The likely beneficiaries of the second stimulus package
| Package focuses on select sectors. |
The focus on funding for road and port projects may also have spillover gains for the logistics sector, which has been grappling with dwindling volumes at the ports.
If the Cenvat concession and interest rate cuts of the first stimulus aimed at trimming costs for India Inc as a whole, the second one singles out select sectors for its munificence.
It promises lower borrowing costs for large infrastructure companies through the ECB route and paves the way for financial closure of stalled projects. It also offers incentives for commercial vehicle makers and the logistics sector, while raising the barriers of protection for cement makers. Here is a listing of possible beneficiaries.
Freeing up fundsFor the infrastructure sector, moves such as the removal of the ECB ceiling, aggressive rate cuts and greater borrowing powers to IIFCL may infuse liquidity and temper the cost to borrowing. It may also speed up financial closure for infrastructure projects that are struggling to achieve financial closure. Players such as Larsen & Toubro, Hindustan Construction and Maytas Infrastructures, key bidders in road projects, may be the possible beneficiaries.
While the CRR cut will lower the cost of funds for banks, the package also takes care to open up additional avenues for fund-raising by NBFCs. NBFCs engaged in infrastructure funding such as IDFC, REC and Power Finance Corporation, as also those that lend to the transport sector, may be able to obtain easier access to funds.
On the real estate front, the most significant incentive is the green signal given to realty developers to raise ECBs for developing integrated townships; a ban on raising funds for such townships was imposed in May 2007. DLF, Ansal Properties & Infrastructure and Parsvnath Developers that have plans in this direction may reap the benefits of this move.Spillover for logistics
The focus on funding for road and port projects may also have spillover gains for the logistics sector, which has been grappling with dwindling volumes at the ports. Potential beneficiaries would be companies in the container rail space such as Container Corporation of India and Gateway Distriparks, besides players such as Allcargo Global, Sical Logistics and Mundra Port and SEZ. The sector may benefit from the easing of pre-shipment and post-shipment credit norms. The EXIM Bank has obtained a Rs 5000-crore line of credit from the RBI to provide credit to domestic exporters at competitive rates.
Inventory relief for CVs
Commercial vehicle makers have been dogged by steadily sliding sales and an inventory pile-up in recent months. The latest stimulus package tries to address this by offering an accelerated depreciation of 50 per cent for commercial vehicles purchased up to March 31, 2009. While availability of financing for purchases will hold the key to actually reviving vehicle demand, the accelerated depreciation benefits may push buyers to expedite purchase decisions.
This could help clear inventories for CV makers such as Ashok Leyland, Tata Motors and Escorts. The financing problem has been addressed by asking PSU banks to provide a line of credit to NBFCs (such as Sundaram Finance and Shriram Finance) for the purchase of commercial vehicles.
The Government has raised the barriers of protection for the domestic cement industry and allowed greater pricing power, by re-imposing countervailing duty (CVD) and Special CVD on cement imports.
Though the volume of imports has not been very large after the scrapping of import duty last year, cement players in the surplus northern region have been threatened by the shipments from Pakistan. Ambuja Cements, ACC, Shree Cement and JK Lakshmi Cement may be possible beneficiaries from this move.
Holiday cheer spilled over in to equity markets in the first two trading days of 2009. Stocks across the globe soared higher giving a very cheerful welcome to the New Year. The largesse doled out by the monetary and fiscal stimulus package announced on Friday should ensure that this buoyancy sustains for few more sessions. Of course sceptics would argue that the rally last week was accompanied by very low volumes implying that the larger players were still away holidaying. Derivative segment recorded abysmal turnover all through last week. FII activity was almost negligible in the last two trading sessions.
Sensex reversed higher from an intra-week low at 9164, above the short-term trend deciding point at 9000 indicated in our previous column. It has now recouped all the losses made in the previous week and also negated the bearish evening star pattern in the weekly candlestick chart. Momentum indicators are on the verge of crossing over in to the positive zone. In other words, the index is approaching key medium-term resistance level.
As explained last week, many global indices are unfolding the third wave up from the November 20, 2008 low. The pattern in Sensex too is similar and the target of this wave up is 10308 and 11034. The band between 10700 and 11000 continues to be a strong resistance in the near-term. This is also the ceiling of the medium-term trading range between 8000 and 11000. Investors should stay watchful until this zone is cleared. Subsequent target is 12192.
