MY BLOG RANKED AS WORLD'S NO.3

I recently received a Mail from www.etfdb.com, a US based etf site which has ranked my Blog http://http://goodfundsadvisor.blogspot.com among the Top 50 50 Buy and Hold Investing Blogs and mine has been ranked at NO.3.
This is what the email said :

“From: Jimmy Atkinson
To: sharesher@indiatimes.com
Sent: Thu, 14 May 2009 21:59:42 +0530 (IST)
Subject: Good Funds Advisor Named a Top 50 Buy and Hold Investing Blog





Hi



Just in case you
have not yet noticed, Good Funds Advisor was named a top 50 buy and hold investing
blog at ETF Database earlier this week. I thought you and your readers might
want to check out the rest of the list. Let me know if you have any feedback, or
feel free to leave a comment directly on the blog post. httphttp://etfdb.com/2009/top-50-buy-and-hold-investing-blogs/



Thanks!
Jimmy
Atkinson

ETF
Database

http://http://etfdb.com
I dedicate this success to YOU. Yes, you dear readers, who keep visiting my blog and come up with interesting suggestion.
So, guys check out my blog http://http://goodfundsadvisor.blogspot.com and tell me how can I further improve my blog and make it No.1.
Thanks to you all
Srikanth Shankar Matrubai



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SUN PHARMA - RESULTS BELOW PAR

Angel Broking has maintained its buy rating on Sun Pharma with price target of Rs 1273 in its February 02, 2009 report. "Sun Pharma’s 3QFY2009 numbers were below our expectations. The company posted Net Sales of Rs 918.3 crore, registering a yoy growth of 14.2%. For 3QFY2009, Net Profit came in at Rs 408.6 crore, up 28.4% yoy mainly driven by OPM expansion but was below our estimate of Rs 450 crore on account of lower contribution from Protonix. On the valuation front, at Rs 1,047, the stock is trading at 12.4x FY2009E and 14.8x FY2010E Earnings. We maintain a Buy on the stock, with a target price of Rs 1,273," says Angel Broking's research report.

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AREVA - LOOKS POSITIVE

Areva-Set To Expand Capacity, Projects A Positive Outlook

Belying slow-down fears Areva T&D India will be shortly commissioning three new facilities in India. Involving an investment of Rs 700 crore, these facilities are coming up at Padappai and Hosur in Tamil Nadu and Vadodra in Gujarat by March 2009. With the expansions in place Areva would be able to double its Revenues over the next three years.

Investors would note that even with all expansions proposed in the XIth plan, the average power deficiency in the country will exceed 10 per cent and in certain States and Cities it could be as high as 16 per cent. With Government under-taking most Transmission and Grid Expansion, the possibility of order slow down seems negligible.

Despite the foggy economic scenario there was no slow down in tenders in the utilities side of the business, though load in distribution transformers could be hit due to the downturn in the infrastructure sector, the power transformer business would continue its growth trajectory. There are indications that the T&D industry, which was roughly growing at 20 per cent, may maintain its growth rate.

Areva T& D has an order book that exceeds at least one year of Revenues, thereby provding earnings visibility. The company, even during this slow down has not witnessed any major deferments that could disturb its revenue stream.
AS Hameed

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OPTO CIRCUITS - BUY

Opto Circuits Q3FY09 results are in line with expectations. During Q3FY09, OCL registered an operating income of Rs 211 crore, a growth of 65.7 per cent y-o-y.
However, its net profit grew by 47.4 per cent to Rs 52.7 crore, which was partly restricted due to higher interest costs that increased by a staggering 426.7 per cent to Rs 14.66 crore. The broking house Ambit Capital remains upbeat on the company's growth prospects and increases its PAT estimates for FY09E, from Rs 176.4 crore to Rs 196.76 crore, on account of lower administrative costs and higher other income. Also, the company is planning a capex of Rs 100 crore as against Rs 25 crore planned earlier for FY10E. Interest burden is likely to come off marginally as the company would see an infusion of Rs 18 crore by way of the promoter's warrant conversion.
At the recommended price of Rs 85, the stock is available at 5.3x its consolidated FY10E EPS. The broking firm expects the stock to perform well as company delivers growth numbers over the next few quarters. OCL's strong margins and high return ratios warrants a re-rating on the stock.
Also, the concerns on high interest cost and extended working capital cycle are already priced in current valuations. The broking house maintains a buy on the stock with a reduced DCF target price of Rs 140.


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EDUCOMP - BUY

Educomp Solutions has won orders from the State Governments of Uttar Pradesh (UP) and Assam for a total of 2,042 schools and the total size of these orders stands at Rs120 crore.
With these wins, Educomp has achieved its target of 12,000 schools in its ICT Business (government schools).
The UP Government has awarded 1,401 schools to the company, including 372 schools in Lucknow, 380 schools in Meerut, 369 schools in Jhansi and 280 schools in Gorkhapur for a period of 5 years on a Build-Own-Operate-Transfer (BOOT) basis.
Educomp will supply computer hardware, software and connected accessories and provide computer-aided education in the specified schools and intermediate colleges from Classes VI to XII. The company will also provide one full-time instructor, supply courseware, impart training and provide electricity and internet connections at each school.
The company will also impart training in 641 schools awarded to it by Axom Sarba Siksha Abhijan (SSA) Mission, Assam. With these order wins, the total number of schools in Educomp’s ICT Business goes up to 12,012.
We maintain a BUY on the stock, with a target price of Rs2,207

source : Angel Broking
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BEL - SOLID DEFENCE

Strategic tie-ups, new product development, good track record and cash hoard augur well for Bharat Electronics.


India’s recent test of two missiles, including the land-attack version of the BrahMos supersonic cruise missile, is part of its ongoing investments in strengthening its defence capabilities. The growing concerns over cross border tensions and the increasing terrorist activities in the country indicate that the need for higher defence expenditure and focus on enhancing capabilities is at its zenith. The statement of India’s defence minister at a recent seminar on Defence industry only confirms the rising importance of defence. “As the security scenario is undergoing unprecedented changes, the defence industry has come to occupy the centre-stage like never before – not only in our country, but the world over.”

Defensive business model
One of the key beneficiaries of India's focus on strengthening its defence capabilities will be Bharat Electronics, which was formed with the aim of serving different mechanical and electrical requirements of the Indian defence sector. As the defence sector is considered to be strategic, it is not surprising that government of India holds 75.86 per cent stake in the company.

