Thursday’s Market Preview: Flat-to-positive opening on the cards

The Indian market is likely to witness a flat-to-positive opening on the back of supportive global cues. The US markets ended with marginal gains overnight while the Asian pack was mostly in the green, guided by stronger-than-expected economic growth for the September quarter. The SGX Nifty was up 18 points to 5,943 over its previous close of 5,925.

The government is set to release the weekly food inflation numbers around noon today. Besides, oil stocks will be in focus as the government is set to hike auto fuel prices next week.

The market opened in negative terrain on Wednesday, tracking its Asian peers which were trading mixed. Profit-taking, along with fears of a hike in fuel prices due to a rise in global crude prices, weighed on the sentiments. The slide continued as the day progressed, and the indices touched the day's lows amid range-bound trade in the post-noon session. The broader indices continued to languish and ended sharply lower. A news report that the Intelligence Bureau is looking at likely price-rigging in select second-rung stocks is said to have caused the decline in the market today. However, the key indices pared some losses, but ended in the red, down over 1% each. The Sensex ended at 19,696.48, down 238.16 points (1.19%). The Nifty settled 72.85 points (1.22%) lower at 5,903.70.

Wall Street settled with marginal gains on Wednesday led by financial and technology stocks. Banking stocks ended higher on hopes of higher profits going forward. Positive outlook from technology majors Texas Instruments Inc and Nouvellus Systems Inc boosted the sector. Besides, a strengthening dollar kept a tab on commodity prices.

The Dow rose 13.32 points (0.12%) to 11,372.48. The S&P 500 added 4.53 points (0.37%) to 1,228.28. The Nasdaq advanced 10.67 points (0.41%) to 2,609.16.

Asian markets were mostly higher in early trade on Thursday on positive economic data emanating from the region and support from its US peers, which ended with modest gains overnight. Japanese gross domestic product grew at an annualized 4.5% in the three months ended September, faster than the 3.9% reported last month and higher than analysts’ estimates. The Bank of Korea left the seven-day repurchase rate at 2.5%, the central bank in Seoul today.

The Hang Seng was 0.57% higher, the KLSE Composite gained 0.15%, the Nikkei 225 rose 0.21%, the Straits Times was up 0.39%, the Seoul Composite surged 0.72% and the Taiwan Weighted advanced 0.84%. On the other hand, the Shanghai Composite shed 0.02% and the Jakarta Composite lost 0.05% in early trade. The SGX Nifty was up 18 points to 5,943 over its previous close of 5,925.

The Supreme Court has favoured widening of the ambit of the ongoing probe into the second generation (2G) spectrum case, saying it should also include the period since 2001 when first-come-first-served was the norm for spectrum allocation.

The judges’ remarks assume importance as the former telecom minister, A Raja, has maintained that he was treading on the footsteps of his predecessors and was following the 2001 policy.

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Intelligence Bureau tracks active deals of Ketan Parekh; tells finance ministry. Why is SEBI inactive?

Ketan Parekh is trading in dozens of stocks, according monthly intelligence reports. Top ministry officials have been getting these reports regularly. But why are they sitting idly, and why is SEBI keeping mum?

Ketan Parekh has been banned from trading in securities from December 2003 till 2017, but by all accounts Mr Parekh has been very active in the market all these years.

Most amazingly, the government's own intelligence wing is regularly tracking his trades and sending the reports to senior-most government officials. These reports are drawn up every month and sent to SS Menon, national security advisor; TKA Nair, principal secretary to the prime minister; KM Chandrashekhar, cabinet secretary; GK Pillai, secretary, ministry of home affairs; and Ashok Chawla, secretary, finance ministry.

Strangely, there has been no regulatory action against Mr Parekh so far, even after his involvement has been widely reported by the media. This raises the question, why top officials of this country who have enormous powers to investigate and harass small businesses and even tax-payers who are senior citizens, are so benign about Mr Parekh's illegal trading even when they are being briefed every month about his enormous purchases and sales?

Another equally important question is whether the market regulator, Securities and Exchange Board of India (SEBI) knows about these activities? Moneylife asked SEBI whether it has been briefed about Mr Parekh's activities, but has not received any reply so far. It would be stunning indeed if all the top officials and the regulator maintain a don't-hear-evil-don't-see-evil attitude, even as they sermonise about what is ethical and moral on various issues in the securities market.

