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Tuesday, March 1, 2016

UNION BUDGET 2016-17 : HIGHLIGHTS !!!

GROSS DOMESTIC PRODUCT ESTIMATED TO GROW AT at 7.60 % for FY15 - 16

AT CURRENT PRICES THE ADVANCE GDP ESTIMATE OF 2015 - 16 IS  Rs. 113,51,000 LAKHS CR AND AT 2011-12 PRICES ITS AT Rs. 105,52,000 LAKHS CR. 

FY16 FISCAL DEFICIT AT Rs. 5,32,281 CR.
FY16 TOTAL SUBSIDES AT Rs. 2,50,000 CR.
FY15 FERTILIZER SUBSIDIES AT  Rs. 72,968 CR.
FY16 FOOD SUBSIDIES AT  Rs. 1,35,000 CR.
FY16 OIL-PETROLUEM SUBSIDIES AT Rs. 26,900 CR.
FY16 NET MARKET LOANS OF Rs. 4,25,000 CR. 

THE CENTER'S EXPENDITURE 2015-16 IS PROJECTED AT Rs. 19,78,060 Cr.

INFLOWS (Rs. in Crs)                           
AMOUNT
CORPORATE TAX
4,93,923
INCOME TAX
3,53,174
CUSTOMS DUTY
2,30,000
EXCISE DUTY
3,18,670
SERVICE TAX
2,31,000
TAX OF UNION TERRITORY          
4,791
GROSS TAX REVENUES
16,30,888 

NON TAX RECEIPTS (Rs. in Crs)       
AMOUNT
INTEREST RECEIPTS
29,620
DIVIDENDS & PROFITS
1,23,780
EXTERNAL GRANTS
2,862
OTHER NON TAX RECEIPTS
1,65,320
RECEIPTS OF UNION TERRITORY
1,339
           TOTAL
3,22,921

DEBT RECEIPT (Rs. in Crs)
5,20,709 

NON DEBT CAPITAL RECEIPTS (Rs. in Crs) 
AMOUNT 
RECOVERY OF LOANS & ADVANCES
10,634
MISC. CAPITAL RECEIPTS
56,500
       TOTAL
67,134

* Out of the Tax Receipts the Center has to keep aside Rs. 25,000 cr for bank recapitalisation

OUT FLOW (Rs. in Cr)
AMOUNT
PLAN EXPENDITURE
5,50,010
NON PLAN EXPENDITURE
14,28,030 
DEFENCE
1,62,759
SUBSIDIES
2,50,433
GRANTS TO STATES & UTs
1,18,356 
INTEREST PAYMENTS
4,92,670
OTHER GENERAL SERVICES
35,003 
ECONOMIC SERVICES
34,266
Central Assistance to States & Union 
2,27,551
CENTRAL PLAN 
1,76,076 
LOANS TO STATE & UT GOVT
81 

SOME MORE POINTS FROM BUDGET  

® Govt. committed to achieve Fiscal deficit target of 3.9 % of GDP for FY16 followed by fiscal deficit of 3.5 % for 2017.

® Direct tax proposals results in Revenue loss of Rs. 1,060 Cr and the indirect tax proposal results in gain of Rs. 20,670 Cr.

® Proposes to imply additional 10 % tax on gross amount of dividend received by the recipients that is individuals, HUF’s, and firms receiving dividend in excess of Rs. 10 lakhs per annum. 

® Proposes a 15 % surcharge on income above Rs. 1 Cr and proposes to raise the ceiling of tax rebate under section 87A from Rs. 2,000 to Rs. 5,000 for individuals with income not more than Rs. 5 lakhs.

® Individuals who do not own any house and also do not get any Rent allowance from employer gets deduction of Rs. 24,000 per annum from their income, hence this limit increased u/s 80GG from Rs. 24,000 per annum to Rs. 60,000 per annum. For first home buyers, additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided the cost of house is not above Rs. 50 lakh.

® Proposes to levy infrastructure cess at the rate of 1 % on purchase of luxury cars exceeding value of Rs. 10 lakh and 1 % on purchase of goods and services in cash exceeding Rs. 2 lakh. Farmers and notified class of persons will have an option of giving a form by which TCS will not be charged. To levy 2.5 % on diesel cars of certain capacity and 4 % on other higher engine capacity vehicles and SUV’s.