CONSISTENT PERFORMER
in Rs crore FY08 FY09E FY10E
Net sales 4059 4627 5320
EBITDA (%) 24.7 23.2 23.5
PAT 826 879 1011
EPS (Rs) 103 110 126
PE (x) 7.9 7.4 6.5
E: Estimates

This has also resulted in most of the defence requirements being met through Bharat Electronics (BEL). While 70 per cent of the equipment requirements are sourced from overseas markets, BEL enjoys over 57 per cent market share of the 30 per cent sourced locally. The company supplies strategic electronics such as range of military communication systems, radars, naval systems, telecom & broadcast systems, electronic warfare systems, tank electronics and many more to all the defence establishments including Army, Navy, Air Force and Paramilitary Forces. As a result of this, 83 per cent of the company's revenue accrue from the defence sector, while 17 per cent is accounted by civil equipment like telecommunication, broadcasting products like DTH and electronic voting machines (EVM). The company was recently awarded an Rs 100 crore order for EVM by the election commission.

Consistent growth
Historically, the growth in the defence expenditure has been in the range of 6-8 per cent, which is expected to continue on the back of similar growth in the GDP. Though the growth may not look very strong, but given the consistency in the defence spending, the company has been able grow on sustainable basis. BEL's revenue and net profit have never declined in any of the last ten years. Its revenue and net profit have consistently grown annually at 14.6 per cent and 35 per cent, respectively during FY99-FY08 respectively. Moreover, the company's current order book of Rs 10,000 crore is 2.5 times BEL’s FY08 revenue and provides good revenue visibility.

Going forward, considering the political scenario and cross border tension in the country it is unlikely that India's capex on defence will be curtailed. Also, the emphasis is now given on newer and indigenous technologies with an aim to reduce dependence on imports.

Inventing to grow fast
The need for indigenous technologies and increasing overall production, the government has allowed 100 per cent private participation in the defence equipment sector. Companies like L&T are eying these opportunities in the big way. Although competition will increase, the opportunities continue to be huge given that India imports almost 70 per cent of its defence equipment. Bharat Electronics, too, has appointed global consultancy firm, KPMG, to help identify opportunities to expand in existing as well as new business segments. The company is consolidating its businesses so as to achieve its targeted revenue of Rs 10,000 crore by FY12 (from Rs 4,100 crore in FY08) implying an growth rate of 26 per cent per annum.

Plan of action
To achieve this, the company has planned a total capital expenditure of Rs 570 crore for the next two years (FY09 and FY10). This will be towards modernising its manufacturing facilities. Also, the focus will be strategic tie-ups with its partners to enhance business capabilities. The company already has partnerships with aerospace majors like Lockheed Martin and Boeing and global defence companies like EADS, Northrop Grumman, Raytheon and Honeywell.

"BEL is looking for new growth opportunities through organic or inorganic growth in existing and new areas. In this direction, BEL is discussing with reputed foreign and Indian players for forming joint venture companies in India, in the areas of defence electronics, namely electro optics, airborne electronic warfare, missile electronics and guidance systems, microwave super components, etc. Some of these proposals are in the advanced stage of discussions," says N K Sharma, Director (Marketing), BEL. The company has also been aggressively investing in developing new products in-house—in FY08, it introduced about 20 new products. The company now intends to increase its R&D expenditure, which was about 5 per cent in FY08, to 8-10 per cent of its turnover, which should help sustain its efforts in this direction.

Investment rationale
The company’s strategy to increase spend on R&D and new capacities, acquire new technologies and identify key growth areas augurs well and should help in achieving its ambitious long-term growth plans. BEL is a debt-free company and is sitting on a cash and cash equivalent worth Rs 2,400 crore, which also indicates that the company has enough muscle to fund its future plans.

In turbulent times, this stock proves to be a safer investment available at attractive valuations (PE multiple of 6.4 times its FY10 estimated earnings). Since the company has maintained a dividend payout in excess of 20 per cent, one can expect additional returns in terms of healthy dividends (yield of 3.2 per cent based on FY10 profits) in future as well. The company's cash (yields interest income of about Rs 200 crore or earnings of Rs 23 per share) is valued at about Rs 300 per share or 38 per cent of its current market price. At Rs 800, the stock is capable of delivering healthy returns in the long-run.

source : business-standard
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MARICO - IN PERFECT SHAPE

A balanced portfolio, healthy volume growth, rapidly growing international sales and easing cost pressure augur well for Marico.


Over the years, Marico Industries has transformed itself from a coconut oil manufacturer, sold under its renowned “Parachute” brand, into one with presence across hair care, skin care and healthcare segments and nearly 20 brands under its fold. Likewise, its foray into international markets in the recent years has seen the share of global revenues rise to a fifth of total. Consequently, the company has been able to sustain growth rates of about 20 per cent in sales and profit in the last five years, and establish a de-risked business model. Investment in new product development has meant that these now account for a fourth of consolidated revenues, as compared to 3 per cent in FY2000. Despite the slack economic conditions and global slowdown, Marico’s earnings are expected to grow at 18-20 per cent in the next two years, on new product launches, volume growth in existing businesses, higher rural penetration and easing input cost pressures. Notably, valuations are reasonable, with the stock trading near the lower band (14-22x) of its one-year forward earnings.

HEALTHY GROWTH
in Rs crore FY08 FY09E FY10E
Net sales 1,907 2,380 2,745
OPM (%) 13 13 13
Net profit * 159 184 227
EPS (Rs) 2.6 3.02 3.75
PE (x) 22.31 19.21 15.47
* Adjusted for extra-ordinary items
Consolidated financials E: Estimates

On solid footing
In its flagship business (coconut oil), Marico has successfully extended its Parachute brand to related hair care segments like value-added hair oils, creams and gels, by identifying new categories and launching new products. Among launches (including products in test marketing phase) in the last 15 months are “Parachute Advansed Hot Oil” (suitable for winter season; launched in Q3 FY09), “Parachute Night Repair Cream” (a fragrant, protein-based hair cream being test marketed in Mumbai) and “Parachute Advansed Starz” (oil, shampoo and cream products for kids; launched in December 2007). These initiatives have helped Marico strengthen its product range, which along with healthy growth in existing products has helped sustain volume growth (average) of 10-11 per cent in last seven quarters (9 per cent in Q3, FY09).

