FOR THE PORTFOLIO MANAGEMENT

Wednesday, February 23, 2011

Party abhi baki hai - F.A.L.T.U.

Tuesday, February 23, 2010

market report

A
NATIONAL STOCK EXCHANGE OF INDIA LIMITED

MARKET ACTIVITY REPORT FOR 23/02/2010

The Nifty witnessed an intra day movement of about 50.95 points. The closing index was 0.28% up as compared to the previous closing index.

• Value Volume Data:

Traded Value (Rs. Crores) 10469.99
Traded Quantity (lakhs) 4910.81
Number of Trades 4988651
Total Market Capitalisation (Rs. Crores) 5695870

• Index Movement :
Index Previous Close Open High Low Close Gain/Loss
S&P CNX Nifty 4856.40 4856.60 4884.10 4833.15 4870.05 13.65
CNX IT 5752.80 5750.90 5796.60 5729.90 5783.80 31.00
CNX Nifty Junior 9948.50 9941.15 10002.30 9903.15 9928.25 -20.25
S&P CNX Defty 3642.90 3641.30 3670.25 3623.65 3655.70 12.80
BANK Nifty 8493.35 8491.40 8577.90 8453.40 8512.95 19.60
CNX Midcap 7160.45 7142.00 7173.70 7115.05 7125.55 -34.90
S&P CNX 500 4094.25 4079.10 4109.20 4077.90 4089.70 -4.55
CNX 100 4798.45 4788.80 4825.10 4777.75 4808.20 9.75
Nifty Midcap 50 2519.30 2517.40 2526.10 2499.75 2506.65 -12.65
India Vix 32.13 30.23 32.10 30.23 30.99 -1.14

Advances 335 Declines 973 Unchanged 31

• 96 securities have hit their price bands today.

• Top 25 Securities Today :
Securities Prev. Close Close Price % Var. Value (Rs.crs.) Securities Prev. Close Close Price % Var. Value (Rs.crs.)
AQUA 220.00 244.60 11.18 641.55 TATAMOTORS 705.05 699.70 -0.76 181.24
TATASTEEL 572.75 575.50 0.48 326.75 HDFC 2484.60 2518.70 1.37 157.90
ICICIBANK 831.60 847.75 1.94 317.72 RELINFRA 987.65 975.65 -1.22 144.23
RELIANCE 977.95 975.35 -0.27 289.54 LT 1491.55 1489.60
-0.13 139.16
DLF 284.70 290.25 1.95 266.29 SESAGOA 365.90 377.75 3.24 136.59
AXISBANK 1107.45 1098.15 -0.84 251.30 RENUKA 186.55 180.60 -3.19 127.23
TWL 412.10 404.75 -1.78 214.99 INFOSYSTCH 2568.35 2581.30
0.50 121.99
JSWSTEEL 1029.15 1053.65 2.38 207.72 ABAN 1181.80 1171.00 -0.91 118.46
SBIN 1916.35 1911.90 -0.23 204.13 HDFCBANK 1696.60 1701.00 0.26 110.00
EDUCOMP 719.80 683.85 -4.99 200.05 STER 746.20 757.75 1.55 108.63
UNITECH 68.50 69.25 1.09 194.89 IBREALEST 153.60 154.60 0.65 107.21
HDIL 294.35 295.00 0.22 188.97 BHARTIARTL 276.90 280.10 1.16 104.41
HINDALC0 154.15 154.80 0.42 184.97

• Top Five S&P CNX Nifty Gainers / Losers :
Gainers Close Price Prev. Close % Change Losers Close Price Prev. Close % Change
SUNPHARMA 1570.40 1535.80 2.25 MARUTI 1335.75 1386.25 -3.64
DLF 290.25 284.70 1.95 BPCL 579.25 592.25 -2.20
ICICIBANK 847.75 831.60 1.94 CAIRN 261.60 267.40 -2.17
RANBAXY 449.60 441.30 1.88 RELINFRA 975.65 987.65 -1.22
STER 757.75 746.20 1.55 M&M 980.60 992.40 -1.19