Sensex could move higher to 10188 or 10318 in the early part of next week. If the index stumbles here, a retreat to 9500 is likely. Rally beyond 10318 will take the index towards the former peak at 10945. Key support for the short- term is at 9162. Close below this level will indicate the end of the short-term up trend from the trough at 8316.
Nifty (3046.7)
Nifty reversed above the support at 2740 indicated last week and went on to close the week with a 6 per cent gain. If the third part of the up-move from 2502-trough is unfolding now, the targets for this wave are 3187 or 3420. The zone between 3150 and 3250 remains a key medium-term resistance level and investors should stay vigilant as the index approaches this zone. The medium-term trading range for the index is between 2500 and 3250. If the upper boundary is shattered emphatically, next target would be 3560.
Nifty can move up to 3110 or 3146 in the initial part of next week. Move above these levels will take the index to the December peak at 3240. Supports will be available at 2875, 2812 and 2740. Traders can trade long as long as the first support holds.
Global CuesEquity markets had a flying start to 2009. Equities across the globe soared higher on Friday when they opened after the New Year break. Most global indices gained more than 3 per cent on Friday. CBOE volatility index declined below 40 for the first time since October 2008, signalling abatement in investors' trepidation. A weekly close below 35 will signal that a medium-term down trend is in progress in this index.
DJIA moved above 9000 on January 2. As we have been reiterating, the third leg up from 7449-trough can take the index higher to 9338 or 9635. Close below 8060 is required to negate this view. Corresponding target in S&P 500 is 1000. Commodities too perked up towards weekend and CRB index closed the week above the critical 357 mark. —
Reliance Industries
Reliance Industries moved sideways in a narrow range around the long-term averages in the first four sessions before breaking higher on Friday. The stock will face resistance from Rs 1,325 and Rs 1,408 in the short-term. Reversal below the first resistance would be the cue for short-term traders to initiate fresh short positions. The area around Rs 1,200 will continue to act as a strong near-term support.
The medium-term trend in RIL stays neutral. But the up-move from the December 2 trough can unfold one more wave higher to Rs 1,421 or Rs 1,563. There is a strong medium-term resistance around Rs 1,500 and fresh investment buying is recommended only above this level.
Tata Steel
Tata Steel recorded a small rally last week to end with an 8 per cent weekly gain. The stock is consolidating sideways between Rs 200 and Rs 240 since the first week of December. Since this move comes after a sharp rally from the Rs 146 trough, there is a possibility that the stock can breakout higher to Rs 258 or Rs 291. Short-term traders can hold the stock with a stop at Rs 200. Medium-term investors can hold with a deeper stop at Rs 180.
The fact that the recent correction since the peak at Rs 237 has been a shallow one is a positive for the stock and confirms our view that there is great buying interest in the stock and a sustainable low could have been formed at Rs 146.
Infosys
Infosys recovered from our first target at Rs 1,065 recorded last Monday. The short-term trend in the stock is sideways and it can move within the range between Rs 1,100 and Rs 1,200 for a few more trading sessions.
Presence of the 50-day moving average at Rs 1,200 makes it an important short-term resistance. A firm close beyond this level will take the stock to Rs 1,300.
The medium-term trend in Infosys continues to be down. Key medium-term resistance is at Rs 1,300 and the stock needs to clear this level to pave the way for a rally to Rs 1,450.
As we have been reiterating, Infosys has strong long-term support in the band between Rs 950 and Rs 1,100.
Maruti Suzuki
MUL too recovered from the trough recorded last Monday to end the week with 6 per cent gain.
Positive divergences apparent in the weekly oscillators imply that a medium-term trough could be forming in the stock. A move higher to Rs 636 or Rs 750 is possible once it breaks out higher. Traders can hold the stock with a stop at Rs 480. Subsequent supports are at Rs 465 and then Rs 440.
Key long-term support for the stock is at Rs 570 and it is hovering below this level since the last week of October 2008.
This could be a long-term base building effort. Risk-averse investors can wait for a close above Rs 650 before buying the stock.
SBI
SBI reversed higher from the intra-week low at Rs 1,207 formed last Monday and moved steadily higher.
