New Product Launch - Reliance Fixed Horizon Fund XXI Series 16( 368 days)

New Product Launch - Reliance Fixed Horizon Fund XXI Series 16( 368 days)

Scheme Features

NFO Opening Date : 01st December, 2011
NFO Closing Date : 07th December, 2011
Duration of this fund: 368 days from the date of allotment of units

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Kanimozhi, four others get bail in 2G case

DMK MP Kanimozhi and four others have been granted bail in the 2G spectrum allocation scam case. The Delhi High Court granted bail on Monday to five accused while directing them to furnish two bonds of Rs 1 lakh each and ordering them that they cannot leave the country.

The accused had approached the High Court after the Supreme Court granted bail to five corporate executives on November 23.

The Central Bureau of Investigation (CBI) had not opposed the bail applications conceded bail of Kanimozhi and Cineyug founder Karim Morani in the trial court.

DMK MP Kanimozhi and four others have been granted bail in the 2G spectrum allocation scam case. The Delhi High Court granted bail on Monday to five accused while directing them to furnish two bonds of Rs 1 lakh each and ordering them that they cannot leave the country.

The accused had approached the High Court after the Supreme Court granted bail to five corporate executives on November 23.

The Central Bureau of Investigation (CBI) had not opposed the bail applications conceded bail of Kanimozhi and Cineyug founder Karim Morani in the trial court.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Net FII Purchases & Sales During the Week 21st Nov 2011 to 25th Nov 2011

Net FII Purchases & Sales During the Week 21st Nov 2011 to 25th Nov 2011

FII sales during the week:

21/11.2011: -755.5
22/11/2011: -601.1
23/11/2011: -862.2
24/11/2011: -1070.7
25/11/2011: -1106.4

FII were net seller of Rs 4395.60 crore during the week.

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Sectoral Performance During Week 21st Nov 2011 to 25th Nov 2011

Sectoral Performance During Week 21st Nov 2011 to 25th Nov 2011

MAJOR SECTORAL GAINERS:
PHARMA: 0.40%

MAJOR SECTORAL LOSERS:
CAPITAL GOODS: -0.70%
PSU: -3.10%
AUTO: -3.20%
REALTY: -3.30%
CONSUMER DURABLE: -9.60%
POWER: -12.90%

MAJOR GAINERS IN NIFTY:
L&T: 3.45%
BHEL: 3.20%
BPCL: 3.15%

MAJOR LOSERS IN NIFTY:
MARUTI: -4%
HINDALCO: -3.90%
R-POWER: -3.50%

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Trend in Global Market during the Week 21st Nov 2011 to 25th Nov 2011

Trend in Global Market during the Week 21st Nov 2011 to 25th Nov 2011


DOW JONES: -4.80%
FTSE: -3.70%
CAC: -4.70%
DAX: -5.30%
BOVESPA: -3.20%
SINGAPORE: -3.20%
NIKKEI: -2.60%
HANG SENG: -4.30%
SHANGHAI: -0.80%
SENSEX: -4.10%

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Important US Economic Data Releases for the Week 28th Nov 2011 to 2nd Dec 2011

Important US Economic Data Releases for the Week 28th Nov 2011 to 2nd Dec 2011

Monday
New Home Sales

Tuesday
Consumer Confidence
FHFA House Price Index
State Street Investors Confidence Index

Wednesday
ADP Employment Reports
Productivity Costs
Chicago PMI
Pending Home Sales Index
EIA Petroleum Status Report
Beige Book
Farm Prices

Thursday
Chain Store Sales
Motor Vehicle Sales
Jobless Claims
Bloomberg Consumer Comfort Index
ISM Manufacture Index
Construction Index

Friday
Employment Situation

Source: www.sharetipsinfo.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Notice - Declaration of Dividend - FIDELITY EQUITY FUND AND FIDELITY TAX ADVANTAGE FUND

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Beginning of New Reforms in India.

FDI in Retail:

The opening up of the Indian retail sector to the world players by allowing 100% foreign direct investment (FDI) in single-brand retail and 51% in multi-brand is a sign of more forced reforms to come.

The issue of FDI in retail is a long pending one and the government did not act on it earlier due to political compulsions when it was supported by the Left and due to more urgent issues stemming from the credit crisis in 2008 and scams in 2011. On a long-term basis, the opening up of FDI in retail is positive for both inflation and the rupee as global retailers look to set up shop in India.

The government was forced to take the decision of opening up the retail sector due to one ,the rupee depreciating 15% against the US dollar and secondly, inflation staying at over 9% levels for six consecutive months. Even opposition from a key ally in West Bengal did not deter the government when it announced the higher FDI in retail. Money will not rush into India on the back of the announcement, but it is a positive reform measure under forced circumstances.

FDI in the airline sector:

The government is also considering allowing FDI in the airline sector, which faces headwinds due to structural issues in aviation in India and the near-bankruptcy of two large carriers — Air India and Kingfisher Airlines.

