Tuesday, July 31, 2007

Masters don't gamble

The masters don't gamble. \"They invest deliberately and purposefully, and they outperform the average investor as a result.\"

Markets have been going down and up. If that makes you feel queasy, here is help. \"You can achieve success in the stock market if you follow a set of well-defined investment principles and refuse to abandon them when the market acts irrationally,\"

First check if you belong to the majority in the world of investment that comprises those who want hot stock tips. \"Unwilling to learn the rudiments of investing, they invest in companies because `they\'ve been going up.\' The thrill of the action is as important to them as the profits they make.\" To them, investing is not about maximising the returns over time.

The minority are the few who study the art of investing \"in a constant effort to increase their knowledge and improve their skills.\" Kays points out that these people take time to learn what matters when buying the stocks. \"They don\'t gamble; they invest deliberately and purposefully, and they outperform the average investor as a result.\"

Stocks in news: M&M, Tata Steel, NTPC, HUL, UTV Software

· Ex-dividend:
Varun Shipping (Rs 1.50/sh), Apar Industries (Rs 2/sh), Atul (Rs 3/sh), Heritage Foods (Rs 3/sh), Parsvnath (Rs 2.50/sh) and Cyber Media (Re 1/sh)

· Results Today:
M&M, Tata Steel, HDFC, NTPC, HPCL, BEML, BHEL, Glenmark, IOC, Jet Airways, OBC, AV Birla Nuvo, Cairn India, GMR Ind, Sun TV, NALCO, India Cement, GE Shipping, DCB, Divis Labs, TTML, India Bulls Real Estate, India Infoline, I-Flex Solution, Akruti Nirman, Andhra Bank, Syndicate Bank, Torrent Power, TV Today Network, Vijaya Bank, Sical Logistics, Ajanta Pharma, Archies, Asian Paints, Jindal Steel & Power, JK Tyre, JM Financial, Nova Petro, Advanta India, Asian Electronics, Atlanta, BL Kashyap, Cambridge Sol, Crest Animations, Dishman Pharma, Easun Reyroll, Hanung Toys, Harrison Malayalam, Helios & Matheson, Inox, Maharastra Seamless, Mangalam Drugs, Mercator lines, Sical Logistic, Syndicate Bank, Voltamp, Wyeth, Balkrishna Ind, Bharti Shipyard, Classic Diamond, DCM, Dredging Corp, Gitanjali Gems, Heritage Foods, Hinduja TMT Hotel Leela, D-link Jindal Drilling ,Khaitan Nission Copper ,Nitin Spinners, Northgate, TFCI, Vijaya Bank, Eastern Silk,GMDC,ICSA India and JMC Projects

· Hindustan Unilever board approves share buyback at maximum price of Rs 230/sh up to 25% of capital

· UTV Software board approves GDR/ADR/FCCB issue up to USD 100 mn

· Binani Cement board approves investment in JV in China for manufacture of clinker/cement

· Peninsula Land board approves 1:5 stock split

· Godrej Industries board approves raising long-term resources up to USD 150 mn

· JBM Auto board approves 1:2 bonus issue

· Praj Industries board approves raising funds up to USD 125 mn for expansion, including strategic acquisition abroad; Rakesh

· Jhunjhunwala resigns as director of board

· Lloyd Electric board approves QIB issue up to Rs 200 cr

· Grasim board approves transfer of textile units at Haryana to subsidiary co

· GMR Infrastructure board approves FCCB/GDR/ADR issue up to Rs 5,000 cr

· Eicher promoters may sell majority holding along with management control to Daimler Chrysler - HT

· Renault confirmed holding talks with Bajaj Auto for small car project

· Tata Tele tower biz valued at Rs 13000 cr – TOI

· Govt has decided not to offer CDMA players 3G spectrum - ET

· IDFC buys 6.6% in Andhra Cement for Rs 25 cr - ET

· RIL may drop USD 5.2 bn gas project on pricing delays - FE

· Dish TV to roll out DTH service in cars, trains; in talks with FIIs to raise funds- BS/BL

· MTNL is losing Rs 2 cr each month as ITI failed to put up new broadband capacity in Mumbai - BS

