Dubai represents, and see how it fits in to the general laws of Shariah. With Dubai now having to increasingly depend on Abu Dhabi and Saudi money, the Mullahs have surely landed
Sunday, November 23, 2008
INFLUENCE OF FIIS ON INDIAN STOCK MARKET
Indian stock markets saw a Bull Run form 2003 to 2008, which was driven by increased buying by the FIIs. In last 8 years, first time FIIs have been the Net Sellers in current year. Hence the markets have also declined and the indices levels are at same as were in July 2006. In January 2008, the US Financial crisis came in to light with subprime effect, which led the major financial companies to post heavy losses. In September 2008, this crisis
worsened with some of the companies had to file for bankruptcy and some had to take financial aids from government to continue its business operation. It led the FIIs also to direct its trading activities in the same way by offloading its holdings in equities. This resulted in Sensex down to 9000 from Top of 21000. FIIs sold equities of Rs. 44660 crores so far in 2008 which come to around 15% of net investment of Rs. 284,942 crores as on 1st January 2008 of last eight years. The current investments of FIIs is Rs. 2,40,272 Crores. This is almost 16.7% of BSE 500 total market capitialisation. If we explain the things in simple terms, market
pundits often attribute the rally of stock market and fall of stock market to the flow of funds by FIIs. We often hear the terms "FIIs Fuel the Market Run". If we analyze the impacts, then the major impacts are: -
They increased depth and breadth of the market.
They played major role in expanding securities business.
Their policy on focusing on fundamentals of the shares had caused efficient pricing of shares. These impacts made the Indian stock market more attractive to FIIs and also domestic investors, which involves the other major player MF (Mutual Funds). The impact of FIIs is so high that whenever FIIs tend to withdraw the money from market, the domestic investors become fearful and they also withdraw from market.
worsened with some of the companies had to file for bankruptcy and some had to take financial aids from government to continue its business operation. It led the FIIs also to direct its trading activities in the same way by offloading its holdings in equities. This resulted in Sensex down to 9000 from Top of 21000. FIIs sold equities of Rs. 44660 crores so far in 2008 which come to around 15% of net investment of Rs. 284,942 crores as on 1st January 2008 of last eight years. The current investments of FIIs is Rs. 2,40,272 Crores. This is almost 16.7% of BSE 500 total market capitialisation. If we explain the things in simple terms, market
pundits often attribute the rally of stock market and fall of stock market to the flow of funds by FIIs. We often hear the terms "FIIs Fuel the Market Run". If we analyze the impacts, then the major impacts are: -
They increased depth and breadth of the market.
They played major role in expanding securities business.
Their policy on focusing on fundamentals of the shares had caused efficient pricing of shares. These impacts made the Indian stock market more attractive to FIIs and also domestic investors, which involves the other major player MF (Mutual Funds). The impact of FIIs is so high that whenever FIIs tend to withdraw the money from market, the domestic investors become fearful and they also withdraw from market.
Year Cumulative Rs. In Crore No of FIIs
1999 35468 492
2000 41979 556
2001 55272 482
2002 58848 480
2003 89307 510
2004 128127 637
2005 178449 823
2006 211082 993
2007 284942 1123
2008 (19/11/2008) 240272 1407
1999 35468 492
2000 41979 556
2001 55272 482
2002 58848 480
2003 89307 510
2004 128127 637
2005 178449 823
2006 211082 993
2007 284942 1123
2008 (19/11/2008) 240272 1407
Just to show the impact, we analyze below the 10 biggest falls of stock market: -
Day (Points Lossin Sensex) Gross Purchases (Rs.Crores)GrossSales (Rs.Crores) NetInvestments(Rs. Crores)
21/01/2008 (1408) 3062.00 1060.30 2001.80
22/01/2008 (875) 2813.30 1618.20 1195.10
18/05/2006 (856) 761.80 527.40 234.40
17/12/2007 (826) 670.00 869.00 -199.00
18/10/2007 (717) 1107.00 1372.50 -265.50
18/01/2008 (687) 1077.20 1348.40 -271.20
21/11/2007 (678) 640.70 791.80 -151.10
16/08/2007 (643) 989.50 750.30 239.20
02/08/2007 (617) 534.50 542.00 -7.50
01/08/2007 (615) 809.40 956.90 -147.50
From this table, we can see that the major falls are accompanied by the Withdrawal of investments by FIIs. Take the case on January 18, 2008, the Sensex lost almost 687 points. Here, the net sales by FIIs was Rs. 1348.40 Crores. This is a major contributor to the fall on that day. But contrary to that day, take the case on January 21, 2008, the Sensex lost 1408 points and the gross sales was Rs. 1060.30 Crores and the purchases were Rs. 3062.00 Crores. So this can be concluded that after the fall of market, FIIs had invested again into the market. From this, we can see the effect of FIIs.
Net Investments of FII from 1999-08
Rs. In Crore
Year Net Investments
1999 6697
2000 6511
2001 13293
2002 3577
2003 30458
2004 38831
2005 47181
2006 36540
2007 72060
2008 (19/11/2008) -44,670.40
Now we analyze the net investments' graph from 1999 to 2008. From this, we can see that there is an increase in net investments till 2005 and there was small decrease in investments in the year 2006. But there was a steep increase in the year 2007-08. This was the best period in Indian stock market where stock prices were increased and the market was in good mood. When we take the investments in 2008, the net investments is negative. And we know the market is volatile in this year. So we find that there is direct relation between net investments and movement of stock market.
From the graphs drawn in the above parts, we can see that the major falls in stock
market is accompanied by the withdrawal of money by FIIs. So there is a direct
relation between the FII's money flow and the movement of sensex. The biggest fall in stock markets occurred in 2007 and 2008. This means the volatility of market is more because during this period there was an increase in registration of FIIs and the investments reached almost Rs. 283468.40 Crores by the end of 2007. The present condition is that the investments had reduced to 240,272 Crores as on Nov 19. So this reduction is one cause of volatailty. From all this, we can analyze prime facia that the FIIs influence market.
FII Holdings
Considering the FIIs investment activities in Indian Market it is important to look at the stock to stock level. There are companies which have holding of FIIs more than 30%. In these companies even minor increase or decrease by FIIs can lead to higher volatility in the price of the stock. Hence, looking at current market scenario one has to take in to consideration the FIIs holding of those companies before investing. Here we have given the table of top 20 companies in which FIIs have significant stake. The FIIs have decreased its stake in United Phosphorous, ICICI Bank and in IDFC by 3 to 4% during last quarter. However they have Increased stake in Educomp, United Spirits and India Cements for the same period. ( SEE PICTURE TOP )
Future Outlook
The last eight years data of the FIIs trading activities in Indian Equity market suggests that FIIs have been the major Movers and Shakers of Market. From the Sensex level of 3000 in the year 2003 to 21000 in January 2008 and again down to 10000 in October 2008. The last five year Bull Run was led by strong Indian fundamental and FII inflow in market. But now due to global financial crisis, FIIs are facing great liquidity crunch. Now they are withdrawing their money from the Indian equity market. There is no problem in Indian long term growth story but the global hedge funds and FII have incurred huge losses in their countries and are facing redemption pressure so they are selling equity at any level. As mentioned earlier during the past 9 months FIIs have sold 15% of net investment of last eight years. So there is great possibility that they may continue their selling in coming days. One can imagine if they sell another 5%, then how much more down fall can happen in the market?
FIIS Selling pattern
Weekend,Its raining here in Bangalore had nothing constructive to do,Thought let me ramble with FII selling we witnessed this year(2008) till now.In 2008 top three months of wealth destruction till now areJanuaryJuneOctoberOctober being the darkest month of the year till now.
January (OHLC)=6138,6356,4450,5171 A loss of 15%
June (OHLC)=4870,4906,4022,4025 A loss of 17%
October (OHLC)=3921,4000,2253,2905 A loss of 27%
Lets compare the FII selling in these 3 months
January FII sold=-17,226.90 (cr)
June FII sold =-10,577.70 (cr)
October FII sold=-14,248.60 (cr)
January (OHLC)=6138,6356,4450,5171 A loss of 15%
June (OHLC)=4870,4906,4022,4025 A loss of 17%
October (OHLC)=3921,4000,2253,2905 A loss of 27%
Lets compare the FII selling in these 3 months
January FII sold=-17,226.90 (cr)
June FII sold =-10,577.70 (cr)
October FII sold=-14,248.60 (cr)
Now run your eye through the attached chart of nifty.It clearly shows though the fall was steep traders/Investors were quite eager to buybecause by the time month ended more than half of fall was retraced (Traders were hopeful)Come to June its calm compare to January but absolutely no retrace and the month endedquite near to the monthly low.(Traders sold too not hopeful of rise) One thing to look forthough this being the lowest out of the three months comparing FII selling .Still it managed to shave off 17% off Nifty.The October comes darkest of the three "mayhem" Bear salsa world over FII sold lesser thancompared to January but we witnessed Nifty being lighter by 27% .Distress sale,Panic sale etc etc and what not.Long term investors sold there blue chips.Sentiments negative to the core no one wanted to talk about stocks etc etc.Then suddenly from no where we witnessed sharp and swift rally in October itselfFrom a low of 2250 to 2900 that's 650 points in a week, Of course on low volumes:)Retail was quite scared to buy.
