TV18 Broadcast Ltd: Latest Shareholding Pattern

CMP: Rs.32.70

You can see in the above photo, that both the FIIs and DIIs have increased their stake in TV18 Broadcast Ltd (A Mukesh Ambani Group company), in the September, 2015 quarter, speaking sequentially.

Moreover, Rekha Rakesh Jhunjhunwala, Reliance Capital Ltd and Government Pension Fund Global are holding 2.32%, 1.21% and 2.67% of the shares of the company, respectively. Also, do you know where, Pension Funds generally put their money (invest)? Please search Internet to get the answer.....

It is to be remembered that on 29 May last year, in the biggest ever deal in India's media sector, Reliance Industries acquired control in Network18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd, for Rs.4,000 crore. Subsequently, the company made open offers to acquire a controlling stake in media group Network18 and its subsidiaries.

In January 2012, Network18 Group and Reliance Industries had joined hands for a multi-layered deal, under which the Mukesh Ambani-led corporate giant sold part of its interest in ETV channels and got access to content and distribution assets of the electronic media group. 

The share of TV18 Broadcast Ltd (Rs.32.70) is moving up with good volume today. The total volume of the shares traded in the NSE has already crossed 1.5 million and is nearing 2 million (Current Volume: 1,807,011). 

It is to be noted that Eenadu Television sold its non-Telugu businesses to the TV18 group, now controlled by Reliance Industries Ltd’s Mukesh Ambani.

In a significant development, Petrochemical major Reliance Industries Ltd, the parent company of TV18 Broadcast Ltd, had earlier beat street expectations with its September, 2015 quarter standalone net profit rising 3.8% sequentially to Rs.6,561 crore, driven by strong operational performance in refining business.

Meanwhile, a buy call was given to the Paid Group members, on Infinite Computer Solutions Ltd on Sunday, August 30, 2015 at Rs.168.70, for a short term target of Rs.200; the scrip touched Rs.196, intra-day.  

Join the Paid Services (both Web/Net and Mobile) to make maximum from the markets. To join any of the above services, kindly send me a mail at: suman2005s@rediffmail.com or sumanm2007s@gmail.com. 

TV18 Broadcast Ltd: Buy

CMP: Rs.32.75

TV18 Broadcast Ltd. is an India-based television (TV) broadcast network. The Company offers telecommunication, broadcasting and information supply services. It operates through segments, including broadcasting and content, and film production and distribution. The broadcasting and content segment consists of television content and airtime sales. The Company offers news channels, such as CNBC-TV18, CNBC Awaaz, CNBC-TV18 Prime HD, CNN-IBN, IBN7, and IBN-Lokmat, a Marathi regional news channel. It also operates a joint venture with Viacom, Viacom18, which houses a portfolio of entertainment channels, such as Colors, Colors HD, Rishtey, MTV, MTV Indies, SONIC, Comedy Central, VH1, Nick, Nick Jr., Nick Teen and Viacom18, among others. It manages and broadcasts the channel, History TV18. It offers regional channels, such as ETV Urdu, ETV Rajasthan, ETV Bihar/Jharkhand and ETV MP/Chhattisgarh, among others. It also operates digital commerce properties, such as HomeShop18 and bookmyshow.com.
Media company Network18 Media and Investments Ltd, controlled by Reliance Industries Ltd, narrowed its loss to Rs.27.42 crore for the quarter-ended 30 September, benefiting from lower interest costs. The company posted a loss of Rs.36.46 crore in the same period last year. Revenue for the second quarter rose 8% to Rs.801.1 crore from Rs.744.8 crore.

Revenue from its subsidiary TV18 Broadcast Ltd, the company’s television and motion pictures business that also operates news channels CNN-IBN and CNBC TV18, rose 9.8% to Rs.608.5 crore from Rs.553.7 crore.

Colors Infinity, an English GEC channel, was launched during the current quarter, and incurred a loss of Rs.19 crore.

In H1 FY16, there was loss of Rs.19 crore on account of new ETV news channels; there was also a one-time expense of Rs.10 crore for rebranding ETV regional entertainment channels as Colors.

H1 FY15 profitability vis-à-vis H1 FY16 was significantly influenced by advertisement income on account of the General Elections and the Union Budget. 

This means from the following quarters we could see, some improvement in the share price of the group company TV18 Broadcast Ltd. The fall in interest rate, will also act as positive boost for the company.

It is to be noted that today, the 30 plus channels that constitute the TV18 network inform, entertain and engage with disparate audiences across genres and languages.

Moreover, according to the latest shareholding pattern, both the FIIs (from 8.84% to  8.88%) and DIIs (from  3.55% to 4.92%) have increased their stake in the company. Rekha Rakesh Jhunjhunwala holds 2.32%, while Reliance Capital Ltd holds 1.21% of the shares of the company.   

What must have attracted Rakesh Jhunjhunwala to invest in TV18 Broadcast is probably the following:

(i) Liberalized foreign investment (FDI) norms for the broadcasting sector pursuant to which the foreign investment limit has been raised from 49% to 74% in teleports (setting up up-linking HUBs/teleports), Direct to Home (DTH), Cable Networks (Multi-System-Operators operating at National or State or District level and undertaking upgradation of networks towards digitalization and addressability). Foreign investment up to 74% in mobile TV is also permissible;

(ii) Digitization of cable TV will benefit the broadcasters by boosting subscription revenues...

(iii) Reasonable valuations: A market cap of Rs.5000+ crores for a dominant player is not that exorbitant.


Meanwhile, BCG-CII report says India's media & entertainment sector is likely to expand nearly 6-fold in near future, with vast demand, growing market and tech boom...

Buy the scrip of TV18 Broadcast Ltd at the CMP of Rs..32.80, for a short term target of Rs.35-37, SL--Rs.31.70.

ZEEL, Network18, TV18 collective ad spends rise 10.8% to Rs.456 crore in Q2 

Oct 16,2015: The results of three of the top TV networks i.e. Zee Entertainment Enterprises Ltd. (ZEEL), Network18 and TV18 emerged recently. 

While ZEEL saw very good results as its profit after tax (PAT) margin rose by 17.8%, its advertising revenues grew by 35% to Rs.843.3 crore during the quarter. TV18’s quarterly operating revenues on a consolidated basis stood at Rs.608.5 crore in Q2 FY16, up 10% YoY from Rs.553.7 crore in Q2 FY15. 

