The key points from the document are:
1) Indian stock indices fell to their lowest levels in over 3 months as global stocks slumped due to tensions in Korea, concerns over global debt, and fears of sovereign defaults. The Sensex and Nifty closed down 2.7% and 2.8% respectively.
2) In company news, Grasim will demerge its cement business to Samruddhi today. Cadila received a milestone payment from Abbott for a supply deal. Marico acquired a skin care business in Singapore.
3) Results were mixed with GIPCL, HUL, and NCC above estimates while JK Tyres was below expectations.
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. Market Outlook
India Research
May 26, 2010
Dealer’s Diary Domestic Indices Chg (%) (Pts) (Close)
Key benchmark indices fell to their lowest level in over 3 months as world stocks
BSE Sensex -2.7% (447.1) 16,022
slumped amid tensions in Korea, anxiety over global debt levels and sovereign
default fears. The market opened on a weak note, tracking lower Asian stocks Nifty -2.8% (134.1) 4,944
and extended losses with the Sensex dropping to its lowest level in 3 months in MID CAP -3.0% (200.8) 6,489
mid-morning trade. The market slipped to its fresh 3-month low in early SMALL CAP -3.4% (290.7) 8,176
afternoon trade. The market extended losses in mid-afternoon trade to finally BSE HC -0.9% (46.9) 5,224
close the trade in red. Sensex and Nifty closed down by 2.7% and 2.8%, BSE PSU -2.4% (210.7) 8,603
respectively. BSE mid cap and small cap also ended the trade in red, down 3% BANKEX -2.6% (270.9) 10,066
and 3.4%, respectively. Among the front-liners, only Cipla was up 0.1%, while AUTO -2.5% (185.5) 7,152
Reliance Comm., Hindalco, Tata Motors, Sterlite and Tata Steel were down 4- METAL -5.1% (750.5) 13,972
6%. In the mid-cap segment, GCPL, IL&FS Transport, IGL, Redington India and OIL & GAS -2.6% (253.9) 9,585
Brigade Enterprises were up 2-5%, while Shree Global Tradefin, Rajesh Exports, BSE IT -2.5% (129.1) 4,935
Hotel Leela Venture, REI Six Ten Retail and IVRCL Infra were down 8-14%.
Global Indices Chg (%) (Pts) (Close)
Markets Today Dow Jones -0.2% (22.8) 10,044
The trend deciding level for the day is 16142/4847 levels. If NIFTY trades NASDAQ -0.1% (2.6) 2,211
above this level during the first half-an-hour of trade then we may witness a FTSE -2.5% (129) 4941
further rally up to 16325– 627/4907– 5007 levels. However, if NIFTY trades Nikkei -3.0% (299) 9,460
below 16142/4847 levels for the first half-an-hour of trade then it may correct Hang Seng -3.5% (682.3) 18,986
up to 15840 – 15658/4747 – 4686 levels. Straits Times -2.7% (73.3) 2,651
Shanghai Com -1.9% (50.8) 2,623
Indices S2 S1 R1 R2
SENSEX 15,658 15,840 16,325 16,627 Indian ADRs Chg (%) (Pts) (Close)
NIFTY 4,686 4,747 4,907 5,007 Infosys -0.1% (0.1) $55.6
Wipro -0.0% (0.0) $20.3
News Analysis Satyam 0.6% 0.0 $5.0
Grasim to go ex-Samruddhi today ICICI Bank -0.8% (0.3) $35.1
HDFC Bank -0.6% (0.8) $133.0
Cadila receives milestone payment from Abbott
Marico acquires aesthetic skin care business in Singapore
Advances / Declines BSE NSE
Results Reviews: GIPCL, HUL, JK Tyres, NCC
Advances 433 114
Results Previews: BHEL, Tata Steel Declines 2,396 1,225
Refer detailed news analysis on the following page. Unchanged 52 50
Net Inflows (May 24, 2010)
Rs cr Purch Sales Net MTD YTD Volumes (Rs cr)
FII 2,272 3,183 (911) (9,057) 20,654 BSE 3,606
MFs 1,072 784 288 (498) (7,727) NSE 12,586
FII Derivatives (May 25, 2010)
Open
Rs cr Purch Sales Net
Interest
Index Futures 8,510 9,078 (568) 19,385
Stock Futures 7,774 7,614 159 28,539
Gainers / Losers
Gainers Losers
Price Price
Company Chg (%) Company Chg (%)
(Rs) (Rs)
Godrej Cons 326 4.5 Sesa Goa 310 (8.4)
Sun Pharma 1,589 2.4 IVRCL Infra 145 (8.0)
Piramal Health 500 1.3 WELCORP 215 (7.7)
NHPC 28 0.9 Engineers India 314 (7.1)
Bosch 4,932 0.7 Hindustan Const 102 (7.1)
Please refer to important disclosures at the end of this report Sebi Registration No: INB 0109965391
2. Market Outlook | India Research
Grasim to go ex-Samruddhi today
Grasim had decided to demerge its cement business to its subsidiary, Samruddhi Cement
(Samruddhi), as part of a restructuring plan made in October 2010. As a result of the
demerger, Grasim’s shareholders will directly hold 35% in Samruddhi, while Grasim's
stake would get diluted to 65% in the company. Grasim is set to become ex-Samruddhi
from today, as a result of which every shareholder of Grasim got an additional share
Samruddhi on May 25, 2010. On completion of the demerger, Samruddhi would be listed
on the bourses in June 2010 to provide an exit opportunity to investors, as eventually
Samruddhi would be merged with Ultra Tech, wherein its shareholders will get four shares
of Ultra Tech (face value of Rs10) for every seven shares (face value of Rs5). The merger is
expected to be completed in July 2010. We have valued the company’s 60.3% stake in
Ultra Tech (after the demerger of Samruddhi) at an average EV/tonne of US $105/tonne
and 6.5x FY2012E EV/EBITDA after providing a 20% holding company discount to arrive
at a value of Rs1,569/share. We have valued the VSF business at 4x EV/EBITDA, implying
a P/BV of 1.75x on FY2012E estimates. Our SOTP Target Price for Grasim works out to
Rs2,837, without considering the demerger (Rs2,216 post merger). We maintain an
Accumulate on the stock.
