tag:blogger.com,1999:blog-25297599087948658942024-02-20T21:38:19.006+05:30Fundamental Stock Market Tips and Tricks - Ethical Investment In Indian Stock MarketThe blog author here trying to give you some of the fundamentally good stock tips and investment ideas in Equity Share Market in India which will be Shariah Compliant also. Here the stocks which we are recommending will always be Shariah Compliant.Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.comBlogger41125tag:blogger.com,1999:blog-2529759908794865894.post-7124510695996028372018-03-06T15:17:00.000+05:302018-03-06T15:17:01.985+05:30Don't play it like the punters on street, you may lose money<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "arial"; font-size: 13px;">When the stock market hits an all-time high, volatility, too, sees an unprecedented rise. Volatile sessions, with market swings both ways in intra-day trade, are now a routine.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">India VIX, a gauge of market volatility often used by investors and traders to base their investment and trading strategy, has risen almost 40% in a year. The index shows magnitude of market fluctuation expected in the near term. It touched a 12-month high of 36 and a low of 12 - a three-time movement - in less than a year. And it is not a secret that individual investors abhor huge daily swings in market.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">"These wild swings have become the norm since 2008. And it must be bothering some investors who base their 'buy or sell' decisions on the basis of market levels," says Suresh Sadagopan, principal planner, Ladder7 Financial Advisories, a wealth management firm.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">"But regular investors are dismayed more by paltry returns they got in the last five years than daily volatility. Many are disappointed with the 3-4% annualised returns in the last five years," he adds.</span><br />
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<b>SELL? BUY? OR SIT ON SIDELINES?</b></div>
<span style="font-family: "arial"; font-size: 13px;">Experts point out that most people erroneously place 'buy or sell' decisions on prevailing market conditions. Many believe it's a good time to book profits when the market is at an all-time high. Similarly, they wouldn't get into the market (despite experts highlighting the attractive valuations) now, because it is at a historical peak.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">That is what makes experts like Sadagopan say that you should have a valid reason for your 'buy or sell' decisions rather than just the Sensex level or market volatility. "If you ask me whether there is a compelling reason to buy stocks now, the answer is no. But is there a reason to buy shares on a continuous basis, the answer is yes," says Sadgaopan.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">Many investment consultants ask individual investors to stop tracking market benchmark on a daily basis. "When you track market every day, and trade short-term or play intra-day, good stocks get out of your hands. Retail investors are sure to lose money if they play the punters way. They must invest long term and not try to time the market," says Rajeev Thakkar, chief investment officer and director, PPFAS Mutual Fund.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">"Retail investors must avoid taking daily stock tips from 'experts' as making money so fast is too good an idea to be true. It's because of people like punters that brokers make money and the market becomes volatile and hence, interesting," says Rajeev Thakkar. The strategy of investing today and exiting tomorrow only enriches brokers, feel experts. Rather, the buyand-hold strategy may reap dividends in the long run for investors.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">Many wealth managers say investors shouldn't obsess themselves with daily movements as one can't do much about it. That is why they suggest regular monthly investment in equity. "We really don't know whether the market is going to stabilise any time soon. Or whether it will scale new high or low, for that matter.</span><br />
<span style="font-family: "arial"; font-size: 13px;">All we know is that if you invest regularly through SIP, you will be able to accumulate more number of units at a lower cost. This will enhance your returns," says Suresh Sadagopan. Many experts say this is the only time-tested strategy available to individual investors to tame volatility over a longer period of time.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">For selling investments or booking profits, financial planners say it is okay only if you have a compelling reason to do it. For example, if you need some money for travelling or paying insurance premium, you can book profits.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">"Volatility is absolutely very high in the stock market. When to book profit depends on one's risk appetite. Investing in stocks is all about surplus money - money that you would not need, say in the next five years or may be, never. When the economy is growing by around 5%, deposits are giving returns of 10%, it's unrealistic to expect 100% returns in the stock market," says Gul Tekchandani, investment consultant.</span><br />
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<span style="font-family: "arial"; font-size: 13px;">"Whether to book profit early and exit depends on one's investment target: If one wants to hold, say for one's child, one ought to invest in predictable businesses and hold it for 20 years or so. But if some stock, bought on some 'tip' or hunch, is giving decent returns in, say, a month, one has to be stupid to not pull out," adds Gul Tekchandani.</span></div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0tag:blogger.com,1999:blog-2529759908794865894.post-7670278155833157102015-03-28T23:57:00.000+05:302015-04-23T00:07:31.922+05:30Dishman Pharmaceuticals - Good stock to invest in<div dir="ltr" style="text-align: left;" trbidi="on"><strong style="color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px; margin: 0px; padding: 0px;"><span style="font-weight: normal;">CMP Rs160, Target Rs195</span></strong><br />
<strong style="color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px; margin: 0px; padding: 0px;"><span style="font-weight: normal;">Time Span - Not meant for genuine investors :)</span></strong><br />
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</strong> <strong style="color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px; margin: 0px; padding: 0px;">India CRAMS to benefit from wider customer base</strong><span style="color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px;"></span><br />
<div style="border: 0px; color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px; margin: 0px; padding: 0px; text-align: justify;">Dishman has consciously changed strategy and widened its customer base for India CRAMS business which would account for ~23% of consolidated FY15E revenues. For instance, top 10 customers contribute 40% to revenues from 60-70% earlier due to new customer additions even as churn level remain low due to high switching costs in APIs. India order book stands at Rs2.8bn to be executed over the next five months and beyond that repeat orders and steady stream of new customers give us comfort on growth.<br />
<iframe frameborder="0" marginheight="0" marginwidth="0" scrolling="no" src="http://dl.flipkart.com/dl/affiliate/displayWidget?affrid=WRID-142756653965589344" style="height: 240px; width: 120px;"></iframe> </div><div style="border: 0px; margin: 0px; padding: 0px; text-align: justify;"><span style="color: #454545; font-family: Roboto, Arial;"><span style="font-size: 14px; line-height: 16px;">Another key driver of India CRAMS would be HIPO facility for oncology at Bavla, India where it currently has order book of US$25mn to be executed by August 2015; intermediaries for orders would be manufactured at its China facility (to derisk manufacturing at only one location) and final APIs to be exported from India. Current HIPO order book translates into 30-35% utilization rate and company plans to ramp up to US$200mn in next 12 months; HIPO facility APIs commands a lucrative 80% gross margin. </span></span><br />
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<strong style="color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px; margin: 0px; padding: 0px;">Carbogen Amcis outlook remains robust</strong><br />
<span style="color: #454545; font-family: Roboto, Arial;"><span style="font-size: 14px; line-height: 16px;">Carbogen Amcis, Dishman’s Switzerland based CRAMS business (~46% of FY15E revenues) saw EBIDTA margin decline in Q3 FY15 as the dispatch cycle got delayed due to seasonality in late December and customer preferences. Hence low margin development work related revenues were higher as compared to higher margin commercial sales. However, we expect the situation to normalize with recognition of high margin revenues in Q4. Carbogen has current order book of CHF110mn to be executed over next 1 year which augurs well for next year’s growth. </span></span><br />
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<strong style="color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px; margin: 0px; padding: 0px;">Margin expansion, interest savings to drive ~29% EPS cagr</strong><br />
<span style="color: #454545; font-family: Roboto, Arial;"><span style="font-size: 14px; line-height: 16px;">About 70% of Dishman portfolio is geared towards higher end API supplies with vitamin D3 and bulk drugs accounting for balance 30%. In vitamin D3, focus would be on quality rather than volumes which would protect EBIDTA margin. We expect interest cost savings (due to ~Rs1.2bn in FY16 debt repayment) and margin expansion of ~150bps to drive earnings cagr of ~29% over FY15-17; recommend BUY.</span></span></div><div style="border: 0px; color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px; margin: 0px; padding: 0px; text-align: justify;"><iframe frameborder="0" marginheight="0" marginwidth="0" scrolling="no" src="http://dl.flipkart.com/dl/affiliate/displayWidget?affrid=WRID-142756699433082261" style="height: 240px; width: 120px;"></iframe><br />
</div><div style="border: 0px; color: #454545; font-family: Roboto, Arial; font-size: 14px; line-height: 16px; margin: 0px; padding: 0px; text-align: justify;"><strong style="margin: 0px; padding: 0px; text-align: start;">Financial summary</strong><br />
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border: none; color: #454545; font-size: 14px; line-height: 16px; margin: 0px 0px 0px 4.45pt; padding: 0px; width: 509px;"><tbody style="border: 0px; margin: 0px; padding: 0px;">