We learn from Intelligence Bureau sources that their monthly briefing reports routinely reach the regulators in some form. The intelligence reports a few months ago documented that "using various front entities" Mr Parekh was active in Orchid Chemicals, GMR Infrastructure, Cairn India, Deccan Chronicle, Reliance Industries, Punj Lloyd, India Bulls Real Estate, Pipavav Shipyard, MVL, Amtek Auto, Hindustan Oil Exploration Company, Camson Biotechnologies, Crew Bos Products, UCO Bank, East India Hotels, State Bank of India, OCL India, Kemrock Industries, Tatia Global Ventures and JSW Steel. Further, KP has apparently "sold his holdings in HPCL and BPCL" in August.

Interestingly, Mr Parekh was also supposedly active in SKS Microfinance, "having taken up the share price from Rs850 to around Rs1,100." The report also adds that "KP using his Kolkata-based associate, Ashok Poddar, held a big position (5-6 lakh shares) in Parsvanath Developers. The report also informs the top government officials that "associates of Mr Parekh, such as Dinesh Singhania and Raj Aggarwal, contemplated modalities for IPOs, wherein cartel members would secure 50% of IPO proceeds from promoters of unknown or fringe companies. In this context, the IPO of Aster Silicates was discussed." Apparently, Mr Parekh is using a Chennai-based broking firm, Shri Ram Insight Share Brokers for his trading.

According to the reports, associates of Mr Parekh were involved in manipulating the Microsec IPO, both in its pre- and post-listing stages. "The gameplan included pre-listing short selling at Rs36 in the grey market, multiple retail and HNI applications through proxies, benami demat accounts and instant selling of the allotment on the day of listing to keep the price below Rs34 levels. Anticipating panic-selling by regular shareholders, the cartel members proposed to mop up shares and subsequently orchestrate a sustained hike through circular trading. Further, the cartel was also involved in the IPO grey market relating to Eros International Media, VA Tech Wabag and Carrier Point Infosystems."

A few months ago, Mr Parekh also planned to buy 60 million shares of Amtek Auto, alternately on the National Stock Exchange and the Bombay Stock Exchange. In June, the intelligence sleuths found Mr Parekh active on the counters of Dish TV, Piramal Healthcare, Pipavav Shipyard and Housing Development Finance Corporation.

Interestingly, Mr Parekh and his associates "were involved in market operations to raise funds in Temptation Foods. The plan included a cash transfer of Rs3.5 crore from one associate (DS) to another (GM) in return for which, GM was to issue a cheque worth one crore to Temptation Foods as application money for 14 lakh shares. While the normal preferential allotment of 14 lakh shares was to be at Rs36 per share, these were to be given at Rs30 per share to GM. Subsequently, KP and associates planned to hike up the shares of Temptation Foods, with the understanding that they would receive 50% of the profit. In the event of a loss, the promoter was expected to make good the losses by providing cash to GM through DS."

It may be recalled that Vinit Kumar, the present owner of Temptation Foods, was recently identified as being an ally of home ministry official Ravi Inder Singh, who was arrested for leaking out sensitive information to companies, and which also led to further revelations in the telecom scam. Vinit Kumar is said to have played a big role in the scandal. According to a report in the Mumbai Mirror, Mr Kumar was the go-between who would take information from Mr Singh to corporate houses, and in return give him cash and supply him with prostitutes. He is widely suspected to have strong links with Mr Parekh, the Mumbai Mirror report says.

When the Intelligence Bureau reports about Mr Parekh's activities are so detailed, the regulator's inability to check his market manipulation can only be deliberate. - Additional research by Sanket Dhanorkar

User

COMMENTS

MUNNA JINDAL

6 years ago

NO MORAL IN INDIA ALONG WITH SEBI , NSE, BSE & ALL SENIOR EXECUTIVES.
SMALL INVESTORS ARE SUFFERING DUE TO THIS.

Salam

6 years ago

nice events. congrates...