Cadila receives milestone payment from Abbott
Cadila has announced that it has received Rs47.4cr from Abbott as a milestone payment
under the strategic alliance entered between the two companies earlier in May 2010 for
the supply of 24 branded generics products to Abbott for 15 emerging markets. The
agreement also has an option for additional 40 products to be included over the term of
the collaboration. The deal is likely to commercialise in FY2012. We expect the deal to be
positive as it will enable Cadila to leverage its strong product pipeline and manufacturing
capabilities. At Rs605, the stock is trading at 19.7x FY2011E and 15.2x FY2012E earnings.
We recommend Accumulate on the stock with a Target Price of Rs634.
Marico acquires aesthetic skin care business in Singapore
Marico (through Kaya Ltd.) has acquired the aesthetic business of the Singapore-based
Derma Rx Asia Pacific Pte. Ltd. (Derma Rx), through its newly incorporated subsidiary
Derma Rx International Aesthetics Pte. Ltd. The deal includes the acquisition of all IPR’s
relating to Derma Rx’s business and the shares in the wholly owned subsidiaries of Derma
Rx (The DRx Clinic, The DRx Medispa, The DRx Meditech and DRx Research Pte.). Derma
Rx, led by internationally respected Dr. SK Tan, operates three centres in Singapore and
one in Kuala Lumpur. With a customer base of 37,000, Derma Rx has generated a
turnover of Rs50cr in 2009. While the deal size has not been disclosed, the acquisition is
expected to be EPS accretive in the first year of its operations itself. We estimate the deal
size at nearly 1.5-2x sales for Rs75cr-100cr.
We believe the acquisition is in line with Marico’s strategy of growing its Kaya franchise, as
it will provide Kaya with an access to an advanced range of skincare products and strong
sourcing networks, including suppliers of products from developed nations. Moreover,
management has indicated that over time Derma Rx products will be introduced into
Kaya’s range of offerings in India and the Middle East. This will enable Kaya to increase its
revenue share, from sale of products, from the current level of about 13% to over 20%.
Due to lack of financial details, we have not factored this acquisition in our numbers. We
maintain our Neutral rating on the stock
May 26, 2010 2
3. Market Outlook | India Research
Bharti raises Rs8,500cr loan for 3G
Bharti Airtel has raised nearly Rs8,500cr from a consortium of financial institutions,
including SBI, to pay for the 3G mobile spectrum. HDFC and HDFC Bank are the other
banks in the consortium to partly finance the amount that Bharti has to pay to the
government. Bharti won the bids for 13 circles, including Delhi and Mumbai, for
Rs12,295cr. The loan is spread over six years and carries an interest rate in the 8-9%
range, said sources. Increased debt in the books would lead to higher interest outgo in
1QFY2010; however, the full impact would be seen 2QFY2010 onwards. We maintain
Buy with a Target Price of Rs360.
4QFY2010 Result Reviews
GIPCL
GIPCL's net sales declined by 12.4% yoy to Rs254cr, as against our estimates of a 9.8%
yoy increase in top line. The decrease in top line was primarily on account of decreased
fuel prices, which is a pass on. Reduction in fuel prices is attributed to increased gas
availability in the KG Basin. Fuel cost of the company declined by 15.5% yoy to Rs166cr.
However, staff costs and other expenses increased by 16.7% and 22.0%, respectively, on a
yoy basis during the quarter. Operating profits declined by 13.9% on a yoy basis to Rs62cr
on account of increased expenses. The company's bottom line for the quarter stood at
Rs36cr, up 22.8% on a yoy basis and in line with our estimates. We maintain Buy on the
stock with a Target Price of Rs135.
