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Thursday, August 23, 2012


Scrip Code: 509480 / BERGEPAINT
CMP:  Rs. 136.00; Buy at Rs. 130 - Rs. 135 levels.
Medium to Long Term Target: Rs. 152; 
STOP LOSS – Rs. 120.00; Market Cap: Rs. 4,707.83 cr; 52 Week High/Low: Rs. 153.35 / Rs. 78.25.
Total Shares: 34,61,64,514 shares; Promoters : 26,15,89,683 shares –75.59 %; Total Public holding : 8,45,74,831 shares –24.41. %; Book Value: Rs. 24.40; Face Value: Rs. 2.00; EPS: Rs. 5.33; Div: 70 % ; P/E: 25.51 times; Ind P/E: 31.28; EV/EBITDA: 18.88.
Total Debt: Rs. 169.80 cr; Enterprise Value: Rs. 4877.63 cr.

BERGER PAINTS INDIA LTD: The Company was founded in 1760 but started its business in Kolkata, India in the year 1923. The company has undergone many change of hands – In the year 1947, it was acquired by British Paints (Holdings) UK, which renamed the company as British Paints (India). This UK Company was then acquired by Celanese Corporation, which later sold the Indian company to Berger, Jenson Nicholson Ltd in 1969. In 1983, the company was renamed as Berger Paints India and it started using the trade name of Berger. Berger Paints engages in the manufacture and sale of various decorative and industrial paints in India and internationally. The company’s products include interior emulsions, designer finishes, distempers, exterior emulsion, primer, texture finishes, enamals, cement mix, crack fill paste. The company also offers general industrial and automotive coatings, such as pretreatment chemicals, water base primers, polyester topcoats, polyestermetallic/pearl basecoats, thermosetting acrylic basecoats, thermosetting acrylic clear coats, alkyd-amino topcoats, poly-urethane paints, quick drying paints, polyester surfacers, epoxy surfacers, alkyd amino HLPS, and heat resisting paints and powder and protective coatings. It serves home owners, professionals, and industrial users through a network of dealers. It has a wide variety of product portfolio including interior and exterior wall coatings as well as metal and wood paints. It has strong and well established brands like Berger Silk, Berger Rangoli, Berger Illusions, Berger Weather Coat, Jadoo Enamel, etc. It also provides color consultancy services. Berger Paints has six subsidiaries and two JVs located across geographies including Cyprus, Russia, Poland and Nepal. The company is compared with Kansai Nerolac Paints Limited, Akzo Nobel India Limited and Noroo Holdings Company Limited.

Investment Rationale:
Berger Paints India Ltd. (BPIL) is one of the India’s foremost paint companies, currently ranked as 2nd largest on the basis of consolidated sales turnover in Indian paint industry. It enjoys about 19 % share of the over Rs. 21,000 crore of the Indian paint industry wherein the organized sector accounts for 70 % while the remaining is with the unorganized sector comprising of around 2,000 small scale paint units. The Indian Paints Industry is estimated at US$ 380 Cr and is growing at 1.8-2x GDP growth since the last few years. This industry is dominated by top 4 players commanding more than 90 % share of the organized market. The per capita consumption of paints in India remains very low at 1.5 kgs as against 15-20 kgs in developed countries. This industry is categorized in two segments – decorative paints, which contributes 70 % and the balance 30 % belongs to industrial paints - comprising automotive and industrial, protective, powder, coil and marine coatings. A decorative paint constitutes 80 % of BERGER PAINTS sales and enjoys strong brand equity in the eastern regions. CMIE a leading business & economic database research company expects the production in paint industry to grow by 13.3 % in 2012-13. The production is further expected to increase by 15 % in 2013-14 to around 19.6 lakh tonnes. The sales volumes are expected to grow by 14-15 % per annum during 2012-14 periods and are likely to cross 20 lakh tonnes by March 2014. Taking into account the rising consumer demand and diversified needs, the paint companies are coming out with new variants of paints and taking BERGER PAINTS market share of about 19 % surely the company will be benefited from the rising demand.