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="background: rgb(78, 108, 176); border: 1pt solid windowtext; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;"><span style="border: 0px; color: white; margin: 0px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">Y/e 31 Mar (Rs m)</strong></span></td><td nowrap="nowrap" style="background: rgb(78, 108, 176); border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;"><span style="border: 0px; color: white; margin: 0px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">FY14</strong></span></td><td nowrap="nowrap" style="background: rgb(78, 108, 176); border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;"><span style="border: 0px; color: white; margin: 0px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">FY15E</strong></span></td><td nowrap="nowrap" style="background: rgb(78, 108, 176); border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;"><span style="border: 0px; color: white; margin: 0px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">FY16E</strong></span></td><td nowrap="nowrap" style="background: rgb(78, 108, 176); border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;"><span style="border: 0px; color: white; margin: 0px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">FY17E</strong></span></td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">Revenues</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">13,853</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">14,674</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">15,905</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">17,396</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">yoy growth (%)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">8.9</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">5.9</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">8.4</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">9.4</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">Operating profit</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">3,321</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">3,316</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">3,722</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">4,175</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">OPM (%)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">24.0</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">22.6</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">23.4</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">24.0</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">Reported PAT</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">1,093</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">1,138</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">1,485</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">1,829</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">yoy growth (%)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">9.0</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">4.2</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">30.5</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">23.1</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;"></td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;"></td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;"></td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;"></td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;"></td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">EPS (Rs)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">13.5</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">14.1</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">18.4</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">22.7</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">P/E (x)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">12.1</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">11.6</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">8.9</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">7.2</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">P/BV (x)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">1.1</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">1.0</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">0.9</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">0.8</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">EV/EBITDA (x)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">6.5</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">6.3</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">5.2</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">4.2</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">Debt/Equity (x)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">0.7</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">0.7</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">0.6</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">0.5</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">ROE (%)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">9.9</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">9.2</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">11.0</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">12.2</td></tr>
<tr style="border: 0px; height: 17px; margin: 0px; padding: 0px;"><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 117px;">ROCE (%)</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">12.1</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">11.3</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">12.6</td><td nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 17px; margin: 0px; padding: 0in 5.4pt; width: 98px;">13.7</td></tr>
</tbody></table></div></div>Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0Mumbai19.0759837 72.87765590000003618.5957917 72.232208900000032 19.556175699999997 73.52310290000004tag:blogger.com,1999:blog-2529759908794865894.post-74365071621634660722014-09-20T09:08:00.000+05:302015-04-23T00:09:41.325+05:30Get some portion of your investment in Pharma Space too - BUY LUPIN<div dir="ltr" style="text-align: left;" trbidi="on">
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<!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-IN</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>AR-SA</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> <w:DontGrowAutofit/> <w:SplitPgBreakAndParaMark/> <w:DontVertAlignCellWithSp/> <w:DontBreakConstrainedForcedTables/> <w:DontVertAlignInTxbx/> <w:Word11KerningPairs/> <w:CachedColBalance/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="--"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">We after a long time, once again back with the most fundamental stock tips for you all. The stock recommendations are for long term and serious investors only. You have to be stay invested for atleast 6 months to see the desired results. Long term investing is what gives you profit.</span><br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">SO STAY INVESTED AND SHARE THIS POST TO YOUR FAMILY AND FRIENDS. </span><br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Lupin launched 19 new products in FY14, including generic versions of Zymaxid (antibiotic, October 2013), Trizivir (antiviral) and Cymbalta (anti depressant, December 2013) and in current fiscal, company plans to launch another 20+ products. Although Cymbalta pricing has descended largely to generic levels and Niaspan, launched in Q4 FY14, would see additional competition, we believe latter would be large enough opportunity to boost US growth in the current year. Other products like Doxycycline (anti-infective, March 2014) and Yaz (under launch process in the oral contraceptive portfolio) would also support growth. Lupin’s pending ANDAs imply an addressable opportunity of over US$80bn of which 30 are first-to-file (FTF) addressing a market size of ~US$14bn; it also has 15 exclusive FTF addressing a market size of US$1.5bn.</span><br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Overall we believe company’s existing US portfolio remains robust and growth would accrue from either price increases or additional market share gains. The recent consolidation in US distribution channels would have a mixed impact as in some cases the sheer scale of buying customers might entail price concessions while in others Lupin can gain additional volumes.</span></div>
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Chronic therapies to drive domestic formulations growth</span></u></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">India formulation business has recorded a robust 17% cagr over the last five years and the company is amongst the fastest growing players in high growth therapy segments like</span></div>
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" 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ZCyzTObudZTXyVNt2x3S//V9Lrr/4NRAGTX04ku9iBHlTjW0olu1upHjDNr6eQIL5+zVka3NHSN6b3GHnp1oHm3al1tV/IzeYbd/9rplko6znq7O7lW8FZ7tCuwt8M2OZu5eY6PI79JdfOZW5m78sT9u5nUW/YdXp3XukJvb9W+zrdS9lWFg5eB3b+XGniYnmvx2GSGd8m9VP8jxvEd5c2JDF1lIKBdDB5D6XFnp4F5IA+5l/eSDX5yIPU5nQSAcPg81f8kE6ye5Gr2/trKSGu1bkXrNweYudd3T6aFyGczHy6ZNq8hu5o4StZva6tSW2735mxcTycvpsS97mZunmHTpro1wWpQUEjhM6skIOeLczZm0+eOSkm6m0n27mMK1X/TI4TK3pls3a1coyx5YGRFVD+7njrNL+xMkG5mM7c/lBonu7orsSLueTezdNu3NzcGn3YF9HbYJktL6E2ykuu3R5kzqz+d4g1U7e2+lslm11fOtVRadyD3L4VSupyGkXQhm+xvYCT3XjouRLmmJfGp/O2NgHYxhBlKeQdlGL7IX+75sI0cCOFJAMDAWrKLTX4rZs+ujDZYc/Kr9Mih8srnJldDRGRCAatbT/V9p0bTVuY/jh3ovpKaOOacjQY+S3bWWsFXwcBV6VBPcv6nzXqVGMTsbehNpsb1GeTCp5POCxUcnaYri+hAT9clZujuo4k7hZQ7AyHbFdDbfk3OriW7q7VlimgLCZm4m71METZTdmg0/ZV8kH1qPdX/RKFH2d/AHlTuA9oVciipn+UlAdiw3FueRF9o0EqTPK22ruSXU3l97WktuMTYPNw7Oc9jAX7KXuY7bMIxiu5Hs4O6E95RaA8PbBwu0xeDS1ZOyhWUvbEgrIs7hl966cW9TCKE3NtTq7DwV21zBjlBns/zQsMpymUNdZSYhnr2xgL5zk1qo4ngdgX0tm+TXUotHsGb7FRVGmvqAUMi1ZJoM3rAy8BExTw7Qdh8gDUK5GxXroZIqwixZs1b7rOZ+dP28oqUnZbn2krTCEnIXfORENWiNYu+4KIBVkk6WsrJFgbIvc+jqe+g8tGDkCdtVtCEp9GkKd3c96bMD/gmdoUJUbDjqa3Bck/xwe6WkduB82/D2KDcU8/4eDuV9+hMrKTnxNQTWQ7ZUtZRr8vgpvLwwDXaUSM/enhgWG6TVDefnqEUWcER1K6g3vZvMgm3PYJUkquh00NQSRlASD2p755cWbn16mGlDAWHl4EJuRN26+htkj7rlI9VB7UrzFBSeU/H78SGtmqtmomK2mNG9eZSK7y61Fzr3w5PRbVkbuAzIeJWdek4dai/3Ps9+p5w7M4dLSACkDFX6+gKGzTK3TNz4qOp9p1IGvwz7CIUUMfzkXvNgMMEQRvFhuSeuiVoJU4zgupv7XbIIEn2ZzYjNE44Qop4uDScW1nPyvgsZKIsX3i2K2dvBzZZxqqi8jJ3z27Fg1+VoOdGQjlu9gh7vSgdA6fPrkAB4GVg6+kbtFthpRZkb7Ofi2rHWO7ueHWIf7vCDKXc6qD4Owfyje5plqpckjauNrm52xG9cH2UyRGTwVGYd1xGi9kZ9A71l3vfR/Pel28yuN/9ALYX9v4eC1dfF2k9PppyotprMspFWiZBoHDBsvV85F5Cvv+waYq/AbmXE8p3wZFdTXY3UOS+Jt9XocLkA6ycqooxrSjYFlOajHoarXDwbReDX2/narKRj23oGu7j8idzHdqWeH3nm3yaU7toDSTC57VVevtLOowCI9jAGAJ629OqCT7tyj2UdEQzg0Dkn7u3Q/jAwZYq/zf/bOm+72TQUzQMeci9j51xyMXdpuTvgIJADK5mSK70pWNSqXjWSd36c85Ga03pF0o/CPKVe5WoEelNL9Bk1nbq7Kz0XdFSve3W08U/dFnJNVk2jhx3dvd2zia7wB/hKWc01uLmlD22/QrFy6HyG3kip4HRIsOzwiFtT2sXjWnAUEp7CLt028BWLVVaLCp16XeCcjg/GHjeyur4tTZA7h3+UGt80KMJuQcG2EYYs8I5mmLcc7hqT23NOejRkXu5bA8MQknuddmyJ4tTVkjyeHrT0Ub3TQqH/OQ+TJMd8B8v3WbstkuEeyVmA8hpYAG9HcaqzXblGkpaFnttgXhjA3Kvvx5AXlS9+cs/oukflR1BNWPBl22RdKF6t5qv9X4wsnQvSO71rBbFBeyGVNLn0ZmLXfTCD2X9EN1HCGvpG/QuvfqoxE44mgPNc/c5068h5Z4962pS7m4F5E8Lgjzk3shQB4BSNNaU0Xc19L0QmbuXmX395ua7FYWGs11BvR22yVYqXH6UZ1mCnQpX32FZOxkUF8qX0zdzu8JL7tfTSfnZqRog2UZW4TnZG2pzxSuFFdCu4KGkV/LziF02IvfKTVFvOr740rqYLNWoDWuY/hEgrVID5N7qJlaYKfvIZP93tJJej6aNC3FkE19IADYCmpM0Xg1dI2yK6NPe87VaZgB+y7iQcq8/VLy+kpDbapuA8HJP9VS1kpTVdoTt+iemzn7TP7it7zxnt0yfaGzibM4npgyeyiCr6ujt0E2WuiFofMBvRZCMXA2UXxHQP9h2ny0YPOXe1hxzgOjrJzruaIsetge2y38oZfQclOFwIpzcA8B2gQuKlrIofZCg5BGyFT9i2GQRGeSj1AUB5B6IMijwiZUQiAB5y4VgWxG/JvMVzDYEMZB7IMqAEMQAsWvytgUxkHsAAIBYAHIPAAAQC0DuAQAAYgHIPQAAQCxgyP3HH70PgiAIlhjv/PJjpvCQexAEwRIn5B4EQTAWhNyDIAjGgpB7EATBWBByD4IgGAtC7kEQBGPBmMn9B2Mdu3aUN/bNOo6DIAiWOiH3fpyZaN9T1dR3Y+n69GBLHf8z0zVNL7wxu0RnF24Nt1TVnphYXOA/F8dPNT5a1z6asi8HC8nlmaFna3fKvxjOBqL99Wnqecnr02dPNFXQ2R3lFS1j8/pZjYsXho7UlZc91jH+rvNUNOmuMNmw7ArFXccnPjAvlFxITfW1sa7zLRA1elT49vjxhxztLdvxUPvYbeNCom4JO+uOvDQxM+cqEzVKhdFbFLbJS5fGWpl5yAJVjSdGp64bBUyWvtwvz7zR1fiNpsEp/jOs3C+kxk/Ule0/NXVD/GNPx/jPxD8ebRu+ygssXTj1+Dfkv43ys+oIWFAuvjP22pjwtXOzb59k81l4YjrLHXN5WV3b4AXhbudmz48rr6xT6QifGEUh9+EqvDjawco83jPt0WQrUgnwB5FimArTXNu5t/fCsvPU3I3BZ6pUWCZDBO+eiQylO+dN9nFgjAFNvj49/Dq5NCF0NeUVzwxd8/VwpS/3wk/uyk/uly4ONdVUHTlz66PZ6d790vK4xO8UQyKsymFG4qy4RDsIbgqvjh15tLzs6aGZefZzeapnb1nNocGLrpng4PUrvU/vbX11YuDpIpH7MBUWq0xvIWBSwhad+58dfuO1xl3FIfehKkyj7xlaiVP22u7difbHLDuJJBdSF19serxtbPyHTUFyH9BknWQMSuu8GFbul6/1HWIhlS1nogY8mzGfmjpzSjmo8trmV8YvLwu51Pqd6sFi5BnrhrypVvBScbDjTE+bFGIxSLu+c+rPhZ/nR5gH61FhjlqgOR4h1Lbcir7lE0WVbD7W8dYZLvcHj7/2wkE6W9V48oJruScUhG7lJfc8nqo328IoSgakEcCCUZ/V+Xb7/Oxgscg9MbDCchYEBXQffzQ1VCxyLxlUYSlE9tpOpzAGSxadKhRhzvQFyH1gk3WS6Fka6MHw0b3pOefPtFXwmOKvqSokmkuXL3AZ5akP88HiWjMclm1ofPHK4oJchjD9teSeCzE/5VqgiZLCzYhHqGkg+otfJR2SuImorUd0z3xG69DsEi2RdB9G1I2GyujJnEusPg95db14UFBfg4UgJWdrmnrHRepGSAMLF37QTEmAXOnLkpJ7EZe4DdjBUpJ7mpu+s0wmcGpbhi5eEFpU9+zwpVzLvggwSO5zNFmRRc+vdzTWKNl0nJUML/fkOqQIqn/PGO6UkaJspuxz0h/wvla+Qet30w9bwbgt96p51g2VvAoTF55G/WOZLq94puP79dIhaakVD7m3nBbd3GlYwjnZB82t2nkK7acpg6y5pRwuGnxQKo/O+9xyt2rf0ogbgqLdUpJ72rRwLJrdLCG5p40K6xUJL5ILFHays2jengiQjtxNFt1FTc6xzssrd2+rthWtuwfGWgRMqzK6nzCL6Wk1msy23KtT7o7g1RARje0J+N3YkZt8pPnE0LIxXnJvOw9PwwqYHnypwUN74cy4MfHB2CWtKuTGAPhAnJsdf6mtdqdUfLIBZ9wQkL4sIbkXE0GPhHwYYM/RpF+FaXAdgaPOudnhtjp6cWv+0sTLfMEXHO1Ghb5yn7PJNpdnRl85UlfArVql8nbkHiD3lGxh83BK6b5VRhV7QLmnJQJ71l+NduwS4s4n/669vT+5QsdFCB+4VZun3KusvbgnzUBRW2od5H6LqC8NxWC5DMl/jVUyci+TnCH2qP3tOaL0qXDOjQpSBjvRSl2UMw0SAfoZbai9GZtW5sPPJPKSe3I19c+3P1Mla+DIyZi5F1oNfP9PvlvhNsqcyRw1gfUbimv1JlEU/9321r2yPDmk1o5mHuxTQjN/uRc38ZgevM5kTN5yn0NowEJRNx5PQwqY4aUi9zQvrLRkEEtE7ilLY81rD9qBoDxizP0o00c6cjfZZGHlXq0ftRqoHVfHVi0lEymE9/7sxdyqVR/RuOXed6tW3FCu5a0lrXIb2oQ3uiyU3Lt8GJG3XR0UnsyRzBG2VQyhRPFxbnb89TG5ASu3UqwgzmPPPyjRWRpyH/AitpulIfe0UeGalQZJcOQXGCE2ciJDb7nP3eTlmbEzw++I/Qn1omPhkjmM1KG6qLHHuF7EVKdIfH28k/EiZtdY3/NSiB1yz+j1IqY8RdKs2T05JN3BSCfErlUvYuaQe7loMIVbfGRrN0R