COMPULSORY ROLLING SETTLEMENT

SECURITIES CLOSE PRICE TRADED VALUE TRADED QUANTITY
20MICRONS 39.60 476355.50 11864
3IINFOTECH 73.35 41961449.10 570126
3MINDIA 1980.00 105228.25 52
AARTIDRUGS 91.70 1508665.65 16377
AARTIIND 44.30 1182652.95 26481
AARVEEDEN 57.40 82068.50 1430
ABAN 1171.00 1184640628.95 1007600
ABBOTINDIA 914.15 10784018.45 11868
ABCIL 71.20 403784.80 5656
ABGSHIP 246.70 142188043.10 571335
ABHISHEK 16.10 346881.05 21618
ABSHEKINDS 14.30 1781885.45 123763
ACE 37.95 8499459.85 220769
ACKRUTI 486.25 44166303.85 91161
ADANIPOWER 105.95 33868273.50 318969
ADHUNIK 100.60 9895803.90 97226
ADORWELD 183.35 137463898.95 735465
ADSL 220.10 11041120.65 50050
ADVANIHOTR 48.10 32817.75 677
ADVANTA 494.35 4394932.85 8898
AEGISCHEM 189.35 814269.10 4293
AFL 47.00 386656.45 8253
AFTEK 16.40 2319787.35 140585
AGRODUTCH 15.60 667458.15 42727
AHLUCONT 188.00 14988440.15 79716
AHMEDFORGE 113.65 3850275.95 33570
AIAENG 324.35 12938038.50 39984
AJANTPHARM 152.25 4163334.15 27160
AJMERA 163.15 8189345.55 49831
AKSHOPTFBR 17.30 175297.70 10080
ALBK 130.60 37457843.10 284679
ALCHEM 160.05 15480129.35 96495
ALEMBICLTD 45.80 4169371.75 90107
ALFALAVAL 1235.95 485187.40 389
ALKALI 101.60 4817147.55 47057
ALLCARGO 185.10 15872323.35 86838
ALLSEC 36.85 203456.75 5569
ALMONDZ 53.95 783667.95 14839
ALOKTEXT 23.40 92960929.95 3976775
ALPA 12.80 140187.25 10898
ALPHAGEO 195.65 475027.90 2399
ALPSINDUS 11.85 951053.25 79507
AMAR 55.65 3296827.25 59682
AMARAJABAT 152.65 4229962.95 27741
AMARJOTHI 39.80 208220.45 5226
AMBIKCO 142.70 20716966.95 144206
AMDIND 24.15 821985.95 33663
AMRUTANJAN 562.20 5820063.80 10452
AMTEKAUTO 171.45 21953378.30 127172
AMTEKINDIA 64.85 12688576.65 190499
ANANTRAJ 125.30 18570113.60 147337
ANDHRSUGAR 118.30 2496787.70 21095
ANGAUTO 40.30 338197.55 8212
ANIKINDS 60.15 974270.00 16006
ANKURDRUGS 195.70 34663559.10 173802
ANSALHSG 54.50 1467201.35 26743
ANSALINFRA 67.75 77585974.85 1154813
ANTGRAPHIC 0.45 14113.20 30951
APARINDS 165.80 1026759.35 6157
APCOTEXIND 108.35 115363.10 1070
APIL 529.50 12499901.75 23629
APOLLOHOSP 686.15 32336087.20 47406
APOLLOTYRE 56.00 93073428.25 1649848
APPAPER 91.40 29217119.75 320968
APTECHT 166.30 75316104.70 449380
AQUA 244.60 6415451141.15 27008071
ARCHIDPLY 32.15 69772.80 2166
ARCHIES 81.30 940397.75 11470
AREVAT&D 263.60 71791052.65 269577
ARIES 84.00 3221008.25 38446
ARIHANT 128.10 35858.00 280
ARL 1.85 426160.60 232233
AROGRANITE 43.30 138911.20 3175
ARROWTEX 8.45 33118.20 3889
ARSHIYA 180.35 344671.55 1906
ARVIND 34.25 16211041.55 468649
ASAHIINDIA 61.10 2045683.05 33128
ASAL 69.05 153081.60 2230
ASHAPURMIN 67.10 3770194.45 55765
ASHCO 1.15 312961.35 273615
ASHIMASYN 5.10 49761.30 9722
ASIANELEC 29.10 5110462.65 173946
ASIANHOTEL 559.95 17469788.85 31634
ASIANTILES 56.50 310839.30 5530
ASIL 2.40 24912.00 10380
ASSAMCO 21.40 7156889.15 331980
ASTEC 49.25 20359009.00 409137
ASTRAL 174.95 3898529.20 22057
ASTRAMICRO 73.30 17450751.55 235883
ASTRAZEN 881.45 947238.55 1055
ATFL 259.75 657136.00 2532
ATLANTA 176.95 27330743.85 152848
ATLASCYCLE 208.55 12904471.75 60870
ATNINTER 1.45 45871.30 31452
ATUL 94.05 429875251.95 4725528
AURIONPRO 280.00 476000.00 1700
AUROPHARMA 928.05 147073375.90 159875
AUSOMENT 17.95 30780.00 1650
AUSTRAL 6.65 59782113.40 9212863
AUTOAXLES 343.30 126214.60 370
AUTOIND 105.25 1044946.95 9875
AUTOLITIND 31.50 20873.05 653
AVAYAGCL 220.10 3526410.30 15969
AVENTIS 1655.30 3160555.10 1908
AVTNPL 88.80 240987.00 2654
AXIS-IT&T 63.55 151900.15 2371
BAGFILMS 18.20 2414054.25 131031
BAJAJELEC 180.80 6375295.55 35340
BAJAJFINSV 331.50 9191240.25 27720
BAJAJHIND 151.85 753164661.20 4898898
BAJAJHLDNG 589.85 104153443.55 177437
BAJAUTOFIN 297.65 1916412.25 6467
BALAJITELE 50.40 3940986.95 77286
BALAMINES 142.85 140387.80 993
BALKRISIND 582.00 1854837.90 3189
BALLARPUR 26.65 11890944.60 440774
BALMLAWRIE 578.80 4842491.30 8247
BALPHARMA 24.80 8239.55 335
BALRAMCHIN 102.90 304739494.20 2928591
BANARISUG 1097.00 949715.65 866
BANCOINDIA 80.45 4065424.30 50048
BANG 47.75 458626.85 9660
BANKBEES 849.00 1081772.05 1275
BANKRAJAS 58.85 11953881.10 201601
BANSWRAS 91.60 1324341.15 14432
BARTRONICS 152.65 32991123.55 213702
BASF 368.55 3712587.60 10038
BASML 97.00 303155.75 3105
BATAINDIA 185.90 9984522.35 54077
BATLIBOI 29.25 82132.45 2795
BAYERCROP 586.25 2175681.20 3713
BBL 903.45 3641688.95 4013
BBTC 335.00 425745.00 1290
BELCERAMIC 8.10 78940.90 9654
BEML 1065.00 105950475.00 98527
BEPL 18.00 20471.00 1137
BERGEPAINT 55.10 4699090.55 84685
BFUTILITIE 983.25 13010440.25 13062
BGRENERGY 476.15 47161834.75 98499
BHAGWATIHO 74.95 1760152.10 23100
BHAGYNAGAR 26.45 1782967.30 67225
BHARATGEAR 49.00 182866.00 3804
BHARATRAS 75.00 37660.00 505
BHARTISHIP 266.30 129603552.85 487246
BHUSANSTL 1615.30 425545819.35 261575
BIL 78.90 11524079.75 145742
BILPOWER 183.80 21648190.10 117543
BIMETAL 233.60 52545.75 220
BINANICEM 70.65 3726487.25 52374
BINANIIND 92.10 1310100.55 14384
BINDALAGRO 18.10 7910879.90 432039
BIRLACORPN 366.65 15607460.15 43192
BIRLAERIC 16.50 131178.35 7967
BIRLAMONEY 52.20 1030246.15 19650
BIRLAPOWER 3.20 2473524.65 776746
BLBLIMITED 14.75 160247.75 10677
BLKASHYAP 328.50 3751529.10 11401
BLUEBIRD 25.00 505592.10 20181
BLUECHIP 1.30 46334.00 35844
BLUEDART 655.90 838141.00 1277
BLUESTARCO 354.95 2704034.20 7620
BLUESTINFO 110.00 761933.95 6922
BOC 198.55 17394751.45 86642
BOMDYEING 528.55 380248718.20 714397
BOSCHLTD 4651.00 3654108.05 787
BPL 32.40 321138.35 9873
BRANDHOUSE 32.35 11344702.95 347533
BRFL 203.90 11065763.20 54056
BRIGADE 138.15 11910373.95 85352
BRITANNIA 1629.00 2999539.15 1838
BROADCAST 18.80 27052.15 1427
BSELINFRA 15.40 2579612.25 166151
BSL 29.00 39579.15 1395
BURNPUR 13.65 1980380.90 144557
BVCL 25.35 659799.35 26140
CADILAHC 737.65 57747068.95 78770
CALSOFT 43.00 114181.35 2672
CAMBRIDGE 86.00 59301640.10 673802
CAMLIN 24.00 2613932.65 108096
CANDC 228.45 2017059.10 8745
CANFINHOME 80.50 410949.80 5086
CARBORUNIV 180.00 2788884.40 15512
CAROLINFO 56.00 669866.10 11974
CASTROL 657.95 62390819.95 95330
CCCL 77.90 2616501.75 33284
CCL 226.70 2176259.20 9500
CEATLTD 132.60 3324812.00 24979
CELEBRITY 18.45 92269.70 5043
CELESTIAL 31.05 871962.10 27644
CENTENKA 256.50 6696984.20 26054
CENTEXT 5.75 45383.55 8047
CENTRALBK 157.05 8569678.25 54459
CENTUM 92.60 898698.55 9798
CENTURYPLY 45.40 13109339.90 281806
CENTURYTEX 467.15 174848463.80 371414
CERA 242.70 7218603.80 26558
CESC 374.55 11122083.40 29559
CHAMBLFERT 62.05 559668467.90 8939116
CHEMPLAST 8.45 1262798.70 149165
CHENNPETRO 242.85 48437640.40 197650
CHESLINTEX 9.20 9717.50 1050
CHETTINAD 575.80 747568.85 1310
CHOLADBS 68.30 8392061.80 124345
CINEMAX 70.00 4941043.85 70675
CINEVISTA 5.40 221.40 41
CLASSIC 20.30 512979.65 25037
CLNINDIA 460.65 8386521.55 18200
CLUTCHAUTO 60.65 5513059.00 88937
CMC 1164.65 2472980.70 2127
COMPUTECH 3.75 46292.40 12234
COMSYS 21.15 90091.75 4265
CORDSCABLE 41.45 508279.60 12179
COREPROTEC 204.15 126109956.00 623512
COROMANDEL 277.90 92986792.90 332518
COSMOFILMS 113.65 1446406.90 12661
COX&KINGS 435.35 43486422.05 99661
CRANESSOFT 18.35 24158165.75 1300681
CREATIVEYE 7.40 24562.50 3238
CRESTANI 68.20 613038.70 8881
CREWBOS 66.50 1675143.15 24963
CRISIL 4900.80 1069442.90 218
CTE 23.05 601299.90 25478
CUB 28.95 11841742.00 409201
CUBEXTUB 17.65 227588.25 12923
CYBERMEDIA 33.20 22819.90 689
CYBERTECH 18.90 7084914.20 368146
DAAWAT 56.60 4464183.35 78433
DABUR 165.15 36993154.50 222403
DALMIACEM 216.80 16661126.45 76706
DATAMATICS 34.05 944236.70 27763
DBCORP 229.25 29339527.70 129189
DCB 33.55 44163286.10 1299178
DCHL 147.55 21580912.55 145788
DCM 43.45 8930137.50 199556
DCMFINSERV 3.70 851.20 230
DCMSRMCONS 53.20 1325383.70 24796
DCW 20.15 4648674.65 228134
DECCANCE 187.00 843301.15 4508
DEEPAKFERT 100.60 20331023.00 200383
DELTACORP 37.25 3611775.15 96478
DEN 172.85 12177022.60 68559
DENABANK 77.50 98311028.00 1261643
DENORA 59.00 59946.50 1031
DEWANHOUS 184.15 1730465.85 9340
DHAMPURSUG 104.05 95318731.80 897934
DHANBANK 127.30 12480262.95 97567
DHANUS 21.95 2931765.25 131082
DHARSUGAR 63.95 1015404.85 15616
DICIND 198.10 2117693.75 10682
DIGJAM 11.30 1333076.70 120462
DISHMAN 203.35 8633951.20 42276
DISHTV 37.85 120021109.55 3124274
DIVISLAB 581.45 43424847.55 74598
DLINKINDIA 25.85 605094.60 23272
DOLPHINOFF 361.35 878252.45 2413
DONEAR 31.35 406281.50 12887
DPSCLTD 675.00 18928.70 28
DREDGECORP 605.20 63710274.80 103521
DSKULKARNI 63.20 1289421.15 20263
DTIL 157.05 162168.60 1031
DUNCANSIND 11.30 169776.80 14878
DWARKESH 99.05 5858901.45 58354
DYNACONS 0.75 231246.85 306270
DYNAMATECH 1074.70 209929.90 194
EASTSILK 14.75 1016827.30 68719
EASUNREYRL 89.75 1838726.85 20374
ECEIND 222.20 509475.30 2344
ECLERX 435.05 1633627.50 3748
EDELWEISS 418.70 396490347.20 949712
EDL 114.90 603553.50 5224
EDSERV 260.60 123356453.05 472397
EDUCOMP 683.85 2000536574.10 2856303
EICHERMOT 578.50 7313766.95 12630
EIDPARRY 322.05 19959138.95 61623
EIHAHOTELS 119.15 539137.80 4496
EIHOTEL 124.65 10368953.50 83349
EIMCOELECO 234.80 91980.25 388
EKC 116.50 44003366.60 372382
ELDERPHARM 364.20 3446593.20 9466
ELECON 75.15 8846722.55 116837
ELECTCAST 44.90 12686262.40 281351
ELECTHERM 299.80 1054468.95 3496
ELFORGE 24.65 145961.20 6052
ELGIEQUIP 80.20 2153954.40 26780
ELGIRUBBER 7.80 77596.65 10005
ELNET 50.50 73581.95 1455
EMAMILTD 541.55 6128576.50 11229
EMCO 79.40 11269248.80 140185
EMKAY 73.95 260731.15 3570
ENERGYDEV 63.35 500392.85 7883
ENGINERSIN 1952.70 45037461.40 22924
ENIL 210.10 4833531.20 23102
ENTEGRA 36.45 830254.90 22722
ERAINFRA 206.45 48995628.35 237477
ESABINDIA 580.50 2769177.90 4754
ESCORTS 122.55 35539452.20 288877
ESSAROIL 133.85 215203907.70 1599899
ESSARSHIP 66.15 4580997.20 68898
ESSDEE 389.50 10715728.10 27613
ESSELPACK 43.10 2343671.30 53968
ETC 207.35 7724876.00 37065
EUROCERA 47.25 30529.65 639
EUROMULTI 26.00 2020591.25 76918
EVEREADY 58.25 6460401.45 110839
EVERESTIND 164.10 4124169.20 25469
EVERONN 402.35 112394612.50 277839
EVINIX 3.70 996043.05 267046
EXCELCROP 141.20 524639.50 3733
EXCELINDUS 42.60 78808.00 1828
EXCELINFO 41.85 2612347.80 61964
EXIDEIND 106.70 47006509.30 439579
FACT 55.45 30652661.25 542664
FAGBEARING 540.55 2486681.80 4611
FCH 167.50 5316601.50 31397
FCSSOFT 12.75 14626707.45 1142505
FDC 71.30 7679137.50 107705
FEDDERLOYD 72.25 381597.40 5209
FIEMIND 90.05 902361.15 9983
FINANTECH 1510.80 459780770.85 304039
FINCABLES 49.40 3022774.35 60956
FINPIPE 53.45 2936039.60 54670
FIRSTLEASE 51.05 724845.40 14135
FKONCO 111.20 2875280.20 25503
FMGOETZE 135.95 2139005.70 15376
FORTIS 153.40 144437642.70 943720
FOSECOIND 346.75 37572.40 108
FOURSOFT 23.55 516339.60 21681
FSL 27.95 67910344.70 2392863
FTCPOF3YDV 11.95 29875.00 2500
FTCPOF3YGR 12.55 16907.55 1401
FTCPOF5YDV 11.40 45600.00 4000
FTCSF5YDIV 11.45 1145.00 100
FTCSF5YGRO 11.85 355.50 30
GABRIEL 32.00 1890104.35 60178
GAEL 18.45 769768.55 41721
GALLANTT 30.95 7716212.95 249636
GAMMNINFRA 24.85 27753199.45 1125837
GAMMONIND 219.60 6716041.30 30380
GANDHITUBE 90.00 121882.50 1346
GANESHHOUC 144.45 4163624.35 28971
GANGOTRI 7.85 6831.80 886
GARDENSILK 68.10 1976405.30 29032
GARWALLROP 57.25 170739.20 2970
GARWOFFS 183.50 8058107.95 43795
GATI 53.35 21145274.90 391231
GDL 129.00 121554786.95 942578
GEMINI 45.00 8961302.15 201399
GENESYS 274.35 5132690.30 18750
GENUSPOWER 150.80 9608455.75 62596
GEODESIC 125.90 7895682.95 62233
GEOJITBNPP 34.75 4171402.90 118920
GEOMETRIC 60.65 3391546.05 55530
GESHIP 268.05 83779827.45 312717
GHCL 44.35 3316715.85 75161
GICHSGFIN 86.10 6805416.40 79115
GILLANDERS 142.30 532306.00 3691
GILLETTE 1394.90 2286720.15 1637
GINNIFILA 10.70 130548.35 12106
GIPCL 97.10 16940374.80 171624
GISOLUTION 19.80 208959.85 11193
GITANJALI 116.95 8236917.50 70320
GLFL 4.40 14512.50 3300
GLOBALVECT 43.10 75707.60 1736
GLOBUSSPR 96.50 10769950.05 110241
GLODYNE 476.60 1490821.45 3103
GLORY 22.65 2184796.35 95795
GMBREW 76.85 73849.10 964
GMDCLTD 142.40 123108247.35 871540
GMRFER 35.40 569363.80 16142
GMRINDS 129.50 215174.35 1667
GNFC 108.90 20653557.10 190702
GOACARBON 104.35 2286432.80 21786
GODFRYPHLP 1793.80 1276522.75 733
GODREJCP 256.05 15355933.10 59763
GODREJIND 145.95 32973360.60 223228
GODREJPROP 469.90 6045706.25 12817
GOKEX 152.20 64202.45 420
GOKUL 53.30 1690643.55 31805
GOLDBEES 1639.37 18981653.19 11563
GOLDENTOBC 133.95 3118057.85 22849
GOLDIAM 46.60 958617.20 20294
GOLDINFRA 25.35 1037857.05 41041
GOLDSHARE 1639.22 3523779.64 2148
GOLDTECH 36.35 3270138.40 88625
GPIL 195.85 6524326.70 33317
GRABALALK 55.80 284491.40 4970
GRANULES 88.50 554277.15 6248
GRAPHITE 77.85 3031395.80 38693
GREAVESCOT 268.80 3486014.45 12842
GREENPLY 183.65 629876.10 3413
GRINDWELL 143.35 936176.85 6606
