23 stock-picking lessons learned for 2005

Every investor suffers a few losses. For the new year, I'm turning what I learned in 2004 into a stock-picker's survival guide.

By Harry Domash

Every investor makes mistakes. We're told that's how we learn. If that's true, I learned plenty last year. I counted 23 different learning experiences that I'd prefer not to have to learn again in 2005. Rather than dwell on the mistakes, I've translated them to a set of guidelines that I call my 2005 Survival Guide, which I'm about to share with you.

I've grouped my survival rules into categories: behavior, tips, price action, and fundamentals. Have a look, and have a better year in 2005.

Mind your behavior

I will not try to predict the direction of the market. Making decisions based on my view of which way the market was headed didn't work. I was wrong more than I was right. No more! Now I'm basing my buy and sell decisions on each stock's fundamental and technical outlook. I'll let the market take care of itself.

I will not invest based on my prediction of:

* Oil prices
* Price of gold
* Value of the dollar
* Interest rates, etc.

Some very smart people have gone broke over the years trying to predict such things.

I will not place a limit order when I'm buying or selling. I know; conventional wisdom says limit orders are the way to go. Maybe it's just me, but I often outsmart myself when I use limits. If I'm buying, I'll end up not getting the stock and paying more the next day, and vice versa. Worse, I waste time all day checking on my trade. It's not worth the hassle to save 20 cents per share.

I will not check on stock prices during market hours. Some days I drive myself crazy watching my stock's minute-by-minute price moves. That's when I realize that I need a life.

I will not check after-hours trading prices on my stocks. Somebody sells 100 shares at $1 below the close and I'm up all night stressing over it. Then, the next day, the stock makes up that dollar in the first trade. No more.

I won't make decisions based on how much I've made or lost on a stock. It's crazy! Say I buy a stock at $5 and it goes to $10. So I sell because I don't want to be greedy. Then the $10 buyer makes the same decision and sells when it hits $20. The market doesn't care what you or I paid for the stock. It's all about its future growth prospects.

Tune out the tips

I will not buy a stock based on a guru tip. Okay, the guy on TV has beaten the market every year since Madonna's first kiss. But 2 million other investors are hearing the same tip. It's too late.

I will not buy a stock based on a tip I hear at the gym. The guy at the gym probably got it from the guru on TV.

I will not buy a stock because most analysts are rating it "strong buy." My experience says "hold" or "sell" rated stocks perform just as well, if not better, than "strong buys." Think about it. Analysts change their ratings frequently. If the rating is already at "strong buy," the next change has to be a downgrade. (Here's a link to more on that topic.)

I will ignore market predictions from gurus who predicted the last market crash, the start of the last bull market, etc. Last year, a guru who supposedly predicted when the bubble would burst, scared the you-know-what out of me when he saw even worse times ahead. It didn't happen. At any given time, there's always someone predicting just about anything. Just because one of them got it right once doesn't make him or her Nostradamus.

Price action protocol

I will only buy stocks trading above both their 50- and 200-day moving averages. Despite my best research efforts, sometimes I get it wrong. A stock's price chart is a valuable second opinion. Stocks trading above their 50- and 200-day MAs are in uptrends, meaning the market agrees with my assessment. Downtrends means it doesn't. Chances are, I overlooked something or there's unannounced bad news lurking.

I will not buy just because a stock has gone up a lot. Sometimes stocks go up for all the wrong reasons. In the end, fundamentals rule. You have to do the research.

I will not average down. It's bad news if a stock heads down, instead of up, after I've bought. It means that the market doesn't agree with my assessment. Averaging down means buying more shares to reduce your average cost. Bad idea! All too often, the market's right.

I will not buy stocks making new lows. As much as I've tried, I still can't pick the bottom. New lows all too often lead to more new lows.

I will not place sell stops. It's uncanny; I have a great knack for placing my sell stop at the bottom. Once it hits my stop price, the stock usually soars and never looks back. For me, it works better to evaluate the problem that caused a stock to drop and make my decisions based on its fundamental outlook.

Focus on fundamentals
I will only buy stocks with real sales, earnings and cash flow. No more! I've bought too many stocks on the premise that sales and earnings are about to materialize big time. Somehow, it doesn't happen. Starting now, I want to see real sales, say at least $10 million in the last quarter. But sales aren't enough. I'm not touching a company unless it also reported positive earnings and operating cash flow. The dollar amounts aren't important. I just want to see money flowing in, not out.

