Ashiana Housing Ltd GOOD BET

Ashiana Housing Ltd., a Delhi based real estate company becomes the only real estate company from India to figure in ‘Asia’s Best Under A Billion’ list of companies compiled by the Forbes magazine for 2010. Only 39 Indian companies were able to make it to the list.
The Forbes’ ‘Asia’s 200 Best Under A Billion’ list highlights the 200 top-performing small and midsize enterprises having revenues under $1 billion. It picks these firms from close to 13,000 publicly listed Asia-Pacific companies with actively traded shares and sales between five million dollars and one billion dollars. The selection of the best 200 companies is based on earnings growth, sales growth, and shareholders’ return on equity in the past 12 months and over three years. In Asia, there are only four more Companies in the Real Estate space.
Ashiana Housing Limited is a fast growing real estate developer with its head office in New Delhi, India. It has presence in Group Housing, Retirement Resorts, Retail, Hotels and Facilities Management. It has pioneered the concept of Retirement Resorts in India.
Ashiana has built over 9.2 million sq. ft. of residential & commercial space with more than 6500 families residing in the homes built under its name. It is the first group housing developer in Patna, Bhiwadi, Jamshedpur and Neemrana, the first in retirement resort and one of the few to undertake the maintenance of residential properties developed by it.
 
The company though in real estate is different in the sense that
- Its Debt Free
- Doesn’t believe in land banks but collaborative model like Godrej Property
- Focused on Tier 2/3 cities where it enjoys excellent reputation
- Promoted by a BITS Pilani & Louisiana State University technocrat
- Very satisfied user base
- Successful 30 year old track record
- Axis MF recently entered at 167 rs
Over 70Lakhs sq. ft. area under development




 http://cmlinks.com/moneypore/profilenew/financial.asp?mainopt=8&cocode=2769

 ANNUAL REPORT
 http://www.bseindia.com/bseplus/AnnualReport/523716/5237160311.pdf

SMART INVESTMENT FIN WEEKLY S RECOMENDED BUYS

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DIFFERENT Strokes from Indian promoters

DIFFERENT Strokes   from Indian promoters

A new trend in Indian Corporate sector has gained momentum where in promoters have found a legal tool to loot minority shareholders. Now, Numeric Power has agreed to sell its core business wherein valuations work out to nearly Rs 800 per share. Why promoters did not sell equity stake and exited so that minority shareholders also would have got Rs 800 for their holdings from this foreign entity? By selling only the business, promoters will be sole decision makers how to deploy (or siphon off) the cash. Naturally, there may be some minor dividend as condolence for the demise of minority shareholders' wealth. Every promoter claims that proceeds from sale of existing business (nurtured over several decades) will be used for some new business. It is like killing your grown-up kid and planning for another pregnancy..

 

BOROSIL GLASS Ltd got 629 cr for land sale. Now promoters are using part of this money for buyback of shares although equity is less than 4 cr. It is very common in India where promoters (prior to such grandiose announcements like land sale etc) buy shares from open market and park benami with some brokers. And then tender such shares in market buyback to make further killing. At operational level in Q3, company has made loss of 3.54 cr although prior to land sale it used to report some small profit. Only with other income of 12.51 cr, there is Pat of just 3.32 cr. Minority shareholders must be in fo greatest shock of their life. It is like waiting for nine months to get over to expect a healthy baby child but instead, boulder comes out. There is no dearth of shameless robber-barons in India. KANORIA CHEMICALS got 830 cr for sale of chloroalkali business and company has shown LOSS of 97 laks in Q3 despite other income of 6 cr. However, no one is throwing brickbats at such financial terrorists.