® Proposes to give 100 % deduction for profits to an undertaking from a housing project for flats up to 30 sq. meters (322.917 sq.fts) in four metros cities and 60 sq. meters (645.835 sq.ft.) in other cities approved during June 2016 to March 2019 and is completed within 3 years of approval. Minimum Alternate Tax will apply to these undertaking. Service tax exemption to houses up to 60 square meters built under any scheme of the Central or State government including PPP schemes.     

® Presumptive taxation scheme u/s 44AD applicable to small & medium enterprises i.e. a non-corporate business with turnover or gross receipts not exceeding Rs. 1 Cr, at present these are free from maintain details books of accounts and getting audit done, hence are proposed to increase the turnover limit to Rs. 2 Cr, which would be paying 8 % tax on presumptive income. Presumptive taxation scheme on professionals with gross receipts up to Rs. 50 lakh with presumption of profit being 50 % of the gross receipts.

® MAT will be applicable for all the start ups that qualify for 100 % tax exemption. 100 % FDI in marketing of food products produced and marketed in India. Department of Disinvestment will be renamed as Department of Investment and Public Asset management. 

® The allocation of Rs. 1,000 Cr for new EPF scheme. Govt. will pay EPF contribution of 8.33 % for all new employees for first three years. Proposes to allocate Rs. 38,500 Cr for Mahtma Gandhi MGNREGA for 2016-17. Swacch Bharat Abhiyan to get allocation of Rs. 9,500 Cr. LPG connection to be provided under the name of the women members of the family and Rs. 2,000 Cr is allocated for 5 years for BPL families.

® Proposes to allocate Rs. 87,765 Cr to rural sector. And Rs. 2.87 lakh cr will be given as Grant in Aid to gram panchayats and Municipalities. A sum of Rs. 38,500 Cr allocated for MGNREGS. 100 % rural electrification by 1St may 2018. Pradhan Mantri Krishi Sinchai Yojana will bring 28.5 lakh hectares under irrigation. A dedicated Long Term Irrigation Fund will be created in NABARD with an initial corpus of about Rs. 20,000 Cr. Proposes to allocate Rs. 35,984 Cr for agriculture and famers welfare.

® Proposes to allocate Rs. 5,500 Cr under Prime Minister Bima Yojana. Also proposes to reduce the loan burden on farmers a provision of Rs. 15,000 cr has been made in BE 206-17 towards interest subvention. And Rs. 850 cr allocated for 4 dairying projects. Proposes to allocate Rs. 19,000 cr under Pradhan Mantri Gram Sadak Yojana and will connect remaining 65,000 eligible habitations by 2019.

® Proposes to allocate Rs. 1,51,581 Cr for social sector including education & health care. Rs. 2,000 Cr allocated for initial cost of LPG connection to BPL families. New health protection scheme will provide health cover upto Rs. 1 lakh per family, for senior citizens an additional top up package up to Rs. 30,000 will be provided. Proposes to build digital repository for all school leaving certificates and diplomas and Rs. 1,000 Cr for higher education financing being allocated. Proposes to allocate Rs. 500 Cr for promoting entrepreneurship among ST/SC and Rs. 1,700 Cr for 1500 multi skill development centres.

® Proposes to allocate Rs. 3,000 Cr for nuclear power generation. Proposes to spend Rs. 27,000 Cr on roadways. Total allocation for road construction including PMGSY is Rs. 97,000 Cr and Rs. 55,000 Cr for roads & Highways development. Total outlay for infrastructure in budget 2016 now stands at Rs. 2,21,246 Cr.

® Proposes to impose Cess called Krishi Kalyan Cess @ 0.50 % on all taxable services, proceeds of which would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. The cess will come to force with effect from 1 june 2016. Input tax credit of this cess will be available for payment of this cess. Shops to be given option to remain open all seven days in week across markets.

® New derivative products will be developed by SEBI in commodity Derivate market. Rate of Securities transaction tax in case of Options is proposed to be increased from 0.017 % to 0.05 %. Proposed that a person making payment to NRI who does not permanent establishment exceeding in aggregate Rs. 1 lakh a yr as consideration for online advertisement will withhold tax at 6 % of gross amount paid as Equalization levy. The levy will only apply to B2B transaction.