+7MOqpJKDoiahoi0wX6q4gVhxsGOQPrkiyncSXOZBQukI7kpC7mmN7yEEwp6NuaMOFrnck1PXV/mKZpOXLlPKXhlDj4oSok0vufdtsigsRMyKbok1Te19wV8R5yv3+Ymal256k2LwqGRCxHTSkoAhKNYZ4ZddIAiCW8z85F44nNCvN1EM4rey/mCsY69cCshlV46V2laSFsvh65NveRAEwa1meLmnRRNbH/WZf53Kk7QC3cG/d/BdTM3NjvepNfiOqsbjQ3YWKAoU2ZuQAT7+RBoIgpFnvskcEARBsCgJuQdBEIwFIfcgCIKxIOQeBEEwFoTcgyAIxoIecv8vX34BgiAIlhi//uq3TOENuQcAAABKFZB7AACAWAByDwAAEAtA7gEAAGIByD0AAEAsALkHAACIBSD3BcTdzM0zLZX8z0+3JD6VxwAAAKKB8HJ/N5O6NNrZIP+gfuXhgYkb6fWsPLmVuJcaeHhHeXMiI39HBmvJrsod1a2JVd4r66n+J8rLjk1m7tFJ4P797Ho6aZlQdfPpmfSaPBN0yoX19Ez/4WqyQ1a4M0lFs5mb5+w7nLmVuSsOcwSc2lxkV5Pdasq427W+MilrVbWv862Ub63W0onufXST+s5zqYyadWvp5EhXfZW4w+6W/qvafFxLXzstIo+cNy8wsplrPbJK7loxsIG+OtC8WxWo7Up+Js84IDvniYHUujxCE19eqPhwf0rMsHup/kccp7ZeIrJ3Jlt50x6RlbqbSfbKgWNkmnktrRpjgln/SKcs6SzGeiyhRrmha+ymHP5g0/JBSLmnejO7SYjBk2FsdfO5lS1Q/Gzm1quHqyOo7yay6ZEDZVUHRlbcPZLNzJ9u3hP3kD+7MtraTWolRaH+dIrsJ+CUA+s3B/jZ7kky7mzmwyVh//J4b5Lp2vrtUSYo1h0CTm06mCJfJakVNrC7vPK5yVWhvCQNolayyQ0jaY9K3V1NPFdd1tCTXM3KGX5oNP0VO5FNnzsqdVxNz/6bQibokt0tr86zrgm8+SaAKddF8khKJWQAxJBdT53WZITV7faHHn5IFzhN7h2gYVXtEnK/vatq6nYuvkruWUNuTFFnkIiV7T6auCM7w8ZX6ZHnpY7LIX5yIPU5ncuuJo5WVu3rvpbJylFWCuNvWv4IJ/dG3EqQI+epbgVGZMN5EwEGFwFbjBruZRLHfCZzwCk2MQ55mXV2LdldrYWKmusNOLXFoJpIMxDVsCa/s5I2mCNsqLKnHs1EtaDR8Olkc40KdT9LdtaWV3Yn1+iabVxoippYj3a0xRdrKyPHDnRfSU34mQED9Zg9jts+xYQu7z7a3/vHttybEGOXW8cyiRb7Dg6Dd4ysBcO0AhBG7n1sUQye9K5CkR95JfH+mFySGEtmffVtrUbpks7hC3zJxisqfRQVkysamvniiCDvBV391XPnuefkBcznWotltqg8P9q5x8voxWR4uHdy8S0ZUFQePi0XTHTq+dHzYilNT9SXXfbaSkw2eZCR2WhGzbH/z3XKJ1qJF4QdB2i65ynSCw+xcymamDOiZMCpLYY+j6iNMk7nMCa5DZdz0mVdA01Gedy8OS0jPDRiC2DIk2iLl0vzRoDXtxplO34h99s3uUR9uCdb9R5HDl9XbUD0krqDrrEcfn3iHy6YCCP3ftGBdpwkmC3T+KJDrR9pyawtWtVSRRiivGR3y8htqns2k5pKiqQVrbgte9X13fHTuglft9KCQ3WoNIjW0ZU1tZJiJf1awfyQXkNaTMlTds5K3pP8Aa1VrRU0q4seXxidhujeCbJjTw0KOEVK3dz3pu3FKTXs9BA0Z4SRBJzaSsictbIl15wSluzWApfliAtdnUONsi5XE7B7cmVFWL7IBYlTWwjaP7AmOEkVG7LXrbjKN5fNEST3jvayA0LvmEkQ3XsGmwqRxiHf4+O2ZchLchQEMlcl3A7pk/bgkHWHaQWhoHJvW6HtbcTA2PUTP0W04rzEgGHljjbrPx030WIc+0H8hFpJ+bZC60HbCTtPOe9phlGQ+9CgLKfekxYCTlE3isnMFcRIDYultHLMMlyQRhJwakugrfzsaNQ1pxxGruCyHNeFDBSF6GsFaaukfXZEskUQkkdN1lI3VHPWCXoE5pnLJgTI/eep/if1BDdr7np6UW1Hy53tEFmjgoCiTNUQp9xTK6g3AhorQbZqh/MuqzDtwdO0glBQude2g1S1PtFaa5N3h6slLLqftHI+nKpVjpL6T+dNrKUu+Rt9nlDX+LVCmyr2PR0Nd9ufsYYyR8K41jVp44zs+so5n33+gFMcUsJsM9NTw/r+XkPXcB+7jzKMgFNbB/l2kJyWrjklrG5D0f3aykgr35hVq2S+R8r39ESEu7aaEvnVMKFfoXE3k+IJUiW7FBu5IjDfgfCXe7pQUxsXzD2DTYUIMW3X4hfdM3XjAxGo+BSL6CsAp76RPWixqYBpWkEoZO7eX+69xszREvn6hMzsG1buKKn/dHYH5D7qUHkGkTozEXBKgsJGe7j9FYGX9F4iBJ3aZGirQ2NdyOEjE64FpWXh9FO9kyOSqBK0PLVjW1owuebvVkBvJg2Wa0rabXHAb3CpOcGRsqt7Nw8kFzyScNAlNbpguiHTyGbazXmJr8G77MQbYeTebUAM5ps51GY76KDu5hbmWw9TqSlwU+ZuirVD0/WfjlOaATmfSxGBr9zbk4FqoiVz7EtcbTGsCnKfG+74xULAKQtO6/d7USFgtm+hELig249pSz4RFYOjyTQT5SLAZzFklOHYPvMzettzSroXNAo+0kYd4pMEVvAzjM2HX3TPECT37iUawWGuvu1ySZM3wsm9FUT4vXdPsiujDLV21rdq2SI6scJawtcdL57jneFQahp7cUMZ5VkG6hjgcHJvbtWS5wyQe7VVK1/m0bdqtUs2ulUrBiPAsuMBfUQcCDhlQEZ2Wu5e9f96+oZ6wVmsmrWEdcCpTYb99oGVULJW3NRkYXXS4L2FgJrs9d69vidhgFIZ1owL+1J2IXA3k7qalN/7uHLoxpSk3L2ef3fAU+793v9m3Tsnn6t2BVzSuSXQ5Z4N/0X1LaoUFs9FiW7VTohR9njvPsi0/BFS7hnMr2qZMY2wp6mak+x+p/+n8gUYZoU+L2Jaw+9UaulCeJn6znOJ/j+2pdM+xfsxpNwz6C9ivnpl8hVTuyVIl78zMKG+QnS8iOm4xPtFTI4AuVcmyC7xyjzEBGImiH6zKSdGwClnTKR/L6r1v1y9CdZ3jsqZIBBwanNBMbt6NDPC/oTxdattn8aHr65IzfOrWlJD6+ZEZV3SsdFBdnM2V7cm0iBPo+pTeXiAtVg1g8PznWyPJjN4yT05DI/FmXwrTz53S0fZhC73uuFxSeyftDtDD9uFalmVJ9o5LnPnSRp8LtPyQXi5D4RTdqMHUg2PRKGXpgPRAZ8/uVepJQSSObeilTBi2GQh8d7ruU1ECcs90/FW9WkyBdeeqgG5jzIoiomVEIgAecuFYFsRvybzwH8bgphSju7ZitZ+s9O9rpSA3EcZEIIYIHZN3rYgpkByDwAAAEQbkHsAAIBYAHIPAAAQC0DuAQAAYgHIPQAAQCxgyP3HH70PgiAIlhjv/PJjpvCQexAEwRIn5B4EQTAWhNyDIAjGgpB7EATBWBByD4IgGAtC7kEQBGNByD0IgmAsmK/cz82OD546Uif/oH7FwY6BH08vLqizU0ONu9Tf2hdnB8dml97/+IOxjl3iyOM90+ynfbf3P166cOrxnfxUY9+sftzmzET7nqqmvhtLC6mpvrZaXriq8eSFmTlZYP5MW8WejvEZ+XNx/FTjo3Xtoyn6CZYIr08P99Dol5fVNLW/rqxubna4rY7sjZGZ3Nl3vIfeMkKbTw/NzDuLRYeL74z1NsumebTr+vTZE00Vqi0VLWPz1jTUGbJYNOjT5Nvjxx+igxofah+7rV9LzNFpUSPTtDOWnFY1nhiduk6nQjY5j54RzEvuaWrtrDvSJybb3OzbJ5klVTW+eEXOPSH3u45PfMB0/PKFFw5WldUcGry4bM+0/aemZvV7Lk/17KVaesv9Qmr8RB1dtTjaUbuL6zj/x86qI2du8QKz07371b9dl9gHweLm8tSLh468NMF9vDJC6dHZhPnxmfHLy+zfuslp10qSEfpGFVEjM+zvtL08yqOlpUtjrUwRtJhGxEDlZXVtgxdEJ8zNnh/nJeVZiyGLRYTBTbZIE3zn3t4LrlEOeYfIkAW7TS2vCOtdnhl6lkUztScm7OjZYkCTdeYulo/c8zh6hwi0rYOOB2hyz35aE4z+8T8/VldhzVLi1bEjj4rjPvNw6eJQUw2puXAMj3WMv0sST09ZvtZ3qMKl7GLFYPoAsJRomplOYaLetlRkcm9ypq9Ji9rEXPDxahpDFosozSZrFKIRJp7zvUM0OT87+HS5lDjHqZBNzl0svNwv3BpuqSp7tG34qnGcsjEySxMo943tp1ht9OUkn5w79/b85+d95qGwV/lEL7lnwUu9V95GFIj4uhXcMMnk/OXe29MLIyyeyW9QGL9V+ZDmXdyzwGyydpxHeI6g05t+d4gqxXh5yX3IJocpFl7u351of8wr3akfD0zmNL4yzZcClsMQ/qPimaHpN3zCLmq/clauZM5N1rxdzwxdU0l8jSKl5fJMYEmQprGHpi++M9p+sKriqVMXZQLUIAX+Kr+p50kjT5oIlj2LWVZxsOMHMknt05aQxaJJR5NzHnczfMlokIIYD/ccsiGhim2C3KsZVV7bfGpYbJVYYb6eZrESNdZZ+55EsTaxgzjHVu00hfa3Zt7oahT/B3d9nhfZOg4MTWE25oqVVsFkdf65i8V3fkIpfsuQWKjhFStEjRS12a850Hzhs4DvmS2T/bvbErJYJOlsskUR6vkkuA363iGinLsx+EyVZ9o9ZJPDFdu06F4vYwu6cEHCg4kYTfgiX7n3uZsgH04e2l/iLoE38md8V8pqre89waLm9Su9T7ElY1PvuCuDxxeUEy+zSDZMtpoyk7uaBqdcpyJG/qYZk2ktlKEw0HZ4Pm0JWSyCdDdZkpqQc8cy4A7R5ELq4ovmOy/2qXBNDtszm5m7t6iJr1L5KUv3NyT3KmsvrqUoXiRwlHFD7kuQ6p2c1iHf10sMawyisMMQwrG9lK+X1D07fEmrJ62htcDLey0bsljE6N1kOiUWdjkXKAF3iCTVOzltY9bL5RbDNjlcsXzkPv83cyzq4ksTsrahiRLxjrMGHckcm3yuUtv85B7JnFJjQASkMazc+8Qu0aLfUoaytI6w3d2WkMUixaDVm++ejcHA9V8EGbgQCdfksMUY85F7K7wK8969fqEh6GR2O2xD9JV7h71aZG7gG8rBCJfgSuZgq7bEKN86cGv90uWJ19SHfosXhvgXKz7JnMV3xmgnycNuI0hK5voIn9YbMinvlbQNWSwyDGqy+obArQY6g+8QPcqo3C/pFKbJjCGLceYl94zmV7VldW29Z5xf1eaQe/WOhBWC+co9eS2Haov1hLZ/Le2YVcbuNXuHQF0FFjX1zViL4pU15/s2x4fkfqx1lcpW016WLOmw2wiSUjF20zjtmbWQmnq9g8yeh1/0AZp1lZXA8SsWTQY12X/rVW9ycKdFjyIJ4aiwlZPwbTJdpQTTv2c8mK/cby2F9wvzjq1BsaIPs7QBQRCMD6Mt93JvINQ6RXEDl4AgCJY+Iy73jDwzlUeAjz+RBoIg6MXoyz0IgiBYAELuQRAEY0HIPQiCYCwIuQdBEIwFIfcgCIKxoIfcAwAAAKUKyD0AAEAsALkHAACIBSD3AAAAsQDkHgAAIBaA3AMAAMQCkHsAAIBYoCTl/l4mcay87ImB1Lo8AAAAEHuEk/tMokX/S/z1naPJdISlNEDuP51spv/ng2Dl4YFEKpOV5+6vJbsq2fHaruRn4vd6qv8Ju7DFh/tT98R5YCNYSye695XteETvxexqsrvB6uHq5tMz6TV5ygNed7CQvTPZupvdRDu7lk6OdNVXiZvvbum/ml63hnxr4Fnh7Hr66kAzrypnfec5zRJt5OgZ8ybSdO9mkr3scfIgM/JrWzlbc/X2+spkJ2tRQDTm2zP3Uv2P0EGLzYmMOGUhu5o4ymfxVkZ7wU1eS1873cKrJFjZnVxzjfM6u0GnHDLneLHeSKibN3SN3aS+8OgKvxmhIQ+5l/eSo/XkQOpzOrmpyGbmTzfvaUl8Kn+HQi65J73OZm69eri6bPfRxB3Rgdm1ZHe16LXq1sSqMSKk+8cmM8GdCeSCNB63abIJczWVucv+JUZ8d3nlc5Or/KcTvncg3F1NPEeDaJ3Nps8d7XxL3Jx0sGpf/82tkz+fCpMqVTefucUqJjX90Gj6K3naRkDPZNdTp3lzOhOkL9nM7Q95SSYQN6ZIIp1GvukI7G1duXzlOKBnhMbVBKmBcvZbKfeBTf481f8kl+nEijhyN7N02+XVv0qPPC91XLbXVlfRG1X7uq9lsvLmB0ZWXEMpLcHrlIH85Z43b+SA92QrPHIPsAfCyT3DvdTAwypAIENpeH1y+JBr4kHuC4Ls+sq5lobeZGpcNycXyO96DnqOO4i5sftof+8f+97fNIBNh1+FqY3WOjKknZs9k10ZbahyhSYu0JrVFQVvCRy9vbYycuxA95XURECuNahncvWScPaVrQOvfGcr5d6E0WQhlXn6WkNsmSc4pDn4z5KdtV7rA3HcO1wwsGG5tzyJvlSx1hpCHx/unVx8SzrzysOn5SqEQV/7sNiEHCMDXfX86Hm+8i1v/rN+1nG8DJHGz/NxrE6Z1JhcDbEF70/7/cbbV+6tRt0zWkeA3BcUpjm54JzwHvC8g3DYXP5W/e8vJHIL5V7BVWFzEtGiJLDJHEbPiDvkvETKfXVnMiA7tlnw7u0cW2sBPSPk3v9CcvaJX65u49ad0WQSa6/sjT9E85Wp0N0aRtLyBt5dJ9dDOR3/BuRerijrT6f4+pEGo6EnyR6krzVIH3eU1/cm7RUZrVDokt0tr84zpTbvJq+qbj63opJfpj/3e5y658jtdXb85hnhD3LJvbHO1QbG2cUMkPuCIkjuZd5WtwEPeNxB2ADFQf73p7m0DdrnrpKcFGyZ/1GaWywt2OVJLzh6hmb+7pb+162IyiNHv56e6T/MAt7Rle1Qe+/eziH3/j1D3o5CPUYzS245+2yu+28mzCYLtWHjMmxHooGbUgxCiCwvrqcfBIQeOny8eUkgNrRVa7lroYz2cNpCSfqo1cAKMVxiqjlz11UOufd73D3HPWlp4y/3VkOsPWfjztR9+uYE5L6g8JZjbWj8EvcWnHeg3KVaNfvJvUzs5l7zFh6eVSIDlqZIEY8nPHtGxkblJOXOHD1JHtl5nsmEQsG3t0PIsXfPMIe3qDIBcvdbhbQiRS47Z/vk3tFkEmuu8txD59iUEqA43ZYyb7k301nrNweYvw+yHxv5RvdrKyOttlWJ48qqFLkzIFvURtqqt9vu7cWmh6oazfN73D85lqsB461F9zZc2QPn+hdyX1B4ap9CNnPzXGdDDsV33IG8tbWY9b6/NF2xBNxyuKqUzVzrqa8S4d5nmZTIeeaKwc2eoaDESnpIo3Xm6GWSc+sVP6C3c8hx6J6hqI7PShEyOlzd1su9q8nSaVkySDrjv/ewfnuU+wOtsbmje7qnZgaByD93T20g/+M7bzdR7j0e51TnfOWe7MblSOykG+S+oPA1GwltwecDxx1UGOWiNWTqlYkcCZNNg7PJtOdmuzSZfrVt2Btaz5CR69rhadvmhN0iBPd2sByH7xlyeFxkhEo4hl7Q4fw2EZ5NpmWZphsBlq9SWCJTreAcO1fX0XoiODbSsIGtWi3X4WtJpI+2F7JTWq5LXMkcf7n3e5zzeK5kjmNKcG/hEBdHvA+5LygKLvcOOM+K12OYZATvB2wqnFUiUdM28VxxnCf0nnH2kjPoUfCdpJuEnL0dRu7D9IyrpETw/TcDfk22HZL46coi2PBbDDnu4Gyyrav0Oxc2IPe6v6U9UvXmL1859o/yXiZ9VFu1xqv6ObdqDVU12+P3OHOrlrtZ5ttDyr2jQxXE5FGTBHJfULjEmo3klPxwT72anVcyxwFPc91GrWdwVliuwS1L9ns7PqhnZGSn5+4pCMukLt6Qe5hy6m1dMidEbwfLcUDPsB6YS9JWpzq+gWRRwRHQZP2UqXU6dPlyQtyBFg36yykEeqnfpV3+2IjcKydDZuf4ZowOkj5+Z2BCnQr/IqZDVeW4WvLt+TgGuXXDDlY3n5lP9Pq8sOWSe9ro8Ih9RBuli4LcFxTe2qfGlNl9f0KZBDvpFZzmIfc0+a2bE7dOCyQ8KnxXJqapStqX6lrYHtgzDPTijbqD/PqUIhV1VXVz/6Tn97qbgjC97SHH5krFr2doQ17d1vfb/i2W++Amy/epxEFd6/Qok3I++uX6p/vKzfPj2qvn7ITwJXmt28LJfd6APgIFAhdKPaIpeZB85BGyFT9i2GQh8VuXYZOA3ANRBoW3sRICsazcciHYVsSvyR77hVsByD0QZUAIYoDYNXnbgphNknsAAAAgWoDcAwAAxAKQewAAgFgAcg8AABALGHL/L19+AYIgCJYYv/7qt0zhDbn/+KP3QRAEwRLjnV9+zBQecg+CIFjihNyDIAjGgpB7EATBWBByD4IgGAtC7kEQBGNByD0IgmAsGGO5/2CsY9eO8sa+WcdxEATBUiTkPqTcz0y076lq6ruxtJCa6mur3VletqOq8eSFmTlZYP5MW8WejvEZ+XNx/FTjo3Xtoyn6CRaKSxeHmvj/BeKh9rHbdGTxnbHe5jr630FUHOw4+45Pn1+fHu6hgSsvq2lqf316ccFVJjqcmx1uk43yaNfc7PhLdlteeGN2yTqlSOZt3YG46/jEB66S0aKaX46qLl2eeNke5a63Ly9bpwza07O8rK7t5VGPnokcr08PtrCm2SZNDNnksD3DGSu5n5t9+2RTxdNDM/P8Zx5yv5AaP1FXtv/U1OzHi6Mdtbu4jvN/7Kw6cuYWLzA73btf/dt1iX0QfEDO3Rh8pkpYtpobrOe/I2f10qWx1rryMs3palyeevHQkZcmuHsmJd0ZbWfMZOvHZ8bF1F26fOGFg1VlNYcGL4qZTKa1s651aJYFHxdfbKoI0RZhruWP90xHWv6k8HHlMuSeB1tMvp8dvrT80fUrvU9V+Y3ytb5DrDd4z8hR3tt7IUD+tp+LF4aOMKPVTZoYsslhe4YYK7l/d6L9sfKy/OVeRJSk5stTPXvLHusYf5cknoxSGJlL2ZcunHrc8gdgASj6ueZQe9sfuEMh4kxfk98pg1NDjbuKIdRV5GtHy1avjh15tLyiZWyeVifCDnMEFgu3hluqikD72Jp4/7PDb7zmGB3RfHsqiZnl5bpEV1Q8M3SN1tyOjooghbd+vG1s/IdOuw3Z5LA9IxlW7sVM0+5LXVl7YoKtiPXVtLWAokW33ddkcG7Poy2+2Ir1TE+bkuDb48cfKvtGWy8twEmj9fX4zjoK1hwPogaXPdo2fJXuL5872Mk6lLwoJzOmW0LuDx5/jYdO/KCRnNEoJF7e0EvumYOt9wqvyPiibG1FRXK6TX03rvlquhidEHJPRlJsci9nnzNMmZ8dfFozeC/KOWLpYMTpdMZCCnY1DU4ZBdwzyyl21DM0W7ViEaQrTAnZ5LA9oxg+ujddJbc/ESxIS6KcEWVLaGlJOmtZobjc5XakF2l88criwvLMG12N4n/Oa8s98wFPnbp4XRSmhbzMVMrC3N/MiwepQRUdx7VbeiYR0ctqe0X31qKYL5B1f2bRjJ5cyZybrAm7vCeSaELgPATDUow+CZZvCE8jlbvDySt4jXUkufjOaPvBKmsiOH0VtVqf804WWXtdcu/04jKkUxPZomu9XjQT0GXSIZsctmcUw8s9yTepnv1v8Tx9kaiJo+US2HH93zZNJZW3NeTetlGn66am8nv+tV0HcYeKZzq+Xy8lXlylbuIl95YDo/t7RHzCUdnHHVu10xTa37J8le2fwucWwGCSM1bJa59epdAhYCUrSQGKbXWRJQWntB61EveMKu7pHWdBlcjdswIBck/p3aCUbsTolHu1OqGZRRlq1uSQch/kCKNCt0mHbHLIYor55O5tybZCdfdySQ/qrWK6q9BuSAX0yolma3KvDZW7R6wVru0J+A3ZkZvcAfBaCZdguXcvubfVwWVkkn7HObnE8ND+Em8IX2r8jE8tynGxAi77AzdC8tn8tSjx01PuedrXsnvtuJM0JUgrHaeiSvnqha742pZmbfPLLPYPEDUxTXJ7wQjRa8bZW5o76460d/DQKqTcF2V0zxmmyeGLCea1Vavke87S/WC5t1R+Sum+dStigeSeVgksTv+r0Y5d4tFcIHbt7f3JFTouM1nBW7UbkHuVtRe3orqJaivHBrkvCKkbuUE7qIZSvpND7ye4Lrep3snh6TvHqWjTDmhcp+Qc9FusyKWA5iqiz6AAS1AUcPeGs5eKOHfvok+TncxRLC+5J/muf75dZVG1jIoyJjM/QwuC7//Jdys8DS5nMkeTe5fF64+mKP677a17pQSQZ2rtaObBvkpZbkzuxa28jI8/lPrBT+5zjyKYP529GjJgl3kP2ihynY02A+Q+yBOos3bEUxTMIfcuzbHo0BMxc4ui7bmEwr/JBnMWy0vu1cLQSKn7bdXSJRS/aylyk+ZW7dCz9NaNp9z7btWK25JZs2ul3SvPYSzlyBrUkbBy77Ahi6xp31A9K5rpSuaIJhTDWrK4aMwNPZFtFjOpW5rjVBS5dHnitR/LD8Hkat0KmBZSUyPiAwI2C0Zf4af2+OTl5Rv6OWUiYnTPxOvTIz8RCzL1fZk18U2KUS6q9+6JHnIfsslhe4aYp9xL+TYlzPNFTHlWyq4WYjtovIjZNdb3vJJgl9wzer2IKU+RKGujS57JdDP2yz/MmOhFzNxyL5cOpmqLiaTd3L6znT4WVSqK4KK4aMwNMWrcHjTKQaS1PJkQ/dssFuVlvoqriFWNx4fokytOK5RhZLOgZ2zK2q6g3rByXMWyKe2geyaqqJGzrq33jPZFtNlkXU+K5qtaT7n3b7IorIQroGc8mK/c5y1hXlrpS1E4aFGzPRTTxt4qDEmx4PD3cyAIglvK/ORerpU8PinyIcUXAeuLD8Y69ja/IiIXFSBHMBihRXFeFdvAJSAIgpvI8HJPiya2eOwL97el1PK5tmXIXmy6OTc73ideHuLrEXPRGinyl5fzCPDxJ9JAEIwY803mgCAIgkVJyD0IgmAsCLkHQRCMBSH3IAiCsaCH3LNDIAiCYInx13//K6bwhtwDAAAApQrIPQAAQCwAuQcAAIgFIPcAAACxAOQeAAAgFoDcAwAAxAKQewAAgFgAcg8AABALQO4BAABiAcg9AABALAC5BwAAiAUg9wAAALEA5B4AACAWgNwDAADEApB7AACAWAByDwAAEAtA7gEAAGIByD0AAEAsALkHAACIBSD3AAAAsQDkHgAAIBaA3AMAAMQCkHsAAIBYAHIPAAAQC0DuAQAAYgHIPQAAQCxgyP0//noVBEEQLDGuff6PTOENuf/4o/dBEATBEuOdX37MFB5yD4IgWOKE3IMgCMaCkHsQBMFYEHIPgiAYC0LuQRAEY0HIPQiCYCwYMblfnLo4Pjbh4F9OLKRcJUEQBMF8mI/cz/Q1le0o19nYN8tPTQ017rIPVhzsGBybXRKXLL4z2n6wio7XNr8yfnnZupvBmYn2PVVNvW+ceNy+j+TvPnyo99yLT1XVnphYXHBdCMaE16eHe9pqdwqTqGlqf33aNoa52fGX7FMvvCFtz49LF4eaaljhh9rHbjtORZLL1/oOVbCmPdYx/q52fCE11cdbvev4xAfWQQdVGd4zdW0vj+bomcjQo8m6kvi15YOxjl1UQGNQ/2w7351of8ys8K6mwSl5NkyTbc7dGHyGFw5sb95y7zVJhNzTY5YuX3iBVbHm0ODFZZpXtS1DU9el5R35kXAPDi6kxk/Ule0/NTX78QfvLsxcTk6NvfnSH9X9zo7ybxwb+78vz16f+WhxtKN2197eCz7eAixxLk+9eOjISxMzc1zch9vqynbWtY+m+Ckynp11rUOzSwupiy82VVinPKlmRbHIvXJOptxfnx5sqSMh8J/eQjSpZ2SnFccMcjeZjlQc7HqbxYuh28JFY2f54z3T0XVyJPdPD83MO0/l2WTlILdY7tlP8rEs8Pctb1I0rOrImVsfvfvfe37/98iINf5efdd/v/lX0737yytaxuYR4IO6vV0dO/KoZhiz3E4odDAukRSzouZQe9sfFIfcC+dU8VTH9xvMUHf8VOP+Z4ffeE2fd06Krqh4Zuga85Hsp6OjIkuvJs+faavYISRClLEURl7iyYVbwy1VUfdw/nKfV