Buy Bharti, Idea and RCom on dips

Shares inIdea Cellular Ltd andBharti Airtel Ltd hit their 52-week high on Monday after the latter on Friday increased its tariffs by 20 per cent for prepaid subscribers in six circles, including Delhi, Kerala and Gujarat.

Shares in Idea Cellular Ltd hit its 52-week high of Rs 94.35 in early trade today. At 12:42 PM, shares in the company were trading 7 per cent higher at Rs 91.25.

Shares in Bharti Airtel hit its 52-week high of Rs 428.20 in early trade. At 12:41 PM, shares in the company were trading 3.6 per cent higher at Rs 426.00. "Bharti Airtel Ltd increased tariff by 20 per cent in six circles which fairly contributes 36 per cent to the revenue of the company", says Karan ofICICI Direct in an interview with ET Now.

"Looking at a 20 per cent hike which should probably on the prepaid side it would result in 50-55 bps increase in EBITA margins for the consolidated entity for FY12 and 70% for FY13", adds Karan

According to media reports, Bharti Airtel Ltd is the second telecom player to increasecall rates afterTata Docomo which raised tariffs in one-two circles two months ago to protect falling margins and increasing revenue. The tariff for Bharti Airtel hiked for the first time since October 2009.

Most analysts expect overall impact of 2-3% on revenue per minute (RPM). The RPM is expected to improve from 45 paise to 46-47 paise forBharti Airtel Ltd.

"I was positive on Bharti Airtel Ltd in that sector and continue to remain bullish on that stock even from here on" adds Mehrab Irani, Investment Manager,Tata Investment Corporation Ltd in an interview with ET Now.

"This move particularly on the prepaid side is more positive because the prepaid service was the point where the lots of ARPUs were not so good and they were actually very low", adds Irani.

Telecom shares were in demand after Bharti Airtel raised call tariffs up to 20 per cent in six circles, triggering expectations other firms will follow soon to protect their eroding margins.

"Idea Cellular Ltd and Vodafone might soon get in line to increase their respective prices in near term", adds Karan.

Reliance Communications Ltd shares jumped as much as 6 percent to their highest level in about two weeks. At 12:30 PM, shares in the company were trading 6.5 per cent higher at Rs 99.70 on BSE.

Trading Calls:

"Bharti Airtel Ltd and Idea Cellular Ltd broke out to their fresh 52-week high on back of large volumes. Bharti Airtel will see levels of Rs 435-440 and traders and keep a stop loss of Rs 390-395", says Ashwani Gujral in an interview with ET Now.

"Idea Cellular Ltd has broken out after being in a tight range for several days and can see target of Rs 95-96 and traders can put a stop loss of Rs 78-80.

ICICI Direct maintains a 'BUY' on Bharti Airtel Ltd with a target price of Rs 398 and for Idea Cellular Ltd the brokerage maintains 'HOLD' with a price target of Rs 70.00.

"In case of Bharti Airtel, even current levels are good enough if you are a slightly long term trader which means if you are prepared to wait for a few weeks, you do not mind buying at current prices also", says Sudarshan Sukhani of Technical Trends in an interview with ET Now.

"For very short term traders, you want consolidation, small dips to enter but Bharti has much higher targets ahead, I am not so upbeat on Idea", adds Sudarshan.

Well not all analysts are upbeat on the stock some warn of caution while trading in Bharti Airtel's shares as the prices have already perked up from its 52-week low of Rs 292.70 on 22nd July, 2010.

"The price hike trigger is positive news for Bharti Airtel Ltd of course but in terms of valuation, we have got to be careful", adds Ajay Srivastava, Dimensions Consulting Pvt Ltd in an interview with ET Now.

"It has already gone up quite substantially, so if they are chasing the valuation now, it is at a risk today", adds Ajay. "We are chasing the last leg of the immediate rally in Bharti Airtel, so we have got to be careful when we are buying the stock", adds Ajay.

Bought to you by

Ingenious Investor
Equity Research Division

Ravina Consulting
Pattamal Plaza
3rd Cross Kamanahalli
BANGALORE 560084

For Free Stock Advise + Ideas
sowmya@ravinaconsulting.com
Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com
Follow us - www.twitter.com/smartinvestor

L & T Buy on dips

Larsen & Toubro Ltd is a name known to most people. It is one of India's leading engineering and construction company. Let's see what is its business and how it operates:

Revenue segregation: Its business operations are categorised in three segments, as given below:

a) Engineering & Construction (E & C) segment

b) Electrical & Electronics Segment

c) Material Handling & Industrial Products

L & T has performed robustly in all its parameters over the last 10 years. Its impressive fundamentals in the past form a strong base for its future.