The value-added hair oils business is also growing at a robust rate and includes products like “Parachute Jasmine” and “Nihar” (perfume-based oils), “Hair & Care” (protein based oil) and “Silk n Shine” (post-wash hair conditioner) among others. Along with new product launches, coupled with low penetration levels, average volumes growth was 20 per cent in the last six quarters (15 per cent in Q3).

The second biggest revenue contributor is the refined edible oil business (Sweekar and Saffola), wherein its Saffola brand is positioned on the ‘preventive’ platform. Capitalising on its health-related equity, the company launched atta products viz. Saffola Cholesterol Management (in 2007) followed by Saffola Diabetics, targeting the health conscious customers. More recently, in January 2009, it has launched “Saffola Zest” a salty baked snack (positioned as one that contains 50 per cent less fat) and Saffola Rice (for weight management). The volume growth for Saffola oil, which has ranged 20-30 per cent in the past, slipped to single-digits in the last two quarters as the price gap between Saffola and other refined oils (palm, etc) widened. With the price of Kardi (a key input for Saffola) seen declining, the price gap should narrow and volumes likely to pick up.

Likewise, Marico provides skin-care products and services under its Kaya business. It has 84 clinics (six added in Q3), of which 73 are located in 20 Indian cities and balance abroad. With a plan to add 15 clinics each year, this business (6 per cent of revenues) should grow at a robust pace (59 per cent growth in Q3). In June 2007, Marico started offering weight-management solutions under the Kaya Life brand, thereby extending its services portfolio. In initial stages, the business should see a full-fledged rollout soon.

Interestingly, the company enjoys a strong position in most of its businesses (Parachute 48 per cent volume share, Hair Oils 20-22 per cent, Saffola 98 per cent, Mediker 90 per cent); some of them provide niche solutions and have helped Marico distinguish itself from others. While many of these products are a result of investment in R&D, an extensive distribution reach (over 2.5 million outlets) helps in quickly rolling out new consumer products. With these segments under-penetrated, there is immense potential for Marico to sustain growth rates.

Expanding footprint
The company has been equally aggressive in its international business (includes two acquisitions since 2006). Notably, its brands enjoy a strong position in their respective countries, and revenues in most markets have grown at a rapid pace (average 46 per cent in last three quarters).

In Bangladesh, Marico is looking at sustaining its 72 per cent market share in coconut hair oils by encouraging customers towards using branded products. It recently launched its “HairCode” hair dye, which along with backward integration (crushing of copra for coconut oil) should help sustain growth rates and improve profitability.

While “Parachute” branded products (mainly creams) are doing well in West Asia, Marico’s sales in Egypt (Fiancee and HairCode brands command 62 per cent market share) were impacted in Q3 due to restructuring of the supply chain and higher inflation. With the revamp over and inflation slipping, the trend is seen reversing from Q4. A new factory for hair creams has also been commissioned (exempt from income tax till 2018), which will help service nearby regions and lead to improved profitability.

Investment rationale
A diversified product portfolio, ability to innovate, identify and tap niche/high growth segments, strong brands and the customer’s increasing attention towards health and personal care, should help Marico grow at a healthy pace.

In the near-term, while margin pressure should ease as input prices are coming down, revenue growth in FY10 may remain subdued (volume growth should remain healthy) due to the base effect (price hikes taken across categories; like 15 per cent in Parachute in the past). Overall, expect earnings to grow at 18-20 per cent annually over the next two years. At Rs 58, the stock trades at 15.5 times its estimated FY10 earnings and, can deliver 20 per cent returns over one year.

source : business-standard
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SHREE RENUKA SUGARS

Shree Renuka Sugar-On The Right Side Of Politics

Sugar prices in India have firmed on the expectation of low sugar output. The government has recently revised its production estimate from 22m tonnes to 20m tonnes for 2008-09. However, industry sources have indicated that production may be lower than 17-18m tonnes. Faced with an impending election in April-May 09 high Sugar prices are not acceptable to the GOI, at the same time it has no power over State Governments to lower Cane SAP prices.

To appease the millers, the GOI has allowed import of Raw Sugar-this will benefit coast based sugar mils in Karnataka, Tamil Nadu, Andhra Pradesh and Maharashtra. The move is positive for Shree Renuka, Rajshree Sugars, Bannari Amman, Sakthi Sugar, Saraswati Industrial Syndicate and KCP Sugar.

Tonne-to-tonne import

Under the tonne-to-tonne sugar import scheme, raw sugar may be imported and converted or refined to white sugar and sold in the domestic market. This is unlike the ALS (Advanced License Scheme) as sugar imported under ALS cannot be sold in the domestic market. This will likely benefit Shree Renuka Sugars as it has a sugar refining plant in the port city of Haldia in the state of West Bengal.

Import under open general license

Under the open general license (OGL) scheme, the government may allow duty-free import of white sugar. This is likely to have a big impact on the sector, as it may flood the domestic market with imported sugar. Also, sugar can be imported freely by a chipping company under OGL. This is unlike the ALS, under which only sugar millers can import raw sugar.
Shree Renuka to benefit from imports.

High sugar prices in the middle of the earnings season might lead to changes in the sugar import policy. Shree Renuka Sugars has strong connections with Maharashtra politicians, and its earnings are skewed towards non-cyclic businesses such as distillery and co-generation of power. A change in import policy to tonne-to-tonne import will benefit Renuka as it has a sugar refining plant in Halidia, a port with access to the eastern and north eastern parts of India, areas which have the highest sugar realisation.

source : AS Hameed

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GEMINI ENGI FAB - FORGET IT

Gemini Engi Fab is entering the capital market on 3rd February 2009 with a public issue of 55 lakh equity shares of Rs.10 each, in the price band of Rs.75 to Rs.80 per share.
Gemini Engi-Fab has been in the business of manufacturing and salvaging of process equipment for well over a decade now.

The company fabricates heat exchangers, tower and column internals, reactors and vessels for a fairly diversified user industry base.

It plans to use the proceeds of the public offer to expand its operation and set up a manufacturing workshop in Umbergaon, Gujarat.
With a gross block of just Rs.7 crores and an annual topline of close to Rs.25 crores, the company is setting up a new plant of Rs.50 crores. To finance this, Rs.10 crore of Term loan has been sanctioned by Barclays Bank, which will get disbursed only after successful completion of IPO. The Bank had also kept call option after 3 months from first disbursal, which is very risky for a term loan facility.
The share is issued in the band of Rs.75 – Rs.80, which implies a PE ratio of close to 12 times even at the lower band.
Not only is this at a premium to the market, it also compares poorly with pure-play capital goods and engineering companies, which are currently available at lower valuations in the secondary market.
But what argues strongly against investing in the IPO is the pricing. This Rs 21-crore company has been valued at about 10-11 times its annualised FY09 per share earnings (post-offer equity) in the given price band, failing to price in the many business risks.

