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From: mailer9-bounces@
Sent: 09 August 2007 08:53
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Ador Fontech
Adorable and affordable
In spite of being a niche engineering company growing sales, profits and dividends consistently every year, the company is available at a forward P/E of just 5.1
| Buy | Ador Fontech |
| BSE Code | 530431 |
| NSE Code | Not listed |
| Bloomberg | CSFT@IN |
| Reuter | ADOF.BO |
| 52-week High/Low | Rs 110 / Rs 62 |
| Current Price | Rs 96 (as on 8th August 2007) |
Ador Fontech (AFL) is an associate company of Ador Welding. It focuses on niche maintenance welding segment.
AFL was incorporated in August 1974, as Cosmics Fontech. It subsequently changed its name to Ador Fontech. In 1992, it acquired Fist India (P) Ltd and Kostech India Pvt Ltd. These companies were subsequently merged with the company as a division.
Sharp growth rates during lean season
The company has registered strong 19% growth in sales, 56% jump in operating profits and a whopping 117% growth in net profits for the first quarter ended June 2007.
While sales rose 19% to Rs 15.97 crore, OPM jumped by 180 basis points to 7.6%. Thus, operating profit jumped by 56% to Rs 1.22 crore.
PBT was up by 82% to Rs 1.09 crore. PAT soared 117% to Rs 65 lakh. June quarter is seasonally lean quarter for the company.
Revenues from the Products Division rose 14% to Rs 14.84 crore. It accounted for 92% of the company’s revenues for the quarter. PBIT from the same increased by 11% to Rs 2.07 crore. It accounted for 80% of the company’s PBIT.
Revenues from the Services Division rose 111% to Rs 1.29 crore. It accounted for 8% of the company’s revenues for the quarter. PBIT from the same increased by 300% to Rs 52 lakh. It accounted for 20% of the company’s PBIT.
Operational and financial efficiency lead growth
Factors that contributed to the growth include benign economic environment, major thrust on key product portfolios like repair welding and ceramics, focused training imparted by foreign principals and the Company's in-house training division ‘DOTES’ (Documentation, Training and educational Services), besides an overall improvement in the KSAO’s (Knowledge, Skill, Attitudes and Other attributes) of the employees.
On the financial front, the company repaid its entire borrowing on working capital, amounting to rupees three crores and forty lakhs (classified under secured loans). This may be deemed to be a major step in the area of operational efficiency.
Niche business on a consistent growth platform
Ador Fontech focuses on maintenance welding, which is a niche segment requiring specialised skills. It offers products and solutions for reclamation welding and recycling of vital machinery components.
The company caters to the ‘Life Enhancement of Vital Machinery Components’. The domain expertise in this sector calls for application of high level of skills covering metallurgy, chemical and repair welding processes. There are quite a few players in this market and competition is keen. Nonetheless, the underlying fact is the contribution that this segment offers to the world at large, in terms of conservation of depleting natural resources, which is substantial. Further, industries in general are benefited by way of greater productivity, resulting from lesser downtime. This unique predisposition, places the organisation on a consistent growth platform.
The company’s product basket includes filler wires, welding equipment/accessori
Caters to almost all the core sectors and several engineering industries
Ador Fontech supplies products and services to almost all the core sectors and several engineering industries. Weld repair is commonly used to improve, update, and rework parts so that they equal or exceed the usefulness of the original part. Its major customer base includes mining industries, steel and other metallurgical complexes, power plants, railways, road transport workshops, shipping industries, sugar mills, cement plants, fertilizer and chemical plants, oil drilling and refining sector, defence units and numerous engineering industries.
Almost all its customers now have optimistic growth plans. Worldwide, the demand for metals, alloys and mineral resources is on the rise. This augurs well for Ador Fontech. The other opportunities are in the fields of high productivity welding and cutting systems, welding fume extraction systems, specialised surfacing and hard-facing alloys and deposition equipment.
High dividend yield
In FY 2007, the company gave dividend of Rs 5 per share. During the last 10 years, the company has never missed on dividends and in fact its dividend payout ratio has hovered in between 33% and 68%. This makes the company a high dividend yield stock.