Data source :-Moneycontrol
General Motors is now cheaper than Maruti!
General Motors is now cheaper than Maruti!
BL Research Bureau Chennai, Nov. 21 What are some of the world’s largest companies worth after this year’s carnage in the stock markets? With its stock price taking a nosedive, US-listed General Motors today sports a market capitalisation of just $1.7 billion. That makes it cheaper than Indian car maker Maruti Suzuki, which is valued at $3 billion. Investors should note that GM’s market cap was leagues ahead of the Indian car maker barely 10 months ago, at $14 billion. Ford Motors, with its market cap of $3.3 billion after its recent battering, is now just marginally more valuable than Maruti. Financials dented Financials and commodity stocks are the ones to have taken the biggest plunge in values after automobile stocks, in the recent rout. Citigroup has seen its market cap plunge to $26 billion, less than a fifth of its levels in December 2007. That’s narrowed the gap between Citi and the home-grown SBI, which sports a market cap of about $15 billion today. Aluminium giant Alcoa is now worth one-sixth of its market value 10 months ago, at $5.5 billion. That’s just three times the market value of domestic aluminium major Hindalco (though it is India-listed, Hindalco has a global presence due to its overseas acquisitions). While US-listed retailing and consumer giants such as Wal-Mart and P&G have fared much better in the recent meltdown, tech and telecom companies have seen their market values pruned by half. But they still continue to dwarf Indian companies in a similar business. Even after the decline in stock prices, IBM and AT&T are valued at six-seven times their Indian counterparts Infosys and Bharti Airtel, in market cap terms. Better off still On an overall reckoning though, US stocks have fared much better than Indian ones, in terms of the damage to investor wealth in 2008. While US stocks have seen their overall market cap shrink by 50 per cent this year, the Indian markets have lost over 70 per cent in value.
BL Research Bureau Chennai, Nov. 21 What are some of the world’s largest companies worth after this year’s carnage in the stock markets? With its stock price taking a nosedive, US-listed General Motors today sports a market capitalisation of just $1.7 billion. That makes it cheaper than Indian car maker Maruti Suzuki, which is valued at $3 billion. Investors should note that GM’s market cap was leagues ahead of the Indian car maker barely 10 months ago, at $14 billion. Ford Motors, with its market cap of $3.3 billion after its recent battering, is now just marginally more valuable than Maruti. Financials dented Financials and commodity stocks are the ones to have taken the biggest plunge in values after automobile stocks, in the recent rout. Citigroup has seen its market cap plunge to $26 billion, less than a fifth of its levels in December 2007. That’s narrowed the gap between Citi and the home-grown SBI, which sports a market cap of about $15 billion today. Aluminium giant Alcoa is now worth one-sixth of its market value 10 months ago, at $5.5 billion. That’s just three times the market value of domestic aluminium major Hindalco (though it is India-listed, Hindalco has a global presence due to its overseas acquisitions). While US-listed retailing and consumer giants such as Wal-Mart and P&G have fared much better in the recent meltdown, tech and telecom companies have seen their market values pruned by half. But they still continue to dwarf Indian companies in a similar business. Even after the decline in stock prices, IBM and AT&T are valued at six-seven times their Indian counterparts Infosys and Bharti Airtel, in market cap terms. Better off still On an overall reckoning though, US stocks have fared much better than Indian ones, in terms of the damage to investor wealth in 2008. While US stocks have seen their overall market cap shrink by 50 per cent this year, the Indian markets have lost over 70 per cent in value.
Thursday, November 20, 2008
Sobha & Emaar: Price cuts to boost demand. Or not.
Sobha & Emaar: Price cuts to boost demand. Or not.November 20th, 2008DNA India: Can’t find the link, but the paper edition said that Sobha’s cutting apartment rates for most of its projectsi n Bangalore & Pune by 8%.Also, via Business Standard: Emaar MGF cuts home pricesEmaar MGF Land, the Indian unit of the West Asia’s largest real-estate developer, has cut prices of apartments to make them more affordable and tide over a slump in demand for higher-priced homes.The company is building apartments that cost between Rs 3000,000 and Rs 4000,000 near New Delhi and in Chandigarh ss market “We would have used the land to build more premium homes where margins are higher but we are utilising it to build homes for the mass market,’The words Sobha used were - “these price cuts should help propel demand”. I say - good luck with that, but I don’t think so. Cut rates by 40%, maybe then you have a hope.
With Auto bailout Stalled , CONGRESS SEEKS NEW PLAN
plan to give troubled US automakers billions of dollars in government-backed loans is on life support, leaving the fate of hundreds of thousands of workers and Detroit's once-venerable car companies hanging in the balance.APSenate Majority Leader Harry Reid, D-Nev., canceled plans for a vote on a bill to carve $25 billion in new auto industry loans out of the $700 billion Wall Street rescue fund.Markets May Not Care If Bailout FailsThe Bush administration and congressional Republicans have rejected Democrats' plan to dip into that pot of money.Warning of economic disaster, a bipartisan group of senators from auto industry states are trying to reach a deal on an alternative package.If an agreement can be reached, Reid said, the Senate still could vote on it as part of a measure to extend jobless benefits. But Reid acknowledged that was "not going to be easy."The White House and congressional Republicans have called on Democrats to support a GOP plan to divert a $25 billion loan program created by Congress in September—designed to help the companies develop more fuel-efficient vehicles—to meet the auto giants' immediate financial needs.Sens. Carl Levin, D-Mich., Kit Bond. R-Mo., and George Voinovich, R-Ohio, are trying to broker an alternative that could provide bridge loans or a guarantee that the fuel-efficiency loan fund ultimately would be replenished.Negotiators were discussing a scaled-down aid package of $5 billion to $8 billion to help the automakers survive through year's end.But it was unclear whether any progress could be made.Democrats strongly oppose letting the car companies tap into the energy loans for short-term cash-flow needs. Despite the gridlock in Congress, there could be a contingency plan: a return to Washington in December for another postelection session to try to strike a deal. House Majority Leader Steny Hoyer, D-Md., noted that Democratic leaders were planning to gather for an economic conference the week of Dec. 8. "That is available," Hoyer said. "The year has not ended."The stakes are high. The Detroit automakers employ nearly a quarter-million workers, and more than 730,000 other workers produce materials and parts that go into cars. About 1 million more people work in dealerships nationwide.If just one of the automakers declared bankruptcy, some estimates put U.S. job losses next year as high as 2.5 million. Still, with all sides sensing doom for a Big Three automaker rescue, the finger-pointing began. White House press secretary Dana Perino said that if Congress "leaves for a two-month vacation without having addressed this important issue...then the Congress will bear responsibility for anything that happens." Congressional Democrats countered that the Treasury Department already had the power to grant emergency funds to the automakers, but the Bush administration opposed the approach. Former Massachusetts Gov. Mitt Romney stood steadfastly behind forces opposing the bailout.Speaking Thursday morning amid growing signs of gridlock in Congress, Romney said "there's no question but that if you just write a check, you're going to see these companies go out of business ultimately."He told CBS's "The Early Show" that he doesn't want to see the carmakers go out of business, "but we don't want them to continue business as usual."The leaders of General Motorscnbc_comboQuoteMove('popup_GM_ID0EXEAC15839609');[GM 2.04 -0.75 (-26.88%) ]cnbc_quoteComponent_init_getData("GM","WSODQ_COMPONENT_GM_ID0EXEAC15839609","WSODQ","true","ID0EXEAC15839609","off","false","inLineQuote");, Ford Motorcnbc_comboQuoteMove('popup_F_ID0EYJAC15839609');[F 1.15 -0.11 (-8.73%) ]cnbc_quoteComponent_init_getData("F","WSODQ_COMPONENT_F_ID0EYJAC15839609","WSODQ","true","ID0EYJAC15839609","off","false","inLineQuote");and Chrysler painted a grim picture of their financial position during two days of congressional hearings, warning that the collapse of the auto industry could lead to the loss of 3 million jobs.Detroit's automakers, hurt by a sharp drop in sales and a nearly frozen credit market, burned through nearly $18 billion in cash reserves during the last quarter, and GM and Chrysler both said they could collapse in weeks.I don't believe we have the luxury of a lot of time," GM CEO Rick Wagoner told a House hearing.Alan Mulally, the CEO of Ford, said the company had sufficient cash reserves to make it through 2009.But United Auto Workers union president Ron Gettelfinger said a bankruptcy could spawn others."If there's a Chapter 11 (for) one of the companies, it will drag at least one other with them, if not all of them. And I do not believe Chapter 11 is where it will end. It will go to liquidation," he said ominously.Automakers ran into more resistance from House lawmakers, who chastised the executives for fighting tougher fuel-efficiency standards in the past and questioned their use of private jets while at the same time seeking government handouts."My fear is that you're going to take this money and continue the same stupid decisions you've made for 25 years," said Rep. Michael Capuano, D-Mass.