I will always sell when management significantly reduces sales or earnings forecasts. I must be too gullible. Company execs always portray shortfalls as one-time events, and I believe them. That's usually a mistake. Bad news leads to more bad news. From now on, I'm selling at the first sign of faltering growth.

I will not buy stocks with price/sales ratios (P/S) greater than 14. Most growth stocks have P/S ratios in the 3-8 range. Anything much above 10 is in la-la land. Sky-high ratios signal over-exuberant expectations that will soon be deflated. Count me out.

I will only buy stocks if I understand what they do for a living. I can't analyze a firm's prospects if I can't figure out what it sells.

I will sell any stock when a competitor says business is tough. It's a godsend if a competitor announces bad news before your stock does. The competitor's stock probably drops big time, while you stock merely hiccups. Your company's execs will say that the competitor's problems are company specific. Wrong! Everybody in the same sector faces the same problems.

I will diversify my portfolio between industries and sectors. It's so tempting to load up on a bunch of stocks in today's hot sector. But it's not like the good old days when strong sectors stayed that way for years. Now it's more like 15 minutes.

I will sell any retail or restaurant stock when it reports negative same-store sales growth. Same-store sales growth is the sales growth at units open at least one year. Trust me on this one. There are dark days ahead for any stock whose existing store sales are shrinking instead of growing.

I will not make a buy or sell decision based on a stock's "fair value." Analysts have bought into the concept of calculating the "fair value" of stocks they're covering. They advise buying stocks significantly below, and selling those at or above, "fair value." Problem is, their "fair value" formulas are based on unrealistic assumptions. They are meaningless. Consider a downgrade to "hold" or "sell" based on valuation alone as a buying opportunity.

In my experience, investing success is more about discipline than fancy analysis. Start with my rules. Change them if they don't work for you. The key is following a set of rules that you keep improving over time.

Market Term - Skirt Length Theory

The idea that skirt lengths are a predictor of the stock market direction. If skirts are short, it means the markets are going up, whereas longer skirts mean the markets are heading down.

The idea behind this theory is that shorter skirts indicate that confidence and excitement is high, meaning things are bullish. In contrast, Long skirts indicate fear and general gloom, hinting that things are bearish.

Happy New Year !

From 6200 to 4200 to 6600, We have experienced it all ! This has been a very profitable year for stock market with more people entering equity and making profits. Looking forward, if the Sensex was at 6200 in Jan of 2004, then we have every reason to believe that its undervalued at 6600 now ! The future looks good especially considering the "Growth Enablers" we have at the present time.

Here are some of the reasons ( borrowed from Rakesh ) why India looks so DAMN GOOD a place to be in!

Cultural

Tolerant People
Educated
Skilled
Savings Oriented

Demographics

54% people under 25
Vast Domestic Market
Young Working Population

Economics

Enterpreuner Class Well-developed
Resilience - No Frequent Boom Or Bust Cycles

Political

Democratic
Secular
Populous
Consensual System
Judicial

Geo-Political

Vast Natural Resources
Nuclear Power
5th Largest Economy
2nd Fastest Growing Economy

Ofcourse, there are things which can spoil it all which we wont discuss it right now ! Now is the time to celebrate on the profitable year we had and spare a moment & little money for the people who have lost their lives & were displaced from their houses due to the Tsunami.

Happy Investing

God Speed

Stock ratings: How dependable?

Here is an extended more comprehensive article on investment house ratings and what it means !

Benjamin Graham says, '...in the short term, the market is a 'voting' machine whereon countless individuals register choices that are product partly of reason and partly of emotion. However, in the long-term, the market is a 'weighing' machine on which the value of each issue (business) is recorded by an exact and impersonal mechanism.'

It has always proved to be a challenge when it comes to determining the ‘right’ price of a stock. The complication arises because stock prices are not only a factor of historical track record of a company, but also ‘expected’ earnings growth in the future. But when it comes to ‘expectations’, there is a great deal of analysis involved (subjective and quantitative). Economic growth projections of various research agencies are one classic example.

Expectations vary person and person (individual investors, research houses, institutional investors, technical analyst, traders and so on) and this is what makes the stock market very interesting and at times, complicated. Given the complexities involved, how do individual investors take investment decisions?