GRUH 203.30 1839471.30 9116
GSFC 201.40 32837988.05 161462
GSKCONS 1392.00 8221827.80 5906
GSLNOVA 8.05 434279.00 54082
GSPL 85.10 135078322.50 1579403
GSSAMERICA 295.55 3354681.65 11391
GTL 407.30 72782217.60 178732
GTLINFRA 42.60 28609432.05 672621
GTNIND 15.00 33467.50 2228
GTNTEX 12.00 42527.20 3540
GTOFFSHORE 423.60 79228542.90 186108
GUFICBIO 6.75 66073.35 9790
GUJALKALI 131.75 7175420.65 54118
GUJAPOLLO 182.10 798824.90 4389
GUJFLUORO 142.30 2997141.50 20879
GUJNRECOKE 76.70 147659539.95 1918189
GUJRATGAS 243.45 31645471.70 130019
GUJSIDHCEM 16.00 2630833.90 162451
GULFOILCOR 87.15 6447041.40 73277
GVKPIL 40.45 383580480.55 9402521
GWALCHEM 90.10 1500970.55 16598
HALONIX 82.50 533317.55 6500
HANUNG 122.30 16112324.40 132265
HARRMALAYA 108.85 3670954.05 33564
HAVELLS 530.05 185533107.15 347315
HBLPOWER 33.85 18527689.60 541082
HBSTOCK 25.05 61711.30 2493
HCC 134.00 320326598.15 2417756
HCIL 390.20 1282528.80 3291
HCL-INSYS 131.00 10873196.50 82635
HEG 331.35 30697324.15 92573
HEIDELBERG 43.15 5647982.15 130535
HELIOSMATH 43.60 463573.15 10509
HERCULES 218.05 6851628.10 30801
HERITGFOOD 199.00 182309.50 914
HEXAWARE 66.90 15338037.00 227438
HGSL 419.95 865549.35 2086
HIKAL 354.65 1758263.00 4934
HILTON 21.10 130099.55 6085
HIMATSEIDE 37.95 1389364.80 36540
HINDCOMPOS 405.80 263425.80 645
HINDCOPPER 533.10 382122764.75 708857
HINDDORROL 188.35 20334539.40 108032
HINDMOTOR 20.65 2377641.30 114079
HINDNATGLS 225.30 59292862.45 261423
HINDOILEXP 239.05 164415200.35 681050
HINDSYNTEX 3.40 1439.00 410
HINDUJAFO 98.75 76301.45 760
HINDUJAVEN 324.35 41924208.85 127559
HINDZINC 1105.70 142854302.95 129183
HINVDIR 238.00 72913.00 307
HIRECT 71.85 51663250.00 713807
HITACHIHOM 162.95 1701850.80 10290
HITECHGEAR 110.00 109050.60 991
HITECHPLAS 86.80 60522.15 696
HMT 85.95 142874574.90 1645942
HONAUT 2367.05 1734902.20 726
HOPFL 72.25 383295.65 5262
HORIZONINF 323.70 70717.30 211
HOTELEELA 44.35 22931504.85 511373
HOTELRUGBY 8.15 6590.00 800
HOVS 72.40 1760889.85 24161
HSIL 73.55 2019965.00 27218
HTMEDIA 143.75 1599600.10 11062
HYDRBADIND 567.80 12023690.45 20979
HYDROS&S 36.20 1270438.75 33978
IBN18 95.75 958058.10 9790
IBPOW 29.60 75501046.20 2548877
IBSEC 29.80 32125903.35 1081313
ICI 606.65 290219.75 476
ICIL 9.95 99.50 10
ICRA 924.50 138980109.10 151018
ICSA 135.45 20083466.55 147056
IFBAGRO 73.65 67707.05 910
IFBIND 80.35 593320.05 7352
IFGLREFRAC 46.00 989751.95 21463
IFL 9.55 985429.70 102297
IGL 208.80 43497000.95 207668
IGPL 44.05 252756.75 5694
IMPAL 414.80 302233.35 727
IMPEXFERRO 10.40 51996.00 4985
INDBANK 13.90 82102.80 5887
INDIABULLS 97.25 249218564.45 2633417
INDIACEM 116.65 65792418.40 565161
INDIAGLYCO 119.90 2782498.70 23198
INDIAINFO 111.75 151381992.20 1363434
INDIANB 162.65 56435364.75 341880
INDIANCARD 157.00 486443.85 3073
INDIANHUME 705.05 258249.20 362
INDLMETER 115.15 267982.25 2335
INDNIPPON 202.35 1137068.45 5577
INDOASIFU 63.75 4428019.55 68057
INDOCO 316.00 78731.10 250
INDORAMA 33.25 48570.90 1459
INDOTECH 311.50 76900672.70 244603
INDOWIND 45.60 8049322.70 175342
INDRAMEDCO 41.50 1939376.65 46505
INDSWFTLAB 63.85 3566276.15 55918
INDSWFTLTD 28.30 421110.85 14929
INDUSFILA 24.75 41527.60 1674
INDUSINDBK 148.55 182365192.15 1220032
INEABS 172.75 345938.65 1997
INFINITE 203.35 531364783.10 2649768
INFODRIVE 29.90 223732.65 7368
INFOMEDIA 27.45 3666468.50 132445
INFOTECENT 335.00 39650897.65 116090
INGERRAND 332.95 1132490.55 3397
INGVYSYABK 248.10 15176034.85 61452
INOXLEISUR 73.75 236790215.80 3161959
INSECTICID 87.75 500790.10 5662
IOC 322.50 237441941.20 728425
IOLN 23.15 510363.15 21806
IPCALAB 1124.75 1976233.60 1759
IPRINGLTD 79.55 17169.70 217
IRB 252.95 64547044.75 254405
ISMTLTD 51.10 4942406.70 95827
ISPATIND 18.70 112557567.95 6024204
ITDCEM 185.50 40016.40 215
ITI 51.45 42836368.15 822546
IVC 40.20 1632082.55 40392
IVP 35.95 1399905.80 37419
IVRCLINFRA 314.75 480400351.20 1545525
IVRPRIME 160.05 5346118.45 33279
J&KBANK 600.80 3106278.70 5158
JAGRAN 121.00 12443084.85 102463
JAGSNPHARM 17.10 196522.50 11521
JAIBALAJI 229.70 2417277.35 10510
JAICORPLTD 238.10 157923923.80 649585
JAINSTUDIO 10.15 17413.90 1716
JAYAGROGN 78.45 278596.40 3501
JAYBARMARU 67.90 46539.00 700
JAYNECOIND 27.15 1875769.55 68565
JAYSREETEA 311.95 9397547.85 29772
JBCHEPHARM 61.95 1872619.80 29957
JBFIND 102.30 5320900.90 51705
JBMA 65.05 557197.00 8498
JCTEL 2.00 540969.65 267859
JENSONICOL 6.40 125370.80 19408
JETAIRWAYS 434.40 125543669.55 286314
JHS 54.00 245145.25 4527
JIKIND 16.35 24623.70 1494
JINDALPHOT 211.70 33817935.65 155394
JINDALPOLY 362.65 2260060.70 6238
JINDALSAW 192.40 215467156.20 1109304
JINDALSWHL 1595.95 72975064.05 45223
JINDCOT 81.90 13258564.90 161982
JINDRILL 508.75 50558146.25 98510
JISLJALEQS 844.15 105741812.80 124970
JKCEMENT 170.20 15152239.60 88733
JKIL 185.70 17059790.15 90320
JKLAKSHMI 71.80 6526518.20 90348
JKPAPER 43.70 1533406.15 34813
JKTYRE 178.10 86455387.30 485682
JMCPROJECT 156.00 3902836.80 24630
JMFINANCIL 36.85 5977813.75 160311
JMTAUTOLTD 57.00 12107.00 212
JOCIL 247.50 166474.00 669
JPPOWER 67.15 71622275.30 1064223
JSL 99.85 43148831.95 424019
JSWENERGY 105.05 91531645.35 865744
JUBILANT 325.40 44326083.45 136485
JUBLFOOD 219.85 142703558.80 632799
JUMBO 30.70 49580.55 1578
JUNIORBEES 99.65 609487.08 6102
JUPITER 78.30 1462012.10 18575
JYOTHYLAB 181.45 13728264.90 75985
JYOTISTRUC 153.60 45325759.30 289658
KABRAEXTRU 193.15 2300413.10 11680
KAJARIACER 54.85 12810091.80 233830
KAKATCEM 85.55 112309.80 1302
KALECONSUL 79.85 4216837.65 51830
KALINDEE 193.45 270864896.70 1392998
KALPATPOWR 1039.85 2467018.80 2359
KALSTEELS 197.80 4305316.25 21709
KAMATHOTEL 63.60 368461.70 5672
KANORICHEM 31.00 134128.60 4319
KANSAINER 1052.10 17665399.80 16822
KARURVYSYA 384.55 4428552.75 11505
KAUSHALYA 21.70 1104496.15 50725
KBL 229.90 608695.85 2645
KCP 294.60 879589.90 2963
KCPSUGIND 22.95 2150125.20 93545
KEC 571.45 1879685.95 3289
KEI 30.45 1409699.90 45786
KEMROCK 372.85 693244.35 1850
KERNEX 159.65 74768107.40 463629
KESARENT 112.20 301660.65 2651
KESORAMIND 356.15 2882342.95 8042
KFA 49.15 61110888.90 1235962
KGL 18.05 19417008.05 1066587
KHAITANELE 68.25 8565.15 125
KHANDSE 23.75 217109.00 9192
KIL 18.95 255154.35 13432
KINETICMOT 25.85 3383328.45 130050
KIRIDYES 722.90 55045414.65 75893
KIRLOSOIL 153.15 1016225.15 6635
KKCL 237.30 620635.70 2596
KLGSYSTEL 128.70 24756630.90 188618
KNRCON 116.50 877464.10 7508
KOHINOOR 52.25 3230767.90 61289
KOLTEPATIL 55.10 4224432.95 76058
KOPDRUGS 11.80 38971.65 3279
KOPRAN 27.90 1011694.90 37114
KOTAKGOLD 1644.57 1647913.25 1003
KOTAKNIFTY 487.16 105965.70 218
KOTAKPSUBK 318.00 6996.00 22
KOTARISUG 8.95 542331.00 59793
KOTHARIPET 8.80 130935.30 14483
KOTHARIPRO 401.65 272927.30 678
KOUTONS 352.55 8707959.10 24758
KPIT 110.95 17984381.55 162944
KPRMILL 107.60 1128643.40 10538
KRBL 23.70 25376383.40 1053367
KRISHNAENG 3.10 9.50 3
KSBPUMPS 422.00 413314.05 986
KSCL 275.10 2121692.90 7665
KSE 186.45 516598.50 2683
KSK 180.65 35016950.90 196555
KSOILS 69.30 25921973.50 374415
KTKBANK 112.35 8107087.60 71417
LAKPRE 41.05 54165.00 1322
LAKSHMIEFL 120.70 10336736.40 84888
LAKSHMIMIL 2008.70 382364.25 191
LAKSHVILAS 74.45 6065226.95 80101
LANCOIN 64.05 13157660.90 202524
LAOPALA 40.60 202276.85 4988
LAXMIMACH 1752.10 6132091.60 3473
LGBFORGE 2.75 27404.25 10195
LGBROS 21.00 1359490.60 64137
LIBERTSHOE 91.90 2878359.55 30970
LIQUIDBEES 999.99 30432964.63 30433
LITL 46.70 119092165.25 2549275
LLOYDELENG 55.30 3095038.90 55579
LLOYDFIN 2.00 22506.55 11308
LLOYDSTEEL 10.75 2140291.45 196280
LML 9.65 1498275.60 153926
LOGIXMICRO 49.60 805270.50 16061
LOKESHMACH 44.20 320995.15 7215
LOTUSEYE 28.15 75596.20 2697
LPDC 4.75 64322.55 13333
LUMAXAUTO 37.30 193175.10 5048
LUMAXIND 179.65 120858.30 664
LUMAXTECH 97.60 995807.05 9964
LYKALABS 27.55 270403.90 9768
M&MFIN 325.65 1763909.30 5352
MADHAV 27.60 124142.45 4477
MADHUCON 158.15 3518599.80 22229
MADRASCEM 106.20 9945464.50 92478
MAGMA 231.45 60551994.35 262683
MAGNUM 8.55 157758.65 18220
MAHABANK 50.00 4745762.35 94540
MAHINDFORG 106.75 52218586.65 474189
MAHINDUGIN 58.50 2655112.60 45466
MAHLIFE 384.20 10457192.65 27466
MAHSCOOTER 242.85 238703.10 1001
MAHSEAMLES 342.95 7821271.90 22891
MALUPAPER 15.05 37489.90 2501
MALWACOTT 37.95 31435.05 844
MANAKSIA 77.95 2040359.60 25896
MANALIPETC 10.00 953103.45 95332
MANALU 42.25 212541.10 4991
MANGALAM 13.55 131415.00 9560
MANGCHEFER 22.20 13507719.30 597944
MANGLMCEM 161.95 36074449.65 215268
MANGTIMBER 25.30 279346.20 11095
MANINDS 53.30 5099169.65 95428
MANUGRAPH 50.20 593027.90 11598
MARALOVER 13.05 49120.20 3746
MARG 164.60 6639810.80 40185
MARICO 99.65 12369165.80 124094
MARKSANS 4.85 2951322.00 607057
MASTEK 331.45 16529145.75 48918
MAWANASUG 34.70 414203.45 11757
MAX 190.90 27346138.05 141202
MAXWELL 18.65 460235.50 24601
MAYTASINFR 153.45 27540566.25 177796
MBECL 250.15 25547056.70 101916
MBLINFRA 207.10 30039638.65 145476
MCDHOLDING 91.30 766108.60 8286
MCLEODRUSS 219.05 123100491.00 561607
MEGASOFT 25.25 112151.20 4383
MEGH 14.70 2979117.90 201914
MELSTAR 11.10 16759.20 1526
MERCK 619.40 19694006.95 31720
MHRIL 433.70 1409095.70 3252
MIC 43.45 37680368.45 855180
MICRO 616.60 7644874.30 12315
MICROTECH 168.50 4215771.10 24776
MID-DAY 20.90 430508.75 20513
MINDAIND 301.35 1124424.15 3721
MINDTREE 535.60 22306179.00 41522
MIRCELECTR 16.55 615409.90 37469
MIRZAINT 15.00 1898112.10 125956
MLL 53.15 86742654.85 1604469
MMFL 60.25 1308423.65 21367
MMTC 33575.60 5096194.50 151
MONNETISPA 368.85 5367495.85 14477
MONSANTO 1757.80 102322039.65 57124
MORARJETEX 15.85 12458.20 781
MOREPENLAB 7.90 1605470.55 203092
MOTHERSUMI 123.25 23572098.85 195155
MOTILALOFS 158.10 857591.30 5422
MOTOGENFIN 40.50 168891.65 4206
MPSLTD 59.50 1701712.10 28268
MRF 5696.20 24642763.85 4301
MRO-TEK 27.40 383718.75 14116
MSKPROJ 114.60 6165131.85 53541
MSPL 32.00 478476.40 14734
MTNL 73.45 44010324.65 594758
MUDRA 33.65 616872.35 18130
MUKANDENGG 35.30 215786.15 6081
MUKANDLTD 54.85 583647.50 10595
MUKTAARTS 53.30 275429.45 4940
MUNJALAU 104.00 3459385.00 33084
MUNJALSHOW 45.50 1036131.00 22529
MURLIIND 302.70 1366450.20 4500
MURUDCERA 34.40 1298156.25 37114
MVL 64.85 4352519.55 67221
MYSOREBANK 673.00 185559.15 277
NAGARCONST 150.75 134640865.30 898188
NAGARFERT 33.00 220182762.15 6660755
NAGREEKCAP 42.20 44965.00 1080
NAGREEKEXP 18.80 3374.00 185
NAHARCAP 73.00 1066277.05 14680
NAHARINDUS 68.60 1815892.60 25716
NAHARINVST 25.70 96599.10 3725
NAHARSPING 76.50 1161710.80 14848
NANDAN 2.30 351256.45 151156
NATCOPHARM 119.40 6182780.25 51572
NATIONALUM 368.65 76500937.90 205653
NATNLSTEEL 20.85 307179.90 14778
NAUKRI 835.65 2454640.00 2925
NAVINFLUOR 311.80 1428126.40 4544
NAVNETPUBL 48.20 13381971.25 274829
NBVENTURES 364.05 13573105.75 37072
NCLIND 33.25 793429.75 23600
NDTV 124.15 8888878.75 70929
NECLIFE 32.85 2153330.40 64898
NELCAST 66.35 85505.60 1274
NELCO 100.30 8122565.20 80626
NEOCURE 5.05 73422.30 14655
NEPCMICON 8.10 320790.05 39179
NESCO 1160.00 1733242.30 1495
NESTLEIND 2552.20 7877556.40 3070
NETWORK18 101.90 8153753.70 80799
NEULANDLAB 97.05 1219024.70 12083
NEYVELILIG 155.05 90090618.75 581912
NFL 122.60 314214269.75 2525743
NHPC 32.05 163612041.90 5126736
NICCO 5.30 64724.20 12169
NIFTYBEES 487.92 14890230.32 30478
NIITLTD 65.80 53936124.25 808156
NIITTECH 177.35 60903698.75 338344
NILKAMAL 234.45 18433295.30 77429
NIPPOBATRY 396.60 151269.00 381
NIRMA 175.25 3521511.00 19952
NISSAN 39.95 595692.75 14573
NITCO 44.25 672904.40 15211
NITINFIRE 345.15 31157217.85 89997
NITINSPIN 7.45 181265.35 24353
NMDC 438.60 460690933.50 1038645
NOCIL 22.10 6285063.00 282236
NOIDATOLL 34.80 23329834.25 667332
NORBTEAEXP 10.70 219979.40 19587
NORTHGATE 19.95 3968065.95 197504
NOVOPANIND 38.00 33540.25 893
NRBBEARING 60.15 367364.80 6156
NRC 11.60 78229.10 6714
NSIL 1028.90 91974.30 90
NUCHEM 11.35 494401.15 43183
NUCLEUS 120.70 6223222.10 50978
NUMERICPW 311.70 5743920.80 18101
NUTEK 34.05 467605.70 13753
OCL 123.30 1350688.35 10899
OIL 1136.70 27880583.80 24412
OILCOUNTUB 113.35 2336204.70 20569
OISL 27.40 66687404.40 2255396
OMAXAUTO 48.70 9078504.25 185445
OMAXE 92.90 9525199.15 102169
OMNITECH 163.05 1667890.30 10137
ONMOBILE 368.70 116073120.50 311858
ONWARDTEC 18.25 29390.25 1631
OPTOCIRCUI 207.45 109354676.05 531856
ORBITCORP 246.90 315899109.90 1284933
ORCHIDCHEM 166.35 223575093.75 1360466
ORIENTABRA 28.30 645888.95 22820
ORIENTBANK 267.00 93306917.30 345605
ORIENTCERA 49.95 235801.05 4647
ORIENTHOT 260.85 379299.95 1438
ORIENTPPR 46.80 5914107.85 127642
OUDHSUG 51.45 1375128.25 26240
PAEL 39.20 604200.65 15284
PAGEIND 804.40 1633499.30 2019
PANACEABIO 190.35 3788843.00 19745
PANORAMUNI 309.30 10965904.15 35507
