Apollo Hospitals - Accumulate

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Apollo Hospitals is coming out with a preferential allotment to
promoter at around Rs 500 and to institutions at Rs 600.

The current market price is Rs 480.

I feel Apollo is a long-term multi bagger story in the making.

Health care sector is the sunrise sector of India. Medical tourism,
health insurance TPA, Medical process outsourcing, pharmacies,
hospitals, Apollo has a significant presence in all of these.

I would rate this stock to be one of top performers in next 3-4 years.

Promoters buying own company shares is always a very good sign as that
tells me they are very bullish on their own business.

Apollo as come out with a series of announcements over the past few
weeks talking about new joint ventures in medical re-insurance and
other stuff.

It has one of the best managements in health care sector, there are
very high entry barriers to this business. I would like to accumulate
the stock in small quantities and keep it for years to come (at least
for 10 years).

Attaching the zip containing the details of the EGM. It shows the
holding structure pre and post preferential allotment.

Cheers,
Niteen S Dharmawat
Mobile: 9850571857

IMPORTANT DISCLAIMER: Investment in equity shares has its own risks.
Sincere efforts have been made to present the right investment
perspective. The information contained herein is based on analysis and
up on sources that we consider reliable. I, however, do not vouch for
the accuracy or the completeness thereof. This material is for
personal information and I am not responsible for any loss incurred
based upon it & take no responsibility whatsoever for any financial
profits or loss which may arise from the recommendations above.

Billion dollar investing tips from Warren Buffet

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Everyone (& must for traders) should read this article... Really a billion dolllar article.

Billion dollar investing tips from Warren Buffet
N J Yasaswy
September 20, 2007 14:58 IST

Widely considered the most successful investor of all time, Warren Buffett is a luminous example of the school of value investing. Starting with an initial fund of $105,000 in 1956, Buffet grew it to $45 billion over the next 50 years, making him the second richest man in the world. Though he is widely recognized as being an investor, the bulk of Buffet's wealth was built through intelligent use of leverage offered by his insurance companies. Since most individual investors do not have access to the type of capital that Buffet does, it is not easy to replicate his astounding wealth-building feat. However, by understanding and applying the basic guidelines of Buffett's investment approach to their own investing decisions, most long term investors can comfortably beat the returns of all but the best mutual fund managers.

So, how did Buffet accumulate the huge fortune that he eventually gave away to the charitable foundation run by his best friend, Bill Gates? One of the greatest attractions of Buffett for investors is that his investment methodology is easy to understand. However, it is far more difficult to apply because it calls for large amounts of patience and calm when your stocks move against you. It is also difficult to apply because it requires an orientation towards research and the ability to understand the complexities of accounting and finance. But for those willing to invest time and effort into mastering this approach, superlative investment performance over the long term is guaranteed.

Invest in Businesses, Not in Stocks
"Whenever we buy common stocks for Berkshire's insurance companies (leaving aside arbitrage purchases), we approach the transaction as if we were buying into a private business. We look at the economic prospects of the business, the people in charge of running it, and the price we must pay." -- Warren Buffett

This is the cornerstone of Buffett's investment style. Whenever he evaluates an investment opportunity he analyses it as a business and not as a stock. This makes him look closely at the company's fundamentals, earnings prospects, financial health and management. Conversely, this style of evaluating a business prevents him from buying a stock just because it is going up even though it has dubious prospects. A lot of investors tend to buy stocks based on tips from friends, acquaintances or brokers. By adopting Buffett's approach, you can save yourself a lot of grief later on.

Only Buy Businesses that You Understand
"Did we foresee thirty years ago what would transpire in the television manufacturing or computer industries? Of course not. Why, then, should Charlie and I now think we can predict the future of other rapidly evolving business? We'll stick instead with the easy cases. Why search for a needle buried in a haystack when one is sitting in plain sight?" -- Warren Buffett

Buffett has a track record of generating 21 per cent annually compounded returns over a 50-year time frame, a feat matched by very few investment managers. Though technology companies delivered some of the best returns during this period, Buffet has never owned one for the simple reason that he could not understand the long term prospects of these companies and evaluate them thoroughly. So the next time you get a tip to buy a "hot" company that you do not understand, you should ask yourself: "If the greatest investor in the world will not invest in something he doesn't understand, should I?"