 

It is really appalling that so many Indian promoters are adept at showing profits which are too good to be true and auditors/analysts never detect devious methods of such economic offenders. ARSS raised large amounts from IPO and subsequently showed (not achieved) Eps of more than Rs 100/. Naturally share price sky-rocketed and promoters must have sold their benami holdings. Now, promoters want pound of flesh from their lenders also and have shown loss of 12 cr in Q3 (whereas co used to show quarterly profits of 20-25 cr) so that bankers give in easily to accede to CDR demands of company. Company could not succeed in coming out with IPO of its unlisted entity (as per our sources wanted Rs 500 as IPO price and had already cheated several investors by placing shares in grey market @ 200) and hence losses in listed entity. ICSA was a constant sell by this writer when its share price was in 3 digits and when several analysts used to churn out buy reports. This writer had always doubted credential of promoters. A company which used to show huge profits has now reported all of a sudden LOSS of 33 cr in Q3. Showing losses is easiest way to force lenders to grant big waivers. On equity of 97 cr, GTL Ltd has shown LOSS of 110 cr for Q3. Either profits being reported earlier were not genuine or now losses being reported are not genuine. But scrip seems to have become a favorite of casino-addicted speculators. Promoters make some announcement and share price goes up for few days. DON'T BUY.  Don’t befriend someone who is suspected of HIV Virus. Rather pay more and make friend with another clean one. Big is not Beautiful particularly when huge debt makes you big. Adityabirla chemical had earlier reported Pat of 62 cr. Then promoters decide pay 830 cr to buy another company's business. Now, company has reported LOSS of 6.20 cr for Q3.

 source: H.K. GUPTA

Multi Commodity Exchange of India Limited

Issue Summary

Type Public issue, 100% Book building Shares on offer 6.4 m shares Size Rs 5.53 bn to Rs 6.63 bn Face Value Rs 10 per share Offer Price Rs 860 to Rs 1,032 per share Pre/Post-issue promoter holding 31.18% / 26% Minimum subscription 6 shares Promoters Financial Technologies (India) Limited (FTIL) Listing BSE Lead Managers Edelweiss Financial Services Limited, Citigroup Global Markets India Private Limited, Morgan Stanley India Company Private Limited Bid/Issue opens 22-February-2012 Bid/Issue closes February 24, 2012