Outlook
Strong growth in manufacturing, shipping and oil industries have increased the requirements of maintenance welding to make best use of available resources (machinery, ships and rigs). Moreover, better demand scenario has lead to old machinery and old factories to get back to operation, increasing the demand for maintenance welding. Increased activity in ship building industry also boosts demand for specialized and reclamation welding.
Further the number of steps initiated by the company to improve customer focus and continuous addition of world class brands to its product spectrum will help it fully capitalise on the better demand scenario.
An important segment of life enhancement solutions is repair and refurbishment, many organisations are strategically outsourcing these business functions. This offers great opportunities for growth and development. Further, technological developments are transforming business processes and operations at phenomenal speed. New product additions, ease in handling of machines/equipment etc. are providing new dimensions towards value added business solutions.
Looking ahead, the company plans to increase its value chain in the manufacture of low heat input welding alloys. The management believes that this coupled with other allied businesses, would provide the necessary growth momentum, that has been set in pace.
Valuation
On the financial front, the company has been a consistent performer with respectable sales and profitability right since 1992. Notably, even during the adverse times, it has never made losses and has always paid dividends.
The company has declared a dividend of 50% for the year ended March 2007 as against 40% in FY 2007. The company has increased dividend rate consecutively for the past four years. Going by the trend one can expect dividend of 60% for FY 2008, giving a dividend yield of 6.25% at the current price.
One can expect the company to report sales and net profit of Rs 92.31 crore and Rs 6.57 crore for FY 08. On a small equity of Rs 3.50 crore and face value of Rs 10 per share, EPS works out to a solid Rs 18.8.
Current price of Rs 96 discounts the FY 2007 actual EPS of Rs 14.6 just 6.6 times. P/E on FY 2008 EPS of Rs 18.8 falls to even more attractive 5.1 times. This means the company is available at a market cap of Rs 33.60 crore, which is only one-third of its expected FY 2008 revenues.
| | 0403 (12) | 0503 (12) | 0603 (12) | 0703 (12) | 0803 (12 P) |
| Net sales | 40.36 | 54.62 | 68.95 | 79.61 | 92.31 |
| OPM (%) | 6.7 | 7.9 | 11.2 | 10.8 | 11.3 |
| OP | 2.70 | 4.31 | 7.71 | 8.62 | 10.41 |
| Other Inc. | 0.91 | 0.93 | 1.06 | 1.11 | 1.16 |
| PBIDT | 3.61 | 5.24 | 8.77 | 9.73 | 11.57 |
| Interest | 0.50 | 0.44 | 0.32 | 0.34 | 0.14 |
| PBDT | 3.11 | 4.80 | 8.45 | 9.39 | 11.43 |
| Dep. | 0.79 | 0.92 | 1.06 | 1.04 | 1.10 |
| PBT | 2.32 | 3.88 | 7.39 | 8.35 | 10.33 |
| Tax | 0.81 | 0.99 | 2.94 | 3.23 | 3.77 |
| PAT | 1.51 | 2.89 | 4.45 | 5.12 | 6.57 |
| EO | 0.00 | -0.99 | 0.00 | 0.00 | 0.00 |
| PAT after EO | 1.51 | 1.90 | 4.45 | 5.12 | 6.57 |
| EPS* (Rs) | 4.3 | 8.3 | 12.7 | 14.6 | 18.8 |
| * Annualised on current equity of Rs 3.50 crore; Face Value: Rs 10 | |||||
| Ador Fontech: Results |
| | 0706 (3) | 0606 (3) | Var. (%) | 0703 (12) | 0603 (12) | Var. (%) |