Buy Companies with Defensible 'Franchise'
"As Peter Lynch says, stocks of companies selling commodity-like products should come with a warning label: 'Competition may prove hazardous to human wealth'." -- Warren Buffett

Most of Buffett's portfolio companies, such as Coca Cola, Gillette (now Procter and Gamble), American Express and Washington Post, are businesses which have a significant hold over their market. This is because they have inherent competitive advantages, whether it be a highly recognizable brand, or near-monopoly status in a geographic area. Such companies can typically raise their prices without fear that customers will walk away. This in turn produces fantastic earnings growth and, consequently, great investment performance. So, before you make an investment in future, try to understand whether the company you are investing in has a strong and defensible market position and whether it can raise prices if it needs to.

Hold for the Long Term
"We are willing to hold a stock indefinitely so long as we expect the business to increase in intrinsic value at a satisfactory rate . . . we do not sell our holdings just because they have appreciated or because we have held them for a long time." � Warren Buffett

Buffett's companies have generated enormous returns for him. For example, his investment of $10 million in 1973 in the Washington Post Company had grown to more than $1 billion by 2003. While a lot of us may be able to do this occasionally, Buffett has generated such returns with startling regularity. One of the reasons he is able to do so is because he holds for the long term and is not quick to enter or exit businesses. In fact, he stuck with WPC for two years even though its price fell below his purchase price because he understood the fundamentals of the business and believed that it was undervalued. Even once it became profitable, he was not quick to exit because he believed that it had greater potential. He held it through several bull and bear markets and no greater proof is needed than the return he achieved to show that he was right in holding it for so long.

Ignore Short-Term Fluctuations in Price
"Charlie and I let our marketable equities tell us by their operating results�not by their daily, or even yearly, price quotations�whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it." � Warren Buffett

The stock market has a tendency to overreact on both the upside and downside. Often the market ignores the fundamentals of a business and reacts sharply to news flow. Sometimes entire sectors become either unduly depressed or overpriced. One of the key pillars of Buffett's approach is to ignore short-term fluctuations in price. He does not sell a stock because the market suddenly decides to drop. Neither does he buy one because it is going up. Once Buffett has calmly evaluated the fundamentals, he will buy the stock if its price is right. If the stock dips after he has purchased it, he does not worry so long as its fundamentals are good. Had he gotten jittery due to short-term price fluctuations, he would have been a lot less richer than he his currently.

Buy Good Businesses When Prices are Down
"If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they feel elated when stock prices rise and depressed when they fall. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices." � Warren Buffett

On 19 October 1987, all global stock markets crashed. The Dow Jones Industrial Average actually suffered a decline of 22 per cent, the greatest single-day drop in its history. Every stock on the market fell. Most people sold their holdings in panic that day. Buffett, however, was buying! He made the single largest stock purchase of his life that day. While all others around him hit the panic button, Buffet bought 10 per cent of Coca Cola for $1 billion. Not only was it his largest single stock purchase, he also became the single largest shareholder in the company. In his analysis, Coca Cola had a great business, great long-term prospects and the ability to expand because of globalisation. If the market was willing to sell it at an unreasonably cheap price, he wanted to scoop it up with both hands. And scoop it up he did! Coca Cola became one of the most successful investments in Berkshire's portfolio. By 2006, Buffett had made over $11 billion on Coke since he bought it.

Don't Be an Active Trader
"Indeed, we believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a romantic." � Warren Buffett

Buffett is an atypical investor not only because he is highly successful, but also because he does not even look at stock tickers. He believes that trading too much is a tax-inefficient and costly approach to investing. Consequently, he has a very low turnover portfolio, very low brokerage charges and has not paid very much in the nature of capital gains taxes.