5NJQpuOPX8wwB44N1PuRY3LcyVhlqd69pY92jZ8lY3QR3PTszOXBd/686f+p/LyZ169eGlhkfeFVsx5BzBeXLpw6nGVxHBOg/nZwafL/exEzoq+G9fCBSLbTemcBn96gzdKj+6J5rxzkHrJjm2pZ9w3iRa9m2y2hSJZWwo9KaNjy9tFk0LuPUcwjyaTg2Qt/WmQPQg+UO5eTRifZI61cA7K2hvh2O3Fq1zrr55/+8/+uO53HvnWqb/80CopJnaOMQZjQOH4lSXo0s/PkjlpCVCb1qyY8w9cokTLOS35KXWg3Lviwdvjxx+KeMDk22SVwTvSd2XqbFdjTXlt2xjP7JmXazSMJLoUSy5LUSsOdpx9R+UhwzZZOUimt4H2IFi46N6qdG3zqWGr0tenz55o4kklXm9te82iaLCsorVxUV3XePTUmwkzA5u7MWDpk6I2O11DIUVNU+946iPK3TP7ccs9pfhpVgRYcnTIX15QwWkB5d7TEUaEwU0mR04is6djfEa70E1xq9zFtp3Xp0d+ot5quTB0pK7cMlHOEE0W+xPCQbKfWyn3/o9Znhl9hbdkh6qWTv3axQ+ner9V/bu/97/86V/OupJZAXkuMC68fqX3KSXu9kF737K2+WX+MoNL1MQiwDa/yMu9CE6tmR+L6D6oyUuXxlrrKPi9JcXEYQMmKY0c6U1aL1K1achCNdmxPRMNued0BmUWHdfOz48e+w+/87sP/+Gf/cz5rj3kPuZUy1v+qonjlEWSCZeZkfbJQElnRM1JSLOjqoKafOeYd8WWu/dv8v9+mW+6Wp5AiYnvtrNc8GlhcpHQHjLaZ87ZZCsd4qDvGm6r5N5vHhrJHOJf/ezPv/Vw2f/4H/70jfftYoxhngKWKmWipqrxxSsBO/9OjfNhESRzdG4oujd3xYrnzRyi3mTSPn1dEhj5kQ0UTUs12m/j5NlkydwKuZlyP9N3qPHEKH/p/v3lmaFn7RyTTodREq9NtP/H3yt79I8GJ//aOoit2hhTvpngofULqakR8T6+lTMMkbGNhdxTpxXhe/ecZpPlO370Bc/c7NsnueP3EBNG+R1GkbT0+vTwWdrRXJ55g+/HVjx16iIXzHyabHET5N5YNchb+z3G2qdldHwJadP7DcvUxb/4493lv1Pfc0E03q8YGAvS5NcMj1MP/ejIzrojPWMivNCu8lrYlqzciyN2DFisX9W6m2zt/8m29J5RYmI22TdpHE3SlrKn9fo3mXTYSOsRCyv3m0QxQh6O69bM3Mz0zVs0qLQpUYQLNBAEwWgwAnIv11+BDhl/RAEEQfDBGAW5Z6Q/keaXmRKv3+FPpIEgCD4AIyL3IAiC4OYScg+CIBgLQu5BEARjQcg9CIJgLOgh9//461UQBEGwxLj2+T8yhTfkHgAAAChVQO4BAABiAcg9AABALAC5BwAAiAUg9wAAALEA5B4AACAWgNwDAADEApB7AACAWCCc3GcSLfJv7XNWN/dPpjJZee7+/bVkV+WTA6mPJptrrDKCxyYz92QZA9n11Ol9lc9Nrt6VB3Ss3x5trt3Xf3Nd/gYAgeydydbdzK4e6U9pVrWWvna6pVKZXGV3cs02TEI2c62nvkrZ5O6W/qvpdWeZKOFuJtm7T9aWtejwwLW0mgsBp0ysp5MjnbJkQLHowKfC91L9j9BBjaYBWLibSb3VJQd6d8ur85pCRRBZ1uLRzgZqUXXz6Zn0mjqzmuyWx52ndIQsZiIPuadezmbmTzfvLrfF+qv0yKHyhpF09lMu9w97D4WB9ZsD9TUHRlZ8hkM4g7JDo+mv5AEAuH93NfFctbBsbbZ/nup/srysoSuxItThbmbptsckZxPrIoUndzM3zzDfUN2aWI2uFjAhuDFF9c1mbr16uLps99HEHVHfgFM62JR8vmvsJi8nRYFFY5/Lk1FEyAqTMlR5SYc8ta/7WiabXV8511JZFemQMbsy2tp9TgylDEfqT6dkFLKWTl5NZbi6usRWR8hiBvKWewbhcmtaEp/yH6zeDaTdIeVezFuvKMwGv2dVdWcyt7cC4oHsauJo5e6j/b1/rNlhNj1ywFvvAvBZsrPWf90ZPfCl847y5kRG/tYQcEqHOXmLAL4VprHzDATFKVtVRAxaNCHjvUziWHnZEwMpt3vKriW7qy2x9UXIYg8s93zKSa8STu51Ked5G8spUY13t4zcXqfRCnYJQHwg0jg8JF/V7XBjRuLQhchDaLp36BNwSoNwisUk934VFi7fZ2V2LzXwsO75SEBru5KfyQORBjmnALnP2ZCQxR40mcMrqgxOyL3KJXF6Sb8YS3s5JoeQ3YFneKqssRQepVhGC9hU0HJQ2JsRdgh7qzw8MCxzviHSl5Top5CiGLCenuk/XF3ZOrrialfAKQMkJUU0lfwqHNgQEURqgkOFc0e7kQBV3iMEya6nrw40765uPrcStNsUshjHBrZqq/Z1jiRpXvGK7lEDECa6Jy+k+zHKyT7R0vyEkXvyXdABsQLlZFXGRrcKCui4ynMrz5G+1Aw42ol7AgWnVGFHtirglAconBJba/JIxOFbYREOagluB0hGyJFT7p71T1HIPdXcsSGhhc5+Js0RspiNjSRzLIhMjuWUwsi9V5ZKvnFh2q5zdQbEEpT6swRat0OKiez8bJj0pXx5oxgUXyCbSY2xtYuXrAecsiCTpTlXAJGBb4VpcD03aS2spRPd8t2e+s432dKnCOReeia/wDybuXmusyGnlIcsxvAgcs/ToFrqcINyL/25I+yC3AMMKoR38dhk5hMR2mibrj5BiQla5hfPe1/k1TzD84BTDPIVl4aeZHG4tqAKU0QYLoAVIJ2J+iird3J6k+IFG084st9+CFnsAeSe7xTpqbQNJXNoIOtP/XTkmPFWWaipC8QMhlU4hDvkblVM5H5tZaRVJTeKAkEVps3bnJvSNoIdYUQQbu0VEbkXs8vo0DBy76gW5a3EFJW6L3Nz2KoFPGDaodzn13P3Hrndu5nUVbnVpNb7kU7mZDOpizfkh2DrK5P8SxwVBgWcMqAnsosCwRWmryuCPXR2Pb2oXkIXmY2If2og1yseWs8GeSpJX5mxRiX4h2Ney5qQxRzYsNx/luzcYzoTbd9A0uvVIuF4yVHL6Srnnv6hhAjB8CIm4IDTDuU7CcLYqvZ1vkUTXq3lKXVLL2srm6w8PJDQvwiPHuhtelVh4wv2gFNy9lFqyz0TvV+TiwyCKuy/26w3mdZ2dK32LklkISzZaK80bL0hjLtb+pm9KhGnq3iKO7CYP8LJvQtiDDa2IhaePNgRaS4BAAAAKAg2KPcPBPwRBQAAgC3Hdsg9CbpfgI8/kQYAALAJ2Ba5BwAAALYakHsAAIBYAHIPAAAQC0DuAQAAYgFD7u/88mMQBEGwxPjrv/8VU3hD7j/+6H0QBEGwxMgUnyk85B4EQbDECbkHQRCMBSH3IAiCsSDkHgRBMBaE3IMgCMaCkHsQBMFYEHIPgiAYC+Yj9zN9Tfaf0t9R1Xh8aPzysnV2/kxbxZ6O8beHGndZZcrL6tp6z0wvLixf6ztUsaPqyJlbVnnO2ene/eVl7KoZ7SBxITV+oq7imaFrc65T73+8OH6q8dG69tGU4zhY2ly8MHSkrrzssY7xd81TC6mpvrbaneW7jk98oB+3+O5E+2OaWRLd9ykWXp8+e6Kpglqxs+7ISxMzXtMkbLEi4eI7o+0Hq9TwucSEODc7/hK3BF6mpumFN2aXHAWKhW6L3dU0OLXRYpJ5y/1D7WO3P3p/eeaNrsaacluOhXA/3jO9NMXlXs6669ODLXXMzrguXx078mh5RcvY/IJ9w6ULpx7fKa5SRywujnbU7trbe8F2JwaFMyjbf2pq1nUKLEkqQecG7ZBpMjNh675y7+DMRPue8mK1n7kbg89UKS1bnhl6lnWLxyQKWaxIyAVhZ3lty9DUdf5z6fLkeS3WlCRZ2FnXOjS7tJC6+GJTBYmPo1hRkHT86aGZedcpnSGLSW5Q7tnP2+PHH7I8CRduUmdd7t//+IOxjl07yhv7Zj9auDXcUlX2aNvwVXk35jOmevaW7fTSdGGpDt/goHAVPh4eLD1ev9L79N7WVycGnnbKPV/q7X92+I3XdMMLJl+J7iha7XNETn4TPmSxoqCIJv3W+jYdTabkQZE69QjLPRduORju6L7m0OBFLuhijmkC7T8YupTzyWwtI8hn1DT1jqekBQS6BLDUOD876JJ7STPOCKIMe6VZFh/NibN0caiJTRD3RAhZrBgYMrazg0s6QtZihJjFQ6Hjue05ZDHJgiRzuGGpwRCzTmaRGPXFlOl7/YfQEfXbeX+xoKtq6rshgjLhb4p0LMGNsRByLwyvqAMFmZmpbRm6eOHCCweryuqeHb7kdl0hixUBhfJUNf7Jy3znhqlKTVP769OLruGjkbVtgBxeUC47whRqaQlpxcGOs+94ZaVCFpPc8FbtzrojPWMyj8Z6+RtKdvVZNzf79kktfWbkc4Sme4o1FdOnNIVjjzU1PmYs6MzVBhgDPrjcq/Ruke/zi+mjZqJ/W0IWizhFYMeaQMt6UpUdVtinUW1X8GKUu2dXFancX58e+YncZ5ZvKHiuR0MWk9x4MseiyORYsZJj1pkRvZ3PCUjFeE1pWoo6WuJcu4ElzweXe4qGijSfS5ybHW6rowh3/tLEy811PPJ98Yoz2g1ZrAgonZa910KD6Jmw1vbta5tf5m/yFKncm6Tdppxal6vYg8s973otJ+OYdY75qdR/7i/9k3EeU5ryOWwIDZcOuY8dH1TuZWLQIzAsHlLMZDeBQlrXQjlksaIg5RWcSXlPM9BJxYratStSnirnywW5ij2w3HOr0m3IK7q3/bDM53y3vdUnk8PoSuZQaF977LXep40dNiRzYscHlHtK5han5FkkHddCJeMdOYshixUFnSqmosbg3ZeQElkUdI2mN3MVe0C5F9JsdKg+6/T37lUBUSG+1PIfLbF2s7ZqtahE6v6JCbEgxVZt/Phgck/vbhf9/KcQqq5t8AKbVq4vYPItVhTUk/KOHUGdC6mpEfqUbHlm9BWeyPb8hLMoeH16+CxtR6uxe+rURbFXupFikg8o98ykvmG+OC9mHeXOuKYf7BgcMz9sIysM9FTCLVMBc/Wtf0YRkP0HS5V5yT0VtuJZkgzP7zyKjUuXKRcvZpn20oScfWox7VusGKl/IVzX9vKoUhW9yZQYKI320peAXm0xUlv+xbyYj9y7KLR4M1JjYmYGRyKaS3CeAkEQBF18ILnfROKPKIAgCBaUUZV7EnS/AB9/Ig0EQTBPRlbuQRAEwUIScg+CIBgLQu5BEARjQcg9CIJgLOgh9//y5RcgCIJgifHrr37LFN6QewAAAKBUAbkHAACIBSD3AAAAsQDkHgAAIBaA3AMAAMQCkHsAAIBYAHIPAAAQC4ST+0yiRf5hZcXmRCZ7Z7J1d3lld3ItK4sJZNMjB8qq9vXfXKffa8muyicHEn/hcQd++tPJ5hrteEPXSDK9Lm4oHvpIf+revdTAw1YBm/yUo2L1naOJG/JyHbwOrEBtV/IzecQb2fXU6X2Vz02u3pUHdKzfHm2utdsFbBHW0smRrvoqMcS7W/qvyvH1tIqHmU2Ii9xYX5nsbCgve2IgFfkBXGct7txHLao8PHAtrdU4u55OqN5o6Bq7mXEZO0fQHSIL1TT3IK6nZ/oPV1NzynZUdybX5AkH1tLXTrfwmU4Nd0pT9LCWTnSzYeJSJo+wblhNdjNDVY1tPj2T9mkuQ9iekchD7o06cWTXkt3VTg39Kj1yqLzs0Gj6K/tnw0j67zzvwCDkXg4wNV65CvdDaYZLPyFglFG6UN89aXQQ1VN0R2tiNcAA1m8O1NccGFnxKSKcgd00YCuQTZ872vlWKsMc8N1Mstc2Dwf42FVxS/MYPF0ioy/3bMo8L3VczvwnB1Kf07nsauJoZdW+7muZrOwNL3MNukNUIYWPj5FD7mlkrUmdzXy45OnjPk/1P8ldYGJFDPDdzNJtb18YEcj4gzfZFEamY1eFwbO2zp9uZiG1XwAasmdsPIjcs4rxqNlwKdmV0QZt1vGfQkD97mDIvSnoecs9RzZzrccx7WkV0vD65LDuh9y4u5p4rjo4IhCty+lCgU2DaS02yKN7ah/D2srIsQPdV1ITx4ojutdhWLgInuzJ/1myszZ3DOs79aIEvnQ+1JOc/6lzfB1N9oVIKuw+mrgT2BfRQXZ95VxLQ28yNR44OmTYNS2JT+UBG2F7RseDyb3L4CiTY806/pMq5HsHd3Svxsx9SQi5l72gybpVpXtm3ZywpVyMBHNjcilAbWwdXWEiT10c/UViiYKCCbfcy7xisOnfyySKT+6F9SoLd8RS4Vpk3CHqcLnzsAFW0U7MHM7YM4MisKHQc4O5e1U/R20cnc5/ygr53kEMsH1cW6pvUO5Zqf5HbH+oVck5WwyYjkpE+rxdvxYJHDtqEDfPuQcAbApIudwm7nfcRDHKvbBey95c9h/CGs07RB0uuRcTvLq5702Z99A2bwyICysPDwzLHYscKe/owEvBFLLr6asDzburm8+tuJsctmcMPGB0b+ZzHA6H/9wj7cz3DvoA383cPNNSueHcvYQh90aVyPQ985jktzQtoICx/jst9VVGxj+gK4BNBY2IRzqOkrY509PFJ/ciU7/DDlC85d5zpS/hvEPU4ZR70UChZSO316U+eO3AUc9w+ePKmCPlHSl464kWBPu0ImzPmHhgudfyOSLIsuMI/tOK9H3v4BhgLTvkviRvuXcthdybDRIeWiCniqO73XUAtgJrKyOt1dK4TdBrV7kVrdjknqezmWZRFlHAW+79I3f3HaIOp9zTuk0bXKEPZccmM6aQ0MLdDgUCUt4RQ5C03s9mbp5jwbuX4oftGRMPLveWpH5qp004+ONtYQ0r99qc3KDcUwhPA09dIJykTruSFtxaQPkcVt7c/4HcbwPUOzn8jRR5SIGGKcweXVHJvXyjpqEnqYVrzmxkYIs87xB1OOWeJrg23fyaTOGwJnZBkhUl5KqnkHWvHcewPWPgweVehczP9/XpmRx+UIs7fO/gFd3TsLkvCSH3FJLLRQ2vg6OnXPG+hDOZI994e+WtUcceYHBXAIWH2jn3zGCSAnr4bzeKSO79ljJ6KMMgJot32/0XQ5GGS+6dHs6vyY6e8Zvm0UMuPfGV+7A9Y6AQcm8H0Vb/iu62qxJS7gv13n1vkr+16rAABZ+1v9Gt2hdkUvfVBnKO5TNQaEj/7an1zBPwjXSvyeCBYpF7uV7xVGppjTneuw+6Q7ThknujLebengndTmTuvv50KtfW5fbDpXLZTGoqSZ/Fqe9FvNP3YXtGRx5yb+RDjCEhX6onSZgD2GMYou8daBWmDlYeHkik5II9tNzbl9d3jl5Ul/t+d0POybWzJ7ylWJ048gPy8w2xKBYuJJcLBQoH0mhtiDmVZPtu3tJVjtRtsci9OSOI9nTz+6qWrqJsRvAdogy33DPo38r6NZlBvsciilXtk5/mRR5OlVNaKrm7pZ8JopFa0ATQr2d8EU7u84TwtO5JGHEIlffZB5ewXQIAAECRYVPkvliBP6IAAEDpAnKvA38iDQCAkgXkHgAAIBaA3AMAAMQCkHsAAIBYAHIPAAAQC0DuAQAAYgFD7j/+6H0QBEGwxHjnlx8zhYfcgyAIljgh9yAIgrEg5B4EQTAWhNyDIAjGgpB7EATBWBByD4IgGAtuvtx/MNaxa0d5Y9+s4zgIgiC4hcxH7mf6muy/uL+jvLb51OCPpxcXnMUc3IDcz59pq9jTMf72UOMu+3GcTw/NzDsLh+W7E+2PPdgdGGcm2vdUNfXdWHIcZ1xIXXyxiVd7xnUK3FQupKb62mp3Cgupa3t5dNZjdBivTw/3qGI1Te2v5zbd6DJkkxlVyV3HJz5wnCouXp8ebKkjHahtfmX88rKzgMUYNlmWfKh97LbzlMG85V7dUU2e2pahqevOkjqD5X7p8oUXDlYZZ2ene/eXP94zvTTF5X5zxmx55o2uxm80DU45jgdyITV+oq5s/6mpWdcpIncGouaO4+Amcvla36GKnXWtQ7NLc7PDbXVlO/f2XnBPjOWpFw8deWliZu7jj2SxuvbRlKtYUTBkkw29KG7tm7sx+ExVWd2zw5eWly6NtdaV+07D+DV58cLQEXaWN3nz5J5zeWboWab4wQIXLPfus0sXTj2+S5jvJsr97fHjD5Xtyk/uly4ONdVUHTlzy3Fc4/JUz96yR9uGrzqOg5tGERxUPDN0jek4+3l17Mij5RUtY/PBkfsmmtbmM3STF8dPNe5/dviN14q4sYJcE3baq2q++t/hPRNj12SRVHi8bWz8hw5x9uQDyb20PNvtXJ8+e6KpQrhWa41Jgn7w+GssihcuqKrx5AUeZM3PDj5NTolId+aKKU3Zf04uXZ54uZl8OLvb/znY9lDZYx3j77ou0RM41r8neRn7uY89P9BzyOhKMX9qT0yYi31Nyilvs0MNBs23p05dvC4HKdAlgIWk6HAt4CCjImPQijlIVxWpHOTd5KL2bZxi6ukrmJwtil+TPcTZgw8o93qYrK0+1HqZV5fknq2d+dpTLQgsMXVG99x/KLkULbR12VqdkY+paeodT8kHcdUOLfc8d29G92Z8xB2pe3XscGzUWKb+0yLDU3No8KIoL56SO7oEC0TX6lCMbI4FlphLPuFh9Jl3k4te+1xr8ZyzLH5N3mq5dwS2Vgzy/wjrtCtKuqms02G7/KpvKMP1GTNndCPE+oHkfuHWcEuVlHL933QToniKXhmR2ymvbWiq1dZcIaNLsFD01j59nrhIA+eXCY0+825yiWqfmstejF+Tt1ruxVkjGGdkPX4r0DpN2xWZHMsx+IyZsxq6wm5M7vWIXsi6x26ER2XEjhnzZFYWldM1TuBmMu9Q9/qV3qeq5NLQcapImHeTS1T7EN3r3BK511Icfs8LDkaMs1xqtSV2kNxrxQoh95bKz3lmchjdlaF8DvNqViaH03VncDOZXyJbvZMj8oqus0XC/JrMWPTah9x97hZtgdxTeCtTGU4rVCRBdyZz1FJal3seYutBik8Lg5I59G9rySPuEEruKYdT/3z7M1VmtK4o7qxVRr4M9/2XTjXVaAE+kjlbTMeeihgm7yBIbbA3vniliN+4ZwzfZGLRa59zyge8mSMZvyZvstxb7923jfHXbNgRinZ31h3p4x+w8Jdnjp9iqkeCLkMq+QWEneymVnFjneeCa3gLvzGjB6mt2rdPineBSGHNU3IX10PuPTbrRIeW++7gmXOM8r9ijkndly9x51pzgYVmyJfQZWhS9FrPGbLJisWvfXJeh3nvnhi/Jm+S3Nt5+drmU6+NmYti/UVMldQWcv/Q9/vOy1cnmT+gr13oEkuvOWsNqxVjRreSVFGz8SLmn7zMvzKwT/Hvtvgp9qCeofYGT7nXilmROK0MfHOgwkPQWelUVA5HfF0lB4Z7r8C4Ayw4/T4xpZUWreHo39xgNBbvIsyvyTRllJFLloD2Mfp9Yhq/JpMOa+lx62BB5X4zKQKWYI/tx0LlT0T8HhCY02dW9ks4HtRcgvMUCILg9jIqcv8ALIzcmzkZT+KPKIAgWMSE3DPSelDtOjjP6sSfSANBsFhZAnIPgiAI5ibkHgRBMBaE3IMgCMaCkHsQBMFYEHIPgiAYC3rIPQAAAFCqgNwDAADEApB7AACAWAByDwAAEAtA7gEAAGIByD0AAEAsALkHAACIBSD3AAAAsUA4uc8kWuhv7RPrO0eT6XV57v79bCZ1cbirvorOVjf3/1Q/67iWsTmRkecc+DzV/2R1a2I1u5ZOdO/jhXe3vDqfydLZ7Fqyu7r+dGqdfmfXV861VD45kPpc/ARKFWvp5Iiyrt0t/VfT0gAY7mZSb9mnbFPxwvrKZGdDedkTAynbNiOJu5lkrzB+wcrDA9e02cTMPp1QTW7oGrvp0+S19LXTLZV0k6p9nW+lMnflmWhinQ1yp2y1o8nr6Zn+w9V0KqDJAXeIItg4Jke5QfIKVzefnkmvyTMEo9U7qjuT5mmBkD2jIQ+5f6Q/dY/9W04bpbPZ1WQ3+9nQlVjh/ZvN3HqV1WB3y8ht2d36tUHIrqdO7ys7NJr+F/EPdv9/Ev+o7Up+Js6vjDbskf+W4O6hvGEknauRQPEimz53VKoV6WDVvv6bwrTIYKr2dV/LZMn3W6cc0CUy+nLPantjKiVmrppNRxN3yMazq4mjrJm8ybI3DoysuMz/7mriOT4Hhf/LZq71sLZHepp8lR55XqqV1BNLXu5Mtu5m8n2anwxosv8dogmmZq3d58QoywGyA1mmsTcH+JHuSfIB2cyHS7ykgbA9YyB/uWcPSo8ckD9FxK2Zo4BQYS7cX/FfIeVe1F44MTZyh8ofFhdwia8S1woLdpmsqInyB0Dp49PJ5hppG/c/S3bWlld2J9fIJoTZWFZnYG1l5NiB7iupiWPFIPcm1pJdLEiXC2LRxsrnJlcpVHf0gAXH8fVU/xPlZccmM7kirohAVwzRfDu2vZcaeDggPaAQNsSMCO5lErplOkbZBxvqmQ3LPXkSb4PTCoTtek24veSeu7unPdy1KOC90gFKD2K4pW047ZvmTIDvd0yqIoE+q6n5dtDj1yLT88kw0O0VIgotmnQ2WSxufDIbGow7FAFovNQ4htS0DfVM3nKfzcyfbt4tlx5+LkU/Lq6lDBTRaxh0A6VFup7MWWWh/SM8py9LaxCRS/GYMvAgoGlsaJ+M9BnIhGpaEp/SbxeKUO4pOVvZOroiZrFrut1L9T/i5eFUfqB7cmVFpIMaepJesyeKoHG0GqUyeJ2JlfScUJ7eZI59CMcdIg+yZEvEhGBWN/e9KTP7jv0qCxvomY1t1VpzLLTc5/K0YpVgT11zq3aNQvtfZ26eod2n6uZzK7L9xRmyARsARal2ukZlqPkuEeXumW2UhtxTVWm6aZlSb7n3bjK5RnEHvy2NKIKiVHOngeSb2pI7I+91hyiDzNhOu4sx5eMuDPsuiZ54gUWcNpBfzzDkG92vrYy02sn6gsm9npN1gHcHD+0/Z6taYbg8sVNjWXCAxQMlBGl49isAHFZYwN8We5O/pVBa0X02kxrr3Oc/3Xyie4r7RFS4tiruoEdIEcb67VEWpVqrGQbadxVv2qxlbp7jAa/DBky47xBpyDBFHx3pp213JUJh99ZLvj0jkH/u3sgZFSp37y/3KmsvLJvmqkjgqO6A3McAat3K30iRh1wgNffcqiUU50JQn25muta3RZTut+NBih8jn9xQ7/hpeSfXmyDB+xAed4g0VM7NTMIIwdScuuco59kzChvYqqUVBK0dCvVmjiOZY4E/iwzXR+6Lcw4DecAjAvKAUwrdKH65l1PPcmnewZbznQ3W8iIIiTxXbyQvuqMKeMvI8w4Rht9CxGnJnqOcV8/Y2IDcy+yY2jGTHvXB3rt32LECN1x1kP/bnczBVm2JQxqbh9Zn19OL9PVQVi5mg9OXRSL3/KPFG3JrTn7jYodTojdyvndPy385JeW7FTlf7NtO6NswJoTrUm+gBySy/e8QTchg3DPppLeFmuy1+xK2ZwxsRO6Vw1EGZH5V6/zmVlyr9hMEvZI2Iv/jWG+Kj2ztIEU2id3BnvzCE+Z8/QgoWpBGm/YjJZsCHDpSta9zJGl/l0hXOeLZIpF7msaqsdXN/ZP0yZWE31e1Ih1qBXcy6U83cXROBEGVl02WVCqhfDkdb+hiTZGOX29y0B2iCLcqGgKrfxStjTJdpfI8/j3ji3ByvwUQ7i6nd3LAy0kAAAAAHoiM3LOwhb9lH7DV5gb+iAIAAEBYREfuGUT2JmyAjz+RBgAAkAciJfcAAADAZgFyDwAAEAtA7gEAAGIByD0AAEAsYMj9v3z5BQiCIFhi/Pqr3zKFN+T+44/eB0EQBEuMd375MVN4yD0IgmCJE3IPgiAYC0LuQRAEY0HIPQiCYCwIuQdBEIwFIfcgCIKxIOQeBEEwFsxH7mf6muQf0ResbT41/E7KOrt0eeK1/9xWu5POVjUef00/S1x8Z2zgeFOFvENV44nRqesffzQ11LiLjig+PTQzb1wouZAaP1FX8czQtdnUVB89q6rx5IWZOVlg/kxbxZ6O8Rn5c3H8VOOjde2jzmqAxcblmaFnlWmVl9U0tb8+vbigFViQ9rDr+MQH1kE3WbHXOxqt/wPGo23DV11lIsK52eG2OlnPHeUVBzvO6rPp+vTZE2oe7aw78tKENQUMqm7hxeraXh6dXXIUiBSDm8zVY7T9YJUqUHXkzC39LOMHYx271OUWc5jEtnLp0lhrnVVVpYd09t2J9sesU4K7mgan7GvzKyaZt9w/1D52m/178cLQEVZRpa2y3nVtgxf4CC1dvvACG5iapt5xNWDK8mqbXxm/