Rgds,
Salam

Tushar Choksi

6 years ago

SEBI is big by name and small by action.Now one wonders if intelligence agencies were tracking this market maniuplation in stocks what sebi was doing?Its clear that sebi is in the eye of suspicion but the top officials have always got away inspite of colluding with market operators.Its a sorry state of affairs that so called messiah of small investor Mr. Bhave is doing all the wrong things.One can only pray that if government agencies cant punish the culprits ,god will.

Biju Pandey

6 years ago

What about Axis Bank ? Do you think it went up on the basis of its fundamentals........ sorry please check out the insider story with the employees.

The main aim of taking over ENAM is to show inflated fee income and to present the rosy picture to investors.

Employees are unhappy with the new management and putting the papers and the bank is not relieving them and creating unnecessary hurdles and harassment, which is against the labour laws and human right

Right time to exit or you will see one more Satyam and GTB.



r rajan

6 years ago

the named operators hv not only booked profits on long positions but R short on the market.It is the unsuspecting small speculators that R taken to the laundry.Many F O cos.with good mgts R quoting @ P/E ratios of 3-5.e.g.3 i Info,FSL etc.While the DII s R supporting Infy,TCS etc @ P/E ratios of 30 + small speculators R getting butchered in fundamentally sound midcaps.



SUBHASH MEHTA

6 years ago

After all SEBI is a body of 'poor' govt. officers/officials. Some of them may need money for not taking actions on some petty items like this.

somesh

6 years ago

SEBI hardly has nay good investigating officers under its wings, only a bunch of fat salary eating officers with no experience in investigation calling thmselves regulators and landing at the plum post of SEBI with blessings of their Godfathers with hardly any core competence. You cannot exopect any investigation worth its slat from these people.

saraf

6 years ago

Please let CBI investigate other scams and appoint CVC , vigilance and police(cb-cid) to look after sebi issues (with free hand no person to invene) specially on movements of Top Officials, including Directors, WTM(Whole time members), Ed, CGM,DGM etc.

sana

6 years ago

read

Saee

6 years ago

There is no point in discussing these issues after the even happend.

Just read the first page of honestadviser.com you will get all answers to this discussions

Saee

REPLY

SUBHASH MEHTA

In Reply to Saee 6 years ago

Yes, there is no point to beat the earth after passing of snake. (Saanp nikel jane ke baad lakir pitna theek nahin hai). But I think that there is no tool available through which investor can know before happening.

Pantulu

6 years ago

I have been regularly commenting that the present system helps only manipulators. Common people suffer because they cannot know what these manipulators are upto. The only soiution lies in changing the system by linking share value to the performance of the concerned organization which is not the case at present. The value will go up when the performance improves.Those who want the present system to continue evidently do not like transparency. Change does not suit manipulators .

girish

6 years ago

Can we ask SEBI, before purchasing each and every shares!

Niraj

6 years ago

Do you think that Market is or it should running only on fundamentals? Sensex will be @ 8000 then & all FIIs will fly away fast.

MITESH SHAH

6 years ago

CBI NEEDS TO EVEN INVESTIGATE SEBI'S ACTIVITIES BCOZ SEBI IS BIASED TOWARDS SOME INVESTORS OR MANIPULATORS OR EVEN FUND MANAGERS WHO ARE HAND IN GLOVES WITH ALL THOSE INVOLVED - WHICH COMMON INVESTORS CAN NEVER UNDERSTAND.

THE NUMBER OF SCAMS WITHIN STOCK MARKETS & OUTSIDE HAVE SUDDENLY COME UP IS IN INFINITY.

WHERE WILL ALL THIS STOP ONCE & FOR ALL ? & WHO WILL ADDRESS INVESTORS OF MANIPULATED COS. OTHER THEN PROMOTERS OF THE CO. BCOZ THEY COME ON T.V. CHANNELS WHICH DOES NOTR SERVE INVESTORS PURPOSE BUT THEIR OWN. SO , I THINK INSTEAD OF CLARIFICATION FROM SEBI , NO PROMOTER OF ANY CO. BE ALLOWED TO ADDRESS INVESTORS UNLESS ITS BEING CLEARED BY SEBI / FM & PM .