| Sales | 15.97 | 13.46 | 19 | 79.61 | 68.95 | 15 |
| OPM (%) | 7.6 | 5.8 | | 10.8 | 11.2 | |
| OP | 1.22 | 0.78 | 56 | 8.62 | 7.71 | 12 |
| Other inc. | 0.16 | 0.16 | 0 | 1.11 | 1.06 | 5 |
| PBIDT | 1.38 | 0.94 | 47 | 9.73 | 8.77 | 11 |
| Interest | 0.00 | 0.07 | -100 | 0.34 | 0.32 | 6 |
| PBDT | 1.38 | 0.87 | 59 | 9.39 | 8.45 | 11 |
| Dep. | 0.29 | 0.27 | 7 | 1.04 | 1.06 | -2 |
| PBT | 1.09 | 0.60 | 82 | 8.35 | 7.39 | 13 |
| Tax | 0.44 | 0.29 | 52 | 3.23 | 2.94 | 10 |
| Deferred Tax | 0.00 | 0.01 | -100 | 0.00 | 0.00 | -- |
| PAT | 0.65 | 0.30 | 117 | 5.12 | 4.45 | 15 |
| EPS* (Rs) | # | # | | 14.6 | 12.7 | |
| * Annualised on current equity of Rs 3.50 crore; Face Value: Rs 10 | ||||||
| Ador Fontech: Segment results |
| Sales | 0706 (3) | 0606 (3) | Var. (%) | % to total | 0703 (12) | 0603 (12) | Var. (%) | % to total |
| Products | 14.84 | 13.00 | 14 | 92 | 74.66 | 65.82 | 13 | 92 |
| Services | 1.29 | 0.61 | 111 | 8 | 6.06 | 4.19 | 45 | 8 |
| Total | 16.13 | 13.61 | 19 | 100 | 80.72 | 70.01 | 15 | 100 |
| Less Inter segment revenue | 0.00 | 0.00 | | | 0.00 | 0.00 | | |
| Net sales | 16.13 | 13.61 | | 100 | 80.72 | 70.01 | | 100 |
| PBIT | | | | | | | | |
| Products | 2.07 | 1.87 | 11 | 80 | 11.75 | 11.63 | 1 | 80 |
| Services | 0.52 | 0.13 | 300 | 20 | 2.85 | 2.08 | 37 | 20 |
| PBT before tax and interest | 2.59 | 2.00 | 30 | 100 | 14.60 | 13.71 | 6 | 100 |
| Less: Interest | 0 | 0 | | | 0.34 | 0.32 | | |
| Less: Other unallocable income | 1.50 | 1.33 | | | 5.91 | 6.00 | | |
| EO | 0.00 | 0.00 | | | 0.00 | 0.00 | | |
| PBT | 1.09 | 0.67 | 63 | | 8.35 | 7.39 | 13 | |
| Capital Employed | | | | | | | | |
| Products | 17.37 | 15.01 | 16 | 95 | 16.97 | 13.81 | 23 | 98 |
| Services | 0.82 | 0.33 | 148 | 5 | 0.42 | 0.68 | -38 | 2 |
| Total | 18.19 | 15.34 | 19 | 100 | 17.39 | 14.49 | 20 | 100 |
| Figures in Rs crore | ||||||||
I want to build many MNCs within L&T'
A M Naik's children want him to 'take it easy,' but the chairman of the country's largest infrastructure firm, Larsen & Toubro, is still maintaining a hectic 18-hour-a-day routine. The 65-year old Naik talks to Shyamal Majumdar and Kausik Datta on his blueprint to simplify the 'complex' structure of the company, which hopes to achieve the Rs 30,000 crore turnover mark by March 2010, up from Rs 18,000 crore now. Excerpts from the interview:
Que:- L&T is going through a process of restructuring and setting up of new subsidiaries. What's the rationale?
Ans: L&T is already very complex with 62 different businesses and is difficult to manage. So I don't want any further strain on the system. We would get into major new business opportunities through separate companies which will have their own CEOs and boards. Power, for example, is one such vertical. We already have formed a company _ L&T Power projects _ which will be the umbrella company for all power businesses. Other power segments such as boilers and turbines will become separate subsidiaries under L&T Power. There will be several other such companies in areas like shipbuilding. The separate company for shipbuilding will come into being in another couple of weeks. The idea is to create many multinational companies within L&T. Each of these companies can have footprints in many countries and grow into real mega businesses.