Do Not Over-Diversify
"If you are a know-something investor, able to understand business economics and to find five to ten sensibly priced companies that possess important long-term competitive advantage, conventional diversification makes no sense for you." -- Warren Buffett

A striking aspect of Buffett's portfolio at Berkshire is the small number of stocks in it. This number has rarely exceeded 10 stocks. Buffett believes that there are very few outstanding investment opportunities at any given point of time and that one should invest enough in each of those to make a substantial difference. In contrast, most people fill up their portfolios with more than fifty stocks. As a result, even if a stock appreciates 100 per cent, the impact on their net worth will only be 2 per cent. Investors who want to generate truly outstanding returns should identify a small number of great businesses at the right prices and invest a significant amount of their money in each of them.

Invest Only When There is a Margin of Safety
"Margin of safety" is a slightly difficult concept to understand. It can be loosely defined as the difference between value and price. If the value of what you buy is higher than the price you pay for it, you have a high margin of safety. If the price you pay is greater than value, you have a low margin of safety. When the margin of safety is high, the investor need not worry about short-term fluctuations in price and can buy more if he or she has the resources to do so. Also, if you are investing in a situation with a significant margin of safety, you are likely to make a higher return because you are buying at a relatively low price.

However, how does one quantify this margin of safety? It is admittedly a grey area. There are seemingly scientific approaches, such as the discounted cash flow, which are taught in most corporate finance textbooks. In practice, though, it is both very subjective and very difficult for an individual investor to apply. However, there are other short cuts which are more approachable. Since the discounted cash flow ultimately crystallizes into the price / earnings (P/E) ratio, one way of estimating the margin of safety is to look at the P/E ratio. A low P/E means there is a margin of safety. But even this approach has its pitfalls. Slow growing, lousy companies often tend to have low P/E ratios. And, sometimes, very promising companies have high P/E multiples.

One way around this problem is to divide the P/E ratio by the growth rate of the company's profits to arrive at its price-earnings to growth ratio. Thus, if a company's P/E is 20 and the growth rate of its profits is 20 per cent, its PEG is 1. Oftentimes, a PEG of less than 1 implies that there is a significant margin of safety. A PEG of greater than one means that the margin of safety is not very high.
That said, PEG is not the holy grail of valuation and there are several ways to value a company -- and all these approaches have their flaws. You can consider your time well invested if you spend some time researching valuation by reading a corporate finance textbook.

Thus, Warren Buffet's investment approach is easy to understand, but calls for significant effort on your part to understand businesses, evaluate them and invest successfully but then, nobody said that becoming a billionaire was easy!

Cheers,
Niteen S Dharmawat
Mobile: 9850571857


IMPORTANT DISCLAIMER: Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.

Rakesh Jhunjhunwala - the Indian bull

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Good read...

Sunday, September 16, 2007
Rakesh Jhunjhunwala - the Indian bull

It is 12.30 pm at RaRe Enterprises, Nariman Bhavan. There are five
monitors showing more red than blue. The market is facing a blood
bath. The Sensex is falling. In the thick of the action, Rakesh
Jhunjhunwala turns from these screens, he is unruffled.

There is a massacre happening as investors lose wealth but Mr
Jhunjhunwala looks at you almost bored and says "lets not discuss the
markets". The biggest investor in India is chewing paan as he loses
wealth on his screens. He lights a cigarette. He loosens his white
shirt. He has not worn a tie for the last five years.

"I know I am losing wealth but should I let this bother me? I don't
think so. I would be crazy to look at my wealth like this. I believe
that India stands on strong fundamental grounds and over a period
things are only positive. But please do not interpret this as Rakesh
Jhunjunwalla is saying that the Sensex is going to touch 40000. Some
day it may touch. But who knows when?"

For a man who purchased Tata Tea for Rs 5000 when he was only fifteen
years old, Rakesh Jhunjhunwala has a total networth of ap-proximately
Rs 6000 crore along with his wife Rekha Jhunjhunwala. The exact value
of the portfolio is something he doesn't like to talk about.