Issue structure

Qualified Institutional Bidders (QIBs*) Non-institutional Investors Retail Investors No of shares (m) 3.1 0.9 2.2 % of total net offer size** 50% 15% 35% Minimum Bid/Application size Such number of equity shares so that the bid amount exceeds Rs 200,000 Such number of equity shares so that the bid amount exceeds Rs 200,000 6 shares Maximum Bid/Application size Not exceeding issue size Not exceeding issue size Rs 200,000 in multiples of 6 shares * The Company may allocate 30% of the QIB portion to Anchor Investors on a discretionary basis (1/3rd of which will be reserved for domestic mutual funds); ** 0.25 m shares are reserved for employees, hence total net offer is 6.2 m shares  Objects of the issue To carry out the divestment of equity shares by the sellings (Financial Technologies (India) Limited, State Bank of India (Equity), GLG Financials Fund, Alexandra Mauritius Limited, Corporation Bank, Bank of Baroda and ICICI Lombard) To achieve the benefits of listing  Company background Business Multi Commodity Exchange of India Ltd (MCX) is the leading electronic commodities exchange in India, based on value of commodity futures contracts traded. It offers more than 40 commodities across various segments such as bullion, ferrous and non-ferrous metals, energy, and a number of agri-commodities on its platform. Promoted by FTIL, the company started its operations, to facilitate nationwide online trading, clearing and settlement operations of commodities futures transactions, after getting permanent recognition from the Government of India for the same in September, 2003. The promoter company, FTIL is a software developer and a technical service provider of automated electronic solutions in the areas of finance and technology like foreign exchange, commodities and equities. MCX sources exchange related support infrastructure and software from FTIL. As of December 31, 2011, MCX had 2,153 members on its exchange's platform, with over 296,000 terminals including CTCL (Computer to Computer Link) spread over 1,572 cities and towns across India. The company commands more than 80% of the Indian commodity futures industry in terms of the value of commodity futures contracts traded. The company generates revenues from transaction fees, membership admission fees, annual subscription fees and terminal charges. More than 95% of total revenue is contributed by transaction fees. In the past three years (FY09-FY11), the total value of commodity futures contracts traded on the company's exchange has grown at a compounded average growth rate (CAGR) of 46%. During the same period, its revenues and adjusted net profits have grown at compounded average growth rates (CAGR) of 32% and 30% respectively. Revenue break-up FY09 FY10 FY11 9MFY12 Transaction fees 87.6% 91.9% 94.8% 96.1% Membership Admission fees 5.0% 2.4% 1.0% 1.0% Annual subscription fees 6.4% 4.7% 3.7% 2.5% Terminal charges 1.1% 0.9% 0.6% 0.4% Key management personnel Mr Lambertus Rutten (Managing Director and Chief Executive Officer) is a veteran in the field of commodity risk management and structured finance as well as on commodity price risk management. He holds a Master's degree with Honours in International Economic Management from Tilburg University, Netherlands. Before joining MCX, he had worked as the chief of finance, risk management and information in the commodities branch of the United Nations Conference on Trade and Development (UNCTAD), Geneva. He also holds directorship in Bourse Africa and Swiss Futures & Options Association Mr Venkat Chary, Chairman & Non-Executive Independent Director, is a retired IAS (Indian Administrative Services) officer. He is a former Chairman of the FMC (Forward Markets Commission), Government of India. He was also a member of the Maharashtra Electricity Regulatory Commission. He holds several academic degrees such as a Bachelor's degree in Law, Master's degree in Commerce, and a Post Graduate Diploma in Economics and Finance. Mr Jignesh P. Shah, Vice Chairman & Non Executive Non Independent Director, is promoter of FTIL group companies. He has been a director of the company since 2003. He has over 20 years of experience in creating and operating technology-centric financial exchanges such as those for stocks, commodities, currencies and bonds. Before promoting FTIL, he was working with Bombay Stock Exchange (BSE) where he was responsible for designing and implementing the technology platform of the exchange. He has done a Bachelor's degree in Engineering from Mumbai University. Sector Futures contracts are derivative products that provide means for hedging and asset allocation and are prevalent in nearly all sectors of the global economy. The asset underlying futures contracts could be a physical asset (such as an agricultural commodity) or a financial asset (such as interest rates, foreign exchange products and stock indices).There are over 30 commodity futures and options exchanges worldwide that trade commodities ranging from