The short-term outlook for the stock continues to be positive. Daily momentum oscillators have moved in to bullish zone indicating that the up-trend can continue to take the stock higher to Rs 1,380 or Rs 1,425 in the near-term. Short-term traders can continue to hold their longs with a stop at Rs 1,190. Next support for the stock is at Rs 1,120.
The stock faces strong medium-term resistance between Rs 1,380 and Rs 1,420. Breach of this ceiling will take the stock higher to Rs 1,600. Fresh longs are however advised only on a strong move above Rs 1,420.
ONGC
ONGC recorded a feeble rally last week and is currently pausing just below its 50-day moving average. A descending triangle formation is apparent in the daily chart that is a bearish pattern.
Resistances for the week would be at Rs 714 and then Rs 740. Failure to clear the first resistance will drag the stock lower to Rs 627 or Rs 585.
We continue with the negative medium-term view for ONGC and our medium-term target is Rs 600.
But buyers are expected to emerge as the stock nears the support band between Rs 550 and Rs 600. One phase of the long-term down move from November 2007 peak could be nearing completion.
Nifty futures may trade sidewaysInvestors could not have asked for a better start of the New Year. Nifty futures soared by over 6.5 per cent to end the week at above the 3K-mark at 3053.6. However, its premium over the spot narrowed down to just about seven points. The Nifty spot closed the week at 3046.75 points.
But, even as the New Year ushered in substantial gains in the bourses, it was not quite backed by volumes. Trading volumes, despite the sharp turnaround in the markets remained weak. Another factor that points at the lack of conviction by traders is the drop in open interest positions. Friday saw a significant drop in open interest positions, suggesting that most traders, lacking conviction that this rally could sustain, would have preferred to exit open positions.
Follow upWe had presented two strategies for traders last week: 1) To consider going long on Nifty future; and 2) Short straddle strategy using 2900 strike. The first strategy resulted in windfall profits; however the second strategy may be marginally in the red if we consider the opening (on Monday) and the closing prices (on Friday) of Nifty 2900 call and puts. But as advised earlier, traders can continue holding this option spread for another week.
Outlook
Nifty futures witnessed a sharp reversal in fortune and managed to conquer the 3000-mark quite comfortably last week. However, the path ahead for it may not as easy. For that matter, the road ahead may be quite slippery at that. We expect the Nifty futures to begin on a firm note on Monday. Nevertheless, it is unlikely to sustain the positive momentum post that (even on Monday). As has been mentioned in this column previously, the immediate resistance for Nifty futures appears to be around 3250. Only on moving above 3250, can the Nifty future move to 3550. On the other hand, if it fails to sustain at current levels and falls below 2950, it can fall to 2750. And if the Nifty future fails to break the 3150 level comfortably in the current rally (it should close above this level for at least for two days in a row), the possibility of it revisiting its October-lows looms large. Our view is supported by the fact that Nifty futures shed open interest positions on Friday. Further, the emergence of writers for call options at 3100 and 3000 strikes also points at the fact that traders may not be sure of further rally.
Volatility Index
India VIX or Volatility Index has remained steady around the 40-point mark. The index, which measures the expected volatility of Nifty in the near-term, had touched a high of about 90 points during October but has only declined since then. Despite the sharp correction, India VIX still rules high at 40 and hence presents a cautious outlook.
Recommendation
Consider the following strategies:
1) As we expect the Nifty future to move in 2700-3150 range, we advice traders to consider short straddle strategy using 3000-strike price. The Nifty 3000 call ended on Friday at Rs 160.95 and the put at Rs 107.4.
Short straddle is best suited when one expects the market to move in a tight range. While the profit, in this strategy would be limited to the premium collected, the loss can be unlimited if the Nifty fails to move as expected.
Besides, writing options also involves upfront payment of substantial margin money, making this strategy fit for only traders who have higher risk appetite.
b) Traders can also consider going short on Nifty future if it opens on strong note on Monday (above 3150 in the first half an hour of trading). Traders can keep the stop-loss at 3150 and adjust it progressively; they can book profits at 2950 and 2850 depending on their individual risk taking abilities.
FIIs trendThe cumulative FII positions as percentage of the total gross market position on the derivative segment as on January 1 stood at 30.73 per cent.
Foreign institutional investors were predominantly net buyers during most part of last week (albeit marginally). They now hold index futures worth Rs 6,532 crore (Rs 6,987 crore) and stock future worth Rs 10,705 crore (Rs 10,113 crore).