· Baring makes 20% open offer for JRG Securities at Rs 49/sh

· Balasore Alloys board approves expansion plans with investment of Rs 1215 cr

· Paramount Communications board approves increasing FII investment limit 49%

· Petron Engineering bags Rs 49 cr order from Samsung Engineering

Friday, July 27, 2007

Interview with Value Investor Mohnish Pabrai

InvestorGuide: You have compared Pabrai Funds to the original Buffett parternships, and there are obvious similarities: investing only in companies within your circle of competence that have solid management and a competitive moat; knowing the intrinsic value now and having a confident estimate of it over the next few years, and being confident that both of these numbers are at least double the current price; and placing a very small number of very large bets where there is minimal downside risk. Are there any ways in which your approach differs from that of the early Buffett partnerships (or Benjamin Graham's approach), either because you have found ways to improve upon that strategy or because the investing world has changed since then?

Mohnish Pabrai: The similarity between Pabrai Funds and the Buffett Partnerships that I refer to is related to the structure of the partnerships. I copied Mr. Buffett's structure as much as I could since it made so much sense. The fact that it created a very enduring and deep moat wasn't bad either. These structural similarities are the fees (no management fees and 1/4 of the returns over 6% annually with high water marks), the investor base (initially mostly close friends and virtually no institutional participation), minimal discussion of portfolio holdings, annual redemptions and the promotion of looking at long term results etc. Of course, there is similarity in investment style, but as Charlie Munger says, "All intelligent investing is value investing."

My thoughts on this front are covered in more detail in Chapter 14 of The Dhandho Investor.

Regarding the investment style, Mr. Buffett is forced today to mostly be a buy and hold forever investor today due to size and corporate structure. Buying at 50 cents and selling at a dollar is likely to generate better returns than buy and hold forever. I believe both Mr. Munger and he would follow this modus operandi if they were working with a much smaller pool of capital. In his personal portfolio, even today, Mr. Buffett is not a buy and hold forever investor.

In the early days Mr. Buffett (and Benjamin Graham) focused on buying a fair business at a cheap price. Later, with Mr. Munger's influence, he changed to buying good businesses at a fair price. At Pabrai Funds, the ideal scenario is to buy a good business at a cheap price. That's very hard to always do. If we can't find enough of those, we go to buying fair businesses at cheap prices. So it has more similarity to the Buffett of the 1960s than the Buffett of 1990s. BTW, even the present day Buffett buys fair businesses at cheap prices for his personal portfolio.

Value investing is pretty straight-forward - you try to get $1 worth of assets for much less than $1. There is no way to improve on that basic truth. It's timeless.

InvestorGuide: Another possible difference between your style and Buffett's relates to the importance of moats. Your book does emphasize investing in companies that have strategic advantages which will enable them to achieve long-term profitability in the face of competition. But are moats less important if you're only expecting to hold a position for a couple years? Can you see the future clearly enough that you can identify a company whose moat may be under attack in 5 or 10 years, but be confident that that "Mr. Market" will not perceive that threat within the next few years? And how much do moats matter when you're investing in special situations? Would you pass on a special situation if it met all the other criteria on your checklist but didn't have a moat?

Pabrai: Moats are critically important. They are usually critical to the ability to generate future cash flows. Even if one invests with a time horizon of 2-3 years, the moat is quite important. The value of the business after 2-3 years is a function of the future cash it is expected to generate beyond that point. All I'm trying to do is buy a business for 1/2 (or less) than its intrinsic value 2-3 years out. In some cases intrinsic value grows dramatically over time. That's ideal. But even if intrinsic value does not change much over time, if you buy at 50 cents and sell at 90 cents in 2-3 years, the return on invested capital is very acceptable.

If you're buying and holding forever, you need very durable moats (American Express, Coca Cola, Washington Post etc.). In that case you must have increasing intrinsic values over time. Regardless of your initial intrinsic value discount, eventually your return will mirror the annualized increase/decrease in intrinsic value.

At Pabrai Funds, I've focused on 50+% discounts to intrinsic value. If I can get this in an American Express type business, that is ideal and amazing. But even if I invest in businesses where the moat is not as durable (Tesoro Petroleum, Level 3, Universal Stainless), the results are very acceptable. The key in these cases is large discounts to intrinsic value and not to think of them as buy and hold forever investments.