L&T has clocked an impressive CAGR of 67 per cent in its EPS (earnings per share) which has been possible due to the strong investment back into the business which is evident from its high BVPS (book value per share) CAGR of almost 50 per cent. Also, it has improved its margins over the years from a stagnant average of 10 to 11 per cent from FY 03 to FY 06 to 15 per cent in the last 4 years. In fact in 2010 the company's operating margin has increased to 19 per cent.

It's sales have registered a CAGR of 19.6 per cent over the last 10 years, indicating a good order inflow over the years. Over the past 5 years the CAGR of order inflows has been 33 per cent. This has helped the company register an impressive 67.2 per cent CAGR over the last 10 years.

The company has been witnessing an increase in order inflows since the past few months. Order inflow for the quarter ended June 2010 was Rs 15626 crore, up 63 per cent on y-o-y basis. The company expects increased bidding activities in the next few months and expect this momentum to continue. As of June 2010 the company has a healthy order book of Rs 1,00,239 crore to be completed over the next 2 to 3 years. Recently, the company bagged 2 projects worth Rs. 1200 Cr. from ONGC to set up additional processing units at its plants. Hence, this is expected to ensure good revenue growth in the coming quarters.

L & T is one of the leading players in the Indian engineering industry. It is poised for good growth in future considering the government focus and spending on infrastructure & power, its strategic plans and capacity expansions. But it needs to work on a plan to manage its operating inefficiencies.

The scrip has been a slow performer for the past 1 year and is expected to do better going forward

Time Span	Price	Change	%Change
Today	1,790.05	-8.35	-0.46
Week	1,800.55	-2.15	-0.11
Month	1,658.55	139.85	8.43
Three Months	1,703.90	94.50	5.54
Six Months	1,649.05	149.35	9.05
One Year	1,902.20	-103.80	-5.45

The company has a strong support around 1600 levels while 2000 range would be huge resistance, getting past it can go to 2500 mark swiftly. Buy for Portfolio and long term !

Bought to you by

Ingenious Investor
Equity Research Division

Ravina Consulting
Pattamal Plaza
3rd Cross Kamanahalli
BANGALORE 560084

For Free Stock Advise + Ideas
sowmya@ravinaconsulting.com
Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com
Follow us - www.twitter.com/smartinvestor

Tata Motors Buy on correction

Tata Motors, a leading player in the global and domestic auto industry, benefited from a sharp improvement in the performance of its Europe-based marquee brands Jaguar and Land Rover (JLR) during FY11. Apart from strong vehicle sales growth, especially in China and Russia, the company's cost-saving measures in Europe also paid off.

As a result, the company's JLR operations reported a segment profit of Rs 7,700 crore for FY11, a rise of more than 140 times from a year earlier, while revenues in this segment grew by 42.3 per cent y-o-y to Rs 70, 218 crore. Total JLR sales grew 25 per cent y-o-y to 2.41 lakh units in FY 11 on strong demand.

JLRs operations accounted for nearly 57 per cent of Tata Motor's consolidated revenues of Rs 1,23,133 crore (approximately $27.4 billion) during FY11, and helped the company to deal with higher commodity input costs. Tata Motors has also improved its ranking in the latest Fortune Global 500 list to 359, from last year's rank of 442.

Tata Motors will shortly launch the SUV Evoque in Europe. Consumer interest for this model is understood to be strong. This should help the company to deal with the fallout of the European debt crisis. In addition, there are fears of a slowdown in the fast-growing BRIC countries. This has cast a shadow on its growth momentum in the short term. In the domestic market, auto finance rates are on the rise and there are signs of a slowdown in the broader auto sector. Tata Motors' consolidated vehicles sales (including JLR) grew 11 per cent y-o-y in the first two months of this fiscal.

Tata Motors is understood to have received strong consumer interest for its SUV Evoque, which will be launched soon. This should drive growth in Europe in the short term.

