Pipavav Defence and Offshore Eng Ltd (PDO): Seems Temporary Bottom has been Formed

Company Overview:
1. Pipavav is India‟s first world class Defence, Ship Building & Offshore Infrastructure Company.

2. Pipavav is India‟s first private company to get License and Contracts to build warships for the Indian Navy.

3. Pipavav is the first company in the country to have been approved as a partner of choice by Mazagon Docks to build frontline warships, to help them liquidate their multi billion dollar contracts.

4. Pipavav owns the country‟s first and only Modular Shipbuilding Facility with the largest Dry Dock, armored with the country‟s first fully scalable and expansion accommodating capacity.

5. Pipavav owns the country‟s only facility capable of accommodating the largest Aircraft Carriers and other strategic vessels for docking, maintenance and repair.

6. Pipavav has an undisputed upper hand in terms of Infrastructure, Team on the ground and critical Technology & Strategic tie-ups.

Caution:

(i) Margins might continue to remain under pressure due to increased raw material cost.

(ii) Commercial order book execution remains under a cloud. 
(iii) Poor shipbuilding market has resulted into deteriorating revenues and profitability over the last few quarters for PDO. Order book on paper worth around Rs.12, 000 Cr looks strong, but a large part of the order book may be vulnerable to cancellation. 
(iv) Currently the shipbuilding market is precariously placed with: a) Demand levels falling below the construction capacity, 
b) Contract cancellations and 
c) Lack of financing options for buyers. 

Profitability of PDO might therefore, be under pressure due to poor shipbuilding market, high interest cost and increasing contingent liabilities. 

However, it can be compared with big yards in Japan and Korea as it has huge infrastructure and opportunities in defense. According to Live Mint, September, 23, 2014, the government of India, is likely to extend shipping subsidy period. The said Extension is likely to benefit shipyards that are still building ships under contracts signed when the scheme was on, and even for some which have already delivered ships but awaiting subsidy 

Kotak Securities in its June 25, 2014 research report has said that the company is planning to raise around $150 million through a listing on the London Stock Exchange or a strategic stake sale. The brokerage house, holds the view that the company is expected to utilize the proceeds, to convert its second wet dock into a dry dock, by end of CY17. This is likely to double the capacity for PDO from current Rs.60 bn to Rs. 100 bn in terms of revenues. 

According to the Business Standard, September, 15, 2014:

To promote shipping industry, the government plans to come out with a ship building scheme to encourage India ship yards to bag foreign ship building orders. A Cabinet note with this regards has been prepared, minister for Road Transport and Highways Nitin Gadkari said in his conference on 100 days of his ministry. 

At the CMP of Rs.38.75, it is a sure shot BUY for the long term (18 months perspective) with a price target of Rs.90.

Market Mantra

My recommended Pipavav Defence Ltd hit the 2nd consecutive upper circuits today at Rs.41.95 in the NSE and Rs.41.85, in the BSE. The scrip was repeatedly recommended in this blog. I again reiterate, Pipavav Defence and Offshore Engineering Ltd is India's biggest private sector naval shipbuilder. Hence, you should be holding the shares of the company in your portfolio---this is a must.

ARSS Infrastructure Projects Ltd today moved to Rs.43.70 (BSE) and Rs.43.80, in the BSE. The scrip is moving up on the twin optimism: (i) Turnaround of the company accompanied by the government's initiatives in the infrastructure sector (ii) Improved health of Indian Railways, would help the company. ARSS Infrastructure Projects Ltd came up with an IPO in March, 2010 at a price band of Rs.450. ARSS Infrastructure Projects Ltd has earlier informed the BSE that an Extra Ordinary General Meeting (EGM) of the Company will be held on December 17, 2014. The scrip should be crossing Rs.50, within this month. Hence, the investors are strongly suggested to buy the stock and keep holding. CMP: Rs.41.70. 
Today NCC Ltd touched Rs.83, but what is the News? I do not think there is anything, worth talking about, except that a big Bull is holding the shares of the company. Some days back a well know Bombay based equity analyst wrote in a Financial Weekly: 

"Despite dismal results for H1, analysts and market men continue to recommend to buy NCC Ltd only because big bull is also one of the shareholders of the company". 

On a consolidated basis, NCC has posted a loss of Rs.3.16 crore for the second quarter this year against a loss of Rs.10.19 crore in the same period last year. Revenues during the period stood at Rs. 2,571.57 crore (Rs.1,706.79 crore). During the first half, NCC posted a loss of Rs.23.68 crore with revenues of Rs.4,400.11 crore against a loss of Rs.4.39 crore and revenues of Rs.3,345.67 crore. 
These days, there is no need of any fundamentals for a scrip to move up. What one has to do is to bring some marketmen in front of Television cameras and make them SHOUT: BUY!! BUY!! BUY or SELL!! SELL!! SELL!! The scrip will move up or go down--main aim is to create positive or negative sentiment around a counter. You look at the track record of those marksmen whom you see everyday on your Television Channel/s and see how they change their views so often. And then compare, their views with me. You will then understand what is the real GAME (going on)!! What the 24x7 Business Channels have done is to turn everyone into a day trader; which is most  unfortunate. These days it is becoming very hard to find long term investors, which we used to see in 1990 or even during 2002-07 period. Now, it seems most wants to buy building materials and see their houses being erected on the same day--there is no time.....Huh!! Also, on what capacity, the stocks are being recommended randomly on Television Channels in the name of "Game" or "Competition"--this is the biggest manipulation done, and should be stopped immediately.
Jaiprakash Power Ventures Ltd (Rs.12.95), should be accumulated on all declines, inspite of what all those TV-analysts say (positive or negative). The scrip has a great future and is from the reputed J P Group. 
As of  now the mid-cap index is down 82.15 points as against 29.45 points of Nifty. But the irony is that many mid-caps are undervalued as compared to the large caps. Hence, theoretically speaking the money should have moved out from a section of the large caps and  have entered in this space--but we are witnessing just the opposite. Why? One reason is: Stock Market Education among the Indians (traders/investors), is very low/poor. Hence, most traders will probably do what those sitting in front of the cameras would advises them....this is the real irony. The real fat is that: Most Indians, want to make money, but do not want do research.