energy, metals, agriculture to livestock in many countries including the United States, China, Japan, Malaysia and the United Kingdom. The global commodity derivative market has experienced tremendous growth over the past decade. This strong growth could be attributed to increasing sophistication of trading strategies that have led to greater use of derivatives for hedging and speculation and the emergence of electronic high frequency trading. Increased and innovative product variety, greater participation of retail clients and the increased relevance of emerging economies have also played a great role in the growth of the commodity futures industry. In India, there are currently 21 commodity exchanges and associations which are recognised by the Government of India and authorised to organise and regulate futures trading in various commodities. However, top five players, MCX, NCDEX, NMCE, ICEX and ACE accounts for more than 99% of total industry. The industry is regulated by Forward Markets Commission (FMC), a regulatory authority which is overseen by the Ministry of Consumer Affairs, Food and Public Distribution, Govt. of India. FMC is a statutory body set up in 1953 under the Forward Contracts (Regulation) Act (FCRA), 1952. Commodity futures trading in India has grown at a fast clip since the Government of India issued a notification on April 1, 2003 permitting futures trading in commodities. The total value of commodities futures traded in India in the FY11 was 119,489 bn, representing growth of approximately 90-fold from the value of commodity futures contracts traded in the FY04. Commodity futures trading volumes have risen at a CAGR of 90.9% between FY04 and FY11. At present, over 60 commodities futures have been approved by the FMC for trading. Gold, silver, crude oil, copper, zinc and nickel contribute more than 85% of the total market. The Indian commodity derivative market is still in nascent stage. So far, only futures are allowed for trading. Permission for commodity options is still under consideration of the Indian parliament. Options trading volumes in the global derivatives markets constitute around 50% of the total futures and options volumes. Hence, option trading may be one of the biggest growth drivers for the industry in the future, if the government of India allows for the same. In addition to that, the Government of India is also considering permitting banks, mutual funds and foreign institutional investors to trade in India's commodity futures markets. The entry of these new market participants may lead to increases in the trading volumes of commodity futures in India. The growth of the overall economy in India is expected to drive the underlying demand for commodities. The increase in physical market volumes would increase the hedging requirements of industry players, which influences derivative trading volumes. With technological advancement, availability of market information increases and increasing awareness regarding the benefits of hedging, the industry is set to grow in the future.  Reasons to apply MCX - A behemoth among Indian Exchanges: MCX is the leading commodities exchange in India based on value of commodity futures contracts traded in metals, energy and certain agricultural commodities. It commands more than 80% of the Indian commodity futures industry in terms of the value of commodity futures contracts traded. It is 5th largest commodity futures exchange globally in terms of the number of contracts traded and were among the leading commodity exchanges in the world in terms of trading volumes of certain commodities. It is the largest silver exchange, the second largest gold, copper and natural gas exchange and the third largest crude oil exchange in the world. This leadership position in these products gives the company a definite competitive advantage in terms of liquidity. Liquidity is self-sustaining and sticky in nature which helps restrict competition. Also, unlike stocks, commodity future contracts are not fungibles. It means that contracts created by MCX are traded and cleared by MCX itself. This non-transferability of the contracts creates a great moat for the company as it is the market leader. All this is well reflected in the fact that despite growing competition in this space, the company has been successful in defending its market share. Going forward, this would help the company to grow with the growth in the overall industry. Asset light business model: Globally, exchanges are low capex and high dividend paying business models. The exchanges pay dividend as high as 90% of their net profits. MCX has been also paying dividend consistently. However, as the company is in the growth mode, it has not paid that kind of high dividends in the past. No doubt, the business model is company is highly scalable and have the potential to generate better margins at greater volumes. The company has made significant investments in developing its fixed operating infrastructure, including