PANTALOONR 389.40 77390946.00 196703
PAPERPROD 56.55 1848119.50 32712
PARACABLES 12.40 385131.60 30713
PARAL 135.85 1194572.05 8772
PAREKHPLAT 6.75 27645.00 4100
PARSVNATH 114.50 33097135.65 288419
PATELENG 428.00 40960320.10 94996
PATINTLOG 29.00 229563.25 7858
PATSPINLTD 9.25 8914.25 955
PBAINFRA 61.55 1085507.90 17478
PDUMJEIND 16.70 21548.20 1290
PDUMJEPULP 20.25 33563.00 1675
PEACOCKIND 3.35 17621.50 5286
PEARLPOLY 11.45 32586.10 2834
PENINLAND 81.85 11048459.05 136542
PEPL 4.20 588.00 140
PETRONENGG 268.95 630899.90 2327
PETRONET 70.90 35093297.55 491443
PFIZER 935.25 12192803.30 13026
PFOCUS 193.15 1739264.35 8890
PGHH 1902.30 3296864.80 1728
PHILIPCARB 183.70 3480080.65 18828
PHOENIXLTD 187.85 8163817.85 43087
PIDILITIND 198.60 14470275.95 72324
PIONEEREMB 17.00 198517.05 11801
PIPAVAVYD 54.05 14686498.50 271985
PIRGLASS 72.40 125584.10 1733
PIRHEALTH 375.05 115911158.05 308267
PIRLIFE 76.65 230642.20 3013
PITTILAM 36.35 102453.50 2862
PLASTIBLEN 139.80 26086.75 185
PLETHICO 387.80 7716679.10 20099
PNBGILTS 26.25 964700.00 35982
PNC 27.35 350300.30 12598
POCHIRAJU 20.70 21917103.10 1030904
POLARIND 4.80 103527.65 21739
POLARIS 154.70 61687466.30 394118
PONNIERODE 116.00 3792252.55 31692
PPAP 76.60 867934.85 11193
PRAENG 29.20 1866915.30 63450
PRAJIND 81.10 46234266.60 569159
PRAKASH 201.60 18813538.50 92735
PRATIBHA 314.70 33833951.80 107417
PRECOT 112.45 12942.75 114
PRECWIRE 69.25 159348.00 2245
PREMIER 131.60 737839.60 5565
PRETAILDVR 229.45 256198.65 1117
PRICOL 22.60 491377.25 21727
PRIMESECU 31.70 887247.00 27334
PRISMCEM 50.70 48793324.05 956580
PRITHVI 60.90 4218337.65 68517
PROVOGUE 48.70 23704286.60 480484
PSL 142.15 8571323.85 60039
PSTL 16.75 1649561.80 98753
PSUBNKBEES 305.70 32091.80 105
PTC 105.85 19680974.30 184898
PUNJABCHEM 159.75 356750.75 2232
PUNJLLOYD 174.05 311868690.05 1789379
PURVA 93.25 12456623.55 132535
PVP 22.40 5200269.75 228625
PVR 173.40 757820.45 4378
QGOLDHALF 817.30 971704.26 1202
QNIFTY 488.05 5393.05 11
RADAAN 3.45 33971.25 9862
RADICO 112.95 14718047.00 130545
RAINCOM 188.55 14020018.65 73977
RAJESHEXPO 101.35 94109581.30 924288
RAJOIL 63.70 1187539.75 18693
RAJPALAYAM 477.00 13917.80 29
RAJRAYON 10.25 35826.50 3440
RAJSREESUG 65.40 6727325.50 100978
RAJTV 51.05 345405.10 6681
RAJVIR 93.00 212280.90 2269
RALLIS 1293.50 67018947.60 52448
RAMANEWS 21.10 6633430.20 309610
RAMCOIND 57.20 1085423.95 19083
RAMCOSYS 92.60 520618.20 5646
RAMSARUP 72.50 1559740.60 21693
RANASUG 12.25 5091609.20 412248
RANEHOLDIN 150.80 905373.60 5890
RATNAMANI 97.15 2510466.85 25604
RAYMOND 219.50 40089814.75 181146
RBL 101.60 112610.10 1118
RCF 93.20 498169210.60 5282348
RECLTD 212.70 522740729.05 2463529
REDINGTON 298.75 22659112.20 75081
REFEX 24.35 39359.10 1612
REGENCERAM 8.35 1683.45 201
REIAGROLTD 50.05 10673486.15 213475
REISIXTEN 104.65 732458.95 7144
RELBANK 821.00 58092.05 71
RELGOLD 1596.21 1759199.76 1098
RELIGARE 373.40 64210174.85 170378
RELMEDIA 213.45 31646958.30 147010
RENUKA 180.60 1272261630.30 7030308
REPRO 94.85 1370066.40 14267
RESURGERE 88.75 11778719.65 131333
REVATHI 581.15 110646.45 188
RICOAUTO 25.00 1530304.30 61290
RIIL 809.15 92118804.05 113109
RJL 68.15 1019391.05 14773
RMCL 15.30 66945.00 4350
RML 78.35 164162.75 2077
ROHITFERRO 36.95 1720054.30 45823
ROHLTD 77.00 1856681.30 24004
ROLTA 176.30 80642537.70 455124
ROMAN 45.50 138093.25 3007
RPGCABLES 26.20 228162.55 8700
RPGLIFE 70.00 467962.65 6681
RSSOFTWARE 42.50 1089723.45 25172
RSWM 96.65 264748.75 2724
RSYSTEMS 98.10 5666159.95 57798
RUBYMILLS 765.20 91547.15 119
RUCHINFRA 51.15 3104983.10 60604
RUCHIRA 8.10 56957.25 6953
RUCHISOYA 99.45 400126860.40 4047195
SABERORGAN 70.55 5018589.85 70566
SABTN 26.50 56303.55 2102
SADBHAV 1192.60 1572456.20 1311
SAGCEM 168.70 241588.35 1411
SAHPETRO 21.20 76192.55 3596
SAKHTISUG 61.65 16898103.65 272709
SAKSOFT 43.85 378546.30 8417
SAKUMA 12.80 221260.35 16723
SALORAINTL 43.30 40744.05 929
SALSTEEL 11.10 565083.25 51811
SAMBHAAV 2.50 17117.50 7049
SAMTEL 17.70 1466403.15 81822
SANDESH 208.75 71602.95 346
SANGAMIND 27.70 146479.80 5305
SANGHIIND 28.35 838409.00 29357
SANGHIPOLY 3.20 255753.10 81018
SANGHVIMOV 208.45 1509978.65 7192
SANWARIA 32.25 477554.25 14634
SAPL 11.95 2445824.55 205284
SARDAEN 195.45 428957.70 2182
SAREGAMA 67.60 235899.00 3484
SARLAPOLY 75.00 76035.00 1010
SASKEN 171.95 9225589.50 53171
SATHAISPAT 37.90 284119.45 7452
SATYAMCOMP 96.95 546999676.55 5629812
SB&TINTL 9.75 189653.50 19599
SBBJ 442.45 955360.85 2152
SBIGETS 1675.74 938175.45 562
SBT 589.00 6509170.25 11027
SCI 145.00 24765998.10 169075
SEAMECLTD 196.40 2911825.60 14685
SEINVEST 349.15 610430.55 1755
SEJALGLASS 49.00 1129349.50 22864
SELAN 407.60 25566523.05 62176
SELMCL 82.70 9879144.45 118370
SESHAPAPER 147.45 578166.40 3912
SGL 8.65 50266.35 5743
SHAHALLOYS 24.40 148841.25 6280
SHANTIGEAR 36.70 2636247.40 71224
SHARIABEES 115.00 2300.00 20
SHASUNCHEM 37.95 1064720.75 27463
SHILPAMED 230.60 1733104.75 7544
SHIV-VANI 360.00 21288371.75 59104
SHIVAMAUTO 89.60 2721108.65 30445
SHIVTEX 26.90 1234016.30 45935
SHLAKSHMI 134.15 1450191.05 10820
SHOPERSTOP 332.30 1405249.05 4240
SHPRE 14.80 526202.55 35490
SHREEASHTA 14.15 1889491.95 133533
SHREECEM 2221.75 57285776.65 25713
SHREERAMA 5.60 73900.25 13107
SHRENUJ 37.70 734732.25 19256
SHREYANIND 23.95 6512.60 271
SHREYAS 33.05 68465.05 2053
SHRIRAMCIT 445.15 264839.15 587
SHRIRAMEPC 183.60 461289.95 2491
SHYAMTEL 60.60 246583.30 4040
SICAGEN 16.10 722401.55 45016
SICAL 79.30 7773654.65 95769
SIL 23.00 359083.30 15592
SILINV 91.20 337393.90 3667
SIMBHSUGAR 72.25 3163440.95 43150
SIMPLEX 206.10 290842.35 1417
SIMPLEXINF 425.50 1121042.20 2633
SINTEX 241.95 50960132.25 207883
SIRPAPER 49.35 189211.75 3838
SITASHREE 8.50 63307.90 7398
SIYSIL 148.40 142032.00 954
SKFINDIA 338.90 20714144.70 60925
SKMEGGPROD 17.85 107797.40 5979
SKUMARSYNF 47.65 26068083.70 549065
SMARTLINK 42.60 1156248.10 26727
SMSPHARMA 153.65 1648870.95 10816
SOBHA 251.55 13714086.70 54509
SOLARINDS 420.95 499072.25 1187
SOLEMS 60.85 1826034.45 30502
SOMANYCERA 148.70 250905.85 1688
SOMATEX 10.30 166939.00 16175
SONASTEER 17.05 595957.00 34767
SONATSOFTW 52.05 7526831.75 143663
SOTL 425.75 5098085.85 12014
SOUTHBANK 140.00 6889154.85 49267
SPARC 88.35 88364516.70 1000077
SPENTEX 10.15 127226.80 12316
SPIC 18.70 5257093.40 279843
SPICEMOBIL 39.90 2795624.00 70069
SPICETELE 56.50 5021834.95 88493
SPLIL 9.30 4098.10 438
SREINTFIN 63.25 21419183.60 337970
SRF 182.25 63680016.30 345306
SRGINFOTEC 0.80 8288.50 10350
SRHHLINDST 4.40 70.95 16
SRHHYPOLTD 30.90 83525.10 2709
SRTRANSFIN 455.15 49721328.40 108542
SSWL 98.90 5602627.85 54365
STAR 305.50 144453511.85 470237
STARPAPER 30.90 287968.50 9300
STCINDIA 487.55 443813831.50 899487
STEELTUBES 2.25 11856.70 5155
STERLINBIO 96.15 21591115.40 225062
STERTOOLS 82.10 811335.30 9773
STINDIA 8.25 3239.90 380
STOREONE 34.15 410911.05 11964
STRTECH 392.80 26057905.45 65996
SUBEX 62.80 33811292.80 536397
SUBHASPROJ 130.15 2001430.95 15139
SUBROS 45.55 3856214.10 83469
SUDARSCHEM 372.00 883257.95 2419
SUJANATOW 51.60 22424754.95 428297
SUJANAUNI 11.50 80352.00 6892
SUNCLAYTON 110.80 982579.60 8944
SUNDARMFIN 337.25 957101.65 2830
SUNDRMBRAK 208.95 386051.65 1820
SUNDRMFAST 51.55 1302864.80 25259
SUNFLAG 28.70 4152474.00 144099
SUNILHITEC 197.30 7597360.15 37929
SUNTECK 549.70 27082289.50 49261
SUNTV 368.10 43422292.60 117286
SUPER 235.00 1538346.05 6552
SUPERSPIN 10.35 112977.35 10786
SUPPETRO 38.05 2469214.05 64960
SUPREMEIND 433.00 2300046.00 5280
SUPREMEINF 173.45 1762216.60 10364
SURAJDIAMN 47.85 988909.80 20585
SURANAIND 240.00 4721659.15 19477
SURANAT&P 38.05 788632.25 20661
SURYAJYOTI 23.65 88513.75 3751
SURYAPHARM 151.95 4690677.30 30826
SURYAROSNI 69.20 1296229.65 18624
SUTLEJTEX 107.75 178143.50 1655
SUVEN 24.80 2101146.60 83466
SWARAJENG 285.25 320351.45 1119
SWARAJMAZD 226.00 22600.00 100
SYNCOM 73.05 81474343.70 1109720
TAINWALCHM 16.75 25543.80 1525
TAJGVK 147.05 6319353.80 42885
TAKE 27.10 1178223.60 43203
TALBROAUTO 50.75 92265.90 1831
TANLA 47.65 25321482.50 527200
TANTIACONS 124.05 1833353.85 14751
TATACHEM 284.95 68263709.45 238825
TATACOFFEE 356.00 17024700.60 47548
TATACOMM 299.10 44165278.70 147602
TATAELXSI 257.75 25865035.70 99790
TATAINVEST 451.85 3344137.45 7393
TATAMETALI 136.50 7516653.05 54067
TATAMTRDVR 405.25 31917205.45 78344
TATASPONGE 341.80 95810595.85 274644
TATATEA 930.20 16330320.90 17560
TCI 88.85 4213164.65 47025
TCIFINANCE 27.50 1392808.20 48264
TECHNOELEC 205.05 890566.85 4328
TELEDATAIT 3.95 710961.75 177333
TEXMACOLTD 149.70 821919939.60 5577726
TFCILTD 25.70 2215533.40 85416
TFL 14.25 24656.00 1710
THANGAMAYL 64.95 49146439.20 749956
THEMISMED 179.15 145398.40 815
THERMAX 573.30 127699518.15 223460
THIRUSUGAR 207.70 103512.30 497
THOMASCOOK 62.55 4810796.85 76251
TIDEWATER 4880.20 3591585.45 735
TIIL 44.95 310148.60 6772
TIL 350.95 67630827.35 187963
TIMESGTY 67.75 27142.50 400
TIMETECHNO 44.70 1583443.55 35076
TIMKEN 100.65 2877756.50 28369
TINPLATE 77.25 9961595.20 127703
TIPSINDLTD 44.30 462606.45 10393
TIRUMALCHM 115.90 95580.50 824
TITAN 1747.40 300008802.70 171298
TNPETRO 18.55 691022.40 36935
TNPL 82.15 1886277.35 23061
TNTELE 8.90 8365.85 937
TODAYS 20.65 2914374.70 139354
TORNTPHARM 441.20 12776943.95 28369
TORNTPOWER 295.00 23229757.15 78744
TREADS 7.95 104858.70 13088
TRENT 777.40 142918.00 184
TRF 826.25 805104.40 975
TRICOM 13.80 916735.10 66582
TRIGYN 22.55 1114529.50 49217
TRIL 368.30 1762886.15 4774
TRIVENI 116.85 82186884.30 697253
TTKHEALTH 280.00 23800.00 85
TTKPRESTIG 447.10 3361223.15 7389
TTL 14.05 117833.25 8215
TUBEINVEST 74.45 19341434.90 263138
TULIP 942.00 17461239.90 18416
TULSI 26.75 320770.80 11939
TV-18 73.35 18227613.75 246649
TVSELECT 23.20 51390.60 2211
TVSMOTOR 60.15 25460206.95 418501
TVSSRICHAK 205.95 419382.95 2060
TVTODAY 110.60 1901658.85 16874
TWL 404.75 2149859995.25 5316096
UBENGG 123.50 4954360.85 39845
UBHOLDINGS 227.95 3620173.20 15572
UBL 170.00 4537838.60 26676
UCALFUEL 66.90 591496.85 8715
UCOBANK 54.90 56439755.60 1016432
UFLEX 93.50 45224597.75 483612
UMESL 23.90 1514716.95 63395
UNICHEMLAB 335.05 3693242.75 10977
UNIENTER 31.50 65118.70 2063
UNIPLY 11.55 63601.55 5655
UNITEDTEA 134.10 130446.00 965
UNITY 558.70 22529292.60 39782
UNIVCABLES 79.75 424880.10 5252
UPERGANGES 64.15 843224.30 12975
USHAMART 85.70 12231486.40 142848
UTISUNDER 690.00 8292.00 12
UTTAMSTL 106.30 92980171.70 866232
UTTAMSUGAR 54.25 809946.90 14752
UTVSOF 473.70 881449.10 1845
VAIBHAVGEM 26.90 18424.80 668
VAKRANSOFT 74.00 11054442.00 147020
VALECHAENG 92.70 997646.60 10754
VALUEIND 21.20 1108115.80 51960
VARDHACRLC 11.45 3433528.70 293651
VARDMNPOLY 47.80 52128.70 1089
VARUN 170.15 32343969.25 191844
VARUNSHIP 49.75 4046241.45 81102
VASCONEQ 126.00 85120456.60 664218
VENKEYS 309.95 4813825.70 15223
VENUSREM 231.25 6751598.85 28698
VESUVIUS 202.80 3232057.20 15673
VGUARD 80.90 3003508.95 36882
VHL 276.55 223961.20 809
VICEROY 42.05 548044.05 12984
VIDEOIND 219.90 131976584.95 591523
VIJAYABANK 47.30 38443524.25 806750
VIJSHAN 37.00 272855.50 7256
VIKASHMET 14.65 113713.70 7652
VIMTALABS 24.50 275054.00 11214
VINATIORGA 70.55 1695665.05 24016
VINDHYATEL 192.50 836696.35 4409
VINYLINDIA 7.10 34308.25 4870
VIPIND 225.50 117475836.10 505060
VIPUL 42.50 923089.65 21336
VISAKAIND 123.20 373138.40 3011
VISASTEEL 40.30 5654123.95 138107
VISESHINFO 6.10 240127.75 39329
VISUINTL 5.00 87906.00 17390
VITLINFO 9.70 4897837.15 497221
VIVIMEDLAB 126.25 646348.10 5133
VLSFINANCE 12.75 202633.80 15749
VOLTAMP 825.45 6662192.50 8036
VOLTAS 152.75 130701146.70 863449
VSTIND 497.65 653750.30 1322
VTL 218.95 4681077.40 21078
WABCO-TVS 688.70 544033.50 798
WALCHANNAG 226.15 51941426.45 225094
WANBURY 71.30 1099381.70 15179
WEBELSOLAR 134.15 962747.25 7296
WELGUJ 232.00 245131490.75 1050621
WELSPUNIND 79.00 36289556.50 461887
WHEELS 231.45 1637964.45 7035
WHIRLPOOL 135.80 3036615.30 22735
WILLAMAGOR 52.35 89697.70 1715
WINDSOR 34.30 287826.95 8435
WINSOMYARN 1.85 76335.85 40805
WOCKPHARMA 148.75 13117748.40 86131
WSI 40.00 521532.35 13038
WSTCSTPAPR 61.75 487459.80 7897
WWIL 7.15 66548.35 9704
WWIL 16.85 14982254.30 884466
WYETH 739.70 5365788.10 7293
XLTELENE 34.85 671805.50 19269
XPROINDIA 30.00 139623.85 4607
YESBANK 236.15 153021473.90 647485
ZANDUPHARM 4121.00 73448989.75 17750
ZEENEWS 57.10 5658014.90 98864
ZENITHBIR 26.45 1927216.80 73770
ZENITHCOMP 22.90 92015.25 3991
ZENITHINFO 231.40 146211.40 624
ZENSARTECH 282.90 3406430.90 12081
ZICOM 103.60 4657848.20 44999
ZODIACLOTH 395.10 175399.65 439
ZODJRDMKJ 25.40 227.00 9
ZUARIAGRO 514.05 55732803.60 106985
ZYDUSWELL 283.35 7321495.10 25759
ZYLOG 320.15 23756779.70 74280