HUL
HUL posted top-line growth of 8.2% yoy to Rs4,316cr (Rs3,988cr) in 4QFY2010, which
was in line with our estimates of 7.3%. Growth was largely driven by volume growth of
11% (low base of 4.5% decline yoy). We note that the price war between P&G and HUL
started only in early February 2010 and the current quarter, hence, it does not reflect the
complete competitive pressure. However, a 4% decline (due to price cuts/promotional
offers largely in the detergents category) dragged topline growth. In terms of segments, the
soaps and detergents (S&D) segment posted a 1.9% yoy decline to Rs1,978cr (Rs2,016cr)
due to price cuts and intense competition in the detergents category. Nevertheless,
management has indicated of positive volume growth in soaps. Amongst other segments,
personal segments posted 18.9% yoy growth, beverages posted 15.3% yoy growth and
foods posted strong yoy growth of 22.7%. Overall FMCG sales grew 7.8%, with 5.5%
growth in HPC and 17.9% growth in the foods business.
At the operating level, HUL posted a weak performance, despite drops in input costs (down
78bp yoy), staff costs (down 36bp yoy) and overheads (down 116bp yoy), largely due to a
significant increase in advertising spends (up 39% yoy in absolute terms, 322bp yoy) due
to intense competitive pressures. Hence, EBITDA for the quarter remained flat at Rs531cr
(Rs527cr).
In terms of reported earnings, HUL posted 47% yoy growth to Rs581cr (Rs395cr), despite
muted top-line growth and margin contraction. This was largely boosted by one-off items
to the tune of Rs196cr, which include profit on sale of long-term investments (Capgemini)
amounting to Rs91cr; reduction in provision for retirement benefits of Rs53cr; and write-
back of provision against advances and diminution in value of investments in Bon Ltd vis-
à-vis loss of Rs107cr yoy due to provision for retirement benefit amounting to Rs60cr and
provision for remediation of site amounting to Rs25cr. However, on a recurring basis, HUL
reported a sharp 23% yoy decline to Rs386cr (Rs502cr) impacted by a 2,035bp yoy spike-
up in tax rate to 32.7% (12.4%) attributed to high extraordinary gains in this quarter and
rise in MAT rate. We maintain our Neutral rating on the stock.
May 26, 2010 3
4. Market Outlook | India Research
JK Tyres
JK Tyres reported its 4QFY2010 results, which were below our expectations. The company
reported net sales of Rs1,044cr, up 22.2%, on back of high base. On the operating profit
margin (OPM) front, the company reported margin of 7.2%, lower than our expectations,
due to higher raw material cost. The company reported net profit of Rs26.8cr, up 96% yoy.
For FY2010, the company recorded net sales of Rs3,678cr, up 3.4% yoy, with OPM of 11%
and net profit of Rs164cr. The stock is under review and the rating would be updated post
the conference call.
Nagarjuna Construction Company
Nagarjuna Construction Company (NCC) posted 4QFY2010 results, which were above
our estimates. The company registered top-line growth of 38.7% to Rs1,523cr against our
expectations of Rs1,355cr. Operating margin for the quarter was reported at 10%, in line
with our estimates. Bottom line reported a 168.6% increase to Rs103cr. The surge in
bottom line came primarily on account of exceptional gains booked by NCC (at Rs49.6cr)
on account of sale of investments in Gautami Power Ltd., excluding which it was in line
with our estimates. The stock is under review.
4QFY2010 Result Previews
BHEL
For 4QFY2010, we expect the company to post sales and net profit of Rs13,367cr and
Rs1,886cr, registering yoy growth of 26.8% and 40.0%, respectively. On the operating
front, the company is expected to register a 491bp expansion in operating margin, which
is expected to be around 21.0%. We remain Neutral on the stock.
Tata Steel
Tata Steel is slated to announce its 4QFY2010 standalone results. The company is
expected to deliver 7.4% yoy growth in its topline to Rs6,976cr. On the operating front, the
company is expected to report a 1,705bp expansion in its operating margin to 39.3%,
primarily on account of higher realisations. Thus, net profit is expected to increase by
113% yoy to Rs1,457cr. We maintain Buy on the stock with a Target Price of Rs697.
Economic and Political News
Finmin rejects DOT’s call to draw landline licence fee
Foreign NBFCs may get back flexibility in setting up arms
Govt. plans to keep deficit targets off FRBM, wants leeway in times of crisis
Corporate News
Hotel Leela plans to raise Rs375cr through FCCB
GMR Infra plans to raise Rs5,000cr to fund its expansion plans
Lupin gets USFDA nod for high blood pressure tablets
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
May 26, 2010 4
5. Market Outlook | India Research
Events for the day
Asian Hotels Results
Bank of India Results
BHEL Results
Godrej Industries Results
Gujarat Alkalies Results
GMDC Results
GNFC Results
HPCL Results
Indian Hotels Results
Mphasis Results
Oil India Ltd Results
REI Agro Results
Tata Steel Results
May 26, 2010 5
6. Market Outlook | India Research
Research Team Tel: 022-4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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