technology systems, to support anticipated growth and increase in the demand. Considering non-linearity of the business which would lead to higher profitability and sound growth prospects, the company is expected to pay high dividends in future. Strong management team: MCX's board of directors and management team are well experienced in the exchange industry and application of technology in this sector. Mr Jignesh Shah, vice chairman of the company, is an old and experienced hand in the Indian exchange business. He was a part of a part of the BSE's automation team that designed and implemented BSE's online trading system known as BOLT. Mr Lambertus Rutten, the managing director and CEO of the company, has sixteen years of experience working for the United Nations Conference on Trade and Development and the World Bank, where he was responsible for programmes on commodity exchanges, risk management and finance. Other directors are also having experience of working with different stock exchanges, banks and different regulatory bodies such as SEBI (Securities and Exchange Board of India) and FMC. The knowledge and experience of the management team enables the company respond to market opportunities, adapt to changes in the regulatory environment and bring innovations to the company's product folio and functioning. Bellwether in product and service Innovation: One of the biggest strength of the company is its ability to introduce new and innovative products, i.e. commodity future contracts, and services on its exchange. The company has been pioneer in offering futures trading in steel, crude oil, and almond in India. In June 2005, the company launched MCXCOMDEX, India's first real time composite commodity futures index. It also introduced several other indices related to agriculture, metal, energy and rain. The company was the first exchange in India to initiate evening sessions to synchronize with the trading hours of global exchanges in London, New York and other major international markets. The company introduces several mini contracts in Zinc, Lead, Aluminium and Silver. Coming up with new future contracts seems to be habit of the company. All this clearly indicates company's focus on growth through innovations. This trend would help the company keep its growth momentum going forward. Strong technological infrastructure and networks of alliance: The success of an electronic exchange is highly dependent of its technological infrastructure. The electronic trading platform is provided by the company's promoter FTIL, a leading technology company for exchanges. With the constant technology upgrades and variations as well as regulatory changes, the company needs to change its systems. And here support of FTIL comes very handy. The technical expertise and experience of FTIL enables MCX to obtain speedy and efficient technology solutions, such as customisation and development of new software for new products and services. Besides technological support, in commodity exchange business, other integrated infrastructure is required as well for delivery based trading. The group company, National Bulk Handling Corporation (NBHC), is a national warehousing and supply chain Company that provides warehouse and collateral management services and implements quality systems for receipt, storage, fumigation, product classification, weight certification, as well as out-loading services for commodities. This creates a good synergy arising from the physical settlement of commodity futures contracts traded on the company's exchange The company has also several international alliances with a number of exchanges such as the London Metal Exchange, the New York Mercantile Exchange, the LIFFE Administration and Management (under renewal), the Baltic Exchange Limited, Shanghai Futures Exchange and Taiwan Futures Exchange. This helps the company increase its market presence and innovate new products.  Reasons not to apply Change in regulatory environment: The commodities trading industry has been and continues to be subject to strict regulatory requirements and scrutiny. As such, MCX too face the risk of changes in laws, regulations or governmental policies or taxation which may diminish the trading volumes. Unlike Securities Transaction Tax (STT), in this industry there is still no Commodity Transaction Tax (CTT). There are states which do not levy any stamp duty as well. In the event of change in these kinds of favourable scenario, the trading volumes may get hampered. However, with the growth of overall market and tremendous opportunity to penetrate the Indian market, the company's business should not be affected much. Delay in FCRA amendments: The industry is waiting for FCRA amendment to allow trading in commodity options. Also, the industry is expecting government's nod on permitting banks, mutual funds and foreign institutional investors to trade in India's commodity futures markets. In case it does not come in the near future or does not materialize any