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Subject: How to Profit from Sensex' Steepest Pre-Budget Correction in 7 Years
Date: February 25, 2016 at 08:55PM
5min Responsive Mailer Not able to view this mailer properly? See here: Desktop | Mobile How to Profit from Sensex' Steepest Pre-Budget Correction in 7 Years Thu, 25 Feb 2016 In this issue: » IPO is a dangerous game » Market round up » ....and more! Chart of the day The Union Budget announcement is due on Monday. The government is under huge pressure to deliver. Touted as the 'Do or Die Budget', the Finance Minister is expected to come up with the roadway to achieve what the government promised since May 2014. Last year was loaded with 'great expectations'. And it certainly took long to come to terms with economic reality. While expectations are realistic now, it hasn't made the Mr Jaitley's job any easier. The global economic scenario offers little to support growth. Domestic demand is weak. The growth this year to a large extent will depend on how monsoons play out. As banks are ridden with bad debts, monetary policy too won't help beyond a point. Divestment in the current market is unlikely to achieve the desired objective. A lot of onus to support growth rests on fiscal spending then. So will the fiscal deficit target for FY17 be relaxed to make way for more spending and investment? Will the government take a tough stand on reforms and their execution to mobilise growth. The upcoming budget will answer some of these questions. No wonder the budget is the most awaited event for the market. Most investors are waiting on the sidelines for the big announcement. Budget blues have added to the weak sentiments. As today's chart suggests, the sharp correction this February is noteworthy. The year-on-year correction in the Sensex this Budget month has been the steepest in the last seven years. And while a lot of investors are getting nervous about this correction, we would like to point out the long-term silver lining for investors. Sensex Faces Steepest pre-budget Correction in 7 Years To put it simply, it is time to get greedy on blue chip stocks. This is exactly what Tanushree and the team are doing. They have unearthed not one...not two...but four bluechips that have corrected recently and look attractive now. In short, four solid bluechips selling for cheap that you should not miss at any cost! The last time we were spoilt for choice with so many safe stock ideas was in 2009 and 2013. And it could be another three to four years before we get an opportunity like this again. You can get full details of these four bluechips today via StockSelect. StockSelect is our bluechip stock recommendation service with an excellent track record average of 77.3% from 2002 to 2015. This means about eight out of every ten stocks recommended through StockSelect have hit their targets. Today's StockSelect report reveals top four stock recommendations in this market. Here's your opportunity to join in and be among the first to get access to it...and everything else StockSelect has to offer. Just click here to join for a 30 day trial... So the secondary market has woken up to economic reality. But what about the primary market (IPOs)? Are investors equally cautious when it comes to IPOs? Here is an interesting conversation my colleague Sarvajeet had with this friend On IPOs. It offers interesting insights on investors' behavior when it comes to IPOs. Over to Sarvajeet... Last weekend, I met my old friend from school days. Excited and happy. Meeting after a long time. We discussed everything. College, job, friends, life and future...In our discussion, my friend spoke about investments and particularly about IPO (Initial Public Offering). Conversation went like this: My Friend: You know, a lot of IPOs are coming these days. I am excited. Me: Why? My Friend: Why? Look at listing gains. Stock up 20%. Stock up 50%. Wow. This is how you get rich. Isn't it? Me: So you are a rich person now... My Friend: No. not really. Me: Why? You aim for listing gain right? My Friend: Yes. But it is not easy. You also lose money as well. Some companies create hype and on listing day... they collapse like a pack of cards... Coming back to reality... This is how it happens... in real life... People aim for listing gains and miss the big picture. And we all know the results. This forced me to think about the investments and particularly an IPO (subscription required) and how often we pay too much. Consider an IPO. The aim of the company is to get the maximum valuation for its share listing. Why? The answer is simple. Private equity (PE) investors, Venture capital (VC) investors, or a promoter himself wants to sell a part of his holding. Why would he sell at a discount? The Promoters will seek a premium valuation. The investment bankers will certainly make sure that company gets a premium valuation. Surely, a company will come out with a good story. They will say, the company is growing at x%. There is a huge market potential. Our Market share is increasing.... and so on. In such case, investors (which includes Institutional investors, FIIs, and retail investors) would want to participate in company's growth story. This will come at hefty valuations. In an IPO meet, I asked one question to the management about the steep valuation and rationale behind such valuation. Here comes the reply as expected. 