InvestorGuide: For that part of our readership which isn't able to invest in Pabrai Funds due to the net worth and minimum investment requirements, to what extent could they utilize your investing strategy themselves? Your approach seems feasible for retail investors, which is why I have been recommending your book to friends, colleagues, and random people I pass on the street. For example, your research primarily relies on freely available information, you aren't meeting with the company's management, and you don't have a team of analysts crunching numbers. To what extent do you think that a person with above-average intelligence who is willing to devote the necessary time would be able to use your approach to outperform the market long-term?

Pabrai: Investing is a peculiar business. The larger one gets, the worse one is likely to do. So this is a field where the individual investor has a huge leg up on the professionals and large investors. So, not only can The Dhandho Investor approach be applied by small investors, they are likely to get much better results from its application than I can get or multi-billion dollar funds can get. Temperament and passion are the key.

InvestorGuide: You founded, ran, and sold a very successful business prior to starting Pabrai Funds. Has that experience contributed to your investment success? Since that company was in the tech sector but you rarely buy tech stocks (apparently due to the rarity of moats in that sector), the benefits you may have derived seemingly aren't related to an expansion of your circle of competence. But has learning what it takes to run one specific business helped you become a better investor in all kinds of businesses, and if so, how? And have you learned anything as an investor that would make you a better CEO if you ever decide to start another company?

Pabrai: Buffett has a quote that goes something like: "Can you really explain to a fish what it's like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value." And of course he's said many times that he's a better investor because he's a businessman and he's a better businessman because he is an investor. My experience as an entrepreneur has been very fundamental to being any good at investing.

My dad was a quintessential entrepreneur. Over a 40-year period, he had started, grown, sold and liquidated a number of diverse businesses - everything from making a motion picture, setting up a radio station, manufacturing high end speakers, jewelry manufacturing, interior design, handyman services, real estate brokerage, insurance agency, selling magic kits by mail - the list is endless. The common theme across all his ventures was that they were all started with virtually no capital. Some got up to over 100 employees. His downfall was that he was very aggressive with growth plans and the businesses were severely undercapitalized and over-leveraged.

After my brother and I became teenagers, we served as his de facto board of directors. I remember many a meeting with him where we'd try to figure out how to juggle the very tight cash to keep the business going. And once I was 16, I'd go on sales calls with him or we'd run the business while he was traveling. I feel like I got my Harvard MBA even before I finished high school. I did not realize it then, but the experience of watching these businesses with a front-row seat during my teen years was extremely educational. It gave me the confidence to start my first business. And if I have an ability to get to the essence of a subset of businesses today, it is because of that experience.

TransTech was an IT Services/System Integration business. We provided consulting services, but did not develop any products etc. So it wasn't a tech-heavy business. While having a Computer Engineering degree and experience was useful, it wasn't critical. TransTech taught me a lot about business and that experience is invaluable in running Pabrai Funds. Investing in technology is easy to pass on because it is a Buffett edict not to invest in rapidly changing industries. Change is the enemy of the investor.

Being an investor is vastly easier than being a CEO. I've made the no-brainer decision to take the easy road! I do run a business even today. There are operating business elements of running a fund that resemble running a small business. But if I were to go back to running a business with dozens of employees, I think I'd be better at it than I was before the investing experience. Both investing and running a business are two sides of the same coin. They are joined at the hip and having experience doing both is fundamental to being a good investor. There are many successful investors who have never run a business before. My hat's off to them. - For me, without the business experiences as a teenager and the experience running TransTech, I think I'd have been a below average investor. I don't fully understand how they do it.

InvestorGuide: Is your investment strategy the best one for you, or the best one for many/most/all investors? Who should or shouldn't consider using your approach, and what does that decision depend on (time commitment, natural talent, analytical ability, business savvy, personality, etc)?

Pabrai: As I mentioned earlier, Charlie Munger says all intelligent investing is value investing. The term value investing is redundant. There is just one way to invest - buy assets for less than they are worth and sell them at full price. It is not "my approach." I lifted it from Graham, Munger and Buffett. Beyond that, one should stick to one's circle competence, read a lot and be very patient.