FDI in the airlines sector has been an issue for many years with the government even blocking a proposed joint venture between the Tata group and Singapore Airlines.

The FDI proposal for the airline industry is again a forced policy measure as a healthy airline industry is crucial for the infrastructure of the country and if three of the largest airlines (Jet, Air India and Kingfisher) are in the red, it does not bode well for aviation in India.

Increase in FII Limits in Bonds:

In related currency developments, the government increased the foreign institutional investor (FII) limit for government bonds and for corporate bonds by $5 billion each, taking up total FII limits to $15 billion for government bonds and $20 billion for corporate bonds. The previous limits were almost fully utilised and there was more demand from FIIs for investment in Indian debt, despite a weakening currency. The limits will get filled up gradually but will, all the same and this is positive for the rupee.

Reforms in Oil and Power Sectors:

The government needs to address two sectors that are in dire straits — oil and power. The government is not allowing the pass-through of higher costs to the end user and this is creating deep holes in its pockets as it has to ultimately bear the burden of the subsidies. Indian oil marketing companies have lost almost `65,000 crore in the first half of this fiscal for selling fuel below cost.

The power sector is in deep trouble with state electricity boards (SEBs) suffering losses, as they are not allowed to sell electricity at cost to the end user. The SEB losses are estimated at around Rs100,000 crore as of October 2011.

Power producers are reluctant to sell power to SEBs as they do not get paid. As a result, even if power is available in plenty, there is an artificial shortage of power as SEBs are not able to source power at cheaper rates.

The end result of subsidies is the government’s fiscal deficit going higher than projection leading to rise in borrowing costs. The government’s fiscal deficit for 2011-12 is expected to exceed budget estimates of 4.6% by 1%. Bond yields have risen by 60 basis points on the back of higher-than-expected fiscal deficit.


Source: DNA India.

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Notice - Change in exit load under Kotak Credit Opportunities Fund

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Weekly Wrap: Govt reforms fail to perk up market mood

A lifetime low on the rupee, the spillover effect of the eurozone crisis and poor internal fundamentals ensured that the week was packed with volatility. Bad news for the market continued, causing Indian equities to tank around 4% despite several short covering rallies before the expiry of the November series.

Despite crossing the crucial 4700 level, the Nifty managed to recoup losses to close just above that, down 196 points. The Sensex fell below 16,000 and stayed there to close at 15,695.43, down more than 750 points. All in all, a disastrous week for equities.

Market Movers:

Dashing all talks of a policy paralysis, the Cabinet cleared the bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand yesterday, bringing joy to the Indian retail sector. Even though the Bill was cleared with certain riders, industry experts and analysts believe this move will help generate employment in the country, increase manufacturing and help farmers.

Another move that was passed by the Cabinet was the Companies Bill 2011, which aims to introduce mandatory corporate social responsibility (CSR), class action suits and a fixed term for independent directors, among other things. Corporate Affairs Minister, Veerappa Moily, today said he hoped the Bill would get passed this Parliament session.

On the flip side, the depreciating rupee has had a very adverse effect on the economy. After touching its lifetime high of 52.73 per dollar on Tuesday, central bank intervention at 52.55 per dollar levels has helped appreciate the dollar a little. However, the Indian currency is still the worst performing Asian currency, having depreciated over 17% since July 2011.

Some good news came in for Air India late yesterday as the RBI gave a nod to restructuring the beleaguered airline’s debt on the conditions that the restructuring be done within 120 days after getting the sanction of all banks involved. The RBI has also said that the repayment period for the loans should be extended to 15 years from the current 10 years.

State electricity regulators can also heave a sigh of relief as they are now allowed to set tariff rates on their own without filing for an average revenue requirement (ARR) petition first. This move will benefit all power companies, mainly the state electricity boards that are currently suffering huge losses.

Reliance Industries ’ aim to enter the insurance sector takes another hit as its plans to buy majority stake in two Bharti Axa insurance ventures gets mutually terminated due to difference over long term vision and joint management in the future.

Losers & Gainers:

Amtek Auto (Rs 121.30; +28%): Possibility of buyback plans being approved by the market regulator SEBI boosted the stock price of the company.

Pantaloon Retail (Rs 234.05; +19%): News that the company is in talks with foreign players to benefit from the opening up of India’s retail sector saw the company’s share jump in today’s trade.

Parsvnath Developers (Rs 34.10;-41%): Bad times for the company continues as pledged promoters shares continue to get liquidated in the market, beating down the share price.

DB Realty (Rs 68.15;+15%): Even though owner Shahid Balwa has not received bail yet, news of the other five corporates accused in the 2G scam getting released on bail boosted the stock.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Rule of '9-9-9' to make you rich

US Presidential nominate, Herman Cain, had come up with a program titled '9-9-9' aimed at reforming the US tax system. The program was proposed to help the US economy out of its financial troubles. In essence, it proposed to have a 9% income tax, 9% business transaction tax and a 9% federal sales tax. Hence the connotation 9-9-9.