® Proposes to change the excise duty on branded readymade garments and made up articles of textiles with retail sales price of Rs. 1,000 and above from NIL without input tax credit or 6 %/ 12.5 % with input tax credit to 2 % without input tax credit or 12.5 % with input tax credit.

®  Proposes to impose an excise duty of 1 % without input tax credit or 12.5 % with input tax credit on articles of jewellery (excluding silver jewellery- other than studded with diamonds an some other precious stones) with higher exemption and eligibility limits of Rs. 6 Cr & 12 Cr respectively.

®    Proposes to rename the Clean Energy Cess levied on Coal, lignite and peat as Clean Environment Cess and simultaneously increase its rate from Rs. 200 per tonne to Rs. 400 per tonne. To reduce the consumption of tobacco products, excise duty on various tobacco products other than beedi by 10 % to 15 %.

®    NRI without PAN are currently subjected to higher rate of TDS. It is proposed to amend the relevant provision to provide that on furnishing of alternative documents the higher rate will not apply.

® Investment limit for foreign entities in Indian stock exchanges will be enhanced from 5 & to 15 % on par with domestic institutions. This will enhance global competitiveness of Indian Stock exchanges and accelerate adoption of best in class technology and global market practices. Also the period for getting benefit of long term capital gain regime in case of Un-listed companies is proposed to be reduced from three years to two years. GAAR would be implemented from 1 April 2017. To promote use of refrigerated containers, it is proposed to reduce the basic custom duty to 5 % and excise duty to 6 %. Banks to be recapitalize with Rs. 25,000 Cr. General Insurance companies will be listed on Stock Exchanges.       

®    Proposes to provide complete pass through of income tax to securitization trusts including trusts of Asset Reconstruction Companies. The income will be taxed in the hands of the investors instead of trusts. However the trust will be liable to deduct tax at source.

®     Plan and Non-plan classification to be done away with from 2017-2018.  Will phase out the deduction under Income Tax, Accelerated depreciation wherever provided in IT Act will be limited to maximum 40 % from 1 April 2020. The weighted deduction under section 35CCD for skill development will continue up to 1 April 2020. Benefit of section 10 AA to new SEZ units will be available to those units which commence activity before 31 March 2020.

®    New manufacturing companies incorporated on or after 1 march 2016 to be given an option to be taxed at 25 % + surcharge and cess provided they do not claim profit linked or investment linked deductions and do not avail of investment allowance and accelerated depreciation. Lower corporate tax rate for next fiscal year for SME i.e Companies with turnover not exceeding Rs. 5 Cr in the financial year ending March 2015 to 29 % + surcharge and cess.

®    Proposes a 100 % deduction of profits for 3 out of 5 years for start-ups setup during April 2016 to March 2019. MAT will apply to such cases. A 10 % of tax on income from worldwide exploitation of patents developed and registered in India by a resident.


®    Non-banking financial companies shall be eligible for deduction to the extent of 5 % of its income in respect of provision for bad and doubtful debts. 

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 % on every purchase(Why Strict stop loss of 8 % ?) -  Click Here




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Disclaimer
This is a personal blog and presents entirely personal views on stock market. Any statement made in this blog is merely an expression of my personal opinion. These informations are sourced from publicly available data. By using/reading this blog you agree to (i) not to take any investment decision or any other important decisions based on any information, opinion, suggestion, expressions or experience mentioned or presented in this blog (ii) Any investment decisions taken if any would be his/hers sole responsibility. (iii) the author of this blog is not responsible.  
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Tuesday, February 23, 2016

VA TECH WABAG LTD: POISED TO BE A LEADER !!

Scrip Code: 533269 WABAG
CMP:  Rs. 511.25; Market Cap: Rs. 2,784.15 Cr; 52 Week High/Low: Rs. 970.00 / Rs. 510.00
Total Shares: 5,44,57,891 shares; Promoters : 1,57,73,404 shares –28.96 %; Total Public holding : 3,86,84,487 shares – 71.03 %; Book Value: Rs. 125.92; Face Value: Rs. 2.00; EPS: Rs. 20.76; Dividend: 200 % ; P/E: 25.35 times; Ind. P/E: 24.79; EV/EBITDA: 12.68 times.
Total Debt: Rs. 180.64 Cr; Enterprise Value: Rs. 2,725.22 Cr.
                                                                                                                                         