In its domestic operations, however, rising auto finance rates remain a key cause for concern. Also, while commodity prices have shown signs of easing, they still remain at elevated levels. The company has also approached the judiciary with regard to its dispute with the West Bengal government for its Singur land.

Investors could consider Tata Motors as an investment on a long-term basis. While 900 acts as a strong support 1200 could be big resistance, getting past it has a potential to reach 1500 in the next 1 year

The following table indicates the kind of returns Tata Motors gave to investors.

Time Span	Price	Change	%Change
Today	975.55	6.85	0.70
Week	1,043.65	-74.95	-7.18
Month	930.25	38.45	4.13
Three Months	1,243.85	-275.15	-22.12
Six Months	1,188.20	-219.50	-18.47
One Year	812.50	156.20	19.22

Bought to you by

Ingenious Investor
Equity Research Division

Ravina Consulting
Pattamal Plaza
3rd Cross Kamanahalli
BANGALORE 560084

For Free Stock Advise + Ideas
sowmya@ravinaconsulting.com
Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com
Follow us - www.twitter.com/smartinvestor

Coal India - Buy on dips

Coal India is the largest producer and reserve holder of coal in the world with raw coal production of 431 million tonnes (MT). CIL operates 471 mines across 21 coalfields (this includes 163 open-cast mines, 273 underground mines and 35 mixed mines). The company produces coking and non-coking coal and also undertakes beneficiation of raw coal.

CIL transports approximately 47 per cent of sales volume through railways. Hence, availability of rake is of key importance. Historically, CIL has been facing a lot of issues on availability of rakes, which has led to lower offtake and higher inventory at the pit head.

In FY11, during the first half of the year availability of rakes was slightly lower (approximately 158 rakes per day [rpd]), whereas the full year average was approximately 162 rpd. However, in order to address this issue, the Indian Railways has assured CIL of higher availability of rakes. Rakes availability has improved in April 2011 to approximately 177 rpd from approximately 154 rpd in April 2010.

For May and June 2011 rakes availability has improved to approximately 166 rpd and approximately 161 rpd, respectively, from approximately 150 rpd each in May and June 2010.

CIL plans to add 20 new coal washeries (of which 15 would be non-coking coal and five would be coking coal) with a capacity of 111 MT. It currently has 17 coal washeries with a capacity of 39.4 MT. Washed coal commands higher realisation compared to raw coal. Hence, going forward, higher realisation due to higher sales from washed coal will lead to strong growth in revenues of CIL.

A major cost to CIL is wage cost, which accounts for approximately 47 per cent of the total cost (FY11). The national wage agreement IX is due in July 2011, which will subsequently lead to higher wage cost. However, CIL has been proactive and has undertaken a price hike in February 2011 (increase of approximately 12 per cent in blended realisations as compared to Q3FY11).

Even in case of a steeper increase in wage cost, we believe the company has enough levers & headroom to neutralise the impact. Hence, we expect CIL's EBITDA margin to remain intact at approximately 22 per cent.

Currently, as per Planning Commission estimates, the coal deficit in India in FY12 is expected at approximately 142 MT, indicating huge demand for coal. With the ramp up in production and liquidation of inventory, the revenues and profitability of CIL are slated to post healthy growth, going forward.

Since the listing the scrip has been doing wonders. Buy around 350 levels for a sure target of 450 in the next 6 months

Bought to you by

Ingenious Investor
Equity Research Division

Ravina Consulting
Pattamal Plaza
3rd Cross Kamanahalli
BANGALORE 560084

For Free Stock Advise + Ideas
sowmya@ravinaconsulting.com
Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com
Follow us - www.twitter.com/smartinvestor

ITC - Buy

ITC is the market leader in the Indian tobacco space, as its foray into FMCG, particularly foods and cigarettes. The company has been able to build strong positions in completely new businesses such as soaps, packaged staples and snacks over the past few years. This adds another strong leg to the medium-term growth prospects for ITC.

Dominant player in tobacco space: ITC is by far the biggest player in cigarette market with a strong -- 70 per cent market share is more than 5x the size of its nearest competitors.

ITC Ltd., a well-established player in the food space in India with presence across segments such as packaged staples, finger snacks, biscuits and packaged foods.

ITC has significantly invested in expending its food business portfolio and the related supply chain which helped the company to create strong backbone. The company is expected to deliver strong earnings growth in medium term considering packaged and processed food as the next growth driver.