source cnbc.com
source cnbc.com
SENSEX SLOW DRIFTING DOWN CHANNEL CONTINUES
Sensex Technical View :Couple of days back had put this chart of comparison to earlier pattern compare flags Again we will list down a few technical points.1) GAPS FilledSensex has filled all the 3 gaps which we had been discussing since markets were nearing 10700 zones. The last gap at 8740-8900 is finally filled. Its a preferred thing that gaps dont remain unfilled. Also the 3 gap ups gave the ideal opportunity to book and generate cash in exhaustion.2) Flag PatternYet again we are seeing a flag formation similar to what was seen after March lows as shown in another chart. The characteristic of such a pattern is declining volumes in this period which we are seeing now. Followed by that we need to see a breakout with larger volumes to confirm. The levels on higher side for break out are roughly 9400-9700. So continue to wait for a breakout on upside to decide next move till then wait .3) Retracements.The 61 % fibo level is done at 8900 and markets are trading below it. The fibonacci levels are not strict technical support zones. Although in such corrections markets can correct to 75-85 % also in some cases. Generally markets are found to retrace uptill 61 % but that is not the only consideration for trading decisions.In simple words the strategy remains the same to wait and watch , look for stock specific trades. Since the decision to book out/generate cash at 10500-10700 the view has been to look for selective trades on either short or long side. Continue to keep the above chart as a reference to catch the next direction.
Tuesday, November 18, 2008
RBI RATE CUTS PROBABLY NEXT WEEK
RBI, govt discuss measures to infuse Rs 80,000 crore more into banking system.
The Reserve Bank of India (RBI) is expected to announce another round of rate cuts in a week or so in an effort to ease liquidity and reduce borrowing costs to counter slowing economic growth, senior government officials told Business Standard.A meeting chaired by Prime Minister Manmohan Singh at his residence Monday and attended by RBI Governor D Subbarao and Finance Minister P Chidambaram, among others, discussed a 50 to 100 basis point cut in the cash reserve ratio (CRR), the repo rate, the reverse repo rate and the statutory liquidity ratio (SLR).The rate cuts are expected to infuse Rs 80,000 crore into the banking system.RBI is also likely to create a special repo window to allow banks to borrow up to 100 basis points of SLR — the percentage of deposits invested in government securities — to make available Rs 40,000 crore for infrastructure like national highway projects. RBI is expected to lend to banks at the repo rate and ask banks to on-lend to companies at lower margins under the facility.Measures like providing additional liquidity to non-banking finance companies (NBFCs) were also discussed, sources added.Others attending Monday’s meeting were Commerce Minister Kamal Nath and Planning Commission deputy chairman Montek Singh Ahluwalia.Officials said the cut in repo (the rate at which RBI lends to banks) and reverse repo rate (the rate at which banks lend short-term money to RBI against government securities) are expected to act as a strong signal to banks to cut interest rates sharply.These proposals follow a series of measures (see table) by the RBI over the past two months, which included paring CRR, the proportion of cash banks must keep with the RBI, 350 basis points to 5.5 per cent and SLR 100 basis points to 24 per cent and creating a Rs 60,000-crore special window for banks to draw on.The repo rate has been cut 150 basis points to 7.5 per cent, but the reverse repo rate continues at 6 per cent. Interest rates on non-resident deposits have also been raised in a bid to attract more liquidity.In response, government-owned banks lowered prime lending rates by up to 75 basis points, but large private lenders like ICICI Bank and HDFC Bank are yet to do so.Monday’s meeting was part of a coordinated policy action initiative by the government, RBI and stock market regulator Securities and Exchange Board of India to check the decline in business confidence following the global financial crisis, the impact of which is now spilling over into the real economy.A committee of officials, headed by Finance Secretary Arun Ramanathan, has met six times in the recent past to consider measures to revive credit availability and other demands of industry. Meanwhile, Chidambaram met Subbarao and other officials this morning and was later joined by ICICI chief executive and CII president KV Kamath.Soon after the meeting, Kamath told reporters, “There is further scope for a 250 basis point cut in the CRR and, if the situation warrants, a cut in the SLR too.”Kamath added that with the recent sharp drop in the annual wholesale inflation rate (which stood at 8.98 per cent for the week ended November 1 from a high of nearly 13 per cent in August), there are indications that inflation would come down to 5 per cent earlier than estimated. “Banks are awaiting policy clarity. They do not want to hoard but they are waiting for a signal that inflation is truly beaten,” Kamath said, adding that he expects the policy of aligning interest rates with growth to continue.
The Reserve Bank of India (RBI) is expected to announce another round of rate cuts in a week or so in an effort to ease liquidity and reduce borrowing costs to counter slowing economic growth, senior government officials told Business Standard.A meeting chaired by Prime Minister Manmohan Singh at his residence Monday and attended by RBI Governor D Subbarao and Finance Minister P Chidambaram, among others, discussed a 50 to 100 basis point cut in the cash reserve ratio (CRR), the repo rate, the reverse repo rate and the statutory liquidity ratio (SLR).The rate cuts are expected to infuse Rs 80,000 crore into the banking system.RBI is also likely to create a special repo window to allow banks to borrow up to 100 basis points of SLR — the percentage of deposits invested in government securities — to make available Rs 40,000 crore for infrastructure like national highway projects. RBI is expected to lend to banks at the repo rate and ask banks to on-lend to companies at lower margins under the facility.Measures like providing additional liquidity to non-banking finance companies (NBFCs) were also discussed, sources added.Others attending Monday’s meeting were Commerce Minister Kamal Nath and Planning Commission deputy chairman Montek Singh Ahluwalia.Officials said the cut in repo (the rate at which RBI lends to banks) and reverse repo rate (the rate at which banks lend short-term money to RBI against government securities) are expected to act as a strong signal to banks to cut interest rates sharply.These proposals follow a series of measures (see table) by the RBI over the past two months, which included paring CRR, the proportion of cash banks must keep with the RBI, 350 basis points to 5.5 per cent and SLR 100 basis points to 24 per cent and creating a Rs 60,000-crore special window for banks to draw on.The repo rate has been cut 150 basis points to 7.5 per cent, but the reverse repo rate continues at 6 per cent. Interest rates on non-resident deposits have also been raised in a bid to attract more liquidity.In response, government-owned banks lowered prime lending rates by up to 75 basis points, but large private lenders like ICICI Bank and HDFC Bank are yet to do so.Monday’s meeting was part of a coordinated policy action initiative by the government, RBI and stock market regulator Securities and Exchange Board of India to check the decline in business confidence following the global financial crisis, the impact of which is now spilling over into the real economy.A committee of officials, headed by Finance Secretary Arun Ramanathan, has met six times in the recent past to consider measures to revive credit availability and other demands of industry. Meanwhile, Chidambaram met Subbarao and other officials this morning and was later joined by ICICI chief executive and CII president KV Kamath.Soon after the meeting, Kamath told reporters, “There is further scope for a 250 basis point cut in the CRR and, if the situation warrants, a cut in the SLR too.”Kamath added that with the recent sharp drop in the annual wholesale inflation rate (which stood at 8.98 per cent for the week ended November 1 from a high of nearly 13 per cent in August), there are indications that inflation would come down to 5 per cent earlier than estimated. “Banks are awaiting policy clarity. They do not want to hoard but they are waiting for a signal that inflation is truly beaten,” Kamath said, adding that he expects the policy of aligning interest rates with growth to continue.
Monday, November 17, 2008
Arun Nanda : Another Wishful Thinking CEO
Have you not witnessed time and again, the CEO of Parsvnath coming on CNBC and saying that there was no slowdown and there was no cash problem? Did you not see Sanjay Puri, CEO of Unitech say that analysts do not know how to value real estate companies?Since then, all these companies have had their Stock Prices relentlessly banged to almost a 1oth of their 52-week highs. Now, here is another joker in the pack.Arun Nanda, executive director of Mahindra and Mahindra said there is no slowdown in its real estate projects, even though there is slump in demand.
“We are not slowing down on any of our projects. Jaipur is rocking, Chennai is doing well, city-based projects such as Faridabad are also doing well,” he was quoted as saying on the sidelines of the India Economic Summit.Nanda, an executive director of the company, was quoted dishing out more gems: "Fundamentals of real estate have not changed," he said."We have actually got cash in the bank," he said, adding there is a huge demand in 30 to 40 lakh apartments segment. He, however, said the Housing loan segment is facing problems, adding there were no funding issues for its projects and the company’s affordable housing projects are not going to disappear, but he did admit that investors are not coming forward.“Demand has been put on back-burner and intrest rates are hurting people,” Nanda said. He also informed those present that Sebi approval for the initial public offering of Mahindra Holidays and Resorts Ltd.Sure you have heard of the proverbial deer freezing in the headlights. Or is this simple a case of self-denial?