InvestorGuide: Some investment strategies stop working as soon as they become sufficiently popular. Do you think this would happen if everyone who reads The Dhandho Investor starts following your strategy? As I've monitored successful value investors I have noticed the same stocks appearing in their various portfolios surprisingly often. (As just one example, you beat Buffett to the convertible bonds of Level 3 Communications back in 2002, which I don't think was merely a coincidence.) If thousands of people start following your approach (using the same types of screens to identify promising candidates and then using the same types of filters to whittle down the list), might they end up with just slightly different subsets of the same couple dozen stocks? If so, that could quickly drive up the prices of those companies (especially on small caps, which seem to be your sweet spot) and eliminate the opportunities almost as soon as they arise. Looked at another way, your portfolio typically has about ten companies, which presumably you consider the ten best investments; if you weren't able to invest in those companies, are there another 10 (or 20, or 50) that you like almost as much?

Pabrai: As long as humans vacillate between fear and greed, there will be mispriced assets. Some will be priced too low and some will be priced too high. Mr. Buffett has been talking up the virtues of value investing for 50+ years and it has made very few folks adopt that approach. So if the #2 guy on the Forbes 400 has openly shared his secret sauce of how he got there for all these decades and his approach is still the exception in the industry, I don't believe I'll have any effect whatsoever.

Take the example of Petrochina. The stock went up some 8% after Buffett's stake was disclosed. One could have easily bought boat loads of Petrochina stock at that 8% premium to Buffett's last known buys. Well, since then Petrochina is up some eight-fold - excluding some very significant dividends. The entire planet could have done that trade. Yet very very few did. I read a study a few years back where some university professor had documented returns one would have made owning what Buffett did - buying and selling right after his trades were public knowledge. One would have trounced the S&P 500 just doing that. I don't know of any investors who religiously follow that compelling approach.

So, I'm not too concerned about value investing suddenly becoming hard to practice because there is one more book on a subject where scores of excellent books have already been written.

InvestorGuide: You have said that investors in Pabrai Funds shouldn't expect that your future performance will approach your past performance, and that it's more likely that you'll outperform the indices by a much smaller margin. Do you say this out of humility and a desire to underpromise and overdeliver, or is it based on market conditions (e.g. thinking that stocks in general are expensive now or that the market is more efficient now and there are fewer screaming bargains)? To argue the other side, I can think of at least two factors that might give your investors reason for optimism rather than pessimism: first, your growing circle of competence, which presumably is making you a better investor with each passing year; and second, your growing network of CEOs and entrepreneurs who can quickly give you firsthand information about the real state of a specific industry.

Pabrai: Future performance of Pabrai Funds is a function of future investments. I have no idea what these future investment ideas would be and thus one has to be cognizant of this reality. It would be foolhardy to set expectations based on the past. We do need to set some benchmarks and goals to be measured against. If a fund beats the Dow, S&P and Nasdaq by a small percentage over the long-haul they are likely to be in the very top echelons of money managers. So, while they may appear modest relative to the past, they are not easy goals for active managers to achieve.

The goals are independent of market conditions today versus the past. While circle of competence and knowledge does (hopefully) grow over time, it is hard to quantify that benefit in the context of our performance goals.

InvestorGuide: Finally, what advice do you have for anyone just getting started in investing, who dreams of replicating your performance? What should be on their "to do" list?

Pabrai: I started with studying Buffett. Then I added Munger, Templeton, Ruane, Whitman, Cates/Hawkins, Berkowitz etc. Best to study the philosophy of the various master value investors and their various specific investments. Then apply that approach with your own money and investment ideas and go from there.

Monday, July 23, 2007

SWOT analysis of Indian Share market

Strengths: Senex and Nifty scrips are top made up of top performing scrips that should capture much of India's growth ove the next 10 years. Companies that stand to gain the most as Indian economy gallops at 8-9% pa.

Weakness: Illiquidity outside the scrips in futures and options may lead to large scale price manipulation in illiquid scrips and lower price realisations in such counters.
Poor Indian Accounting disclosures may lead to large scale manipulation of figures by publicly traded companies.