He doesn't have any rules for his science of investing. But his ap-
proach is fundamental and takes a long-term view thus he is also re-
ferred as the Warren Buffet of India. Jhunjhunwala has never met
Warren Buffet but admires and even follows his style of investment.

"Don't insult the great man by comparing me to him. I am young and
I'm constantly learning. There is so much to learn from others." He
pauses and refuses a phone call from a big corporate house in
India. "But at the end of the day I want to be only Rakesh
Jhunjhunwala and nobody else", he says.

Retail investors, analysts and fund managers always want to know what
he is buying. Everybody wants to be a part of Rakesh's stocks. He
knows that. He leans back and looks at you and tells you that he is
not an advisor or a fund manager.

He and his wife came into the limelight with Crisil Limited. At the
end of April 2005 he was holding 14.26% of the company, accounting
for Rs 70 crore. In the same year the couple made Rs 27 crore after
they sold out to the S&P open offer at Rs 775 per share. Today his in-
vestment in Crisil is worth more than 200 crore and the holding
accounts for 7.63% of the entire company. In all the companies that
he has invested, it is this investment that has given him his famed
mo-ments.

In India, bull runs have been associated with certain individuals. In
the nineties it was Harshad Mehta and in early 2000 it was Ketan
Parekh. But Jhunjhunwala does not like to be associated with any
booms. He believes that the market is above individuals. Individuals
can be associated to excesses in the markets, but not to the phase of
the markets itself, he believes. It is like if the market is at a P/E
multiple of 20, an individual might just make investors believe that
the P/E should be 22. He thinks that individuals who believe that
they are bigger than the markets do not last for a long time.

"The market is rational. An individual can never be smarter than the
market", he says and his phone rings. Someone wants to sell him a
credit card or personal loans. He politely refuses and drags on his
cigarette.

"The market is about greed and fear. Sometimes there is too much
greed and sometimes there is too much fear. It has a lot to do with
the psychology of the market. You have to sometimes read the market
like you read an individual", he adds.

But Mr Jhunjhunwala has not taken any courses in psychology or
behaviorial finance to understand the psychology of the market. He
has always believed that psychology cannot be learnt in classrooms.
He has learnt his lessons in finance by practicing them and never
believed in borrowed wisdom. He has liked his experience first
hand. "I have experienced the markets from its core. You know I was
there during the day of the bomb blasts when it happened. I have seen
ups and downs so my understanding of the market is from being in
there".

That is probably why international fund managers like to spend time
with him to understand the Indian equity market. He meets at-least
two international fund managers a week. Probably that is where he
markets or tries to sell the India story to the global equity fund
managers. He doesn't like it when he is referred in this context.

"How can you sell the Indian equity to the global fund manager? Is it
an FMCG product like toothpaste or a shampoo? These fund managers are
here because they believe in the fundamentals of the country. Not
because a Rakesh Jhunjhunwala wants them to buy Indian equity". He
gets slightly excited.

Incidentally, foreign investors are selling Indian equity as global
markets are facing a liquidity crisis. Those who have purchased the
India story are jittery. Highly leveraged funds that invest into
global markets based on borrowed money are facing the heat. They have
purchased assets that they are not able to value. They don't even un-
derstand the nature of these assets.

As the ground beneath their feet starts to shake, Rakesh Jhunjhunwala
sits firm. He was in Lonavala watching movies when the crisis was
very severe. He is patient and knows that this shall also pass. The
red on the screen will turn to blue. The market will once again be
the winner. Mr Jhunjhunwala will remember this. His greatest fear -
he might fall prey to his own philosophy. The market will remain
above all individuals.