WHY INVESTORS ARE ONLY ALLOWED TO BURN THEIR FINGERS ? WHY PROMOTERS OF SO CALLED MANIPULATED COS. FINED THEIR ENTIRE WEALTH FOR ANY MANIPULATION WITH INVESTORS MONEY ? PLEASE ANSWER THIS. IF THERE IS NO ANSWER TO THIS - INVESTORS WOULD RIGHTLY TAKE THIS AS ORCHESTRETED BY POLITICIANS / PROMOTOTERS & EVEN CAPITAL MARKET REGULATORS - WITHOUT WHOM ALL THIS SYDICATED SCAMS CANNOT SURFACE.

REPLY

rajesh

In Reply to MITESH SHAH 6 years ago

I fully agree to your point-Mr bhave and his gang members should be inquired by CBI for all their acts and omissions and corrupt practices-if Mr Raja can be raided then why to spare Mr Bhave who should be spared-he is culprit of even more bigger scam because he is in nexus with lot of operators and he is helping FIIs to buy at low cost of good co shares by killing domestic institutions-indian investors have suffered so much due to SEBI actions that he is gulty of so big crime that he should be hanged in public place-

Chandresh Shah

6 years ago

Next in line would be the white collared Fund Managers, who Warehouse the stock & then purchase them in their Fund, the Suresh jajoo is known to have connections & front men of Madhu kela, like they did in stride, or like TV commentatorUdayan Mukherjee of CNBC, who paid a Advance Tax of JUST 6 crs Why haven't these come to the Headlines as yet?????

Ispat fails to keep its commitments to its lenders; what next?

Ispat Industries has failed to live up to every commitment it made as part of the corporate debt restructuring package so generously approved by lenders in 2003. Will the lenders now act as they would if it were a small business they were dealing with? 

Ispat Industries Ltd (IIL), which finds itself in dire straits thanks to almost two decades of severe mismanagement, responded to our recent series of articles on the company by asserting that it has been fulfilling its obligations to its lenders, "though there are some delays". However, the latest report on the progress of corporate debt restructuring (CDR), a copy of which is available with us, shows that the reality is quite the opposite. Ispat is way behind in meeting every commitment and the lenders are, at least on paper, concerned.

The report dated 22nd October says that the Lenders' Monitoring Committee (LMC) "felt that in order to bring financial discipline in the company, TRA mechanism should be strictly implemented immediately and close monitoring for the same is required by the TRA bank, viz. SBI." (TRA stands for Trust and Retention Account.) The report goes on to state that "the company was directed to submit expenses budget on a monthly basis in advance in respect of subsequent month to the lenders for their examination and approval by the LMC for effective monitoring of TRA." The report goes on to discuss the various compliance steps that Ispat has failed to take as part of the CDR. Here is a summary of how lenders see Ispat's compliance on various counts.

Financial closure for Ispat Energy Ltd (IEL): Ispat is setting up 110MW captive power plant through Ispat Energy Ltd (IEL), a separate company. The CDR scheme for Ispat approved in January 2003 envisaged financial closure of IEL by 31 March 2003, almost eight years ago. However, IIL could not complete the project. The CDR package envisaged recovery of Rs250 crores (already incurred by IIL on the above project prior to CDR package) by IIL from IEL in 13 annual instalments of Rs19.40 crore each from FY2006, payment of Rs70 crore per year by IEL to IIL towards Blast Furnace Gas (BFG), reduction in the expenditure towards power for IIL by Rs70 crore per year on implementation of power project and receipt of dividend by IIL from IEL to the tune of Rs18 crore per year. All these promises failed miserably. Further, while approving Rework Package in May 2009, the lenders stipulated that the financial closure for the captive power plant should be achieved by 31 March 2010. Ispat failed in this too. The deadline was extended up to 30 June 2010. This deadline has also come and gone. The generous lenders now say that "as the process for sanction of loan to IEL by FI/Bank is expected to take some time, IIL has now requested the CDR lenders to grant extension of time up to 30 December 2010."

Sale of flats of Peddar Road property: Ispat was required to receive Rs105 crore from the booking proceeds of the flats being developed in the Peddar Road property by March 2006. However, Ispat has not still done this. Two years after the initial deadline, Ispat was still talking of a schedule of payments extending well into November 2008. Ispat was generously allowed time up to 31 March 2010 to sell two flats. This was extended to 20 June 2010. How many small businesses would be given this luxury after they have mismanaged their businesses and have been unable to meet any commitments to their bankers? Ispat then came up with a new idea-that DTZ, one of the world's independent property consultants, has been appointed to market the flats. Ispat has been asked to bring in at least Rs40 crore by 31 October 2010 and Rs215 crore by April 2011. Ispat will in all likelihood fail to meet this commitment too.