The paint companies are now emphasizing more on brand endorsement and so are looking to rope in top celebrities for their brand endorsements. Berger Paints is also looking to rope in Top Bollywood actresses for the endorsement of its Silk range of emulsion and plans to spend Rs. 35 Cr on an advertisement campaign, the company prefers Bollywood actress Kareena Kapoor or Katrina Kaif for the endorsement of their products probably any one of them could be the new Brand Ambassador for the Berger Brands. These initiatives are expected to increase the demand from refurbishment. Berger Paints have been focusing on raising the share of water-based paints in its total product portfolio and has also filled the product gap that existed with Asian Paints, through the introduction of premium products in the water-based paints. This segment will drive higher revenue growth and will also expand operating margins in the future. The shift towards water-based paint will bring high growth & also it’s a higher margin product segment compared to solvent-based paints.

Outlook & Valuation:
Berger Paints is looking for acquisition both within and outside country, in the overseas market the company is looking for acquisition of technology however in the domestic market any acquisition move should be driven by the possibility of increasing the market share which is currently at 19 %.  Berger has entered Poland through an acquisition which boosted its energy efficient & protective external insulation finishing system, Berger is already present in Russia and Nepal through its subsidiaries. Berger has outgrown its peers in Q1FY13 on the back of expanding distribution reach and higher growth in premium segment. Berger's India standalone business registered sales growth of 17 % to Rs. 751.6 Cr in Q1FY13 on the back of estimated 7-8 % volume growth. The volume growth was impressive considering almost flattish volume growth in peers thereby indicating market share gaining in this quarter. This was achieved on the back of expansion in distribution reach and selling through new trade channels. Going ahead, it is expected that the company will maintain its current growth momentum, but poor monsoon could act as a spoilsport. However with the price hike to the tune of 5 % in the decorative paint business in last quarter and with lower inventory supported EBIDTA expansion with consolidated EBIDTA margins at 9.50 % up by 60bps YoY. Company has taken some price hikes in industrial paints segment and would take further hikes to maintain the margins. Company also witnessed significant fall in import price of TiO2 and expects to see its benefit in coming quarters. Other crude derivatives, however, continue to rise owing to INR depreciation. It is expected that the EBIDTA margin will improve going forward on the back of softening in Raw Material cost and stabilization in exchange rate. Combined subsidiaries sales grew by 4 % in Q1FY13, much slower than the avg. growth of 25 % in last four quarters due to the poor performance in Nepal subsidiary because of the political upheaval. Bolix which is the largest subsidiary (5 % of consolidated sales) reported flattish growth due to uncertain economic condition in Europe. Apart from 80,000 MT/annum decorative paints capacity at Hindupur during 1st phase of expansion, company is also building its 40,000MT capacity for textured coatings developed by its subsidiary Bolix which it plans to introduce in the current year. Company expects sales of Rs. 15 – 20 Cr from its construction chemical business in FY13 and expects it to register a CAGR of 40 % over FY13-15. At the current market price of Rs. 136, the stock is trading at 21.25 x FY13E EPS of Rs 6.40/share and 18.37 x FY14E EPS of Rs 7.40/share & at 16.0 x FY13E EPS, it is trading at 38 % discount to the market leader, Asian Paints. Historically, the company has traded at an average discount of 40 % to Asian Paints’ one-year forward mean P/E ratio. It is believed that going forward this discount should narrow due to the Gaining considerable size with a revenue CAGR and with the Product mix shifting towards higher growth & Increasing presence across India with rising penetration in the south makes this stock attractive to ACCUMULATE with a target price of Rs 152/share.

SALES (Rs. Crs)2,328.102,936.103,476.003,980.50
NET PROFIT (Rs. Crs)150.10180.10221.90255.60
EPS (Rs.)4.305.206.407.40
PE (x)33.1027.6022.4019.40
P/BV (x)
EV/EBITDA (x)21.5017.4014.4012.10
ROE (%)23.4024.0024.9024.20
ROCE (%)25.2026.1027.3027.50

I would buy BERGER PAINTS (I) LTD with a price target of Rs. 152 for Medium to Long term target. As I always say, I am a long term believer in markets & I do respect the markets and will keep a strict stop loss of 8 % or Rs. 120.00 on every purchase.

*As the author of this blog I disclose that I do hold BERGER PAINTS in my investment portfolio.


Monday, August 13, 2012


Scrip Code: 532898 POWERGRID

CMP:  Rs. 119.55; Buy at Rs. 115-119 levels.