Whether the program gets approved or not, the connotation can actually be used in another way. As proposed by Forbes magazine, the rule of 9-9-9 can be used by people like us to increase our wealth. True, it is written keeping the people of America in mind, but we feel that if tweaked a bit, it is something that each of us can adopt in our lives.

How does it work?

Well it works in 3 steps. It helps to reduce your personal debt burden, reduces spending and increasing your saving. In short, it is the recipe of becoming richer.

Let's take a look at the 3 steps involved.

Step 1: Pay off all debts that have an interest rate of 9% or more.

You may read this and go "Ha! With the increasing interest rates ALL the debts would fall in this category". Well that is actually true. So we are going to tweak this rule a bit. Pay off all debt that has an interest rate higher than what you can earn by investing in a relatively risk-free investment. We are referring to the returns on the investment which is what you earn by holding on to the investment over a period of time.

The way this works is that suppose a relatively risk free investment gives you 12% returns (note we are talking of returns not the face value interest rate). And you have a loan on which you pay 11% interest. So it would be better for you to invest your money in the investment and use the interest income received to pay off the interest on the loan. Any loan that has a higher interest rate deserves to be paid back. Otherwise the interest liability just keeps on growing and your debt burden goes up over time (using compounding power of money ).

So once you have identified the loans that need to be paid off first, the next question is how much money should you put aside to pay off such loans? This is where steps 2 and 3 come in.

Step 2: Have at least 9 months of necessary expenses in savings

Everyone has their monthly expenses. This includes basics like food, travel, clothing, housing, etc. Excluding expenses on luxury, it would be a good idea to work out how much you need each month. At any point of time, it is necessary to put at least 9 months of necessary expenses in savings. These should ideally be completely risk free and easy to get. A savings bank account or a fixed deposit are usually good places to park these savings.

But here one may ask, with expenses going up almost daily, how does one set aside this huge quantum of savings?

Well the idea is no different from what economists and experts prescribe for the countries. You have to adopt austerity measures. Prioritize your expenses and cut back on anything and everything that you may regard as unnecessary and wasteful. True it would mean that you like in a frugal manner for sometime but at the end if you are able to build up more funds, then the whole process is totally worth it. Initially it may seem difficult but saving at least 2 -3 months of expenses is doable to start with. As you move higher in life and continue following these rules in a disciplined manner, even the 9 months' savings become achievable.

Step 3: Save 9% of your income each year for retirement

So once you are done with saving up to meet your expenses, you should be saving at least 9% of your total annual income for retirement. Again, this looks like a low savings rate for us Indians. But this is the bare minimum that one should try to achieve. These funds should ideally be parked in long term investment options depending on your risk taking appetite. And these should be kept for a long period of time. Imagine the kind of funds you would have at the end of 10 years or 15 or even 20. The power of compounding comes in and the funds multiply over the time period.

The balance that is left over is used to pay off your debt burden, which you have sorted out on the basis of the interest rates.

Following these steps may seem difficult. But followed diligently and with discipline, it does become possible. And with these steps, you would soon be debt free and have sustained savings. This in turn can compound over time leading to larger wealth for you.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Weekly Market Update from 21st Nov 2011 to 25th Nov 2011

Weekly Market Update from 21st Nov 2011 to 25th Nov 2011






Source: www.iseindia.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Banks to offer higher returns on NRI deposits to lure dollars

A runaway currency has pushed the Reserve Bank of India to make interest rates more tempting for NRIs to bring in dollars. As the rupee closed at a new low on Wednesday, RBI allowed banks to offer higher return on dollar as well rupee deposits parked by NRIs.

Banks can now give 125 basis points over London Inter-bank Offered Rate, or Libor - the benchmark rate in international money markets on foreign currency non-resident accounts against a mark-up of 100 basis points permitted till now.

On non-resident (external) or rupee deposits, the interest rate cap has been raised to 275 basis points over Libor, from 175 bps. "It will help to improve sentiment," said Parthasarathi Mukherjee, president (treasury and international Banking) at Axis Bank. The six-month Libor is at 0.71%.

Earlier in the day, the rupee fell to a low of Rs 52.37 to the dollar, but recovered to an intraday high of Rs 51.75 on suspected dollar sales by the Reserve Bank of India. But despite intervention and the central bank's move to lift the $100-m cap on banks for swap, the local currency ended at 52.37.

Such swap transactions, where corporates enter into deals with banks to swap rupee loans to dollar, banks sell dollar in spot market and buy in forward. But the market did not feel that this will help to increase dollar supply. Global stock markets plunged to a six-week low on Wednesday after China's manufacturing activity in November dropped to a 32-week low, contributing to existing worries about US economic growth and Europe's debt worries.

Tracking the weakness across markets, India's key indices hit a two-year low as foreign investors dumped shares, unnerved by the uncertainty in the rupee's slide which closed at a record low of 52.37 against the dollar. The Sensex dropped 365.45 points, or 2.27%, to end at 15,699.97, but off the day's low of 15,478.69.