Their index options holding improved to Rs 8,307 crore (Rs 5,499 crore).
NIFTY & SENSEX SPOT LEVELS FOR 05th Jan 2009
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| Strong & Weak futures for 5th Jan This is list of 10 strong futures:India Info, Bajaj Hind, GMR infra, Nagar Const, HCC, Aptech training, Unitech, Matrix Labs, Jet Airways & Guj. Alkalies. And this is list of 10 Weak Futures: Bhushan Steel, Rolta, Satyam, Sterling Bio, Jindal Saw, CMC, Infosys Tech, TVS Motors & Sunpharma. Nifty is in Up Trend. | ||||||||||||||||||||||||||||||||||||||||||||
FII & Domestic Institutional Investors trading activity on NSE and BSE on Capital Market Segment
| Category | Date | Buy Value | Sell Value | Net Value |
| FII | 02-Jan-2009 | 842.3 | 721.12 | +121.18 |
| DII | 02-Jan-2009 | 910.03 | 671.51 | +238.52 |
"Fiscal stimulus may not fully offset headwinds from credit crunch"
The manufacturing sector is struggling with dwindling sales and rising inventories. We expect firms to draw down inventories and slow capex plans.
Macro-indicators, more than ever before, now hold the key to how your investments will perform. In an interview with Business Line, Ms Sonal Varma, India Economist, Nomura Financial Advisory and Securities, offers her outlook on India's key macro-economic indicators for the year head. Excerpts from the interview:
What is the quantum of rate cuts you expect in 2009? Are the benefits of softening interest rate trickling down?
We are pencilling in a 250-basis-point cut in the CRR to 3 per cent; a 150-bp cut in the repo rate to 5 per cent and a 100-bp cut in the reverse repo rate to 4 per cent, all by mid-2009.
We expect this aggressive policy response given the slump in economic growth; GDP growth could slow from 9 per cent in FY08 to 6.8 per cent Y-o-Y in FY09 and further to 5.3 per cent in FY10, due to sharply lower inflation rates in the coming months.
The effectiveness of these measures could be fairly limited in the short term.
Banks are either still raising funds at high rates and are reluctant to sharply lower their lending rates, or have tightened their lending standards, thereby diluting the monetary policy transmission mechanism.
Will there be a slowdown in corporate capex spending and investment spending by Government in the coming year?
Yes, we do expect a slowdown in corporate capex spending because financing of new investments is becoming less accessible and more costly. First, thinning profits are eating into corporate domestic savings.
Second, the global credit crunch has led to a marked decrease in external commercial borrowings and equity financing. Third, the cost of raising debt-finance domestically has risen substantially.
We estimate that the amount of financing available from all sources rose to 15.1 per cent of GDP in FY08, but we expect this ratio to fall to 12.3 per cent in FY09 and 12.0 per cent in FY10, thus deterring firms from undertaking any new investments. Since financing for some projects has already been secured, the drying up of financing is expected to have a larger impact on upcoming investment.
Are funding constraints the key reason for the slowdown in spending?
There are numerous drivers of this investment slowdown. Over the last six years, India's investment-to-GDP ratio has surged from 23 per cent in FY02 to 36 per cent in FY07, with investment in the manufacturing sector accounting for 10 percentage points (pp) of this 13pp rise.
However, now that the manufacturing sector is struggling with dwindling sales, rising inventories and financing constraints, we expect firms to draw down inventories and slow their capex plans. On the positive side, the government's investment in infrastructure sectors can receive a boost from the fiscal stimulus announced as part of the package to boost economic growth.
But this is unlikely to fully offset the headwinds from funding constraints.
Overall, we expect real growth in gross fixed capital expenditure to slow sharply, from 13.8 per cent Y-o-Y in FY08 to 8.5 per cent in FY09 and to 2.5 per cent in FY10,.
Do you expect the current account and fiscal deficit levels to improve given the decline seen in crude prices?
On the external front, the sharp fall in oil prices is a big positive for a commodity importer like India.
However, with the simultaneous drop in exports (particularly software shipments to the US) due to the global recession, and a projected drop in private remittances, especially from Gulf nations due to lower oil prices, the current account deficit could double to 3 per cent of GDP in FY09 (year ending March 2009) from 1.5 per cent in FY08.
