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Friday, May 19, 2006
Newsletter Of MidCaps.In & 10Paisa.Com
Scrips Code Rate Target
Videocon Appliances 500945 36.85 47.00
Virinchi Technologies 532372 49.70 63.00
Elegant Marbles 526705 54.75 69.00
Noida Toll Bridge 532481 56.05 71.00
PTC India Ltd. 532524 71.30 90.00
Videocon Appliances 500945 36.85 47.00
Virinchi Technologies 532372 49.70 63.00
Elegant Marbles 526705 54.75 69.00
Noida Toll Bridge 532481 56.05 71.00
PTC India Ltd. 532524 71.30 90.00
Scrips Code Rate Target
Spel Semiconductor 517166 22.05 28.00
Kwality Dairy 531882 23.80 30.00
Cupid Ltd. 530843 24.70 31.00
SKM Egg Products 532143 26.25 33.00
Hydro S&S Industries 524019 28.70 36.00
Spel Semiconductor 517166 22.05 28.00
Kwality Dairy 531882 23.80 30.00
Cupid Ltd. 530843 24.70 31.00
SKM Egg Products 532143 26.25 33.00
Hydro S&S Industries 524019 28.70 36.00
Sharekhan Investor's Eye
ORG Informatics
Cluster: Emerging Star
Recommendation: Buy
Price target: Rs222
Current market price: Rs152
Order flow continues
ORG Informatics, through its wholly-owned subsidiary of ORG Telecom, has bagged a $5-million order to roll out the network for a CDMA-based wireless telecom service operator in Tanzania. It will be setting up a subsidiary in Tanzania to execute the order and tap the huge market potential in the region.
Gateway Distriparks
Cluster: Cannonball
Recommendation: Buy
Price target: Rs280
Current market price: Rs243
Results meet expectations
Result highlights
- At Rs18 crore the Q4FY2006 net profit of Gateway Distriparks Ltd (GDL) is in line with our expectations. The net revenues for Q4FY2006 dropped by 6.3% as the total twenty feet equivalent units (TEUs) handled during the quarter dropped by a sharp 15.7%. However the realisation per TEU improved by 11%, thereby restricting the fall in the overall revenue. The volumes fell primarily because of low volumes handled by some of its key mail line operators (MLOs) due to a slow-down in the business handled in the Jawaharlal Nehru Port Trust (JNPT) region.
- As the volume dropped, the operating profit margin (OPM) slipped by 6.8% to 54.6%. The margins were also hit by a 110% increase in the staff cost on account of a salary hike and higher transportation cost due to a rise in fuel prices. Consequently, the operating profit for the quarter declined by 16.7% to Rs16.5 crore.
- However with the other income growing ten-fold (on account of the interest earned on the funds mobilised through a recent global depository receipt issue) and the interest cost declining by almost 70%, the net profit for the quarter grew by 24.6% to Rs24.6 crore.
SECTOR UPDATE
Life insurance
Private insurers smiling all the away
According to the latest data released by the Insurance Regulatory and Development Authority (IRDA), the first premium collection of the life insurance companies grew by 48.2% year on year (yoy) to Rs35,900.8 crore in FY2006. The first premium collection of the private life insurers grew by a superlative 82.8% yoy to Rs10,255.7 crore during the same period. As per the IRDA data, the first premium collection of Life Insurance Corporation (LIC); a public sector insurer increased by 37.8% yoy to Rs25,645.2 crore during the same period.
In the private sector, Bajaj Alliance Life Insurance (BALI) emerges as a leader with a 214.8% growth in its first premium collection, which has surged to Rs2,715.5 crore yoy. It is followed by ICICI Prudential Life Insurance (IPIL), which has recorded a total collection Rs2,638.3 crore, up 66.6% yoy.
Thursday, May 18, 2006
Deccan Aviation - IPO
A long way to break even
Deccan Aviation (DAL) operates Air Deccan, a no-frills, low cost, scheduled commercial passenger airline in India, and Deccan Aviation, a private helicopter and airplane chartering service in India. Air Deccan follows a two aircraft-type fleet strategy with the business model based on a point-to-point route system, single class seats, low fares, and simple operations and cost reduction. It mainly targets customers using other means of transport and selects routes not catered to or underserviced by other airlines.