At a time when the market is going through volatility and an
uncertain phase, Jhunjhunwala has no advice for the investors. "I
don't advice anybody. I don't manage anybody's money. I manage my
wife's money because I don't have a choice." He smiles and stubs his
cigarette

at 5:50 PM

SEARCH: Rakesh Jhunjhunwala

Cheers,
Niteen S Dharmawat
Mobile: 9850571857

IMPORTANT DISCLAIMER: Investment in equity shares has its own risks.
Sincere efforts have been made to present the right investment
perspective. The information contained herein is based on analysis and
up on sources that we consider reliable. I, however, do not vouch for
the accuracy or the completeness thereof. This material is for
personal information and I am not responsible for any loss incurred
based upon it & take no responsibility whatsoever for any financial
profits or loss which may arise from the recommendations above.

Top cos don’t seem to trust MFs with their money

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Top cos don't seem to trust MFs with their money
18 Sep, 2007, 0135 hrs IST,Apurv Gupta & Shailesh Menon, TNN

MUMBAI: Institutional money dominates assets under management (AUM) by
Indian mutual funds (MFs). But leading companies do not appear to be
rushing to entrust their surplus funds with assets management
companies. An ET analysis of investment patterns of 50 companies in
the Nifty group reveal that corporate investments in MFs have not
risen significantly over the past few years.

Around 15 Nifty companies (including PSUs and banks) have no exposure to MFs.

However, MF exposure of companies like Hindalco, Wipro, TCS,
GlaxoSmithKline and ACC has risen over the past three years. One
reason, according to industry officials, could be that many companies
have an active treasury arm that decides on investments.

Of the total financial investments of Rs 3,68,000 crore made by Nifty
companies, only Rs 30,300 crore, or 8.25%, was allocated to MFs in the
financial year 2006-07. This is an improvement over 6.4% during the
previous financial year, and 5.7% the year before that. Financial
investments consist of money deployed in g-secs, other approved
securities, investment in assisted companies (banks), debentures, PSU
bonds, shares and MFs. Attributing this trend largely to peaking of
capital expenditure cycle, the head of a foreign asset management
company says, "Companies with surplus cash are reinvesting in capital
expansion programmes. At other times, they are investing in liquid
funds, as they can pull out money quickly when required."

Another thing to consider is that balance sheet figures are
understated and March may not be the correct representative of all the
months.

"You may not get the right data if you look at the investment schedule
of companies. Companies are investing surplus money more into FMPs as
they provide more tax arbitrage benefits. They are not really keen on
equity funds as they are a bit risky and early redemptions are
penalised," said Haribhakti Group CEO Shailesh Haribhakti.

Recently, the government gave permission to public sector undertakings
to invest up to 30% of their surplus cash in state-owned MFs, but not
many fund managers expect huge inflows from that direction.

"Large companies are comfortable investing in liquid funds, they are
not keen on waiting for the long-term even if returns are higher.
Liquid funds allow companies to pull out whenever they want money.
They offer liquidity, yield decent returns and provide tax benefits to
the company," said the chief executive of an AMC.

Currently, bluechip PSU companies are parking their surplus funds in
fixed deposits of nationalised banks, RBI bonds and treasury bills.
Again, only a handful of MFs would come under the ambit of public
sector MFs where this money can be parked.

According to Public Enterprises Survey, the total surplus of Central
PSUs in 2005-06 was Rs 2,39,535 crore.
Many AMCs feel that there are a large number of mid-cap companies with
surplus cash, which could be tapped as potential MF investors.

"There are various reasons why we have not been actively pursuing
smaller companies as potential clients. Low margin is one of the
reasons. These companies do not have huge funds, but require as much
efforts as we would put into wooing a large company," says a senior
official at a MF.
"But we are planning to introduce new strategies like focusing on
smaller cities where these companies are located, which was earlier
untapped," he adds.

Cheers,
Niteen S Dharmawat
Mobile: 9850571857

IMPORTANT DISCLAIMER: Investment in equity shares has its own risks.
Sincere efforts have been made to present the right investment
perspective. The information contained herein is based on analysis and
up on sources that we consider reliable. I, however, do not vouch for
the accuracy or the completeness thereof. This material is for
personal information and I am not responsible for any loss incurred
based upon it & take no responsibility whatsoever for any financial
profits or loss which may arise from the recommendations above.