Reliance Defence and Engineering Ltd: Buy

CMP: Rs.67.10

Reliance Defence and Engineering Ltd (RDEL) is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU). The Erstwhile, Pipavav Defence and Offshore Engineering Company Ltd was rechristened as Reliance Defence and Engineering Ltd (RDEL), in March, 2016.

RDEL is the first private sector company in India to obtain the licence and contract to build warships. The facility houses the only modular shipbuilding facility with a capacity to build fully fabricated and outfitted blocks

Reliance Defence and Engineering Ltd last week signed Sub-Concession Agreement (SCA) with Gujarat Maritime Board and Gujarat Pipavav Port at Gandhinagar, Gujarat. The SCA is for a period of 30 years expiring in June 2046 and the said term of SCA may be further extended.

Land Banks of some of the Prominent Indian Builders

The SCA inter alia grants sub-concession, right and authority to Reliance Defence and Engineering to build, operate and manage Defence / Commercial Shipyard Activities on the terms and conditions mentioned therein.

Earlier there were media reports that Reliance Defence and Engineering Ltd had received the Reserve Bank of India’s (RBI) approval to exit the corporate debt restructuring (CDR) package.

Anil Ambani-led Reliance Infrastructure Ltd, acquired nearly 35% in Pipavav Defence and Offshore Engineering Co, which has been renamed as Reliance Defence and Engineering. The company’s debt to the tune of Rs.6,000 crore will be refinanced with maturity of 20 years while interest cost on the debt would be reduced to 11%, according to the report.

Please Click on the Photo to Expand

The exit from CDR is expected to lead to greater financial flexibility and business opportunities for Pipavav Defence, enabling the company to contribute to the security of the country and pursue the Make in India and Skill India programmes in an even more significant manner, Reliance Infrastructure said in November, 2015.

The stock seems to be on an uptrend. Buy the shares of the company at the CMP of Rs.67.10, for a short term target of Rs.78. 

Moreover, those who are holding the shares of Syncom Formulations Ltd (Rs.3.17), from below Rs.2.50 (where it was recommended) and have short term view can book some profits and enter RDEL and/or Unitech Ltd (Rs.7.10). In case of Unitech Ltd, buy in the CASH segment only (not in Futures) for a target of Rs.12-plus in the short term. 

Reliance Defence and Engineering Ltd

CMP: Rs.66.10

Reliance Defence & Engineering formerly Pipavav Defence and Offshore Engineering Company is into building defence warships and is an integrated defence, heavy engineering and offshore oil & gas assets' construction company. Reliance Infrastructure together with its wholly owned subsidiary Reliance Defence Systems ealier completed the acquisition of erstwhile Pipavav Defence. The mandatory open offer to acquire up to 26% shares from the public shareholders of Pipavav Defence was at a price of Rs 66 per share, which is close to the CMP of Rs.66.10.  

The erstwhile, Pipavav Shipyard was the first corporate shipyard to be granted clearance to build warships and other vessels for the Indian Navy, though the initial licence limits this to up to 5 ships per year. 

On March 26, 2015, the Company successfully implemented one of the biggest debt restructurings in India. Pipavav raised additional debt of INR 5,500 crore resulting in total debt line in excess of INR 12,000 crore (about USD 2 billion). The Company has a total enterprise value of USD 2.7 to 2.9 billion (Rs.19461.9 crores).

Pipavav Shipyard is one of the largest and leading shipbuilding company in India, spread over 500 acres (2.0 km2). It has access to over 720 meters of exclusive waterfront.

Key Statistics: 

(i) Face Value of the shares: Rs.10.

(ii) The Book Value of the shares: Rs.27.50

(iii) 50-Day Moving Average: Rs.64.93

(iv) 200-Day Moving Average: Rs. 64.27

(v) Market Cap: Rs.4,855.28 at the CMP of Rs.66.10

(vi) Industry P/E: 34.37

(vii) 52 Week High/ Low: Rs.72.85/ Rs.54.30

(viii) Industry P/E: 34.37, indicating the high growth of the sector. 

Buy the shares of the Reliance Defence and Engineering Ltd at the CMP of Rs.66.10, for a short term target of Rs.72-75.

Indian Navy commissions final Saryu-class OPV

[Editor: Risk taking  investors can buy Pipavav Defence and Offshsore Ltd at Rs.44 for a target of Rs.51--54, in the short term. Last month there were media reports that Government of India has notified an increase in FDI (Foreign Direct Investment) limit to 49% through approval route in the DEFENSE sector. The move is aimed at boosting domestic industry of the country which imports up to 70% of its military hardware. FDI ceiling in the sensitive defence sector was hiked from current 26%, with the condition that the company seeking permission of the government for FDI up to 49% should be an Indian company owned and controlled by Indians. Further, foreign direct investment proposals above 49% will have to seek the approval of the Cabinet Committee on Security on "case to case basis, wherever it is likely to result in access to modern and state-of-the-art technology in the country," according to the press note of the Department of Industrial Policy and Promotion (DIPP)]

Photo: The Economic Times

04 September 2014: The IN claims over 90% of the 105-m long, 2,200 tonne, locally designed OPV is indigenously sourced.

"We have transformed from a buyers navy to a builders navy" IN Chief of Staff Admiral R K Dhowan declared at the commissioning ceremony.

"The blue print for the IN's future is anchored on self-reliance and indigenisation and presently we have 41 ships and submarines under construction in public and private sector shipyards" he added.

Built at a cost of INR7 billion (USD116 million) by Goa Shipyard Limited (GSL) and powered by two licence-built SEMT Pielstick diesel engines, Sumitra has a maximum speed of 25 kt, an endurance of 3,240 n miles and can remain deployed for over eight weeks without replenishment, the IN claims. It is capable of embarking one helicopter.