Que:- Will you go for dilution of stake in these companies?
Ans: Not before five years. There won't be any opportunities to make money before that as the factories themselves will take at least two years to be operational. At the moment, it is just convenient to spin off the big and new businesses into separate subsidiaries.
Que:-Which are the other new businesses?
Ans Railways. This business is based out of New Delhi and we are looking for a dynamic CEO who can grow the business up to Rs 1,000 crore in three-four years. Defence could be another area. We are interested in entering the submarine project. We have the required expertise and after getting the Raksha Udyog Ratna status, we will be in a better position to bid for future projects. L&T is building Pinaka rocket launchers for two regiments of Indian army and is bidding for the modernisation of Bofors guns. There are many more such orders in the pipeline.
Que:-Have you found CEOs for all the new verticals?
Ans We are talking to a global HR firm for this. Some of these posts will be filled up with insiders. For example, the CEO for the turbines company will be an insider. For the boilers company, we may induct an outsider. For the shipbuilding company, we may have an expat CEO.
Que:-What's your plan for L&T Infotech?
Ans: The listing has been delayed. These things take time. L&T Infotech aims to achieve $1 billion annual revenue in the next three to four years from $287 million now, growing at 50 per cent in each of the last three years. The initial public offer is expected in the second half of 2008-09.
Que:-Will L&T eventually follow the structure of a holding company?
Ans: The problem with a holding company is that we have a double dividend tax now. This is very inefficient. I have spoken with the finance minister on the issue and he said he is looking into it. The Companies Act has to be changed to scrap double taxation. As and when it is done, we may seriously look at spinning off some companies which are not related to each other. L&T is unlike Tata Sons which is mainly an investment company. We are an operating company which is not very big in size but complex. Therefore, we have to put a simplified structure in place to ensure better governance. But in the process, we should not loosen control so much that our businesses can be taken over. L&T ko sab log kha jane ke liye taiyyar hain (People are keen to gobble up L&T). We have resisted it for the last 30 years and will continue to do so.
Que:-Will you ever think of getting back to cement?
Ans: No. There is anyway a lot of brand value attached to L&T as India's premier engineering giant and we don't need to get into any commodity business. We restructured the company in 1999 as per advice from BCG and exited all the businesses we are supposed to get out of. I didn't sell cement just because Kumar Mangalam Birla wanted it; it was a conscious decision.
Que:-What is your broad plan in the financing space?
Ans:At the moment, our target is to grow the finance company, L&T Finance. Last year it grew by 70 per cent. It will grow by another 50 per cent this year. We have just formed L&T Infrastructure Finance and that must mature in the next three to four years. In addition, there is treasury and commodity trading business. These companies should grow up to a sizeable level so that we can fetch value.
Que:-What about a succession plan in L&T?
Ans:We have people retiring in the next three to four years. That's one of the reasons why we are bringing in CEOs for the new companies. We expect some of the nine new CEOs _ a first in the history of L&T _ to graduate to the board level. When I took over in 1999, we didn't recruit even a general manager from outside. That's a big change. Almost the entire board got extension last time_ Why only the board? Quite a few other employees are also getting extensions due to the acute talent shortage. L&T guys are hot property abroad and are also being lapped up by multinationals which are paying four times more than what we can pay. I can hire for $200,000 in the US to head a special business unit (SBU). But with this money_Rs 80 lakh a year_we can't get an SBU head in India! Salaries have gone through the roof, so we are forced to give extensions to employees who are in good health. Only last month, 46 young people left one of our divisions. So extension to existing employees is a safe option. Things should change as we have introduced merit-based compensation and stock options. The L&T stock has not been showing its potential on the bourses_ The new orientation programmes took a lot of time. L&T is a very old company and its stock never went up in 30 years. After I took over five years back, we started focusing on shareholders' value. That's why it is a blue chip company now.
Que:-Don't you think that the management should have taken care of enhancing the shareholders' value even earlier?
