CONTENT

Special Report 26

Killer Debts
FCCBs due for redemption
will haunt some companies
over the next two years

Broker's Best 80

R Sreesankar
Sr Vice President &
Head – Institutional Equity
Tata Securities

Fund's Focus 84

Arvind Bansal
VP & Head-Multi Manager
Investments Cover Story 68
ING Investment Management

PF Cover Story 86 PLUS   

Analysis 30  Company Index........... ............6
 Technicals ................................ 12
SKS Microfinance
 Reviews.................................... 14

In Choppy Waters 

Special Report- IAP..................16
Databank ................................. 35
 Portfolio Guide........................ 76
Analysis 32  Market Moves ......................... 78
 Post Issue Analysis ................... 82
Lumax Auto Technologies  Letters to Editor ..................... 96
Illuminating Ensure Liquidity  Informed Intelligence .............. 98

Its Way Ahead And Also Returns Readers Can Access Complete Databank
On Our Website www DSIJ.in

Choice Scrip Low Priced Scrip Hot Chips

Elder Tera Software • Dr Reddy’s Lab
Pharmaceuticals • GSPL
8 10 97
QUOTE The key to making money in stocks is not to get
FOR THE scared out of them.
Peter Lynch
FORTNIGHT Famous Wall Street Investor

4 Dalal Street Investment Journal May 23 - June 5, 2011 www.DSIJ.in

From the Editor

Where Is
Long Term Money?
M
ore and more investors are deserting the long term investments
philosophy in the country. This is not good for the country in
the long run. An analysis done by one broking firm reveals that
the Options market now controls 64 per cent of the trading volume on
the bourses followed by Futures with 32.5 per cent while Cash segment
now accounts for a mere 3.6 per cent of the trading volume. This is the
lowest in the lifetime of the Indian markets. This trend clearly suggests
that investors are doing more speculative trading rather than investing for
the long term. The whole investment cycle has now shrunk to Intra-day
managingeditor@DSIJ.in and Intra-hours. This is not the best way to nurture India Inc’s growth
ambitions. Indian Inc needs long term money to fund its capex and this
can happen only if investors start investing for the long term. Even data
released by Association of Mutual Funds in India (AMFI) on the number
of investors in the equity segment is equally disturbing. The number of
With Petrol prices portfolios in the Mutual Fund industry is decreasing showing that more
and more people are taking out money from the equity Mutual funds
already hiked and investing somewhere else. These have declined from 4.02 crore in
FY 2010 to 3.86 crore in FY 2011. I have been informed that many
and a diesel and investors incurred heavy losses in Gold and Silver by trying to speculate
LPG price hike these volatile commodities. These investors redeemed their schemes from
mutual funds to ride the bull rally in bullion. Even the response to the
on the cards we IPO market suggests that no one seems to be interested in investing in
are all heading for IPOs for a long term. People are only looking at listing gains. I am afraid
if this trend continues, India is heading for disaster. I am not saying we
higher inflation don’t want speculators in the market but the amount of activity they are
and probably more controlling is not a good sign.
measures from This time our cover story is on the impact of Interest rate hike on the
economy and India Inc. The way interest rates are surging, they have a
RBI to curb the tremendous potential of slowing down the economy. In the last issue,
same. This would in this column I had mentioned that India’s GDP growth numbers may
get shaved off by 50-100 basis points and with RBI taking giant steps to
definitely have curb inflation we are definitely going to see the economy slowing down.
an impact on the If India achieves 8 per cent GDP growth rate this year everyone would
be pleasantly surprised. The most realistic picture is a 7.5 per cent GDP
indices. growth for the current year. We need to brace ourselves for a slower
economic growth. With Petrol prices already hiked and a diesel and LPG
price hike on the cards we are all heading for higher inflation and probably
more measures from RBI to curb the same. This would definitely have an
impact on the indices. Our advise to readers is - don’t expect any major
uptrend in the stock market in near future. Play your cards well and invest
for the long term rather than speculating on the bourses.