With a 114-member crew, including nine officers, it is armed with an Oto Melara 76/62 Super Rapid Gun, two Russian-made AK-630M close in weapon systems and six chaff launchers.

Its electronic warfare suite comprises the locally designed Sanket Mk III Electronic Support Measure and Israel Aerospace Industries ELK 7036 Communication Intelligence systems.

GSL is building six similar OPVs for the Indian Coast Guard for INR18 billion, deliveries of which are scheduled to begin in October 2015 and be completed two years later.

COMMENT

The IN is also procuring five naval OPVs from Pipavav Shipyard in a deal that has had a tortuous history. Named in June 2010 as preferred vendor to supply the vessels, Pipavav signed a INR29.75 billion (USD553 million) contract with Russia in May 2011 for five naval OPVs. However, the deal ran into problems primarily over price concerns and was terminated some time in 2012.

US firm Alion Science and Technology Corporation said in an investor presentation filed with the US Securities and Exchange Commission on 19 June 2012 that it was pursuing a "firm-fixed-price contract to design an Offshore Patrol Vessel (OPV) for an Indian shipyard". Indian sources said that Pipavav had signed a contract with Alion later in the same year.

While Pipavav refused to comment, with a company official saying that "we do not release such privileged commercial details", IN sources said the first of five vessels is scheduled for commissioning around December 2015/early 2016 for a lesser price than that agreed with Russia.

Courtesy: IHS Jane's Defence Weekly

MARKET MANTRA

Land Bank of Anant Raj Industries Ltd

A2Z Infra Engineering Limited hit the upper circuits at Rs.20.90 in the BSE. The scrip if you remember was recommended as a speculative buy at around Rs.16.40, couple of weeks back. The scrip touched all its short term targets. 

ARSS Infrastructure Projects Ltd today touched Rs.53.25 in the NSE and is now trading at around Rs.50.55. The scrip was repeatedly recommended in this blog, as a must buy. I hope most of you have made money today. Book some profits in the counter. 

A buy call was initiated today in Anant Raj Ltd (formerly Anand Raj Industries Ltd) at Rs.47.55, for  a short term target of Rs.56. I have placed a brief report on the company at: http://sumanspeaksplus.blogspot.com.
Today HDIL touched its short term target of Rs.72, as it hit Rs.72.45, intra-day. However, those who are holding can continue to do the same for the next target of Rs.84. Keep a SL of Rs.71.40, for any short term trade. 
My recommended Pipavav Defence Ltd today again touched Rs.47.20 and is now trading at around Rs.45.50. The traders are suggested to book short term profit in the counter and shift to any real estate / construction stock. 
PVP Ventures Ltd today touched Rs.8.90, intra-day and is now trading at Rs.8.35, above its strong support of Rs.8.20. This is another scrip which is also expected to give decent returns over a period. 
The Nifty is  now down by 6.35 points while the mid-cap index is up by 34.80 points--this points towards towards the general of the market. Therefore, while the Nifty is expected to trade range-bound most of the actions would be seen in the small and mid-cap space. The traders and investors are suggested to buy good stocks in the small and mid-cap space and keep holding with strict stop losses. 

WINNING STROKES: THINK DIFFERENT

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

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

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

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

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

DO YOU KNOW?

Photo: The Business Standard

Many investors/traders, invest on the basis of insider trading, as promoters mostly buy on the hope that the company will do well in future. on the other hand the Retail (small) investors are often advised to be wary of insider selling, as this might indicate the company is not in good financial health. After all, who knows the company better than its own promoter? As stock markets were volatile in Jan-Feb 2016, many promoters bought the shares of their companies. 

Some companies that saw huge insider buying were Adani Power, Aditya Birla Nuvo, Bharti Airtel, Grasim, Kansai Nerolac, KPIT Technologies, Lanco Infratech, MRF and Welspun. 

Insider selling was seen at Infrasoft Technologies, Jaiprakash Associates, Max Financial Services, Pipavav Defence and Offshore Engineering, Unitech and Wockhardt.

However, according to some experts, combined with the insider buying data, one should look at management, price/earning ratio, etc, before investing in a stock.

Moreover, sometimes, insider buying and selling could be merely a vesting of options because the vesting period has come to an end. Sometimes, promoters buy only to reduce their cash balance or increase the free-float earnings per share.

According to Prime Database, announcements have been made for buying back shares worth Rs.2,220 crore in 2016 so far. In FY15, the total value of shares bought back was Rs.650 crore.

The Securities and Exchange Board of India (SEBI) amended the buyback rules in 2013 specifying that the minimum amount that a company is required to buy back should be 50% of the offer size, against the earlier practice of 25%. SEBI also limited the buyback period to six months, from the time the approval has been sought from the board or shareholders, because it found that companies typically did not utiilise the entire period of one year to complete the buy back.

Earlier this year, Just Dial, Borosil Glass, Himalaya Granites, Technocraft Industries, Tips Industries successfully completed buying back shares worth `550 crore from investors. While companies like Dr. Reddy’s, OnMobile Global, Excel Industries and ECE Industries currently have their buyback offers ongoing.

A six month old report showed that some companies, including Eveready Industries, Force Motors and Welspun India, have seen their share price increase multifold one-year after an increase in promoter holdings. 

Similarly, others such as Adani Ports, ABG Shipyard and Cox & Kings have seen an erosion in their stock prices after a dip in their promoter holdings. 

Source: Internet (edited)

Today's Recommendations

1. Buy Union Bank Ltd at Rs.122, T: Rs.130, SL: Rs.118. 

Cabinet today approved a bill seeking to amend the debt recovery laws with an overall objective of improving the ease of doing business. "Cabinet approves ex-facto 'The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions Bill, 2016," an official statement said. Introduced in Lok Sabha last month, the bill seeks to amend four legislations -- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899 and the Depositories Act, 1996. 