“We are not slowing down on any of our projects. Jaipur is rocking, Chennai is doing well, city-based projects such as Faridabad are also doing well,” he was quoted as saying on the sidelines of the India Economic Summit.Nanda, an executive director of the company, was quoted dishing out more gems: "Fundamentals of real estate have not changed," he said."We have actually got cash in the bank," he said, adding there is a huge demand in 30 to 40 lakh apartments segment. He, however, said the Housing loan segment is facing problems, adding there were no funding issues for its projects and the company’s affordable housing projects are not going to disappear, but he did admit that investors are not coming forward.“Demand has been put on back-burner and intrest rates are hurting people,” Nanda said. He also informed those present that Sebi approval for the initial public offering of Mahindra Holidays and Resorts Ltd.Sure you have heard of the proverbial deer freezing in the headlights. Or is this simple a case of self-denial?
Sunday, November 16, 2008
NIFTY LEVELS WITH CHART
Nifty intraday chart shows easy trades for comming days. if you look at the attached chart, 2752 is the 50% level of the entire upmove, also it has the trendline there. so this means, that a closing below 2752 would take nifty to 2630 levels, and if that breaks, thn new low for the year. now looking at the way nifty is forming a cluster(support) around 2770 levels, in case we hold 2752 and cross 2874, one can go long with SL 2750 for tgt of 3026, where we will again short heavily. keep this chart handy as this is gonna be very important for trades in comming 1-2 weeks. (60min intraday chart attached, All fut levels)
Saturday, November 15, 2008
DOWJONES ELLIOTT WAVE ANALSYS
Dow jones was in a consolidation phase for last one month that consolidation patternturned out to be 4th wave formation according to Elliott wave theory.See first chart the wave started from the big black arrow,Till october panic low thats7900 we completed 3 waves down
From there we are witnessing a possible 5th down.The next few days movement of Dow should clear the wave structure to some more extent.Nifty too in 4th wave but we are behind dowjones as dowjones looks to have completed 4th wavewheras Nifty still in 4th wave
Then a possible bearish Flat to complete 4th wave.Come to next chart which shows the expanded 4th wave chart,Which shows (3,3,5)Bearish flat.4th wave ended at 9700.
From there we are witnessing a possible 5th down.The next few days movement of Dow should clear the wave structure to some more extent.Nifty too in 4th wave but we are behind dowjones as dowjones looks to have completed 4th wavewheras Nifty still in 4th wave
Wednesday, November 12, 2008
Monday, November 10, 2008
FIBO ANALASYS PLS DONT MISS IT
Last week I wrote, “With two gap-up moves already in place, Index is now preparing to take on the 10K-mark and move beyond the 8-week long falling channel … Another gap-up from here would be the 3rd gap-up action within the current rally, which will have potential to prove as an Exhaustion Gap. Whether it indeed turns out to be so, will be proved within the first three trading sessions of the week … The technical position will soon reach the over-bought zone. We may, therefore, consider 10260-10787 area to be maximum upside for the time being, and look for gradual profit-booking at higher levels if required.”
Sensex indeed gapped on the very first day of the week (3rd gap-up action), which proved to be Exhaustion Gap within the next three trading sessions, as argued. By Thursday, down 1314 points from the high of 10945, the Index had closed this gap, losing all that it gained during the first three days of the week. With its high at 10945, Sensex had marginally overshot our target area mentioned at 10260-10787. Nifty, however, was well within the equivalent target levels.
Remember, once we see a 3rd or 4th gap-up in any move, its always better to be cautious, as technical position reaches an over-bought zone.
This turned out to be a nice 42% rally in just 6 trading sessions, and was the strongest rally so far since ‘Jan. It not only proved my contention for a short-term reversal, but also generated decent profits under the circumstances.
Remember, however, profits would have been trimmed or even disappeared if we did not have the profit-booking policy in place. I had, accordingly, advised a gradual profit-booking on long positions.
The current rally from 7697 10945 was the biggest and the fastest first segment of all bear market rallies since ‘Jan this year. Examine the previous rallies :
(1) The rally from 15332 (22nd Jan) to 18491 (29th Jan) was 21% in 5 days.
(2) The rally from 14677 (18th Mar) to 16452 (28th Mar) was 12% in 6 days.
(3) The rally from 12514 (16th Jul) to 15130 (24th Jul) was 21% in 6 days.
Time-wise, all the first segments lasted for about 5-6 day, and the same was the case for the current rally as well. Technically, we were able to enter as well as exit at the right time. It was purely on the basis of this time observation.
Price-wise, further examination of all the first segment of rallies since ‘Jan, shows that :
1. The ‘Jan rally got corrected by extent of 34%.
2. The ‘Mar rally was corrected by 64%.
3. The ‘Jul rally was corrected by 53%.
Remember, all of these correction levels are close to the Fibonacci ratios.
If the ensuing correction can hold to Fibonacci correction levels to the rally, then it can also turn out to be a medium term reversal. The 38.2% - 50% - 61.8% Fibonacci correction levels would work out to 9704 - 9322 – 8940, and the same have been marked on the chart.
Levels around 10116 can be seen as crucial in the immediate short term, as the same were the lows for last Monday/Tuesday. For opening further upsides, therefore, we need to see a strong action above 10116, and even a close above it. Such a follow-up would confirm the support at the 38.2% level to the 6-day rally from 7697 to 10945. This will be our bull case scenario.
In case the Sensex takes support at the Fibonacci correction levels marked, the short-term reversal we were expecting since last week, can turn out to be a medium-term reversal, which will not break last week’s low of 7697 till this year-end. Why ?
The following chart shows why. Movement since ‘Jan shows a particular pattern for the current bear phase, at least so far. Sensex shows falling segments lasting for 10 to 11 weeks, which are then followed by rallying segments lasting anything from 4 to 7 weeks.
As per this phenomenon, we are likely to see the bottom at 7697 holding till the end of this year, resulting in a positive market for the next 4 to 7 weeks.Wave-structure wise, as I observed last week, the C leg from 15107 achieved 161.8% ratio to A (from 16632 to 12514). Time-wise, C consumed exactly the same time as A. Based on the 8-year cycle, since ‘Jan I have been arguing or a 55 to 58% cut from the top. Remember, in the previous 8-year cycle top during ‘1992-93, Sensex lost 56% from 4546 to 1980. In the next cycle top, the cut was almost 58% from 6150 in ‘2000 to 2594 in ‘2001. At the recent low of 7697, we have already seen a near 63% cut from the top of 21206. Prior to this, the wave-structure showed us an Extracting Triangle within the bear market rally from 12514 to 15107, which was marked by reduction in rising legs and increase in falling legs. Such a structure was already indicating a severe drop. From 15107, Sensex has been forming a “c” leg down. Though we normally expect 5-legged Impulse formation in “c” wave, the “c” of Triangle / Terminal / Diametric formations have Corrective label. I am, however, ssuming a channeled Complex Corrective in the current “c” simply because it is helping our trading strategies. Time-wise, I argued, “‘… such a phase would last for at least 13 months (beginning Jan’08), and may require consolidation thereafter, before the next bull phase can begin. As long as Sensex keeps on making lower highs, the bear phase continues.” However, while we wait for higher top higher bottom to form, a quick counter rally as a result of support at the current lows can give a short term trading opportunity.While the value target below 10K has been achieved, the time targets are still to be achieved. Remember, in technical analysis, both time and price forecasts must be achieved. Long-term investors better wait till then.
Source Vivek Bhai
Sensex indeed gapped on the very first day of the week (3rd gap-up action), which proved to be Exhaustion Gap within the next three trading sessions, as argued. By Thursday, down 1314 points from the high of 10945, the Index had closed this gap, losing all that it gained during the first three days of the week. With its high at 10945, Sensex had marginally overshot our target area mentioned at 10260-10787. Nifty, however, was well within the equivalent target levels.
Remember, once we see a 3rd or 4th gap-up in any move, its always better to be cautious, as technical position reaches an over-bought zone.
This turned out to be a nice 42% rally in just 6 trading sessions, and was the strongest rally so far since ‘Jan. It not only proved my contention for a short-term reversal, but also generated decent profits under the circumstances.
Remember, however, profits would have been trimmed or even disappeared if we did not have the profit-booking policy in place. I had, accordingly, advised a gradual profit-booking on long positions.
The current rally from 7697 10945 was the biggest and the fastest first segment of all bear market rallies since ‘Jan this year. Examine the previous rallies :
(1) The rally from 15332 (22nd Jan) to 18491 (29th Jan) was 21% in 5 days.
(2) The rally from 14677 (18th Mar) to 16452 (28th Mar) was 12% in 6 days.
(3) The rally from 12514 (16th Jul) to 15130 (24th Jul) was 21% in 6 days.
Time-wise, all the first segments lasted for about 5-6 day, and the same was the case for the current rally as well. Technically, we were able to enter as well as exit at the right time. It was purely on the basis of this time observation.
Price-wise, further examination of all the first segment of rallies since ‘Jan, shows that :
1. The ‘Jan rally got corrected by extent of 34%.
2. The ‘Mar rally was corrected by 64%.
3. The ‘Jul rally was corrected by 53%.
Remember, all of these correction levels are close to the Fibonacci ratios.
If the ensuing correction can hold to Fibonacci correction levels to the rally, then it can also turn out to be a medium term reversal. The 38.2% - 50% - 61.8% Fibonacci correction levels would work out to 9704 - 9322 – 8940, and the same have been marked on the chart.