vMyPcJM91MrGTMh9mFFZHO2o3bW398Ky+AfXcf6PnWrgZ6d795tGINxD2f5TU7P2TcBiJAsUXhsTajU3+/ZJpnRVTX03pHhdnx5skTIRZEVkDEwc+8hVLM+MT3qrZBTI5suPz9BMUbPp0OBFMXHmbgw+wyfXC2+wDpGO8PGeaZeUL1/rO1Sxs651aHaJlHQnnztmmSgxoMk095l6tAyRIC5dnjxPMuJPusSrZyLD69PDr5OrXp55o4sFIjyWJZskHfcLfC2GLCa5Ubln9Zvq2St/LtwabjHGhnNmon1PuSW1crROTBhBGTGk3Asrr2gZm18Qj36sY/xdkni6Vhi3S9mXLpx63PIHYGnw6tiRR20T52u4/c8Ov/FasBWRJdhOoqjIl607yhv7ZvlP0XwxEcRZvwkvpoYtH46rIk+jyY62hCGJUsQ9nE6qsBWbR1HuqTe9LUkrQC3xWzuHk3tNuL3knnmXeq+8DRlK8Vg5mJue9pbDioTNRDl7E0ihffoq1g6kli4ONbGo0GXhYr5ose387ODT5XLWaMUiS73JGwjaZLfk5SG2lw6RFDqeUxXDFpPcoNzLpQdF65Qyk35Yo3082AW5cvdetdecB60VjGTOTRba7/Ie2tvjxx8q3nkOOklpaz1PSAyWexK7mqb2dpnLdqeGI0vKWVc8deqiTOzKBE5ty9DFCyLpUffs8CVnDOualcU0ERxNFspT1fgnL/MEMpMI9+aNk0IuvPL7EaXcVapqfPGKbBctYZUk+ppryGKSD7BVa02tgsh9DgdFrs+KTew9KLFVO02h/S1yQrzZ9txwLErAYqVmfl45mWArIgtUhuFODUeR5KKoyc6qkpyJUzu9X0bwlvugfbwI0LvJoub8iPDx7s0bNymTrL21EV1qwa6xFrk+PfITubUuN0o9zTVkMcmNRffXr/Q+Zc+WrZD7oKUoz9rz0P4Sd3R8wfEzPtjWPoFf9cCi5Nzs+EvM07tme7AVUQJEy+QaqeFoc+nyxMvNdfY0pn1XEeHOXxKnWNBjRYWK3nJfJNG92WTp2+zEFIW0/glrGtxIb9I6uTwz+goTa7/sU0hzzVVso7l7IzO4Bbn7ALlXWXth31Q9YdkquQm5LzWayWvJYCsi+9Fj2zBWFxnq042S2ra3oxd1XJOr2HP3ev1pYWdP4eC2yDeXAoLcaNLIVzvoHE0f5iq24a1amnK0XCI1d/RvYd/McSRzbPI+IpfoJ/dGtcES4Abk3jWXSDSLJbfrlnut5j5ZGkcvecdk0aXeZKeKBbaFChdRSxWD5D6kueYqtmG5pxcf1a3DvHd/8UWecWs8PqS9d/+/vcDuFirO8ukLNvDfUAeFEbiSOcW0hgW9OTc7/vqY/AJFvmWfZzKH2SS9qqHn7ilYcZWMAvlHiz+Wu5HOnKywczXXXO9r2yyy9+6Dmqw+NbBz9z47FkxnxNcVkW6p4vLM2Bn5LarajLTH8fr08Fn1gQgNsbYfaTNkMcmNy73ysap+5le1zm9uBXnz7K9qra8BxUSlqyS9lmnCaZuOiz6ytd24bDC7g91mEeMUoasHNZLAKfOoONgxSJ9c6XTLvSuBo3+WaX/uF0mKMM1qshYkCcrUNp1l86hH+UKaSlZS236joQi+qg1usogOlXTobTGbTE7dufKLJiljYTW5pqm9T/s6mrIjdEofYkdqy7+YF/OR+20mfWbls5XhRw8nAYIgGEcWkdzTBoD4IwqO477EH1EAQRCULCq5l9mb0AE+/kQaCIKgYnHJPQiCILhBQu5BEARjQcg9CIJgLAi5B0EQjAU95J4dAkEQBEuMv/77XzGFN+QeAAAAKE3cv///AxL3kQ0wUK0zAAAAAElFTkSuQmCC" 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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Cardiology (23% revenue share), Anti-Diabetics (15%), Anti-Asthma (10%), Central Nervous System (CNS), Gynecology, Anti-Infective and Gastro-Intestinal (8%). The company has shifted from a dependence on acute therapies to the higher margin chronic therapy segments like CVS, CNS, anti-asthma etc which now account for 64% of domestic formulations’ revenues. In Q1 the momentum continued with revenue growth of 29% yoy compared to 9% yoy growth for the industry. We believe Lupin is well positioned to grow its relatively low market share of 2.8% (as of March 2014) supported by a portfolio of 21 brands with sales in excess of `300mn each. Company has launched 23 in-licensed products in the past four years of which 9 were first to be introduced in the domestic market.</span></div>
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Japan: large opportunity but steady revenues in near term</span></u></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Japan is the 3rd most important market accounting for 10.4% of revenues after US and India. Japan generics offer a vast opportunity from both higher generics penetration (govt target of 60% vs current 44%) and patent expiries. Higher penetration would translates in to an additional 30-35% of the pharma volumes open to generics in the next 4 years while patent expiries of key molecules to the tune of US$17bn by 2017 would also add to the growth pool. I’rom (niche injectable player acquired in FY12 and 25% of Japan revenues) sales declined 4% yoy in Q1 (-6% yoy for FY14) due to fall in out-licensing business and company indicated in its</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Kyowa, its other subsidiary, grew by JPY 14% in FY14 with a portfolio of 350 products. Although margins in Japanese business are below overall corporate level but company expect to sustain them. We factor in ~7-11% INR growth driven by Kyowa over the next 2-3 years. Lupin represents the best bet to play the robust growth in US generics expected over the next 2-3 years driven by new launches in FY14 and large opportunity size linked to pending ANDA approvals. Domestic formulations business with growth in high teens would easily outpace the industry supported by increasing share of chronic therapies and rise in market share. Margin profile would undergo a transformation from 23.5% in FY13 to >28% by FY17 with sustainable range seen at 28-30% according to the management. We forecast</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">19% EPS cagr over FY14-17 driven by 17% revenue cagr and ~160bps margin expansion and recommend BUY.</span></div>
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Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0Mumbai, Maharashtra, India19.0759837 72.87765590000003618.5957917 72.232208900000032 19.556175699999997 73.52310290000004tag:blogger.com,1999:blog-2529759908794865894.post-64185399879839282462013-12-04T21:53:00.000+05:302015-04-24T00:56:19.805+05:30Our Target achieved in Unichem Laboratories, achieved more than the target price<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">We had recommended a buy call on Unichem Laboratories in our post on 5th July, 2013 </span><a href="http://stockbouncers.blogspot.in/2013/07/unichem-laboratories-attractive.html" target="_blank">click here</a><span style="color: #4e2800;"><span style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;">.</span></span><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;"> The stock touched a high of Rs.221.70 in today's trading session on BSE thus achieving our said target of Rs. 215. Also the stock has achieved its new 52 week high price.</span><br />
<iframe frameborder="0" marginheight="0" marginwidth="0" scrolling="no" src="http://dl.flipkart.com/dl/affiliate/displayWidget?affrid=WRID-142981712570981222" style="height: 240px; width: 120px;"></iframe><br />
<span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">The stock was seen under selling pressure which led it to close at Rs. 205.15 at the end of the day. Hope you have booked your handsome profits though I didn't do it ;)</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQEt0m54_JtCPx8eGgBseghuXYK-_0YOuDOPXZ6UdrldR92jnbtZ17HwFGZuJQ_pPo4DXdPysYkJOfygNkNZ5vU3buoCWxFKbfOgfvzSb9nww69G0KZ6yxzLfPy7QB0qmIFlCjj8QNm9LH/s1600/url.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQEt0m54_JtCPx8eGgBseghuXYK-_0YOuDOPXZ6UdrldR92jnbtZ17HwFGZuJQ_pPo4DXdPysYkJOfygNkNZ5vU3buoCWxFKbfOgfvzSb9nww69G0KZ6yxzLfPy7QB0qmIFlCjj8QNm9LH/s400/url.jpg" height="300" width="400" /></a></div>
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<span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Enjoy trading with us and keep in touch. Always remember investing for long term will always give you positive returns. So be invested for long term and be PATIENT. </span><br />
<span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;"><br />
</span> <span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: x-small; line-height: 18px;">Note : </span><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: x-small; line-height: 18px;"><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Unichem Laboratories</span> is a Shariah Compliant stock and hence those investors who are following shariah guidelines can invest in this stock. Its Ethical to invest in this particular stock as of today 4</span><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: x-small; line-height: 18px;">th</span><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: x-small; line-height: 18px;"> December, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.</span></div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0Mumbai, Maharashtra, India19.0759837 72.87765590000003618.5957917 72.232208900000032 19.556175699999997 73.52310290000004tag:blogger.com,1999:blog-2529759908794865894.post-32001689928775382782013-11-20T12:56:00.000+05:302013-11-20T12:56:22.213+05:30Our Target achieved in Amara Raja Batteries Ltd.<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">We had recommended a buy call on Amara Raja Batteries Ltd. in our post on 25th March, 2013 </span><a href="http://stockbouncers.blogspot.in/2013/03/amara-raja-batteries-ltd-charged-up-buy.html" style="background-color: white; color: #b5653b; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px; text-decoration: none;" target="_blank">click here</a> and further we posted on the same stock on 29th April, 2013 <a href="http://stockbouncers.blogspot.in/2013/04/amara-raja-batteries-play-on-strong.html" target="_blank">click here</a><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">. The stock is currently trading at Rs. 335. We recommend to hold for a further more target of Rs. 380 in short term and then investors can book profit. Also the market is very volatile at the moment, so investors with low risk profile can book profit at the moment since the stock already tested a high of Rs. 341 in previous trading sessions.</span><br />
<span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;"><br /></span>
<span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: x-small; line-height: 18px;">Note : Amara Raja Batteries Ltd is a Shariah Compliant stock and hence those investors who are following shariah guidelines can invest in this stock. Its Ethical to invest in this particular stock as of today 20</span><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: x-small; line-height: 18px;">th</span><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: x-small; line-height: 18px;"> November, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.</span></div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0tag:blogger.com,1999:blog-2529759908794865894.post-84716890033885557012013-11-13T12:14:00.000+05:302013-11-13T12:19:32.568+05:30Our Target Already achieved in Mindtree Ltd.<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: left;">
<span style="font-weight: normal;">We had recommended a buy call on Mindtree Ltd. in our post on 7th Sept, 2013 </span><a href="http://stockbouncers.blogspot.in/2013/09/mindtree-ltd-improving-momentum-buy.html" target="_blank">click here</a><span style="font-weight: normal;">. The stock is currently trading at Rs. 1380. We recommend to hold for a further more target of Rs. 1450 in short term and then investors can book profit.</span></div>
<iframe frameborder="0" marginheight="0" marginwidth="0" scrolling="no" src="http://www.flipkart.com/affiliate/displayWidget?affrid=WRID-138211481402993936" style="height: 240px; width: 120px;"></iframe>
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<span style="font-weight: normal;"><br /></span></div>
<span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small; line-height: 14px; text-align: justify;">Note : Mindtree Ltd. is a Shariah Compliant stock and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 13th November</span><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small; line-height: 14px; text-align: justify;">, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies in future.</span></div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0Mumbai, Maharashtra, India19.0759837 72.87765590000003618.5957917 72.232208900000032 19.556175699999997 73.52310290000004tag:blogger.com,1999:blog-2529759908794865894.post-13509278417627581072013-11-09T13:17:00.002+05:302013-11-09T13:29:34.459+05:30Buy Emami Ltd. One Of The Best Stock In FMCG Sector Also Shariah Compliant - CMP 479.70, Target Price 575<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="font-family: Arial, Helvetica, sans-serif; font-size: large;">Strong product portfolio in niche
categories</span></b><span style="font-family: Humanist777BT-BlackB, sans-serif;"><o:p></o:p></span></div>
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<span style="font-weight: normal;"><span style="font-family: Arial, Helvetica, sans-serif;">Emami operates in niche categories
like cooling oils, pain balms, </span><span style="font-family: Arial, Helvetica, sans-serif;">antiseptic creams and men’s fairness creams with dominant </span><span style="font-family: Arial, Helvetica, sans-serif;">market shares. Emami enjoys strong
pricing power in most </span><span style="font-family: Arial, Helvetica, sans-serif;">segments, thanks to its dominant
market shares and minimal </span><span style="font-family: Arial, Helvetica, sans-serif;">competition from large companies.