On 31 March 2006, Air Deccan had a fleet size of 29 aircraft: 11 Airbus A320 (180 seats) and 18 ATR Turbo props (48 and 72 seats), 26 on operating lease and three on hire purchase. It has a schedule of 226 flights daily, flying on 85 routes to 52 destinations and held a market share of 14.2%. Deccan Aviation, the charter service division, had a fleet size of 10 helicopters and two fixed-wing aircraft: nine owned and three on operating lease.
DAL has placed orders for 96 aircraft, scheduled for delivery by December 2012. It has entered into operating lease agreements for 11 aircrafts and hire-purchase arrangements for four aircraft. As per the schedule, 19 aircraft are to be received in FY 2007, 13 in FY 2008, 15 in FY 2009, 18 in FY 2010, 21 in FY 2011, 10 in FY 2012 and nine in FY 2013. The company has loan agreements with SREI Infrastructure Finance for financing the purchase of two helicopters.
On 22 April 2006, DAL entered into an agreement with Bennett, Coleman and Company to advertise in the group's print properties for four years for Rs 22.5 crore with an option to spend up to 11% of the annual advertising commitment in its non-print media.
The funds from the issue are proposed to finance the setting up of a training center at Bangalore, a hangar facility for basic and medium-level maintenance checks at Chennai, infrastructure at airports, market development initiatives, and debt repayment.
Strengths
- The domestic air travel grew at a compounded annual growth rate (CAGR) of 15.67% from FY 2002 to FY 2005 and 23.7% up to January 2006. Air Deccan, currently holding a 16% market share, will benefit from the addition of 96 aircrafts by 2012, with 19 additions in FY 2007. With the use of ATRs, it can explore more airports, seizing the first mover advantage. With a single class, the company is able to offer more seats.
- Currently, the maintenance of ATRs is carried at a leased hangar in Hosur, and major checks on Airbus are done at overseas facilities. Once the hangar at Chennai is completed by December 2007, DAL will be able to reduce its maintenance cost.
- The distribution of Air Deccan tickets is through the internet-based CRS system, which is much cheaper than the GDS system used by major players.
- The turbo prop ATR attracts lower sales tax on the turbine fuel against other types of aircraft. It also enjoys lower navigation fees. No landing fees are payable for aircraft with fewer than 80 seats at domestic airports controlled by the National Airport Division of the Airport Authority of India (AAI).
- DAL is selling advertising space on the exterior as well as the interior of aircraft including storage bins, headrests, and tray tables, which yields additional revenue.
Weaknesses
- In the period ended 30 November 2005, DAL had a negative operating margin of 11.8%, resulting in an operating loss before lease rent of Rs 56.38 crore and an adjusted bottom line loss of Rs 117.94 crore. The losses have been increasing over the past couple of years.
- DAL is focusing on penetrating into smaller airports where no other player has entered. But the infrastructure problems at these airports are obstacles to smooth operations.
- The on time service record of Air Deccan is poor. In FY 2006, 92% of its flights actually flown arrived or departed up to one hour of their scheduled time. The industry standard is much better. The cancellation figures are also higher.
- With all airlines increasing their fleet size, the demand for pilots and other technical staff will increase, leading to higher attrition levels as well as higher employee costs.
- Competition is increasing with players like Spicejet, GoAir, Paramount Airways, Indian, and Jet Airways ramping up their fleet size.
- Fuel expenses account for more than 35% of the costs of an aircraft and the incessant rise in oil and air turbine fuel (ATF) prices are not only forcing companies to hike fuel surcharge affecting demand, but have to also absorb part of the rise affecting the margin.
Valuation
The market capitalisation to sales ratio of DAL is about 1.93 times (approximately taking average price band) as against Jet Airways, which is 1.89 times and SpiceJet's 3.28 times.
DAL will take a couple of years to report net profit. However, revenue will grow fast, capitalising on the favourable industry scenario and expansion in the fleet size. But investors at the offer price of Rs 150- Rs 175 in a loss-making airline will be more vulnerable to negative triggers such as terrorist attacks, accidents, fuel price rise, litigations, and economic slowdown.
There is another angle to this company. Core promoters (Capt. G R Gopinath and associates) will hold only around 22.5% of the equity after the issue. Currently aviation industry is highly fragmented, with a couple of heavy-weight ambitious players sniffing around. Foreign carriers are also interested to enter the Indian market, if government permits. If any of these players start taking an interest in Air Deccan, shareholders may not have to wait for profits to see their scrips taking wings.
Appraisal of Reservations Policy - Anay Joglekar
Protests against OBC quota in professional courses/ institutions are getting stronger and spreading in lengths and breadths of country. If we accept that – it is Vote Bank politics then we have to admit that – we are fighting a lost battle as far as outcome is concerned.