Short Term Target Rs. 126; Medium to Longer term Target: Rs. 160; STOP LOSS – Rs. 109.98; Market Cap: Rs. 55,348.36 Cr; 52 Week High/Low: Rs. 121.55 / Rs. 93.50.
Total Shares: 462,97,25,353 shares; Promoters : 321,40,24,212 shares –69.42 %; Total Public holding : 141,57,01,141 shares – 30.57 %; Book Value: Rs. 52.84; Face Value: Rs. 10.00; EPS: Rs. 7.39; Div: 17.50 % ; P/E: 16.20 times; Ind. P/E: 16.01; EV/EBITDA: 9.83
Total Debt: 40,882.77 Cr; Enterprise Value: Rs. 90,240 Cr.

POWER GRID CORPORATION OF INDIA LTD: The Company was incorporated in 1989 and is based in Gurgoan, India. The Company was formerly known as National Power Transmission Corporation Limited and changed its name to Power Grid Corporation of India Ltd in Oct 1992. Power Grid Corporation of India Ltd. is a central transmission utility, engaged in the transmission of power in India. The company involves in planning, coordinating, supervising, and controlling inter-state transmission systems; and operating unified load dispatch centers and regional load dispatch centers. It operates approximately 87,111 circuit kms of transmission lines, as well as 139 sub-stations with transformation capacity of approximately 96,355 MVA. The company also provides consultancy services for the construction of transmission lines and sub-transmission lines, load dispatch centers, telecom networks, and distribution and rural electrification in India, Afghanistan, Bangladesh, Bhutan, Dubai, Nepal, Nigeria, and Srilanka. In addition to this it owns and operates broadband telecom network of approximately 25,000 kms connecting approximately 110 cities in India that offers E1/E3/DS3/STM1/STM4/STM16 leased line, Ethernet private leased line, and multi-site LAN Interconnect and Internet access services to telecoms, MNCs, BPOs, government, corporate, and media clients. Power Grid Corporation of India Limited operates in the Electric services sector. On March 29, 2012, Power Finance Corporation Limited announced that PFC Consulting Limited transferred its wholly owned subsidiary, Nagapattinam-Madhugiri Transmission Company Limited, to the Company. Power Grid came up with an IPO in the year 2007 at Rs. 52/share followed by an FPO in 2010 at Rs. 90/share. The company is compared locally with Torrent Power Ltd, Reliance Infrastructure Limited and CESC Limited.

Investment Rationale:
Power Grid Corporation Of India Ltd is a Central PSU. The management continued to report strong numbers on capitalization and is confident of achieving its implied guidance for capitalization for FY13 which is around Rs. 20,000 Cr. The management also tried to soothe investor’s nerves on dilution by assuring that it can avoid dilution by tweaking Debt Equity ratio requirement for 1‐2 years in its conference call. The company has further capitalised assets worth of Rs. 1,000 Cr in July till date taking the total capitalization of the company to Rs. 5,000 Cr. Power Grid reported sales growth of 31.1 % YoY at Rs. 2,880 Cr. Its Transmission business contributed to Rs. 2,770 Cr up by 36% YoY, the consultancy business contributed to Rs. 60.4 Cr up by 8% YoY and the Telecom business contributed to Rs. 54.3 Cr up by 19% YoY. Power Grids EBITDA margins stood at 85.3% up by 1.50% YoY. Company’s margins mainly improved on account of 1.90% YoY decrease in employee cost as % of sales. Power Grids’s Adj. PAT stood at Rs. 900 Cr up 29 % YoY. There was an increase in interest expense by 45.6 % YoY of about Rs. 610 Cr and decrease in other income by 35.7 % YoY of Rs. 920 Cr, leading to lower-than-expected PAT. But management has guided for no further equity dilution even in FY14/15E, this will reduce equity component of capex from 30 % to 28-29 % to avoid dilution. Accordingly, the debt funding requirement would be around 72 % in FY13/14E to avoid dilution. Company’s adj. core ROE is of 20 % which includes open access and consultancy and does not have any downside risk. Huge capitalization will drive the regulated equity growth of about 34 % in FY13E. Considering PGCIL’s core ROE is not likely to contract, risk to earnings arises only from lower capitalization. However, expert’s don’t see significant risk to earnings given that they have capitalization assumption of about 10 % - 15 % lower than management guidance. 