Levels around 10116 can be seen as crucial in the immediate short term, as the same were the lows for last Monday/Tuesday. For opening further upsides, therefore, we need to see a strong action above 10116, and even a close above it. Such a follow-up would confirm the support at the 38.2% level to the 6-day rally from 7697 to 10945. This will be our bull case scenario.
In case the Sensex takes support at the Fibonacci correction levels marked, the short-term reversal we were expecting since last week, can turn out to be a medium-term reversal, which will not break last week’s low of 7697 till this year-end. Why ?
The following chart shows why. Movement since ‘Jan shows a particular pattern for the current bear phase, at least so far. Sensex shows falling segments lasting for 10 to 11 weeks, which are then followed by rallying segments lasting anything from 4 to 7 weeks.
As per this phenomenon, we are likely to see the bottom at 7697 holding till the end of this year, resulting in a positive market for the next 4 to 7 weeks.Wave-structure wise, as I observed last week, the C leg from 15107 achieved 161.8% ratio to A (from 16632 to 12514). Time-wise, C consumed exactly the same time as A. Based on the 8-year cycle, since ‘Jan I have been arguing or a 55 to 58% cut from the top. Remember, in the previous 8-year cycle top during ‘1992-93, Sensex lost 56% from 4546 to 1980. In the next cycle top, the cut was almost 58% from 6150 in ‘2000 to 2594 in ‘2001. At the recent low of 7697, we have already seen a near 63% cut from the top of 21206. Prior to this, the wave-structure showed us an Extracting Triangle within the bear market rally from 12514 to 15107, which was marked by reduction in rising legs and increase in falling legs. Such a structure was already indicating a severe drop. From 15107, Sensex has been forming a “c” leg down. Though we normally expect 5-legged Impulse formation in “c” wave, the “c” of Triangle / Terminal / Diametric formations have Corrective label. I am, however, ssuming a channeled Complex Corrective in the current “c” simply because it is helping our trading strategies. Time-wise, I argued, “‘… such a phase would last for at least 13 months (beginning Jan’08), and may require consolidation thereafter, before the next bull phase can begin. As long as Sensex keeps on making lower highs, the bear phase continues.” However, while we wait for higher top higher bottom to form, a quick counter rally as a result of support at the current lows can give a short term trading opportunity.While the value target below 10K has been achieved, the time targets are still to be achieved. Remember, in technical analysis, both time and price forecasts must be achieved. Long-term investors better wait till then.
Source Vivek Bhai
TOP STORIES
The FIIs withdrawing from equity market has resulted in Dollar outflows from India, reducing domestic supply of the currency for local importers. As a result, since ‘Jan highs, while Dollar appreciated by 26%, the FII net Investment had also reduced by about 21%.
The charts are slowly turning for better (in favor of Rupee), as you can see.
FIIs selling halts a bit
The important hallmark of this bear market has been heavy withdrawal by FIIs. The following monthly chart of FII Net Investments shows a clear break of the 14-year long Monthly channel.I have shown an equidistant parallel on downside, value of which indicates that we may see more withdrawals to the tune of Rs. 30000 crores. Some positive ticks were seen on this chart during the week however.
The charts are slowly turning for better (in favor of Rupee), as you can see.
FIIs selling halts a bitThe important hallmark of this bear market has been heavy withdrawal by FIIs. The following monthly chart of FII Net Investments shows a clear break of the 14-year long Monthly channel.I have shown an equidistant parallel on downside, value of which indicates that we may see more withdrawals to the tune of Rs. 30000 crores. Some positive ticks were seen on this chart during the week however.
The 8-Year Cycle
A much bigger cycle is the 8-year cycle. As shown on the chart below, '1984 was the beginning of 8-year long bull-run till '1992. In my Super-Cycle Degree count, shown on ASA Long-Term chart under a separate para, I have, in fact, taken ‘1984 as the beginning point for the most dynamic 3rd wave. The next two important turning points occurred exactly 8 years thereafter, in '1992 and '2000. Both these turning points were marked by stock market scams, wherein the leaders of the rally had extremely difficult time later. For example, ACC, the leading stock of '1992 bull market, remained below its highs till end of '2004. Similarly, the IT stocks, which were leaders of '2000 rally, had lost as much as 90% of their top valuations by the year '2003.
This year, we are sitting on this very important cycle, which therefore, may throw up similar possibilities.
A much bigger cycle is the 8-year cycle. As shown on the chart below, '1984 was the beginning of 8-year long bull-run till '1992. In my Super-Cycle Degree count, shown on ASA Long-Term chart under a separate para, I have, in fact, taken ‘1984 as the beginning point for the most dynamic 3rd wave. The next two important turning points occurred exactly 8 years thereafter, in '1992 and '2000. Both these turning points were marked by stock market scams, wherein the leaders of the rally had extremely difficult time later. For example, ACC, the leading stock of '1992 bull market, remained below its highs till end of '2004. Similarly, the IT stocks, which were leaders of '2000 rally, had lost as much as 90% of their top valuations by the year '2003.
This year, we are sitting on this very important cycle, which therefore, may throw up similar possibilities.
Alternative scenarios for Sensex As far as larger wave scenario is concerned, I have been explaining two alternatives :
The first one assumes that a large Triple Combination corrective, beginning Sep'1994 got over in Oct'2005 at 7656. The last corrective within this Complex Corrective phase formed as a "Non-Limiting" Running Triangle, the breakout from which has already occurred. This has been my preferred scenario for many years. (Remember, Non-limiting Triangles, as the name suggests, do not impose any limit on the post-pattern behavior). This scenario also combines well with the traditional channeling technique. Sensex followed a parallel channel for 11 long years from Apr'1992 to May'2003. As I had shown, if one projects the width of this channel on upper side, such a projection gave 20000 as the "minimum" target for Sensex. The same has been achieved already.
The first one assumes that a large Triple Combination corrective, beginning Sep'1994 got over in Oct'2005 at 7656. The last corrective within this Complex Corrective phase formed as a "Non-Limiting" Running Triangle, the breakout from which has already occurred. This has been my preferred scenario for many years. (Remember, Non-limiting Triangles, as the name suggests, do not impose any limit on the post-pattern behavior). This scenario also combines well with the traditional channeling technique. Sensex followed a parallel channel for 11 long years from Apr'1992 to May'2003. As I had shown, if one projects the width of this channel on upper side, such a projection gave 20000 as the "minimum" target for Sensex. The same has been achieved already.
As per the alternative bearish scenario, a Diametric had been developing into Sensex' 5th leg of impulse. In this alternative, the 4th wave ended at May'2003 low near 2904. The 5th leg, being a non-extended wave of the Impulse, should not have gone much beyond 61.8% ratio to the 3rd, which projected a maximum of 13300. In this argument, the 5th wave was assumed to be the "non-extended" leg within the Super-cycle degree 3rd which began at 259 in Nov'1984 as shown below. (in an Impulse pattern, only one directional leg can be the extended leg.) As per this wave-structure, the 3rd (of the 3rd) was shown to be the extended leg, which achieved exactly 261.8% ratio to the 1st on log scale. The 2nd was exactly 61.8% of 1st value-wise, and 161.8% time-wise. The 4th was 38.2% of 3rd value-wise, and 261.8% time-wise, as shown below.
There are good ratios present within different waves, as explained on the chart, to support this scenario. However, the Sensex sustaining well above 13300 may lead to a "Double Extension" scenario even by this alternative, wherein both 3rd as well as 5th would be extended waves.
There are good ratios present within different waves, as explained on the chart, to support this scenario. However, the Sensex sustaining well above 13300 may lead to a "Double Extension" scenario even by this alternative, wherein both 3rd as well as 5th would be extended waves.
The development into 5th wave was read as a "Diametric" formation. It was explained that the well-channeled legs, with a subsequent correction of less than 61.8%, led to the suspicion of a "Diametric" formation. (Remember, channeled moves usually indicate complex correctives, which should normally get retraced by more than 61.8%, except within the new pattern called "Diametric"). Diametric formation has 7 legs, marked as a-b-c-d-e-f-g. It is called a "Diametric" because it combines two Triangular patterns, one initially Contracting up to the "d" leg, followed by an Expanding one, thereafter. The contraction point is the "d" leg, and the legs on either sides of it tend to be equal. Accordingly, "c" and "e" were equal in "log scale", both showing about 60% gain. Similarly, "g" achieved equality to "a", both showing about 115% gain. This Diametric could be taken as the 1st of the 5th (5th, which, due to its corrective structure, could be developing as a Terminal wave). This Diametric in the 1st leg of probable Terminal wave appears to have ended at 'Jan'08, and we may be looking at the 2nd wave downwards within this Terminal. 
Realty stocks proved major gainers in the rally. Why ?
Realty stocks proved major gainers in the rally. Why ?
While Sensex recovered 42% in the recent rally, BSE Realty Index recovered 69%.
The justification for such strong gains can be seen in already low valuations, and 11% Principle. The recent lows exactly touch the 11% level to its all-time high of 13848, as shown on the chart.