Also there shouldn’t be any doubt about our commitment for uplifting standard of living of economically and socially backward communities. But there is a feeling in my mind that protesters are losing their direction. As the current democratic system has failed to deliver and improve standard of living of masses, we have to offer sincere answers and raise serious questions when we oppose further reservations or reservations at all in education system.
I would like to raise a few questions which I think were missed by the protesters-
Performance Appraisal of Reservation Policy of Government of India- which I believe will tare the masks of so called Messiahs of Oppressed.
Like what is the expenditure on education and creating equal opportunities as per five year plans?
How much of it was actually provided and spent?
How much of it actually reached to projects for which it was allocated?
We should compare the amount provided for and work done – like number of schools started, facilities provided in school, efforts to bring kids to school etc.
How many students have benefited from the policy of reservations up till now?
Are there any particular castes – groups among backward castes that have benefited and castes which have marginally benefited?
Are there any particular regions that have done well through it?
Is there intra group discrimination – like backward and most backward among OBC, SC and ST?
How many people have actually benefited from reservations and whether their wards also continue to take support of these reserved seats?
There is Creamy Layer – for OBC and I guess it is like annual income of family less than INR 250000.
So questions are – How many upper caste families are below 250000 p.a. limit?
Is that Creamy Layer taken seriously- It is alleged that many beneficiaries of OBC quotas are from creamy layer but they simply don't disclose their correct family income and that goes unchecked.
Most important question is – If less than 10 % of Indian population is University Educated- it shows number of total seats available in our Universities. So even if 100 % of seats in professional institutions are reserved, how many years it will take to educate the students from backward castes?
Does government posses any road map about increase in number of seats in our Public Universities only which can be afforded by backward caste people?
Can we demand that Government should publish a White Paper on this issue which will help policy makers to decide course ahead.
Please help me to reach out with these points to protesting students. If you have email addresses of their organizations, do mail me at anayj@rediffmail.com
Wednesday, May 17, 2006
Reservations & Politics - Sushant Sareen
Use of reservations as a tool for increasing political support base suffers from a dual paradox. One, even though 'reservations' is a populist measure, it doesn't bring new votes; but it might lose you votes.
Second, the moment a person is empowered, he will no longer be beholden to the party or person who empowered him. After all, isn't empowerment all about being able to exercise choice?
Indeed, once empowered, an individual and a community will not be satisfied with the sops given in the past; their demands will increase and political players will find it increasingly difficult to live up to rising expectations of the newly empowered.
This is why Bijli-Sadak-Paani (BSP) and issues like law and order are taking centre-stage in areas where once Mandir and Mandal ruled the roost.
The politics of competitive reservations is useful only until the policy is implemented. Once reservations are implemented, they stop yielding any dividend to their advocates. Remember the Hindi saying; 'Bund mutthi lakh ki, khul gayi to khaak ki' (the closed fist is worth a lakh, but once it is open it is worth nothing).Look at what happened to V P Singh. He is so rootless that he is reduced to trying to project himself as a messiah of the weak by protesting against eviction of slum-dwellers, and this, not in his local constituency -- which he doesn't have -- but in Delhi where he can't win a resident welfare association election.
The fate of 'leaders' like Human Resources Minister Arjun Singh, who have lost even the pretension of having any sort of a mass base among the electorate and yet continue to espouse anachronistic policies that they hope will make them relevant once again, will be no different.
Using reservations as a tool to carve a vote-bank has a number of other problems. The biggest problem is that any new reservation policy tends to polarise society along caste lines. The result of this social polarisation is that the beneficiaries of reservations tend to gravitate towards their caste-men, causing a political polarisation in which caste leaders emerge on top of the political process.
The second big problem with reservations is that since no political party has the guts -- or vision and conviction -- to oppose quotas, they all support this policy. This is a damage limitation exercise by political parties.
Political parties know that opposing reservations will lose them votes of the sections of society being targeted by the reservations; but they also know that supporting the policy of reservations will not them bring new votes.
In the end, this becomes a zero-sum game in the face of a difficult political situation.
In this process, people like Arjun Singh, who hope to attract voters, turn out to be the biggest losers. Not only do they not get the votes of those whom they are targeting, they also lose votes of those sections of society who have lost out because of the new reservations.
Indeed, even though political opponents have been forced to support the reservations, they manage to attract the support of the sufferers, who in reaction to the policy, want to punish the proponents of the policy by voting for their opponents.