The Nifty fell 105.90 points or 2.20% to close at 4706.45. Brokers said several foreign ETFs, which are facing redemptions at home, were selling aggressively.

Stop-loss triggers at many hedge funds and foreign banks set off after the Nifty fell below 4700 mid-way through the session, precipitating the decline. But for the short-covering later, indices would have ended much lower. Foreign investors sold shares worth Rs 1186.42 on Wednesday, according to provisional data.

"Investors in India are more worried about the domestic events than the issues in the US and Europe. There is a total chaos in the currency market, with no uncertainty about where the rupee is headed," said Sandip Sabharwal, CEO-portfolio management services of broking firm Prabhudas Lilladher.

Finance minister Pranab Mukherjee on Wednesday attributed the stock market crash to withdrawal of funds by foreign investors and depreciation of the rupee.

"The rupee's underlying fundamentals still appear weak to us, especially the absence of yield support at this important moment for the currency. Indeed, there is the outside chance of an onshore USD squeeze being the catalyst which propels USD/INR to the 54.8 technical objective," said Stewart Newnham and Yee Wai Chong, analysts at Morgan Stanley.

The decline on Wednesday pushed the Nifty below the 200-week moving average of 4776, analysts said. "This is a sign of further weakness in the market as this is a long-term trend indicator," said AK Prabhakar, senior VP, Anand Rathi Securities. The MSCI Asia Apex fell 2.5% after the indications of weakening in China, the world's secondlargest economy, came a day after the US cut its Q3 growth figure.

China's preliminary HSBC manufacturing Purchasing Managers Index fell sharply to 48.0 in November compared with a final reading of 51.0 in October. The euro fell 1% after Belgian newspaper De Standaard said that the planned rescue of Franco-Belgian bank Dexia is unworkable.

The report triggered worries that France's AAA credit rating may be under threat. Report said the European crisis is making it tough for European banks to access dollar funding in money markets. Euro/dollar cross currency swaps, which measure the cost of swapping euros into dollars, are at the most expensive levels since 2008, according to reports.

Source: www.economictimes.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Net FII Purchases & Sales During the Week 14th Nov 2011 to 18th Nov 2011

Net FII Purchases & Sales During the Week 14th Nov 2011 to 18th Nov 2011

FII purchases during the week:

14/11/2011: 212.6
15/11/2011: 215.9

FII sales during the week:

16/11/2011: -377.2
17/11/2011: -462.1
18/11/2011: -160.7

FII were net seller of Rs 571.50 crore during the week.

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Sectoral Performance During Week 14th Nov 2011 to 18th Nov 2011

Sectoral Performance During Week 14th Nov 2011 to 18th Nov 2011


MAJOR SECTORAL LOSERS:

IT: -1.60%
PHARMA: -2.30%
FMCG: -2.40%
BANKING: -4.10%
AUTO: -5.40%
PSU: -5.80%
METAL: -6.20%
OIL & GAS: -6.90%
CAPITAL GOODS: -9.50%
REALTY: -9.80%

MAJOR GAINERS IN NIFTY:

SAIL: 4.26%
BPCL: 2.50%
IDFC: 2.25%

MAJOR LOSERS IN NIFTY:

SESA GOA: -4.65%
BHEL: -3.50%
ITC: -2.90%

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Trend in Global Market during the Week 14th Nov 2011 to 18th Nov 2011

Trend in Global Market during the Week 14th Nov 2011 to 18th Nov 2011

DOW JONES: -2.90%
FTSE: -3.30%
CAC: -4.80%
DAX: -4.20%
BOVESPA: -3.10%
SINGAPORE: -2.20%
NIKKEI: -1.60%

HANG SENG: -3.40%
SHANGHAI: -2.50%
SENSEX: -4.80%

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Important US Economic Data Releases for the Week 21st Nov 2011 to 25th Nov 2011

Important US Economic Data Releases for the Week 21st Nov 2011 to 25th Nov 2011

Monday
Existing Home Sales

Tuesday
GDP
Corporate Profit

Wednesday
Durable Goods Orders

Jobless Claims
Bloomberg Consumer Comfort
EIA Natural Gas Report
EIA Petroleum Status Report

Thursday
US Holiday : Thanksgiving Day (All Markets Closed)

Friday
Fed Balance Sheet
Money Supply

Source: www.sharetipsinfo.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Weekly Market Update from 14th Nov 2011 to 18th Nov 2011

Weekly Market Update from 14th Nov 2011 to 18th Nov 2011






Source: www.iseindia.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

China trade surplus may fall to zero or below in next 2 years

China's trade surplus may drop to zero or even fall into negative digits in the next two years in view of declining exports and surging imports, a top official of China's central bank has said.

China's narrowing trade surplus is expected to reduce further to USD 150 billion this year, dropping to 1.5 per cent of the GDP from 8 per cent over the past few years, Li Daokui, an advisor and member of the monetary policy committee of the People's Bank of China, said.