Apart from a few set of investor who depend on their own assessment, investment decisions are taken based on what brokerages/research houses recommend. The recommendation could be a broader sectoral view (i.e. whether the cement sector looks promising) or what should an investor do about a stock (say, Tisco)?

Therein lies another complication. There are no universal standards when it comes to stock recommendations. While some brokerages follow the traditional Buy-Sell way, there are some who recommend stocks with an Overweight-Underweight-Neutral strategy. In this article, we try and simplify some of these ratings for You, the individual investor! But one extremely critical factor that we have not focused on is the rationale behind these recommendations, which needs utmost questioning. We limit ourselves to only the ratings part in this article.

Buy – Sell – Hold

Generally, a stock is recommended a Buy when it is expected to give a return, say around 15% per annum and a Sell if the upside from the date of recommendation is, say less than 10%. Hold is generally for those stocks, which have been already recommended by the brokerage. But again, the standards are not common for all.

Out-performer – Under performer – Market performer

In the institutional and the fund management side of the equity market, what is more important is the relative performance to the benchmark index. Simply put, if a Fund X benchmarks itself against the BSE Sensex, the fund manager focuses on bettering the index (i.e. Rs 100 in his fund should yield more than Rs 100 invested in the BSE Sensex). The rationale is simple. Why would an investor buy the Fund X (with a entry or exit load) when it is expected to perform like the BSE Sensex (index funds usually charge lower load as compared to let’s say, a diversified fund)?

So, if a brokerage puts out a Out-performer rating on a stock, generally, the stock is expected to outperform the benchmark index by around 10%-15% (varies across the board). Here, one critical factor needs to be understood. If a brokerage expects the stock market to fall by say 10% and recommends an out-performer rating on a stock, even if the stock falls by 5% in the similar period, it has still out-performed the index!

Under-performer is recommended when the stock is expected to appreciate/depreciate lower than the benchmark index and Market performer is one where a stock is likely to track the index performance. In these kinds of recommendations, the view on the stock is as important as the view on the stock market as a whole.

Overweight – Underweight – Equal Weight

Sounds like a report card from a weighing machine in the local railway station! This is actually a fund management strategy. In order to outperform the benchmark index, the fund house needs to a different stance as compared to the market. In the BSE 30 for instance, if the software sector has a 15% weightage (i.e. the combined market capitalisation of software stocks in the BSE 30 divided by the total BSE-30 market capitalisation) and if a brokerage is overweight on this sector (more positive), the sum invested in software stocks could be higher than the overall benchmark index. Thus, it expects to outperform the benchmark index.

In the 2000 tech boom, a number of funds were overweight on software stocks only realising later that weight loss is the only way out of the mess! From an individual investor perspective, a whole host of factors needs to be understood and we suggest not following such a strategy. Individual investor’s risk-return profile and a risk-return profile of a group of investors (which is what a mutual fund is) are different in most cases.

Attractive – In-line – Cautious

Mostly, these recommendations are sectoral or for the economy as a whole. If a brokerage believes that the cement sector looks good from a long-term perspective and the stocks are likely to outperform the broader benchmark (say the BSE Sensex), it recommends an Attractive rating. If it is not, then it takes a cautious stand. Since these recommendations also involve relative benchmarks, from an individual investor perspective, the complications increase.

Common sense matters the most…

Before you take an investment decision based on the news of a recommendation by a brokerage, it is important to understand one’s own risk-return profile i.e. how much am I willing to forgo? This will determine your rating and the investment style.

The word ‘strategy’ sounds exciting but has its own limitations. There have been instances of a brokerage changing its rating style each year in the past. If you have a copy of a research report, we suggest you to read the finer print. If you do not have a copy (most of the times, inaccessible to individual investors), atleast understand the rationale behind the recommendation. One day here and there will not make a much difference to the final outcome of the investment decision, if one is looking to build a viable portfolio of investments that is dividend paying and gives capital appreciation along the way. Following the herd is not the sure shot way of improving one’s own financial rating!

Investing: It's human nature after all!

'Human nature is human nature and human nature would continue to remain human nature till human nature remains human nature,' said the eminent constitutional lawyer, (Late) Nani Palkhivala. This phrase, when used in context of investing in equities, holds true to a very high extent.