In May 2009, Ispat got a "rework package". This comprised loans equivalent to interest for the period from January 2009 to 31 December 2009, aggregating Rs638.89 crore, to meet the working capital gap. Ispat promptly defaulted in payment of dues for July, August and September 2010. The overdue amount on 30 September 2010 was Rs294.46 crore, half of which was the interest cost.

Coke oven and pellet plants: Ispat was supposed to achieve financial closure for a one million tonne per annum (tpa) coke oven and a two million tpa pellet plant by 31 March 2010. Ispat failed in both. The bankers extended the time up to 30 June 2010. Ispat failed to meet this deadline too and requested for an extension up to 31 December 2010.

Damkowadi mines: Ispat has mines in Damkowadi near Nagpur, in Maharashtra, and had committed to start production from these mines by FY2011. It is nowhere near meeting this deadline and the lenders have decided to "appoint an independent consultant to evaluate the legal status, estimated reserve and present status of acquisition, etc."

Capex: The lenders had told Ispat not to incur further capital expenditure acquisitions and investments "without prior written approval of CDR lenders, except the normal capex required for the plant of about Rs60 crore per year." But Ispat has spent Rs143.81 crore during the 15 months (April 2009 to June 2010) on fixed assets, as against normal capex of Rs60 crore per annum provided in the CDR package. The lenders have told Ispat "to give justification for the said expenditure."

The lenders conclude their assessment of Ispat's compliance with the terms of the CDR by stating that as Ispat "has not been able to comply with the above conditions", EOD has occurred and lenders "have the right to convert the entire outstanding (Rs638.89 crore) along with outstanding interest, if any, into fully paid equity shares of IIL. Individual lenders shall have the right to exercise their respective conversion right." (EOD stands for 'event of default'.)

Well, we are not holding our breath to see what the lenders, IDBI Bank, IFCI, ICICI, Punjab National Bank and State Bank of India do. They will probably extend their generosity again. But a steel industry source told Moneylife, "time is running out for Ispat. It can only be rescued through a takeover, even though the Mittals are fighting hard to avoid it."

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COMMENTS

sangeeta

6 years ago

Why don't you Ispat Employees and suppliers who have been commenting on this website get together to file a case against lending institutions.

Tell the courts to ensure that they enforce a change in management and sell their shares, when the company is still attractive to buyers and you can retain your jobs and keep your future safe.
Its time Indians learnt to stand up for their rights or fight for them.

raj arya

6 years ago

this is nothing new abt ispat
actually speaking nothing new abt the lenders also. its public funds and who cares a damn abt public money.

Retesh

6 years ago

Que to Debashis Basu - I have invested in Ispat long time ago since its enterprise value was and continues to be far lower than its competitors though it is making one of the finest steel with 4th largest plant in India. Considering the tight monitoring by lenders now, financial discipline will follow - so this is blessing in disguise for small investors. But what's that keeping you so much demotivated about future prospects of this stock, since there are tangible assets which no one seems to ignore and the doubts are towards management's intent and financing for various projects which probably will improve due to tight monitoring now.

REPLY

Debashis Basu

In Reply to Retesh 6 years ago

If the management is changed, the stock will zoom. But only the banks can do this and they have so far supported the current management. Who knows what happens tomorrow?

Retesh

In Reply to Debashis Basu 6 years ago

Ispat's share price is moving up every day now despite any clarity on time line of plant starting production again, strategic acquisition, etc what ever the case may be.

You and your team have highlighted certain key issues and as an investor would expect to hear more.

Keep up the healthy journalism. Infact I noticed moneylife website while seraching Ispat on Google few days back and thereafter I have gone through many articles on your website. Three cheers to you and your team on quality of journalism reports such as challenging stake increase of LIC in open market by coorbrating evidence of delivery positions, reporting on increase in risk premium for mortality despite increase in life expectancy due to better health conditions.

Best regards,
Retesh

deshmukh

In Reply to Retesh 6 years ago

tight monitoring .....TIght monitoring ,,,,,,,TIGHT monitoring .......:)

Vinod M

6 years ago

Dont worry people ,
L N bhaiya hai na ....!!