Emami continues to record </span><span style="font-family: Arial, Helvetica, sans-serif;">healthy mid-double digit revenue
growth in the domestic </span><span style="font-family: Arial, Helvetica, sans-serif;">business, witnessing a ~20% CAGR
over the past three years. </span><span style="font-family: Arial, Helvetica, sans-serif;">The international business revenue
contribution is expected to </span><span style="font-family: Arial, Helvetica, sans-serif;">increase to 18-20% from current ~10%
over the next five years </span><span style="font-family: Arial, Helvetica, sans-serif;">led by strong growth in Bangladesh
and GCC. We expect Emami </span><span style="font-family: Arial, Helvetica, sans-serif; line-height: 115%;">to
witness 16% revenue CAGR over FY13-15.</span></span></h3>
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<iframe frameborder="0" height="250" src="http://www.flipkart.com/affiliate/displayWidget?affrid=WRID-138211426782121578" width="300"></iframe>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdbU-yYVfqysO3HlLd2CznMc58Gc73Bjgrw8-Gai59_g6la9B0rhDA50qerbfUasqG2AAIp4Lkx6MPXVUU4BDo4CO7FTtAhuXWMVhAvyvrOfD_X5ZQQYlfmz2hHmM5r9Z61hoaY5O9MTpR/s1600/sector+FMCG.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBMLlXGoUBR9wswMki0yaAWtB1iT-VlTFJthw4fYMTAHnOjFbZo4TvtJ5GXDm0GlRjS76m9wRalfbeSBR2UUqKtgA3kCwsQf-WliR5wA8lYG2w9JjfTRJkuGd4qsDTVi6X9S373d3ZGcBg/s1600/financial+summary.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBMLlXGoUBR9wswMki0yaAWtB1iT-VlTFJthw4fYMTAHnOjFbZo4TvtJ5GXDm0GlRjS76m9wRalfbeSBR2UUqKtgA3kCwsQf-WliR5wA8lYG2w9JjfTRJkuGd4qsDTVi6X9S373d3ZGcBg/s1600/financial+summary.png" /></a><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdbU-yYVfqysO3HlLd2CznMc58Gc73Bjgrw8-Gai59_g6la9B0rhDA50qerbfUasqG2AAIp4Lkx6MPXVUU4BDo4CO7FTtAhuXWMVhAvyvrOfD_X5ZQQYlfmz2hHmM5r9Z61hoaY5O9MTpR/s1600/sector+FMCG.png" /><span style="font-family: Humanist777BT-RomanB, sans-serif; line-height: 115%;"><br /></span></div>
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<b><span style="font-family: Arial, Helvetica, sans-serif; font-size: large;">New product pipeline to secure
long-term growth</span></b><br />
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<span style="font-weight: normal;"><span style="font-family: Humanist777BT-RomanB, sans-serif;">Emami has an established track
record of launching new brands </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">and categories (like Men’s whitening
cream) and transforming </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">brands to block-buster brands. Emami
continues to churn out </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">new products that are either in
niche segments or occupy </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">differentiated positions within
large categories. Over the past 2-3 </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">years, Emami focused on growth in
existing brands. However, </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">in CY14, 3-4 new launches and brand
extensions are likely to </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">secure long-term growth. Emami is
looking at OTC/healthcare as </span><span style="font-family: Humanist777BT-RomanB, sans-serif; line-height: 115%;">a
future growth driver and is planning to expand its portfolio.</span></span></h3>
</div>
<iframe frameborder="0" height="250" src="http://www.flipkart.com/affiliate/displayWidget?affrid=WRID-138211426782121578" width="300"></iframe>
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<b><span style="font-family: Arial, Helvetica, sans-serif; font-size: large;">Margins to expand, recommend Buy</span></b><span style="font-family: Humanist777BT-BlackB, sans-serif;"><o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeMhj7_58bNzVfd9H9PH8ilvmACSsVvRfSzinBb9IS3NC4i6GM9GBgFXwIwE2jjGWtXvSuna0jkF0TvKOm06CfhFVSaEbrAgAbnKMVQYDAhUD7oOSN72GjIESjE71_TxMjk7Thw2wIzMLh/s1600/revenue+breakup.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeMhj7_58bNzVfd9H9PH8ilvmACSsVvRfSzinBb9IS3NC4i6GM9GBgFXwIwE2jjGWtXvSuna0jkF0TvKOm06CfhFVSaEbrAgAbnKMVQYDAhUD7oOSN72GjIESjE71_TxMjk7Thw2wIzMLh/s400/revenue+breakup.png" width="400" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiewHFjirFdJbDo0SubbmhgqSMT4NQbvb0Ju0xEX8KzYtQPURQB5a_Kqzuey4FRjPtYxvrGrZ1mrDsV7LwCphN0s1_7pjtsISvkK8I1M9mq0GuxqaeyAxJKIQGknapvYYYaHYzUWJQaJMmr/s1600/Menthol+prices+have+come+off+sgnificantly.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="281" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiewHFjirFdJbDo0SubbmhgqSMT4NQbvb0Ju0xEX8KzYtQPURQB5a_Kqzuey4FRjPtYxvrGrZ1mrDsV7LwCphN0s1_7pjtsISvkK8I1M9mq0GuxqaeyAxJKIQGknapvYYYaHYzUWJQaJMmr/s400/Menthol+prices+have+come+off+sgnificantly.png" width="400" /></a></div>
<h3>
<span style="font-weight: normal;"><span style="font-family: Humanist777BT-RomanB, sans-serif;">Given that rural growth is outpacing
urban growth, Emami plans </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">to add 75,000 to 100,000 outlets to
its direct distribution reach </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">in FY14, which will further fuel
revenue growth. With menthol </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">prices (key raw material input
comprising ~35% of Emami’s total </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">raw material cost) coming off, Emami’s
margins can potentially </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">see significant upside of ~220bps in
FY14. We believe, growth in </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">low-penetration core categories,
sustained product innovation, </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">and expansion in the international
business will drive ~19% </span><span style="font-family: Humanist777BT-RomanB, sans-serif;">earnings CAGR over FY13-15.
Recommend Buy rating on the </span><span style="font-family: Humanist777BT-RomanB, sans-serif; line-height: 115%;">stock.</span></span></h3>
</div>
<div class="MsoNormal">
<h3 style="text-align: left;">
<span style="font-weight: normal;"><span style="font-size: small;"><span style="color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><br /></span></span></span></h3>
<h3 style="text-align: left;">
<span style="color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: small; font-weight: normal;">Source : IIL Ltd. </span><span style="color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: small; font-weight: normal;"> </span></h3>
<h3 style="text-align: left;">
<span style="font-weight: normal;"><span style="font-size: small;"><span style="background-color: white; color: #4e2800; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;">Note : Emami Ltd is a Shariah Compliant stock and hence those investors who are following shariah guidelines can invest in this stock. Its Ethical to invest in this particular stock as of today 9th November, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.</span></span></span></h3>
</div>
</div>
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Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0Mumbai, Maharashtra, India19.0759837 72.87765590000003618.5957917 72.232208900000032 19.556175699999997 73.52310290000004tag:blogger.com,1999:blog-2529759908794865894.post-44118316080155953812013-10-11T11:14:00.001+05:302013-10-18T22:19:51.410+05:30Our target achieved in Rallis India Ltd<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr" style="text-align: left;" trbidi="on">
We had given a call on Rallis India limited <a href="http://stockbouncers.blogspot.com/2013/01/buy-rallis-india-for-target-of-rs-160.html" target="_blank">click here</a> for a target of Rs.160. The stock touched a high of Rs. 165.90 in today's trading session on BSE, The stock is good for long term. Short term investors can book profit.</div>
<iframe frameborder="0" height="160" src="http://www.flipkart.com/affiliate/displayWidget?affrid=WRID-138211493415326100" width="600"> </iframe></div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0Mumbai, Maharashtra, India19.0759837 72.87765590000003618.595792699999997 72.232208900000032 19.5561747 73.52310290000004tag:blogger.com,1999:blog-2529759908794865894.post-11182111280310682462013-09-07T15:28:00.002+05:302013-09-07T15:32:38.523+05:30Mindtree Ltd: Improving Momentum! – BUY<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="margin: 0; padding: 0 0 10px 0;">
<strong>Mindtree Ltd: Improving Momentum! – BUY</strong>
<br />
<em>CMP Rs1,031, Target Rs1,210</em>
</div>
<div style="margin: 0; padding: 0px 0 10px 0; text-align: justify;">
<strong>Deal wins, improving PES biz to help improve momentum </strong><br />
Mindtree's performance over the past couple of years, though not sector
leading, has shown definite signs of improvement. This was supported by
the sustained traction in IT services business owing to its specialized
go-to-market strategy, robust client mining and more recent improvement
in demand. Over past four to six months, the deal momentum has shown
improvement with higher deal visibility and conversion ratios. The
Product engineering (PES) business which was in the midst of
restructuring and certain client specific ramp-downs too seems to have
turned the corner as evidenced by better management commentary and
improving discretionary spending.
</div>
<div style="margin: 0; padding: 0px 0 10px 0; text-align: justify;">
<strong>Margin outlook stable on the back of multiple levers </strong><br />
Margin performance of Mindtree has been impressive with a sizeable part
of the up-tick over FY13 coming from operational improvements. Despite
the negative impact of salary hikes, branding expenses and visa costs
(total of ~350bps+), the margin expanded 530 bps supported by weak
rupee, operational efficiencies and realisation improvement. Decent
margin levers in the form of sustained rupee depreciation, utilisation
headroom, employee pyramid and improving fixed price projects
contribution should help margin performance going forward. Also,
considering the relatively high offshore concentration, the negative
impact of possible protectionist move in the key markets should be
offset to a certain extent.
</div>
<div style="margin: 0; padding: 0px 0 10px 0; text-align: justify;">
<strong>Attractive pick in backdrop of improving sector dynamics</strong><br />
Better-than-expected and well rounded Q1 FY14 results for most IT
companies in our coverage as well as improving management commentary
have lowered concern on the demand environment. The expectation of a
stronger FY14, better deal visibility/wins as well as push back on the
timing/possible impact of US immigration bill have increased sector
attractiveness. This is especially true considering the weakened
investment thesis for large part of the market, resultantly making IT a
safe haven. Within IT, we believe, Mindtree valuations continue to be
attractive at 8.5x FY15E earnings (vis-a-vis its historical average of
12x). Maintain BUY. </div>
<div style="margin: 0; padding: 0px 0 10px 0; text-align: justify;">
Source: IIFL </div>
<div style="margin: 0; padding: 0px 0 10px 0; text-align: justify;">
<span style="font-size: medium;"><span style="font-size: x-small;">Note : Mindtree Ltd. is a Shariah Compliant stock and hence
those
investors who are following shariah guidelines can also invest in this
stock. Its Ethical to invest in this particular stock as of today <span style="font-size: x-small;">7th</span> September, 2013. We will update if this stock is removed from the list of
Shariah Compliant Companies in future.</span></span></div>
</div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0tag:blogger.com,1999:blog-2529759908794865894.post-70575158675785709392013-08-09T01:51:00.002+05:302015-04-24T00:58:37.672+05:30Our Target Achieved in Tata Global Beverages Recommended on 29th June, 2013 Long Back<div dir="ltr" style="text-align: left;" trbidi="on">
We had recommended our readers and investors to buy Tata Global Beverages in our <a href="http://stockbouncers.blogspot.com/2013/06/tata-global-beverages-ltd-buy-cmp-rs129.html" target="_blank">post on 29th June</a>, 2013 for a target of Rs. 149 which touched a high of Rs. 159.7 on 31st July, 2013. Also the stock is performing very nicely on both the indices currently. Long term investors can wait and watch for more gain since the company is technically strong and is one of the Shariah Compliant stock in Indian stock market. So keep visiting and happy investing.<br />
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<h2 style="text-align: left;">
<b>And <span style="color: lime;">HAPPY EID</span> to all our Readers.</b></h2>
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Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0tag:blogger.com,1999:blog-2529759908794865894.post-69595530936576002552013-08-04T22:52:00.000+05:302013-08-04T22:56:52.418+05:30Please do not spam in Comments section on our web page, If you want to advertise on our page you are welcome!<div dir="ltr" style="text-align: left;" trbidi="on">
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Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0India20.593684 78.962880000000041-8.5815185000000014 37.654286000000042 49.7688865 120.27147400000004tag:blogger.com,1999:blog-2529759908794865894.post-52157154048517841792013-07-05T04:49:00.000+05:302013-07-05T04:49:18.730+05:30Unichem Laboratories: Attractive valuation with a strong Balance Sheet – BUY CMP Rs172, Target Rs215<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;">
Unichem laboratory (ULL), an integrated pharmaceutical company has a <strong>strong footprint in domestic
formulation market. </strong>Domestic operations contribute around 75% to total revenues. In the recent past,
the company failed to keep pace with the competitors in the domestic market but now, after the<strong> completion of restructuring activity and improving operating parameters,</strong> the company is all set to
post improvement in the margins and return ratio. <strong>We believe the rough phase for ULL is set to be over
soon;</strong> the turnaround of overseas operations along with ramp up in domestic business and cost pressure
rationalizing with incremental revenue will help ULL post robust growth. </div>
<div style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;">
<br /><img alt="http://topnews.in/files/UnichemLaboratoriesLimited.jpg" class="decoded" src="http://topnews.in/files/UnichemLaboratoriesLimited.jpg" /><br /> </div>
<div style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;">
Unichem’s four brands feature among the Top 300 Indian pharmaceutical brands and out of which two brands
are in the Top 100 (Losar H- Rs790mn- 90th Rank and Losar- Rs680mn -100th Rank). Top 10 Brands contribute
nearly 50% of the company’s domestic revenues. <strong>Domestic business will drive long term growth on leveraging
on brands.</strong> Additionally, Company is also <strong>gradually entering developed markets</strong> to leverage upon its R&D and
manufacturing capabilities. Unichem has presence in Europe through its 100% subsidiary Niche Generics having
33 products in the portfolio. It has direct sales operation in UK and Ireland and is exploring other
territories like Australia, SA and Canada. We expect this venture to add meaningful contribution to EPS
by FY14. In the US, the company has filed 29 ANDAs till date and has 15 approvals of which 9 have been
launched. We expect 2-3 filings every quarter. CRAMs business would also prove to be an interesting
opportunity for ULL.