History is replete with examples when greed and fear have taken over discipline, resulting into windfall gains and, of course, 'windfall' losses for investors. And more sadly, small investors are the biggest losers in these phases of indiscipline (recollect the year 2000 stock market boom and bust). While greed results into bulls taking the centre-stage and leading markets towards nauseatingly high levels, fear brings them back to ground zero. And small investors suffer in both these situations.

As we enter the year 2005 AD, Indian equity markets are at their all-time highs. While such a situation brings in factors that cause the 'greed' element to rear its face, investors need to practice utmost caution and not give in to temptations that rising markets like these bring with them. This calls for high levels of discipline and, in these times, two key rules of investing given by Benjamin Graham should be held in high regard. The two rules are:

1. Don't lose money, and

2. Don't forget the first rule.

While investors ardently wish to follow the first rule, in this devotion, they tend to forget the second and the more important one. If, and only if, investors could practice the second rule, the first one would need no effort. Sure, all new year resolutions do not make it past the second of January, but wisdom would be in believing that this year is going to be 'different'. Right?

Sona Koyo - Steering Ahead

Sona Koyo Steering Systems, the largest Tier 1 supplier of steering systems in India and only player to offer entire range - Manual Steering, Hydraulic Power Steering (HPS), and Electrically Powered Steering (EPS) Systems for passenger vehicles along with design and development services, is on strong growth path driven by rising demand for power steerings in domestic market and also, riding the global outsourcing wave with large orders from global majors, thus, expecting to double turnover in three years.

Market Term - Pump and Dump

A small group of informed people buy a stock before they recommend it to thousands of investors. The result is a quick spike in the price followed by an equally quick downfall. The people who have bought the stock early sell off when the price peaks. These people are also known as stock operators. Recently, Indiabulls was rumoured to be in the scanner of the operators who have pushed the stock to ridiculously high levels not on par with the earnings expected of the company

The Patent Issues

On December 27, 2004, The Government of India issued an ordinance relating to patents (third) amendment act. With this, India has kept its promise to become TRIPS compliant by end of this year. Let’s look at the major provisions that will have lasting effect on the industry, both domestic and exports. Let’s look at the most important features of the ordinance:

1. The new patent ordinance expands the patentability criteria from drugs and agro chemicals to other field of technology, such as embedded software companies.

2. In 1999 patent amendment act, a provision regarding Exclusive Marketing Rights (EMR’s) was introduced. This will now become redundant. However, the provision for transition has been made for companies, which are already given the EMR’s. Both Novartis and Wockhardt will be affected by this, but to what extent is unclear.

3. One of the major provisions introduced was regarding grant of compulsory license, which means that Indian manufacturers will be able to manufacture and export patented medicines to countries, which have insufficient or no manufacturing capacity. This means that Indian companies like Cipla and Ranbaxy will be able to continue producing and exporting AIDS drugs to African and South East Asian countries.

4. Modification in the provisions relating to opposition procedures with a view to streamlining the system by having both Pre-grant and Post-grant opposition in the Patent Office.

5. Another important provision made in the act is that the patent will be available from the day of patent is granted and not when it is published. This means that many Indian companies will be saved from infringement cases by the multinational majors, who might get patent for drugs which Indian companies are selling. What is likely to happen is that the companies that have the patent for a particular drug may force the company producing a generic version of the same to stop production, but they cannot bring a libel suit on the generic producer with retrospectively.

6. Another important provision is relating to the extension of patents in case of incremental innovations. It means that the companies, which come up with new usage of the same product may not get patent for the new usage.

7. Rationalisation of provisions relating to time-lines with a view to introducing flexibility and reducing the processing time for patent applications, and simplifying and rationalizing procedures.

While the government has just passed an ordinance in order to comply with the WTO agreement, the patent law in the country will come into affect when the parliament passes this ordinance. The government is likely to face certain hurdles from its own allies as well as the opposition. Since the pricing mechanism for patented drugs in the ordinance is not clear we might see some improvement on that front in the actual law and that may define new products being launched by the MNC pharma companies in the country. Till then, MNC majors will continue to keep their fingers crossed. But so will the Indian consumers, who would want to keep their healthcare expenses under check.

Courtesy : Equitymaster

Deadpresident's Valuepicks

One of my friends recommends a BUY on Marico Industries. Trading at a reasonable price-earnings ratio - this stock is way off the 52 week high. They have a majority market share in hair oil business, their other brands are also doing pretty well. Their recently opened Kaya Skin Clinic has started off well - This stock is for long term. Invest if you have the patience.