In the first 10 months this year, the trade surplus narrowed by 15.4 per cent year-on-year to USD 124.02 billion, with the surplus in October plunging by 36.5 per cent to USD 17.03 billion, data with the General Administration of Customs shows.

"By then, I will be more worried about the devaluation issue of the renminbi, or yuan," state-run Xinhua news agency quoted Li as saying.

However, he said there are still reasons to remain optimistic with regard to dealing with a shrinking trade surplus, as domestic consumption was on the rise.

For example, the contribution of household consumption to GDP growth has followed an upward trend since 2008, Li said, adding that household income growth is also outpacing GDP growth.

Consumption was responsible for 47.9 per cent of the country's GDP growth in the first three quarters, up 0.4 percentage points from the first half, according to the National Statistical Bureau (NBS).

"Residents' incomes may double in three years," Li said. In the first nine months of the year, China's rural residents' incomes rose by 13.6 per cent year-on-year, while urban residents' incomes increased by 7.8 per cent.

According to preliminary statistics, China's GDP rose 9.4 per cent year-on-year during the period, NBS data show.

Li said China will face the severe challenges of increasingly high expectations from the international community and the sustainability of its own economic development model in the next five to 10 years.

Source: www.economictimes.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

European Union agrees 2% budget rise for 2012 to 129 bn euros

European Union negotiators agreed to a two per cent rise in the bloc's budget for next year to 129 billion euros ($174 billion), following more than fifteen hours of talks which ended in the early hours of Saturday morning.

The deal was seen as a victory for cash-strapped capitals grappling with Europe's debt crisis, which had opposed demands by EU lawmakers to increase the budget by more than 5 per cent.

But some EU officials said limiting the budget rise to forecast inflation for next year could leave the bloc unable to pay its bills and threaten the EU budget's AAA credit rating.

"This is clearly an austerity budget, as most member states are in the midst of a serious financial crisis," said EU Budget Commissioner Janusz Lewandowski, who had originally proposed a five per cent rise in spending in 2012.

"There is now a serious risk that the European Commission will run out of funds in the course of next year, and will therefore not be able to honour all its financial obligations towards beneficiaries of EU funds," he said.

That is because while agreeing to limit their contributions to the EU budget to 129 billion euros next year, governments gave in to the European Parliament's demands to allow EU spending commitments next year to go up to 147 billion euros.

"Today's commitments become tomorrow's payments, so they are playing a very dangerous game indeed," said one EU official.

More than two thirds of the EU budget is spent on subsidies for farmers and regional aid funds, which finance road construction, environmental clean-ups and other projects.

Talks on the EU's spending in 2012 are seen as a prelude to a tougher fight on the bloc's next long-term budget for 2014-2020.

Source: www.economictimes.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Gold, silver rebound on low-level buying; firm global cues

Snapping a two-day falling trend, gold and silver prices recovered in the bullion market today on fresh buying at existing lower levels amid the ongoing marriage season on the back of a firming global trend.

While gold prices recovered by Rs 115 to Rs 29,205 per 10 grams, silver rates rose by Rs 1,325 to Rs 56,400 per kg on rising demand from jewellers and industrial units.

Traders said fresh buying by stockists for the ongoing marriage season at attractive low levels and reports of a firming global trend mainly led to the rise in both gold and silver prices.

Gold in global markets, which normally sets the price trend on the domestic front, rose by $ 4.90 to $ 1,724.80 dollar an ounce and silver by 2.21 per cent to $ 32.41 per ounce in New York.

On the domestic front, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 115 each to Rs 29,205 and Rs 29,065 per 10 grams, respectively. The metal has lost Rs 350 over the past two trading sessions. Sovereign continued to see demand at around the previous level of Rs 23,300 per piece of eight grams.

In a similar fashion, silver ready prices rebounded by Rs 1,325 to Rs 56,400 per kg and weekly-based delivery by Rs 1,385 to Rs 55,860 per kg. Silver coins also moved up by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

Source: www.economictimes.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

DSP BlackRock MF Launches FMP Series 20-12M & Series 21-3M

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP Series 20-12M & DSP BlackRock FMP Series 21-3M. The new fund offer will be open for subscription from November 14, 2011 to November 21, 2011 for Series 20 and from November 17, 2011 to November 24, 2011 for Series 21.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

DSP BlackRock FMP - Series 5 - 3M: Dividend Declaration

DSP BlackRock Mutual Fund has announced dividend under the dividend payout option of DSP BlackRock FMP - Series 5 - 3M. The quantum of dividend will be 100% of the distributable surplus as on the record date.

The record date has been fixed as November 15, 2011. The maturity date is also November 15, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

SBI MF Launches SBI Debt Fund Series 367 Days - 11 & 90 Days - 52

SBI Mutual Fund has launched SBI Debt Fund Series 367 Days - 11 & SBI Debt Fund Series 90 Days - 52. The new fund offer of both the funds will open for subscription between November 15, 2011 and November 22, 2011 for Series 11 and November 28, 2011 for Series 52.