Much larger companies today suffer lower multiples owing to uncertainties on order flows, higher debt incidence or increasing pressure on working capital; even the Sensex-30 or Nifty-50 basket of stocks are available at lower valuations.
So why invest in Gemini IPO when you can get Frontline Blue Chips at a PE of 4-5???



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RAKESH JHUNJHUNWALA ON KSK ENERGY

Rakesh Jhunjhunwala was recently asked : "You were talking about recognising value in a stock. If you look at the power sector in India, there are some stocks like KSK Energy who have captive coal reserves. What do you feel about this"??

RAKESH JHUNJHUNWALA answered : "The first multi-bagger of my life was Tata Power. But after having earned a lot of money in Tata Power, I have promised myself I am not going to buy any power companies because after all it is a fixed return rate of return and the rate of return is 13-14%. It is a capital intensive industry. So god bless NTPC and KSK Energy. But that is not where my interest is, because I can’t think of any industry in the world where the rate of return as fixed, if it is going to give you multiple returns.

Don’t forget all these coal reserves. You know what is the average value for oil reserves ‑ about USD 10-15 or maybe USD 20. You first have to say in what time period KSK Energy will get the coal reserves. If it gets it 15 years later and you bring it to present value, you come to 3% of the current market price. Then, you have value in the current coal prices. Are these prices going to last? So, therefore they may appear cheap.""



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EDSERVE IPO - AVOID

Edserv Softsystems is entering the capital market on 5th February 09, with an IPO of 39.74 lakh equity shares of Rs.10 each, in the band of Rs.55 to Rs.60 per share.



The networth of the company as at 30-09-08, was just Rs.10.50 crores with book value per share at Rs.12.50. Even FY 08 topline was pathetic at Rs.3.95 crore which was a meager Rs.18 lakh for FY 07. Inspite of such a pathetic performance, sundry debtors of the company were as high as Rs.3.25 crores as at 31-03-08, equivalent to about 10 months topline. Present equity of Rs.8.03 crores would rise to Rs.12 crores, post IPO.



The company has been a virtual non-starter for all these years as it is reflected from its aggregate topline of less than Rs.2.50 crores in the years FY 04 to FY 07. In the year 2007, the company acquired ELMAQ, an IT Education and Training Business for Rs.90 lakhs from S. Giridharan and consideration were discharged by issue of convertible debentures of Rs.90 lakhs. This is inspite of the fact that the company had a cash balance of Rs.2.90 crores as at 31-03-08.



The company now proposes to go on the lines of Educomp and Everon and chalked out an expansion of Rs.30 crores for which this issue is being made. If you have speculative element, you need to have a role model, and Educomp has been taken by the company. But the promoters forget that there are Software Technology, NIIT, Aptech kind of companies also, which are much larger than this company is going to be, but ruling at a pathetic valuation.



It is sad to see such IPOs hitting the capital market which otherwise was remaining dormant. Definitely, it will kill the prospects of reviving it.



This issue is pure momentum and worthless, not even worth subscribing at Rs.10 per share. Maybe, initial speculative momentum play can take share price to a level but would get settled in single digit.



So why to risk your hard earned money? Use it for the education of your near and dear ones.
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BUY APOLLO HOSPITALS

Healthcare is one of the most underdeveloped sectors in India with a lot of growth potential. There are few large corporate players in this highly fragmented and unorganised market. Apollo Hospitals Enterprise (AHE) is the largest player in the tertiary care segment with the single largest network of integrated hospitals and pharmacies in the country.

While the Sensex has lost more than 50% of its value in the last one year, the company's market capitalisation declined by just 15% during the same period. The stock has appreciated by 26% since October '08 till date. Investors can look at this stock expecting sound growth in its fairly recession-proof business.

BUSINESS:

Chennai-based AHE is a national level operator of hospitals, retail pharmacies and provider of consultancy services in healthcare management. Nearly 83% of the company's revenues are contributed by its hospitals business, while 16% is contributed by pharmacy.

The company owns 26 hospitals and manages 17 hospitals on a contractual basis. Majority of its hospitals are in metros and tier I cities in the country. The total bed capacity is 8,500 beds, with 4,500 beds in AHE's owned hospitals. The revenue per bed per day ranges from Rs 8,000 to Rs 17,000, depending on the location of the hospital. The average length of stay has largely remained the same for the company at an average of 5.7 to 5.9 days across its various hospitals.

AHE runs a chain of 785 standalone pharmacies in the country on a franchise basis. It has 40 pharmacies operating as part of its hospitals. The company also provides various precommissioning and postcommissioning consultancy services comprising of feasibility studies, infrastructure consultation, training and deployment of medical, paramedical and administrative staff and advising on hospital management.

AHE also has other subsidiary businesses providing home healthcare services, clinical and diagnostic services, medical business process outsourcing services, third party administration services and insurance.

GROWTH STRATEGY:

The company's growth has been primarily driven by its hospitals business. The company has a high occupancy rate of 80%, with 7-8 % more head room to grow. There is also still scope for increasing the tariff.

The company is in the process of expanding capacities in its greenfield projects. By FY10, it intends to add a total capacity of 500 beds in its hospitals at Bhubaneshwar and Vizag. Over the next five years, the company has plans to start 50 hospitals in tier II and III towns in partnership with a local doctors or entrepreneurs.

AHE's pharmacy business is relatively nascent and still in investment stage. The company intends to set up 1,000 pharmacies by FY10.
In the coming years, the company expects to increase its exposure to the pharmacy business to 20-25 % of the total revenues. The company has plans to eventually hive off its pharmacy business to a strategic partner.

The company has incurred a capex of Rs 157 crore in FY08. It has planned a capex of Rs 900 crore to be incurred over the next three years.

FINANCIALS:

The company's net sales have grown at a compounded average growth rate (CAGR) of 21% over five years ended March 2008 to Rs 1,214.7 crore. The net profit (adjusted for the extraordinary items) has grown at a faster CAGR of 26.6% to Rs 71.8 crore. At 24.3%, the CAGR in the company's dividend has fairly matched the corresponding growth in profits.