'Look, this is a growth story. We have been growing at xx% previously. We are the only listed company in this segment. You can consider this business as defensive...' I also observed another weird thing in the IPO meet. Analysts present in the meeting did not bother to ask the question about valuation at all. They were focused on other things. Key revenue drivers. Growth opportunities. Operating margins and so on. Make no mistake; all these questions are important but it is equally important not to ignore the valuations at which company plans to sell its stake. I was going through a business newspaper the other day and read how companies are planning to postpone their IPO plans amid stock market volatility. Why would they do that? Think about it. Are they sensing the market mood? It seems like a big yes. Now under such circumstances, I looked at what an investment legend had to say. Warren Buffett said that IPOs are almost always bad investments. There is so much hype involved that IPOs won't be the most-attractive value. Investors should be looking for good businesses to buy and trying to determine how those companies will fare in next 5 to 10 years. I told my friend 'IPO is a dangerous game. The odds are stacked against you. Be very careful. Understand the business, don't pay too much. Look at IPO from long-term perspective.' In the primary market, the company fixes the price. Once the share lists on the exchange, it is the market which determines the price. So when the odds are in your favour, play your game. Until then wait, wait, and wait... How do you look at IPOs? You aim for listing gain or look at from a long term perspective? Let us know your comments or share your views in the Equitymaster Club. At the time of writing, the Indian Stock market continued to be volatile with negative bias ahead of expiry of February derivative contracts. The BSE-Sensex and NSE Nifty trading lower by about 139 points and 55 points respectively. The BSE Mid cap and BSE Small cap indices were also trading in the red. Amongst sectoral indices, Banking, Auto and Capital Goods were hit particularly hard. Today's Investing mantra "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul Samuelson Advertisement Missed The Conference? Let The Conference Come To You... The Equitymaster Conference 2016 was a grand success! This year, we had some of most valued members join us from more than 20 cities across India and from international destinations like United Kingdom, UAE, Singapore, and Saudi Arabia too. However, if due to any reason you missed out on joining us at The Taj... Allow us to bring The Complete Equitymaster Conference 2016 to you! Yes, here's your opportunity to get online-access to the complete Equitymaster Conference 2016 - The Modi-fied India Story. Right from the welcome address to the concluding remarks...and everything in between. Watch Ajit Dayal and Bill Bonner deliver their keynote addresses...Vivek Kaul reveal the true Modi-fied India Story...Asad & Apurva reveal the future of trading...Rahul Shah & Tanushree decode the Indian Consumption Story... and more. All from the comfort of your home! Click here to reserve your online access... Comments on this edition of The 5 Minute WrapUp: Post a comment | Read comments This edition of The 5 Minute WrapUp is authored by Richa Agarwal (Research Analyst) and Sarvajeet Bodas (Research Analyst). The Premium edition is authored by Ankit Shah (Research Analyst) Today's Premium Edition. Is your company dangerous to public health? How should you evaluate businesses that pose health risks to consumers? Get Instant Access to this and all future editions of The 5 Minute Premium. Click here for details... Recent Articles This is How You Profit from a Crisis... February 24, 2016 Market crashes are a perfect opportunity to pick safe bluechips at attractive prices. The Secret to Realizing the Potential of Equity Investments February 23, 2016 Think long term to unleash the power of compounding. The Link Between Technology and Price of Your Favorite Dosa! February 22, 2016 Should we make more use of technology in something as mundane as preparing dosa? Stocks That Work Even When You Are Dead Wrong February 20, 2016 Your best bet to earn healthy regular returns outside the bank. DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 INTRODUCTION: Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537. BUSINESS ACTIVITY: An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes. DISCIPLINARY HISTORY: There are no outstanding litigations against the Company, it subsidiaries and its Directors. GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT: For the terms and conditions for research reports click here. DETAILS OF ASSOCIATES: Details of Associates are available here. DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST: 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report. Equitymaster has financial interest in ITC Ltd. Equitymaster's investment in the subject company is as per the guidelines prescribed by the Board of Directors of the Company. The investment is however made solely for building track record of its services. Equitymaster's Associates and Research Analyst or his/her relative doesn't have any financial interest in the subject company. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report. DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION: Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report. GENERAL DISCLOSURES: The Research Analyst has not served as an officer, director or employee of the subject company. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company. Definitions of Terms Used: Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service. Feedback: If you have any feedback or query or wish to report a matter, please do not hesitate to write to us. All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement. LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Use of the information herein is at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Before acting on any recommendation, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA or Canada, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an "As Is" basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results. Equitymaster may hold shares in the company/ies discussed in this document under any of its other services. Please read our detailed Share Trading Guidelines here. You're receiving this email at RH@ignition.bz. If you have any questions about your subscription, or would like to change your email settings, please contact Equitymaster at +91 22 61434055, Mon-Fri 10.00 AM to 6.00 PM (IST) and Sat 10.00 AM to 3.00 PM (IST). If you wish to contact us, please click here. To unsubscribe from The 5 Minute WrapUp, click here. If you would like to report any mail delivery problems, click here. SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537. Equitymaster Agora Research Private Limited. 103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India. | Telephone: +91-22-6143 4055. Fax: +91-22-2202 8550. Email: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407