The minimum application amount will be Rs. 5000/- and in multiples of Rs. 1/- thereafter. The schemes will have growth as well as dividend option. They will be listed on Bombay Stock Exchange.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

IDFC Asset Allocation Fund of Fund & IDFC Arbitrage Plus Fund: Dividend Declaration

IDFC Mutual Fund has approved the declaration of dividend under the dividend option of various plans of IDFC Asset Allocation Fund of Fund (IDFC-AAF) and IDFC Arbitrage Plus Fund (IDFC-APF). The quantum of dividend will be



The record date has been fixed as November 17, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

HSBC MF: Change in Fund Manager

Mr. Jitendra Sriram is moving to another HSBC group company. Hence, he will cease to be the fund manager of these schemes with effect from November 16, 2011. The fund management responsibilities have been realigned as following :



Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Tata Short Term Bond Fund: Revision in Exit Load

Tata Mutual Fund has revised the exit load structure of Tata Short Term Bond Fund, with effect from November 15, 2011. The revised exit load will be 0.5% if redeemed on or before expiry of 180 days from the date of allotment. Presently, the exit load is 0.25% if redeemed on or before 30 days from the date of allotment.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

DSP BlackRock FMP 12M Series 9: Maturity of the Scheme

DSP BlackRock Mutual Fund has announced the maturity date of DSP BlackRock FMP 12M Series 9.

The scheme will maturity on November 21, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

L&T Liquid Fund: Change in Face Value

L&T Mutual Fund has changed the face value of all the plans of L&T Liquid Fund with effect from November 19, 2011.

Subsequently, the minimum repurchase amount or number of units has also been revised from Rs.500 per application or 50 units to Rs. 1000 per application or 1 unit.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

HDFC MF Launches 4 FMPs under HDFC FMP Series XIX

HDFC Mutual Fund has announced the launch of new fund offers (NFO) of following FMPs under the HDFC FMP Series XIX. The opening and closing date of NFOs are as follows:



The schemes will be listed on the National Stock Exchange.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Axis Capital Protection Orientated Fund Series 1: Extension of NFO

Axis Mutual Fund has extended the NFO of Axis Capital Protection Orientated Fund Series 1 by a day. Now, the new fund offer (NFO) will close on November 22, 2011 instead of November 21, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Religare FMP Series VII Plan E: Dividend Declaration

Religare Mutual Fund has announced dividend under the dividend option of Religare FMP Series VII Plan E. The quantum of dividend will be the entire distributable surplus as on the record date.

The record date has been fixed as November 21, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Principal PNB FMP Series A1: Dividend Declaration

Principal PNB Mutual Fund has announced dividend under the dividend option of Principal PNB FMP Series A1. The quantum of dividend will be the entire distributable surplus as on the record date.

The record date has been fixed as November 21, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

HDFC FMP 92D August 2011(1): Dividend Declaration

HDFC Mutual Fund has announced dividend under the dividend option of HDFC FMP 92D August 2011(1). The quantum of dividend will be the entire distributable surplus as on the record date.

The record date has been fixed as November 21, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

ICICI Prudential Quarterly Interval Plan - I & FMP Series 53-1 Year Plan B: Dividend Declaration

ICICI Prudential Mutual Fund has announced dividend under the dividend option of ICICI Prudential Quarterly Interval Plan - I & ICICI Prudential FMP Series 53-1 Year Plan B. The quantum of dividend will be Rs. 0.1589 per unit for Retail, Institutional and retail quarterly dividend payout option of ICICI Prudential Quarterly Interval Plan - I and Rs. 0.8379 per unit for ICICI Prudential FMP Series 53-1 Year Plan B.

The record date has been fixed as November 21, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

UTI Monthly Interval Plan I: Dividend Declaration

UTI Mutual Fund has announced dividend under the dividend option of UTI Monthly Interval Plan I. The quantum of dividend will be 100% of the distributable surplus as on the record date.

The record date has been fixed as November 21, 2011. The Specified Transaction Period will be open on November 21, 2011 and November 22, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Principal PNB MF: Change in Fund Management Responsibility

Principal PNB Mutual Fund has announced a change in fund management responsibilities due to the resignation of Mr. Shobit Gupta. He will cease to be the fund manager of these schemes with effect from November 05, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Kotak Quarterly Interval Plan Series 7: Dividend Declaration

Kotak Mutual Fund has announced dividend under the dividend option of Kotak Quarterly Interval Plan Series 7. The quantum of dividend will be the entire appreciation in the Net Asset Value of dividend option until November 22, 2011.

The record date has been fixed as November 22, 2011. The Specified Transaction Period will be on November 22, 2011 and November 23, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

ICICI Prudential Interval Fund - Quarterly Interval Plan I: Dividend Declaration

ICICI Prudential Mutual Fund has announced dividend under the dividend option of ICICI Prudential Interval Fund - Quarterly Interval Plan I. The quantum of dividend will be Rs. 0.1608 per unit for retail, institutional and retail quarterly dividend payout options of ICICI Prudential Interval Fund - Quarterly Interval Plan I.