While the hospital business has EBIDTA margins of 28-40 %, the pharmacy business is a low margin business with a EBIDTA margin of 8-10 %.
Besides, a new pharmacy requires 12-18 months to mature and contribute to profits. Due to the company's recent expansion of its pharmacy business, its profit margins and return on capital employed have suffered in the last three years.

The company has raised secured loans and has made significant investments in fixed assets during the last three years. The company expects to breakeven in the pharmacy business by FY10 and expects stability in the returns from the business.

VALUATIONS:

Being the largest listed healthcare player, AHE commands a premium over its peers. It is currently trading
at 25 times its earnings. Assuming the company maintains its growth in sales of more than 20%, its estimated P/E for FY09 and FY10 would be 23.4 and 18.7 respectively. Investors interested in steady and predictable earning growth can look at accumulating this stock with a long-term perspective.



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M & M

Motilal Oswal maintains its 'Buy' rating on Mahindra & Mahindra. M&M had earlier mentioned in its post-2 QFY09 results that it would be reviewing the Rs7,000-crore capex plan over FY09-12 for a possible reduction . After a review of the capex plans, management has now decided to go ahead with the original capex plan of Rs 7,000 crore without any cuts. Out of the Rs 7,000 crore over FY09-12 , Rs 5,000 crore will be invested in the automotive business and Rs 2,000 crore in the non-auto business. In auto business, investment will be made in the Chakan plant (~ Rs2,500 crore), product development (Rs 2,000 crore for Xylo, Scorpio's successor, light transport vehicles and lobal product) and further equity contribution in Mahindra Navistar JV (Rs 350 crore). In the non-auto business, it is investing Rs 500 crore in tractors business, Rs 700 crore in logistics business and defence business and Rs 750 crore for setting up world-class research facility at Chennai. Motilal Oswal has downgraded the consolidated earnings estimates by 11.7% for FY09 to Rs 58.7 and by 12.9% for FY10 to Rs 70.6, to factor in lower volumes and downgrade in subsidiary / associate earnings. Notwithstanding short-term challenges, valuations at 4.6x FY09E and 3.9x FY10E consolidated EPS are attractive.
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GUJARAT STATE PETRONET

Gujarat State Petronet went public on 24th January 2006, with a public issue of 13.80 crore equity shares of Rs.10 each, at Rs.27 per share. Its 52 week high low were at Rs.114 and Rs.25 and is now ruling at Rs.41 levels.



The stock has been in the news for the last one month as huge delivery based buying has been seen in the stock. Share has risen by about 64% in the last one month, from Rs.25 on 10-12-08, which was also its 52 week low.



The company is the second largest natural gas transmission network in India and is the first and only pure natural gas transmission company in India, to transport natural gas on an “open access,” means, company making available its gas transmission capacity available to any shipper on non-discriminating basis.



The company presently has grid pipe network of 1,130 kms. which is being expanded to 2,200 kms. in the next 18 months. The company is presently transporting about 17 mmscmd of gas while in FY 08 transported 6,145 mmscm of gas. In first 6 months of FY 09, it transported 3,069 mmscm of gas. There is no overlapping pipeline network along the route of the company’s pipeline network.



The company has also signed a 15 year agreement with Reliance Industries Ltd., to transport 11 mmscmd (expandable to 14 mmscmd) of gas from Bharuch to Jamnagar and also with Torrent Power, of 20 years, to transport 4.5 mmscmd of gas. Both these contracts would be operational in the next 3 – 4 months, with commencement of gas production, by RIL, from its K G Basin. Hence, the company would be able to double its topline and bottomline.



For FY 08 the total income of company was at Rs.447 crores with net profit of Rs.100 crores and cash profit of Rs.265 crores on equity of Rs.562 crores. EPS for FY 08 was placed at Re.1.81 while cash EPS was at Rs.4.70. For first six months of FY 09, total income of the company was at R.252 crores with profit after tax of Rs.61 crores with cash profit of Rs.145 crores.



The company has been able to source gas upto points of Mundra Port and Pipavav Port and are connected to supply to Surat, Bharuch, Vadodara, Ahmedabad, Anand, Gandhinagar, Surendranagar, Sabarkantha, Kalol, Mehasana, Morbi, Vapi and Valsad.



The share capital of the company is at Rs.562 crores, of which, 37.77% is held by its promoters, Gujarat State Petroleum Corporation Ltd., while 35.91% is held by Banks, Mutual Funds, FIIs and state government companies. 26.32% stake is held by the public.



It is strange to see that Gujarat Maritime Board is holding 6.60%, Gujarat Urja 2.02%, GNFC 1.42% and GIDC 1.42% (totaling 11.46%( but the same has not been shown as promoters holding). So, in reality, Gujarat Govt is having a direct – indirect stake of close to 50%.



The controversy in respect to sharing 30% profit before tax of the company, for charity is also likely to be given re-thinking by the Gujarat Govt., as the similar proposal has been defeated by the shareholders of Guj. Alkalies and GNFC, where government stake is less than 50%,. So, if this company also drops this proposal, stock would get further re-rating.



Due to bright prospects of gas transportation sector, in Gujarat, the stock holds good growth potential as the company would be able to double its topline and bottomline in the next 6 months with its existing infrastructure and network.


Those who are holding the stock are advised to remain invested as stock has good medium term potential.

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Hold Larsen and Toubro: Sharekhan

Sharekhan has recommended a hold rating on Larsen and Toubro (L&T) in its January 9, 2009 research report. "L&T Capital, a subsidiary of Larsen and Toubro (L&T), has raised its stake in Satyam Computer Services (Satyam) to about 3.95%. The shares were acquired in the last couple of weeks. We estimate the average acquisition price to be about R157, which takes the estimated buying value to about Rs418 crore. We view the event as a negative, as the transaction has already led to a portfolio loss of Rs 355 crore at the prevailing price of Satyam (Rs 6.1 per share for L&T Capital)."