National Stock Exchange of India Ltd.

Market as on 23-Feb-2010

The trade details of the Retail Debt Market and Corporate Bonds are given below:

Corporate
Bonds Retail Debt Market
Traded Value (Rs.lakhs) 285.18 0.00

Traded Quantity 24957 0

No. of securities traded 14 0

No. of trades 234 0

No. of clients participated 146 0

National Stock Exchange of India Limited

Futures & Options segment

Market Activity Report for
February 23, 2010
Index Futures and Index Options

Index futures saw a trading volume of Rs.15225.16 crores arising out of 636554 contracts and Index options saw 1693052 contracts getting traded at a notional value of Rs.41544.75 crores. The total turnover of the Futures & Options segment of the Exchange was around Rs.82264.00 crores.

Instrument wise summary:

Index Futures

Symbol No of Contracts Traded Traded Quantity Total Traded Value (Rs. In Crs.) Open interest (Qty.) as at end of trading hrs.
NIFTY 552751 27637550 13453.33 32000050
MINIFTY 54867 1097340 534.23 1640700
BANKNIFTY 28792 1439600 1229.28 1253000
CNXIT 144 14400 8.32 32400

Index Options

Symbol No of Contracts Traded Traded Quantity Total Traded Value (Rs. In Crs.) Open interest (Qty.) as at end of trading hrs.
NIFTY 1691910 84595500 41510.63 116625300
MINIFTY 450 9000 4.43 37760
BANKNIFTY 692 34600 29.69 157200

Options on individual securities

Out of 190 securities, options on 125 underlying securities got traded. The total number of contracts traded was 54818 with a notional value of Rs.1842.27 crores. Details of contracts on the underlying securities are as under:

S No Symbol No of Cont Notional Value (Rs.)
1 ABAN 26 12553720
2 ACC 33 11388213
3 AMBUJACEM 58 25364249
4 ANDHRABANK 3 707020
5 APOLLOTYRE 23 4204100
6 ASHOKLEY 93 46660348
7 AXISBANK 219 110251242
8 BAJAJHIND 252 61973824
9 BALRAMCHIN 118 30935160
10 BANKBARODA 26 10445400
11 BHARATFORG 15 7646000
12 BHARTIARTL 2791 403362900
13 BHEL 94 33813798
14 BPCL 8 2641788
15 CAIRN 259 87928065
16 CENTURYTEX 1 405344
17 CHAMBLFERT 1746 410420112
18 CHENNPETRO 1 441000
19 CIPLA 61 24066939
20 DABUR 1 450900
21 DCHL 12 6475300
22 DENABANK 26 10885351
23 DISHTV 34 7195065
24 DLF 3436 833003520
25 EDUCOMP 307 83996177
26 ESSAROIL 172 35060664
27 FORTIS 13 2762630
28 FSL 97 29566375
29 GAIL 38 17850657
30 GMRINFRA 145 21328875
31 GODREJIND 4 842400
32 GRASIM 10 4796044
33 GSPL 17 9903045
34 GTLINFRA 87 19235344
35 GTOFFSHORE 5 2193500
36 GVKPIL 29 6512252
37 HCC 9 2578065
38 HCLTECH 12 5578300
39 HDFC 84 32077122
40 HDFCBANK 32 10954740
41 HDIL 467 112358329
42 HEROHONDA 37 12686590
43 HINDALCO 3770 2055056940
44 HINDPETRO 261 62937423
45 HINDUNILVR 556 137503850
46 HOTELEELA 26 8568000
47 IBREALEST 81 17470765
48 ICICIBANK 3236 956645853
49 IDBI 228 67486320
50 IDEA 173 27559035
51 IDFC 306 140697597
52 IFCI 1651 676063024
53 INDIACEM 7 1231414
54 INDIAINFO 8 2327625
55 INFOSYSTCH 658 340124220
56 IOC 2 843000
57 ISPATIND 261 66821020
58 ITC 569 161962540
59 IVRCLINFRA 3 965650
60 JINDALSAW 80 80093500
61 JINDALSTEL 219 133812096
62 JPASSOCIAT 819 190533759
63 JPPOWER 22 5144532
64 JSWSTEEL 18 7759299
65 KFA 27 6445975
66 KOTAKBANK 1 407330
67 LICHSGFIN 1 331500
68 LITL 13 4020038
69 LT 533 161028280
70 LUPIN 3 1578850
71 M&M 40 12818458
72 MARUTI 307 85802310
73 MCLEODRUSS 20 3887100
74 MLL 19 4903430
75 MOSERBAER 3 597094
76 MPHASIS 13 7689200
77 MRPL 9 3199551
78 MTNL 162 41346400
79 MUNDRAPORT 1 212970
80 NAGARFERT 476 91323490
81 NATIONALUM 8 1832411
82 NEYVELILIG 9 2087200
83 NOIDATOLL 3 885600
84 NTPC 784 269250153
85 ONGC 237 60038002
86 ORCHIDCHEM 18 6493410
87 PATNI 8 4950400
88 PETRONET 9 3034240
89 PFC 46 13532760
90 PNB 11 2959710
91 POLARIS 4 1855420
92 POWERGRID 70 15251104
93 PRAJIND 3 541420
94 PUNJLLOYD 72 21116475
95 RANBAXY 308 111594120
96 RCOM 1163 143411065
97 RECLTD 340 141574683
98 RELCAPITAL 414 88692130
99 RELIANCE 7169 2185646115
100 RELINFRA 151 42590499
101 RENUKA 859 405201625
102 RNRL 682 172141846
103 ROLTA 23 7908750
104 RPOWER 241 70790800
105 SAIL 777 225557465
106 SBIN 1771 462507343
107 SESAGOA 344 196248000
108 SIEMENS 18 8875104
109 STER 126 42487270
110 SUZLON 1587 353061450
111 SYNDIBANK 1 323570
112 TATAMOTORS 1026 625836347
113 TATAPOWER 30 7750840
114 TATASTEEL 7098 3141719234
115 TCS 401 311552700
116 TRIVENI 3 1468583
117 TTML 21 5650316
118 TV-18 6 877369
119 UCOBANK 17 5383500
120 UNITECH 3336 1090908225
121 VIDEOIND 35 7244126
122 VIJAYABANK 28 9726930
123 WIPRO 62 25559730
124 YESBANK 1 552200
125 ZEEL 15 5295850