time, the growth momentum of the whole industry would not be able to witness the spectacular growth rates of past, going forward. Intense competition: The competition is growing in this industry by the day. Despite the market leadership position, the company is facing pressure on its pricing. This clearly reflects in the fact the growth rate in income from operation (a CAGR of 32% over FY09-FY11) is not in line with the growth rate of the total turnover (a CAGR of 47% over FY09-FY11) for the company. The transaction fee is coming under pressure due to growing competition in this space. So far, the company has been able to defend its leadership position in terms of market share. However, this trend is hurting the profitability of the company. Going forward, growth in the topline and operating leverage would help the company to protect its margins.  Financials Analysis Profit & Loss (Rs m) FY09 FY10 FY11 9MFY12 Income from operations 2,124 2,874 3,689 4,023 Operating expenditure 1,360 1,458 1,771 1,418 EBITDA 764 1,416 1,918 2,605 EBITDA Margin 36.0% 49.3% 52.0% 64.8% Depreciation and Amortisation 200 247 247 204 EBIT 565 1,168 1,671 2,401 EBIT Margin 26.6% 40.6% 45.3% 59.7% Interest 1.8 0.4 0.2 0.0 Other Income 806 694 787 722 Exceptional items 728 1,369 - - Profit before tax 2,097 3,231 2,458 3,122 Tax 522 1,024 727 917 Effective tax rate 24.9% 31.7% 29.6% 29.4% Net profit after tax before share of profit of Associate 1,574 2,207 1,731 2,205 Share of profit of Associate 0.4 3 3 1 Prior period adjustments 14 (2) 29 (27) Net profit 1,588 2,208 1,763 2,180 Adjusted Net Profit 1,042 1,273 1,763 2,180 Net Margin 74.8% 76.8% 47.8% 54.2% Adjusted Net Margin 49.0% 44.3% 47.8% 54.2% Fully diluted EPS 31.1 43.3 34.6 42.7 Estimated annualised EPS for FY12 57.0 Proposed dividend 203.99 203.99 254.99 - Dividend payout ratio 13% 9% 14% 0% Balance Sheet (Rs m) Net Fixed Assets 2,089 1,928 1,953 1,930 Investments 4,698 6,170 8,237 10,958 Current Assets, Loans and Advances 4,872 4,191 4,810 3,837 Liabilities and Provisions 6,722 5,321 6,513 5,987 Total Assets 4,937 6,968 8,488 10,739 Net Worth 4,937 6,968 8,488 10,739 Return on Equity (RoE) 32.2% 31.7% 20.8% 20.3% Adjusted RoE 21.1% 18.3% 20.8% 20.3% Estimated annualised RoE for FY12 25.3%  Concluding remarks Comparative analysis Parameters MCX (FY11) HKEX(CY10) CME Group (CY10) ASX (FY11 - June YE) NASDAQ OMX (CY11) Operating Margin 45.3% 83.9% 61.0% 61.6% 19.7% Net Profit Margin 47.8% 71.0% 31.7% 57.6% 12.4% Return on Equity 20.8% 58.1% 4.7% 11.7% 8.4% Dividend Payout (%) 14% 89.7% 32.1% 90.9% 0.0% Valuations Price to earnings (based on TTM EPS*) 18.1 29.2 15.5 15.0 13.5 Price to book value (based on latest book value) 4.6 0.4 0.9 1.8 1.1 Market capitalization (US$ bn)** 1.1 20.3 19.6 5.8 4.7 Dividend Yield 0.5% 2.9% 1.6% 6.0% 0.0% Note- Share price for MCX is taken as the higher end of the offered price band which is Rs 1032 * For MCX, EPS of 9MFY12 has been annualized, ** As on 17th Feb, 2012 Currently, listed global exchanges around the world trade at an average price-to-earnings (P/E) multiple of around 17-18. However, matured players such as CME group, ASX and NASDAQ OMX trade at much lower valuations, a P/E of around 14-15. Exchanges in the Asian markets command higher valuations as growth prospect is much higher in this region. Please note that the Hong Kong Stock Exchange (HKEX) is not a commodity exchange but a stock exchange and its fundamentals may not be exactly comparable to that of MCX. At the higher level of the offer price of Rs 1032 per share, MCX's IPO has been priced at a multiple of 18.1 times its FY12E earnings. Comparing it with the valuations of mature exchanges, this obviously does not provide much comfort to long term investors. No doubt, MCX has a fairly robust business model. In addition, if FCRA amendments come and trading of commodity options starts on Indian commodity bourses, it would boost the turnover of the commodity derivative market. Also, if the government of India permits banks, mutual funds and foreign institutional investors to trade in the Indian commodity futures markets, it would help continue the growth momentum of the whole market. MCX, being a leader, is expected to reap the maximum benefits in that scenario. However, there is no certainty when all this would happen. Worst case scenario, these amendments may never see the light of the day. The current valuations leave very little on the table for the long term investors in terms of expansion of the market multiples. The valuation multiple at the higher level of the proposed price band seems to have factored in most of the near term upsides. There is no certainty on the issue of the proposed FCRA amendments. Considering all these, we recommend you to 'Avoid' the issue. It would be safer for retail investors to invest in the company once there is more margin of safety in valuations and visibility in dividend payouts and long term sustainable margins. Your feedback is important to us. Please Write to us