REPLY

Pramod M

In Reply to Vinod M 6 years ago

;D

TPH

6 years ago

Its an apple to all banks to please do not lend more money to the company.They will default in payments and in deadlines as they ha done before. Its better that the company management is totally changed and some one overtakes this .
Its has the caliber to achive great hieghts but the management is sucking money for their own good.

REPLY

SURI

In Reply to TPH 6 years ago

Please read wonderful article on moneylife

http://moneylife.in/article/81/11919.htm...

regarding deterioting quality of audits and bank finance. Foreign consulting firms are hired at big price and rosy picture is given in frount of investors. Check out who is the Auditors of ISPAT and their accountability on the part of investors of the company.

Swati

6 years ago

Hey guys ,
atleast think about the Employees of the company ...!!

REPLY

cant say

In Reply to Swati 6 years ago

the company is at its worst stage.....employees suffering a lot...ispat employee

SURI

In Reply to cant say 6 years ago

im an ispat employee...praying god to start the production

Rohit

6 years ago

@ Sakshi : U seem like a retail investor who lost there money when ispat's share fell from Rs92 to Rs17 in recession .............:D hehe

REPLY

rakesh

In Reply to Rohit 6 years ago

please dont get personal here.
do you have anything to add?
by the way when did ispat hit 92? please check your facts or go to moneycontrol

Sakshi

6 years ago

1.As we can see that all the facts and figures given here are open for verification ,then why not Ispat Industries Ltd. release any kind of Press statement like other groups Sahara,TATA,cadbury's,coca cola have done on such ocassions????
2.Today is 35th day and this 3.6 MTPA steel Plant is completely under shutdown (fourth largest plant of Nation).after Rs 332 cr loss for second quarter,how can we expect to shut the productions for so long??????
3.The failure of ispat in meeting any and every kind of deadline shows how grossly the business is being managed
4.If somebody check "Global holding Pvt Ltd" a subsidiary of IIL at Google, one can see that not only Moneylife but lots of other people are openely speaking the truth about This group.
5.Where is the RBI ,GOVT OF INDIA .Will they awake only when group of such massive size declared BANKRUPT
6.INternal Sources account for the fact that Salaries of Employees are delayed by 10 -15 days and it has become a trend from past few years .Even there has been no ANNUAL INCREMENTS from past two years .
7.INternal Sources also account for the fact that there is no CAPTIVE POWER PLANT kind of thing inside PLANT campus.These are just on Papers Where the hell is MONEY going ???????
8.@Swati : Bulagarian football club owned by Mittals has already been sold in 2009 as it was making heavy losses

REPLY

tulya Mhatre and asha Patil

In Reply to Sakshi 6 years ago

1.
I am also Ispat employee.I dont agree what sakshi has to say.Although there has been some delay in salaries ,if the salaries are given on 10th of every month then it can be considered as Normal ,shifting the start of month by 10 days.Do you expect that employees of the company receive salaries on 10th of a month and 1st of next month?????? its ridiculous!!

2.
Its not the first time this kind of thing is happening in INDIA ,Businesses do face ups and downs.
we all have moved on from the licence RAJ period .I am sure there are well assigned people to look after the sick Industry matter.
3.What Promoters do in London or bulgaria ,whether they owe a football team or another company is none of anybody's business .The legalities and frauds are the responsibilities of respective governments.
4.Although media is behind the Promoters , they should not forget that it was during recession when none of any employee was fired and employees were receiving salaries on time without any deductions.
@sakshi: It is also for open verification that Essar steel fired all of its contract labour and lower level employees during recession.I have people who joined ispat in recession after being fired by ESSAR and other groups

Sitara

In Reply to tulya Mhatre and asha Patil 6 years ago

@Mr. tulya mhatre

Do you have any idea about technical upgradation going in this steel plant as stated by the Group to Bombay Stock Exchange???

swati

6 years ago

Moneylife seems to be totally behind ISPAT industries but my question is if the company management is not good that why retail investor should be hurt as they dont know whats cooking behind the company.. Will any other company overtake this mismanaged company? Why ISPAT till now have football team abroad and why dont they sell it..

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