Opportunites: A large domestic market that is still into traditional fixed income and other government savings is all buy bound to enter the market sooner if not later.

Threats: Global Economic slowdown, Currency mismangement, High global commoditiy prices, Over valuation in Index scrips, Non liquidity in non derravatives related scrips, Change in governement focus on controlling inflation, the attitude of government relating to FII's taxation etc

Brief about SWOT Analys

A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results.

When using SWOT analysis, be realistic about the strengths and weaknesses of your organization. Distinguish between where your organization is today, and where it could be in the future. Also remember to be specific by avoiding gray areas and always analyze in relation to the competition (i.e. are you better or worse than competition?). Finally, keep your SWOT analysis short and simple, and avoid complexity and over-analysis since much of the information is subjective. Thus, use it as a guide and not a prescription.

Friday, July 20, 2007

Indian equity market - Marc Faber

An interview with Marc Faber
*How do you read the current correction and pull back in the Indian equity
The market had risen from less than 3,000 points in 2003 to nearly 15,000
points recently. We had a 26 per cent correction in 2004, a 13 per cent
correction in 2005, and a 30 per cent correction in May-June 2006.

So far we have declined by 13 per cent from the February 11 peak (as on
March 5) and the question is obviously whether this is just a correction or
the beginning of something more serious.

Based on the position of overseas markets and international liquidity, I am
leaning toward the view that we are faced with something more serious.

*There are a lot of worries on inflation and rising interest rates in India.
These could have a negative impact on the equity as well as corporate
profits. In this scenario what is your outlook for calendar year 2007?*

It looks as if most asset markets around the world, including the Indian
stock market made a high between November 2006 and February 2007. And
whereas since 2002 the right strategy was to buy the dips, from now on
investors should sell the rebounds.

Once the Dow is down by 10 per cent, I expect the US Federal Reserve to
begin cutting interest rates and that this may lead to a sharp rebound in
stock prices around the world.

However, I doubt that we shall make new highs. So, my expectation is for the
present downturn to last for between one and three months.

This will be followed by a strong rebound, which will then give way to
renewed weakness in the second half of the year. I may add that India, while
having a great potential, is certainly not problem-free with inflation
accelerating and a not particularly investor-friendly Budget!

*Would you agree that India is witnessing a secular bull run, which could
last for many years or will it deflate?*

It is possible that India and also other emerging markets are in a secular
bull market. However, we should keep in mind that India rose from the lows
in 2003 to its recent high by almost five times.

Valuations are not compelling when compared to other markets and when
compared to local interest rates. Moreover, even if the secular bull market
story is correct, which I somehow doubt, big intermediate corrections or
even bear markets can interrupt this glowing scenario.

*How do you see global liquidity going forward?*

Global liquidity, coming principally from the US current account deficit, is
still there. But it is no longer expanding at an accelerating rate.

Moreover, we have some illiquidity that developed in the US sub-prime
lending sector. This means, in my opinion, across the board tighter lending
standards - leading to less liquidity. It is not the Fed that tightened
liquidity, but the market place.

*What will be its impact on global stock markets in general and India in

When liquidity expansion slows down usually some problems occur in asset
markets. Moreover, nothing boosts liquidity as much as rising asset prices.
It is when asset prices decline that liquidity can vanish very quickly.

*What is your advice for the retail investor in India?*

My advice is to sell at any rebound.

*Where do you think the commodity cycle is headed, especially gold?*

Since all asset prices including real estate, equities, bonds, commodities,
art, and even the prices of mistresses increased in value since October
2002, I would expect in an environment of relative tighter liquidity all
asset prices to decline - even precious metals.

*Gold ETFs have recently been introduced in the Indian market. Could you
please share your experience and whether retail investors should look at

I am still positive about gold and silver in the long run. However, a better
buying opportunity should occur over the next three months.

*Do you see any particular investment themes, which can work over the next
two-three years in India?*

I think the key will be to avoid losing money. I like cash and possibly
bonds should do okay in India.

*Do you see Indian markets as over-valued compared to other emerging

I am not sure the word "overvalued" is correct, but certainly the market is
"overstretched" and vulnerable to a 30 per cent or 40 per cent decline.