"At the current market price, the L&T stock is trading at 10.1x its FY2010E consolidated earnings. The valuation is very attractive considering the company’s leadership position, strong order book and excellent execution skills. We recommend a Hold on the stock and are placing our price target under review," says Sharekhan's research report.
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Sun Pharma an outperformer: Karvy

Karvy Stock Broking has maintained its outperformer rating on Sun Pharmaceutical Industries with a target price of Rs 1300 in its January 12, 2009 research report. "Margins are expected to lower at 42.3 % as compared to 44.1 % in the corresponding quarter in the previous year. PAT is likely to be higher by 39% to Rs 4424 million for the quarter. We have factored the USD 24.5 mn revenue upside from the controlled substances in FY 2010. We marginally upgrade our FY 2010 EPS by 1.3 % to Rs 78.2. We upgrade our price target by 4.3% to Rs 1,300 based on 16.6x FY 2010E. With increasing traction in US markets and domestic formulations on a strong wicket we maintain our Outperformer rating on the stock," says Karvy's research report.
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Hold Hero Honda, target of Rs 851: Asit C. Mehta

Asit C. Mehta has recommended a hold rating on Hero Honda Motors with a target price of Rs 851 in its January 9, 2009 research report. "Considering a slowdown in the domestic two wheeler industry in FY10E, we expect Hero Honda Motors Ltd.’s revenues to grow at a CAGR of 11% over the period FY08 -FY10E, compared to a CAGR of 12% over the period FY05-FY08. Taking into account the decline in raw material prices and lower tax rates, net profit is expected to grow at a CAGR of 15% over the same period."

"We value the core earnings of the company and investments plus cash balances separately, as investment plus cash balances are significant portion of the total capital employed. We initiate coverage on Hero Honda Motors Ltd. with a “HOLD” recommendation and a price target of Rs. 851. Our target price implies a 13x multiple on core earnings (i.e. excluding other income) of Rs 53.4 in FY10E and cash per share of Rs 157," says Asit C. Mehta's research report
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Larsen a good long term bet: Vijay

Portfolio Manager, PN Vijay feels that Larsen can be a pretty good long term bet in the next 12 months.

Vijay told CNBC-TV18, "L&T looks very interesting because the speed with which the government is planning to increase the orders of the NHAI, the highway program was ordering about 5,000kms a year it has come down very drastically in the last two years because of lack of financial closure and I think L&T being a big player in that, suffered. But with the new funding that is taking place, L&T will get a lot of new projects
and it’s also fallen a lot because of the Satyam affair. So this could be a pretty good long term bet in the next 12 months or so."
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Buy Canara Bank, target of Rs 278: Karvy

Karvy Stock Broking has recommended a buy rating on Canara Bank with a target price of Rs 278 in its January 12, 2009 research report. "In 3QFY09, we expect the bank total business to grow by 23.7% (Y/Y) on the back of 28.3% growth in net advances and 20.5% growth in total deposits mobilization. We rate the stock as a BUY with a price target of Rs 278 at 1.25x adjusted book value FY2010," says Karvy's research report.
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Hold Mastek: PINC Research

PINC Research has maintained its hold rating on Mastek in its January 12, 2009 research report. "Mastek Ltd. (Mastek) reported a disappointing quarter as net sales dipped by 2.6% QoQ to Rs 2.5 billion primarily due to cross currency headwinds and client pressures. Mastek’s business model remains superior to that of most mid tier peers due to its focus on solution based fixed price offerings but a deteriorating economic environment continues to impart pressure on client spends and this has disrupted near term visibility over revenues. Though valuations appear cheap, an outlook of single digit earnings growth does not make a case for a re-rating in the stock. Therefore, we maintain our ‘HOLD’ recommendation," says PINC's research report.
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Buy City Union Bank, target of Rs 31: Karvy

Karvy Stock Broking has recommended a buy rating on City Union Bank with a target price of Rs 31 in its January 12, 2009 research report. "In 3QFY09, we expect that the bank's net advances would grow by 29% (Y/Y) to Rs 51.6 billion and deposits would grow by 20% (Y/Y) to Rs 76 billion; we expect that the bank's NII would grow by 13% (Y/Y) to Rs 558 million; the bank's margin is expected to be under pressure due to higher costs of deposits. We estimate 21% (Y/Y) growth in bottomline to Rs 308 million. At current price, the stock quotes at 0.65x adjusted book value FY2010; we rate the stock as a BUY with a price target of Rs 31 at 1.45x adjusted book value FY2010," says Karvy's research report.
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Buy Petronet LNG, target of Rs 63: Karvy

Karvy Stock Broking has maintained its buy rating on Petronet LNG Ltd with a target of Rs 63 in its January 12, 2009 research report. "For FY09, we expect the revenue growth of 9.8% to Rs 71,948 million and adjusted profit to rise by 11.9% to Rs 5,309 million. We maintain our Buy rating with target price of Rs 63," says Karvy Stock Broking's research report.
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Buy Pennar Industries, target of Rs 33: Karvy

Karvy Stock Broking has upgraded its rating on Pennar Industries from market performer to buy with a target of Rs 33 in its January 12, 2009 research report. "For Q3FY09, we expect Pennar Industries Ltd (PIL) to report net sales growth of 11% (YoY) and de growth of 7% (QoQ) to Rs 1598 million. We expect net profit to be around Rs 87.5 million, 13% lower (YoY) and 3% lower (QoQ)."

"We maintain our sales and earning estimates of PIL for FY09 and FY10. Based on earnings, we value PIL at Rs 30 per share (8x of FY10 EPS). To add to that, value from real estate holding, is estimated to be around Rs 3 per share. Hence we retain our target price of PIL at Rs 33 and upgrade our rating from Market performer to BUY due to recent fall in stock price. Currently, PIL is trading at EBITDA multiple of 6xFY09. Our target price also reflects an EBITDA multiple of 6x on FY10," says Karvy Stock Broking's research report.
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Buy Nitin Fire Prot, target of Rs 239: Karvy

Karvy Stock Broking has maintained its buy rating on Nitin Fire Protection Industries with a target of Rs 239 in its January 12, 2009 research report. "Nitin Fire Protection Industries (NFPIL) is expected to report strong set of numbers on YoY basis on back of its CNG cylinder plant that started operations during FY09. We expect the company to report revenue of Rs 698 million as against Rs 396 million, a strong YoY growth of 76%. However on QoQ basis, we expect a marginal growth of 5%, primarily on back of volume growth in CNG cylinder segment. We expect the company to report revenues of Rs 348 million from the fire fighting segment and Rs 350 million from the seamless cylinder business. We continue to maintain our BUY rating on the stock with the price target of Rs 239," says Karvy Stock Broking's research report.
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DLF a top pick: Motilal Oswal

DLF is Motilal Oswal's top pick in the Real Estate sector. The research firm expects FY09-10 to be a period of consolidation, in which the industry leaders would get differentiated from peers.