Agri business -- Benefits from continued mix change: The company's conscious decision to focus on higher profitability products and move away from lower-margin products like sesame, rice, pulses, etc., in FY09 resulted in EBIT (earnings before income and tax) margins increasing to 11 per cent in FY09 (vs. 5.2 per cent in FY08).

Leaf tobacco is at present 50 per cent of category sales -- with soya, coffee and wheat accounting for the rest. The company expects to sustain margins, though volumes/revenue growth might decline on account of lower leaf tobacco output due to unseasonal rains.

Time Span	Price	Change	%Change
Today	206.50	0.75	0.36
Week	203.40	2.35	1.15
Month	186.55	19.20	10.29
Three Months	190.10	15.65	8.23
Six Months	168.95	36.80	21.78
One Year	145.73	60.02	41.18

In spite of high valuations, ITC seems a good long term pick. The retuns table given below shows the scrip performance which has gained 45% during the last one year. Buy around 175 levels for a target price of 250 holding period 6-7 months.

Bought to you by

Ingenious Investor
Equity Research Division

Ravina Consulting
Pattamal Plaza
3rd Cross Kamanahalli
BANGALORE 560084

For Free Stock Advise + Ideas
sowmya@ravinaconsulting.com
Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com
Follow us - www.twitter.com/smartinvestor

Bharti Airtel - Buy

Bharti Airtel is a leading Indian telecommunication service provider with 21.64 per cent market share. It has more than 127.5 million subscribers in India -- the world's second largest wireless market by users. It has three strategic business units namely Mobile Services, Telemedia Services and Enterprise Data Services.

The company provides services to all 23 telecom circles of India. Bharti's mobile network covers approximately 81 per cent of the country's population. Bharti Airtel has been the leader in market share (on subscriber base) as well as on turnover basis. Also, it generates the maximum Average Revenue Per User.

Bharti vs the telecom industry:

Outperformed the industry's net profit margin in the last 3 years.
Where the industry profit margin has shown a declining trend since 2007, Bharti has mantained a stable net profit margin
Inspite of intense competition, it mantained 20 per cent+ net profit margin in the last 8 quarters
Bharti Airtel has proved itself in the past by performing better than all its peers. It is well-poised for growth in the long term due to the growing telecom market, the competitive advantage of its leadership position and opportunities available in the 3G space.
Competition is giving it a bumpy ride right now, but it is well-armed to fight and remain successful.

Time Span Price Change %Change
Today 395.20 -0.05 -0.01
Week 394.05 1.20 0.30
Month 389.30 5.95 1.52
Three Months 376.60 18.65 4.95
Six Months 336.60 58.65 17.42
One Year 297.00 98.25 33.08

The has been performing well during the last 6 months and is likely to post decent returns. Long Term investors should buy the scrip around 350 levels for a target price of 425 levels

Bought to you by

Ingenious Investor
Equity Research Division

Ravina Consulting
Pattamal Plaza
3rd Cross Kamanahalli
BANGALORE 560084

For Free Stock Advise + Ideas
sowmya@ravinaconsulting.com
Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com
Follow us - www.twitter.com/smartinvestor

TCS - Buy on declines

Tata Consultancy Services Limited (TCS) is an Indian IT services, business solutions and outsourcing company headquartered in Mumbai, India. It is the largest provider of information technology in Asia and second largest provider of business process outsourcing services in India.

TCS, a Tata group company (74 per cent shareholding) is the largest software services exporter from India. It is a global technology services company that provides end-to-end business solutions to its clients.

TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through a Global Network Delivery Model, recognised as the benchmark of excellence in software development. Along with its subsidiaries, TCS operates in 55 countries with over 1,60,000 employees.

TCS has performed robustly in all its parameters over the last six years. Its impressive fundamentals in the past form a strong base for its future.

TCS has registered an impressive 5 year Net Sales CAGR of 23.4 per cent; this has been a result of high repeat business (95 per cent+) from existing clientele and at the same time continuously increasing new clientele base.

Also, the company has managed to clock a consistent growth in profits, registering a robust 5 year EPS CAGR of 21.9 per cent. TCS has a great past and with its last few quarters performance, it has proved that it has the ability to be a winner, even in tough times.