The top 20 option contracts on individual securities traded are as under:

S No Symbol Exp Date Str Price Opt Type No of Cont Notional Value (Rs.)
1 TATASTEEL 25-Feb-2010 580 CA 2467 1104489206
2 UNITECH 25-Feb-2010 70 CA 1565 500127525
3 TATASTEEL 25-Feb-2010 560 PA 1419 612712567
4 RELIANCE 25-Feb-2010 1000 CA 1162 349941795
5 RELIANCE 25-Feb-2010 980 CA 1020 302836575
6 HINDALCO 25-Feb-2010 155 CA 966 534494138
7 TATASTEEL 25-Feb-2010 560 CA 947 416775141
8 BHARTIARTL 25-Feb-2010 280 CA 888 125568625
9 ICICIBANK 25-Feb-2010 840 CA 784 233811603
10 HINDALCO 25-Feb-2010 150 PA 710 376805592
11 DLF 25-Feb-2010 290 CA 698 164626600
12 RELIANCE 25-Feb-2010 1020 CA 685 209880975
13 RELIANCE 25-Feb-2010 990 CA 681 203487240
14 IFCI 25-Feb-2010 50 CA 635 252414524
15 TATASTEEL 25-Feb-2010 580 PA 596 269847474
16 SUZLON 25-Feb-2010 70 CA 555 118511700
17 DLF 25-Feb-2010 300 CA 501 120907520
18 DLF 25-Feb-2010 280 PA 489 110805440
19 HINDALCO 25-Feb-2010 160 CA 488 276185339
20 ICICIBANK 25-Feb-2010 840 PA 482 143357340

The top twenty contracts contributed to around 35% of the total traded volume in Options on individual securities. RELIANCE was the most active option contracts on individual securities traded today with 7169 contracts and TATASTEEL was the next most active options contracts with 7098 contracts being traded.

Futures on individual securities

Out of 190 securities, stock futures on 190 underlying securities got traded. The total number of contracts traded was 738921 with a traded value of Rs.23651.82 crores. Details of contracts on the underlying securities are as under:

S No Symbol Traded Value (Rs.) No of Contracts
1 ABAN 4020649040 8562
2 ABB 337734425 834
3 ABIRLANUVO 447771740 1353
4 ACC 828400041 2436
5 ADANIENT 32794160 166
6 ALBK 127254838 394
7 AMBUJACEM 353782907 822
8 ANDHRABANK 65373705 283
9 APIL 62961210 198
10 APOLLOTYRE 40124930 208
11 AREVAT&D 24835838 124
12 ASHOKLEY 582222436 1285
13 ASIANPAINT 29553690 82
14 AUROPHARMA 741344520 1158
15 AXISBANK 7686536873 15325
16 BAJAJ-AUTO 493762320 1407
17 BAJAJHIND 1745195648 7943
18 BALRAMCHIN 1602419760 6383
19 BANKBARODA 759469515 1899
20 BANKINDIA 509014133 1655
21 BEL 201509380 358
22 BEML 304438331 753
23 BGRENERGY 3452780 18
24 BHARATFORG 518635800 1090
25 BHARTIARTL 2744606275 19655
26 BHEL 3267722805 9185
27 BHUSANSTL 952381675 1172
28 BIOCON 651617910 1356
29 BOSCHLTD 7442920 16
30 BPCL 1473621985 4527
31 BRFL 888979268 3771
32 CAIRN 2220219063 6694
33 CANBK 200538000 657
34 CENTURYTEX 1310615037 3273
35 CESC 75080775 181
36 CHAMBLFERT 1129980916 5216
37 CHENNPETRO 280954890 631
38 CIPLA 659357688 1696
39 COLPAL 22125098 57
40 CONCOR 55923075 185
41 CROMPGREAV 189104800 475
42 CUMMINSIND 31154206 73
43 DABUR 118800405 265
44 DCHL 456881800 903
45 DENABANK 344769338 842
46 DISHTV 413293681 2072
47 DIVISLAB 326339511 901
48 DLF 5596803520 24318
49 DRREDDY 831013640 1823
50 EDUCOMP 3954684919 15093
51 EKC 145151600 611
52 ESSAROIL 1372019432 7205
53 FEDERALBNK 53877065 252
54 FINANTECH 566614313 2487
55 FORTIS 70620940 353
56 FSL 365426525 1348
57 GAIL 1016377707 2212
58 GESHIP 139491480 434
59 GLAXO 79901565 157
60 GMRINFRA 1794357000 13060
61 GODREJIND 6204250 32
62 GRASIM 1383978332 2944
63 GSPL 799142090 1516
64 GTL 781524713 2552
65 GTLINFRA 1946498273 9416
66 GTOFFSHORE 490970800 1150
67 GVKPIL 419818538 2144
68 HCC 609497385 2191
69 HCLTECH 359101275 757
70 HDFC 4360095848 11603
71 HDFCBANK 1969753820 5795
72 HDIL 3470590225 15160
73 HEROHONDA 2790358240 8239
74 HINDALCO 3914203317 7214
75 HINDPETRO 1459590373 6136
76 HINDUNILVR 1281580550 5276
77 HINDZINC 643730300 1166
78 HOTELEELA 198037875 586
79 IBREALEST 1546309700 7682
80 ICICIBANK 7847302138 26619
81 ICSA 129088740 784
82 IDBI 784023240 2793
83 IDEA 784361475 5147
84 IDFC 1413468164 3143
85 IFCI 2548123292 6600
86 INDHOTEL 223796390 675
87 INDIACEM 292360601 1728
88 INDIAINFO 727690625 2616
89 INDIANB 104847270 291
90 INFOSYSTCH 2863757320 5551
91 IOB 116199321 437
92 IOC 717242220 1831
93 ISPATIND 1161439958 4979
94 ITC 1129965751 4051
95 IVRCLINFRA 1296284750 4175
96 JINDALSAW 3326607750 3419
97 JINDALSTEL 4643005248 7811
98 JISLJALEQS 9990863 47
99 JPASSOCIAT 1813188241 8104
100 JPPOWER 458071876 2172
101 JSWSTEEL 5391423863 12513
102 KFA 249857075 1183
103 KOTAKBANK 1249550005 3170
104 KSOILS 585517180 1433
105 LICHSGFIN 673441931 2163
106 LITL 354539152 1188
107 LT 3951158410 13318
108 LUPIN 515031983 987
109 M&M 1820755669 5926
110 MARUTI 3904859510 14347
111 MCDOWELL-N 591468250 1788
112 MCLEODRUSS 58098015 293
113 MLL 405672960 1525
114 MOSERBAER 180542464 976
115 MPHASIS 952170280 1622
116 MRPL 169107343 510
117 MTNL 473151680 1990
118 MUNDRAPORT 27762555 142
119 NAGARCONST 279064200 929
120 NAGARFERT 504640501 2900
121 NATIONALUM 906742312 4253
122 NEYVELILIG 250915274 1102
123 NOIDATOLL 210001180 730
124 NTPC 3685926563 11210
125 OFSS 901440195 1365
126 ONGC 1409072288 5686
127 ONMOBILE 16489248 80
128 OPTOCIRCUI 218273880 521
129 ORCHIDCHEM 584919720 1695
130 ORIENTBANK 163990860 506
131 PANTALOONR 607762920 1814
132 PATELENG 76387200 177
133 PATNI 706311320 1135
134 PETRONET 182395840 579
135 PFC 121000500 436
136 PIRHEALTH 389579250 688
137 PNB 829939635 3126
138 POLARIS 275221520 625
139 POWERGRID 897618935 4381
140 PRAJIND 329375310 1838
141 PTC 383471826 1526
142 PUNJLLOYD 1354054575 5167
143 RANBAXY 1574983880 4429
144 RCOM 1231101445 10895
145 RECLTD 2446622394 6044
146 RELCAPITAL 4643453533 22761
147 RELIANCE 6588556410 22434
148 RELINFRA 2957285669 10852
149 RELMEDIA 127483320 984
150 RENUKA 4776984875 10564
151 RNRL 1291751685 5820
152 ROLTA 246252240 769
153 RPOWER 1033944900 3709
154 SAIL 1508690745 5335
155 SBIN 5316278510 20905
156 SCI 98423640 279
157 SESAGOA 6685581075 12080
158 SIEMENS 461812488 913
159 SINTEX 128872660 374
160 STER 2347973701 7116
161 STERLINBIO 82391500 342
162 SUNPHARMA 305926403 869
163 SUNTV 47452950 128
164 SUZLON 2679268950 12762
165 SYNDIBANK 74395260 237
166 TATACHEM 385171876 996
167 TATACOMM 253174793 1615
168 TATAMOTORS 7430444066 12479
169 TATAPOWER 1129352420 4512
170 TATASTEEL 11250938390 25822
171 TATATEA 108079731 211
172 TCS 2882632700 3785
173 TECHM 464908800 832
174 TITAN 301316272 835
175 TRIVENI 419840191 920
176 TTML 288044323 1171
177 TULIP 27121825 57
178 TV-18 91688000 677
179 UCOBANK 292314750 1048
180 ULTRACEMCO 521636980 1270
181 UNIONBANK 467199863 1813
182 UNIPHOS 164961440 740
183 UNITECH 3915742725 12597
184 VIDEOIND 97988808 517
185 VIJAYABANK 206345190 626
186 VOLTAS 168671430 412
187 WELGUJ 3660657200 9811
188 WIPRO 1059204990 2613
189 YESBANK 714453300 1371
190 ZEEL 573246730 1623

The top 10 futures contracts on individual securities traded are as under:

S No Symbol Exp Date Traded Value (Rs.) No of Contracts
1 TATASTEEL 25-Feb-2010 7975554148 18268
2 ICICIBANK 25-Feb-2010 5327617663 18070
3 DLF 25-Feb-2010 4000209600 17381
4 SBIN 25-Feb-2010 3700403896 14552
5 RELIANCE 25-Feb-2010 3939671640 13428
6 RELCAPITAL 25-Feb-2010 2683150519 13159
7 BHARTIARTL 25-Feb-2010 1610699675 11537
8 HDIL 25-Feb-2010 2634917054 11515
9 AXISBANK 25-Feb-2010 5317135605 10607
10 EDUCOMP 25-Feb-2010 2647932319 10081

The top ten contracts contributed to around 17% of the total traded volume in Futures on individual securities. ICICIBANK was the most active future contracts on individual securities traded today with 26619 contracts and TATASTEEL was the next most active futures contracts with 25822 contracts being traded.

Friday, December 4, 2009

Bond Funds To Bet On A Dying US Dollar

We've had quite a rally, but among key concerns that currently threaten to blight the fun is the dollar. The greenback has declined steadily since the beginning of the rally in March, and there is widespread agreement that we've not seen the bottom yet. What's not clear-cut, however, is how investors might fight this trend.

Foreign currency funds, precious metals, commodities, and similar alternative asset classes are being mooted as possible ways to shield portfolios from a dollar rout. Those ideas can diversify a portfolio. Yet, a good old foreign bond fund would be up to the task, too, and arguably a more sensible fix for most investors. An unhedged foreign bond fund will buy you exposure to foreign currencies and also offer far more potential for price appreciation than currency funds (which hold essentially cashlike instruments). Precious metals will hold up when paper currencies tumble, but they (most notably, gold) are at record highs these days, and their valuations are questionable. And although commodities' could also be better stores of value than paper money in the long run, their prices remain vulnerable to business cycles. In comparison, foreign bond funds look like a decent option that investors can incorporate into their portfolios without much head-scratching.