Ans: I would not like to comment on anything that concerns my predecessors. All my previous colleagues were excellent. They had limited opportunities in their times when socialism was at its peak, license raj was prevailing, and so on.
| Tel: 022 - 25308355 Email: mail@sachinchavan. | |||||||||||||
| Learning | "Almost anything you do will be insignificant, but it is very important that you do it" - Mohandas Gandhi | ||||||||||||
| | |||||||||||||
| Part I: Market Overview & Nifty | |||||||||||||
| Overview | |||||||||||||
| Nifty retraced 50% of the fall during correction when it crossed over 4457. This, and the strong close yesterday indicate a possible end to the corrective phase. Though the Technology stocks were spurred by a government intervention, there was enough bounce in leading sectors such as Power, Cap Goods and Banks to suggest buyers are returning. | |||||||||||||
| Traders can gradually increase their postions remembering that volatility may still be lurking around like the last 2 hours of trading on NYSE yesterday. The short term trend is not yet bullish, but even a consolidation should help the better stocks move. | |||||||||||||
| Nifty | |||||||||||||
| | Current Spot Rate | Supports | Resistances | Trend | | ||||||||
| S2 | S1 | R1 | R2 | MT | ST | ||||||||
| 4462 | 4100 | 4300 | 4550 | 4670 | Bullish | Flat | | ||||||
| | MT = Medium Term (3-12 weeks forecast); ST = Short Term (1-14 days forecast) | | |||||||||||
| Out-performers (for upto next 3 months) | Under-Performers (for upto next 3 months) | ||||||||||||
| Power, Cap Goods, Banks | Tech Majors, Refining majors, Sugar | ||||||||||||
| Out-performer' dooes not necessarily mean bullish, but that it can perform better than the overall market. 'Similarly, 'Under-performer' does not necessarily mean bearish, but that it can perform worse than the overall market. | |||||||||||||
| Market Barometer (for short term only) | |||||||||||||
| Based on the prevailing market trend, this section mentions to what extent it is preferable to hold long positions, short positions or remain univested for a short-term trader at this time. | |||||||||||||
| Short term position: | Long (plus) | | Short (minus) | | Uninvested | | |||||||
| Break-up: | Medium | None | Medium | ||||||||||
| Media Schedule: | Wed, Aug 08 11:00am-12:00pm: 'Sauda Apka', CNBC Awaaz | ||||||||||||
| Wed, Aug 08 03:00pm-03:40pm: '2.30 Factor', NDTV Profit | |||||||||||||
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| | Click here for Details and Registration for Paid Daily Newsletter | | |||||||||||
| Salient News (from public domain) | |||||||||||||
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| Part II: Equity and Derivative Break-outs (for 1-4 weeks) | |||||||||||||
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| c Patel Engg completed target (483) amounting to 6.9% profit in 13 days. c. | |||||||||||||
| c Blue Star Inds completed target (264) amounting to 6.5% profit in 16 days. c. | |||||||||||||
| c Pantaloon derivative yielded 23% return on margin capital in 1 day. Equivalent profit per lot = Rs 12000. c. | |||||||||||||
| c Deccan Chronicle, Yes Bank and McDowell were closed at 0%, 2% and 3% losses respectively, as preventive action. c. | |||||||||||||
| | The following scrips have provided short-term breakouts at the points mentioned. Likely target/s and stoplosses commensurate with the breakout are also given below. These are based only on technical analysis and are for informational purpose alone. | | |||||||||||