Interestingly, ever since the Congress government has announced its intentions of unleashing another round of reservations on this country, a strange phenomenon seems to be unraveling -- the OBC leaders aren't going ga-ga over the proposal.
A decade-and-a-half after Mandal, and the consequent crystallisation of caste vote banks, OBC leaders have realised that they now need to broad base their appeal. This can be done by attracting upper caste voters into their fold.
Mayawati is wooing Brahmins, Laloo and Mulayam are wooing the Rajputs, the trading community are hedging their bets and are no longer entirely in the BJP camp. The OBC leaders also know that while no one will be able to oppose these proposals, the wrath of the sufferers will fall on the proponents, while the benefits will accrue to them, after all they are the representatives of those who will benefit from Mandal-II.
So why make a song and dance about the whole thing and unnecessarily antagonise potential vote banks, something that will only benefit rival parties like the BJP.
Politics apart, reservations now being contemplated -- in all educational institutions (government and private) and probably also in the private sector -- will have devastating consequences not only on social harmony in the country but will also severely restrict opportunities for that section of society that seeks to get over its disabilities by advancing through education.
What is worse, if implemented, this reservation policy will lead to a reverse monopoly over avenues of advancement in favour of the OBCs. As things stand, the OBCs are today dominating politics in both the states as well as the Centre. They are also increasingly dominating the civil services. The only avenue left for the so-called upper castes was the very competitive private sector. But to get into the private sector required good education. This too will now be denied, or at least severely restricted, because of reservations in educational institutions.
Perhaps, if reservations were limited to only government or government-aided institutions, new opportunities would be available by the setting up of private educational institutions. But here too politicians have reserved seats for the so-called deprived sections. So, where do upper-caste students go?
It is not just the unfairness of the whole thing that is so galling. The whole reservation policy is really nothing more than taking a short-cut to address the deprivation of the weaker sections, a short-cut that in the long-run doesn't help anyone and leads to only an abyss.
This is because once a community gets used to walking on crutches, it can never find the moral, physical or even intellectual strength to walk on its own two feet. While there is not an iota of doubt that deprived and depressed communities require a degree of affirmative action, reservations is certainly not the answer to raise the self-esteem of marginalised people.
Rather than reservations, the government must provide excellent public education to all citizens. Let government schools compete and even beat private schools in education. But this means doing hard work to revamp the moribund public education system. In fact, the state schools are so bad that their products are educated worse than they would be as illiterates.
This was not always the case. Before independence, hardly anyone studied in private schools. The standard of even village schools was so good that their products went on to join top colleges and excelled in their chosen professions and careers.
But now, it is a curse to educate a child in these schools. The thousands of crores spent every year on public education is nothing but a huge waste. It is an open challenge to show one political leader in India, including VP Singh and Arjun Singh, who's children study in state schools.
Unless this happens, there isn't a hope in hell for public education. Incidentally, these messiahs of the poor prefer to get their own treatment done in the most expensive hospitals of the world where they know that no reserved category doctor will be treating them.
So before we start off on a new round of reservations let us pass a law that no one will be allowed to go abroad for medical treatment.
Finally, a word about the people who have most to lose from the new reservation policy. Frankly, the Indian middle class deserves what it is getting. The basic lesson which they need to learn is that if they don't shed their supercilious attitude towards politics and don't vote, and don't express their outrage with everything that is wrong in this country, they will get by-passed.
Today, not one MP depends on the middle class for winning his seat. As a result, not one MP espouses the cause and concerns of the middle class. Unless the middle class organises itself into a lobby and learns to leverage its votes for good governance, it will continue to be ignored and marginalised in their own country.
More from Ashish - Please Forward
Thought for the day : Before this I never even knew which of my classmates were in the reserved category. Now that the government has announced reservations, I do! First they came for the Jews
and I did not speak out
because I was not a Jew.
Then they came for the Communists
and I did not speak out
because I was not a Communist.
Then they came for the trade unionists
and I did not speak out
because I was not a trade unionist.
Then they came for me
and there was no one left
to speak out for me.
Pastor Martin Niemoller
Acknowledgments for the mail, are due to Vivek Arya, Arvind Dahiya, Aman Dua, Neha KG, Arunabh Sekhri, SC Marawaha
If reservations have be accepted, then should the agitation bargain for a time frame. Say five to ten years, after which the reservations will be abolished.
Though I am from so called OBC (As Jats are in OBC in Rajasthan, UP, Delhi) but I seriously feel that present reservation policy should be reviewed. Our inaction will destroy the future of our future generation.