SUNIL DAMANIA
Managing Editor

www.DSIJ.in May 23 - June 5, 2011 Dalal Street Investment Journal 5

 F
or a population of more than
one and a half billion the size of
those who are actively investing,
particularly in the equity markets, has
always been a point of concern. From
policy makers to regulators and various
intermediaries who form a part of this
very vibrant eco-system, the lack of
participation of the masses has always
been a subject of debate. Despite the
best efforts it has not reached a mean-
ingful level and hence has not been
instrumental in creating inclusive
growth. India is among the fastest
growing economies - probably only
next to China - and in order to broad-
base the benefits of this growth among
the masses what is really required is to
channelise the vast savings potential
of the population into proper avenues
which could fetch them good returns
over a period of time.
This is however no mean task. The
higher savings rate of the Indian popu-
lation itself speaks about how funds are
not being deployed into wealth creat-
ing avenues in a meaningful manner.
16 Dalal Street Investment Journal May 23 - June 5, 2011
Indians at best are happy to plough
back their savings into safer havens
like bank fixed deposits or the old and
familiar post office schemes which
they feel are far more secure. This
naturally leaves a major part of the
population outside of the scope of cap-
italistic growth that is being offered by
many other avenues, particularly the
equity markets.
This is exactly where creating
awareness among investors becomes
very important. But is investor aware-
ness only about trying to tell investors
of the do’s and don’ts while putting
their money in the market? Our expe-
rience tells us otherwise. From the
various programmes that we at DSIJ
have conducted very recently through-
out a large part of northern India,
there seems to be something more that
investors are looking out for than what
is being offered to them in the name
of creating awareness. From first-time
investors to those who have burnt their
fingers in the market and from the
risk-averse to those who have managed
to make money by taking risks, what is
needed is far more than what is being
done. We are not at all suggesting that
everything can be done at one go. But
there are a lot of initiatives that are
presently stepping up their efforts in
this direction.
We at DSIJ have gained a whole
lot of experience in the wake of con-
ducting the first leg of our Investor
Awareness Programme (IAP) through-
out the northern part of India. We
have realised that there is a much
larger need for more such programmes
only from the experience that we
have gained thus far. Reaching out to
investors across various classes and
across the length and breadth of the
country is far more important than
just trying to focus on metros, Tier I
or Tier II cities. This is amply reflected
in the response that our programmes
have generated in smaller towns like
a Varanasi in Uttar Pradesh or a
Ludhiana in Punjab.
While education about the how’s
and where’s of investing for those who
www.DSIJ.in
are new to the market is a very critical
element which needs to be handled, it
is also important to create a solid plat-
form for handling investor grievances.
Look at what one of the participants
at our programmes had written to us.
“If a promoter is not corresponding
with the exchanges it is his fault, why
penalise investors for this? Why are
investors being punished by suspend-
ing the company? There are around
1,600 companies which have been sus-
pended by the BSE. Something needs
to be done in the interest of investors
who have invested their money in
such companies and do not have an
exit option,” said Nikhil Gupta from
Kanpur.
This is not a one-off case. There
are issues which have been languish-
ing for years without being addressed
properly. “We have deposited in FDs
of Morepen Laboratories and instead
of paying any amount back to us
on maturity, the company has issued
shares to those who had invested
in the FDs. The company claims to
have done all this through a sanc-
tioned scheme of arrangement of the
High Court of Himachal Pradesh. We
have never applied for shares nor have
we moved any court or CLB for any
purposes. We want the payment as
per what was contracted for which we
have made several requests to the
company,” stated Awadhesh Kumar
Misra, a participant of the IAP held
in Lucknow.
In fact, CDSL, which has been very
active in investor awareness creation
throughout the country, has a very
interesting perspective on the prob-
lems of the investors. Look at what
Chandrashekhar Thakur, the head of
Our Investor Awareness Programme held at
Varanasi on 25 March 2011
www.DSIJ.in
investor education at CDSL, had to
state about the problems that investors
come to them with. “The main prob-
lem is always of having been cheated
by the broker. Basically, if you take a
practical view of this problem there is
no way that the broker will do things
without your knowledge. When you
open an account with the broker you
sign a whole set of documents and the
devil lies in the fine print of these doc-
uments. We always urge people to read
the documents carefully before signing
them,” he says. These are larger issues
which need to be tackled in order
to build confidence among investors
about the safety of their hard-earned
money.
Points To Note
• The higher savings rate of the
Indian population itself speaks
about how funds are not being
deployed into wealth creating
avenues in a meaningful
manner.
• There are instances where
investors are not aware of even
the basics.
• Investor education is also
to do with the creation of a
sound workforce to cater to the
market.
On the other hand, there are
instances where investors are not aware
of even the basics. Take, for example,
the case of the power of attorneys
(PoA) which brokers make their cli-
ents sign. How many do you think
are aware of what is the need or for
that matter if there is any compulsion
of signing such a PoA? The same set
of documents often turns out to be a
thorn in the client-member relation-
ship thanks to certain unscrupulous
elements in the market. This is where
the need to inform, educate and make
investors aware of how to be safe rather
than sorry is of utmost importance.
So are we doing enough in that
direction of developing a healthy
capital market? “There can never be
enough for creating investor awareness
as there is no end to it. There is no
way to measure whether you have done
May 23 - June 5, 2011
Our Investor Awareness Programme held at
Ahmedabad on 25 March 2011
enough for creating investor aware-
ness. Once you reach one level there is
another benchmark to be covered. The
one point that is clear is that we are
not doing enough because this is obvi-
ously a large thing,” opines Ambarish
Datta, MD & CEO, BSE Training
Institute. While awareness and educa-
tion are often used interchangeably in
the investing context, there is a clear
demarcation between the two concepts.
This distinction comes out very clearly
in the various initiatives that are pres-
ently being pursued by organisations.
In terms of awareness there is a lot
that is being done by the BSE in asso-
ciation with CDSL and other partners,
including DSIJ. In fact the BSE had
created an investor protection centre
way back in 1986 and the money is
being spent on investor awareness pro-
grammes, not just now, but for a long
time. “We are mainly engaged in inves-
tor education and other things that
are related to investor awareness. A
secretariat was created in August 2010.
We tie up with other organisations to
cater to investor education.” informs
C Vasudevan, General Manager, IPF
Secretariat, BSE.
Investor education, on the other
hand, has more to do with the creation
of a sound workforce to cater to the
market. It is more like training the
trainers and many institutions have
taken the lead in this too. “There is
a huge difference between investor
awareness and education. Awareness is
a very small part of education which
is very focused. We cannot do both at
the same time. Both have a different
perspective altogether,” Datta says. On
the investor education front there are
various initiatives that are presently
trying to do their bit in this space.
There is, for instance, the National
Dalal Street Investment Journal 17
 Cover Story