Lessons Learnt : There are 5 power grids (Northern, Eastern, North Eastern, Southern & Western - all of them are inter-connected except Southern Grid) which manages the power supplies in the country. And the states that do fall under a power grid draws their power needs from it. As a result of scarcity  of power, these states that come under various grids are allocated with quotas of power they draw from the grid. The states are supposed to stick to the quotas allocated for them - this is called as "Grid Discipline", but in the first week of August 2012 some northern states (Northern Grid covers 9 regions - Punjab, Haryana, Rajasthan, Delhi, Uttar Pradesh, Uttarakhand, Himachal Pradesh, J&K & Chandigarh)  began to overdraw on the limit allowed to them and as a result the whole grid collapsed under pressure effecting into 2 massive grid failures that snapped power supply in over 19 states of India bringing lives of more than 60 Cr people to stand still and partially making Indian economy to grinding halt- Taking the lesson from this the Power Grid board have taken some steps they have approved some investments - Expansion and Replacement of Existing SCADA/EMS system at SLDC of North Region NR ULDC Phase II at an estimate cost of Rs. 70.90 Cr with commissioning schedule of 27 months from the date of approval and Secondly the board approved Installation of Reactors in western region at an estimate cost of Rs. 83.17 cr with commissioning schedule of 24 months from the date of investment approval.

Outlook and Valuation:
Management has guided for no further equity dilution even till FY14E-FY15E. Power Grid Corporation of India Ltd will reduce equity component in capex from 30 % to 28 -29 % to avoid dilution. So, the company would be required to have a debt funding of around 72 % to avoid dilution in FY13- FY14E. It has also retained its XII plan capex guidance at Rs. 1 lakh Cr out of which, investment approval for Rs. 84000 Cr has been secured and orders worth Rs. 70,000 Cr have already been placed. Power Grids’ EPS grew due to lower other income, higher deferred tax and especially no equity dilution. Despite the positive view on PGCIL, stock’s performance has been absolutely remained lackluster. This has been largely due to dilution and revenue recovery of IPP related capex which was 50% of 12th plan capex. Equity dilution overhang should no longer be there however ambiguity on the second one still remains. At the current market price of Rs. 119.55, the stock is trading at 13.43 x FY13E. Earnings per share (EPS) of the company for FY13E could be seen at Rs. 8.90 and Rs. 9.30 for FY14E. It is expected that the stock could deliver earnings CAGR of 16.2 % over FY12 - FY17E, with core ROE of about 17.6 % over the same period. Even though the valuations are at 1.6 x FY14E, it trades 15 % premium to NTPC, one can retain PGCIL on its better earnings growth of about 19 % in FY12- FY15E vs. 7 % in NTPC with a target price of Power Grid of Rs. 160.00 for Medium to Long term investment and for the SHORT TERM PLAYERS it should be Rs. 130.00 

SALES (Rs. Crs)8,388.7010,035.3013,081.0015,457.40
NET PROFIT (Rs. Crs) 2,700.903,254.903,926.204,868.00
EPS (Rs.)5.807.008.509.60
PE (x)19.0015.8013.1011.60
P/BV (x)
EV/EBITDA (x)12.5012.109.909.00
ROE (%)12.8013.0014.4014.90
ROCE (%)6.606.406.907.00

I would buy POWER GRID CORPORATION OF INDIA LTD with a price target of Rs. 125 for the short term and Rs. 160 for the 6 month target. As I always say, I am a long term believer in markets & I do respect the markets and will keep a strict stop loss of 8 % or Rs. 108.00 on every purchase. 


Tuesday, August 7, 2012

Want to really Feel Free !!!?

 Want to really Feel Free !! ?  
Then FREE yourself from your Mobile !

This Morning I simply forgot my Mobile at Home... Ahhh..  What a Relief ! Haven’t felt more free in recent Times ! I caught up with my thoughts that had raced ahead, caught up with the inspiring environment around me that was always there ! Smiled a greeting at many familiar faces and who I normally simply pass by....

Try it !! Just close your Phone or lose it or simply forget it for the day !  You’ll love your Day !

I think I’m going to forget my Mobile even tomorrow and more often now !

Now don’t you dare try calling me !...hehehe.... 
For once I’m having Lunch at Lunchtime when I should be having it !

Cheers !!

