Surviving the Deluge

Not too many stocks withstood the carnage of mid-May. Here are some. Are they worth a look? ML...

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In the Grip of Middlemen

All regulations in the financial sector have been designed to protect the interests of the...

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Satyamev Jayate

“Interest alone is not enough” is an amazing article that has been published in the Alert Consumer Section of your magazine. I feel it is an eye-opener for all readers, who would have realized after reading this article, that builders cannot take them for a ride. As mentioned in the case referred to in the article, there are thousands of cases where people are not given possession of property on time. There are many cases that don’t even reach the consumer court as people patiently wait for completion of their building. However this judgment of the Hon’ble National Consumer Disputes Rederessal Comission clearly drives home the fact that builders cannot play havoc with hard earned money of the consumer and  if they do so, they will have to compensate him/her for it. Through the medium of MoneyLIFE, I would like to thank Hon’ble Justice M.B. Shah and Hon’ble Ms. Rajalakshmi Rao for this judgment, which is a very positive step forward.
Sonali Malhotra Sehgal, Advocate, Delhi High Court, A-4, New Rajinder Nagar, New Delhi - 110 060, by email

Keep up the good work

I want to congratulate you on creating MoneyLIFE - a masterpiece on investment and consumer protection. It was by luck that I came across this magazine and now I have become an avid reader. Your style and methodology creates a niche in investment and stock selection. If your publication is listed in the stock market, kindly let me know; it’s going to boom and I want to be an early investor.

I also have a suggestion. Can you start highlighting various ratios used in stock selection and have a detailed discussion on them? Some ratios like P/E are well known; but there are others like Sortino, which are still unknown to the larger public. Their use, advantage and disadvantage can be known through this.
Vaseem Khan, Plot No. 43/S/4, Shivaji Nagar, Near Usmania Bakery,
Govandi, Mumbai - 400043  


Abolish abridged reports

Apropos  “An abridged view” (ML August 16, 2007), I suggest that there must be a suitable amendment to the Companies Act to do away with the provision that allows companies to send abridged annual reports. In a changed investment environment, every Tom, Dick and Harry invests in shares and they need full disclosure of the financial affairs of companies and other relevant information as it is submitted to the Registrar of Companies. Only then will there be full transparency to shareholders. It is no justification that detailed information is not understood by a majority of shareholders.
Mahesh Kumar, New Delhi, by email

Invest during dips            

This refers to Shailendra Lotlikar’s “Stocks for a stormy market”. This is not the first time that the market is on a volatile path and retail investors are facing a dilemma. When the market is at an all - time high, there are bound to be some hiccups and if an investor is smart enough to believe in the principle of long-term investment, he would love to dip further into the market to accumulate more shares at a lower price and average out his exposure. What I like the most about your analytical research is the fact that you have a knack for finding stocks that are mostly unheard of and you have plenty of reasons to prove your point that stocks like Kalpataru could be quite big in the coming times. However, I don’t quite agree with your view about the print media; with intense competition from the electronic media, it would be very tough for them to come out a winner.
Bal Govind, Bareilly by email

Six gems and more

I liked this issue of MoneyLIFE more than any other; you covered six stocks and they are all gems. I noticed your effort to cover more sizeble stocks. I liked Sucheta Dalal’s column on annual reports; I think that companies should provide more than the annual reports - they must also inform shareholders on specific future events as well as some broker research reports. I think that Pyramid Saimira and K.S. Oils have the best websites. The former has posted broker research reports and whenever there are rumours about big orders, stock splits or probable acquisitions, the company proactively updates its website to provide accurate information to investors before it is available to the public. Pyramid Saimira is also in a more scalable business and is a king in the south where movie-stars are God. The concern about the execution of its strategy is already addressed by its latest results. It is a unique company and has announced more expansion plans at its analysts’ meet.

I was happy to see the interview with Sudip Datta of Ess Dee Aluminium, where I am a shareholder. Its fresh approach is evident in its quarterly results ad and its appointment ad. Your cover story was icing on the cake. Thank you for repeating your recommendation of good stocks, as requested by me. I hold all except Tanla Solutions and Hindustan Zinc. When I read MoneyLIFE, I get extra information and the confidence that is very essential for decision-making. Your report on Automotive Axles is an actual example of cherry picking. It has among the best ratios in the auto ancillaries industry and your research on it is wonderful. I became a fan of MoneyLIFE when I read your coverage on Amara Raja and Exide, where you identified the difference of pricing power between them and other auto ancillary companies. You said that Deccan Chronicle is quoting at some 24 times operating profit. I think the recent correction has made it cheaper and it is minting money. The listing of its subsidiary, Odyssey, will be a mini bonus when it happens.

You could have included Adlabs as your seventh stock. That stock too is cheap at Rs280. Now it is time to hear from you, so do cover it. The probable demerger of the multiplex business is an attraction. It has a lot of new films ready for release and plans to expand its ownership of screens and its film processing laboratory. I also feel that it will try to follow Pyramid Saimira’s single screen model . BL Kashyap is definitely sustainable as it has a pan-India presence and is an expert in malls and multiplexes. It is also trying to become an integrated and value added player through its two subsidiaries. I like Sangam the most, but in a bull market it is in a non-sexy sector and the stock hasn’t moved in the last couple of years despite great value. I also noticed that MoneyLIFE is the only one that covered ADF Foods, Evinix Accessories and Kamala Dials. You guys are great, keep it up.  I will be happy to hear from you on Accentia Technologies, CORE projects, aurionPro Solutions, Everonn as well as Diamond Cable and Bartronics. Your coverage on Power Finance Corporation was too good!
Santosh Mhamunkar, Mumbai, by email  

ERRORS & CLARIFICATION

I am a subscriber of your magazine. I find it very informative, but I want some clarification on the article “Rolling On” regarding Tayo rolls that appeared in your issue of 19 July 2007. The article says that the “full year turnover rose from Rs184 crore to Rs222 crore - a 20% rise. The margins were even better. Operating profit rose from Rs50 crore to Rs87 crore.” The BSE site shows that the operating profit is Rs231.1 million i.e. Rs23.11 crore. Please clarify.
Bhavesh Shah, Mumbai, by email  

We were wrong. Operating profit of Tayo Rolls (excluding other income) rose from Rs6.89 crore in 2005-06 to to Rs13.88 crore in 2006-07. We regret the error. Thank you for writing to us. - Editor

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