Sincere try followed by failure is much better than inaction and injustice. Netaji Subhash Chandar Bose, failed to stop British army but is still most respected because he fought.
- Dr Arvind Dahiya
Why is the punishment being exacted from the children who are more liberal about the caste system than any previous generation of Indians has been.
- SC Marawah
Here are some concrete steps that we can take at individual and group level to do something in the anti reservation protests
1. Our objectives should be clear and our agenda should be chalked out clearly. We should have a common spokesperson that gives comments to the media and the rest of the people do not speak to media.
2. We should have some mechanism to co ordinate with the different cities. We could have an individual from each city to volunteer to coordinate the activity there and we could for a mail group to these individuals to have an orchestrated effort.
3. Legal Action
a. A PIL can be filed against the 93rd Amendment Act, which gave the government to impose upto 50% reservations in all educational institutes
b. For the same, a good legal counsel will be required, because the amendment was approved by the Parliament in Jan, 2006 with only one vote against it.
4. That the PM or the President have still not stepped up with a statement, is both shocking and concerning. Please send mails to them. My respect for my PM has certainly taken a beating
a. Prime Minister - http://pmindia.nic.in/write.htm
b. President - http://presidentofindia.nic.in/scripts/writetopresident.jsp
5. Delegate groups of five to ten students to work under a common umbrella and to garner support from different fronts. Each group to target a specific person or task on Monday. Make use of the strength in numbers. Hunger strike and gatherings and slogan shouting don't seem to be helping
a. Politicians
b. Journalists – Target Vir Sanghvi, Karan Thapar, Vinod Dua, Aroon Pourie, Shekhar Suman, Navjyot Sidhu, Prabhu Chawla
i. Target the journalists coming to cover the agitation in their own game. Get hold of them, ask them their views and ask them to help behind the curtain without coming out with a bias
c. Industrialists – Narayan Murty, Azim Premji, Rahul Bajaj, Lakshmi Mittal
d. Delhi University
e. Schools of Delhi – A moving media statement may bring the children who are on vacation to the streets
6. Target the International Media. If we rope in the BBC and larger news channels then the politicians will have to listen. Exhaust all journalist contacts.
7. The think tank to sit and devise answers to disturbing questions raised by media. Think what we are going to do if government evokes the ESMA? We should have more carefully designed answers and uniformly worded. Each student should be reciting the same answer to prevent confusion and to prevent being tricked by experienced journalists.
a. What are you doing when patients suffer
i. Patients suffer in every strike. When the auto drivers go on strike a patient may die if he cant reach the hospital in time. That never is highlighted in the media.
ii. Will the patients not suffer if the quota is instituted? Or will we then accept it as the will of God? b. Get more girl students in front of the camera.
c. Are you not in favor of Equitable justice
i. Will reservation creat an equitable society? If yes, then go ahead and reserve 100% seats for five years. Give a time frame.
ii. Jawahar Lal Nehru said that reservations are not the answer. This was quoted today by Karan Thapar
8. Organize debates on public platforms. For and against the motion. The best speaker gets to represent the issue in front of the media. Poster making contests, slogan writing contests, poetry writing contests and best picture taken contests. We could give them huge prizes and then ask them to donate a part of their prizes for the common anti reservation fund.
9. Organize an anti reservation protest march on Sunday 21st May 2006 in Delhi. If anyone has taken pictures of the police brutality against medical students or has any pictures of the protests taken personally by you, which would not cause copyright problems, then please email them to me at ashgoe@gmail.com urgently with a clear note that these could be used for publication in public forums. If we think we are better than the current breed of politicians, we need to beat them at their own game, with their rules.
Ashish Goel
Apathy or Inability – welcome to the Democrazy!
The facts: Seven hundred medical students, disturbed by certain issues, express their desire to meet the first citizen of the country, proceed peacefully towards the Prime Minister's office, are manhandled, tear gassed and brutally assaulted by the law enforcers of the city. Some are detained in police stations, and some land up in emergency room of hospitals seeking treatment for injuries. The PMO choses to remain silent.
The residents and the students join hands and declare strike. The media takes the issue in a luke-warm fashion and plays the devil's advocate, projecting the striking doctors as the root cause of the patients' suffering. Peacefully protesting doctors in Mumbai were brutally lathicharged infront of the Governor's house. Some media channels highlighted the atrocities. The Police officials accused the students of damaging property and dismissed the issue as minor commotion. Friends, welcome to Democrazy!