Network18, on the other hand, posted a net loss of Rs.27.42 crore which is a decline in the net loss since the same quarter last year which was at Rs.36.46 crore. The total income from operations grew by 7.5% to Rs. 801.13 crore in Q2FY2016 from Rs.744.83 crore in Q2FY2015. 

During the last quarter, Q1FY2016, all the three broadcast networks had posted a double-digit growth in revenues. ZEEL’s total income from operations grew by 26.6 per cent in comparison with the corresponding quarter during the previous year. The income from operations grew in Q1FY2016 to Rs.1,339 crore from Rs.1,055 crore in Q1FY2015. 

Network18’s total income from operations grew by 12% since the corresponding quarter last year. The income from operations for Network18 in Q1FY2016 was Rs.786.1 crore and in Q1FY2015 it was Rs.699.7 crore. TV18 operating revenues grew by 13 per cent in comparison with Q1FY2015. 

In Q1FY2016 the operating revenues was Rs.596.7 crore in comparison with Rs.629.7 crore in Q1FY2015.

Ad spends matrix

The ad and promotion spends of ZEEL, Network18 and TV18 in Q2FY2016 grew by an average of 10.8% from the same quarter last year. The ad spends together accounted for Rs. 456.18 crore in Q2FY2016 from Rs.411.49 crore in Q2FY2015. ZEEL saw the maximum growth in ad spends from the same period last year. The network’s ad spends had grown by a high 64.6% to Rs.120.90 crore in Q2FY2016 from Rs.73.45 crore in Q2FY2015. TV18 however saw a smaller growth as its ad spends increased to Rs. 127.03 crore in Q2FY2016 from Rs.117.32 crore in Q2FY2015. 

Network18 on the other hand had seen a slight decline in its ad spends during this quarter in comparison to the corresponding quarter last year. Its ad spends in Q2FY2016 was Rs.208.25 crore which had declined from Rs.220.72 crore in Q2FY2015.

Lower growth of 2.8% in ad spends from last quarter

The ad spends of these three major networks however grew by a low 2.8% since the previous quarter Q1FY2016. The ad and promotion spends of ZEEL, Network18 and TV18 in Q1FY2016 amounted to Rs.443.7 crore. This has grown to Rs.456.18 crore during Q2FY2016. 

The reason for this is that, while ZEEL has had a major rise in the ad spends during this Q2 from Q1, Network18 and TV18 has seen a slide in ad spends during the quarter. ZEEL’s ad spends increased to Rs.120.90 crore in Q2FY2016 from Rs.96.6 crore in Q1FY2016. 

Network18’s ad spends declined marginally to Rs.208.25 crore in Q2FY2016 from Rs.211.2 crore in Q1FY2016. TV18’s ad spends too declined to Rs.127.03 crore in Q2FY2016 from Rs.135.9 crore in Q1FY2016.

Q1 comparison

ZEEL’s advertising and publicity expenses rose by a high double-digit in Q1FY2016 to 20% in comparison with Q1FY2015. Advertising and publicity expenses grew to Rs.96.6 crore in Q1FY2016 from Rs.80.3 crore in Q1 last year.

TV18’s marketing, distribution and promotion expenses increased significantly by 32.9% since Q1FY2015. The ad and marketing spends accounted to Rs.135.9 crore in Q1FY2016 from Rs.102.2 crore in Q1FY2015.

Network18’s ad and marketing spends grew by high single-digit of 9.8%. It increased to Rs.211.2 crore in Q1FY2016 from Rs.192.2 crore in Q1FY2015.

Courtesy: www.exchange4media.com

Solid comeback…Sensex shuts above 27,000 mark

Commenting on the same, Amar Ambani, Head of Research, IIFL, said, “LIC Housing Finance’s Q2 FY16 performance was stronger-than-expected with robust NII growth of 34% yoy and net profit increasing by 19% yoy. A combination of brisk loan growth, margin expansion and stable credit cost should drive significant earnings growth for the company over the next couple of years. RoA is estimated to improve materially from the current cyclical low of 1.3%. Valuation at 2.2x FY17E P/BV remains attractive in the above context.

October 15, 2015: After being under pressure for the past three trading session, the Indian equity market made a smart comeback. Indices closed near day’s high with the Nifty just managing to close near the 8,200 mark while Sensex closed above 27,000 levels. Today’s rally was led by auto stocks, followed by metals, oil & gas, capital goods and power stocks. Even the mid-cap and the small-cap stocks participated in today’s rally. Only the IT stocks ended with losses. TCS continued to decline as it missed street expectations. Wipro and Infy were among the other laggards.

Shares of LIC Housing gained by over 2.5% after announcing quarterly results. The Company posted a net profit of Rs. 4117.368 mn for the quarter ended September 30, 2015 as compared to Rs. 3413.516 mn for the quarter ended September 30, 2014.

Commenting on the same, Amar Ambani, Head of Research, IIFL, said, “LIC Housing Finance’s Q2 FY16 performance was stronger-than-expected with robust NII growth of 34% yoy and net profit increasing by 19% yoy. A combination of brisk loan growth, margin expansion and stable credit cost should drive significant earnings growth for the company over the next couple of years. RoA is estimated to improve materially from the current cyclical low of 1.3%. Valuation at 2.2x FY17E P/BV remains attractive in the above context.”

The BSE Sensex opened at 26,842, touched an intra-day high of 27,038 and low of 26,837. It finally ended with a gain of 230 points at 27,010.

The NSE Nifty opened at 8,134 hitting a high of 8,191 and low of 8,130, before signing off with a gain of 72 points or 0.8% at 8,180.

The India VIX (Volatility) index was down 3.1% to 17.17.

On the global front, China's Shanghai Composite index rallied 2.3% and Hang Seng closed up 2%.

In Europe, The FTSE 100 was marginally up 0.8%. On the other hand, DAX and the CAC 40 gained 1%.

The Indian currency was quoted at 64.93 per US dollar, up 25 paise from the previous trading session.

Zee Ent, Tata Motors, BPCL, Bank of Baroda, BHEL, Maruti Suzuki and Hero MotoCorp were among the gainers on NSE, whereas Cipla, M&M, Wipro, TCS, HUL, Tech Mahindra and NTPC were among the losers today.

Out of 1,748 stocks traded on the NSE, 649 declined and 857 advanced today.

Adani Enterprises rallied 14% at Rs.96. According to reports, the Australian environment ministry cleared Adani’s $7 billion Carmichael coal mine.