68 Dalal Street Investment Journal May 23 - June 5, 2011 www.DSIJ.in

 “H
igh inflation negates
prospects of growth,”
said RBI governor
D Subbarao while recently speak-
ing at the Indira Gandhi Institute of
Development Research in Mumbai.
In a nutshell it reflects the status of
the current Indian macro economic
situation that has been struggling with
high inflation for quite some time.
Now add to that the recent price rise in
petrol and the expected hike in diesel
prices which will further fuel inflation
and you would see why the situation
is not that comfortable. Persistently
high inflation adversely impacts the
growth of the corporate sector. Till
now we have not witnessed much of an
impact of rising inflation and interest
on India Inc’s financials but going for-
ward we believe it will definitely hurt
the growth of the Indian companies.
Prof B B Bhattacharya, economist
and former VC, JNU, explains the
probable impact of high inflation on
Indian companies by saying, “The
current phase of inflation is quite dis-
turbing and in the long run it will also
impact the sales of the companies.”
Therefore, it becomes very important
to control inflation and the recent hike
in interest rates by the RBI is a step in
the same direction. “It is true that there
is a short-term impact on some of the
sectors like automobiles and housing
as borrowing cost would increase for
the consumer but overall for every sec-
tor it is very much necessary to curb
inflation,” he adds. We believe that
www.DSIJ.in
this will have a short-term impact and
particularly so on the interest sensitive
sectors. Let us analyse the reasons for
such high inflation and why the RBI
has to take such actions.
The Inflation Itch
After taking baby steps for almost
a year and raising rates by 25 basis
points (bps) eight times, on May 03,
2011 the RBI hiked the policy rates
by 50 bps. It went in for a higher rate
hike this time as the earlier rate hikes
had failed to yield the desired result
to address the key issue of rising infla-
tionary pressures. Why have inflation-
ary pressures not come under control
despite having hiked rates eight times
prior to the latest hike? “RBI’s steps are
not at all enough to reign in inflation
and it needs major policy initiatives
from the government as well. In fact
there should be a proper coordination
between the fiscal policy initiatives and
the monitory policy. Only then can
inflation be tamed in an effective way,”
Prof Bhattacharya opines.
This move has decisively tilted the
RBI policy towards curbing inflation,
signalling that growth can take the
backseat for a while. The current infla-
tionary situation is way above the
central bank’s comfort zone of 5-6 per
cent. Higher inflation is not the only
factor that is disturbing but it is also its
stickiness that is frustrating. Headline
inflation that is measured by the WPI
(wholesale price index) has not come
down to RBI’s comfort level since
May 23 - June 5, 2011 Dalal Street Investment Journal 69
 Cover Story