Exports will likely continue to flag in H1 FY10, but with import demand set to tumble, we expect the current account deficit to narrow to 1.4 per cent of GDP in FY10.
On the fiscal front, lower commodity prices have reduced the oil subsidy burden, but we still expect a wider fiscal deficit in FY09, given the need to give additional fiscal stimulus to counter slowing economic growth, the risk of lower tax revenues, farm loan waiver and the Sixth Pay Commission hikes.
Overall, we expect the general government deficit (Centre and States' on- and off-budget) fiscal deficit to widen to 7.7 per cent of GDP in FY09, before narrowing to 6.7 per cent in FY10 because of a lower subsidy bill.
How will this influence the rupee-dollar movement? What is your outlook for the rupee in 2009?
With risk aversion deterring investment in emerging markets, a large balance of payment (BoP) deficit of $39 billion expected in FY09 and with India's growth slowing sharply, we expect the rupee to remain weak, at around Rs.50.5 a dollar by March 2009. However, as external BoP pressures ease next year due to lower commodity prices and as risk aversion wanes, we expect rupee to gradually appreciate to 45.9 by March 2010.
(This interview was taken before the announcement of the second stimulus package)
Sectors to back in the year ahead
We believe PSUs, infrastructure, power, pharma, banks, FMCG, auto, and telecom would find favour among investors in 2009. Investors could resort to PSU companies for safety ignoring their weakness on parameters such as capital efficiency and lower return ratios.
In addition, infrastructure and associated sectors would be the direct beneficiary of the government's stimulus package, which benefits banks as they act as canalising agents for investment. We prefer defensive domestic plays like pharma, FMCG and select auto companies as a sharp plunge in commodity prices would cushion them against margin pressures.
Pankaj Pandey, Head of Research, ICICI Securities
Reported profits for the Q4 of 2008 and Q1 of 2009 will disappoint, especially in industrial, commodity, realty and technology sectors. We expect risk aversion to remain, moving money from these sectors to defensives with predictable earnings such as consumer and utilities. Banks may also be treated as proxies to government bonds, but the implications for them of a deteriorating business environment will have to be borne in mind.
From Outlook 2009, Sundaram BNP Paribas MutualWe like companies/sectors catering to domestic demand specifically those geared towards rural consumers or interest rate sensitives. Therefore, we like consumer staples and telecom companies which will benefit as the large consumption potential of rural India plays out.
The sectors that we favour also include banks and autos (particularly passenger vehicles) as key cyclical picks. In addition, in the infrastructure space power generation companies and related equipment manufacturers look attractive given the ongoing government supported capex in the sector.
As independent themes we also prefer private sector upstream oil & gas companies on account of their attractive exploration potential. PSU oil companies are also likely to stand out should the government's intent to allow their product pricing to become more flexible materialize. We are less inclined towards export oriented or commodity businesses as they are likely to witness pressure due to global headwinds.
A. Balasubramanian, CIO, Birla Sun Life Mutual Fund
There is a 3Cs theme reflected in our holdings: commodities, consumers and convergence. Continued economic growth in emerging markets seems likely to support demand for commodities. We have also seen some commodity related stocks decline well below their intrinsic worth during 2008. Sectors geared toward direct consumption could benefit from rising levels of disposable income within emerging markets. We also expect convergence within regions to continue providing favourable conditions for companies doing business there.Mark Mobius, Executive Chairman, Templeton Asset Managment
Drawdown minimising strategy
Many investors have suffered about a 50 per cent drawdown in their portfolio value since the market crashed last January. Our interaction with clients and other market participants have shown that the investors who have suffered the least are the ones who were able to control their greed when the market trended up between 2003 and 2007. Here's a strategy that retail investors can adopt to control their greed and yet build wealth.
House-money effect
Suppose a retail investor has allocated Rs 10 lakh for equity exposure to mid-and small-cap stocks. Further suppose that the retail investor has a risk tolerance of 10 per cent. This means that she is willing to lose not more than Rs 1 lakh of capital due to asset price declines.
Assume that the investor gained Rs 1.5 lakh in the first year of investment. Technically, the portfolio gain is also the investor's capital. After all, the investor has invested time and effort to pick the stocks and construct the portfolio.
Logically then, the capital-at-risk on the portfolio should be Rs 1.15 lakh, being 10 per cent of Rs 11.5 lakh. This risk measure is important because the investor will have to pick stocks accordingly.