Mastek tumbled 18% at Rs. 144 after the company posted Q2 results. The net profit for the quarter ended stands at Rs. 2.6 crore, while sales for Q2 was at Rs 131.7 cr vs Rs 133.3 cr, down by 1.2 % QoQ.

Spicejet soared 7% at Rs. 41. The airline announced its very first red-eye flights within the domestic network on the Delhi – Bangalore route along with a new flight on Delhi – Nanded route, both commencing its operations on 2nd November 2015.

Cyient closed higher by 5% at Rs. 620. The company reported 9.2% rise in net profit at Rs. 98.5 crore for the quarter ended September 30, 2015 as compared 30, 2015 as compared to Rs.90.2 crore for the quarter ended September 30, 2014.

Lakshmi Vilas Bank jumped 3% to Rs. 91. The net profit for the quarter stands at Rs.44.8 crore. Gross NPA for the quarter stands at 1.89%, while Net NPA for Q2 was at 1.01%.

A total of 39 stocks registered a fresh 52-week high in trades today, while 6 stocks touched a new 52-week low on the NSE.

Alpa Laboratories Limited, Ashima Limited, Bafna Pharmaceuticals Limited, Balaji Telefilms, Bombay Rayon Fashions Limited, Can Fin Homes Limited, Cerebra Integrated Technologies Limited, Cyient Limited, Dalmia Bharat Sugar and Industries Limited, Dhampur Sugar Mills Limited, Dynacons Technologies Limited, Emmbi Industries Limited Filatex India Limited, Future Market Networks Limited, Gayatri Projects Limited, Godfrey Phillips India Limited, GP Petroleums Limited, Himatsingka Seide Limited, Hubtown Limited, ITD Cementation India Limited,JB Chemicals & Pharmaceuticals Limited, Kajaria Ceramics Limited, KCP ,Lypsa Gems & Jewellery Limited, Mangalam Drugs And Organics Limited, Mahindra Holidays & Resorts India Limited, NCL Industries Limited, Ortin Laboratories Limited,Palred Technologies Limited, Parenteral Drugs (India) Limited, Rama Steel Tubes Limited, Sakthi Sugars Limited, SKM Egg Products Export (India) Limited, SREI Infrastructure Finance Limited, Themis Medicare Limited, Triveni Engineering & Industries, Vikas GlobalOne Limited, Zee Entertainment Enterprises were some of the prominent stocks to log a fresh 52-week high.

Austral Coke & Projects, Birla Cotsyn (India), Cyber Media (India), KSS, The Peria Karamalai Tea & Produce Company, Visesh Infotecnics  were some of the notable stocks to record a new 52-week low.

Sensex top gainers: The top gainers in the Sensex were Tata Motors  (up 8.2%), BHEL (up 3.2%), Maruti Suzuki (up 3%), Tata Steel  (up 2.8%) and Hero Motocorp (up 2.6%).

Sensex top losers: The top losers in the Sensex were Cipla  (down 1.2%), Wipro  (down 1%), Hindalco (down 0.9%), Hindustan Unilever (down 0.7%) and NTPC  (down 0.7%).

Nifty top gainers: The top gainers in the Nifty were Tata Motors  (up 8.2%), Bank Of Baroda (up 3.7%), BPCL (up 3.6%), BHEL (up 3.2%) and Maruti Suzuki (up 3%).

Nifty top losers: The top losers in the Nifty were Cipla  (down 1.2%), Mahindra & Mahindra (down 1%), Wipro  (down 1%), Hindalco (down 0.9%) and Hindustan Unilever (down 0.7%).

Mid-cap index gainers: The top gainers in the Mid-Cap index were Adani Enterprise (up 14.1%), Gitanjali Gems (up 6.5%), Godrej Industries (up 4.4%), Suzlon Energy (up 4%) and India Cements (up 3.8%).

Mid-cap index losers: The top losers in the Mid-Cap index were Karur Vysya Bank (down 3.7%), Piramal Enterprise (down 2.8%), Hindustan Zinc (down 2.6%), Tv18 Broadcast (down 2.2%) and Bharti Infratel (down 2.1%).

The BSE IT index: The top gainers in the IT sector were Mphasis (up 2.3%), Financial Tech (up 1.3%), Oracle Financial (up 1%), HCL Tech  (up 0.2%).

The top losers in the IT sector were Sasken Communication (down 1.7%), Wipro  (down 1%), TCS (down 0.6%), Tech Mahindra (down 0.5%).

The BSE Metals index: The top gainers in the metals sector were Tata Steel (up 2.8%), Jindal Steel (up 1.8%), Tata Metaliks (up 1.4%), Ispat Industries (up 1%) and JSW Steel  (up 0.8%).

The top losers in the metals sector were Monnet Ispat (down 1.6%), Sunflag Iron (down 1.5%), Bhushan Steel (down 1.5%), Jindal Stainless (down 1%) and Adhunik Metaliks (down 0.6%).

The BSE Oil & Gas Index: The top gainers in the oil & gas space were BPCL (up 3.6%), HPCL (up 2.8%), ONGC (up 2%), GSPL (up 1.2%) and IOC (up 0.8%).

The top losers in the oil & gas space were Hindustan Oil (down 1.5%), Great Offshore (down 1.4%), Essar Oil  (down 1.1%), Chennai Petroleum (down 0.9%) and MRPL (down 0.8%).

The BSE Auto Index: The top gainers in the auto space were Tata Motors  (up 8.2%), Maruti Suzuki (up 3%), Hero Motocorp (up 2.6%), Eicher Motors (up 0.7%) and Bajaj Auto  (up 0.5%).

The BSE Banking Index: The top gainers in the banking space were Bank Of Baroda (up 3.7%), Yes Bank  (up 2.8%), Canara Bank (up 2.8%), State Bank Of India  (up 1.9%) and Union Bank Of India (up 1.5%).

Courtesy: Indiainfoline.com

DO YOU KNOW?

Regarding Rolta India Ltd, the financial website: www.moneycontrol.com which is a part of the CNBC TV18 Group, said on February 24, 2015: 

"The company's trailing 12-month (TTM) EPS was at Rs.50.68 per share. (Dec, 2014). The stock's price-to-earnings (P/E) ratio was 2.96. The latest book value of the company is Rs.187.83 per share. At current value, the price-to-book value of the company was 0.8. The dividend yield of the company was 1.5 percent".