TCS is India's largest IT company and one of the strongest brands. In the recent past it has outperformed its peers in terms of registering great financial performance. Its ability to generate repeat business from its strong client base and strategic acquisitions have been its major growth driver till today & with our ever-increasing dependence on technology solutions, a company like TCS is poised for good growth in the future.

The company has given decent returns to the investors

Time Span	Price	Change	%Change
Today	1,122.65	-9.35	-0.82
Week	1,150.90	-18.90	-1.64
Month	1,069.55	62.45	5.83
Three Months	1,191.65	-59.65	-5.00
Six Months	1,212.60	-80.60	-6.64
One Year	827.40	304.60	36.81

Over a years time span the scrip gave a super returns of 36.81%. Though in the near term it could test 1100 levels buy on steep declines for a target of 1450

Bought to you by

Ingenious Investor
Equity Research Division

Ravina Consulting
Pattamal Plaza
3rd Cross Kamanahalli
BANGALORE 560084

For Free Stock Advise + Ideas
sowmya@ravinaconsulting.com
Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com
Follow us - www.twitter.com/smartinvestor

Apollo Tyres Sell

We recommend a sell in the stock of Apollo Tyres from a short-term perspective. It is seen from the charts of the stock that after recording an all-time high of Rs 88.8 in September 2010, it changed direction and has been on a medium-term downtrend. In early December, the stock encountered resistance at Rs 72 — a significant intermediate-term resistance level and resumed its downtrend. Moreover, the stock once more encountered resistance just below this key level around Rs 71, where its 200-day moving average also provided resistance and tumbled 4.7 per cent with good volumes on Wednesday.

With this decline, we observe that the stock has formed a bearish engulfing candlestick pattern that implies bearish reversal. The daily relative strength index has re-entered in to neutral region from the bullish zone and weekly RSI is hovering in the neutral region. Daily moving average convergence divergence oscillator is featuring in the negative territory and weekly MACD is on the verge of entering this territory, indicating a downward momentum. Our short-term forecast on the stock is bearish. We expect it to decline further until it hits our price target of Rs 65 or Rs 63 in the approaching trading sessions. Traders with short-term perspective can consider selling the stock with stop-loss at Rs 69.5.

Yoganand D.

BL Research Bureau

Bought to you by

Ingenious Investor

Equity Research Division

Ravina Consulting

Pattamal Plaza

3rd Cross Kamanahalli

BANGALORE 560084

For Free Stock Advise + Ideas

sowmya@ravinaconsulting.com

Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com

Follow us - www.twitter.com/smartinvestor

TCS Buy

Tata Consultancy Services (TCS) could not have delivered a better quarter than this one, every time superseding the earlier threshold. Q2FY11 has been an almost perfect quarter with no blemishes. “Profitable growth” has been the key theme that TCS delivers from this strong set of numbers, coming on top of an already strong Q1FY11. The company has done well on many parameters--handsome revenue and margin performance, volume growth of 11% QoQ, eight large deal wins spread across sectors, highest ever organic gross/net employee addition of 19,293/10,717, sequential growth of 10% plus across verticals & most clients, and most importantly, Ebitda (earnings before interest, taxes,depreciation and amortisation) margin improvement by 70 bps to 30% (historic high).

We see upgrade in consensus EPS (earnings per share) numbers for TCS, despite the appreciating rupee. We are revising up our EPS by 4% for FY11 and 6% for FY12 to Rs 42.6 and Rs 48.4, respectively. Also, the CEO remarked about the likely increase in IT budgets for the next fiscal based on preliminary discussions with a small set of clients. “Growth agenda” and “being efficient” are key themes driving the IT spending at client organisations in the current environment.

We see that the most impressive part of TCS’ performance over the past 4-6 quarters is its ability to rigourously close the margin gap with Infosys. TCS’ Ebit (earnings before interest and taxes) margin has expanded over 300 bps (basis points) since the start of the last fiscal. At the same time, we see advantages such as market diversity (horizontals), geographic diversity, end-to-end service offerings, and ability to bag large, bundled deals among others playing in harmony currently.

At CMP (current market price) of Rs 986, the stock is trading at a P/E (price-to-earnings) of 23.2x and 20.4x for FY11e and FY12e earnings, respectively. With consistent outperformance on revenues (QoQ) and strong margins, we see TCS’ valuations improving further and possibly entering the premium zone to that of Infosys. We maintain Buy on the stock and rate it ‘Sector Outperformer’ on relative returns.