2. Buy SAIL at the CMP of Rs.44.70, T : Rs.47-49, SL: Rs.43.5 (strict). 

Prime Minister Narendra Modi's 'Make in India' programme, which has earmarked $87 billion worth of investment in new infrastructure and manufacturing projects over the next five years, will benefit the country's steel and mining companies, a research report says. 

The initiative is likely to translate into meaningful steel demand after a gap of around 18 months, according to a report by research agency S&P Global Platts. 

The domestic steel sector, which has been plagued by low prices, high-level of imports and muted demand growth is showing signs of an early recovery, according to rating agencies and industry analysts.

The signs of a slow revival in the sector’s fortunes come as the Ministry of Steel prepares to submit a draft report on measures to relieve the financial stresses on the industry to the Prime Minister’s Office.


According to Fitch Ratings, even though challenges remain, the steel sector’s fundamentals have started to improve.

Steel imports by India are expected to reduce significantly in the first half of FY2017 at least once the impact of the minimum import price(MIP) starts to be felt, according to rating firm ICRA.

MIP did not have a material impact on the extent of steel imports till March 2016, due to a lead time of about one-and-a-half to two months for the shipment to arrive in India and the same led to a growth in monthly steel imports in February and March 2016, ICRA said.

Bulk quantities ordered in anticipation of MIP, just before its imposition, could also be a reason behind the same. However, with the full effect of MIP setting in from April 2016 onwards and given the firm international prices, ICRA believes that steel imports are expected to reduce significantly in the first half of FY2017 at least.

Post the imposition of MIP, domestic hot-rolled coil (HRC) prices have witnessed a sharp increase of about Rs 6500/MT which, when compared with the price differential between import offers and MIP in the first week of February 2016 of USD 130-200/MT is still on the lower side.

3. Lanco Infratech Ltd: Buy at the CMP of Rs.4.69, T: Rs.9, SL: Rs.4.20. 

Lanco Group has shortlisted four players for selling its power business.

Reports indicated that Tata Power Company, JSW Energy and Piramal Enterprises are among those who are interested in buying Lanco Group's power assets. 

A meeting of the joint lenders forum is scheduled to meet in the next few days to take a decision on the sale of the power business of Lanco Group. As per reports, Lanco Group, has power assets of about 8,000 megawatts (MW), and is seeking about Rs.4.50 crore per MW while buyers are bidding at about Rs 3 crore per MW. Lanco Group's power business' enterprise value is pegged at Rs.45000 crore inclusive of debt, reports suggested.



Lanco Infratech is one of the India's largest integrated infrastructure developers in India. The company has subsidiaries and divisions across a synergistic span of 5 business verticals viz. engineering, procurement and construction (EPC), power, natural resources, solar and infrastructure.

4. Buy Reliance Infrastructure Ltd at Rs.532, T: Rs.544, SL: Rs.520. 

State-owned institutions Life Insurance Corporation (12.3%), New India Insurance (1.5%) and Oriental Insurance (1.3%) are among the top public shareholders in Reliance Infrastructure Ltd. Apart from this, at least 100 foreign portfolio investors and other institutions hold a little over 20% per cent in the Anil Ambani-promoted entity.

Reliance Infrastructure Ltd reported a 43.7% rise in fourth quarter consolidated net profit helped by lower expenses and a one time gain in its EPC (engineering, procurement and construction) business.


The company has shortlisted two international bidders for monetization of its 11 operational roads assets, said Lalit Jalan, who took over Reliance Infrastructure from 1 January as acting chief executive after heading the company in prior stints for over seven years.

The power business contributes 42% of the total consolidated revenue of R-Infra. The company has said the total enterprise valuation (EV) for the business has been assigned at about Rs.12,000 crore (equity Rs.6,290 crore, debt Rs.5,810 crore). This translates into an EV/sales multiple of around 1.5, in line with peers.

R-Infra has three business segments — electrical energy, EPC (engineering, procurement, construction) and contracts, and infrastructure. Under the first one, engaged in generation, transmission, and distribution of electricity, it has a 500 Mw thermal power station at Dahanu, near Mumbai; a 220 Mw power plant at Samalkot (Andhra), a 48 Mw power plant at Mormugao (Goa) and a 7.6 Mw wind energy farm at Chitradurga (Karnataka). Of the Rs.6,290 crore consideration, Rs.5,580 crore is for the Mumbai division, while the Samalkot and Goa facilities are valued at Rs.560 crore and Rs.110 crore, respectively. The windmill was worth Rs.40 crore.

The EPC and contracts segment is engaged in the business of construction, erection, commissioning and contracting. The infrastructure segment develops, operates and maintains toll roads, metro rail transit systems and airports.


In December, the company acquired management control in Pipavav Defence.

MARKET MANTRA

Photo: www.archiexpo.com

Resurgere Mines and Minerals Ltd is up around 18% as the stock touched Rs.1.77, intra-day. I had mentioned a couple of days back, that the current NDA Government is making SINCERE EFFORTS efforts to ease the environmental  rules (guidelines), which has been providing serious impediments to the growth of the mining sector in India; though many environmentalists are worried that the new approach will go beyond cutting red tape and will do away with effective regulation altogether. However, it is definitely a posiitve news for the mining and infrastructure sectors, which off-late has been plauged by various government policies. 