Friday, August 3, 2012


Scrip Code: 531344 CONCOR
CMP:  Rs. 959.40; Buy at Rs. 940 - Rs.945.
Medium to Longer term Target: Rs. 1020; 
STOP LOSS – Rs. 875; Market Cap: Rs. 12,388.66 Cr; 52 Week High/Low: Rs. 1133.90 / Rs. 800.55
Total Shares: 12,99,82,794 shares; Promoters : 8,19,99,802 shares –63.09 %; Total Public holding : 4,79,82,992 shares – 36.91 %; Book Value: Rs. 450.50; Face Value: Rs. 10.00; EPS: Rs. 68.38; Div: 155 % ; P/E: 13.94 times; Ind. P/E: 13.33; EV/EBITDA: 10.15.
Total Debt: NIL; Enterprise Value: Rs. 12,212.92 Cr.

CONTAINER CORPORATION OF INDIA LTD: The Company was incorporated in 1988 and is based in New Delhi, India. Container Corporation of India Limited operates in the Railroads, line-haul operating sector. It provides Multi-modal logistics support services for export and import, and domestic trade and commerce in India. It primarily engages in carrier business, as well as provides freight transportation services by rail and road and providing inland transport by rail for containers, ports, air cargo complexes and cold chains. The company’s business includes three distinct activities, that of a Carrier, and container terminal operator and warehouse operator - which provides various facilities, including warehousing, container parking, repair facilities, and office complexes. In addition, it operates in two divisions – EXIM & Domestic, both the divisions provides services including transit warehousing for import and export cargo; bonded warehousing, enabling importers to store cargo and take partial deliveries; less than container load (LCL) consolidation, and reworking of LCL cargo at nominated hubs; and air cargo clearance using bonded trucking. All the activities of the company revolve around this business and all its operation are in India. As of March 31, 2011, the company operated a fleet of approximately 15,579 containers, 55 reach stackers, 14 gantry cranes, and 61 container terminals of which 18 are export-import container deports and 13 domestic container depots, as well as 10,666 wagons. CONTAINER CORPORATION OF INDIA LTD is compared to Gati Ltd and Allcargo Logistics Limited nationally and with CJ Korea Express Corporation globally.

Investment Rationale:
CONCOR enjoys a nearly monopolistic situation in the transportation of Containerised cargo through the Indian railways. Container Corporation of India (Concor) is a mini-Ratna Central PSU. The company has unveiled its big plans for Odisha. The logistics solutions provider is keen on setting up multi-modal logistics parks in nine key industrial hubs of the state. The new logistics parks are all set to come up at Jharsuguda, Angul, Paradeep, Dhamara, Kalinganagar, Gopalpur, Rayagada, Balasore and Rourkela. Each of these logistics parks would need 30 acres of land and the investment would be in the range of Rs. 50 – Rs. 100 crore. Each park would generate indirect employment for around 3,000 people. The logistics parks will include facilities like warehouse, distribution centers, storage areas, offices, truck services, parking lots, truck terminal, container rail terminal, container handling facilities, cold storages, air cargo points. The establishment of logistics parks would give a big boost to the state's industrial competitiveness. In addition to this such parks would be equipped with weighbridges, telecommunication facilities, banks, health awareness units and recreation centers. The logistics parks to be developed on the public private partnership (PPP) mode, would be served by roads, railways, inland water ways and air ways. Besides logistics parks, Concor is also planning to set up its cold chain infrastructure in the state. Initially, the company wants to set up three such cold chain facilities in the state for storage of green vegetables and other perishable food products. It is also keen on having a dedicated cold storage unit at Bolangir in western Odisha. Besides this the National Horticulture Board along with the Container Corporation of India has flagged off an ‘onion’ freighter from Nashik to Kolkata. About 1,400 tonnes were shipped in 90 special containers, which have been designed to keep the agriculture produce dry and well ventilated. Traders are increasingly attracted to this mode of transport as their produce incurs minimal damage and saves time. Using the railway network, the onions can reach the hinterland faster. Since August last year, the NHB, along with Container Corporation of India (Concor) had been carrying out similar test runs for farm produce such as bananas and potatoes.