Subject: How to Profit from Sensex' Steepest Pre-Budget Correction in 7 Years
Date: February 25, 2016 at 08:55PM
5min Responsive Mailer Not able to view this mailer properly? See here: Desktop | Mobile How to Profit from Sensex' Steepest Pre-Budget Correction in 7 Years Thu, 25 Feb 2016 In this issue: » IPO is a dangerous game » Market round up » ....and more! Chart of the day The Union Budget announcement is due on Monday. The government is under huge pressure to deliver. Touted as the 'Do or Die Budget', the Finance Minister is expected to come up with the roadway to achieve what the government promised since May 2014. Last year was loaded with 'great expectations'. And it certainly took long to come to terms with economic reality. While expectations are realistic now, it hasn't made the Mr Jaitley's job any easier. The global economic scenario offers little to support growth. Domestic demand is weak. The growth this year to a large extent will depend on how monsoons play out. As banks are ridden with bad debts, monetary policy too won't help beyond a point. Divestment in the current market is unlikely to achieve the desired objective. A lot of onus to support growth rests on fiscal spending then. So will the fiscal deficit target for FY17 be relaxed to make way for more spending and investment? Will the government take a tough stand on reforms and their execution to mobilise growth. The upcoming budget will answer some of these questions. No wonder the budget is the most awaited event for the market. Most investors are waiting on the sidelines for the big announcement. Budget blues have added to the weak sentiments. As today's chart suggests, the sharp correction this February is noteworthy. The year-on-year correction in the Sensex this Budget month has been the steepest in the last seven years. And while a lot of investors are getting nervous about this correction, we would like to point out the long-term silver lining for investors. Sensex Faces Steepest pre-budget Correction in 7 Years To put it simply, it is time to get greedy on blue chip stocks. This is exactly what Tanushree and the team are doing. They have unearthed not one...not two...but four bluechips that have corrected recently and look attractive now. In short, four solid bluechips selling for cheap that you should not miss at any cost! The last time we were spoilt for choice with so many safe stock ideas was in 2009 and 2013. And it could be another three to four years before we get an opportunity like this again. You can get full details of these four bluechips today via StockSelect. StockSelect is our bluechip stock recommendation service with an excellent track record average of 77.3% from 2002 to 2015. This means about eight out of every ten stocks recommended through StockSelect have hit their targets. Today's StockSelect report reveals top four stock recommendations in this market. Here's your opportunity to join in and be among the first to get access to it...and everything else StockSelect has to offer. Just click here to join for a 30 day trial... So the secondary market has woken up to economic reality. But what about the primary market (IPOs)? Are investors equally cautious when it comes to IPOs? Here is an interesting conversation my colleague Sarvajeet had with this friend On IPOs. It offers interesting insights on investors' behavior when it comes to IPOs. Over to Sarvajeet... Last weekend, I met my old friend from school days. Excited and happy. Meeting after a long time. We discussed everything. College, job, friends, life and future...In our discussion, my friend spoke about investments and particularly about IPO (Initial Public Offering). Conversation went like this: My Friend: You know, a lot of IPOs are coming these days. I am excited. Me: Why? My Friend: Why? Look at listing gains. Stock up 20%. Stock up 50%. Wow. This is how you get rich. Isn't it? Me: So you are a rich person now... My Friend: No. not really. Me: Why? You aim for listing gain right? My Friend: Yes. But it is not easy. You also lose money as well. Some companies create hype and on listing day... they collapse like a pack of cards... Coming back to reality... This is how it happens... in real life... People aim for listing gains and miss the big picture. And we all know the results. This forced me to think about the investments and particularly an IPO (subscription required) and how often we pay too much. Consider an IPO. The aim of the company is to get the maximum valuation for its share listing. Why? The answer is simple. Private equity (PE) investors, Venture capital (VC) investors, or a promoter himself wants to sell a part of his holding. Why would he sell at a discount? The Promoters will seek a premium valuation. The investment bankers will certainly make sure that company gets a premium valuation. Surely, a company will come out with a good story. They will say, the company is growing at x%. There is a huge market potential. Our Market share is increasing.... and so on. In such case, investors (which includes Institutional investors, FIIs, and retail investors) would want to participate in company's growth story. This will come at hefty valuations. In an IPO meet, I asked one question to the management about the steep valuation and rationale behind such valuation. Here comes the reply as expected. 