But the same website now puts the book value as Rs.122.95 on standalone basis, while on consolidated basis it is Rs.72.55. therefore, the question is: how can the book value of a reputed company (Rolta India Ltd is older than Infosys Ltd) change so much in matter of couple of months?

If you remember, in an earlier  occasion too, this website put a misleading book value of an A-group company Rasoya Proteins Ltd. When I pointed out the same here in this blog, they corrected the same. 

Moreover, this website, has a dubious and manipulative platform called Money Control Message board, where even the moderators takes part in the discussion, in the guise of boarders. These administrators of MMB, are often highly biased and delete messages, which goes against their thought processes. Not only that, they may even use slangs and highly objectionable words, when they appear in the MMB, in disguise (with A,B,C name) to take part in discussions; forcing you to react. 

It is an irony that some investors and traders base their trading decisions, pivoted on the inputs placed here---not to mention, though many burn their fingers in the process; but still they do not learn. 

JP Power great value buy, says Prakash Diwan 

CMP: Rs.10.55

Photo: Moneycontrol.com

Prakash Diwan of Altamount Capital Management is of the view that Jaiprakash Power is a great value buy at the current level.

Prakash Diwan of Altamount Capital Management told CNBC-TV18, "Keeping the steam on the energy side alive, Jaiprakash Power  is undergoing a lot of repair work. It has continuously had some over leverage issues. Two of the largest lenders for them, IDBI Bank  and ICICI Bank  have agreed to lend them significant quantity, Rs.5000 crore plus each and that is under the 5:25 scheme which was introduced for beleaguered power companies.

The interesting part was JP Power has moved down from the Rs.28-29 all the way close to Rs.10-12, it is under-owned completely today, everybody has kind of exited with despondency saying nothing is going to happen till they divest or do something about it. 

However, the repair work is finally going to help because it is timed well and the interest rate cycle coinciding with it." "If we look at the likes of a Ashok Leyland  or some of the infrastructure companies which have benefitted from any repair in terms of leverage, JP Power is also one of them. 

The only reason why it was not doing well was overleveraging. So, that out of the way could mean it could get re-rated but it will take time. It is a great value buy at this point in time. You need to be patient for just two quarters and it could start throwing up some very good numbers," he said.

Courtesy: Moneycontrol.com

Housing Development and Infrastructure Limited (HDIL):  Update

The scrip of HDIL was recommended last month in this blog around Rs.69-70 ranges. The stock made a 52-week  high of Rs.115.45 on 6 February, 2015.

Now, we can see the Financial Media, being flooded with recommendations from various sources. Meanwhile, some foreign funds have already taken stake in HDIL: .  

• Janus Investment fund on Feb. 5 bought 2.24 mln shares at 106.08 rupees/share, according to NSE data.
• GMO Emerging market fund on Jan. 28 bought 2.27 mln shares at 85.44 rupees/share - NSE.
• Platinum Asset Management on Jan. 15 bought 2.17 mln shares at 72.51 rupees/share raising its stake to 9.3 pct in the company from 8.8 pct earlier, according to Thomson Reuters data.
• Australia-based Platinum is the second largest shareholder in the company after promoters - BSE data.

Moreover, in a discussion with CNBC TV18, Kunal Bothra of LKP Securities said, he is of the view that HDIL may test Rs.140. Today (Sunday), recommendation came from a Gujarat based analyst, that the stock has formed a reverse HS-pattern on the Weekly Chart; giving a target of Rs.122 (cross over will create huge buying in this stock & take the stock to Rs.135---140 levels). 

However, I would suggest all of you to take the help of this rally, book complete profits this week around Rs.120-130 ranges (if it at all reaches there intra-day) and exit the counter for the short term. 

DO YOU KNOW?

Public sector banks in the country have returned profit of Rs.37,000 crore last year.

In this context, Harwinder Singh, general secretary of the All India Bank Officers' Confederation (AIBOC), which represents 85% of officers in public sector banks in the country said: 

"The banks' profitability would have been better if they were not made to implement schemes such as the Jan Dhan Yojana or were compelled to open more branches in rural areas. Such schemes bring considerable strain on human resources without generating any profit. Besides, bad loans of corporates add to banks' burden." 

He further said that profits suffer also due to the government's insistence on extracting as much dividend as possible to shore up its own finances. 

Meanwhile, Deven Choksey managing director, KR Choksey Shares & Securities, in an interview with CNBC TV18, on 6 February, 2015, said: "One may buy some large PSU banks on correction". 

According to Deven Choksey, this is the time to buy with a long-term view in mind. "Buy and hold for at least three years and make sure you hold some cash to pump in during market corrections," say Choksey.

It is pertinent to mention here that credit demand has paled to 10.5% against 14.5% a year ago. In the absence of demand for loans, banks have been parking their surplus funds in government bonds. Analysts estimate that banks have parked close to 28% of their deposits in government bonds, against the 22% mandated by the RBI.

The move to reduce rates may also enable banks to post better profits, thereby easing pressure on the government for capital. "Some banks may be under pressure to show profits. Higher earnings will enable banks to plough back profits to shore up their tier-I capital," said Vaibhav Agarwal, research analyst at Angel Broking.

UCO BANK LTD: BUY

On last Friday (06/02/15), UCO Bank Ltd was recommended to the Premium Group members at around Rs.70.50, for a target of Rs.75. 

UCO Bank Ltd came out with satisfactory set of numbers for the Q3FY15. The net profit fell marginally by 3.5% to Rs.303.59 crore in the third quarter of 2014-15 financial year. The bank had registered a net profit of Rs.314.53 crore in the same quarter of 2013-14.

However, the total income of UCO Bank Ltd, increased from Rs.4,919.04 crore for the quarter ended December 31, 2013, to Rs.5,447.39 crore for the quarter ended December 31, 2014. On the asset quality, bank's gross non-performing assets (NPAs) or bad loans increased to 6.5% from 5.2% year ago. Net NPAs too increased to 4.25 per cent of net advances, from 3.06 per cent in the year ago period. 

In an interview with  CNBC TV18, on February 05, 2015, Arun Kaul, CMD of UCO Bank Ltd said, with the cost of fund coming down, he is hopeful of seeing net interest margin (NIM) improvement by 10-20 basis points in the fourth quarter from the current 2.58%.  He further said that for the third quarter the incremental slippages were at Rs.2700 crore and 60% of the slippages were restructured assets..