VA TECH WABAG LTD: VA Tech WABAG Limited was incorporated in 1995 and is headquartered in Chennai, India. The company was formerly known as Balcke Durr and Wabag Technologies Limited and changed its name to VA Tech Wabag Limited in April 2000. Va Tech Wabag Limited provides solutions in the water treatment industry. The company offers life cycle solutions, including conceptualization, design, engineering, procurement, supply, installation, construction, and operations and maintenance (O&M) services. WABAG is one of the world’s leading companies in the water treatment field. WABAG’s key competences, which are based on over 90 years of plant building experience, lie in the design, completion and operation of drinking water and wastewater plants for both the municipal and industrial sectors. WABAG offers sustained solutions for special customer needs through a comprehensive range of services and innovative technologies. Their plants facilitate environmentally compatible wastewater disposal and secure access to clean drinking water for an increasing number of people. This allows them to make an important contribution to environmental protection and enhanced quality of life. The company came with an Initial Public Offer in September 2010 with 9.5 lakhs shares at the issue price of Rs. 1,310 a share raising Rs. 475 Cr. On August 2011 the company declared the sub division of shares from the face value of Rs. 5 to Rs. 2.00. The company declared bonus on February 7, 2015 in the ratio of 1:1. The Company has four business units: Municipal Business Group, Industrial Water Business Group, International Business Group and Operation and Maintenance Business. It provides a range of engineering, procurement and construction, and operation & maintenance (O&M) solutions for sewage treatment; drinking and industrial process water treatment; effluents treatment; and sludge treatment, desalination, and reuse for institutional clients, including municipal corporations, and companies in the infrastructure sector. The company operates primarily in India, Middle East and North Africa, central and eastern Europe, China, and south East Asia. It has overseas subsidiaries in Austria, Switzerland, Germany, Czech Republic, Romania, Macao, Algeria, Tunisia, Egypt and Turkey. It has a joint venture agreement with Zawawi Trading Company LLC in Oman. VA Tech WABAG is locally compared with Eco Recycling Limited and Ion Exchange, A2Z Maintainace, Thermax India, GE Water, Siemens Water, Voltas Ltd, Hindustan Dorr-Oliver Ltd, Wog Technologies, UEM India Pvt. Ltd, SFC Environmental Technologies and globally compared with Beijing Enterprises Water Group Ltd of China, HanKore Environment Tech Group Ltd, SIIC Environment Holding Ltd, Severn Trent PLC, Cia Saneamento Basico Do Estado SABESP,  Veolia Environment SA of France, Suez Environment of France, ITT Corporation of USA, United Utilities of UK, Severn Trent of UK, Thames Water of UK, American Water Works Company of USA, Nalco Company Water treatment of USA, GE Water of USA, Kurita Water Industries of Japan, Takeei Corporation of Japan, Daiseki Co. Ltd of Japan.
    
