**[investwise]** Karur Vysa To Declare Bonus, Rights

 

Karur Vysya Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on September 07, 2010, inter alia, to consider the issue of further Shares / augment capital including Bonus and Rights Issue.     Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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Dabur India - Fixes Record Date for Bonus Issue
Dabur India Ltd has informed BSE that September 10, 2010 has been fixed as the Record Date for ascertainment of the shareholders/ Beneficial owners entitled to receive the issue of Bonus equity Shares in the ratio of one (1) new Bonus equity Share of Re. 1 each for every one (1) existing equity share of Re. 1 each held by the Company.

South India Pap - Updates on Book Closure - Bonus Issue 
With reference to the earlier announcement regarding fixes Book Closure from September 08, 2010 to September 10, 2010 (both days inclusive) for the purpose of Dividend & (AGM), South India Paper Mills Ltd has now informed BSE that the said Book Closure from September 08, 2010 to September 10, 2010 (both days inclusive) also for the purpose of issue of Bonus shares in the ratio of 1:1 (one equity share for every one equity share of ...

T& I Global - Board recommends Dividend 
T & I Global Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 31, 2010, has recommended a Dividend of 7.5% for the financial year 2009-2010 for the members approval.

ACIL Cot Inds - Board approves Stock Split 
ACIL Cotton Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 31, 2010, has considered and approved the sub-division / split of Company's equity share of face value of Rs. 5 each into 5 equity shares of face value of Rs. 1 each. Subject to approval of the share holders in the AGM held on September 30, 2010 of the Company and other regulatory authorities as may be required.

Precision Wires - Board declares Interim Dividend
Precision Wires India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 31, 2010, inter alia, have considered and declared an Interim Dividend of Rs. 2.40 (24%) per equity share of the face value of Rs. 10/- each, fully paid, for the financial year 2010-11.

TVS Motor - Fixes Record Date for Bonus Issue 
TVS Motor Company Ltd has informed BSE that the Company has fixed September 09, 2010 as the Record Date for determining the shareholders eligible to receive the bonus shares in the ratio of one new equity share of Re. 1/- each for every one equity share of Re. 1/- each.

HCL Tech - Approval of the Scheme of Amalgamation
HCL Technologies Ltd has informed BSE that the Hon'ble High Court of Delhi vide its Order dated August 16, 2010, has approved the Scheme of Amalgamation of HCL Technoparks Ltd, wholly owned subsidiary of the Company with the Company.
Further the Order dated August 16, 2010, of the Hon'ble High Court of Delhi delivered to the Company on August 26, 2010, has been filed with the ...

Indo Bonito - Board declares Final Dividend 
Indo Bonito Multinational Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 30, 2010, inter alia, has declared a final dividend @1% of the total paid up equity share capital.

**[investwise]** Bombay : Is This The End Of Euphoria?

 

Bombay-Is This The End? Euphoria, Fads and Mania By all standards of comparison Bombay is over-valued. So much so that we have managements that misuse shareholder money for their own particular agenda-RIL, Sterlite are the front-runners. Worst are the fund managers, market analysts and the hordes of small investors who believe that Enemy neighbours like China and Pakistan can be wished away, separatists in Kashmir and North East can be ignored, and the 6-7 States roiled by the Naxal-Maoist insurgencies are not a part of India. We analyze two peculiar investment phenomena in the Indian market and the propensity to ignore related potential pitfalls—(1) the EV (Embedded Value) syndrome, which is the market's tendency to assign exaggerated value to future assets and (2) the PG (Perpetual Growth) syndrome, which is the market's tendency to extrapolate a benign environment and resultant earnings for a long period while ignoring potential negative changes to the macro-environment. Past Behaviour Reflects In Today's Trends We look at two peculiar investment phenomena in the Indian market based on our past experience of dealing with stocks, which have been symbolic of the market's exuberance at certain periods in the past. We find these relevant in the current market given rich valuations in many stocks and think investors may want to benefit from our learnings—gleaned from our past association with these stocks. Embedded Value Never Gets Unlocked We have seen the market ascribing inexplicable value to future assets of Indian companies, especially in 2HCY07. We see the same phenomenon currently, albeit to a much lesser degree. We would place stocks such as Cairn India, Jindal Steel and Power (JSPL), Reliance Industries (RIL), Reliance Power and some of the new merchant power stocks in this category. Assuming Perpetual Double Digit Growth Is A Myth We have seen the market ascribing very high multiples to earnings of companies under the impression that earnings will continue to grow strongly in perpetuity. This notion ignores potential risks to earnings and consequent de-ratings if earnings fail to meet with street expectations. We see this currently in certain automobiles, consumer, industrial (particularly, BHEL), media and of course, telecom stocks that have got re-rated of late. Can The Analyst Crystal Ball Give The Wrong Image? We do not have a crystal ball to divine future oil and gas reserves of E&P companies or the capability to foresee risks to earnings of high-growth companies. However, we do believe investors can avoid expensive mistakes (as in 2HCY07) by (1) doing simple reverse valuation exercises for 'embedded' asset companies to understand the implied value of such future assets and (2) re-visiting the macro-environment, which supports a high-growth company's earnings. Finally, we would caution against the street's use of (1) improper valuation methodologies and (2) high multiples at near-peak margins and earnings. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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INVESTMENTS IN INDIA
We are low-risk, long-term investors. 

Stocks, mutual funds and the entire investment gamut.  Only financing/investment avenues in India will be discussed. 

For any assistance, questions or improvement ideas, contact investwise-owner@yahoogroups.co.in

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