We  can understand the September, 2014 quarter performance of the UCO Bank Ltd a little better, if we compare the sequential figures. The total income of the bank came at Rs.5447.39 Cr in Q3FY15 as against Rs.5256.62 Cr in Q2FY15. The PBDT increased to whooping Rs.1425.14 Cr as against Rs.1055.77 Cr Q2FY15. The net profit of the company almost TRIPLED to Rs.303.60 Cr as against Rs.103.54 Cr. The EPS of the company for Q3FY15 came out to be Rs.2.99 as against Rs.1.02 Cr in Q2FY15.  Even the 9MEPS, for the UCO Bank is a massive Rs.9.15. 

The scrip should be crossing Rs.100, within a couple of months, as the RBI further lowers the Repo rate or cuts the CRR. Therefore this is a turnaround case, which most in the Indian Financial Media, failed to identify.

Besides, there were recent media report that the Government is likely to infuse Rs.6,990 crore in nine public sector banks including SBI, Bank of Baroda (BoB), Punjab National Bank (PNB) for enhancing their capital and meeting global risk norms.  This news augurs well for the whole of PSU banking sector. 

Moreover, in India, with SARFAESI Act (The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002) in place, most of the bad loan can be recovered; depending upon how secure they are....!! 

Also, according to The Economic Times, January 16. 2015: State-run banks are going to benefit the most from the Reserve Bank of India's cut in interest rates by 25 basis points, as it would help them use the treasury gains to negate provision and write-offs of bad loans. The treasury gains of public sector banks alone are expected to be over Rs.2,000 crore as the value of their holdings in government bonds is likely to surge this quarter. A reduction in rate may also bring down the burden for debt-laden corporates, triggering a better investment climate.

Steel and mines ministry seeks pre-budget hike in import duty on finished steel

[Editor: Meanwhile, Rajat Bose of www.rajatkbose.com told CNBC-TV18, on January 23, 2015: "I have seen that any good news on Europe Tata Steel Ltd (Rs.402.65) tends to perform for valid reasons. In Tata Steel I would put a stoploss below Rs.395, on closing price basis I am looking at a price of Rs.418-421. Again this is a positional trade and the next target beyond Rs.421 would be Rs.429. Tata Steel could well be forming a bottom, getting a fillip with this new found momentum.” Yesterday, Ambareesh Baliga - Independent market expert told CNBC-TV18: "Tata Steel  is one stock where I see further movement of Rs.20-25 more from the current level". So, we could soon see a rally in the steel stocks]

Photo: Scrap Monster

KOLKATA, 22 Jan, 2015: The union steel and mines ministry has sought an immediate hike in import duty on finished steel to 10% from the present level of 5 to 7.5% and a withdrawal of duty on raw materials like, iron ore and coking coal in the light of surging steel imports. 

While these have been part of its Budget recommendations, the move gathered significance recently with the ministry shooting off an urgent letter to the finance ministry to implement a pre-Budget change in duty rates. 

The move, if implemented, will bring much needed cheer to domestic steelmakers grappling with rising imports and scare raw materials, the ministry's suggestion against lowering export duty on iron ore will disappoint the mining sector players. 

The Budget proposals were sent to the Finance Ministry as part of its budget recommendations late last month.

Steel imports grew by 58% during April-December 2014, even as exports fell by 6.6 % in the same period. In contrast, domestic steel consumption has shown a lacklustre growth of 1.4% in the first nine months of the current fiscal. 

The domestic steel industry has been urging the government to take measure to restrain steel imports, which have surged in the past months. A hike in import duty on finished steel is likely to check imports from China, which is facing an economic slowdown. 

However, a huge quantity of steel is also being imported from countries like Japan and Korea, due to the free trade agreements between India and these countries that allows preferential tariffs. 

On the raw material side, withdrawal of import duty on iron ore and coking coal will come as a huge benefit for domestic steelmakers who are facing problems in sourcing iron ore due to the mining problems. Rupee depreciation has also emerged as a threat for steel companies which have had to resort to imports of iron ore, in addition to coking coal imports. 

Removal of import duty will thus help Indian steel companies contain production costs and make them more competitive both in the domestic and export markets. 

However, if implemented, the ministry's suggestion will disappoint mining industry players who have been demanding a reduction in the 30% export duty on iron ore. 

Courtesy: The Economic Times

WINNING STROKES: THINK DIFFERENT

Mangalore Refinery and Petrochemicals Ltd reommended yesterday at around Rs.48.95, today touched Rs.51.20, before closing at Rs.50.50. The stock will give handsome returns to the investors. Please have patience, till it starts to get benefits out of the expansion.

Rohit Ferro Tech Ltd today closed at Rs.7.90, due to weak outlook of the steel sector in the international market and also due to the domestic problems. In an interview with CNBC-TV18, on 22 January, 2015, Kalyani Steel MD RK Goyal said: 

"Just for your information, particularly long products import has gone up by 550 percent in Q3 and in terms of volume it has gone up to the level of 450,000 tonnes in last quarter. On annualised basis it becomes 1.8 million tonne against the total demand of the industry around 4 million tonne and if this continues, I think the local industry will be wiped off. Major imports are coming from China besides from various other countries including Europe, including Russia. The reason is that the economic situation or the slowdown in the growth in China -- since local demand in China is going down, they are trying to find out avenues to export that material and India is a good ground for them where there are practically no restrictions and a reasonable size market for them.The government should introduce some sort of steep import duty so as to deter dumping of products from countries such as China".

Meanwhile, China's apparent crude steel consumption fell (3.4 percent from a year ago to 738.3 million tonnes in 2014), for the first time in three decades in 2014, data from an industry association showed, a further indication of how the country's economic slowdown is hurting industrial demand. Some analysts are of the view that a decline in the use of steel in China, which is both the top consumer and producer of the alloy, will dent iron ore prices that have already been roiled by a global oversupply. Spot rates of the steelmaking ingredient are currently mired near a 5-1/2 year low $65.60 per tonne. It is interesting to note that, struggling with weak demand as economic growth slowed to 7.4 percent in 2014, the lowest since 1990, Chinese steel producers turned to exports, which according to CISA rose 64.5 percent to the equivalent of 84.4 million tonnes of crude steel last year. Overseas sales got a further boost last year as exporters took advantage of a loophole that allowed them to gain tax rebates by adding tiny quantities of boron to their products. However, that loophole has since been closed. CISA said in a report published on its website that around 40 percent of exports in 2014 contained boron, and the decision to cancel the rebate this year will have "a certain impact" on the domestic market. Also, amendments to China's Environmental Protection Law, which came into effect on Jan. 1, 2015, will raise production costs in an industry which is already trying to survive on profit margins of less than 1 percent in 2014. Thus, these two points (on China) are definitely going to have positive effects on the Indian domestic steel sector as well. Moreover, some analysts, warned of a potential squeeze higher, with the market now positioned with the biggest net short since 2008 across the LME and CME Group Inc's Comex contract combined. "With the market oversold and heavily short, the likelihood of a short term squeeze is rising. We would view any further bouts of weakness as prime buying opportunities," said ANZ in a report. 