But investors' perception of risk on capital gains is different from that on initial capital. The initial capital may continue to have a risk tolerance of 10 per cent. The portfolio gains of Rs 1.5 lakh will, however, carry a higher risk tolerance. The reason is because of what behavioural psychologists call as "house-money effect".
Investors will consider Rs 1.5 lakh as the money that has come from the market, just as a gambler considers his winning coming from the "house" or the casino. This separation of capital triggers an appetite for higher risk that eventually leads to large losses — just as winning at the roulette prompts a gambler to take aggressive bets against the house.
Constant capital-at-risk?The investor can minimise the house-money effect by taking the gains of Rs 1.5 lakh out of the equity market. She will then be left with only the initial capital with a risk tolerance of 10 per cent. The capital-at-risk will, hence, be a constant.
The portfolio gains so taken out can be invested in bond-like investments. The Post Office Monthly Income Scheme (POMIS) combined with a Post Office Term Deposit could be good choice, as will be a term deposit with a public-sector bank.
It is important to understand that the objective is not to generate above-inflation returns; the above investments will not then serve the purpose. Rather, the objective is to preserve nominal capital borne out of the gains and generate decent returns.
But can investments grow if gains are taken out of the market? The answer lies in the core-satellite approach that this column has long advocated.
The constant capital-at-risk fits well within this framework. The core portfolio is the market (beta) exposure, which will be primarily in index funds or large-cap stocks. Any gains on this portfolio will not be taken out of the market, for two reasons. One, there is limited opportunity to take higher risk on this portfolio, as it will be rebalanced periodically to align with the horizon objectives. And two, taking away profits could lead to shortfall in returns at the horizon, as this is the primary portfolio that strives to achieve the investment objective.
The satellite portfolio strives to generate higher returns (alpha returns) through market timing and exposure to mid-cap and small-cap stocks. It is here that the "house-money effect" will come to play. Investors can, hence, apply the constant capital-at-risk strategy on this portfolio.
ConclusionThe house-money effect can prompt a trading strategy that can be hazardous to investors' wealth. It would, hence, be optimal to take out profits on the satellite portfolio at periodic intervals and invest the same in bond-like investments.
Tech School: Point and Figure
One of the merits of Point and Figure (P&F) chart is its straightforwardness in recognizing trend signals and great precision. These charts are designed to demonstrate the underlying demand and supply of a security. While most technical-analysis charts are inclined to be the open-high-low-close price charts, the closing price of the stock is emphasized in the Point and Figure chart.
An important factor in construction of Point and figure chart is the creation of the Unit of Price. It is the unit measurement of the stock price movement which is plotted on the chart. We had briefed in our prior tech school that the price movement in point and figure charts are represented by alternating columns of Xs and Os.
The X is plotted in a column as long as the price keeps rising, while O is plotted representing the declining price movement in the successive column. The representation of each X or O on the chart in known as box. Every chart has a setting called the box size. That is the extent to which the stock should move beyond the top of the current column of X's or below the bottom of the current column of O's before another X or O is added to that column.
The Reversal Amount is another important setting in the P&F chart. It decides the amount that the particular stock needs to move in the opposite direction before a reversal occurs. That is plotting down if we are in a rising column of X's and moving up for a column of O's. Whenever this reversal entrance is crossed, a new column is started plotting right next to the earlier one, only moving in the opposite direction. Let's illustrate with an example, the Apollo tyres stock which is trading at Rs 20 by using Rs 1 as a unit measurement that is box size.
The reversal amount is three units for the stock. If you refer that Point and figure chart of the stock one can observe that the stock has not yet reversed as it is still trading within the 3 units of reversal amount. Apollo Tyres stock has to move beyond Rs 21, to plot an X in successive column. Another example of P&F chart is shown below, the Mastek stock which is trading at Rs 168 by using Rs 5 as a unit measurement that is box size and the reversal value is 3.
Another major merit of the P&F chart is the flexibility. The reversal amount can be increased to five units.
Moreover, using point and figure charts we can identify price patterns such as Double Tops and Bottoms, Bullish and Bearish Signal formations, Bullish and Bearish Symmetrical Triangles, Triple Tops and Bottoms.
Latest version of PIB 4.03.02 is now available for download on http://power.indiabulls.com/
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Arvind Parekh
+ 91 98432 32381