'Look, this is a growth story. We have been growing at xx% previously. We are the only listed company in this segment. You can consider this business as defensive...' I also observed another weird thing in the IPO meet. Analysts present in the meeting did not bother to ask the question about valuation at all. They were focused on other things. Key revenue drivers. Growth opportunities. Operating margins and so on. Make no mistake; all these questions are important but it is equally important not to ignore the valuations at which company plans to sell its stake. I was going through a business newspaper the other day and read how companies are planning to postpone their IPO plans amid stock market volatility. Why would they do that? Think about it. Are they sensing the market mood? It seems like a big yes. Now under such circumstances, I looked at what an investment legend had to say. Warren Buffett said that IPOs are almost always bad investments. There is so much hype involved that IPOs won't be the most-attractive value. Investors should be looking for good businesses to buy and trying to determine how those companies will fare in next 5 to 10 years. I told my friend 'IPO is a dangerous game. The odds are stacked against you. Be very careful. Understand the business, don't pay too much. Look at IPO from long-term perspective.' In the primary market, the company fixes the price. Once the share lists on the exchange, it is the market which determines the price. So when the odds are in your favour, play your game. Until then wait, wait, and wait... How do you look at IPOs? You aim for listing gain or look at from a long term perspective? Let us know your comments or share your views in the Equitymaster Club. At the time of writing, the Indian Stock market continued to be volatile with negative bias ahead of expiry of February derivative contracts. The BSE-Sensex and NSE Nifty trading lower by about 139 points and 55 points respectively. The BSE Mid cap and BSE Small cap indices were also trading in the red. Amongst sectoral indices, Banking, Auto and Capital Goods were hit particularly hard. Today's Investing mantra "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul Samuelson Advertisement Missed The Conference? Let The Conference Come To You... The Equitymaster Conference 2016 was a grand success! This year, we had some of most valued members join us from more than 20 cities across India and from international destinations like United Kingdom, UAE, Singapore, and Saudi Arabia too. However, if due to any reason you missed out on joining us at The Taj... Allow us to bring The Complete Equitymaster Conference 2016 to you! Yes, here's your opportunity to get online-access to the complete Equitymaster Conference 2016 - The Modi-fied India Story. Right from the welcome address to the concluding remarks...and everything in between. Watch Ajit Dayal and Bill Bonner deliver their keynote addresses...Vivek Kaul reveal the true Modi-fied India Story...Asad & Apurva reveal the future of trading...Rahul Shah & Tanushree decode the Indian Consumption Story... and more. All from the comfort of your home! Click here to reserve your online access... Comments on this edition of The 5 Minute WrapUp: Post a comment | Read comments This edition of The 5 Minute WrapUp is authored by Richa Agarwal (Research Analyst) and Sarvajeet Bodas (Research Analyst). The Premium edition is authored by Ankit Shah (Research Analyst) Today's Premium Edition. Is your company dangerous to public health? How should you evaluate businesses that pose health risks to consumers? Get Instant Access to this and all future editions of The 5 Minute Premium. Click here for details... Recent Articles This is How You Profit from a Crisis... February 24, 2016 Market crashes are a perfect opportunity to pick safe bluechips at attractive prices. The Secret to Realizing the Potential of Equity Investments February 23, 2016 Think long term to unleash the power of compounding. The Link Between Technology and Price of Your Favorite Dosa! February 22, 2016 Should we make more use of technology in something as mundane as preparing dosa? Stocks That Work Even When You Are Dead Wrong February 20, 2016 Your best bet to earn healthy regular returns outside the bank. DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 INTRODUCTION: Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537. BUSINESS ACTIVITY: An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes. DISCIPLINARY HISTORY: There are no outstanding litigations against the Company, it subsidiaries and its Directors. GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT: For the terms and conditions for research reports click here. DETAILS OF ASSOCIATES: Details of Associates are available here. DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST: 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report. Equitymaster has financial interest in ITC Ltd. Equitymaster's investment in the subject company is as per the guidelines prescribed by the Board of Directors of the Company. The investment is however made solely for building track record of its services. Equitymaster's Associates and Research Analyst or his/her relative doesn't have any financial interest in the subject company. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report. DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION: Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report. GENERAL DISCLOSURES: The Research Analyst has not served as an officer, director or employee of the subject company. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company. Definitions of Terms Used: Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service. Feedback: If you have any feedback or query or wish to report a matter, please do not hesitate to write to us. All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement. LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Use of the information herein is at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Before acting on any recommendation, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA or Canada, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an "As Is" basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results. Equitymaster may hold shares in the company/ies discussed in this document under any of its other services. Please read our detailed Share Trading Guidelines here. You're receiving this email at RH@ignition.bz. If you have any questions about your subscription, or would like to change your email settings, please contact Equitymaster at +91 22 61434055, Mon-Fri 10.00 AM to 6.00 PM (IST) and Sat 10.00 AM to 3.00 PM (IST). If you wish to contact us, please click here. To unsubscribe from The 5 Minute WrapUp, click here. If you would like to report any mail delivery problems, click here. SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537. Equitymaster Agora Research Private Limited. 103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India. | Telephone: +91-22-6143 4055. Fax: +91-22-2202 8550. Email: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407