Market Term - Falling Knife

Heh, We are talking of Falling Knives when we are in a bull market. Yes, A falling knife refers to a stock which has fallen quite a bit in a very short time.

FII Opinions

Some of the FII Opinions from the Business Standard

Priya Mathur
Vice chair, Investment Committee Trustee, CalPERS

I am bullish on India for several reasons. It appears that India continues to be committed to economic reforms, which are crucial for the country to be an attractive place for direct investment and the development of new businesses.

However, investor protection in the judicial system, corporate governance issues, liquidity of the stock market and the confidence of the Indian populace in its own stock markets continue to be areas of concern.

Key strengths are, of course, technology and BPO. The quality of manufactured goods in India has also now reached international levels, while the cost of labour continues to be low relative to India's big competitors. As a market, of course, India is likely to become one of the biggest.

CalPERS' allocation to India is about $110 million out of a total allocation of $2 billion to emerging markets. Keep in mind that India was only put on CalPERS' investible countries list in April 2004. I expect India to continue to perform well based on CalPERS' annual evaluation of emerging markets.

Soft gains: Punita Kumar Sinha

What worked for us in 2004 was having a big position in Infosys (one of our largest holdings) and being underweighted in oil and gas stocks as well as being overweighted in the engineering, capital goods and construction sectors.

We also benefited from some of our mid-caps holdings where we were early investors - such as Hotel Leela, Sintex, Amtek Auto, Geodesic, KPIT Cummins and Mahavir Spinning.

Maybe we could have been more aggressive in the mid-cap category. We did not expect such a quick rise in mid-caps. We believed in the stories but we expected it to play out over a period of time.

From a risk control point of view, we cannot play the mid-caps as well as the small-sized funds.

One regret is that Indian commodities and oil companies did not perform in line with the their Asian peers.

We are principled: Hazel McNeilage

2004 has been a good year overall for Principal Global Investors. Performance has been competitive. Assets under management have grown from $ 118 billion at December 31, 2003, to $ 129 billion as at September 30, 2004. Various independent surveys have ranked us in the top 10 globally in the dollar value of new institutional mandates won.

In Asia, Principal Financial Group's business has grown rapidly and now Principal and its affiliated companies (including, of course, Principal PNB Asset Management) manage a total of around $ 4 billion for clients in Asia (ex-Japan).

Our philosophy in managing equities continues to be superior stock selection, combined with disciplined risk management. We believe this is the key to generating superior performance.

Within stock selection, our focus is unchanged - we work on identifying stocks with improving business fundamentals, sustainability in these improvements, rising investor expectations and attractive valuation. While, of course, not all of our stock calls have added value, overall this continues to be a successful strategy.

Sell short: Jim Rogers

My view on India is bearish. I will not buy in India at all.

My investment in India is zero. My best bet for 2005 is commodities.

My stock strategy is to sell short.

Four-wheel drive: Andrew Holland

2004 started off brightly enough, but then we were all caught out by the crash following the elections. It took a bit of time to overcome the downsides. For me, 2004 was the year when India was firmly placed on the FII radar.

Another important feature was that a lot of good quality IPOs hit the markets - like ONGC and TCS. Mid-caps made their mark, too, emerging as an asset class in themselves.

Our best calls were on auto (four-wheelers), power, engineering and software. For 2005, we are bullish on auto (four-wheelers), power, engineering, software and cement and neutral on pharma. For me a key indicator of India's promising outlook was when CalPERS entered the Indian markets - an indicator that the outlook on India continued to be bullish.

I am disappointed with the fact that SBI has still not opened up and that the increase in FDI in the telecom sector is yet to happen.

We are raising our Sensex estimates to 7,000 by November, 2005.

Story of Fear & Greed

From suleka.com

Markets are mighty & powerful like Nature & God only. Market can even destroy powerful regimes, as is evident from the examples of Eastern Europe & USSR. But sometimes Indian Parliament and SEBI also commit the mistake to consider themselves GOD only. Then a contradiction and tragedy in Indian Stock Market is also created.

Market is not a bad concept. Market can be very pious also. Spiritualism is the only one way to turn markets healthier. If the people will not be greedy or fearful then only Market will be able to fulfill the expectations of the majority. To check Greed & Fear, Spiritualism is the only remedy. Market also becomes erratic only when majority of people suffer from these two most common viruses of any Stock Market.