Motilal Oswal's report:

In FY08, the focus was on the real estate sector as a ‘theme’, with all real estate stocks moving in tandem. In FY09, the focus has shifted to specific companies within the real estate sector. We expect FY09-10 to be a period of consolidation, in which the industry leaders would get differentiated from peers. We believe developers with staying power would utilize this consolidation phase to emerge stronger. Focus on companies with (1) high visibility on monetization of assets over the next 3-5 years, (2) low leverage and robust financials, and (3) strong execution track record. DLF is our top pick in the Real Estate sector.

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SATYAM FRAUD - RAJU BAN GAYA FRAUD

I go by the Dictam, "THERE IS NEVER ONE COCKROACH IN A KITCHEN". I, for one, there is much more skeleton in the cupboard of Satyam, waiting to tumble down, than has been known till now.
It is shocking that India`s 4th Largest Software Co, having 185 of Fortune 500 companies as its clients has had such big skeletons in its cupboard.
I also suspect whether Balance Sheets can be fudged for seven years in a row. Probably, Satyam`s fudging has been very recent. A popular saying that captures the process of accounting fraud of the kind Satyam has likely engaged in is, “You have to say a hundred lies to cover the first lie,”

GOVT SHOULD STEP IN :
There is always a first time. Sure, Indian Govt does not enter into the nitty-gritty of merger and acquistions, but Satyam`s case is different. This scam, to me, is Bigger than What Enron did to US. The Whole World Media will be jumping at the prospect of painting Black the Indian Corporate Governance Picture and would not hesitate to add some spice too. And moreover, World Economy in a Tailspin, the Govt should do all it can to prevent the Indian IT Ind getting marginalised, before this has a cascading effect. . Govt can`t just wash its hand off. The Govt should ensure that Satyam`s 53000 employees and innumerable Shareholders are protected.

The damage is not just confined to the IT Ind, alone but also on India Inc`s credibility. The Govt should get to the bottom of this without even a bit of favouritism .


MY SUSPICION :
The First thing that any Auditor does, is to check the Cash and Bank Balance, as this is very easy to verify. In all probability Satyam did have money on the books till the last audit. (Satyam paid 226 crores as Tax). I wonder whether Satyam liquidated the bank accounts and started holding cash reserves. Probably, First Raju tried to take out money through Maytas deal. When his move back fired, and he started losing even his stake in Satyam, he decided to decamp with entire cash saying that the Cash were on account of fudged balance sheet and there is no Cash at all. Raju family is diverting the attention of law agencies by alleging fudging.
A Bigger Fraud is happening now!!!
By the way, PWC should be BANNED, financial penalty levied and its auditors Jailed.
HOPEFULLY, NARAYANA MURTHY IS RIGHT WHEN HE SAYS THAT THIS IS JUST A ISOLATED CASE AND A FAILURE OF GOVERANCE. For years, IT Cos (TCS, Infy, Wipro) have prided themselves on their Corporate Governance. One Satyam,sadly, will surely change this.

God help the Indian IT industry.
Best of luck,
Srikanth Shankar Matrubai



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OPTO CIRCUITS - RECESSION PROOF

Opto Circuits has been a Consistent Performer since its Public Issue in 2000. It has never faltered and has an uncanny knack of delivering good performance quarter after quarter.
Opto Circuit is a leading manufacturer of medical equipments like digital thermometers, cholesterol monitors, cardiac stents etc. The company came out with excellent results for September quarter with its revenues growing by more than 75% from around Rs 125 crore to Rs 217 crore and net profits have also grown by 66% from around Rs 34 crore to Rs 57 crore. The company has been able to expand its EBITDA margins also by 230 bps points on the back of strong operational efficiency and integration synergies.

In the recent past, the company had acquired two companies namely Eurocor of Germany and Criticare in US and both these acquisitions have given the company tremendous advantage to reach different geographical areas and beat the global slowdown with its diversified product basket.
Over the past few years, Opto has created strategic and shareholder-value by focusing on inorganic opportunity for growth, be it in the Advanced Micronic Devices acquisition in ’01, Palco Labs and the thermometer division of HUL in ’02, Mediaid in ’03, EuroCor in ’05, or the recent Criticare Systems acquisition in ’08. This shows the management’s focus on value creation.
The management in a recent outlook to Leading Brokerage said "Invasive segment to continue to grow at 100% for the next couple of years despite global economic slowdown; the business is fairly insulated from global economic slowdown because OCIL primarily operates in the critical care industry; non-invasive business to remain solid and growing led by new products launches; criticare provides significant growth opportunities in the US markets and is expected to generate revenues of US45-50mn in FY09 with significant margin improvement."


COMMENTS :
Opto operates in a High Margin Business.
Opto is in a Recession Proof Business.
Opto continues to face very little new competiiton.
Opto continues to grow aggressively through acquistions.
Opto will benefit from Falling Interest Rates as it requires High Working Capital Requirement.
Opto has a strong Distribution Network across 36 countries.

Opto Circuits has been one of those Rare Companies who believe in Distributing Wealth to its Shareholders. It has given Bonus and Dividend for last 8 year consective years.
After the recent correction in stock price, the valuations offer a good buying opportunity. Opto has traded at a premium to the market due to high growth, healthy margins and upside from potential acquisitions. But with the recent market fall and overhang of large ownership by FIIs, the stock price has corrected more than warranted , making it more attractive. BUY

TARGETS :
Vikas Sethi, MD of Sethi Finmart is of the view that Opto Circuit can touch Rs.250
Kotak Securities has maintained its Buy rating on Opto Circuits with a target price of Rs 212.
Emkay Global Financial Services has maintained its buy rating on Opto Circuits with a target price of Rs 432.
India Infoline maintained a BUY on Opto in its August 2008 Report with a Price Target of Rs.509.
Sharekhan has a target of 453 in its Dec 2008 report.

Finally, it would be apt to recall OPTO CIRCUITS had made it to the list of FORBES list of 200 Top companies under $1billion in Asia.

Most brokerages have an average EPS estimation for Opto at 15. Even at a conservative PE of 10, the minimum price target should be 150.