Besides, stocks and bonds surged worldwide and the euro sank to an 11- year-low on Friday, the day after the European Central Bank announced a quantitative easing plan. Oil rose following the death of the king of Saudi Arabia. European shares were on course for their strongest week since late 2011 and emerging markets headed for their best in almost 10 months. Italian, Spanish bond yields dropped to record lows. Purchasing manager surveys showed the euro zone economy began 2015 in better shape than expected, although companies are still cutting prices.  

The ECB announced on Thursday a programme to buy government bonds, which will pump roughly a trillion euros into the stagnant euro zone economy. Although QE was widely anticipated, the size of the programme was not - markets had already largely priced in QE at about 500 billion euros in total so the package of 1.14 trillion euros easily outpaced market expectations. Now, though most of the analysts are of the view that a strong dollar is negative for the metal sector, but what I feel is that, easy money from the European QE, would soon start to enter the metal (Commodities) sector, sparking the fear of inflation--i.e, this move is likely to  inflate the prices of commodities, as we saw last time. Therefore, I feel we are probably sitting, at the end of a downturn in the metal sector. So, according to my view one should start accumulating steel (and other metal) stocks on any bounce. In another development, the latest producer manufacturing index(PMI) came in better-than-expected from China. Newly released numbers saw China's PMI come in at 49.8, up from 49.6 in December. Japan's PMI was up as well, coming in at 52.1, 0.1 percentage point higher than last month's 52. Later today, a slew of PMI numbers are scheduled for release, including the ones from France, Germany, Eurozone and US. In the latter, existing home sales and the CB leading index will be watched as well. 

Jindal Saw Ltd recommended earlier and also today, rose to Rs.86.90, intra-day before closing at Rs.84.60. The company as mentioned earlier came out with decent set of numbers for the Q3FY15. In Q2FY15, too, the results were impressive. The company is in a commanding position in India's tubular market, being the undisputed leader with turnover in excess of Rs.7500 crores. It is one of the country's largest producers of SAW pipes, which is widely used in the energy sector for the transportation of oil and gas. The investors are suggested to accumulate the same on all declines for a short term target of Rs.91-92, within this week. 

Today, as expected Veer Energy and Infrastructure Ltd corrected to Rs.4.15, intra-day before closing at Rs.4.18. I had mentioned a couple of days back in this blog, to be cautious to on the scrip as it nearly touched my target of Rs.5 (rose to Rs.4.98 intra-day). I will tell you when to enter the counter once again. For the time being the scrip could. fall to Rs.3.70. I had today, asked all the Premium Members to book profits in the counter. 
Nifty today closed at 8,835.60 up 74.20 points. Nifty has appreciated around 780 points or ~9% from the low of 8065 within a few trading sessions. Bulls are in full command of the affairs, in Dalal Street. Moreover, the point that Nifty is in a “Resistance Free Zone”, gives further ammunition to the bulls. The traders are suggested to buy stocks from both the large and small / mid-cap spaces. 

Domestic steel industry is not getting adequate iron ore to produce steel: Seshagiri Rao, JSW Steel

Another Bollywood "Dumbo"

[Editor: The government of India should give special focus on the mining and construction sectors, which are the backbones of our economy, but are in an utter mess. It seems the NDA at the moment is more interested in lucrative defense deals. Now they are hell bent to pass the insurance bill, for reasons best known to them. If even after forming a stable government at the centre, the NDA fails to push the Indian GDP up, then God help them. Prime Minister, Narendra Modi talks more than what he is actually capable of doing. He has already successfully diverted the attention of the general public from the key issues, by bringing in "Swachch Bharat" campaign. The point is that when there is no clean water to drink, even in the slums of Mumbai (Bombay), from where will people get water to clean their premises too often? Therefore, the focus should be on poverty alleviation, rather than spending time on superfluous issues. A MAN is a BUNDLE of HABITS. So, unless this changes, nothing much will work. In Mumbai (Bombay), I find people spitting here and there on the streets. Some even use the streets as their public toilets. When this cannot be stopped even in such elite societies, then we can safely forget about cleaning the whole of India--as of now it is simply hot air. However, a section of Indians probably find it "Prestigious" to rally on everything Narendra Modi says---typical Indian mind-set]

December 20, 2014: JSW Steel is India's leading private sector steel producer having $9 billion global conglomerate spread over six locations in India and a footprint that extends to the US, South America and Africa. Recently, the company was in news as they plan to build a 10 million tonne greenfield steel plant at Salboni in West Bengal. Currently, the project is on hold as the ban on iron ore mining and cancellation of coal mines has brought in severe uncertainty to raw material linkages for the project.

The stock of the company is trading flat. In an interview with CNBC TV18, Seshagiri Rao, Joint MD and Group CFO, JSW Steel, said that one of the reasons for the stable growth is the currency devaluation which has been putting pressure on global steel prices and adding to the Chinese slowdown. Thus, the countries which are export dependent are producing more steel and looking for markets – that is also supported by the devaluation of those currencies and that is why in this quarter we have seen the prices dropping internationally.

Explaining it in detail, he said, "We see little stability in the prices because scrap prices have started looking up. Earlier, it was below USD 300 and now we see it rise to USD 320 per tonne. Iron ore is around USD 70 and coking coal is at USD 110, which are all indications that the stability is there in the prices internationally. So correction already happened in the last two-and-a-half months".

Further, drawing attention over the mining scenario in India and decisions taken by the State and Centre government, he commented, "As far as the iron ore overall production relative to the demand is concerned, there is a gap. There is a lot of hope that more production will come into operation either in Odisha or Karnataka but we are not seeing anything happening on the ground. That is why the imports of iron ore are increasing into India, so in this year at least 10-15 million tonne of iron ore imports are happening.The major concern today is the domestic steel industry is not able to get adequate iron ore to produce steel, so we are importing steel into India because of lack of iron ore in India."