The record date has been fixed as November 22, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

ICICI Prudential Monthly Income Plan: Dividend Declaration

ICICI Prudential Mutual Fund has announced dividend under the quarterly dividend option of ICICI Prudential Monthly Income Plan. The quantum of dividend will be Rs. 0.1463 per unit.

The record date has been fixed as November 22, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

ING C.U.B. & ING Domestic Opportunities Fund: Merger of Schemes

ING Mutual Fund has decided to merge - ING C.U.B. & ING Domestic Opportunities Fund into ING Midcap Fund and ING Core Equity Fund, respectively. The merging schemes will cease to exist with effect from December 24, 2011.

Investors who do not wish to continue with the above merger schemes, may exit at no load. No exit load will be charged on redemptions from these schemes between November 24, 2011 and December 23, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Reliance FHF XVI Series 3: Dividend Declaration

Reliance Mutual Fund has announced dividend under the dividend payout option of Reliance FHF XVI Series 3. The quantum of dividend will be the entire distributable surplus as on the record date.

The record date has been fixed as November 22, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

SBI Debt Fund Series - 370 Days - 8: Dividend Declaration

SBI Mutual Fund has announced dividend under the dividend option of SBI Debt Fund Series - 370 Days - 8. The quantum of dividend will be the entire distributable surplus as on the record date.

The record date has been fixed as November 22, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Birla Sun Life Interval Income Fund - Quarterly Plan - Series I: Dividend Declaration

Birla Sun Life Mutual Fund has announced dividend under the dividend option of Birla Sun Life Interval Income Fund - Quarterly Plan - Series I. The quantum of dividend will be Rs. 0.2040 per unit for retail as well as institutional plan of Birla Sun Life Interval Income Fund - Quarterly Plan - Series I.

The Specified Transaction Period will be on November 22, 2011 and November 23, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

ICICI Prudential FMP Series 60 - 18 Months Plan C: Extension of NFO

ICICI Prudential Mutual Fund has extended the closing period of ICICI Prudential FMP Series 60 - 18 Months Plan C. Now, the new fund offer (NFO) will close on November 22, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

DSP BlackRock FMP 12M Series 9: Dividend Declaration

DSP BlackRock Mutual Fund has announced dividend under the dividend payout option of DSP BlackRock FMP 12M Series 9. The quantum of dividend will be 100% of the distributable surplus as on the record date.

The record date has been fixed as November 21, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

LIC Nomura MF Interval Fund - Quarterly Plan Series 2: Dividend Declaration

LIC Nomura MF has announced dividend under the dividend option of LIC Nomura MF Interval Fund - Quarterly Plan Series 2. The quantum of dividend will be 100% of the distributable surplus as on the record date.

The record date has been fixed as November 21, 2011.

Source: www.valueresearchonline.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Earnings Report Card: See how India Inc fared in Q2

Moneycontrol Bureau

The sun is about to set for the earnings season of the second quarter and it does seem like a quarter that India Inc would like to speedily forget. Most of the companies have missed street expectations and only a handful has managed to surprise the market.

Moneycontrol.com reviews the second quarter performance of Corporate India and its reflection upon the market in an attempt to determine the way forward for our market. Here is our assessment:

This earnings season turned out to be more of a sentiment dampener for investors. Elevated interest costs, rupee depreciation and soaring fuel prices eroded profits, and in some cases, even pushed bottomline deeper into the pits. Study of 3022 companies show that operating profit margins and net profit margins have shrunken by 442 and 527 basis points respectively, in this quarter, against the same period the previous year. Note that net profit margins are in single digits for this quarter.

Check out the chart given below. All figures are standalone figures and Rs in crore.

Summation of quarterly result of 3055 companies

Criteria	Sep-11	Sep-10	% Chg	Despite high inflation, companies managed to push products through, registering an overall growth in sales by 20.60% on a year-on-year basis. However, bottomline saw a degrowth of 35%, the first time in four quarters, indicating slowdown of India's growth engine. The biggest worry however was interest cost which stands at whopping 48% now. Also note that other income has jumped to 21%, the highest in four quarters.
Sales	1092627	906010	21%
Other Income	36099	30011	20%
Gross Profit	261176	256588	2%
Depreciation	30917	29023	7%
Interest	133730	90544	48%
Tax	30406	34419	-12%
Net Profit	66123	102602	-36%
OPM	23.9	28.32	(442bps)
NPM	6.05	11.32	(527bps)

Stocks however remained range-bound and volatile, reacting to individual results blow-by-blow. Ironically, Nifty is back to trading at the same level at close to the 5000 mark where it was when the earnings season was kicked off by IT bellwether Infosys . Over the season, the benchmark index rallied close to 6% before losing steam and backing out to 5000 points.