Before discussing a few eligible candidates, some caveats are in order. Currency movements are notoriously unpredictable and will defy the most rational consensus view. Moreover, many investors may already have a measure of nondollar exposure through foreign stock funds or even domestic blue-chip funds that feature many companies that earn sizable chunks of their revenue abroad. Thus, don't overestimate your need for foreign currency allocation. The following fund examples also are among the world-bond category's bolder options that deploy a wide range of securities and active currency bets, so make sure you are comfortable with their risks. Also, the securities in these funds can suffer capital losses (which will erode any currency gains), though in the long run you should come out ahead of a cashlike currency fund.

Loomis Sayles Global Bond (LSGLX)

This global bond Analyst Pick had a tough time last year due to the portfolio's heavy corporate stake, but that very emphasis is powering the fund to a topnotch finish in 2009. The fund's veteran managers clearly rely heavily on their firm's global expertise in bottom-up credit research, but they have shown the ability to make well-calculated shifts into other sectors as well. For example, management took profits in many of the portfolio's biggest corporate winners this year and bought higher-rated government bonds in Norway and Canada (those countries' currencies have staged some of the biggest moves against the U.S. dollar this year). Strong issue selection should continue to give this fund a significant edge over more passive vehicles for nondollar exposure.

Templeton Global Bond (TPINX)

Unlike the Analyst Pick discussed above, this one sticks to government bonds, but there are plenty of bold statements in the portfolio. For example, the fund currently has a 21% stake in South Korea bonds alone and a combined 14% stake in Brazil and Mexico. Veteran manager Michael Hasenstab argues that those developing countries' bonds and currencies are backed by a great combination of fiscal responsibility and cheap valuations. This logic underscores a key point in the whole currency debate. Many developed markets (including Japan, United Kingdom, and several in the eurozone) face the same pressures as the U.S. The central banks of these developed countries all have limited ability to support their currencies because of the continued need to bail out or support private debt markets. Thus, Hasenstab's approach to diversify the fund's currency exposure beyond the "usual suspect" choices makes sense. Also, he has a great long-term record through many different market environments owing to his patient, valuation-conscious approach.

Oppenheimer International Bond (OIBAX)

This is another example of a veteran manager using a flexible approach to great effect. Skipper Art Steinmetz, who was tapped earlier this year to head up the firm's entire fixed-income effort, has considerable leeway here to go into emerging markets and corporate bonds and to make active currency bets. The portfolio currently has a 13% combined stake in Brazil and Mexico, for example, which includes several prominent corporate issues. Again, for investors looking to add currency diversification, the key strength to note here is the fund's ability to deliver plenty of price-appreciation upside on top of the currency gains.

AllianceBernstein Global Bond (ANAGX)

The strategy here is just as distinct as those at the funds already mentioned, although not as well-tested. Management uses a multisector approach that pulls in the entire spectrum of choices in global bond markets including emerging markets, corporate and asset-backed bonds, and currency plays. To boot, management will use leverage as well. This approach took shape in 2007, after a series of incremental strategy changes that gradually gave management greater flexibility. Granted, the record is not long under the mandate, but we like what we've seen so far. Management will often be early with its bold valuation calls, but patient shareholders have reaped rewards.

Sunday, November 15, 2009

Portfolio Management | Pro Freelance Projects

The application is to manage customer’s transaction in a small finance house; it should track customer details, investments
such as fixed deposit and loan.please find the requirements below. Kindly provide me with a detail proposal, system
requirements and deliverables to deliver.
Note: For customers to caryyout any transaction with the finance house, his or her details must have been captured and stored
in the company database. Such information are:
*Title (Mr, Mrs, Miss, Dr, etc), *Gender (Male or Female), *Branch Office, *FirstName, Middle Name, *Surname, Date of Birth,
Marital Status (Single, Married, Divorced, Separated, Window), Residential Address (street, city, state) Mailing / Postal
Address (street, city, state), Telephone Numbers (office Telephone-1, Home Telephone-2), fax number, mobile number, email,
nationality, preferred means of contact (post, email, phone/sms) next of kin (title, gender, relationship, first name, middle
name, surname, date of birth, email, office telephone, home telephone, mobile number.
Application Process
Customers can either apply online or fill and submit paper application to open an account with the finance house. If online,
customers fill application from the company secure site online, attached all the necessary forms (such as customer reference
form, signatory form and passport photograph), and submit application. If application is filled on a paper form and submitted
to customer care officer, who inturn fill all the details into the application and attach scan copies of necessary forms into
the application and submit.
Once submitted, application details are automatically stored on company database (on internal network), and alert the
administrative officer via SMS and email of applications awaiting his or her review.
The administrative officer logon to the application, and he or she is automatically taken to his or her inbox. Once the
administrative officer clicks on a particular customer’s application, the details of the application is open up to the
administrative officer for her/his review. The administrative staff can either accept the application by clicking the accept
checkbox or put the application onhold. If acepted, an SMS and email is automatically sent to the applicant that application
is under review, If on-hold, administrative officer shall enter a comment into the application to alert applicant of action
to be taken for his/her application to be processed.
Once the application is accepted, the administrative staff shall assign a routing code to the application for review of the
applicant application. The application is then routed to the next reviewer (Account Officer).
Account officer reviews the application and the application is routed to the next reviewer (supervisor or manager).
Upon the manager or supervisor’s approval, the application automatically generate account number for the applicant and an SMS
and email is automatically sent to the applicant for collection of his/her account number.
Note: Routing code should be configured and generated in a central location by the administrator, and assign to application
by administrative staff. By default, after submission of application by applicant or customer care officer, it should go
straight to administrative officer inbox.
When application is routed for review, it should notify reviewers via SMS and email of application awaiting their review.
Reviewer should have the capability to delegate to other personnel for review and should be able to add or attach comments
Applicant should have the capability to check status of application online, an application code is generated online or
assigned by customer care if paper application is submitted. The code shall be used to track status online.
The application should store customer forms in a folder structure like window explorer, and all form should be associated to
the customer accounts. Attached forms should have reference title and numbers assigned to each form and arranged
alpabetically.
User’s should have the capability to search for customer details through account number, or last name and first name. But
only authorized users should be allow to view customers details and attached forms.
Loan Process.
Customers can apply for loan, once he/she has an account with the finance house. Application can either be submitted online
or through customer care officer by submitting a paper application.
The application should carry the following:
Loan details:
Customer Type of Account (Joint or Individual)
Account Number & Account Name
Type of loan (Individual, Corporate, Others)
Amount requested
Interest Rate (this is base on type of loan, it is automatically display after selecting type of loan).
Number of months (periods)
Payment frequency (Monthly, Quarterly, Yearly)
Payment month (start month for repayment)
Payment month due
Purpose of loan
Equity Contribution
Management Fee
Arrangement Fee
Maximum Monthly debt burden
Age at expiration of loan
Documentation to be supplied by applicant are: Proof of Income, Employeer’s confirmation letter, bank account statements,
register title of property, proof of date of birth.
Applicant details:
The application will move to the next page for applicant to fill his/her details as follows:
i. employer/self employed.
ii. position.
iii. years employed.
iv. employer’s address.
employer’s contact.
v. salary per month.
vi. Previous employer.
vii. Position.
viii. years employed.
ix. previous employer’s address
Collateral details:
The application will move to the next page for applicant to fill collateral details as follows:
i. address
ii. year built
iii. date purchased
iv. present value
v. balance owing
vi. title in names of
vii. address of title holder
viii. name and address of insurance carrier.
5. ASSET & DEBT INFORMATION
The application will move to the next page for applicant to fill ASSET & DEBT INFORMATION details as follows:
ASSETS OWNED
DESCRIPTION OF ASSETS NAME IN WHICH THE ACCOUNT IS CARRIED VALUE
CHECKING ACCOUNT NUMBER(S)
SAVINGS ACCOUNT NUMBER(S)
CERTIFICATE OF DEPOSIT(S)
MARKETABLE SECURITIES( issuer, type, no. of shares)
REAL ESTATE(location, date acquired)
LIFE INSURANCE(issuer, face value)
AUTOMOBILES(make, model, year)
OTHER
TOTAL ASSETS
Once the application is completed online, and applicant have attached all the necessary documents and click ok, The
application should calculate amortization base on these parameters: Amount, Interest, periods, and payment frequency. once
the applicant click submit, this detail should be stored in the company database.
The credit unit staff assigned to receive applications, automatically receive alert via SMS or email of application awaiting
his or her review.
The review process is same as above.
Report shall be in portrat and landscape.
The application should be developed with Visual studio 2008 (VB.net) and SQL Server 2005. Please note that client does not
have the resources for sharepoint.
The application shall interface with other applications.
Kindly provide a detail proposal to capture your deliverables and system specification including sample screen shot.
I would appreciate your prompt response so as to agree on the cost and proceed to executing the project.

Portfolio Management | Pro Freelance Projects

Saturday, November 14, 2009

interview Q

I’m exceptionally proud and honored to present an interview with one of the top value investors of India, Mr. Chetan Parikh. This interview with Mr.Parikh represents one of the highlights of my career. Mr. Parikh is a man whom I admire and who has extensively contributed to the value investing community (via Capital Ideas Online and his numerous writings). I hope you enjoy the interview.

Before we begin, I would also like to thank Mr. Prashant Patel, a loyal reader of SimoleonSense, for facilitating this interview. Thank you very much, I wish both gentleman the best of health.

-Cordially,

Miguel Barbosa

Founder of SimoleonSense.com “Enriching Ideas for Intelligent Investors”

I’m exceptionally proud and honored to present an interview with one of the top value investors of India, Mr. Chetan Parikh. This interview with Mr.Parikh represents one of the highlights of my career. Mr. Parikh is a man whom I admire and who has extensively contributed to the value investing community (via Capital Ideas Online and his numerous writings). I hope you enjoy the interview.

Before we begin, I would also like to thank Mr. Prashant Patel, a loyal reader of SimoleonSense, for facilitating this interview. Thank you very much, I wish both gentleman the best of health.

-Cordially,

Miguel Barbosa

Founder of SimoleonSense.com “Enriching Ideas for Intelligent Investors”

Opening Questions

Q. There are many different approaches to investing. What led you to choose the value approach?

A. Value investing is a logical, safe and disciplined approach to investing. It requires a lot of patience which fits in with my temperament.

Q. Which investors do you admire? Besides these investors who else has influenced you?

A. Any value investor can learn a lot from the Masters. In India I’ve listened to and learnt from Prof. Rusi Jal Taraporevala and Mr. Chandrakant Sampat.

Q. What’s your opinion of the efficient markets hypothesis and practitioners of technical analysis?

A. I believe that the efficient market hypothesis in the various avatars (strong, semi-strong and weak) is not correct. Sometimes prices deviate far away from intrinsic values and it is possible to earn high risk adjusted returns. In fact, the lower the downside risk, the higher can be the upside reward. I do not know anything about technical analysis.

Q. Tells us about your approach to fundamental analysis-what is your focus? How do you search for your investment ideas? Where do most of these ideas come from? Describe your evaluation process (both quantitative & qualitative)? How long do you hold on to your positions?

A. My firm, Jeetay, principally invests in publicly traded Indian securities and seeks to maximize investors’ capital by buying securities trading at values materially lower than their true business value.

Jeetay aims to achieve high absolute rates of return while minimizing risk of capital loss. Jeetay combines the analytical vigour of determining the fair value of a security with a deep understanding of the Indian markets. Jeetay will invest in securities where it can ascertain the reasons for the market’s mispricing and the likelihood of the mispricing being corrected.

Jeetay follows the value investment philosophy, which means that the objective is to buy a security trading at a significant discount to its intrinsic value. Since the focus is on discovering undervalued stocks, the fund doesn’t base its investments on macro-economic factors like GDP growth.

Jeetay determines intrinsic value as the present value of the future cash flows of a company discounted at a rate that properly reflects the time value of the money and the risks associated with the cash flows. In other cases Jeetay invests in “Special Situations” which involve the following:

Repositioning assets to higher uses
Mergers and acquisitions / open offers
Restructuring troubled companies
Spin-offs
Buybacks

The fund invests in a company if the market price is quoting at a discount of at least 60% to the intrinsic value. It sells when the market value approaches intrinsic value or it finds a security trading at a steeper discount to intrinsic value.

Jeetay believes that while in the long term, a company is valued by its fundamentals, short term mispricing occurs due to investor psychology, liquidity and macroeconomic factors. This provides opportunities for the diligent and patient investor to make outstanding risk-adjusted returns.

The time horizon of Jeetay is 3-5 years. It believes that short-term market movements can be volatile and the market may recognize mispricing only in the medium to long term. Hence the emphasis is on understanding the corporate strategy and the resultant cash flows for a 3-5 year period. The probability of the markets recognizing the mispricing becomes high over the medium to long-term period.

The firm does not limit its investments to certain asset classes or sectors. The fund evaluates any sector or asset class where a conservative estimate of intrinsic value is determinable with a reasonably high probability and invests if the security is available at a reasonable margin of safety.

The firm does extensive research to arrive at estimates of expected cash flows, asset values and earnings. Jeetay culls information from public databases, quarterly and annual filings, annual reports, meetings with management, competitors, vendors, customers and other industry participants, industry experts, trade journals and bankers. Jeetay has extensive networks in India to get data and information for superior analysis. Jeetay believes that a disciplined private equity approach to investing that stresses on buying at a discount to intrinsic value will deliver consistent absolute above average investment returns and safeguard capital irrespective of the state of the markets.