Power Grid Corporation IPO

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Hi,

Looks good and I would like to apply in this IPO. If the market does
not remain stable due to various reasons during the time of the IPO
then firm allotment is also a strong possibility.

Pls share your opinion.

Cheers,
Niteen S Dharmawat
Mobile: 9850571857


IMPORTANT DISCLAIMER: Investment in equity shares has its own risks.
Sincere efforts have been made to present the right investment
perspective. The information contained herein is based on analysis and
up on sources that we consider reliable. I, however, do not vouch for
the accuracy or the completeness thereof. This material is for
personal information and I am not responsible for any loss incurred
based upon it & take no responsibility whatsoever for any financial
profits or loss which may arise from the recommendations above.

Re: IDBI Accumulate

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Hi,

IDBI is now at 127.50. You would recall that I had asked to accumulate IDBI at Rs 70 on 05 Mar 2007. This is an appreciation of 82% in less than 6 months. Two months ago I had asked the short term traders book the profits at 113-114 levels and for the rest, long term investors, I had advised to remain in the stock reiterating that the long term target is at least Rs 150.

No new exposure at this level in this stock.

Cheers,
Niteen S Dharmawat
Mobile: 9850571857


IMPORTANT DISCLAIMER: Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.

> ----- Original Message -----
From: "Niteen S Dharmawat"
> To: "Niteen S Dharmawat" < ndharmawat@india.com>
> Subject: Re: IDBI Accumulate
> Date: Thu, 28 Jun 2007 17:47:19 +0530
>
>
> Hi,
>
> I asked to accumulate IDBI at Rs 70 on 05 Mar 2007. Now the stock
> has touched 52 weeks high 113.90 which is an appreciation of 63% in
> just 3.5 months. Those who are short term traders can book the
> profits at these levels and rest, long term investors, can still
> remain in the stock. Remember the long term target is at least Rs
> 150.
>
> No new exposure at this level in this stock.
>
> Cheers,
> Niteen S Dharmawat
> Mobile: 91-9850571857
>
> IMPORTANT DISCLAIMER: Investment in equity shares has its own
> risks. Sincere efforts have been made to present the right
> investment perspective. The information contained herein is based
> on analysis and up on sources that we consider reliable. I,
> however, do not vouch for the accuracy or the completeness thereof.
> This material is for personal information and I am not responsible
> for any loss incurred based upon it & take no responsibility
> whatsoever for any financial profits or loss which may arise from
> the recommendations above.
>
> > ----- Original Message -----
> > From: "Niteen S Dharmawat"
> > To: ndharmawat@india.com
> > Subject: Re: IDBI Accumulate
> > Date: Fri, 09 Mar 2007 18:39:28 +0800
> >
> >
> > You would remember that I had mentioned that IDBI holds 13% of
> > NSE. This is further development in the NSE stack. Please read
> > on. IDBI can provide lucrative results... Hold it or accumulate
> > it at current levels...
> >
> > Source: http://www.thehindubusinessline.com/businessline/blnus/05091207.htm
> >
> > Morgan Stanley, Citigroup, Actis buy 6 per cent stake in NSE
> > MUMBAI: Morgan Stanley, Citigroup Inc and global private equity
> > investor Actishave signed agreements with eight investors to buy
> > a total 6 per cent stake in the National Stock Exchange (NSE),
> > the stock exchange has said.
> >
> > Morgan Stanley will buy a 3 per cent stake in NSE, while
> > Citigroup will pick up 2 per cent. Actis will buy a 1 per cent
> > stake, the NSE said in a statement.
> >
> > Industrial Development Bank of India, State Bank of India, SBI
> > Capital Markets Ltd., Corporation Bank, Union Bank of India, Bank
> > of Baroda, Canara Bank and Oriental Bank of Commerce are the
> > institutions selling stakes in the NSE.
> >