<br /><br />
<strong>We expect revenues to register 15% CAGR over FY13-15 and margins to expand to 15%.</strong> The company is a<strong> zero-debt
company</strong> with a cumulative positive cash flow. The company is looking for acquisitions in therapy area to
fill the gap in product offerings. We believe ULL’s valuation is attractive at 8.7x FY15E EPS. . We estimate
the fair value of Unichem at Rs 210 and recommend BUY.</div>
<div style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;">
<span style="font-size: large;"><span style="font-size: small;">Source : IIFL Ltd </span></span></div>
<br />
<br />
<br />
<span style="font-size: large;"><span style="font-size: small;">Note : Unichem Laboratories is a Shariah Compliant stock with zero debt and hence
those
investors who are following shariah guidelines can also invest in this
stock. Its Ethical to invest in this particular stock as of today <span style="font-size: small;">4th</span> July, 2013. We will update if this stock is removed from the list of
Shariah Compliant Companies in future.</span></span><br />
<br />
<span style="font-size: large;"><span style="font-size: small;"><br /></span></span></div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com1tag:blogger.com,1999:blog-2529759908794865894.post-18294399644686814032013-06-29T08:21:00.003+05:302013-08-09T12:35:52.506+05:30Tata Global Beverages Ltd – BUY CMP Rs129, Target Rs149, Upside 15.4%<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12px; line-height: 18px; padding: 0px 0px 10px;">
<strong>Tata Global Beverages Ltd – BUY</strong><br />
<em>CMP Rs129, Target Rs149, Upside 15.4%</em></div>
<ul style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px 0px 0px 20px;">
<li style="margin-left: 15px;">Correction in Kenyan tea prices augurs well for TGBL</li>
<li style="margin-left: 15px;">Rupee depreciation of ~6% yoy to drive revenues</li>
<li style="margin-left: 15px;">New business initiatives to further drive growth</li>
<li style="margin-left: 15px;">Recent price correction provides a good entry point; BUY</li>
</ul>
</div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com1tag:blogger.com,1999:blog-2529759908794865894.post-52374383935391229162013-04-09T16:45:00.000+05:302013-04-09T16:45:25.839+05:30Amara Raja Batteries - A play on strong auto replacement demand<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Arial;">Amara Raja
Batteries Ltd (ARBL) is one of the best plays on the ensuing surge in
replacement demand for automotive batteries in the domestic market. During
FY09-12, passenger car sales in the domestic market registered a CAGR of 18.2%
and 2-wheeler sales witnessed a CAGR of 21.8%. With replacement cycle for
batteries in a passenger car of 30-36 months and that of a switch-start 2-wheeler
of 24-30 months, substantial jump in replacement demand can be seen in the near
future. As compared to past, 2-wheeler battery replacement market is likely to
increase in size. This can be mainly attributed to the rising proportion of
switch-start 2-wheelers in the domestic sales. </span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPoqU1bbLOm_eomr2U2Nt6Vy_jvjSF76_a053uqYp_MLJSsIOxSvDKlpkIHXcAJ7XAF6_wPE0GgiWUdguuq9uhb5NnOr0Vz1ExZU3B7fzydclrjYel0jpz5JN_C_n-160blLRxLiFq0Iq1/s1600/1.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPoqU1bbLOm_eomr2U2Nt6Vy_jvjSF76_a053uqYp_MLJSsIOxSvDKlpkIHXcAJ7XAF6_wPE0GgiWUdguuq9uhb5NnOr0Vz1ExZU3B7fzydclrjYel0jpz5JN_C_n-160blLRxLiFq0Iq1/s400/1.png" width="400" /></a></div>
<div class="MsoNormal">
<span style="font-size: small;"><b><span style="font-family: Arial;"> </span></b></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><b><span style="font-family: Arial;">Steady
increase in automotive market share</span></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Arial;">ARBL has
gained a strong foothold in the replacement market for the automotive with a
steady increase in market share in the segment. Even with the OEMs, the company
has been able to get into its fold most incumbent players and is in discussions
to enter into tie-ups with new entrants. </span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4WmYCcxk0KStHGKe2MOG5Ruia7lURykOqyObRThNeapwe5rOlO00021xbvydDaX3SS2uDuGw0HWoCD3i3e2cc0-5xKOlXliBwUkOu7rjvp0RR3yMR4F0kBje4tuXrGtFT7RGXM77JbzS3/s1600/4.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="290" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4WmYCcxk0KStHGKe2MOG5Ruia7lURykOqyObRThNeapwe5rOlO00021xbvydDaX3SS2uDuGw0HWoCD3i3e2cc0-5xKOlXliBwUkOu7rjvp0RR3yMR4F0kBje4tuXrGtFT7RGXM77JbzS3/s400/4.png" width="400" /></a></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Arial;"> </span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><b><span style="font-family: Arial;">Industrial
segment to add to momentum</span></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Arial;">The
industrial segment is mainly driven by demand for UPS led by investments in IT
industry and towers in the telecom segments. Battery demand in the UPS segment,
which has witnessed a 15% growth, is expected to continue given that
investments in computerization by India Inc has been on a rise. While pace of
new addition of new telecom towers has slowed down, replacement of batteries in
the existing towers is due which will keep demand growth from the segment
robust. </span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Arial;"> </span></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-FGn0WX_S6Pukf0C-6GlD8H0_UZT6GoCp43BVo6P0AFAXDJwKe-cZ8apu2y_9K_Bl7rFBxqLIQxYnkijX6nCeJHLaf1imyp-HBpUgPSxYZXT_MMt0s-PLK9yKaszwVldU7og6rGMXLPYb/s1600/2.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="271" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-FGn0WX_S6Pukf0C-6GlD8H0_UZT6GoCp43BVo6P0AFAXDJwKe-cZ8apu2y_9K_Bl7rFBxqLIQxYnkijX6nCeJHLaf1imyp-HBpUgPSxYZXT_MMt0s-PLK9yKaszwVldU7og6rGMXLPYb/s400/2.png" width="400" /></a></div>
<div class="MsoNormal">
<span style="font-size: small;"><b><span style="font-family: Arial;">Strong
revenue and profit growth, attractive valuations</span></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Arial;">ARBL, to capture
these growth opportunities is expanding capacities in all segments by nearly
50% by H2 FY15. The company has been performing better than Exide in the past
few quarters on all counts. This has triggered a re-rating in the stock. We
expect the performance to continue on both revenue and profitability fronts with
estimates of a revenue <span> </span>and PAT CAGR of 22%
and 26% respectively between FY12-15E.</span></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimq1LuG4TAPdCpT86vIaUOLMtbvvxcc4V1RBlfOKRhRz_jjGqLR1hz2wm3ojCLhWm-dqotlsXZXHVPQhCrM8_OwVFsI0IihZlP8QuymbCu2f8wAINopkXNk5UqRhK8SIosZXz1QSJ7cZFw/s1600/3.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="349" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimq1LuG4TAPdCpT86vIaUOLMtbvvxcc4V1RBlfOKRhRz_jjGqLR1hz2wm3ojCLhWm-dqotlsXZXHVPQhCrM8_OwVFsI0IihZlP8QuymbCu2f8wAINopkXNk5UqRhK8SIosZXz1QSJ7cZFw/s400/3.png" width="400" /></a> </span></span></div>
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<span style="font-size: small;"><span style="font-family: Arial;"><br /></span></span></div>
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Courtesy and <span style="font-size: small;"><span><span>Source : IIFL Ltd. </span><span> </span></span><br />
<br />
<span><span>Note : Amara Raja Batteries Ltd is a Shariah Compliant stock and hence
those
investors who are following shariah guidelines can also invest in this
stock. Its Ethical to invest in this particular stock as of today <span>9th</span> April, 2013. We will update if this stock is removed from the list of
Shariah Compliant Companies.</span></span></span></div>
</div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com2tag:blogger.com,1999:blog-2529759908794865894.post-31730927718503420232013-03-25T23:04:00.000+05:302013-04-08T21:07:17.181+05:30Amara Raja Batteries Ltd: Charged up - BUY CMP Rs267, Target Rs340, Upside 27.3% <div dir="ltr" style="text-align: left;" trbidi="on">
<div style="margin: 0; padding: 0 0 10px 0;">
Amara Raja Batteries Ltd (ARBL) is one of the best plays on the ensuing surge in replacement demand for
automotive batteries in the domestic market. During FY09-12, passenger car sales in the domestic market
registered a CAGR of 18.2% and 2-wheeler sales witnessed a CAGR of 21.8%. With replacement cycle for batteries
in a passenger car of 30-36 months and that of a switch-start 2-wheeler of 24-30 months, substantial jump in
replacement demand can be seen in the near future. <br />
<br />
As compared to past, 2-wheeler battery replacement market is likely to increase in size. This can be mainly
attributed to the rising proportion of switch-start 2-wheelers in the domestic sales. In a kick-start 2-wheeler,
replacement of batteries was not essential as it was not used to start the vehicle. However, batteries are a key
for ignition of switch-start 2-wheelers. <br />
<br />
ARBL has gained a strong foothold in the replacement market for the automotive with a steady increase in market share in the segment. Even with the OEMs, the company has been able to get into its fold most incumbent players
and is in discussions to enter into tie-ups with new entrants.<br />
<br />
The industrial segment is mainly driven by demand for UPS led by investments in IT industry and towers in the
telecom segments. Battery demand in the UPS segment, which has witnessed a 15% growth, is expected to continue
given that investments in computerization by India Inc has been on a rise. While pace of new addition of new
telecom towers has slowed down, replacement of batteries in the existing towers is due which will keep demand
growth from the segment robust. <br />
<br />
ARBL, to capture these growth opportunities is expanding capacities in all segments by nearly 50% by H2 FY15. The company has been performing better than Exide in the past few quarters on all counts. This has triggered a
re-rating in the stock. We expect the performance to continue on both revenue and profitability fronts with
estimates of a revenue and PAT CAGR of 22% and 26% respectively between FY12-15E. <span style="font-size: large;"><b>We initiate coverage with a
BUY recommendation and a 9-month price target of Rs340.</b></span><br />
<div style="text-align: left;">
<br /></div>
<span style="font-size: large;"><span style="font-size: small;">Source : IIFL Ltd. </span><span style="font-size: small;"> </span></span><br />
<br />
<span style="font-size: large;"><span style="font-size: small;">Note : Amara Raja Batteries Ltd is a Shariah Compliant stock and hence
those
investors who are following shariah guidelines can also invest in this
stock. Its Ethical to invest in this particular stock as of today <span style="font-size: small;">25th</span> March, 2013. We will update if this stock is removed from the list of
Shariah Compliant Companies.</span><b> </b></span></div>
</div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com2tag:blogger.com,1999:blog-2529759908794865894.post-18763833303101474232013-03-19T23:53:00.000+05:302013-04-08T21:07:40.655+05:30India Oil & Gas - "10 stocks, 10 factors" <div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12px; line-height: 18px; padding: 0px 0px 10px;">
Indian oil & gas sector has seen an eventful FY13 with hoards of announcements by companies and plenty of changes accorded by the government. While some companies have gained out of these, there are few who have borne the pain as well. External factors such as crude price movements, exchange rate fluctuations, sanctions on Iran, Euro Zone debt crisis and many more have played their part in increasing the volatility.<br />
<br />
In this report, we pick 10 factors that we feel will have the maximum impact on the sector's performance in the medium term. We provide an outlook on each of these variables and give an insight into their impact on the respective companies. Based on our findings, we have also furnished our investment view on 10 companies.<br />
<br />
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Our top picks include Cairn India (best proxy on crude prices, cheap valuations), Oil India (strong production growth, play on reforms, huge cash balance), ONGC (relative under valuation to global peers, play on reforms), BPCL (huge upstream value, less sensitive to vagaries of subsidy sharing), Petronet LNG (rising domestic gas demand, expectations of weak LNG prices) and GSPL (long term growth in gas supplies, attractive valuations). We have assigned Market Performer rating to Reliance Industries (core business of refining & petrochemicals still under pressure, KG-D6 volumes continue to fall), GAIL (risk to earnings from regulations, fall in petrochemical profitability if gas prices are raised), HPCL (high risk to earnings from subsidy sharing mechanism, high leverage) and IOC (limited upside potential).<br />
<br />
<span style="color: #ff9900; font-size: 15px;"><b>The 10 factors</b></span></div>
<ol style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12px; line-height: 24px; margin: 0px 0px 0px 20px; padding: 0px;">
<li style="margin-left: 15px;">Volatility in crude prices</li>
<li style="margin-left: 15px;">Depreciating rupee</li>
<li style="margin-left: 15px;">Muted outlook for gross refining margins</li>
<li style="margin-left: 15px;">Sustained strong demand for petroleum products in domestic market</li>
<li style="margin-left: 15px;">Diesel, kerosene and LPG prices still under government control</li>
<li style="margin-left: 15px;">Subsidy sharing pattern remained volatile</li>
<li style="margin-left: 15px;">Gas supply concerns raised in the medium term</li>
<li style="margin-left: 15px;">Rising demand-supply gap in the domestic gas market</li>
<li style="margin-left: 15px;">Controlled gas prices</li>
<li style="margin-left: 15px;">Uncertainty over regulations</li>
</ol>
<br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12px; line-height: 18px;" />
<span style="background-color: white; color: #ff9900; font-family: arial, sans-serif; font-size: 15px; line-height: 18px;"><b>The 10 stocks (Market Prices as on 14th March, 2013)</b></span><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12px; line-height: 18px;"></span><br />
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12px; line-height: 18px;">
</div>
<table bgcolor="#dcdcdc" cellpadding="3" cellspacing="1" style="color: #222222; font-family: arial, sans-serif; font-size: 12px; line-height: 18px;"><colgroup><col span="5" width="64"></col></colgroup><tbody>
<tr style="color: white;"><td bgcolor="#0C6BA5" style="margin: 0px;" width="121">Company</td><td bgcolor="#0C6BA5" style="margin: 0px;" width="56">Rating</td><td bgcolor="#0C6BA5" style="margin: 0px;" width="64">CMP (Rs)</td><td bgcolor="#0C6BA5" style="margin: 0px;" width="64">Target (Rs)</td><td bgcolor="#0C6BA5" style="margin: 0px;" width="64">Upside (%)</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">Cairn India</td><td bgcolor="#FFFFFF" style="margin: 0px;">BUY</td><td bgcolor="#FFFFFF" style="margin: 0px;">298</td><td bgcolor="#FFFFFF" style="margin: 0px;">360</td><td bgcolor="#FFFFFF" style="margin: 0px;">20.8</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">Reliance Industries</td><td bgcolor="#FFFFFF" style="margin: 0px;">MP</td><td bgcolor="#FFFFFF" style="margin: 0px;">848</td><td bgcolor="#FFFFFF" style="margin: 0px;">930</td><td bgcolor="#FFFFFF" style="margin: 0px;">9.7</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">Oil India</td><td bgcolor="#FFFFFF" style="margin: 0px;">BUY</td><td bgcolor="#FFFFFF" style="margin: 0px;">547</td><td bgcolor="#FFFFFF" style="margin: 0px;">638</td><td bgcolor="#FFFFFF" style="margin: 0px;">16.6</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">ONGC</td><td bgcolor="#FFFFFF" style="margin: 0px;">BUY</td><td bgcolor="#FFFFFF" style="margin: 0px;">325</td><td bgcolor="#FFFFFF" style="margin: 0px;">365</td><td bgcolor="#FFFFFF" style="margin: 0px;">12.5</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">BPCL</td><td bgcolor="#FFFFFF" style="margin: 0px;">BUY</td><td bgcolor="#FFFFFF" style="margin: 0px;">397</td><td bgcolor="#FFFFFF" style="margin: 0px;">460</td><td bgcolor="#FFFFFF" style="margin: 0px;">15.8</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">HPCL</td><td bgcolor="#FFFFFF" style="margin: 0px;">MP</td><td bgcolor="#FFFFFF" style="margin: 0px;">305</td><td bgcolor="#FFFFFF" style="margin: 0px;">330</td><td bgcolor="#FFFFFF" style="margin: 0px;">8.1</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">IOC</td><td bgcolor="#FFFFFF" style="margin: 0px;">MP</td><td bgcolor="#FFFFFF" style="margin: 0px;">311</td><td bgcolor="#FFFFFF" style="margin: 0px;">340</td><td bgcolor="#FFFFFF" style="margin: 0px;">9.5</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">GAIL</td><td bgcolor="#FFFFFF" style="margin: 0px;">MP</td><td bgcolor="#FFFFFF" style="margin: 0px;">346</td><td bgcolor="#FFFFFF" style="margin: 0px;">365</td><td bgcolor="#FFFFFF" style="margin: 0px;">5.6</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">GSPL</td><td bgcolor="#FFFFFF" style="margin: 0px;">BUY</td><td bgcolor="#FFFFFF" style="margin: 0px;">66</td><td bgcolor="#FFFFFF" style="margin: 0px;">80</td><td bgcolor="#FFFFFF" style="margin: 0px;">21.4</td></tr>
<tr><td bgcolor="#FFFFFF" style="margin: 0px;">Petronet LNG</td><td bgcolor="#FFFFFF" style="margin: 0px;">BUY</td><td bgcolor="#FFFFFF" style="margin: 0px;">148</td><td bgcolor="#FFFFFF" style="margin: 0px;">187</td><td bgcolor="#FFFFFF" style="margin: 0px;">26.7</td></tr>
</tbody></table>
<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 11px; line-height: 18px;"><i>Source: India Infoline Research</i></span><br />
<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 11px; line-height: 18px;"><i><br /></i></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
Note : Out of above 10 oil stocks only Reliance, ONGC and GAIL are Shariah Compliant stocks and hence those investors who are following shariah guidelines can invest in only these three stocks. Its Ethical to invest in these stocks as of today 19th March, 2013. We will update if these stocks are removed from the list of Shariah Compliant Companies.</div>
<div>
<br /></div>
</div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com2tag:blogger.com,1999:blog-2529759908794865894.post-68713109257228030972013-03-08T22:56:00.000+05:302013-08-20T08:45:51.863+05:30I am away from stock market, what to do?<div dir="ltr" style="text-align: left;" trbidi="on">
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Its been so long I posted my <a href="http://stockbouncers.blogspot.com/2013/02/how-much-can-i-earn-through-share-market.html" rel="" target="_blank"><span style="color: blue; font-size: large;">last article</span></a> on <a href="http://stockbouncers.blogspot.com/2013/02/how-much-can-i-earn-through-share-market.html" rel="nofollow" target="_blank"><span style="color: blue; font-size: large;">How much one can earn through share market?</span></a> These days I am spending my beautiful time in the Kingdom of Saudi Arabia and that is the reason I was away from Indian Stock Market. But you will ask me have I left investing in stock market, NO I have not. But these days I am not able to track stock market changes to a bit extent. Since investment in stock market is about patience and long term investment. That is why I am relaxed and not much worried about my money which floating in stock market. See my previous <a href="http://stockbouncers.blogspot.com/2011/10/be-long-term-investor.html" rel="nofollow" target="_blank"><span style="color: blue; font-size: large;">article on Long Term Investment.</span></a><br />
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<br />
We believe in giving quality investment tips which should be fundamentally strong. Flooding stock tips on daily basis just for the sake of it is not good. And that is the reason you will not find stock tips on a daily basis on our blog like others do. Always remember investing in fundamentally good companies will fetch you positive returns in future.<br />
<span style="font-size: x-large;"><a href="http://776a53xec86641fs9h-c3bqjjr.hop.clickbank.net/?tid=EBOOK%2010%20STEPS%20TO%20PROFIT" target="_top">Learn 10 steps to Profitable Trading in Stock Market for US Investors</a></span>
<br />
You must have come to know which I had said in my last post that its not certain as to how much money you can earn or you will always make profit. It all depends upon your patience and long term commitment in stock market. Take the examples of my previous stock recommendations on <a href="http://stockbouncers.blogspot.com/2013/01/buy-rallis-india-for-target-of-rs-160.html" target="_blank"><span style="color: blue; font-size: large;">Rallis India</span></a> and <a href="http://stockbouncers.blogspot.com/2013/01/buy-va-tech-wabag-at-current-levels-of.html" target="_blank"><span style="color: blue; font-size: large;">Va Tech Wabag</span></a>, both of the stocks are trading down these days. Rallis India is hit very badly. But fundamentally both the companies are strong. Rallis India posted a 16% sales increase however the profit was impacted by a negative currency effect. These triggers are global and not domestic. The company is doing good and in the long term you can expect good returns out of it.<br />
<br />
Keep one FUNDA in your mind which is you have to be patient and your approach should be long term. We are sure there is no one who can beat you except GOD in stock market if you follow this approach. So stay tuned and keep visiting our blog for more investment tips and ideas.<br />
<br />
We invite our readers if they want to write a post on investment tips which they have. You can send your writing at our email address stockbouncers@gmail.com or at imransayed.a@gmail.com and we will review and publish your ideas on our blog. The subject of the email should be " Request for My Post on Your Blog".</div>
<br />
Please share any investment ideas you have with us in comments so that other readers will get benefited. Thanks for reading good luck.<br />
<br />
<br /></div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com12tag:blogger.com,1999:blog-2529759908794865894.post-12715907390656696022013-02-09T11:24:00.003+05:302015-04-24T01:04:27.927+05:30How Much Can I Earn Through Share Market?<div dir="ltr" style="text-align: left;" trbidi="on">
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This is the question many people have about making money from share market. Many websites assure people for earning a lot of money from FOREX market or from Futures and Options also called as F&O market. But always remember there is no term like EASY MONEY in an Investors dictionary. Delete this term or phenomena from your dictionary, it is impossible to earn money easily and if you get to hear something like that, never ever go for that.</div>
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Think logically, if there were ways to earn money easily then everyone would have been a millionaire, isn't it? But you will tell us that you have really earned from these kind of EASY MONEY making techniques like FOREX, F&O and Short Selling of shares etc. Yes we agree that many people or investors in these segments must have earned a lot of money from this but the big question is that "Have they always made a profit from their investment?" The answer is a big no. In stock market you can’t predict accurately the movement of the market since there are triggers which can blow the entire stock market in seconds.</div>
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Like in September, 2008 collapse of Lehman Brothers led to stock market crash where the Indian stock market lost its half of the value in both the indices which is Sensex and Nifty. For your kind information we would like to inform our readers that this had not happened immediately but the majority of the economists say and agree that the Real Estate Bubble was building since the year 2003. So you can imagine it took almost 4 to 5 years to burst that bubble of Real Estate Boom in United States of America and who knows that there is another bubble or stock market crash is waiting to burst. Hence there is no way you can earn only profit while trading or betting in stock market through these routes.</div>
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Beginners in stock market will lose a lot if they don’t trade cautiously. Many a times you will make profit out of these routes but remember you will definitely get a big shocker all at once when the greed will take you over to earn more profit out of these and one day you will left with nothing. Trading or betting in these segments of F&O, FOREX market needs a lot of experience.<br />
<iframe frameborder="0" marginheight="0" marginwidth="0" scrolling="no" src="http://dl.flipkart.com/dl/affiliate/displayWidget?affrid=WRID-142981746045223266" style="height: 240px; width: 120px;"></iframe><br /></div>
<span style="font-size: large;"><a href="http://776a53xec86641fs9h-c3bqjjr.hop.clickbank.net/?tid=EBOOK%2010%20STEPS%20TO%20PROFIT" target="_top">Learn 10 steps to Profitable Trading in Stock Market</a></span> <br />
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And that is the reason why big companies have dedicated team of economists to predict the fluctuations in US Dollar rate or other currencies they are associated with. Like many IT firms like TCS and WIPRO get affected by fluctuations in US Dollar, while YEN creates an impact on Maruti Suzuki stock price. In short if someone says or a website promises you to make money in hours or days, they are bluffing and you should be cautious before opting for such schemes. You take any example when many websites tell you to make money quickly by just giving 1 or 2 hour of your time and promise to make thousands of Dollars a month, isn't it? You just Google it down and you will come across thousands of these kind of Easy Money making schemes.</div>
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What is more important is that you should have patience in the stock market after investing. The profit you earn on your investment in share market is the reward you get for serving the waiting period in the stock market. That means you will always earn profit when you invest for long term. Intraday trading or short selling are just ways of betting in stock market.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvuHACMv7TtjafozTnivUico4FSfv5QknJ5EB212MnnJLe5p4EbJNn1bna3zlc1jvVGbJgTpUlMO9xPYqvUfDgBJ5ojO4MHEwWaa1ndMGYGP5Uev2OIJf1kktqo-l8uigiAdTiw7qvMLNC/s1600/longterm-investment.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvuHACMv7TtjafozTnivUico4FSfv5QknJ5EB212MnnJLe5p4EbJNn1bna3zlc1jvVGbJgTpUlMO9xPYqvUfDgBJ5ojO4MHEwWaa1ndMGYGP5Uev2OIJf1kktqo-l8uigiAdTiw7qvMLNC/s400/longterm-investment.jpg" height="233" width="400" /></a></div>