While Sensex recovered 42% in the recent rally, BSE Realty Index recovered 69%.
The justification for such strong gains can be seen in already low valuations, and 11% Principle. The recent lows exactly touch the 11% level to its all-time high of 13848, as shown on the chart.
Sunday, November 9, 2008
10 NOV positional calls
BUY IOC above 370 sl 363 TGT 381/393
BUY DIVIS ABOVE 1265 TGT 1291/1318 SL 1247
BUY GT OFFSHOR ABOVE 335 TGT 360/383 SL 314.70
BUY BHARTI SHIP@79 TGT 85/92
BUY DIVIS ABOVE 1265 TGT 1291/1318 SL 1247
BUY GT OFFSHOR ABOVE 335 TGT 360/383 SL 314.70
BUY BHARTI SHIP@79 TGT 85/92
Sunday, November 2, 2008
NEXT WEEK POSITIONAL RECOMONDATIONS
BUY JINDAL STEEL ABOVE 803 SL 770 TGT 850/900, BUY ROLTA ABOVE 180 TGT 193,200 SL @175 ,BUY GE SHIP ABOVE 209 SL 200 TGT 220/230 BUY REL INFRA @455 TGT 500/540,
NIFTY VS PE MUST READ
Oversold zone
Nifty PE is in oversold zone when it reaches below 12.5. How ?
See on chart. It touched below 12.5 for 5 times in 10 years History since 1999.
1 Instance Nifty was 930 points in Jan 1999 when Nifty was below 12.5. From there Nifty rose to 1760 points which is almost 100% return in 1 year.
2 Instance Nifty was 860 points in sep 2001 when Nifty PE was again below 12.5. From there Nifty rose to 1220 in 6 months. Which is again 50% return in 6 months.
3 Instance Apr 2003, Nifty 880, Nifty PE <> 25, Nifty fell 54% from 1760 to 860 Points in 19 Months. Huge fall.
2 Instance Jan 2008, Nifty 6300, Nifty PE > 25, Nifty fell 64 % from 6300 to 2250 points in 10 months. Huge fall in less time.
Also do not forget that 2000 and 2008 years were also End of 8 year cycle of Markets.
So People, Analysis of few hours in a week or Month can also get you answers for the most important questions in Market :- what next and when ?
“Never overlook anything in your life, B’cos Gud times will give happiness and Bad times will give Experience. You need both to be different than world.”
Nifty PE is in oversold zone when it reaches below 12.5. How ?
See on chart. It touched below 12.5 for 5 times in 10 years History since 1999.
1 Instance Nifty was 930 points in Jan 1999 when Nifty was below 12.5. From there Nifty rose to 1760 points which is almost 100% return in 1 year.
2 Instance Nifty was 860 points in sep 2001 when Nifty PE was again below 12.5. From there Nifty rose to 1220 in 6 months. Which is again 50% return in 6 months.
3 Instance Apr 2003, Nifty 880, Nifty PE <> 25, Nifty fell 54% from 1760 to 860 Points in 19 Months. Huge fall.
2 Instance Jan 2008, Nifty 6300, Nifty PE > 25, Nifty fell 64 % from 6300 to 2250 points in 10 months. Huge fall in less time.
Also do not forget that 2000 and 2008 years were also End of 8 year cycle of Markets.
So People, Analysis of few hours in a week or Month can also get you answers for the most important questions in Market :- what next and when ?
“Never overlook anything in your life, B’cos Gud times will give happiness and Bad times will give Experience. You need both to be different than world.”
Saturday, November 1, 2008
The following table gives information about the no. of shares Fiis short in the underlying script
The following table gives information about the no. of shares Fiis short in the underlying script.
IN SEBI'S LIST OF SHORT-SOLD STOCKS, ICICI BANK TOPS WITH 1.2CR SHARES. OTHER MAJOR CHUNK COMES FROM NTPC (89 LAKH), TATA STEEL (88 LAKH), JP ASSOCIATES, RCOM, RPL, ITC, IDEA, AXIS BANK, HDIL, BHARTI AIRTEL AND LIST GOES ON. RELIANCE INDUSTRIES SHORT SALES HAVE BEEN 21 LAKH SHARES. NEARLY ALL ARE INDEX-MOVING STOCKS AND EVEN IF SEBI HAS NOT FORCED FIIS TO COVER THE POSITIONS, THEY STILL HAVE TO COVER IT SOME DAY. IT IS A CAUTION TO WHOEVER IS SHORT IN THESE COUNTERS, JUST BACK OFF! BECAUSE HE IS GONNA PAY FOR IT VERY DEARLY.
SECURITY NAME QUANTITY (no. of underlying security)
ICICI BANK LTD 12710276
NATIONAL THERMAL POWER CORP 8924392
TATA STEEL LIMITED 8865766
JAIPRAKASH ASSOCIATES LTD 8386718
RELIANCE COMMUNICATION LTD 8153350
RELIANCE PETROLEUM LTD 7316495
ITC LIMITED 5073320
IDEA CELLULAR LTD 4787538
AXIS BANK LTD 4668781
INDIABULLS REAL ESTATE LIMITED 4556078
HDIL 4134608
BHARTI AIRTEL LIMITED 4070404
MOSER BAER (INDIA) LIMITED 3740643
LARSEN & TOUBRO LIMITED 3573799
HDFC 3560323
MORGAN STANLEY GROWTH FUND 3535464
SUZLON ENERGY LIMITED 3194455
UNITED PHOSPHOROUS 3014492
CRANES SOFTWARE INTERNATIONAL LTD 2936888
RELIANCE CAPITAL LIMITED 2765347
LUPIN LTD 2636487
JSW STEEL LIMITED 2459440
AMTEK INDIA LTD 2329793
GLENMARK PHARMACEUTICALS LTD 2221847
RELIANCE INDUSTRIES LIMITED 2145092
INFOSYS TECHNOLOGIES LTD 2061118
HINDUSTAN UNILEVER LIMITED 1975000
INDIABULLS FINANCIAL SERVICES 1930673
DLF LIMITED 1847961
PUNJ LLOYD LIMITED 1795840
CROMPTON GREAVES LTD 1711019
ROLTA INDIA LIMITED 1619425
UNITECH LIMITED 1423525
HDFC BANK LIMITED 1359784
GMR INFRASTRUCTURE LTD 1357004
PRAKASH INDUSTRIES LIMITED 1272042
MAN INDUSTRIES (INDIA) LTD 1252008
FIRSTSOURCE SOLUTIONS LIMITE 1211932
EVEREST KANTO CYLINDER LIMITED 1175913
IVRCL INFRASTRUCTURES & PROJECT 1161116
AFTEK INFOSYS LTD 1158298
JAIN IRRIGATION SYSTEMS LTD 1116987
HEXAWARE TECHNOLOGIES LTD 1110223
STEEL AUTHORITY OF INDIA 1076564
KOTAK MAHINDRA BANK LTD 1068300
PATNI COMPUTER SYSTEMS 1038395
VOLTAS 1000794
STATE BANK OF INDIA 988377
S KUMARS NATIONWIDE LTD 987751
SREI INFRASTRUCTURE FINANCE 942996
STRIDES ARCOLAB LTD 940746
GEODESIC LTD 914514