Today's Call:  Buy Suzlon Energy Ltd at Rs.14.10, for a target of Rs.15.70 in the short term. Recently, there were media reports that, Senvion SE, a wholly-owned subsidiary of Suzlon, the world's fifth largest manufacturer of wind turbines, has erected the prototype of the Senvion 6.2M152 with the largest rotor diameter in te product range on Dec. 3, 2014. Meanwhile, Suzlon Group Chairman and Managing Director Tulsi Tanti seems to be “100 per cent sure” that Suzlon Energy will make a net profit in 2015-16. “We have a clear plan of reducing our debt and interest costs,” Tanti said in a chat with BusinessLine recently, without getting into details. For the six months ended September 30, Suzlon reported consolidated net loss of Rs.1,385 crore on revenues of Rs.10,051 crore, after incurring interest costs of Rs.1,065 crore. Suzlon will launch a new wind turbine, the 2.1 MW machine named ‘S 111’, in April 2015, said Tanti. Combined with the company’s newly-launched 120 metre hybrid tower, the machine is projected to give 20 per cent higher yield. He said the new machine will make a critical one-percentage-point difference to the investor’s return (IRR), to 15 per cent. The machine would also open up hitherto unviable sites for putting up wind farms. He cited Suzlon’s upcoming wind farm in Rajasthan as an example. All these augurs well for the company.

Pipavav Defence and Offshore Ltd, today nearly touched, the short term target of Rs.47, as it made an intra-day high of Rs.46.05. You can book some profits in the counter as the stock seems to be finding difficulty to cross Rs.46-47, ranges. 
ARSS Infrastructure Projects Ltd today touched Rs.42.75, in the BSE is presently trading at around Rs.42. This is a turnaround story and the investors are suggested to buy the scrip on all declines. 
My recommended J P Power Ltd (Rs.13) and Allied Digital Services Ltd (Rs.22) are doing well in the morning trade--both the scrips are expected to give good returns to the patient investors. 
Meanwhile, the Nifty had witnessed a monthly gain of 266 points in November, alone. Now, with this the total gain from its intermediate low of 7724 comes to around 893 points. Therefore, there cannot be a 2nd opinion that the Indian markets are on a SECULAR UPTREND. However, the the resistance of 8600-8630 is putting pressure on the Bulls on the upper side. Today, since morning, the Nifty is carefully, holding 8500 levels. With the absence of any major negative news the Nifty is likely to trade range-bound, throughout the day. The traders are suggested to buy small and mid-cap counters in bulk, as the Nifty meanders around Rs.8500-8630 levels. 

WINNING STROKES: THINK DIFFERENT

The bulls took a breather today amid the news of the disclosure of names of the alleged BLACK MONEY HOLDERS in the Honourable Supreme Court of India. Also, the uncertainity regarding the formation of the goverenment in Maharashtra, took its toll on the markets. However, as long as the level of 8000-7980 is held the bulls can still hope for a continuation of this rally. The focus is now expected to shift towards the small and mid cap counters as the broader market is likely to trade in a range till the F&O expiry on this Thursday. The traders are therefore, suggested to buy the scrips which has a story to tell and hold for few days to get some good returns,  as NOVEMBER-EFFECT draws closer. 

Glodyne Technoserve Ltd today hit another buyer freeze in the opening trade at Rs.4.11. The company came out with a slightly better Q1FY15 results, speaking sequentially. 

Today, the shares of Suzlon Energy Ltd were recommended, as BUY to the PAID GROUP MEMBERS, around the price range of Rs.11.99-12.10. After recommendation, the scrip touched a high of Rs.12.20 intra-day. The stock seems to have given both price and volume break out today. The next target according to my analysis should be Rs.16.50-17. Meanwhile, there were media report, this month that Suzlon Energy is planning to set up 2,000MW wind energy projects in Madhya Pradesh. The company will also establish supporting manufacturing facilities in the state for this purpose. Very recently, Suzlon Energy Ltd also announced that it has bagged contracts for wind power projects having total capacity of 150 MW, estimated to be worth about Rs.1,200 crore. The orders have been received from various entities including Malpani Group, Rajasthan Gum Group, KRBL, Sterling Agro Group and an assortment of Small and Medium Enterprises. There are repeat orders from existing customers including Malpani Group, Rajasthan Gum Group, KRBL Group, and Sterling Agro Group. Suzlon Group is the world's fifth largest wind turbine maker and has installed generation capacity of over 24,700 MW. Suzlon Energy Ltd is planing to list its German subsidiary Senvion on the London Stock Exchange through an initial public offer which is likely to garner close to Rs.7,000 crore. At the end of March this year, Suzlon Group's order book was worth about $7.2 billion (~Rs.43, 000 crore). The company is currently working on its business revival strategy and plans to raise about Rs.1,000 crore from sale of non-core assets in the current financial year (2014-15). The company is coming up with September, quarter results on 31st October, 2014.

Resurgere Mines and Minerals Ltd today hit another buyer freeze at Rs.1,72, before closing at Rs.1.71 in the BSE. The company is hoping to get approval of one of its mines in Maharashtra, after the new government has taken over. 

Pipavav Defence Ltd today hit the upper circuits at Rs.43.05 on the news that the government of India on Saturday cleared defence projects worth Rs.80,000 crore. Pipavav Defence and Offshore Engineering Company, a beneficiary from defence project announcements has put in bids of Rs.30,000 crore for new projects, as they claim to be well poised to secure and execute large government contracts, says company Chairman Nikhil Gandhi in an interview with a private news channel. 
Premier Explosives Ltd recommended at Rs.30.90 on Thursday, April 10, 2008, made a lifetime high of Rs.246.35 today. Congratulations to all bought the share and is still holding. 

DO YOU KNOW?

Photo: Maffat.com

Vedanta Ltd is a diversified natural resources company. The Company's International arm, Vedanta Resources Plc  is engaged in exploring, extracting and processing minerals and oil and gas. Its segments include Zinc-India, Zinc-International, Oil & Gas, Iron Ore, Copper-India/Australia, Copper-Zambia, Aluminum and Power. The Company produces zinc, lead, silver, copper, aluminum, iron ore, oil and gas and commercial power and has presence across India, Zambia, South Africa, Namibia, Ireland, Australia, Liberia, United Arab Emirates and Sri Lanka. The Company is also in the business of port operations in India. The Company's zinc operations are located in India, Namibia, South Africa and Ireland. The Company's iron ore operations are located in India and Liberia. The Company's copper smelting and mining operations are located across India, Australia and Zambia.