> > Industrial Development Bank is selling a 2 per cent stake, while
> > the State Bank of India is offloading a 1.5 per cent stake. The
> > others are selling less than one per cent stakes. NSE did not
> > disclose the value of the deal.
> >
> > In January, the NYSE Group, General Atlantic, Goldman Sachs and
> > Softbank Asian Infrastructure Fund signed agreements with a
> > consortium of investors to pick up a total 20 per cent stake in
> > the NSE, the country's largest bourse in terms of average daily
> > traded volumes.
> >
> > The Government rules prevent any single investor from holding
> > more than 5 per cent in bourses. Foreign direct investment in
> > bourses is capped at 26 per cent.
> >
> > Cheers,
> > Niteen S Dharmawat
> > Mobile: 91-9422348493
> >
> > IMPORTANT DISCLAIMER: Investment in equity shares has its own
> > risks. Sincere efforts have been made to present the right
> > investment perspective. The information contained herein is based
> > on analysis and up on sources that we consider reliable. I,
> > however, do not vouch for the accuracy or the completeness
> > thereof. This material is for personal information and I am not
> > responsible for any loss incurred based upon it & take no
> > responsibility whatsoever for any financial profits or loss which
> > may arise from the recommendations above.
> >
> >
> > > ----- Original Message -----
> > > From: "Niteen S Dharmawat" < ndharmawat@india.com>
> > > To: "Niteen S Dharmawat"
> > > Subject: Re: IDBI Accumulate
> > > Date: Mon, 05 Mar 2007 21:28:05 +0800
> > >
> > >
> > > Hi,
> > > Hope you all remember this mail. Now with in 2 months we have
> > an > opportunity to accumulate IDBI. I am a conservative investor
> > so > did not recommend or buy at 79 level and stock touched 100+
> > with > in no time. In that process we loose on the opportunity to
> > buy > but we safegaurd our interest when the stock plummets.
> > >
> > > But now the stock price is close to 70 which definitely offers
> > > value for money. long term buy... for sure...
> > >
> > > Cheers,
> > > Niteen S Dharmawat
> > > Mobile: 91-9422348493
> > >
> > > IMPORTANT DISCLAIMER: Investment in equity shares has its own >
> > risks. Sincere efforts have been made to present the right >
> > investment perspective. The information contained herein is based
> > > on analysis and up on sources that we consider reliable. I, >
> > however, do not vouch for the accuracy or the completeness >
> > thereof. This material is for personal information and I am not >
> > responsible for any loss incurred based upon it & take no >
> > responsibility whatsoever for any financial profits or loss which
> > > may arise from the recommendations above.
> > >
> > >
> > > > ----- Original Message -----
> > > > From: "Niteen S Dharmawat" < ndharmawat@india.com>
> > > > To: ndharmawat@india.com
> > > > Subject: IDBI Accumulate
> > > > Date: Thu, 11 Jan 2007 13:09:04 +0800
> > > >
> > > >
> > > > Dear All,
> > > >
> > > > IDBI holds 13% of NSE, which works out to US$ 260 Mn or Rs.
> > 16 > > per share. IDBI has similar investments in clearing >
> > corporation, > Care, NSDL, SIDBI etc. Good to accumulate between
> > > Rs 70-75 from > a long term perspective. Currently trading
> > near > 79.
> > > >
> > > > Cheers,
> > > > Niteen S Dharmawat
> > > > Mobile: 91-9422348493
> > > >
> > > > IMPORTANT DISCLAIMER: Investment in equity shares has its own
> > > > risks. Sincere efforts have been made to present the right >
> > > investment perspective. The information contained herein is
> > based > > on analysis and up on sources that we consider
> > reliable. I, > > however, do not vouch for the accuracy or the
> > completeness > > thereof. This material is for personal
> > information and I am not > > responsible for any loss incurred
> > based upon it & take no > > responsibility whatsoever for any
> > financial profits or loss which > > may arise from the
> > recommendations above.