Index outperformers

A comparative study of earnings of the BSE-Sensex companies reveals that DLF , Sterlite Industriesand Jindal Steel were volume toppers this quarter while DLF, TCS and ONGC were PAT toppers. What is interesting is that there are only three companies in the entire universe which have recorded 10% growth sequentially, both in sales and profits, in past three quarters. They are Pitti Laminations ,NHPC and Steelcast .

Check out the table below for the outperformers from each sector on the basis of sales growth and PAT growth. The companies mentioned under ‘interest’ are least leveraged, therefore are debt-free companies, which means they do not have an impending interest amount to pay. Note that IndusInd Bank , Petronet LNG , Praj Industries , HCL Tech , TCS and Lupin have recorded highest sales growth as well as PAT growth from their respective sectors.

Sector	Sales	PAT	Interest
Auto	Apollo Tyres	Bharat Forge	Cummins India
Banks	IndusInd Bank	IndusInd Bank	-
Metal	Sterlite Industries	Hindustan Zinc/NMDC	Nalco/NMDC
Oil&Gas	Petronet LNG	Petronet LNG	Oil India
Capital Goods	Praj Industries	Praj Industries	Alstom/LMW/Praj
IT	HCL Tech	TCS	Infy/OFSS
Consumer Durables	Gitanjali Gems	TTK Prestige	Titan/VIP/Whirlpool
Telecom	Bharti Airtel	Tata Comm	Rel Comm
Realty	Godrej Properties	Oberoi Realty	Oberoi Realty
Power	Adani Power	Reliance Infra	Crompton/Thermax
Pharma	Lupin	Lupin	Biocon/Divis Lab
FMCG	Marico	United Spirits	HUL/Colgate/Nestle

Index Laggards

We ran a similar analysis to pick out the backbenchers in sales and PAT growth. Thankfully, only two stocks- SKS Microfinance and Resurgere Mines - seem to have reported a 10% sequential drop in sales and profits over the past three quarters.

With the Manesar issue affecting production, Maruti Suzuki was badly affected in terms of sales in this quarter pitched against the same period previous year, closely followed by JP Associates andHindalco Industries . Maruti also topped charts on companies with least profit growth on a yearly basis. Bharti Airtel and Sterlite Industries came out the other index laggards with regard to PAT. Note that Sterlite had clocked maximum sales growth during the quarter.

Below is the table of sectoral underperformers. Like Maruti, Sesa Goa and Tech Mahindra too seem to have lagged with regard to sales and PAT growth in the respective sectors. Watch out for companies with huge interest outlay in their balance sheet!

Sector	Sales	PAT	Interest
Auto	Maruti Suzuki	Maruti Suzuki	Ashok Leyland
Banks	IDBI Bank	Bank of India	-
Metal	Sesa Goa	Sesa Goa	Sterlite Industries
Oil&Gas	IOC	Essar Oil/OMCs	IOC
Capital Goods	BGR Energy	Usha Martin	Punj Lloyd
IT	Tech Mahindra	Tech Mahindra	Wipro
Consumer Durables	Blue Star	TTK Prestige	Blue Star
Telecom	Reliance Comm	Idea Cellular	Idea/Bharti
Realty	DB Realty	Indiabulls Real Estate	Indiabulls Real
Power	GVK Power	JSW Energy	Reliance Power
Pharma	Piramal Healthcare	Strides Arcolab	Ranbaxy Labs
FMCG	Dabur India	United Breweries	United Spirits

Interest cost burden: Too heavy to handle

In its war against inflation, RBI had no choice but to hike interest rates repeatedly. In fact, interest rates have been pushed up by nearly 525 basis points in 13 steps over past the few quarters. This has weighed heavy on India Inc, by not only dampening investor sentiment, but also by having to bear additional cost in the form of interest burden to be paid on loans taken by Corporate India. Check the table we have compiled to get an idea of the interest cost burden on company books.

Company	Sep-11	Sep-10	% Chg	A shocking 15 companies figure in the list of businesses where interest cost has burgeoned by over 100% in this quarter compared with same period last year. Keep an eye on the bad boys- Sterlite Industries, Ranbaxy Labs, GTL, GE Shipping, Idea Cellular- cost of interest is up over 200% for them! The new additions are Bharti Airtel, Aurobindo Pharma, Ipca Labs and Wipro.
Sterlite Inds.	288.25	4.03	7053%
Ranbaxy Labs.	265.24	9.57	2672%
GTL	126.25	12.45	914%
GE Shipping Co	92.15	10.17	806%
Idea Cellular	253.84	66.48	282%
Bhushan Steel	301.95	100.55	200%
Adani Power	133.64	45.49	194%
I O C L	1484	507.91	192%
REI Agro	125.15	53.75	133%
Bharati Shipyard	129.39	63.4	104%
JP Power Ven.	220.07	111.75	97%
Bharti Airtel	594.6	-79.4
Aurobindo Pharma	167.36	-47.8
Ipca Labs.	38.91	-20.68
Wipro	229.8	-1.6

Source: Capitaline

Thanks & Regards;

Neha Mehta

DENIP Consultants Pvt Ltd

Relationship Manager

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