Wockhardt

Wockhardt (Code :
532300) : Drug firm Wockhardt Ltd has come out with strong Q3 numbers. Its consolidated net profit rose by 50.21 per cent to Rs 212.81 crore on the back of strong sales in the US market.Net sales rose to Rs 1,208.67 crore in the quarter ended December 31, 2011, from Rs 950.80 crore in the same period last fiscal. Its US operations have for the first time surpassed all records by crossing the $100 million-mark in a single quarter. For the nine months period ended December 31, 2011, the company posted a net profit of Rs 534.35 crore, while it had reported a net loss of Rs 71.31 crore for the same period last fiscal. The company has filed a consent decree in the Bombay High Court to pay FCCB holders the outstanding amounts along with the interest on reducing balance by August 2012. The company was defaulted on its 11 crore dollars FCCBs in 2009. But after that, Wockhardt has turn around rapidly and now it is on path of high growth. The stock has jumped from just Rs. 438 to Rs.510 in five tradingsessions and finally closed at Rs.475 on profit taking. Buy at every decline

Commodity space

with mixed sentiments in the last week.
In the beginning of the last week gold
traded slightly lower on back of uncertainty
over concerns with respect to
Euro Zone debt crisis which will lead to
rise in risk aversion in the global markets.
This is the first time when India
dropped to the second position in gold
consumption rankings. However, gold
prices improved from mid of the last
week as rise in crude oil prices which
boosted inflation-led demand for gold.
Holdings in the SPDR Gold Trust, the
world’s largest gold-backed exchangetraded
fund, rose around 0.3 percent
to 1,281.28 tonnes by 16th February
2012from the previous 1,278.34 tonnes
on February 9, 2012.
Outlook and Support/Resistance
Levels for this week : Gold and
silver is expected to trade slightly higher
due to revival in the global markets as
an optimism over Greece rescue package
will lead to weakness in the US
dollar. Additionally, rise in crude oil
prices due to supply concerns will also
fuel inflation-led demand for gold which
will also act as a positive factor. Spot
Gold has a strong support at $1710/
$1685 levels and resistance at $1750/
$1780 levels. MCX April Gold has a
strong support at 27,930/27,700 levels
and resistance at 28,330/28,600 levels.
Spot Silver has a strong support at
$32.78/$31.90 levels and resistance at
$34.20/$35.00 levels. MCX March Silver
has a strong support at 55,600/
54,650 levels and resistance at 57,100/
58,000 levels.
Base Metals : Base metal prices
traded lower in the last week on the
back of weak demand from China, the
world’s largest consumer of metal. Additionally,
escalating tensions over
Europe’s debt crisis coupled with a
stronger dollar. Appreciation in the Indian
Rupee led further decline on the
domestic bourses.
Outlook and Support/Resistance
Levels for this week : We expect
base metal to trade lower on account
of uncertainty over Greece debt
crisis coupled with a stronger dollar.
Additionally, Moody’s downgrade warning
will lead to weak sentiments in the
global markets which will further pull
metal prices in downward direction.
MCX February Copper shall find a
strong support at 405/398 levels and
resistance at 421/427 levels. Weekly
Recommendation: Sell MCX March
Copper between 420-421, SL-427,
Target 405/398

SMART PLUS News Letter recomandations

Investment Scrips for this week

Adani Ports & Sez 149.00
Andhra Sugar 134.00
Bajaj Ele. 190.00
Grasim 2878.00
Mphasis 398.00
Butterfly Gandhi 381.00
Oil Inida 1316.00
Amar Raja Batt. 285.00
Page Ind. 2473.00
Thermax 533.00
Siemens 821.00
Sunteck Realty 379.80
DIC India 280.00
Godrej Prop. 667.00
Engineers (I) 266.00
SRF 290.00
Sail India 111.00
Apollo Tyre 83.00
Infosys 2947.00
Cairn India 386.00
Wockhardt 476.00

ICICI Bank 981.00
Jain Irrigation 117.00
HDIL 96.00
Pitti Lamination 68.00
ENIL 235.00
Tilaknagar Ind. 60.00
Cochin Mineral 171.95
Bharat Gears 70.00
Saregama 83.00
Jai Corp. 102.00
KNR Const. 143.00
Escorts 87.00
Avantel Ltd. 67.00
Orietn Paper 60.00
Gabriel India 45.00
Neo Corp International 43.10
MPS Ltd. 46.00
Adhunik Metaliks 54.90
Sasken Comm. 35.00
IL&FS Invest 30.00
KCP Ltd. 33.00

Nifty Future (5592) on the way up key a Major resistance at 5612 Closing above 5612 them nifty lead to 5630 area. Below
5555 strong support at 5321. Do not short at near lower level.
Srei Infra (33.5) Buy at decline at 32 for objective of 35/37 area. Break above 37 than should lead the stock towards 39 area.
Keep stop below 30.5 area. Very positive bias for this stock.
NTPC (188.5) buy at cmp for objective of 194/199 area. Now break above 199 than should lead the stock towards 209 area.
Keep stoploss below 183 area. Very positive bias for this stock.
Hind Zinc (141) Intimate buy position in future on any dips to 138 area. For an objective of 146/151. A break above 151 will
stock indicate strength in the up move. stoploos below 136.5.
Apollo Tyre (84) Intimate buys position in Feb. future on any dips to 82 area. For an objective of 88/91 keep stoploos below
81.
Reliance (820) Intimate buy position in future on any dips to 813 area. For an objective of 836/850. A break above 850 will
stock indicate strength in the up move. stoploos below 803.
GSPL (84) Buy future at any decline rate nr. 82.5 With stoploss below 80 area for an objective for 88/93 area. Intimate 5
days position.
BPCL (618) Buy future at rate nr. 611 with stoploss below 606 area for an objective for 640/655 intimate 5 days position.
Century Tex. (336) buy at cmp for objective of 350/358 area. Now break above 358 than should lead the stock towards 375
area. Keep stoploss below 330 area. Very positive bias for this stock.