Courtesy: Indiainfoline

Buy Hindalco Industries Ltd: Sudarshan Sukhani

Now another chartist: Sudarshan Sukhani has also given a buy on Hindalco Industries Ltd after Prakash Gaba, according to www.moneycontrol.com.

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, " Hindalco Industries  inspite of the bad news was moving in a trading range and it is actually suggesting that it is willing to go higher, cross that boundary and actually begin an uptrend. I don’t know how that will happen if the Nifty decides to go down. Hindalco independently looks quite attractive as a buy." 

HINDALCO'S operations around the world:

• Novelis is headquartered in Atlanta, Georgia and operates 25 manufacturing facilities in nine countries on four continents, with nearly 11,000 employees. Novelis is the world’s largest rolled aluminum producer in terms of volume shipped, and the largest purchaser of aluminum as well. 
• Aditya Birla Minerals is based in Perth, West Australia, and conducts its activities at the Birla Nifty Copper Operation in the Great Sandy Desert, WA and the Mt Gordon Copper Operation located in the Mt Isa Block in Queensland. 
• Hindalco-Almex operates a first-of-its-kind facility in India, which is exclusively devoted to high-performance aluminium alloys. HAAL is located at Shendra, Aurangabad in western India, around 350 km from Mumbai.

At 10:47 hrs Hindalco Industries was quoting at Rs 156.80, up Rs 1.95, or 1.26 percent. It has touched an intraday high of Rs 157.60 and an intraday low of Rs 154.60.

Jaiprakash Associates Ltd: Result Analysis

Please Click on the  Chart to Expand

Jaiprakash Associates Ltd, the engineering and infrastructure unit of the debt-laden Jaypee group, on Wednesday reported a net loss of Rs.106.5 crore for the September 2014 quarter, at a time when the promoters are actively seeking to pare debt. The company had posted a profit of Rs.67.67 crore in the corresponding quarter a year ago. 

However, if we look carefully at the results, then we would find that in Q2FY14, the other income component was Rs.123.58 Cr as compared to Rs.45.70 Cr only in Q2FY15. This gives a positive delta of Rs.77.88 Cr, in the previous-year quarter as compared to Q2FY15. Or in other words, this factor was missing in the results of Q2FY15, which is why the loss of Rs.100 plus came so easily. Also, the finance cost increased only by Rs.3.78 Cr in September, 2014 quarter as compared to June, 2014 quarter. 

Revenues however dropped by 15% to Rs.2,664.12 crore in the reporting quarter, due to sequential decline in cement and construction business (on seasonal nature of the business), according to analysts. Finance costs also rose 21% to Rs.793.29 crore compared to a year ago, but very less as compared sequentially. 

The QFY14 results show that the bottomline of the company is along the expected lines according to the average of estimates of analysts polled by CNBC-TV18 (Rs.100 Cr loss) and much better as per analysts polled by NDTV (standalone net loss of Rs.124 crore).

The group is trying to pare its debt of around Rs.60,000 crore by selling assets. On 25 September, the company announced the sale of three hydropower projects run by Jaiprakash Power Ventures to JSW Energy Ltd. Besides, there were recent media reports that, Aditya Birla group firm Ultratech Cement is believed to be looking at possible acquisition of Jaypee Group's three cement plants in Madhya Pradesh in a deal that could be worth about Rs.5,500-6,000 crore.

It is to be noted that the company has an asset base of Rs.36,868.26 Cr, as against its market cap of only Rs.8,039.27 Cr and FY14 earning of Rs.13,327.02 Cr. The book value of the shares of Jaiprakash Associates Ltd (Rs.33.05) is Rs.56.69.

The scrip seems to have factored-in, the current set of fundamentals and hence is not expected to go down too much from Rs.33.05.

WINNING STROKES: THINK DIFFERENT

Shares of Financial Technologies Ltd (Rs.228.30) surged to Rs.235, intra-day after the company stated that it concluded renegotiation of technology supply agreement with Multi Commodity Exchange of India (MCX). There was a big crash in it's share price after the NSEL scam. The stock, should be crossing Rs.300 in the coming days. In other words, Financial Technologies should come back to focus again after a re-agreement with MCX for technology supply.

IVRCL Ltd (Rs.15.85) was recommended today as a fresh buy at Rs.15-15.50, for a target of Rs.21. The scrip surged to Rs.16.30, intra-day. The company has an order book of  more than Rs.20, 000 crore and it is implementing the CDR package. 
Pipavav Defence and Offshore Eng Ltd today closed flat at Rs.38.40. According to the media reports, the government of India is mulling various options, which include lower bank interest rates, infrastructure status to shipyards, a separate fund and also special subsidy to shipbuilders who source raw material and parts locally. It is a company whose promoter is Nikhil Prataprai Gandhi, a person having very good rapport with Senior Ambani. Moreover, Nikhil Gandhi, chairman, Pipavav Shipyard told CNBC-TV18 at the beginning of this year, that the private ship-builder is in talks with a French company for a strategic stake sale. He says this partnership is primarily aimed to bring in the technological know-how and proprietary knowledge of military hardware into the country. The promoter stake after the deal might come down to 41% from 45% initially. SAAB AB of Sweden has already a stake in Pipavav. SAAB AB and the new partner, if the stake sale goes through, will together own 15 percent in the company, says Gandhi. The company has an order book of around Rs.12, 000 crore and is trading near the 52-week low price of Rs.30.55, hence the downside is limited. Besides, Rakesh Radheshyam Jhunjhunwala and Rekha Rakesh Jhunjhunwala, respectively holds 2.11% and 1.30% stake in the company. Also,  the uncertainty over the fate of subsidy payments for shipbuilders such as Pipavav Defence and Offshore Engineering Co. Ltd, ABG Shipyard Ltd and Bharati Shipyard Ltd could lift soon, with the government looking to extend the payment timeline for a scheme which ended seven years ago.