GATEWAY DISTRIPARKS LTD 881315
HINDALCO INDUSTRIES LIMITED 876757
AMTEK AUTO LIMITED 845581
TATA CHEMICALS LIMITED 812780
BHARAT HEAVY ELECTRICALS LIMITED 797167
RUCHI SOYA INDUSTRIES LTD 790000
TATA MOTORS LTD 784102
GTL INFRASTRUCTURE LTD 768972
ERA CONSTRUCTION LTD 750000
INFRASTRUCTURE DEVELOPMENT FIN 743450
WOCKHARDT 738529
JUBILANT ORGANOSYS LTD 737757
BHARAT FORGE LIMITED 736964
ASSAM CO LTD 735634
UNION BANK OF INDIA 724000
SATYAM COMPUTER SERVICES LIMITED 692924
INDUSTRIAL DEVELOPMENT BANK OF INDIA 690908
ASHOK LEYLAND LIMITED 652113
ORIENTAL BANK OF COMMERCE 645017
AUROBINDO PHARMA LIMITED 619683
TATA CONSULTANCY SERVICES 611123
PUNJAB NATIONAL BANK 602844
3I INFOTECH LIMITED 586276
EDUCOMP SOLUTIONS LTD 531444
CAIRN INDIA LIMITED 529596
GUJARAT STATE PETRONET LTD 502951
PANACEA BIOTEC LIMITED 500448
VIDEOCON INDUSTRIES LTD 491746
INDIAN HOTEL 486379
RELIANCE INFRASTRUCTURE LTD 474584
NAGARJUNA CONSTRUCTION CO 471704
PANTALOON RETAIL INDIA LIMITED 468107
GAIL INDIA LTD 462555
CORE PROJECTS $ TECHNOLOGIES 457365
CANARA BANK 444429
PYRAMID SAIMIRA THEATRE 425060
STERLITE INDUSTRIES INDIA LT 410987
POWER GRID CORP OF INDIA 400000
ICSA INDIA LTD 387959
TULIP IT SERVICES LTD 383696
CIPLA LTD 382723
ABAN OFFSHORE LIMITED 379307
KLG SYSTEL LIMITED 375949
NORTHGATE TECHNOLOGIES LTD 347631
ADLABS FILMS LTD 344353
SPICEJET LTD 333675
HCL TECHNOLOGIES LTD 330503
MARUTI SUZUKI INDIA LTD 322026
JINDAL STAINLESS LTD 317000
NEW DELHI TELEVISION LTD 313561
SESA GOA LTD 312000
MPHASIS BFL LTD 306099
OPTO CIRCUITS INDIA 305817
RELIANCE POWER LIMITED 300000
BHARATI SHIPYARD LIMITED 299329
PIRAMAL HEALTHCARE LIMITED 294145
BAJAJ HINDUSTAN LTD 287533
OIL & NATURAL GAS CORP LTD 274500
ANSAL PROPERTIES & INFRASTRU 268008
JINDAL SAW LTD 246584
POWER FINANCE CORP LTD 234656
BANK OF INDIA 234570
GITANJALI GEMS LTD 227412
NIIT LTD 223349
MERCATOR LINES LIMITED 222016
WIPRO LTD 215369
SINTEX INDUSTRIES LIMITED 210062
SAW PIPES LIMITED ORD 208900
MATRIX LABORATORIES LIMITED 205900
ZEE ENTERTAINMENT ENTERPRISES LTD 199500
HOTEL LEELA VENTURE LTD 193316
FEDERAL BANK LTD 184050
KARNATAKA BANK LTD 184000
YES BANK 180000
GRASIM 174265
ANDHRA BANK LTD 173373
RANBAXY LABORATORIES LTD 169862
CESC LTD 158979
ASAHI INDIA GLASS LTD 158067
TATA POWER CO 157963
BIOCON LTD 154900
LGB FORGE LTD 153576
GREMACH INFRASTRUCTURE EQUIPMENTS & PROJECTS LTD 151730
KEC INTERNATIONAL LTD 151085
LIC HOUSING FINANCE 145584
RAYMOND LIMITED 144494
HINDUSTAN CONSTRUCTION CO 138000
TVS MOTORS CO LTD 134130
DR REDDYS LABORATORIES LTD 134047
MAHANAGAR TELEPHONE NIGAM 132380
ZENITH INFOTECH LTD 131426
ADANI EXPORTS 131420
MONNET ISPAT LIMITED 131117
ACC LIMITED 130026
NATIONAL ALUMINIUM CO 126500
ANKUR DRUGS & PHARMA LTD 125000
GEOMETRIC LTD 122118
TATA COMMUNICATIONS LTD 110081
SUBEX LTD 109526
DISHMAN PHARMA & CHEM CMN 105901
INDIA CEMENTS LIMITED 104900
INDIA INFOLINE LTD 100156
MICRO TECHNOLOGIES INDIA LTD 99,103
INDIAN OVERSEAS BANK 96,798
BAJAJ AUTO LIMITED 90,951
KINGFISHER AIRLINE 88,081
ABB LTD INDIA 85,973
ALOK IND LTD 76,089
MAHA SCOOTER 69,885
PRAJAY ENGINEERS SYNDICA 69,798
ADITYA BIRLA NUVO LTD 68,466
GTL LTD 65,732
JINDAL STEEL & POWER LTD 65,545
PATEL ENGINEERING LTD 65,509
LAKSHMI ENERGY & FOODS LTD 63,516
BARTRONICS INDIA LTD 61,047
BRANDHOUSE RETAIL 55,439
MAHINDRA & MAHINDRA 54,950
HERO HONDA MOTORS LIMITED 53,100
EMCO LTD 50,180
HINDUSTAN ZINC LTD 49,671
SUN PHARMACEUTICALS INDUS LTD 47,974
CORPORATION BANK 47,647
MAHINDRA LIFESPACE DEVELOPERS LTD 45,645
INFOTECH ENTERPRISES LTD 45,453
RAIN COMMODITIES LTD 44,934
SHIV-VANI OIL & GAS EXPLORATION SERVICES LTD 44,785
PROVOGUE INDIA LTD 42,860
CADILA HEALTHCARE LTD 42,000
LANCO INFRATECH LTD 38,100
ABG SHIPYARD 37,894
WELSPUN-GUJARAT STAHL LTD 35,390
UTV SOFTWARE COMMUNICATIONS LTD 35,204
HINDUSTAN PETROLEUM CORP 35,166
ELECTROSTEEL 32,035
RELIANCE NATURAL RESOURCES LTD 31,476
RELIANCE ENERGY LTD 31,264
PARSVNATH DEVELOPERS LTD 30,807
MUKAND LTD 27,642
INDIAN OIL CORP LTD 23,464
BILCARE LTD 22,492
UFLEX LIMITED 21,661
SIEMENS INDIA LTD 21,616
AKRUTI NIRMAN LTD 20,500
NITCO_TILES_LTD 20,000
RAJESH EXPORTS LIMITED 20,000
MAHARASHTRA SEAMLESS LTD 19,537
ORCHID CHEMICALS & PHARMA 16,110
REDINGTON INDIA LTD 14,218
UNITED SPIRITS LIMITED 14,174
ASIAN ELECTRONICS LTD 14,108
RADICO KHAITAN LTD 11,560
JET AIRWAYS INDIA LIMITED 11,174
EICHER MOTORS LTD 10,465
REI AGRO LTD 9,140
FINANCIAL TECHN (INDIA) LTD 8,700
ULTRA TECH CEMENT LTD 8,037
GOKALDAS EXPORTS 4,927
KALPATARU POWER TRANS LTD 4,257
GE SHIPPING 3,606
STERLING BIOTECH LTD 3,598
BHARAT PETROLEUM CORP LTD 3,300
PRIME FOCUS LTD 3,291
GENUS POWER INFRASTRUCTURE 2,816
SOUTH INDIA 1,575
SUN PHARMA ADVANCED RESEARCH CO LTD 1,000
GLAXOSMITHKLINE PHARMACEUTIC 764
MADRAS CEMENTS LIMITED 731
ADVANTA INDIA LTD 485
ASHAPURA MINECHEM LIMITED 100
BOMBAY RAYON 8
GREAT OFFSHORE LTD 4
IN SEBI'S LIST OF SHORT-SOLD STOCKS, ICICI BANK TOPS WITH 1.2CR SHARES. OTHER MAJOR CHUNK COMES FROM NTPC (89 LAKH), TATA STEEL (88 LAKH), JP ASSOCIATES, RCOM, RPL, ITC, IDEA, AXIS BANK, HDIL, BHARTI AIRTEL AND LIST GOES ON. RELIANCE INDUSTRIES SHORT SALES HAVE BEEN 21 LAKH SHARES. NEARLY ALL ARE INDEX-MOVING STOCKS AND EVEN IF SEBI HAS NOT FORCED FIIS TO COVER THE POSITIONS, THEY STILL HAVE TO COVER IT SOME DAY. IT IS A CAUTION TO WHOEVER IS SHORT IN THESE COUNTERS, JUST BACK OFF! BECAUSE HE IS GONNA PAY FOR IT VERY DEARLY.