December 2009 and has stayed above

8 per cent consistently from January
2010 onwards. In fact in the last 56
years it is only nine times that inflation
has remained at such a high level in
double digits. The last time that infla-
tion remained so high was from March
1994 to May 1995.
The current rise in inflation started
from July 2009 (-0.62 per cent) from
when it started to accelerate while the
economy was still recovering from
the significant global slowdown. From
July 2009 it continued to show rising
trends before reaching its recent peak
of 11 per cent in the month of April
2010 (see graph). Thereafter, moderat-
ing for some time, it again accelerated
in the last three months. Inflation for
the month ending March 2011 stood
at 8.98 per cent. There were arguments
that as a higher base effect factors in, alone that is making the RBI’s effort internal as well as external factors as
inflation will moderate from the first less effective. We find that the demand well as demand and supply side con-
quarter of the CY11. Nonetheless, we side pressures are equally playing their straints are fuelling inflationary pres-
are almost five months into CY11 and own part to fuel inflation. As the sures in the Indian economy. All these
there is no trace of inflation coming economy picked up thanks to the fis- factors have warranted such a drastic
down. This is making the situation cal and monetary stimulants, demand step by the RBI to reign in the inflation
even worse. So what are the reasons also started to gather momentum, thus so that in the long term the economy
for the inflationary monster not lying leading to demand side pressures. This can grow at its potential rate.
low?
Supply And Demand
It is commonly believed that it is the
supply side constraint and structural
bottlenecks that lead to a high rate of
inflation every time the economy picks
up. The current situation seems to be
no different. However, if we dissect the
WPI data the reason for such a sharp
increase can be attributed to both
supply as well as demand side factors.
Initially it was the supply side reaction
due to the deficient monsoon of 2009
in most parts of the country, which
led to lower agricultural production
and higher prices. This fact is clearly
reflected in the food inflation that has
remained constantly in double digits
from June 2009 to January 2011. Prior
to that (between FY05-FY09), food can be inferred from the inflation Impact On Economy
inflation largely remained in single figure of manufactured products and
digits. non-food manufactured products that One of the major functions for
Apart from food inflation, fuel and primarily reflect the demand side pres- any central bank is to strike a balance
power saw a significant rise in their sures. between inflation and growth. Rise
prices due to a sudden and steep rise It is up from (-) 0.74 per cent at the of any one can imbalance the other.
in the price of the crude oil due to end of July 2009 to 6.21 per cent for Therefore the current high inflation-
the geo-political risks that came up. the month of March 2011. The above ary situation and consequently higher
However, it is not only the supply side clearly brings out the fact that both interest rates are definitely impact-

70 Dalal Street Investment Journal May 23 - June 5, 2011 www.DSIJ.in

 [COVER STORY]

ing the growth of the economy. The

fact is well-captured in the observa-
tions based on Composite Leading
Indicators (CLIs) developed by the
OECD (Organisation for Economic
Cooperation and Development) on
the basis of parameters like IIP data,
passenger car sales, call money rate, etc
that provide early signals of turning
points with regard to economic expan-
sion and slowdown.
From March 2010, CLI for India
has started showing signs of falling (see
graph) and for the month of March
2011 it was 99.59, down from 99.78
computed in the month of February.