The promoters' holding in Vedanta Ltd, stood at 59.52 % while Institutions and Non-Institutions held 22.99 % and 9.91 % respectively.  

Vedanta Ltd is the only company who has resumed iron ore mining in Goa after the Supreme Court lifted its 2012 ban. The company resumed mining operation in the state in August this year.  

However, the rates at which iron ore is to be transported is the bone of contention between the mining companies and truckers. The issue started with the transportation of e-auctioned iron ore. The state government had sold a total of 7.4 million tonne of iron ore through 13 e-auctions out of the 16.56 million tonne identified for e-auction. The directorate of mines and geology had notified a rate of Rs.12.33 per tonne per km for the transportation of the e-auctioned ore on April 21. Around 1,300 trucks were engaged to transport e-auctioned and freshly mined ore from Codli to Amona/Surla by Vedanta Ltd.

Now, while, the Truck Owners Association is demanding a rate of Rs.17.63 per km, the mining firms, already reeling under the impact of a meltdown in iron ore prices and plethora of taxes, have offered to pay Rs.8 per km. 

According to Aniruddha Joshi head, corporate affairs, Vedanta Ltd, around 600 truck owners have already agreed to ply at the rate of Rs.8 per tonne per km. This brings some visibility, in the ongoing tussle between Vedanta Limited and truck owners transporting iron ore.

Therefore, the stock at the CMP of Rs.84.30, remains one of the best buys for the next 2-3 months perspective, with a SL of Rs.77 and a target price of Rs.109. 

You must have remembered that I recommended Pipavav Defence Ltd at Rs.38.75, as a sure shot BUY for 18 months  price-target of Rs.90; on 27 September, 2014 (amid all so-called-uproars and acquisitions of pumping up a loss-making-no-future-company).

I then asked all the long term investors to accumulate the scrip on all declines. After that Pipavav Defence Ltd, had almost doubled from the recommended rate, made a 52-week high of Rs.85 and is now trading at Rs.79.45. 

In a similar way, the long time investors will see  value additions, in their investments in Vedanta Ltd from the CMP of Rs.84.30, over a period of time. It is a must BUY, for all the long term investors.

Reliance Infrastructure Ltd: Buy

CMP: Rs.555.55

Triggers:

#Reliance Infrastructure (RInfra) is likely to win an engineering, procurement and construction (EPC)

project worth Rs5.67 bn, according to a media report. The company has emerged as the lowest bidder (L1) in a tender floated by NTPC for Flue Gas Desulphurisation (FGD) works of its 3 x 500 MW power plant in Jhajjar, Haryana, the report added.

#Reliance Infrastructure (RInfra) has applied to Maharashtra Electricity Regulatory Commission (MERC) to transfer its Mumbai power business and the attached licences to Adani Transmission Ltd. The total deal value is Rs.13,251 crore. In addition, regulatory assets under approval estimated at Rs.5,000 crore and net working capital on closing estimated at Rs.550 crore will flow directly to RInfra. Thus, the total consideration value has been estimated at Rs.18,800 crore. Post-deal, RInfra would become debt-free, with a cash surplus of up to Rs.3,000 crore.

#Global research firm JPMorgan maintained its overweight stance on the stock with a target of Rs.630. It said that the implied equity value of the deal is Rs.6,250 crore i.e. two times regulated equity base. It expects the transaction to conclude in a couple of quarters.

#In a latest development regarding the Versova-Bandra sealink, the Anil Ambani-led Reliance Infrastructure has replaced a Chinese company as its partner for the Versova-Bandra Sealink project.

#Reliance Naval and Engineering Ltd in which Reliance Infrastructure Ltd stake, has a debt of Rs.8,418.67 crore. However, this is expected to come down substantially as according to Ambani, with the acquisition of Reliance Naval and Engineering Ltd (earlier known as Reliance Defence and Engineering Ltd and Pipavav Defence & Offshore Engineering) it is now one of the only two companies in India strategically positioned to participate in the Centre’s strategic partnership programme announced earlier this year.
The company has decided to focus on defence and engineering, procurement and construction business. It plans bids for six submarines worth Rs.50,000 crore. “With regard to Reliance Naval, the mandatory requirement for change of ownership is what we’ve achieved with our 31% shareholding. We have the ability to increase our shareholding to 36%. We will be shortly announcing a rights issue and through the rights issue, we will have the ability to increase our shareholding,” Anil Ambani said in September, 2017.

#The drive to make power plants compliant with environmental norms is going to open up a Rs 1.3-lakh-crore opportunity in the next three years for emission control equipment providers. According to a latest report by research firm Motilal Oswal Securities, companies such as BHEL, L&T, GE Power and Reliance Infra should benefit from the opportunity.

#RInfra plans to participate in the controversial Rs.1-lakh crore bullet train project from Mumbai to Ahmedabad, for which it is in talks with Japanese companies, Ambani told shareholders at the 88th AGM of Reliance Infrastructure on September, '17.

#The company is eyeing large engineering, procurement and construction (EPC) order inflow from projects like the Bandra-Versova Sea Link and Coastal Road, both in Mumbai, for which it has been shortlisted. The company has qualified for the Rs.40,000-odd crore Mumbai-Nagpur Expressway project too.

#Earlier in January 2017, the Reliance Shipyard was qualified by the U.S. Navy as an approved contractor to perform complex repair and alteration services for the U.S. Navy’s Seventh Fleet vessels operating in the region. Reliance Shipyard at Pipavav, Gujarat is the first Shipyard in India to have received MSRA Certification to undertake service and repair works for the vessels of Seventh Fleet.

#The book value of the shares of the company is Rs.948.49. It is a dividend paying company -- last year it gave a dividend of 90% to the shareholders. Its market cap is only Rs.14,610.41 crore. The stock fell from a high of around Rs.1350 in 2009 to the current price of around Rs.655.55. Buy the scrip of Reliance Infrastructure Ltd for short term targets of Rs.800-877.