SECURITY NAME QUANTITY (no. of underlying security)
ICICI BANK LTD 12710276
NATIONAL THERMAL POWER CORP 8924392
TATA STEEL LIMITED 8865766
JAIPRAKASH ASSOCIATES LTD 8386718
RELIANCE COMMUNICATION LTD 8153350
RELIANCE PETROLEUM LTD 7316495
ITC LIMITED 5073320
IDEA CELLULAR LTD 4787538
AXIS BANK LTD 4668781
INDIABULLS REAL ESTATE LIMITED 4556078
HDIL 4134608
BHARTI AIRTEL LIMITED 4070404
MOSER BAER (INDIA) LIMITED 3740643
LARSEN & TOUBRO LIMITED 3573799
HDFC 3560323
MORGAN STANLEY GROWTH FUND 3535464
SUZLON ENERGY LIMITED 3194455
UNITED PHOSPHOROUS 3014492
CRANES SOFTWARE INTERNATIONAL LTD 2936888
RELIANCE CAPITAL LIMITED 2765347
LUPIN LTD 2636487
JSW STEEL LIMITED 2459440
AMTEK INDIA LTD 2329793
GLENMARK PHARMACEUTICALS LTD 2221847
RELIANCE INDUSTRIES LIMITED 2145092
INFOSYS TECHNOLOGIES LTD 2061118
HINDUSTAN UNILEVER LIMITED 1975000
INDIABULLS FINANCIAL SERVICES 1930673
DLF LIMITED 1847961
PUNJ LLOYD LIMITED 1795840
CROMPTON GREAVES LTD 1711019
ROLTA INDIA LIMITED 1619425
UNITECH LIMITED 1423525
HDFC BANK LIMITED 1359784
GMR INFRASTRUCTURE LTD 1357004
PRAKASH INDUSTRIES LIMITED 1272042
MAN INDUSTRIES (INDIA) LTD 1252008
FIRSTSOURCE SOLUTIONS LIMITE 1211932
EVEREST KANTO CYLINDER LIMITED 1175913
IVRCL INFRASTRUCTURES & PROJECT 1161116
AFTEK INFOSYS LTD 1158298
JAIN IRRIGATION SYSTEMS LTD 1116987
HEXAWARE TECHNOLOGIES LTD 1110223
STEEL AUTHORITY OF INDIA 1076564
KOTAK MAHINDRA BANK LTD 1068300
PATNI COMPUTER SYSTEMS 1038395
VOLTAS 1000794
STATE BANK OF INDIA 988377
S KUMARS NATIONWIDE LTD 987751
SREI INFRASTRUCTURE FINANCE 942996
STRIDES ARCOLAB LTD 940746
GEODESIC LTD 914514
GATEWAY DISTRIPARKS LTD 881315
HINDALCO INDUSTRIES LIMITED 876757
AMTEK AUTO LIMITED 845581
TATA CHEMICALS LIMITED 812780
BHARAT HEAVY ELECTRICALS LIMITED 797167
RUCHI SOYA INDUSTRIES LTD 790000
TATA MOTORS LTD 784102
GTL INFRASTRUCTURE LTD 768972
ERA CONSTRUCTION LTD 750000
INFRASTRUCTURE DEVELOPMENT FIN 743450
WOCKHARDT 738529
JUBILANT ORGANOSYS LTD 737757
BHARAT FORGE LIMITED 736964
ASSAM CO LTD 735634
UNION BANK OF INDIA 724000
SATYAM COMPUTER SERVICES LIMITED 692924
INDUSTRIAL DEVELOPMENT BANK OF INDIA 690908
ASHOK LEYLAND LIMITED 652113
ORIENTAL BANK OF COMMERCE 645017
AUROBINDO PHARMA LIMITED 619683
TATA CONSULTANCY SERVICES 611123
PUNJAB NATIONAL BANK 602844
3I INFOTECH LIMITED 586276
EDUCOMP SOLUTIONS LTD 531444
CAIRN INDIA LIMITED 529596
GUJARAT STATE PETRONET LTD 502951
PANACEA BIOTEC LIMITED 500448
VIDEOCON INDUSTRIES LTD 491746
INDIAN HOTEL 486379
RELIANCE INFRASTRUCTURE LTD 474584
NAGARJUNA CONSTRUCTION CO 471704
PANTALOON RETAIL INDIA LIMITED 468107
GAIL INDIA LTD 462555
CORE PROJECTS $ TECHNOLOGIES 457365
CANARA BANK 444429
PYRAMID SAIMIRA THEATRE 425060
STERLITE INDUSTRIES INDIA LT 410987
POWER GRID CORP OF INDIA 400000
ICSA INDIA LTD 387959
TULIP IT SERVICES LTD 383696
CIPLA LTD 382723
ABAN OFFSHORE LIMITED 379307
KLG SYSTEL LIMITED 375949
NORTHGATE TECHNOLOGIES LTD 347631
ADLABS FILMS LTD 344353
SPICEJET LTD 333675
HCL TECHNOLOGIES LTD 330503
MARUTI SUZUKI INDIA LTD 322026
JINDAL STAINLESS LTD 317000
NEW DELHI TELEVISION LTD 313561
SESA GOA LTD 312000
MPHASIS BFL LTD 306099
OPTO CIRCUITS INDIA 305817
RELIANCE POWER LIMITED 300000
BHARATI SHIPYARD LIMITED 299329
PIRAMAL HEALTHCARE LIMITED 294145
BAJAJ HINDUSTAN LTD 287533
OIL & NATURAL GAS CORP LTD 274500
ANSAL PROPERTIES & INFRASTRU 268008
JINDAL SAW LTD 246584
POWER FINANCE CORP LTD 234656
BANK OF INDIA 234570
GITANJALI GEMS LTD 227412
NIIT LTD 223349
MERCATOR LINES LIMITED 222016
WIPRO LTD 215369
SINTEX INDUSTRIES LIMITED 210062
SAW PIPES LIMITED ORD 208900
MATRIX LABORATORIES LIMITED 205900
ZEE ENTERTAINMENT ENTERPRISES LTD 199500
HOTEL LEELA VENTURE LTD 193316
FEDERAL BANK LTD 184050
KARNATAKA BANK LTD 184000
YES BANK 180000
GRASIM 174265
ANDHRA BANK LTD 173373
RANBAXY LABORATORIES LTD 169862
CESC LTD 158979
ASAHI INDIA GLASS LTD 158067
TATA POWER CO 157963
BIOCON LTD 154900
LGB FORGE LTD 153576
GREMACH INFRASTRUCTURE EQUIPMENTS & PROJECTS LTD 151730
KEC INTERNATIONAL LTD 151085
LIC HOUSING FINANCE 145584
RAYMOND LIMITED 144494
HINDUSTAN CONSTRUCTION CO 138000
TVS MOTORS CO LTD 134130
DR REDDYS LABORATORIES LTD 134047
MAHANAGAR TELEPHONE NIGAM 132380
ZENITH INFOTECH LTD 131426
ADANI EXPORTS 131420
MONNET ISPAT LIMITED 131117
ACC LIMITED 130026
NATIONAL ALUMINIUM CO 126500
ANKUR DRUGS & PHARMA LTD 125000
GEOMETRIC LTD 122118
TATA COMMUNICATIONS LTD 110081
SUBEX LTD 109526
DISHMAN PHARMA & CHEM CMN 105901
INDIA CEMENTS LIMITED 104900
INDIA INFOLINE LTD 100156
MICRO TECHNOLOGIES INDIA LTD 99,103
INDIAN OVERSEAS BANK 96,798
BAJAJ AUTO LIMITED 90,951
KINGFISHER AIRLINE 88,081
ABB LTD INDIA 85,973
ALOK IND LTD 76,089
MAHA SCOOTER 69,885
PRAJAY ENGINEERS SYNDICA 69,798
ADITYA BIRLA NUVO LTD 68,466
GTL LTD 65,732
JINDAL STEEL & POWER LTD 65,545
PATEL ENGINEERING LTD 65,509
LAKSHMI ENERGY & FOODS LTD 63,516
BARTRONICS INDIA LTD 61,047
BRANDHOUSE RETAIL 55,439
MAHINDRA & MAHINDRA 54,950
HERO HONDA MOTORS LIMITED 53,100
EMCO LTD 50,180
HINDUSTAN ZINC LTD 49,671
SUN PHARMACEUTICALS INDUS LTD 47,974
CORPORATION BANK 47,647
MAHINDRA LIFESPACE DEVELOPERS LTD 45,645
INFOTECH ENTERPRISES LTD 45,453
RAIN COMMODITIES LTD 44,934
SHIV-VANI OIL & GAS EXPLORATION SERVICES LTD 44,785
PROVOGUE INDIA LTD 42,860
CADILA HEALTHCARE LTD 42,000
LANCO INFRATECH LTD 38,100
ABG SHIPYARD 37,894
WELSPUN-GUJARAT STAHL LTD 35,390
UTV SOFTWARE COMMUNICATIONS LTD 35,204
HINDUSTAN PETROLEUM CORP 35,166
ELECTROSTEEL 32,035
RELIANCE NATURAL RESOURCES LTD 31,476
RELIANCE ENERGY LTD 31,264
PARSVNATH DEVELOPERS LTD 30,807
MUKAND LTD 27,642
INDIAN OIL CORP LTD 23,464
BILCARE LTD 22,492
UFLEX LIMITED 21,661
SIEMENS INDIA LTD 21,616
AKRUTI NIRMAN LTD 20,500
NITCO_TILES_LTD 20,000
RAJESH EXPORTS LIMITED 20,000
MAHARASHTRA SEAMLESS LTD 19,537
ORCHID CHEMICALS & PHARMA 16,110
REDINGTON INDIA LTD 14,218
UNITED SPIRITS LIMITED 14,174
ASIAN ELECTRONICS LTD 14,108
RADICO KHAITAN LTD 11,560
JET AIRWAYS INDIA LIMITED 11,174
EICHER MOTORS LTD 10,465
REI AGRO LTD 9,140
FINANCIAL TECHN (INDIA) LTD 8,700
ULTRA TECH CEMENT LTD 8,037
GOKALDAS EXPORTS 4,927
KALPATARU POWER TRANS LTD 4,257
GE SHIPPING 3,606
STERLING BIOTECH LTD 3,598
BHARAT PETROLEUM CORP LTD 3,300
PRIME FOCUS LTD 3,291
GENUS POWER INFRASTRUCTURE 2,816
SOUTH INDIA 1,575
SUN PHARMA ADVANCED RESEARCH CO LTD 1,000
GLAXOSMITHKLINE PHARMACEUTIC 764
MADRAS CEMENTS LIMITED 731
ADVANTA INDIA LTD 485
ASHAPURA MINECHEM LIMITED 100
BOMBAY RAYON 8
GREAT OFFSHORE LTD 4
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