Investment Rationale:
VA Tech Wabag Ltd (WABAG) is an established EPC player in water management space. It offers complete life cycle solutions from project design to installation to operation & maintenance. WABAG is a multinational player in the water treatment industry with presence in India, the Middle East, North Africa, Central and Eastern Europe, China and South East Asia through principal offices in India, Austria, the Czech Republic, China, Switzerland, Algeria, Romania, Tunisia, UAE, Libya and Macau. It offers complete life cycle solutions including conceptualisation, design, engineering, procurement, supply, installation, construction and O&M services. The company provides a range of EPC and O&M solutions for sewage treatment, processed & drinking water treatment, effluents treatment, sludge treatment, desalination and reuse for institutional clients like municipal corporations and companies in the infrastructure sector such as power, steel and oil & gas companies. Till date, WABAG has executed 2,250 projects and is currently executing 72 projects. It is a technologyfocused player with R&D centres in Chennai, India, Vienna in Austria and Winterthur in Switzerland respectively. Wabag Austria and Wabag Wassertechnik own 157 patents, which include both process and product patents. WABAG has approximately 1,469 employees including 757 qualified engineers. In India, it has around 754 employees including 588 qualified engineers. The company benefits from association with the Wabag brand. In 2007, it acquired Wabag Austria, thereby taking over the Wabag Group. It has a project reference list of more than 2,250 over the past three decades. India is the second most populated country with over 1.2 billion people and the Official estimates of the Ministry of Water Resources (MoWR) have put total utilisable water at 1,123 billion cubic metres as against the current use of 634 billion cubic metres, which reflects the surplus. However, there exists a considerable temporal and spatial variation within the country with respect to water availability. The Indian population is 16 % of the world with 4 % of its water and 2.4 % of its land. The population is expected to increase from 1.2 billion in 2010 to 1.6 billion by 2030. The country’s urban component is expected to increase from 30 % in 2010 to 50 % by 2030 also the per capita income is expected to rise by US$468 to US$17,366 by 2050. The freshwater is crucial need for human wellbeing and sustainable socio-economic development. Global water demand in terms of water withdrawals is projected to increase by around 55 % by 2050, mainly because of growing demands from manufacturing, thermal electricity generation and domestic use. As a result, freshwater availability will be increasingly strained over this period, and more than 40 % of the global population is projected to be living in areas which will face severe water stress through 2050. Seawater and brackish water desalination for reuse represents good demand. The share of water derived from long-distance transfer, desalination and reuse is expected to rise from 1.8 % in 2011 to 5.7 % in 2030. Although the low-cost water resources will continue to remain the dominant source of supply, and the expenditure in developing new water resources could grow by 8.2 % over the period 2013-2018. Spending on water infrastructure by industrial users is expected to outpace the municipal water sector. While the natural resource industries are increasingly pursuing marginal resources, these involve significant wastewater treatment challenges. In other sectors, brand management and corporate social responsibility are driving investments in water-efficient technologies. Increasing population, economic development and urbanisation have led to higher demand for fast depleting fresh water. India has a robust investment opportunity of around Rs. 13.6 lakh crore alone in water sector, so there’s immense business opportunity in India for water solution companies like WABAG. This is coupled with strong international prospects across the water treatment space to bridge the demand-supply deficit, which is estimated to reach 39 % by 2020. WABAG operates on an asset light-EPC led model in water treatment projects across municipal & industrial segments. WABAG has a market share of 14 % in the Indian market. With growing concern on access to clean water and urgent measures to solve the issue of depleting water resources, the investment in water treatment is likely to increase manifold globally. Accordingly, WABAG is expected to benefit significantly by leveraging its Strong domestic presence and rising global footprint. The company’s strong book-to-bill ratio of 2.5 times provides revenue visibility for two years. This coupled with a strong execution track record is expected to lead to 17.1 % revenue CAGR in FY15-18E to around Rs. 3,898 crore while the margin is expected to expand by 0.80 % to 10.4 % over FY15-18E. The company garners a higher EBITDA margin of 13 % to 14 % across its India business, 8 % to 9 % across the India international business and 5 % to 6 % across the Europe segment taking overall EBITDA margin to 9.3 %. WABAG has the strongest portfolio of water treatment, waste water-desalination, etc., in India and unlike most EPC peers has inhouse technology, which is the key to its pole position. Its strong technological competence coupled with a large talent pool impart it the resources to successfully execute complex water projects. WABAG has its inherent skills and execution capabilities in this sector and is very well placed to capture a large pie from these upcoming opportunities. Increasing trend in adoption of desalination process to secure clean water is on its spree & is likely to open up lots of new opportunities for the companies like WABAG.

Outlook and Valuation:

WABAG is a global technological leader in the entire water treatment field managed by professionals and technocrats. The company has a unique business model with strong in-house research. The company has an excellent system for efficient equipment procurement, better engineering & designs. The company also enjoys higher margin in this sector due to close monitoring and cost control. The company runs an asset-light business model by outsourcing the capital-intensive construction business and focusing on delivering the optimum water technology solution. India has low per capita water supply of 146 litres per day versus 500 litres per day in developed nations, this hints huge potential. Also, with rising stringent norms for wastewater treatment, the scope for WABAG becomes enormous; especially when only less than 30 % of industrial wastewater is treated before release. The company has made significant inroads in China, Saudi Arabia, Egypt, Spain and Turkey which are important key emerging markets. Company has being clocking in high growth in water and wastewater treatment. WABAG being an assetlight business model, which imparts it’s capability to take on larger volume of projects and generate higher RoCE. The company has identified critical areas which are mostly retained inhouse, while noncritical, lowvalue add work is outsourced. WABAG reported flat revenues at Rs. 628.9 Cr on consolidated basis. While domestic revenues surged by 26.6 % to Rs. 371.3 Cr which reflects 59.0 % of total revenues, overseas revenues declined by 20.8 % to Rs. 257.6 Cr owing to - execution slowdown in Nepal project due to local conditions; 11 % depreciation in Euro, and many projects are at initial period of execution. WABAG’s key projects are now contributing significantly to its revenue in Q3FY16 which includes APGENCO’BOP water management project to about Rs. 98.9 Cr, Petronas RAPID ETP, Malaysia of about Rs. 42.1 Cr, PHED Habra, and West Bengal to about Rs. 40.2 Cr, Suplac, Romania about Rs. 34.2 Cr and Istanbul Turnkey O&M project contributed around Rs. 32.8 Cr. While rest of its key overseas project remains in engineering stage and are expected to start contributing from current quarter onwards. WABAG has also set up a separate team for project closure, which will lead to focused attention on closing projects. Wabag strengthened its positioning in Turkey market by bagging third order of Rs. 150.1 Cr from the Turkish Ministry of Environment and Urbanization in the last quarter. Resultantly total order inflow in 9MFY16 stood at Rs. 3360 Cr. Order backlog stands at INR 64.1 bn (book/ bill of 2.5x), which along with framework contracts worth INR 15.4 bn, provides strong revenue visibility. Wabag’s RoE and RoCE is expected to improve from 15.0 % and 17.4 % in FY15 to 18.4% and 21.2 %, respectively, in FY17E. The return on invested capital (RoIC) is expected to improve from 26.5 % in FY15 to 31.9 % in FY17E. Going ahead, Wabag’s growth to come from a revival in industrial capex across Indian and global markets. WABAG being the only listed Indian player with presence across the value chain of water spectrum is the best play on water scarcity theme. Rapid urbanisation, dwindling fresh water reserves, widening demand-supply gap, depleting groundwater level and increasing thrust of government on water & infra sectors, will keep the water treatment business thriving for a long time. Superior return ratios like its RoCE of +20 %, cash rich balance sheet, asset light business model and technological & locational advantage places it above its peers. It is expected that the company’s surplus scenario is likely to continue for the next three years, & will keep its growth story in the coming quarters intact. It is expected that over 2013-2016E, the company can to post a CAGR of 23 % and 21 % in its top-line and bottom-line respectively. At its CMP of Rs. 511.25, the stock trades at 24.81 x FY16E EPS of Rs. 20.60 and 16.92 X FY17E EPS of Rs. 30.20. It is expected that the company’s surplus scenario is likely to continue for the next three years keeping its growth story in the coming quarters also. 

KEY FINANCIALSFY15FY16EFY17EFY18E
SALES ( Crs) 2,428.402,690.203,341.20 4,131.30
NET PROFIT (₹ Cr)111.80111.70164.20236.00
EPS ()20.6020.6030.2043.50
PE (x)28.1028.1019.1013.30
P/BV (x)3.503.202.802.40
EV/EBITDA (x)13.9014.009.607.20
ROE (%)12.8011.8015.5019.30
ROCE (%)19.2017.0023.8029.50

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 % on every purchase(Why Strict stop loss of 8 % ?) -  Click Here

*As the author of this blog I disclose that I do not hold VA TECH WABAG LTD in my any of the portfolios.


*Reader Friends, grab a fresh hot cup of coffee, turn on your net & browse on to www.bhavikkshah.blogspot.in & take out few minutes to get to know the most interesting world of investment... Till then HAPPY INVESTING, don't forget to Share !!

*Dear Reader friend, if you enjoyed this article, please do share it with your Friends and Colleagues through Facebook and Twitter, and drop in your valuable thoughts in comment box..

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Disclaimer
This is a personal blog and presents entirely personal views on stock market. Any statement made in this blog is merely an expression of my personal opinion. These informations are sourced from publicly available data. By using/reading this blog you agree to (i) not to take any investment decision or any other important decisions based on any information, opinion, suggestion, expressions or experience mentioned or presented in this blog (ii) Any investment decisions taken if any would be his/hers sole responsibility. (iii) the author of this blog is not responsible.  
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