Market Mantra

Unitech Ltd (Rs.18.50), today moved up by more than 12% intra-day and touched Rs.19, after strong Q3FY15 numbers. It was mentioned in the last report that the shares of the company would gain positive momentum on Monday, following good quarterly numbers. The stock is now trading at Rs.18.50, up more than 11%.

Today's call: Buy Reliance Communications Ltd at Rs.75--76, for a short term target of Rs.82. The company came out with superb Q3FY15 numbers. A brokerage house has confirmed a BUY on Reliance Communications for a target of Rs.82-84.. 
The shares of Allied Digital Services Ltd tanked to Rs.21.40, intra-day today and is currently trading at Rs.22.75, down more than 11%. If you remember I had given a sell on the counter above Rs.30, based on some recent developments, asking all to book complete profits.
Pipavav Defense and Offshore Ltd today touched my 3rd target of Rs.72 and is currently trading at Rs.68.80. Earlier there were media reports that  Mahindra & Mahindra, one of India's largest diversified conglomerates, is set to purchase a majority stake in Pipavav Defence and Offshore Engineering (PDOE) for roughly Rs.3,000 crore at Rs.66 a share in a three-phase deal. Along with debt of around Rs.6,800 crore and fresh equity that will be issued, the deal is seen as having an enterprise value of Rs.12,000 crore, they said.

Today's Call

1. Those who are still holding the shares of Reliance Defense and  Engineering Ltd, can

continue to add on declines. The scrip is entering the F&O segment, which is expected to give it the required bounce.
Reliance Infrastructure estimates Indian defence business opportunities at Rs.15 trillion over a 15-year period and offset export opportunity at Rs.77,000 crore.

Ambani’s entry into the defence business started with its acquisition of Gujarat-based Pipavav Shipyard about two years ago The Pipavav Shipyard has now been renamed Reliance Defence and Engineering Ltd.
In February, Reliance Infrastructure formed a strategic partnership with Dassault Aviation to form a joint venture, Dassault Reliance Aerospace Ltd, to execute offset contracts worth up to Rs.30,000 crore, the firm said. India had signed an agreement with France to buy 36 Rafale fighter jets from Dassault Aviation.
Moreover, as long as it is above Rs.61.65, there should not be much problem for the bulls. The short term targets of Rs.71-72, are still intact.

2. If IVRCL Ltd (Rs.4.95) does not close above Rs.5 today, then exit the counter, as there could be some problem with the company which, perhaps the market knows.

3. Accumulate the shares of Gammon India Ltd (Rs.10.10) as the company is on the path to recovery, as is evident from the last quarter results.

4. Those who are holding the shares of Tata Motors Ltd (Rs.473.80) can continue to add on declines. Many brokerage houses are bullish on the scrip.

5. Rolta India Ltd is giving opportunities for medium to long term investors for big gains. Accumulate at Rs.58.20, for targets of Rs.97-103.

5. Making money from the market on consistent basis, has become very difficult since last 9-10 months, especially after demonetisation; even for experts. Therefore, if you are a new comer, always consult veterans in this game. Whether, you follow their suggestions or not is a different issue, but at least please do take time to hear the voices of experts in complex trades.

WINNING STROKES: THINK DIFFERENT

Jindal Saw Ltd touched Rs.86.15 intra-day and closed at Rs.84.65 giving a break-out on the daily candle stick chart. Today it also closed above its 150D EMA. Moreover, 100D EMA is above its 200D EMA, further adding to the bullishness. The next targets for the scrip are Rs.92-97--stay invested. 

Pipavav Defence and Offshore Eng Ltd today closd at Rs.83.30 just a tad below its 52-week high price of Rs.85 made yesterday. The investors should book some profits and hold the rest with a SL of Rs.79.

UCO Bank Ltd recommended around Rs.70.50 last week today touched Rs.73.25 intra-day before closing at Rs.72.30 up 2.33%. The next targets for the scrip are Rs.77-85. Stay invested, with a SL of Rs.67.

Resurgere Mines and Minerals Ltd today hit 20% Upper Circuits at Rs.1.57, on the speculation that the government of India could reduce export duty on iron ore fines along with other low grade ores (including bauxite), in the coming budget. The company is an expert in mineral trading, if this norm is really relaxed, then the whole dynamics of the company could get a positive boost.
Rohit Ferro Tech Ltd today touched Rs.9.75, before closing at Rs.8.93, up 6.95%. The scrip will invariably move towards Rs.12-14, as the government in all probability will come up with positive measures to boost the domestic steel sector. Buy the scrip in every decline and wait for it to close above the resistance zone of Rs.9.2-9.3. 
The realty major Unitech Ltd inched up today and closed flat at Rs.18.40, even though the major indices were down. The company came out with good set of Q3FY15 numbers. Last week, the company had reported a 32% increase in consolidated net profit at Rs.43.33 crore for the quarter ended December 2014 due to lower operational expenses and interest outgo. Its net profit stood at Rs.32.82 crore in the year-ago period. Income from operations, however, declined marginally to Rs.704.56 crore in the third quarter of this fiscal from Rs.731.67 crore in the corresponding period of the previous year. Total expenditure fell to Rs.661 crore from Rs.716 crore during the period under review. Finance costs declined to Rs.7.33 crore from Rs.28.06 crore in the year-ago period. Unitech had said it has a healthy balance sheet with a net debt to equity ratio of 0.57. Net debt as of December 31, 2014 was Rs 6,300.84 crore. Unitech launched 0.64 million sq ft while delivered 3.04 million sq ft area in the first three quarters of this fiscal. The stock today closed above its 50D and 100D SMAs. It also closed above 50D EMA and closed just below its 100D EMA which is placed at Rs.18.54. The investors should accumulate the scrip on all declines, for the next targets of Rs.22-24. In a chat with ET Now, Mitesh Thacker of www.miteshthacker.com, has already given a BUY on Unitech Ltd with a stop loss of Rs.17.5 for target of Rs.19.20
Rasoya Proteins Ltd today hit the upper circuits in the BSE at Re.58, during the mid-afternoon trade but suddenly came down due to operator action. The stock closed at Re.0.55 in the BSE down 1.79%. Though the scrip closed marginally down, but this does not give any hint of the trading activities during the day. I do not understand why the surveillance system of the regulator is not able to nab the manipulators; which I can detect without any software in place. Today, the percentage of Deliverable Quantity to Traded Quantity was also not bad at 43.22%. However, unless, the operator activity in the stock is stopped, it will not move up. The modus operandi of these  guys are simple: they will sell the shares of the company in the morning to the traders, after initiating FAKE BULK DEALS and then start synchronized selling at the end of the day, pulling down the scrip. Everyday, you would find fake bulk deals of very small amounts effected to give a feel good effect on the stock, to the gullible investors. SEBI is requested through this blog, to take a special note of my views on trading activities in the scrip, on the behalf of small investors and take strong action against this group. 