Jeetay believes that the following steps are essential to its process:

1. Opportunity Identification. Jeetay identifies opportunities through a multitude of ways. Jeetay has numerous financial models and screens that are used to filter investment opportunities within the framework of the investment philosophy. Jeetay has many contacts and professional relationships. This gives it many opportunities consistent with the investment philosophy.

2. Analysis. Jeetay does intensive financial and qualitative analysis on companies once an opportunity is identified. The analysis is mainly to arrive at whether a disparity exists or not between the traded value of the security and its intrinsic value. Jeetay has substantial experience in determining the intrinsic value of a company across sectors. Multiple valuation metrics including discounted cash flow analysis, price to earnings, dividend discount model, price to sales, price to book, comparative analysis is used to arrive at the valuation of a company.

Other than financial analysis, Jeetay extensively meets every possible associate of the company to understand the opportunity better. These include vendors, customers, middle management, bankers, competitors, large stakeholders and senior management. This helps Jeetay arrive at a closer intrinsic value and also exit an investment if unfavourable events arise or the team’s original calculation of intrinsic value was wrong.

The analysis would focus on the 3B’s, – Understanding the business, analyzing the balance sheet and looking for bargains.

Take each in turn

Business: What is the nature of the business and its competitive strengths and weaknesses? What is the competitive ecological niche that it occupies and how protected are its profits from predators there? What are the nature of the entry barriers or ‘moats’ - , intangible assets, switching costs, network effects, cost advantages? How wide and deep are the moats? Does the business cover its cost of capital? A qualitative assessment of the business should be made to understand whether it is a superior or inferior business. Evidence of pricing power or the ability to lower cost of production and distribution should be searched for.

Balance Sheet: In order of importance is the balance sheet, the cash flow statement and the profit and loss account.

Bargains: One need not to be able to determine value exactly to know whether a stock is cheap or not. As Ben Graham wrote “To use a homely smile, it is quite possible to decide by inspection that a woman is old enough to vote without knowing her age, or that a man is heavier than he should be without knowing his weight.” A discount to value, a ‘margin of safety’ is paramount, without which an investor is relying on the whims of “Mr. Market” for his investment return.

Q.. As a follow up question, how do you determine intrinsic value?

A. The textbook definition of Intrinsic Value is the present value of the future cash flows discounted at a rate that realistically reflects the time value of money, risk and volatility of the cash flows.

The problem is that it is difficult to

1. determine the future free cash flows

2. determine the discount rate

3. determine the terminal value

There are very few companies, i.e. those that are franchises earning well over their cost of capital and growing whose intrinsic value can be calculated using the Dcf approach. Ben Graham’s methods of bargain identification is useful in other cases.

You don’t have to calculate intrinsic value with precision (especially where it is not possible) to know whether a stock is cheap in seldom to its value or not.

Q. Do you invest in foreign companies? If so, do you evaluate foreign companies different than those based in India and how do you hedge currency exposure(s)?

A. Have not invested in foreign companies as of yet. Sitting in India, I would have to invest in the large cap stocks in foreign markets, and have not as yet found large caps in USA to be cheap in relation to my investing universe in India. Whilst markets may change, valuation principles are universal-they are the same whether it’s the USA or India.

Q. How many stocks do you typically hold in your portfolio?

A. In my family portfolio, given the time horizon and tax considerations, there is a heavy concentration on a few stocks that have franchise value and entry barriers. There are smaller positions, but the bulk of the portfolio is in a handful of stocks.

In the managed accounts, price in relation to value is of paramount importance and many of the businesses are clearly not franchises. The portfolio thus in the managed accounts tends to be more diversified with roughly around 18-25 positions. Cash is carried at all times in the managed portfolios, the level directly correlated with the valuation of the broad market.

Q. Do you invest in any fixed income? If so, tell us about the role of fixed income investments in your portfolio.

A. I do not normally invest in fixed income securities. Cash is usually a default position and varies directly with the level of the market. The cash is usually kept in the bank or in money market funds. I do not like to take a credit risk with money that I know will eventually be opportunistically deployed in the stock markets. The key is to be able to sit on your low-yielding cash without losing your patience.

Q. . How do you judge a company’s management?

A. There are three ways of looking at management

1. their integrity

2. their competence – both operational and in capital allocation

3. their corporate governance

In the end you want to deal with people who do not make your stomach churn. Integrity and competence are both necessary in top management. Finally there is the factor of the passion to improve the game by never becoming complacent.

Sometimes a good price can cover a multitude of sins, including poor management. But if I had to hold a non-franchise investment for any length of time, management would certainly be an important factor. In many cases, it is the jockey, not the horse that one should bet on.

Q. What makes you sell an investment?

A. I sell when

My original thesis was wrong
Price is reached
A better option comes along

Ben Graham’s criterion should be kept in mind. Switch for

1. Increased security

2. Larger yield

3. Greater chance for profit

4. Better marketability

Q. How do you look at risk?

A. Risk is very subjective. Academic theory has one definition of risk namely standard deviation which is wrong. Actually, if one had to use statistical distributions to measure risk, then there are three dimensions, Variance, Skewness & Kurtosis.

I do not think however that risk can only be captured by statistical measures. To me, risk is simply the chance of permanent loss of capital and an investors’ job is to eliminate that risk. He may not be able to do so for individual securities, even with a margin of safety, but he has to do it in a portfolio context.

Q. What’s your take on leverage?

A. Leverage is one of the two things that can cause a permanent loss of capital to a value investor. Avoid it, unless you are willing to take a risk of a permanent loss to your capital. The other thing that can cause a permanent loss of capital is holding on to overvalued stocks, but I assume that a value investor would not do that.

I always carry cash for optionality, rather than borrow against my holdings should the opportunity arise.

Q. Do you invest in commodities, gold, real estate, etc? If so what has been your experience with these classes?

A. I have legacy investments in real estate. I view it as an inflation hedge and a different asset class in the portfolio.

Currently I have investments in gold as a hedge against a highly likely decline in the value of the dollar and a meltdown in financial assets. The economic problems in US are severe and the wrong treatment is being given. When fiscal and monetary insanity prevails, gold always reigns supreme. I’m not making a directional bet on gold prices – it is only a hedge against my financial investments.

Q. Tell us a little more about your involvement with special situations?

A. It depends on the definition of “special situations”. If special situations means a value stock with identifiable catalysts like change in management, operational and financing restructuring, buybacks, mergers and acquisitions etc, then we certainly do invest in special situations. We have investments in spin offs and in open offers as a result of takeovers.

Q. Have you ever taken the role as an activist investor, would you ever do so?

A. I’ve never wanted to take a confrontational attitude with management although sometimes I’m forced to. If I’m not happy with their policies, I sell - but my aim is to influence management through logic and rationality, not through financial blackmail.

There is a grey area however. I’ve been connected with the press through my columns in various newspapers and magazines and I’ve written about instances of corporate misgovernance there. But I’ve never threatened management.

I do not have the temperament to fight management or for that matter, anybody. I believe in exiting relationships where there is no mutual respect, rather than slugging it out for dominance.

Q. We understand that you are very focused on bottom up value investing-what has the financial crisis taught you?

A. I wrote this piece awhile ago and it would be related to the question above.

It may be interesting to use a cross-disciplinary approach to the problems and mistakes made by banks in the sub-prime market.

The power of rewards that leads to repeated actions and the flawed compensation structure that led to misaligned incentives could be one mental model. As Raghuram Rajan pointed out in Financial Times (Jan 9, 2008), the compensation practices in the financial sector are deeply flawed. The compensation is based on the so-called ‘alpha’ that a manager of financial asset generates. There are three sources of ‘alpha’:

1) Truly special abilities in identifying undervalued assets (eg. Warren Buffett)

2) Activism – using financial resources to create, or obtain control over, real assets and to use the control to change the payout obtained on the financial investment.

3) Financial engineering – financial innovation or creating securities that appeal to particular investors.

Many managers create ‘fake alpha’ i.e. they appear to create excess returns but are taking on ‘tail’ risks which produce a steady return most of the time as compensation for the very rare, very negative returns (‘black swans’). The AAA rated CDOs generated higher returns than similar AAA rated bonds. The ‘tail risk’, so evident in hindsight, of the CDO defaulting was not as small as perceived and so the excess return was compensation for that.

The credit rating agencies that rated these securities as AAA because of their ‘insured’ status were themselves wrongly incentivized (compensated by the issuers of the securities). Furthermore once their peers started issuing AAA ratings, ‘social proof’ came into play and the ratings war as to who assigned the highest ratings for junk became a classic Prisoners’ Dilemma.

The managers themselves seem to have been suffering from

1) self-serving bias (i.e. an overly positive view of their own abilities and an overly over-optimistic view of the future)

2) self-deception and denial for they seem to have indulged in collective wishful thinking

3) bias from consistency tendency (they must have looked for evidence that confirmed their optimistic beliefs and kept on being consistent to their original ideas even when problems surfaced) leading to

4) status quo bias or the do-nothing syndrome

5) impatience in valuing the present more highly than the future again caused by incentives that made them so myopic

6) bias from envy from managers who were making large returns with apparently no extra risk which led to

7) distortion by contrast comparison because the steady escalation of commitments must have seemed incrementally small caused byanchoring to what seemed like small relative numbers

9) social proof which led to imitating the behavior of their peers

10) bias from over-influence by authority in that the CEOs of the banks that have suffered the most seem to have been run by people who did not have a ‘trading’ or ‘market’ background and they were swayed by the ‘experts’ they were overseeing which led them to

11) sensemaking in that they were too quick to draw conclusions and may have become

12) reason-respecting in that they complied with requests from their subordinates merely because they had been given some reason leading to

13) a do-something syndrome all caused by

14) mental confusion from stress.

Competition for business must have led to the ‘winner’s curse’ i.e. overestimating the value of the securities and overestimating predictive ability. Collectively they did not foresee that their actions had adverse systemic consequences and the implications to their balance sheets if things went wrong (falling housing market, soft economy, bankrupt insurers). They failed to consider the increasing instability due to their actions caused a phase change as a tipping-point was reached and that a system is only as strong as its weakest link.

In factoring the odds, the managers seemed to have underestimated risk exposure where the frequency and magnitude of consequences was unknown because of the novelty of the securities. They seem to have underestimated the number of possible outcomes for the unwanted events currently being witnessed. They certainly do not seem to have correctly calculated expected values or else they would not be in the hole they are currently in. They in fact did not consider the consequences of being wrong. They probably worked in an ‘illusion of control’ over what were probabilistic events and thus did not factor in a ‘margin of safety’. In the limited history of the securities, the managers overestimated the evidence from the small sample of data.

From an anthropological viewpoint that was commented on by Gillian Tett in FinancialTimes, one should look at the political structures of the survivors. CEOs of the relatively unscathed banks ‘tended to be meddlers – very hands on’. They had a direct career experience in trading and managing market risk. Thus the mind-set was different from being a lawyer or a salesman. Furthermore, the losers had more hierarchical structures in which the different ‘business lines have existed like warring tribes, answerable only to the chief. Moreover the most profitable tribe has inevitably wielded the most power – and thus was untouchable and inscrutable to everyone else.’

This is proving to be a game of chicken between the regulators and the players (banks and monoline insurers). In a classic game of chicken, two cars drive towards each other. The first driver who turns loses. Of course, if neither car swerves then there is a crash. The best outcome for each player results when he goes straight whilst his opponent turns. Insane players have a massive edge in a game of chicken. At this point of time, the jury is out given the level of insanity in the system.

Q. How have you evolved as an investor?

A. I guess the process of evolution is never over. I started out knowing nothing but efficient markets and so the leap to value investing was a big one. I know I’ll never leap out of value investing, but the nuances may undergo changes, as also my ability to widen and deepen my circle of competence.

Q. What is the most interesting part of your job?

A. It is searching for investment ideas, working out the odds and reading from a wide variety of sources.

Q. Which books would you recommend?

A. Here are a few, but they are by no means exhaustive.

Everything by Jared Diamond
Everything by Garett Hardin
“The Road to Serfdom” - Friedrich Hayek
“The Prophet of Innovation”
“More than your know” - Michael Mauboussin
“The Robot’s Rebellion”
“The mind of the market” - Michael Shermer

Try to read all of Mr. Munger’s book recommendations and also the books in Mr. Peter Bevelin’s Bibliography in “Seeking Wisdom: From Darwin to Munger”. I do not think that I’ll be able to read all the books that have been recommended in my life time but I’m going to give it a shot.

Q. What is the biggest mistake keeping investors from reaching their goals? How have you guarded yourself against this folly?

A. Greed, fear, sloth and envy are the four emotions that are positively inimical to becoming a better investor.

Meditation, detachment from results, but attachment to efforts, yoga, discipline in living and thinking are some of the ways for self-improvement in investing.

One must also have an open mind to new ideas and try to become in the words of Mr. Munger “a learning machine.”

Q. What should investors understand before investing in India?

A. Indian markets are very volatile, so be very careful on entry prices. “Growth” is a seductive term and stories woven about growth even more seductive, but be very careful of paying too much for it. Homework matters. Liquidity can dry up, so be clear whether you can live with relatively illiquid positions.

Closing Questions

Q. If you could do anything besides allocating capital what would you do?

A. I would teach and write more often than I do.

Q. What message/advice would you give to readers of SimoleonSense?

A. Read a lot, be disciplined, be humble about your knowledge and stay within your circle of competence.

Q. What does the future hold for you, your funds, and website? Are you going to do this forever?

A. As long as I can, mentally and physically.

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