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Many beginners when they start investing in share market always try to earn quickly by doing intraday trading in stock market and this is what majority of beginners do while they debut at stock market. But always remember many successful investors like Sir Warren Buffett never earned through betting or intraday trading. Their huge pockets are the result of patience and long term investment in stock market.</div>
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Never ever go for intraday tips since many of these tips are based on rumors. Since cartel of traders control the price and when the stock is reached at certain level they start selling the stock and small investors like us lose a lot of money which goes into the pockets of these big traders.</div>
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What you should look for is a fundamentally good company. Companies which are classified as Mid caps or Large Caps based on their market capitalization. Look for short, medium and longer stock call or tips of fundamentally good companies. Like we give you fundamentally good companies stock tips. Like we said it is not necessary that you will start earning immediately if you buy these fundamentally good stocks. It may happen such that the stock price of these companies start declining after you buy it. Yes it happens, but what you need to do is have patience and stay invested. Just remember and make your mind of investing in stock market for Medium to Long Term, we challenge and assure you all our readers that you will never ever lose money in stock market. You will always earn profit in long term and better than those big traders and manipulators who control the prices of those penny stocks.</div>
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So keep visiting our blog for Fundamental stock calls and investment tips and ideas for better and healthy investment in stock market.</div>
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We will be please to have your comments and feedback on this if we have missed some other points and ideas. You are welcome to post your experience is stock market and share you idea and story with us.</div>
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Best of luck to all.</div>
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Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com19tag:blogger.com,1999:blog-2529759908794865894.post-39187840145385267832013-02-07T16:43:00.000+05:302013-02-07T19:42:06.282+05:30ACC LIMITED Fourth Quarter Result Update, BUY ACC LIMITED<div dir="ltr" style="text-align: left;" trbidi="on">
ACC LIMITED announced its Fourth Quarter (Oct-Dec) numbers today 07th February, 2013. Analyst estimated ACC's net profit to decline by 49% to Rs. 236 crore compared to last year net profit of Rs. 470 crore for the quarter ended 31st December.<br />
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The numbers which ACC LIMITED announced today met the Analysts Estimates. ACC LIMITED posted a net profit of Rs. 239 crores declining by 49% compared to the same quarter last year. The stock traded in a OK OK mood and closed at Rs. 1345.40 up 1.15% on Bombay Stock Exchange (BSE). The stock was up mainly because the profit of the company does not decline more than what was estimated by analysts. The stock has some more heat to go. Its expected that in near future earnings will improve from here after based on a report released by India Infoline Limited in its research.<br />
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We recommend a buy on ACC LIMITED with 7 to 9 month target of Rs. 1750. The stock is shariah compliant as last checked on 07th February, 2013 at 16.31 IST.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX6-w8rX5vMW014_dFjhcXx2QlcLqOPPcy9PGY4aCFqpJSKq_C68hTrp7ifS4mvSkvUJ4Lr1JFNRfz_faZugm4TX3xBCxq00h_hSsGM2W9tLhUxIGYPHGYtcE7iOWDRReJSGpE-k-Izu1V/s1600/acc.263134425_std.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX6-w8rX5vMW014_dFjhcXx2QlcLqOPPcy9PGY4aCFqpJSKq_C68hTrp7ifS4mvSkvUJ4Lr1JFNRfz_faZugm4TX3xBCxq00h_hSsGM2W9tLhUxIGYPHGYtcE7iOWDRReJSGpE-k-Izu1V/s320/acc.263134425_std.jpg" width="251" /> </a>Note : ACC LTD. is a Shariah Compliant stock also and hence
those
investors who are following shariah guidelines can also invest in this
stock. Its Ethical to invest in this particular stock as of today 07th February, 2013. We will update if this stock is removed from the list of
Shariah Compliant Companies. </div>
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Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com1tag:blogger.com,1999:blog-2529759908794865894.post-67088239886339633812013-02-02T10:12:00.000+05:302013-02-02T10:14:57.576+05:30Our Target Acheived in Titan Industries Ltd.<div dir="ltr" style="text-align: left;" trbidi="on">
Dear visitors,<br />
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Greetings and Good Wishes from Stockbouncers Team.<br />
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We once again did it. We had recommended a buy call on Titan Industries in our earlier post on 15th January, 2013 and reiterated the same on 30th January, 2013 to buy for a target of Rs. 286.<br />
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Our target achieved yesterday that is on 1st of Feb, 2013 when the stock touched an intraday high of Rs. 287.85 on Bombay Stock Exchange (BSE).<br />
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AnalystS are positive on this stock and see the rally to continue till Rs. 296 in a very short period of time. We still advise to hold on till it crosses Rs. 290 levels. Once it break this barrier, Rs. 296 target is very much possible.<br />
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We will provide you more fundamental stock tips in future also. We wish all our visitors best of luck and may you all gain good in your investments always. Keep visiting our blog and support us. Thanks to all.<br />
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Note : TITAN INDUSTRIES LTD. is a Shariah Compliant stock also and hence
those
investors who are following shariah guidelines can also invest in this
stock. Its Ethical to invest in this particular stock as of today 31st
January, 2013. We will update if this stock is removed from the list of
Shariah Compliant Companies.<br />
<br /></div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0tag:blogger.com,1999:blog-2529759908794865894.post-77598628661244491522013-01-31T15:15:00.000+05:302013-01-31T15:15:27.585+05:30Titan Industries Quarterly Results Update<div dir="ltr" style="text-align: left;" trbidi="on">
Titan Industries Ltd. posted a net profit of Rs. 203.73 crores for the Third Quarter supported by better sales, moving it up by 24.29 percent compared to last year's same quarter.<br />
<br />
The revenues of the company were also rose by 23.67 percent to Rs. 3,017.80 crore compared with same quarter last year.<br />
<br />
Earning Per Share (EPS) of the company now stood at Rs. 2.29 compared to Rs. 1.85 which has been recorded last year. Net Profit growth of 24 percent is best in past three quarters.<br />
<br />
Jewellery business of the company reported much better than expected growth of 27% in revenues and it is quite impressive.<br />
<br />
These signs of improvement however is not applicable to watches business of the company which reported a 10-qurater low sales growth of 10.6 percent despite improvement in its key brands and the price hike undertaken by the company in last one year.<br />
<br />
Following is the earnings summary of the company for reference.<br />
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<b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Quarterly Results of Titan Industries</span></b></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">------------------- in Rs. Cr.
-------------------</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: none repeat scroll 0% 0% white; height: 788px; width: 594px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="11" style="padding: 0cm 0cm 0cm 0cm;"></td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td colspan="11" style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Dec '12</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Sep '12</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Jun '12</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mar '12</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Dec '11</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td colspan="11" style="padding: 0cm 0cm 0cm 0cm;"><br /></td><td colspan="11" style="padding: 0cm 0cm 0cm 0cm;"></td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Sales Turnover</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3,017.80</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,275.98</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,205.81</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,281.77</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,440.40</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other Income</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">22.01</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">23.82</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">25.02</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">25.19</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">24.44</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Total Income</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3,039.81</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,299.80</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,230.83</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,306.96</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,464.84</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Total Expenses</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,735.05</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,026.57</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1,993.69</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,074.36</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2,227.22</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Operating Profit</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">282.75</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">249.41</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">212.12</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">207.41</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">213.18</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Profit On Sale Of Assets</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Profit On Sale Of Investments</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Gain/Loss On Foreign Exchange</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">VRS Adjustment</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other Extraordinary Income/Expenses</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Total Extraordinary Income/Expenses</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tax On Extraordinary Items</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net Extra Ordinary Income/Expenses</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 17;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Gross Profit</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">304.76</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">273.23</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">237.14</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">232.60</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">237.62</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 18;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Interest</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">11.69</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">12.14</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">12.60</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">13.12</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">0.96</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 19;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PBDT</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">293.07</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">261.09</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">224.54</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">219.48</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">236.66</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 20;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Depreciation</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">14.19</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">13.03</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">12.32</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">12.49</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">11.92</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 21;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Depreciation On Revaluation Of Assets</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 22;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PBT</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">278.88</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">248.06</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">212.22</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">206.99</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">224.74</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 23;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tax</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">75.15</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">67.92</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">56.13</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">62.71</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">60.83</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 24;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net Profit</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">203.73</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">180.14</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">156.09</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">144.28</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">163.91</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 25;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Prior Years Income/Expenses</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 26;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Depreciation for Previous Years Written Back/
Provided</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 27;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Dividend</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 28;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Dividend Tax</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 29;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Dividend (%)</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 30;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Earnings Per Share</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2.29</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2.03</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1.76</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1.63</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1.85</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 31;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Book Value</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 32;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Equity</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">88.78</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">88.78</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">88.78</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">88.78</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">88.78</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 33;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Reserves</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
<td style="padding: 0cm 0cm 0cm 0cm;"><br /></td>
</tr>
<tr style="mso-yfti-irow: 34; mso-yfti-lastrow: yes;">
<td style="padding: 0cm 0cm 0cm 0cm; width: 40.0%;" width="40%"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Face Value</span></div>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1.00</span></div>
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For Titan there are many challenges to be faced in future which also includes restriction of direct Gold import on 180 days credit which is currently restricted to 90 days by Reserve Bank of India (RBI), if this is approved by RBI then margins of the company can further expand by 50 basis points (half a percent). Given these challenges, company's valuation of 27 times FY14 estimated earnings appears bright and rich.</div>
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We may not see huge upside from current levels in future but one can consider it to be a part of their portfolio for normal gains.</div>
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Note : TITAN INDUSTRIES is a Shariah Compliant stock also and hence those
investors who are following shariah guidelines can also invest in this
stock. Its Ethical to invest in this particular stock as of today 31st January, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.</div>
</div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0tag:blogger.com,1999:blog-2529759908794865894.post-4790500471435449782013-01-30T12:19:00.000+05:302013-01-30T12:19:01.868+05:30Titan Industries Trading Strong in Today's Trading Session on Stock Exchange<div dir="ltr" style="text-align: left;" trbidi="on">
We had recommended Titan Industries in our post on 15th January, 2013 for a target of Rs. 286. Unfortunately it touched a low of Rs. 264.71 in last week trading session. Keeping in mind company's strength many investors kept holding the stock. The stock is in focus today ahead of its quarterly results which will be announced today. The company is likely to report a net profit of Rs. 205 crore, estimated to be 25 percent up from last quarter. Titan Industries is trading at Rs. 276 up nearly 2 percent on Bombay Stock Exchange. So hold on for some more time and wait for the action. We are sure that it will cross 280 in next few sessions because of its good results.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy-dpXi1jBlPyVDjcz5pbEvqIxP5XRAt_nn6BYPAWp9asch57BDsbwv4F5PptbbMn3vNuqOxNme8vAjF31V_pDIapZ4F2Hufb9Cv8hYWyCSxrG2u4FOHzwzzsQVeD1dGsZL4Y5ACim3NVd/s1600/titan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy-dpXi1jBlPyVDjcz5pbEvqIxP5XRAt_nn6BYPAWp9asch57BDsbwv4F5PptbbMn3vNuqOxNme8vAjF31V_pDIapZ4F2Hufb9Cv8hYWyCSxrG2u4FOHzwzzsQVeD1dGsZL4Y5ACim3NVd/s1600/titan.jpg" /></a></div>
Note : TITAN INDUSTRIES is a Shariah Compliant stock also and hence those
investors who are following shariah guidelines can also invest in this
stock. Its Ethical to invest in this particular stock.</div>
Anonymoushttp://www.blogger.com/profile/16622161139457185446noreply@blogger.com0tag:blogger.com,1999:blog-2529759908794865894.post-87570669263008867992013-01-17T13:27:00.002+05:302013-08-20T01:50:39.582+05:30Will the market hit 23000 in 2013 ?<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span id="spnSize" style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;">Even at 20,000 the benchmark BSE Sensex
is nowhere close to its historical peak valuations of around 22 times
earnings. The last time it came close to these valuations was in 2007
and 2010. But this time around a considerable rise in
earnings growth
shows an upside in valuations even at Sensex 20,000 levels. No wonder,
global fund managers see 2013 being a fabulous year for emerging markets
like India. But there cannot be anything riskier than considering these
opinions to be all encompassing.
<a href="http://776a53xec86641fs9h-c3bqjjr.hop.clickbank.net/?tid=EBOOK%2010%20STEPS%20TO%20PROFIT" target="_top">Learn 10 steps to Profitable Trading in Stock Market for US Investors</a>
<br /><br />The Sensex' rise up to near 20,000 levels has been driven by
just a handful of sectors. Prime amongst them being realty, FMCG,
consumer durables, auto and healthcare. Now, one can argue that
evergreen sectors like FMCG and healthcare tend to find favour when the
going gets tough for the economy. But the earnings of realty and auto
sectors are not just cyclical. They even react sharply to fall in
economic buoyancy. The realty sector in particular also carries the
burden of high leverage. This can be poison at a time when cash flows
get strained. Anchoring to the possibility of lower interest rates
fuelling demand can only take realty and auto sector valuations so far.
In fact <b>at price to earning (P/E) valuations in excess of 20 times, we believe investment in each of these sectors warrant caution.</b> Nevertheless a careful look at long term fundamentals could help investors hunt bargains even in these sectors. </span></span><br />
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<span style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span id="spnSize" style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"> </span></span><img align="middle" border="0" src="http://www.equitymaster.com/5minWrapUp/images/2013/01162013-Market-favourites-over-the-past-year-equitymaster.gif" title="Market favourites over the past year" /><br />
<span style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span id="spnSize" style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"> </span></span><span style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span id="spnSize" style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span style="font-family: arial, serif; font-size: 9pt; line-height: 1.5em;"><i>Note:
The PE multiple for BSE Healthcare Index is steep due to the
extraordinary losses incurred by Dr Reddy's and Sun Pharma which
impacted the sector's trailing 12-month earnings.</i></span></span></span><br />
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<span style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span id="spnSize" style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span style="font-family: arial, serif; font-size: 9pt; line-height: 1.5em;"><i> </i></span></span></span><span style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span id="spnSize" style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;">Whether
or not 2013 turns out to be a fantastic year for Indian stock markets,
valuations will eventually run the course of reversal to the mean. Hence
use 'margin of safety' to guide you in both directions. Not just in <b>selecting 'what to buy</b>' but also judging
'<b>when to sell</b>'. </span></span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjd06LUGbGMQY1c3IFelO2l7lp7XeF4pXUPQSpoZ0ZTlxQOjjXvVgZ2C3k4GI98Gn3BVjcRN7GtRSI4HZLMr-pKh-nRCkRp2x7KEuMpkBl5NYDhDdNAa4rU-7iOqDGbiDbOpBCPSU4vrlTR/s1600/65.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="315" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjd06LUGbGMQY1c3IFelO2l7lp7XeF4pXUPQSpoZ0ZTlxQOjjXvVgZ2C3k4GI98Gn3BVjcRN7GtRSI4HZLMr-pKh-nRCkRp2x7KEuMpkBl5NYDhDdNAa4rU-7iOqDGbiDbOpBCPSU4vrlTR/s640/65.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i>Source Google Finance.</i></td></tr>
</tbody></table>
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<span style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"><span id="spnSize" style="font-family: arial, serif; font-size: 11pt; line-height: 1.5;"> The market has reached where it was 2 years ago, this suggests we are on an upswing. Although anything could happen lets be optimistic about it.</span></span><br />
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A.J.http://www.blogger.com/profile/11389146052462071971noreply@blogger.com0tag:blogger.com,1999:blog-2529759908794865894.post-20963177855321378182013-01-16T13:24:00.000+05:302013-08-20T08:44:16.573+05:30"Value" Investing Explained.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: red; font-size: large;"><a href="http://776a53xec86641fs9h-c3bqjjr.hop.clickbank.net/?tid=EBOOK%2010%20STEPS%20TO%20PROFIT" target="_top">Learn 10 steps to Profitable Trading in Stock Market</a></span><br />
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A.J.http://www.blogger.com/profile/11389146052462071971noreply@blogger.com2tag:blogger.com,1999:blog-2529759908794865894.post-19476279618402776322013-01-15T16:27:00.001+05:302013-01-16T09:46:40.646+05:30Titan Industries LONG TERM point of view : Dont Buy, Counterview.<div dir="ltr" style="text-align: left;" trbidi="on">
I would suggest from desisting in buying this stock that is greatly over valued when compared with industry standards. Reasons for this :<br />
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<ol style="text-align: left;">
<li>Watches are not viewed as an important piece of everyday product. I mean how manyof us actually wear watches?</li>
<li>Titan has achieved an Operating profit margin increase of just 0.05 %, and thats pathetic.</li>
<li>While other players like HMT ,TIMEX are struggling with HMT in loss and Timex just scrapping at .16 rupee per share how is Titan achieving 6.7 per share? Aggressive advertising which is further reducing its operating margins.</li>
</ol>
Sales are growing but are not sustainable in a market where Chinese players provide the same quality at half the price.<br />
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Then the question, why are big research houses advising otherwise? Because they think a increase in stake to 8% by Rakesh Jhunjhunwala is a good sign. No it isnt. They are big players, following them could land small investors in trouble.<br />
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Note : The view expressed here by our Equity Researcher Mr. A. J. is for LONG TERM point of view. Recommendation to buy this stock given in the previous post was for short term as a Technical call and not a fundamental call. We expect the price of Titan share to go up till 286 in short term, however if we study the growth of the company in detail based on above research then one can definitely see that there are limited upsides in this particular stock in the Long Term.<br />
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Disclaimer : Authors will not be responsible for any loss. Invest at your own risk<br />
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A.J.http://www.blogger.com/profile/11389146052462071971noreply@blogger.com0