*In a rising interest rate scenario, how do you look at Indian real estate
prices? And investing in real estate companies?*

There has also been a lot of speculation in real estate and I would be
somewhat careful at this point. I would avoid real estate companies for now.

*Oil is no more boiling, but the opinion is still divided on its direction.
What are your expectations for this year?*

Since I expect the global economy to slow down, oil may correct down to
$45-55 per barrel. Long term, I am positive.

*And its impact on Indian economy?*

Declining prices are moderately favourable, but since I expect prices to
eventually rise significantly, I would think that it will add to the current
account deficit and to inflationary pressures.

*Indian metal companies have acquired companies abroad recently. What is
your view on the valuations and the synergies? How should investors look at
these deals?*

I am not sure that these acquisitions are timely and wise. I would not buy
these companies and focus on India, which has a higher growth potential.

Thursday, July 19, 2007

Does investing in IPOs make sense ?

IPO's ... Investors another dilemna

For investors today, there are also more companies to consider than ever before. Every day it seems another batch of companies is going public.

In this highly competitive market, some of them need quick and large injections of capital just to survive. But sometimes this race to an IPO comes at the expense of laying the foundation for a viable, long-term company. As long as investors stay hungry for public offerings, there will be even more IPOs.

When a company goes public these days, the number of shares offered to the public often represents only a small percentage of the company's total shares. Now, simple economics tells us that with heightened demand and a limited supply, the price is going to climb. But when current demand is already at extraordinary levels, the price tends to skyrocket.
By limiting the number of shares that are offered to the public, however, the underwriters, venture capitalists, and other select participants have much to gain. They are the ones who own the rest of the stock that was not offered in the IPO. While the rest of us are scrambling for a few shares and driving up the price, these company `insiders' can sell their own shares down the road for a much higher price.

So the moot question is "Does investing in IPOs make sense?"

Anand rathi group has come out with an excellent report on answering the same question. Some excerpts from the report


Is the euphoria about IPOs justified?
􀂾 The last four financial years saw ~ Rs. 900 billion primary public equity mobilisation.
But the demand is clearly ahead of supply as reflected in large oversubscription of
many IPOs. The question is whether this euphoria is justified?
Do Indian book built IPOs really yield 'abnormal' return?
􀂾 We examine 159 book-built initial public offerings (IPOs) in India between 2000
and 2007 and find two-thirds of these issues resulted in listing gains. But it is disturbing
to note that such gains have eroded sharply in the recent years.
What makes an IPO hot?
􀂾 We explore relationships between listing gain or money left on the table with factors
such as the sector of IPO issuing company, market cap, issue size, valuation, standing
of the lead manager, post issue promoter holding, etc.
􀂾 In general, we find a kind of 'central tendency' whereby mid-cap companies, midsized
issues, middle-aged (7 - 10 years old) companies, issues managed by midsized
investment managers generally yield the best listing gain.
Do investors really gain from participating in IPOs?
􀂾 Due to large oversubscription, significant interest and opportunity cost of funds
blocked during listing period, absolute listing gain is a not a good measure for
realisable gains from participation in IPO.
􀂾 Our exercise on the realised listing gain of different classes of investors show that
such gains are generally much lower than absolute listing gain.
How long to hold an IPO scrip?
􀂾 Our exercise suggests that listing day and around 100 trading days after listing can
be two important exit points from IPO scrip. However, even after 100 trading
days, our IPO scrip index continued to outperform broad market index indicating
'abnormal' return for the buy and hold investors.
What next?
􀂾 Falling absolute listing gains and low realised listing gains are not in line with the
longer term interest of the primary equity market or the economy. We propose
certain measures, which could be explored to address this situation."