Leading To A Rise In Interest

Rates……
REVERSE REPO REPO RATE
19-Mar-10 3.50 19-Mar-10 5.00
20-Apr-10 3.75 20-Apr-10 5.25
2-Jul-10 4.00 2-Jul-10 5.50
27-Jul-10 4.50 27-Jul-10 5.75
16-Sep-10 5.00 16-Sep-10 6.00
2-Nov-10 5.25 2-Nov-10 6.25
25-Jan-11 5.50 25-Jan-11 6.50
17-Mar-11 5.75 17-Mar-11 6.75
3-May-11 6.25 3-May-11 7.25

The way this figure is interpreted is thus expect a further hike in interest of pressure.
that if CLI is decreasing and is below rates in the months of June and July.
100 it connotes a slowdown in the This will ultimately impact the busi- Impact On Sectors
economic activity which is the case ness growth which is already struggling Needless to say that interest rate-
with India. CLI for India has been from higher commodity prices. Here is sensitive sectors and companies with
below 100 since January 2011 and a check on the sectors and companies a larger debt to equity ratio will be
is decreasing month on month. The that are likely to face a higher level most affected by the rising interest
fact that the economy is decelerating
is further reiterated by the recent ‘on
the record’ acceptance by the finance
minister that the Indian economy will
expand at a rate of 8 per cent for the
year FY12, lower than what he had
projected in his last budget speech of
February 2011.
Therefore, it is quite clear that ris-
ing inflation and interest rate is weigh-
ing heavy on the economic growth
rate. But the worse news is that despite
raising rates by nine times since March
2010, the interest rates have not
peaked out. According to S Raman,
CMD, Canara Bank, “Going forward
there will be a rate hike in the range of
50-75 bps depending upon how the
current increase in interest rates affects
the macro-economic factors.” One can

www.DSIJ.in May 23 - June 5, 2011 Dalal Street Investment Journal 71

 Market Moves
UK
-1.01% (-0.79)
TAIWAN
GERMANY -0.21% (-0.27)
-0.39% (6.84)
JAPAN
-3.27%
(-7.22)
US
-1.38% (8.38)

CHINA S KOREA
-0.20% -2.29%
(3.25) (2.75)
HONG KONG
INDIA -1.15% (-0.32)
-1.88% (-11.56)

SINGAPORE
BRAZIL 0.73%
-1.22% (-8.87) (-2.36)

Figures represent performance of indices during the fortnight. Figures in brackets represent YTD performance of indices

Sober Markets
The markets are taking longer than expected to recover from the effect of the
RBIs recent rate hike. Investors should better wait and watch, allowing the
markets to stabilize says Amit Bhanot

I
t seems that the markets are tak-
ing a longer than expected time to
recover from the shock given by the
RBI by hiking interest rates yet again.
Soon after the rate hike announce-
ment during the last fortnight, the
markets started tumbling and contin-
ued to do so this fortnight too as
economists are predicting a slowing in
the growth momentum. At the same
time the Inflation monster is far from
being tamed, adding to the woes of
the market.
The BSE Sensex opened at 18484
points on May 5 and gained some
ground on the positive news of a
better showing by Indian Inc. and
touched the highest level of the fort-
night at 18724 points on May 13.
But it remained in a confused state
throughout the fortnight and touched
a bottom of 18084 points before clos-
ing at 18137 points on May 17, losing
347 points during the fortnight.
touched a peak of 5605 points on May
13 but then derailed from its course
and fell to 5421 points on May 17.
It closed at 5438 points on the same
day, shedding 92 points during the
fortnight.
Globally the subdued environ-
ment was quite visible among the
markets with almost all indices barring
Singapore’s STI falling like a bullet hit
war plane. The US Dow lost 1.38 per
cent in the fortnight but the biggest
loser was Japan’s Nikkei with a 3.27
per cent decline followed by Seoul
Composite, Brazil’s Bovespa, Hong
Kong’s Hang Seng, UK’s FTSE and
the German Dax which declined by
2.29 per cent, 1.22 per cent, 1.15 per
cent, 1.01 per cent and 0.39 per cent
respectively. It seems that FIIs are also
very concerned about the inflation sce-
nario and rate hike and are in a mood
to just wait and watch. In the last fort-
night they were net sellers to the tune
remained indifferent and purchased
few stocks for their kitty worth `741
crore. The net combined turnover of
the BSE and the NSE hovered between
`10500 crore and `15098 crore.
Individually Ranbaxy gained 17.51
per cent followed by Hindustan Liver,
HDIL, United Brew., and Mundra
port that gained 15.56 per cent, 14.20
per cent, 12.59 per cent and 11.75 per
cent respectively. On the other hand
Manarpuram Finance was the biggest
loser with a 13.10 per cent decline fol-
lowed by SKS Microfinance, Piramal
Healthcare, Renuka Sugar and ONGC
which declined by 12.05 per cent,
11.66 per cent, 10.80 per cent and
10.20 per cent respectively. Looking
at the current markets it is advisable
for the investors to just follow the
wait and watch policy and let the dust
settle. Also it would be a good oppor-
tunity to buy at sharp declines for intra
day trading. DS