Are medical students of the top five medical colleges of the country, arguably some of the best brains that the country has in the current generation? Is it justified to treat them as common men? If yes, then like everyone demands their rights and voices their opinion in form of strikes, violence and hooliganism, so they are justified in their desire to make their voice heard. If no, then was the brutal handling of the youth justified? Please consider they are not even full grown adults. A medical student is only 17 when he joins college. What message do you convey to these children when you assault them brutally, tear gas them or hit them with water canons? And for what objective?
Is our Prime Minister so unapproachable to the best minds of the nation for an issue which concerns them? How does the current government then try to identify with the masses of the nation? Is our political think tank so far away from the common man that to meet the PM our students need to face physical and mental humiliation? If the medical students are not our masses, then who is the common man?
More than 24 hours have passed after the students tried to meet the PM and were chased and beaten away. Yet the PM remains silent. No statement has been issued by the PM office regarding the issue raised or the sad turn of events. Is our Prime Minister, incapable, apathetic, indifferent or a mute spectator? Does he await orders from other sources, (divine intervention) to open his mouth and speak? Like the HRD minister, the PMO would probably offer an apology for the misbehavior meted out to the students at the hands of the law enforcing agencies when the office opens on Monday. Has this become a mockery? First you slap an individual and then two days later, sweetly apologize and then request to forget and forgive. The doctors are expected to attend to emergencies on weekends, but the PMO has no emergencies. It remains silent over the weekend. Of course it is probably a matter too trivial to respond on. Or is the PM waiting for directives on what he has to say. It is also possible that the speechwriter has taken ill and is not finding any doctor who will attend to him. The HRD Minister had comfortably said that he was unaware that students wanted to meet him, and expressed his sorrow that police had mistreated them. A similar answer could be expected from the PM and the Governor of Mumbai. If their information system is so defunct that they don't get a message from outside their gates for 24 hours, what are they sitting in office for and how are they managing the entire country?
The media focuses attention on suffering patients outside hospitals. The core issue has largely been cold-shouldered. The double standards adopted by the media are clearly evident, and they wait to capture the most emotional story to catch the prime slot for maximum viewership. God forbid if there is mortality outside the hospital, be sure that you will catch the eventuality on the news channels with the sensationalization even before the calamity has actually occurred.
The patient suffering seems to be the sole responsibility of the doctors who are on strike. They have moral, physical and emotional responsibility of all the suffering caused. The silence from the PM office is shattering. There is not even a word from the Prime Minister. Is he following what has long been our foreign policy, 'watching the situation closely'? Or is this something right out of our gynecology textbooks, 'watchful expectancy'? This is sheer mockery of the highest office in the country.
Is the faculty of medical colleges and hospitals, merely supportive or is willing to become an active participant in the whole issue? Where are the nurses, and the hospital attendants? What is their role in the issue and are they supportive or participant? The pool officers, research staff and the residents of Hospital administration, are you not doctors? Do you not wish to favor or support the reservation agitation? Why is there such deafening silence from the IITs, IIMs and other intelligentsia of the country? Does the reservation issue not affect you or bother you? United we stand divided we fall.
We are creating all the fuss when the certificate for your reserved status can be obtained in INR 1000 from any government office in Chandigarh as the news channels reported. Why don't we all approach such agents and get ourselves the certificate and thereby become eligible for the reserved quota?
We are a society that is sitting on a live fuse. Angry scuffles have become common following minor road accidents and have given birth to the phenomenon of 'Road Rage'. It will not be a surprise if 'Rang de Basanti' does not remain a mere movie to be watched in theaters, and the PMO has a serious situation to deal with if the current one is not serious enough to provoke comment.
– Ashish Goel, Senior Resident, AIIMS
The Grapevine
Fund buying was seen in Gujarat Ambuja Cements, ACC, SAIL, Dabur India, Hindalco, Bajaj Auto and HLL. On the other hand Orchid Chemicals, Punjab National Bank, Glenmark Pharmaceuticals and Strides Arcolab witnessed fund selling.
Trading Call
Trading Call Updated
Date: 16/05/2006 | Company Name: ANDHCEM | Call Type: Go Long
Stop Loss/ Reversal: 37.0000
Buy/Sell Price Rs.: 41.50
Current Price Rs.: 37.30
Potential P/L%: -8.4300
Target: 65
Remark:
Investment Argument: The stock has seen a break-out from a triangle formation. Buy the stock with a stop loss of Rs35 for a target of Rs65
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