| | A breakout can be either bullish or bearish. Bullish breakouts would have targets above and stoplosses below and vice-versa for bearish breakouts. The mode tells whether the breakout is more suitable for equity (delivery-based) or derivatives trading. | | |||||||||||
| | Scrip | Break-out Point | Likely Targets | Stop | Current Price | Targets Completed | Mode | ||||||
| Type | Date | Price | T1 | T2 | |||||||||
| NTPC | Long | 08-Aug | 171.5 | 184 | - | DCL<159 | 171 | None | Equity | ||||
| Lakshmi Bank | Long | 08-Aug | 93.30 | 104 | - | DCL<85 | 97.4 | None | Equity | ||||
| | Updated levels are highlighted in yellow. All prices mentioned are NSE equity prices (even for derivative breakouts) | | |||||||||||
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| Part III: ASI Analysis of Major 50 Scrips | |||||||||||||
| | |||||||||||||
| Absolute Strength Index (ASI) Table | |||||||||||||
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| Absolute Strength Index (ASI) is a technical indicator created by the analyst to indicate the bullishness/ | |||||||||||||
| Read below to understand ASI and what purpose it serves. | |||||||||||||
| Description of ASI | Indicative Key to Use | ||||||||||||
| - Medium term (3-12 weeks forecast) and | ASI = 40-60 -> Flat | ||||||||||||
| Note1: ASI < 30% does not mean 'oversold' but indicates weakness (fall expected ), and ASI > 70 does not mean 'overbought' but indicates strength (rise expected) | |||||||||||||
| How to Use | |||||||||||||
| The probability of success of a new Long (plus) position is better if MT trend is Bullish AND ST trend has just turned Bullish (underlined as Bullish). New long positions are undesirable when market (Nifty) is overbought/ correcting down/bearish. | |||||||||||||
| The probability of success of a new Short (minus) position is better if MT trend is Bearish AND ST trend has just turned Bearish (underlined as Bearish ). New short positions are undesirable when market (Nifty) is oversold/correcting up/bullish. | |||||||||||||
| The rates mentioned below are 'equity' rates and not 'futures' rates. | |||||||||||||
| | Scrip | CMP | Medium Term (MT) | Short Term (ST) | | ||||||||
| | ASI | Trend | Target | ASI | Trend | Target | | ||||||
| | Nifty | 4462 | 95 | Bullish | 4650 | 37 | Flat | 4300-4550 | | ||||
| | ACC | 1025 | 67 | Bullish | 1180 | 47 | Flat | 950-1060 | | ||||
| | Bajaj Auto | 2311 | 31 | Flat | 2100-2675 | 33 | Bearish | 2150 | | ||||
| | BPCL | 324 | 24 | Bearish | 280 | 51 | Flat | 300-340 | | ||||
| | Bharti Airtel | 886 | 83 | Bullish | 960 | 31 | Corr Dn | - | | ||||
| | BHEL | 1712 | 95 | Bullish | 1950 | 56 | Flat | 1610-1810 | | ||||
| | Century Text | 722 | 86 | Bullish | 825 | 66 | Flat | 680-750 | | ||||
| | Cipla | 186 | 26 | Bearish | 175 | 23 | Ovrsold | - | | ||||
| | Dabur | 104 | 81 | Bullish | 115 | 74 | Flat | 99-106 | | ||||
| | Dr Reddy's | 630 | 36 | Flat | 570-690 | 13 | Ovrsold | - | | ||||
| | GAIL | 330 | 90 | Bullish | 360 | 56 | Flat | 315-345 | | ||||
| | Grasim | 2989 | 86 | Bullish | 3220 | 69 | Flat | 2830-3040 | | ||||
| | Ambuja Cem. | 130 | 69 | Bullish | 148 | 53 | Flat | 124-134 | | ||||
| | HCL Tech | 316 | 62 | Flat | 285-360 | 36 | Flat | 285-330 | | ||||