On the other hand the NSE Nifty of a whopping `4968 crore. On the (Wish to comment on this report? Send your
opened at 5531 points on May 5 and other hand Indian Mutual funds also feedback to amitb@dsij.in)

78 Dalal Street Investment Journal May 23 - June 5, 2011 www.DSIJ.in

www.DSIJ.in May 23 - June 5, 2011 Dalal Street Investment Journal 85
 Extremism is bad! And this applies to
your financial habits as well. It has been
observed that in many cases, money just
lies idle in savings bank accounts for
a sheer lack of interest in making the
earnings work further. While for some,
liquidity and cash at hand is hardly a
concern. How much of money should
one ideally keep handy so that immediate
liquidity problems can be addressed well?
Vishesh Sharma tries to answer this very
important question for readers and helps
them strike a balance between liquidity
and investment planning
86 Dalal Street Investment Journal May 23 - June 5, 2011
avi Naik, a retired manager of a small compa-
R
ny, earned a decent salary during his working
days. He always believed that a saving account
was the best option available for him as it did
not contain any risk whatsoever. Therefore he
kept all that he saved after meeting his expenses in his saving
account. By the time he retired, Naik’s savings grew, but only
marginally thanks to the low interest rate that a savings bank
account earns. Another flip side of a low interest earning was
that inflationary trends ate into the growth, thereby making
it useless by the time Naik needed the money. As a result,
today he is struggling to meet ends and working part-time
to be able to do so.
Now look at the case of Satish Dixit, a regional manager
with an MNC. Dixit knows the financial markets pretty well
and has been parking his funds in the market right from the
days of his first job. His saving account does not hold any
significance for him and he maintains only the minimum
required balance in the account. The rest of the money goes
into equity markets, mutual funds, insurance and other
www.DSIJ.in

investment options. One night his pregnant wife fell ill and
was required to be admitted to the hospital. Doctors advised
that a surgery is required and he was asked to deposit a sum
of Rs 50,000 in the hospital. Dixit did not know what to
do as he had no liquid cash on hand or his saving account.
Arranging money at that hour was a tough task and he could
manage it only with the help of his friend who lent him
money from his savings bank account.
These are two extreme cases. One was flush with liquidity
but was not earning enough to be able to build a reasonable
corpus for himself at the end of his productive life span. The
other was overly conscious about making his earnings work
hard for him but only at the cost of his immediate liquidity.
None of these is an ideal situation. If you really want to have
a safe and secure future, you must strike a balance between
your savings and liquidity on one hand and your investments
on the other. So, is there an optimum benchmark of what
needs to be kept handy in a savings account or even in cash
and what needs to be invested so that a reasonable corpus can
be built over a period of years by earning a decent return?
www.DSIJ.in
Increase Your Saving
Savings are simply calculated as income
minus expenses. Income constitutes your take-
home salary whilst expenses consist of both the
monthly variety and some that are annual or
semi-annual or just infrequent. Your monthly
expenses would commonly consist of items such
as groceries, salaries to domestic help, fuel and
transport, telephone bills, electricity bills, water
bills, maintenance bills, rentals, cable TV, credit
card payments, laundry, EMIs, etc. Those that
may happen once a year or twice a year are
items such as school fees and insurance premi-
ums which must be apportioned into monthly
figures. If the expense is annual then divide
by 12 to arrive at a monthly figure. Infrequent
expenses would be things like medical bills,
vacation expenses, car repairs, etc. which should
also be apportioned on a monthly basis.
It is best to put this in a tabular form and moni-
tor on a regular basis. The idea of doing this is to
be aware of your savings and expenditure. After
a few months of doing this exercise, one must be
able to think up ways to reduce expenditure and
increase savings. If the expenses are classified
properly, you would be able to spot your larg-
est categories of expenditure. This awareness is
important for a solution. There are a number of
online tools that help to record and monitor per-
sonal expenditure such as www.perfios.com.
May 23 - June 5, 2011 Dalal Street Investment Journal 87
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