Outlook and Valuation:
The company had taken a tariff hike of about 5 % on the key JNPTNVR route to cover increasing operating cost with effect from 15 Nov 2011. This hike in realisation was an offset to some extent by falling lead distance with some originating volumes shifting from JNPT to Pipavav and Mundra for the company. The realization have also increased in the domestic segment, as it has passed a significant portion (not entirely) of the rail haulage hike by Indian Railways (IR) to the customers. Concor today has a cash balance of over Rs. 2,700 Cr on its balance sheet which would yield the company around 9 % to 10 % per annum (versus 7.5 % yield YoY). Company's Q1 net profit was at Rs. 245 Cr v/s Rs. 234 Cr YoY and the income from operations was Rs. 1037 Cr v/s Rs. 949 Cr YoY. Concor faces intense competition from private operators like In logistics Solutions, Boxtrans Logistics, Gateway Distriparks and Arshiya International as private container rail business is growing gradually which forces these players to have tie-ups with Concor for shipping lines cargo to drive their Exim volumes. Most private players have also accelerated their expansions and rolling stock addition programme to get a share in the Exim business. For instance, GDL which currently operates 21 rakes would be adding further 6 rakes in the next two years. Also their Faridabad ICD has become partly operational in Q3FY12.While Concor is going slow with their capacity expansion programme. It is expected that the Operational performance & cash flow generation will continue to be healthy even though operational performance of Concor is not at historical high (ROE has fallen from 25 % in FY07 to around 16 % in FY12), still it has one of the highest operating margins of 25 % (Vs. 17 % of GDL). The key reason for fall in ROE for the company is the fall in asset turnover - the asset turnover for Concor has fallen from 0.97 in FY08 to 0.70 in FY12. Similarly asset turnover has impacted the ROCE of the company. This is primarily due to competition where the asset + additional capex are not translating into revenue and profitability as it did historically for Concor. Another comforting factor is the Healthy balance sheet of CONCOR. Concor is of a zero debt company, with substantial cash balance and no funding issues. It is expected that Concor will spend around Rs. 1,652 Cr in FY13E towards capex from which Rs. 760 Cr would be for land acquisition. The cash balance of Rs. 2800 Cr and operating cash flow of about Rs. 1130 Cr in FY13E would very comfortably supports its capex issues. The company doesn't have to take high cost debt in these uncertain times. Concor management has guided for a revenue growth of 7.5 % in FY13E with sustained margins. Company can deliver 4 % volume growth on both Domestic and Exim for FY13E with sustaining operating margins at 25 %. The company added 5 rakes in Q1FY13, taking the total count of new rakes to 218, the company plans to add 30 more rakes in FY13. EXIM volumes this quarter stood at 5,32,539 TEU's (Twenty feet equivalent unit which is the standard size of container) which was higher by 6.2% YoY and lower by 0.6% QoQ. Domestic volumes during this quarter stood at 96,346 TEU which was lowered by 13% YoY & higher by 22.9% QoQ. The Exim realisation per TEU grew by 4.90% YoY & 2.4% QoQ to Rs.16,118/TEU, domestic realisation per TEU grew by 15.4% YoY & 1.7% QoQ to Rs.18,450/TEU. At the current market price of Rs. 959.40, the stock is trading at 13.05 x FY13E and 12.25 x FY14E. Earnings per share (EPS) of the company for FY13E could be seen at Rs. 73.50 and Rs. 78.30 for FY14E . It is expected that the company will keep its growth story intact in the coming quarters also with rationalization of haulage charges by IR or Pickup in containerized trade both in EXIM and domestic segment. One could BUY CONTAINER CORPORATION OF INDIA LTD with a target price of Rs. 1020.00 

SALES (Rs. Crs) 3,828.10 4,060.90 4,588.60 5,211.10
NET PROFIT (Rs. Crs) 876.00877.90955.901,018.00
EPS (Rs.) 67.4067.50 73.50 78.30
PE (x) 13.70 13.70 12.60 11.80
P/BV (x) 2.40 2.20 1.90 1.70
EV/EBITDA (x) 9.70 9.00 8.70 7.60
ROE (%) 17.60 15.70 15.20 14.50
ROCE (%) 20.30 20.20 19.60 18.60

I would buy CONTAINER CORPORATION OF INDIA LTD with a price target of Rs. 985 for the short term and Rs. 1020 for the 6 month target. As I always say, I am a long term believer in markets & I do respect the markets and will keep a strict stop loss of 8 % or Rs. 875.00 on every purchase. 

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