Gitanjali Gems Ltd (Rs.65.50) which got badly hammered, was recommended today at Rs.65, just a month ahead of Diwali. This is a sure shot recommendation for  a target of Rs.79-80, in the short term. Shares of jewellery makers should rise on expectations of pick up in sales in the festive season. Meanwhile, according to the Business Standard, September 3, 2014:  Amid expectations of a turnaround in global jewellery purchases and a revival in ornament exports, Indian diamond processors participated aggressively in the De Beers’ sightholders contract registration to ensure supply of rough diamonds till 2018. “The basic raw materials remain the same. Exports cannot decline beyond a point. Therefore, raw material surety is required. De Beers processes only 40-42 per cent of the rough diamonds they mine and, hence, Indian processors should take a long-term view,” said Sabyasachi Ray, executive director, GJEPC. Mehul Choksi, managing director of Gitanjali Gems, a De Beers’ sightholder, said the current fall in exports was a seasonal trend. “Exports decline in the July-August period. But so far, this year has been good. We anticipate the economic recovery in the US will yield positive results on jewellery exports,” he said. The US accounts for 38 per cent of global jewellery consumption.

My earlier recommended Genera Agri Ltd today rose by more than 15% and closed at Rs.8.24. The intra-day high for the scrip was Rs.8.48.

The Nifty has closed with a weekly loss of 152 points in the last week. On the other hand, the level of 7850 showed buying interest on Friday, from where the Nifty reversed as was expected. Today, the small cap index was strong since the start. 

India Budget 2014: Positive measures will spur demand for metal and mining companies
 Government's initiatives will trigger investment cycle and give a new lease of life to such firms

Jul 10, 2014: Rising costs of raw material, delays in project execution and subdued demand have proved detrimental to metal and mining companies in the country. However, the Narendra Modi government’s maiden Union Budget gives them hope. The hope doesn’t necessarily come from budget measures announced specifically for the sectors, but from the positive ring around steps taken to prop up investment in the country.

“The government’s investments and measures will trigger investment cycle. He (Finance Minister Arun Jaitley) has facilitated ease with which business can be done and has given clarity on the tax regime,” Koushik Chatterjee, Group CFO, Tata Steel told CNBC-TV18.

Demand for steel grew by a mere 0.6 percent in 2013-14, the lowest in four years. The demand had gone up by over 3 percent a year earlier.

“There are a lot of measures in the budget, ranging from setting of new ‘smart cities’ to redevelopment of airports that will spur demand for metal companies. Also, measures like new ports and tax rationalisation of different grades of coals will improve logistics and ease the business atmosphere,” said SV Sukumar, Head of Operations and Supply Chain, KPMG.

Though the Union Budget was largely silent on major measures, steel companies will see some relief as basic custom duty on steel grade limestone and dolomite has been reduced from 5 percent to 2.5 percent. The two are used in steelmaking.

Tata Steel and its peers like JSW Steel and Jindal Stainless will also benefit from the increase in basic custom duty of imported flat-rolled products of stainless steel from 5 percent to 7.5 percent. “The domestic stainless steel industry is presently suffering from severe under-utilisation of capacity,” the Finance Minister reasoned. “We welcome the step,” said NC Mathur, President, Stainless Steel Development Association.

But the biggest concern for these companies has been access to raw material – iron ore and coal. JSW Steel, owned by Sajjan Jindal, recently announced that it will import 6 million tons of iron ore - an irony given India’s ample resources of the raw material.

Jaitley acknowledged this concern. “It is my government’s intention to encourage investment in mining sector and promote sustainable mining practices to adequately meet the requirements of industry without sacrificing environmental concerns. The current impasse in mining sector, including iron ore mining, will be resolved expeditiously. Changes, if necessary, in the MMDR Act, 1957, would be introduced to facilitate this,” he said. 

“We have been making presentations to the minister. We will have to wait and see what changes are brought in,” said RK Sharma, Secretary General, Federation of Indian Mineral Industries, or FIMI.

Sharma though criticised the government’s move to increase export duty on bauxite from 10 percent to 20 percent. “At present, most of the bauxite that is exported from India comes from Gujarat and Maharashtra. These are not required in India as these are refractory grade bauxite and are not used by the aluminium makers in the country,” he says. “Now, these bauxite reserves will lie around unused.”

In a move that was expected but one that might increase costs of metal companies and their customers, Jaitley has given the go-ahead for the revision of royalty on minerals. Mining companies have to pay royalty to state governments. In iron ore itself, the rate is expected to be increased to 15 percent from 10 percent of the output.

The S&P BSE Metal Index on Sensex was up 1.65 percent, outperforming the Sensex that was down 0.28 percent at 3.40pm.

Courtesy: Forbes India

WINNING STROKES: THINK DIFFERENT

The Nifty as expected did not move anywhere today hovering between 6485.70 and 6522.90 during the whole trading session finally settling at 6493.20. The markets are still confused as to who is going to form the next government and this would continue till the NDA comes up with some solid strategy, which shows that they would be in the charge of the affairs in the coming elections. However the action would be seen mostly in the small and mid cap space, some of which are still near their 52-week lows. Chartically speaking, the inability of Bulls to cross 6565--6570 ranges and the Nifty closing below 6500 is a sign of weakness. The longs should therefore be strictly avoided and risk taking traders can even go for shorts taking 6570 as the SL. 

As expected Shree Ganesh Jewelry House (I) Ltd today moved to Rs.26.70 before closing at Rs.26.50 (21 DSMA) in the BSE, just near the day's high. Also, this is above its 21 DEMA which is placed at Rs.26.13. The Shree Ganesh, in 2012 forayed into solar power generation by acquiring 55% stake in two companies — Alex Astral Power Ltd and Alex Spectrum Radiation Ltd — owned by the Kolkata-based Sureka Group, at an estimated investment of nearly Rs.100 crore. The solar power generation business was earning revenues and generating profits. The companies had 30 MW assets already commissioned as of April 2012. The company also commissioned two 25 MW solar power projects in Odisha and Gujarat, and a 5 MW solar power project in Rajasthan in 2012. It is also into Gold Loan and is already getting benefits from the RBI action a couple of months back. The outlook of the scrip looks bullish and we can hope for a target of Rs.41-42, in the next few trading weeks, as the government of India takes a series of measures to relax the gold import norms. 

TV18 Broadcast Ltd which was recommended in this blog a few weeks back at around Rs.22, today touched The first target of Rs.26. The scrip closed at Rs.25.75. 

Allied Digital Services Ltd today hit the upper circuits before cooling down at Rs.12.50. It seems the promoters will come out with positive results for Q4FY14. Hope from  now on, they will spare something for the shareholders after sucking the company to the hilt during the last few years.