Actually, Stock Market is very smart. Nobody can beat the Market. There is no place for emotions in a stock market.Stock market are a risky place and an individual should take his own decisions based on various types of studies of fundamentals & technicals.

Since India was subjected to foreign rule for almost 1000 years therefore pessimism became absorbed in the genes (sanskars) of Indians. Vivekanand was the first person to see this and also the inherent potential of Indians Vis-a Vis Europeans. Tilak and MG took the political message of Swamiji and we became sovereign country.We became free but not the markets since Nehru was neither a protoganist of free market economy nor a believer of Indian values. Although he meekly submitted to the nuances of caste system to seek political milege but he could not tolerate the growth of Indian Businessmen & Enterprenurs. Doctrines of Socialism ultimately failed in Indian context but it resulted into rampant corruption of the Indian society and the corporate India during this period of 1947-1990.

Talents were not recognized in India till 10 years ago .Like any other important thing, Capital Market of India was also highly demoralised and undervalued. Capital Mkt belongs to optimist societies therefore practically there was no Capital Mkt in India inspite of 100 yrs old presence of BSE, which was only functioning like a club of the brokers. The pessimism of our society was once broken by Ambani and later by Murthy to provide it direction, momentum and sanctity. Harshad Mehta is now dead but history will also remember him as a person, who had really popularized and established the real importance of stock market.

A cursory look at 10/15 yrs movement of Dow and Sensex will reveal the extent and quantum of undervaluation of Indian market.Dow increased from3000 to 10000 in last 10/12 years, whereas BSE Sensex could only reach 6000 mark in comparison to the level of 4400 achieved by it 12 years ago. If we take rupee devalution to the extent of 50% into consideration then Sensex in dollar terms is only 3000 at present. All this sorry state of capital market is inspite of recording tremendous growth in last 10 yrs.

But there is one good development also that pessimistic Indian Stock Market got married with American Stock Market few years back. It started taking the clues from the movements in Dow Jones/ Nasdaq now US markets are known for having long and healthy rallies.If Indian Stock market will really follow the US in next 3/4 years then it is expected that India may become free from the 'Perpetual Pessimism' syndrome also. If this happens, then in view of huge & affluent middle class, India may also become a sucecessful & Giant ECONOMY in this decade itself in spite of its unmanageable population.

Historically our market is still undervalued. India had a robust growth in last 10/15 years, which is not properly reflected in the Sensex due to pessimism of Indian society /manipulation by companies/brokers and above all courtesy SEBI, which has also introduced some more childish measures or corrupt practices to control malpractices.

But market is supreme. All the great players of yesteryears like HM/KP/UTI stands defeated now defeated, because none of them believed into the supremacy of the market. On the other hand, the reputation and clout of Tata/Ambani/Murthys etc has increased because they had faith in the market and their contributions were positive only.

To make money in Indian Capital Market really not deep knowledge and planning is required. Indian market also takes large swings due to psychological reasons and provides enough opportunities of profit booking and re-entering at lower levels. If one will have control over greed and fear then money will just flow in. Just buy when everyone is selling (at the lows) and sell when everyone is buying (at the highs). One only need to shed fears when market is low, and need to control greed when market is high by booking profits partially at least. By just overcoming fear and greed one can make so much money in the Indian Stock market, which is probably neither possible elsewhere nor by any other means. Contrarian approach will prove best at least in Indian C/M.

To identify good stocks at lower levels fundamental analysis is useful, while by the tools of technical analysis one can time entry/exit to reap maximum profits.

Market Term - Arbitrage

Is simultaneous trading in a security or a commodity, in different markets, to profit from price differences. For example, an arbitrageur may find that the share of Infosys is trading at a lower price, at the Bangalore Stock Exchange compared to the Bombay Stock Exchange. So, he may simultaneously purchase Infosys stock in Bangalore and sell it at Bombay at a higher price.

More details on Arbitrage at Wikipedia

Deadpresident's Tradepicks

Buy Bank of Rajasthan - CMP - Rs 69. Initial target is 85. Has been going up on news of stake sale to FIIs

Market Term - Bottom Up Investing

Bottom up investing is a approach that de-emphasizes the significance of economic and market cycles. This involves call on the stock based on fundamental analysis of the stock.