| | HDFC Bank | 1172 | 79 | Bullish | 1280 | 51 | Flat | 1125-1215 | | ||||
| | HDFC | 2072 | 100 | Bullish | 2250 | 87 | Bullish | 2250 | | ||||
| | Hero Honda | 679 | 33 | Bearish | 615 | 50 | Flat | 630-710 | | ||||
| | Hind Unilever | 203 | 43 | Flat | 175-240 | 57 | Flat | 195-210 | | ||||
| | Hind Petro | 259 | 26 | Bearish | 235 | 53 | Flat | 245-265 | | ||||
| | Hindalco | 162 | 52 | Flat | 140-200 | 26 | Bearish | 154 | | ||||
| | I - Flex | 2132 | 50 | Flat | 1925-2525 | 27 | Ovrsold | - | | ||||
| | ICICI Bank | 884 | 74 | Bullish | 980 | 19 | Corr Dn | - | | ||||
| | IDBI | 121 | 93 | Bullish | 140 | 74 | Bullish | 126 | | ||||
| | Indian Hotels | 138 | 60 | Flat | 130-160 | 36 | Ovrsold | - | | ||||
| | IPCL | 370 | 93 | Bullish | 420 | 50 | Flat | 345-385 | | ||||
| | Infosys | 1967 | 57 | Flat | 1820-2280 | 49 | Flat | 1870-2040 | | ||||
| | ITC | 167 | 48 | Flat | 145-195 | 60 | Flat | 160-175 | | ||||
| | Jet Airways | 766 | 44 | Flat | 710-840 | 56 | Flat | 720-800 | | ||||
| | L&T | 2493 | 86 | Bullish | 2700 | 47 | Flat | 2380-2600 | | ||||
| | M&M | 690 | 31 | Flat | 590-860 | 17 | Ovrsold | - | | ||||
| | Maruti | 837 | 48 | Flat | 720-990 | 54 | Flat | 805-855 | | ||||
| | Nalco | 261 | 81 | Bullish | 300 | 19 | Corr Dn | - | | ||||
| | ONGC | 888 | 60 | Flat | 820-960 | 29 | Bearish | 850 | | ||||
| | PNB | 521 | 62 | Flat | 440-570 | 29 | Flat | 500-550 | | ||||
| | Ranbaxy | 382 | 38 | Bearish | 330 | 79 | Corr Up | - | | ||||
| | Rel. Capital | 1167 | 93 | Bullish | 1340 | 39 | Corr Dn | - | | ||||
| | Rel. Energy | 783 | 79 | Bullish | 860 | 67 | Flat | 730-810 | | ||||
| | Reliance Ind | 1875 | 98 | Bullish | 1980 | 53 | Flat | 1790-1940 | | ||||
| | Satyam | 480 | 86 | Bullish | 530 | 46 | Flat | 455-505 | | ||||
| | SCI | 197 | 86 | Bullish | 220 | 21 | Corr Dn | - | | ||||
| | SBI | 1707 | 100 | Bullish | 1840 | 89 | Bullish | 1750 | | ||||
| | Steel Authority | 148 | 93 | Bullish | 170 | 37 | Corr Dn | - | | ||||
| | Tata Chem | 256 | 79 | Bullish | 280 | 59 | Flat | 245-270 | | ||||
| | Tata Steel | 650 | 83 | Bullish | 740 | 23 | Corr Dn | - | | ||||
| | Tata Motors | 659 | 31 | Flat | 630-760 | 14 | Ovrsold | - | | ||||
| | Tata Power | 702 | 90 | Bullish | 840 | 56 | Flat | 670-725 | | ||||
| | TCS | 1153 | 52 | Flat | 1050-1250 | 37 | Flat | 1090-1200 | | ||||
| | VSNL | 440 | 67 | Bullish | 495 | 19 | Ovrsold | - | | ||||
| | Wipro | 477 | 40 | Flat | 435-630 | 24 | Ovrsold | - | | ||||
| | Zee Telefilms | 312 | 95 | Bullish | 345 | 16 | Corr Dn | - | | ||||
| \ | |||||||||||||
| Absolute Strength Index (ASI) Plot | |||||||||||||
| Note: Scrip name in Red Font (eg. ACC) means ST ASI has reduced substantially from yesterday. Scrip name in Green Font (eg. ACC) means ST ASI has increased substantially from yesterday. Scrip name in Black Font (eg. ACC) means ST ASI has remained same | |||||||||||||
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| Disclosure: | |||||||||||||
| The analyst holds long term investments in various Reliance group companies (including Reliance Industries, Reliance Capital, Reliance Energy, Reliance Natural Resources and Reliance Communications) | |||||||||||||
| The analyst has business relations with Reliance Money, a Reliance Capital company. The analyst and his dependents have no positions in other stocks/futures. | |||||||||||||
| Disclaimer: | |||||||||||||
| This newsletter and the opinions/break- | |||||||||||||