Market Mantra

Jindal Saw Ltd recommended yesterday at around Rs.77-78, today touched Rs.83.45, intra-day and is now trading at around 82.30. The scrip should do well in the coming days, as the company has been coming up with good set of numbers since the last couple of quarters. 

Today's call: High Risk Taking traders can buy Rasoya Proteins Ltd (BSE Code: 531522) in NSE at R.0.60 (60 paise) or BSE at Re.0.59. This is an A-group company but due to some management issues, the scrip came down from Rs.20.80 to Re.0.57. But now it has started to show some upward movements. This is a solvent extraction company based out of Maharashtra and operates in Soya Products (Soya Cakes and Soya Oil). A group of operators are playing with this scrip since the last few months and hence the regulators like SEBI should take actions against them. How is that the surveillance mechanisms of major stock exchanges in India (BSE and NSE) are not able to detect such high level manipulations? SEBI should either stop trading in the counter or make efforts to stop high scale operator activities. However Safe players should avoid this scrip.

Firstsource Solutions Ltd today touched Rs.33.70, intra-day and is now trading at Rs.33.20. The company came out with flat numbers for the Q3FY15 and hence, I had put a hold on the scrip.

My recommended Pipavav Defence and Offshore Eng Ltd today (19/02/2015) made a new 52-week at Rs.85.00 and is now trading at Rs.78.75. It reached all its short term targets and nearly touched its medium term target of Rs.90, in just few months of my recommendation. The investors should do well to book some profits now.
In the Budget-2015, the government is likely to come up with some sops for the steel (and Ferro-alloys) sector. In such a scenario, Rohit Ferro Tech Ltd (Rs.8.40)  is a must buy for a target of Rs.12-14. 

WINNING STROKES: THINK DIFFERENT

Please Click on the Chart to Expand

FIIs/FPIs  and DIIs turned out to be net sellers today also, however, the momentum (of selling) has come down a bit. The FIIs/FPIs sold Indian equities worth Rs.83.8 Cr while the DIIs sold shares worth 72.35 Cr. The next support for Nifty comes around the psychological level of 8700. However, today's candle stick pattern showing three black crows with a "Doji" in between, is not giving too much room for the bulls. Also, PVO cutting the signal line from top and same in case of MACD does not augur too well for the bulls, If the correction continues even tomorrow, then the next logical level of Nifty comes around 8600. Having said this I would like to reiterate that since 50D EMA is higher than 200D, 150D and 100D EMAs, the bears will not be able to conquer the Bulls too easily. This is some sort of solace for the battered bulls. In the weekly chart too, the Nify support comes around 8600. If this is broken on the downside, the next support come around 8430. However, some of the oscillators are showing slightly oversold though a clear buy is yet to be given on the daily chart. The correction which started with a shooting star formation followed by dark-cloud cover is giving too much pains to the bull army. The traders are suggested to lighten their position in the large caps and invest in the small and mid cap space. 

Rohit Ferro Tech Ltd which moved intra-day to Rs.8.96, closed flat at Rs.8.77. As mentioned a number of times earlier, the government of India is likely to bring in a slew of measures to aid the domestic steel sector, very soon. Hence, in any case the stock would move up from here. The investors are suggested to buy the shares of the company in bulk and keep holding. 

Yesterday, C Mahendra Exports Ltd was recommended at around Rs.14.20, for a target of Rs.17. However, today at the end of the day, the scrip came down to Rs.13.69. This is normal for this stock and the investors should do well to accumulate the scrip before the Q3FY15 results. I will speak with the sources again tomorrow. 

Today, the block-buster BPO company, Firstsource Solutions Ltd which touched intra-day at Rs.33, closed at Rs.31.50, showing further bullishness on the chart. The scrip will be slowly moving towards Rs.41-42, in the coming days. The Q3FY15, results according to my close sources, will be along the expected lines. 

Today, I took some shares of Unitech Ltd (Rs.19.25) for some of my friends whose account I manage from my end in Bombay (Mumbai). Unitech Ltd is India's 2nd largest real estate company and hence it should trade above its book value of Rs.37.72. The shares fell after the company got embroiled in some controversies. However, it has come out of that phase and should move up in the coming days. I am expecting the scrip to touch Rs.31-32, by the end of next week. Stay invested. 

Overall most of my earlier recommended counters did well: 

(i) Anant Raj Moved to Rs.52+, intra-day

(ii) Pipavav Defence Ltd closed above Rs.50

(iii) J P Associates Ltd closed at Rs.28.50 and J P Power Ltd closed at Rs.12.04 after touching Rs.12.33, intra-day. 

(iv) ARSS Infrastructure Ltd closed at Rs.51.90. 

(v) Resurgere Mines and Minerals Ltd closed at Rs.1.30--the bears failed to pull it down further, inspite of bad publicity by vested groups in various platforms.

(vi) Jindal Saw Ltd touched Rs.85.35. intra-day.