Opto Circuits is among my Top Picks for 2009

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Some More Top Picks for 2009

Anup Bagchi, Executive Director, ICICI Securities, said infrastructure will tend to do well. Places like NTPC, etc. will tend to do well. On the defensive plays, some of the pharma will do well, Glenmark is one of our top picks and one can play on the FMCG stocks as well the HLL, etc. will do well because the input prices are correcting sharply and that will lead to increase in margins.
India Infoline feels that Reliance will be elevated to top Global League and were bullish on the stock. Besides, Reliance, India Infoline felt that SBI, ITC, Bharti Airtel and RCom should outperform in 2009.
Religare feels that Reliance, BHEL, Tata Steel, DLF and L&T should do well.

Besides Banking Stocks, Angel Broking is bullish on Reliance, Bharti and RCom.
ICICI Securities top picks are SBI, L&T, NTPC, Maruti and Bharti Airtel.

Geojit has chosen Tata Power, Infosys, SBI, HDFC and ICICI Bank as its pick for 2009.

Khandwala Securities is very bullish on the Sensex and expects a high of 15975 for the Sensex in 2009 and feel Reliance, Tata Steel RCom, ICICI and JP Associates should be bought at every declines.

Centrum Broking has picked up Hindustan Unilever besides Airtel, Infosys, LT, ICICI.

Most brokerages seem to believe that Reliace Industries and Bharti Airtel should outperform the Sensex in 2009 and should form part of every investor portfolio.
Best of luck,
Srikanth Shankar Matrubai,


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Top Stock Picks for 2009 by Experts

I have picked from various sources the top Picks By Experts for 2009 for your benefit. Go through them, it may be useful to you.

Ambareesh Baliga of Karvy Stock Broking says Stock-specific, we would say it’s NTPC, BHEL, L&T, Infy, SBI and P&B. In infrastructure, it’s GMR and Punj Lloyd.

Samir Arora of Helios Capital advises investors to have a 15-20% exposure to gold, as the yellow metal will do well in next 1-2 years.



He is bullish on financials, infrastructure, select media and broking stocks. "We don't like commodities, pharma, consumer staples, and technology.".

Outlook Money has chosen Bank of India, Titan Inds, HDFC Bank, KS Oils, Mphasis, Bharti Airtel, Indraprasta Gas and Emami.

Angel Broking's top picks are HDFC Bank and Axis Bank.

Nirmal Bang is bullish on GEShipping, JPAssociate, Moser-Baer and SBI. Nirmal Bang also felt Stock specific counters like: GEShipping, SCI, Ster, TataSteel and Welspun Gujarat looks attractive to buy on dip.

KRChoksey Research's top picks are Reliance Industries, State Bank of India (SBI), Infrastructure Development Finance Company (IDFC), Housing Development Finance Corporation (HDFC), Bharat Electronics (BEL), BEML, Bharat Forge, Tata Steel, Glenmark Pharma, Mundra Port, Bharti Airtel, Hindustan Zinc.

Prabhudas Lilladher's top picks are Hero Honda, Amtek India, ICICI Bank, State Bank of India, Bank of India, Bank of Baroda, Crompton Greaves, Voltas, Jyoti Structures, IVRCL, Hindustan Unilever, Tata Chemicals, HDFC, Sun TV, IBN18 Broadcast, Aban Offshore, Bharati Shipyard, GAIL, Reliance Industries, Sun Pharma, Dishman Pharma, Lupin, Jindal Steel & Power, Reliance Communication, Tulip Telecom, Bombay Rayon Fashions, XL Telecom & Energy, Country Club, Parekh Aluminex.

According to Anagram Research's report, be invested in upstream crude companies and buy more if the commodity dips to newer 2009 lows, (which obviously means Stocks like Reliance Petroleum, Chennai Petro, MRPL, Cairn).
UBS AG in its Top 10 Picks for Asia has picked up only one stock from India and that stock is not suprisingly is Bharti Airtel Ltd!!

Financial Chronicle has picked Sun Pharma, Glaxo, Exide, GSPL, HDIL, AIA Engg, IVRCL and Everest Kanto as its top picks for the year 2009.

In an article, Money Today picked up AIA Engg, Cairn India, MTNL, NMDC, PTC, Biocon, MIC Electronics, Champagne Indage, Raymond and Gitanjali Gems as its top picks for 2009 based on the Low Debt levels and trading below Book Value.

Sharekhan's Top Picks are Bharat Heavy Electricals Ltd, Reliance Industries Ltd, LUPIN LTD, Housing Development Finance Corp.Ltd, ITC Ltd, Maruti Udyog Ltd, Shiv Vani Universal Ltd, Marico Ltd, Hindustan Lever Ltd, Larsen & Toubro Ltd, Bharti Airtel Ltd and Aban Offshore Ltd.

Well, the list is exhaustive and should be enough for you to make a shortlist on what to buy. I have not given my own picks as I am still doing some more research on few stocks and will be posting my own in a few days. Keep visiting my blog and find out. Your comments will be highly appreciated and your Top Picks will also help me and other readers to make a final decision.
Best of luck,
Srikanth shankar Matrubai


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INDIA WILL BOUNCE BACK

Read my Article in Today's(1/1/2009) Financial Chronicle on Page 12 on "INDIA WILL BOUNCE BACK"

BOUNCING back ¦ AS AN investor and a financial advisor, I am relieved to see the year 2008 being consigned to history. It was a year in which the financial crisis held the entire world in its grip. Equity markets crashed in nearly every country, while most financial institutions across the world were looking up to their respective governments to bail them out of the mess. Though India escaped relatively unhurt from the financial market turmoil, it was badly hit by the slowdown in the commodities market and real estate. Besides, the US recession badly affected the country's information technology (IT) sector. The outlook for 2009 is not too rosy either. With general elections due in April/May, we cannot expect the government to be aggressive on the reform front. The strong dollar is holding back the foreign institutional investors (FIIs) from pumping money in Indian markets. The continuing global recession will be a dampener on the inflows. The key takeaway, however, is that India will see growth when the world continues to be in a fullblown recession.




Thankfully, there is good news too. Falling crude prices will ease the pressure a bit on the country's balance of payment.

The government has admitted that the economy is faltering and taking pro-active steps to stem the rot before it gets out of hand. Easing interest rates have made companies breath easy.

The RBI is looking to make the housing sector as attractive as before and this is one sure shot way of igniting the spark back in the economy as most sectors such as cement and steel are directly and indirectly depended on the real estate sector. Giving stimulus to infrastructure would complete the picture and the recovery would be put on the fast track. Experts have diverse opinions but majority are optimistic that by mid-2009, we should be looking at a recovery and an eventual bounce-back by the Indian economy.

Srikanth Shankar Matrubai, Bangalore




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