TCS' revenues, at Rs 92.9 bn, jumped 13.0% QoQ and 25% YoY. In dollar terms, revenues grew 11.7% to $2,004 m. In constant currency terms, the company delivered 11% sequential growth. Gross profit for the quarter stood at Rs 43.4 bn, up 13.7% QoQ. Gross margin was flat at 46.8%. The company’s operating margin (Ebit) increased further by 86 bps QoQ and now stands at 28.0% TCS reported net income of Rs 21.1 bn, up 14.2% QoQ. Net profit margin now stands at 22.7% versus 22.4% in the previous quarter.

The company won eight large deals during the current quarter in addition to ten in the previous quarter, compared to nine deals by Infosys in H1.

India led the growth with 25.7% sequential growth in dollar terms. Continental Europe too saw a turnaround with 14.2% QoQ growth after lacklustre performance for the past two quarters.

All the verticals have reported a double-digit sequential growth. This is the second consecutive quarter where all the verticals have reported QoQ growth. Note that even manufacturing has shown a strong growth of 11.7% QoQ in dollar terms.

Growth momentum across horizontals continued with all showing sequential growth. Four verticals, namely business intelligence, enterprise solutions, assurance services and infrastructure services, reported more than 15% QoQ growth. TCS added 30 new clients (36 in Q1) during the quarter versus 27 for Infosys. The active clients count stood at 936 versus 930 in the previous quarter.

The number of $1 m clients increased by 11 to 420; there was an increase in the $5 m (1), $10 m (9), $20 m (1), $50 m (1) and $100 m (1) client bracket, over the previous quarter.

—Edelweiss

OUR RECOMMENDATION :

The scrip is finding good support around 950 levels and is likey to face resistance around 1200 levels. Buy on declines and hold for long term

Bought to you by

Ingenious Investor

Equity Research Division

Ravina Consulting

Pattamal Plaza

3rd Cross Kamanahalli

BANGALORE 560084

For Free Stock Advise + Ideas

sowmya@ravinaconsulting.com

Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com

Follow us - www.twitter.com/smartinvestor

Sensex to cross 19000 this year

Stock market benchmark Sensex may soar past the 19,000-point level this year, propelled by domestic factors like robust economic expansion and decent corporate earnings growth, the country's top brokerage and investment banking entity ICICI Securities has said.

The only negative headwinds the Indian market can witness could be due to negative cues from global markets, but investors willing to stay invested for at least 15-18 months will not be disappointed with their returns, I-Sec Managing Director and CEO Madhabi Puri-Buch told PTI.

"Markets are partly linked to real economy and the corporate earnings and then also partly to global liquidity... Real economy in India, as also the corporate earnings, will continue to grow and the growth is here to stay," Buch noted.

The I-Sec chief noted that even 15 per cent corporate earnings growth, which would be a reasonably low estimate as per the prevailing trends, would be sufficient to propel the Sensex past the 19,000 level and the surge could be much bigger if there are other positive triggers, such as those in the form of favourable global cues.

"However, we should be conscious of the fact that there could be some negative cues due to liquidity issues in the global economy," Buch said, but quickly added that any negative cues would only have a very short-term impact.

"It should not worry the investors who have at least 15-18 months of investment timeframe in their minds and those looking to stay invested for 3-5 years will certainly not be disappointed with the kind of returns they would get from Indian markets," she said.

Indian equities have been under pressure for the past few weeks, mostly because of the European financial crisis that has led to a sharp sell-off in markets across the world. However, global markets, including the US, rebounded sharply on Friday after clarity emerged about the US and Europe taking remedial actions for the deep crisis having engulfed the Western economies for about two years now.

Buch said that a volatile market is actually good for investors, as downslides actually give buying opportunities, as has been the case with recent fall in the market.

Bought to you by

Ingenious Investor

Equity Research Division

Ravina Consulting

No.429 Mahavir Tuscan

Near Hoodi, Whitefield

Mahadevapura Post

BANGALORE 560048

For Free Stock Advise + Ideas

sowmya@ravinaconsulting.com

Talk / SMS 08105737966

Read - www.ingeniousinvestor.blogspot.com

Follow us - www.twitter.com/smartinvestor