Wednesday, July 18, 2007

Bulk Deals by Mutual Funds

Bulk deals in Jul '07

Exc Date Company Client Tran Qty Price
Traded Close
NSE 17-Jul-2007 Solectron Centu Prudential Icici Trust Ltd. A/c Prudential Icici Mutual Fun Buy 1000000 265.00 255.95
NSE 17-Jul-2007 Solectron Centu Fidelity Investment Trust Fidelity Emerging Markets Fund Sell 1147056 265.03 255.95
NSE 13-Jul-2007 Goldstone Tech Standard Chartered Mutual Fund Buy 433500 115.35 119.65
BSE 13-Jul-2007 Kirl Electric Sundaram Bnp Paribas Mutual Fund Buy 300000 165.86 163.55
BSE 13-Jul-2007 Pfizer Fidelity Trustee Co Pvt Ltd Fidelity Equity Fund Sell 157247 803.00 803.00
BSE 13-Jul-2007 Taneja Aerospac Franklin India Fund Scheme 11624 Buy 173058 227.00 227.75
NSE 12-Jul-2007 Goldstone Tech Standard Chartered Mutual Fund Buy 266000 115.23 115.35
BSE 12-Jul-2007 Kirl Electric Abn Amro Mutual Fund Buy 350000 148.89 151.45
NSE 12-Jul-2007 Rico Auto Prudential Icici Amc Ltd A/c Emerging Star Fund Buy 3000000 45.49 47.50
NSE 12-Jul-2007 Rico Auto Morgan Stanley India Investment Fund Sell 1236593 45.50 47.50
NSE 12-Jul-2007 Rico Auto Morgan Stanley M.f. A/c. M.s.growth Fund Sell 977200 45.50 47.50
BSE 11-Jul-2007 Pritish Nandy Hsbc Mutual Fund Buy 100000 113.03 108.85
BSE 10-Jul-2007 Pritish Nandy Hsbc Mutual Fund Buy 110000 113.98 108.00
NSE 10-Jul-2007 Pritish Nandy Hsbc Mutual Fund Buy 215000 113.98 107.70
BSE 10-Jul-2007 Welspun India Hsbc Global Inv Fund Ac Hgif India Equity Fund Buy 372509 65.00 65.45
NSE 09-Jul-2007 Indo Tech Trans Principal Mf A/c Principal Pnb Longterm Eq.fund 3 Yr. Sr Pl1 Sell 85000 426.00 434.95
NSE 06-Jul-2007 Balaji Telefilm Principal Trustee Company Pvt. Ltd.a/c Principal Mutual Fund Buy 1000000 230.00 231.55
NSE 05-Jul-2007 Ansal Housing Kotak Mahindra Mutual Fund Sell 110000 234.00 234.50
NSE 05-Jul-2007 Micro Inks Hdfc Mutual Fund A/c Hdfc Top 200 Buy 143600 452.42 453.95
NSE 05-Jul-2007 Visaka Ind Reliance Regular Saving Fund Equity Option Sell 200000 99.98 91.50
NSE 04-Jul-2007 Vishal Retail Hdfc Mutual Fund A/c Hdfc Tax Saver Fund Buy 205000 766.66 753.10
NSE 03-Jul-2007 Geojit Financia Franklin Templeton Mutual Fund A/c High Growth Comp Fund Buy 3000000 40.00 41.10
BSE 03-Jul-2007 Spentex Ind Sundaram Bnp Paribas Select Midcap Fund Sell 500000 41.00 42.40
NSE 03-Jul-2007 Spentex Ind Sundaram Bnp Paribus Mutual Fund Sundaram Midcap Fund Sell 500000 41.00 42.15
NSE 02-Jul-2007 Kamdhenu Ispat Standard Chartered Mf A/cclassic Equity Fund Sell 100000 29.12 28.85
BSE 02-Jul-2007 Shringar Cinema Kotak Pms Sell 198542 57.91 57.40


Tuesday, July 17, 2007

Stock Salah - 17/07/2007

*Buy @ Cmp : Delivery Call ( Short Term )*

*Buy Idea Cellular ( @ Cmp )*

Target 1 -- 128
Target 2 -- 133
Target 3 -- 137 +
Stoploss -- 121 ( only for traders )

*Note : Idea is the the best pick among telecom players as it look a best
buy at lower levels & chart are also in favor of rise in coming days.*
*Investors can buy this stock at current levels or accumulate this stock on
decline keeping in mind the time frame of 8 to 12 months with are target of
190 +

Sector Picks : ( Banking )*

*Yes bank
Kotak mahindra bank*
*Bank of Baroda

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