Banking | The Investment Blog from Advantage 'zyaada'

Nov 9, 2009 2

The October MF report | Advantage zyaada

The Data is courtesy http://amfiindia.com (AMFI)

October turned out to be buoyant for the entire economy with retail and auto sectors reporting a 30% + uptick in sales and mutual funds also adding a neat INR 20000 Crores or $4.33 billion.

However individual fortunes were mixed as some fund houses managed to lose in Assets under management in the cracker season. UTI MF grew further by INR 3260 Crores or $720 million, and even Tata MF growing by INR 2500 Crores or $550 million. A small player like Kotak grew its corpus by INR 1350 Crores or $ 300 million. It is definitely a market whose time has come.

However Religare lost over 350 crores in AUM in the festive celebrations as it also withdrew from its AIG The newer giant Reliance at INR 116782 Crores also reported a reduction of INR 2000 crores and the growth is favoring the progressive biggies with a good corporate governance score. ICICI Prudential kept losing custom with markets withdrawing their favor after the recent turmoil in its ranks losing a miniscule but significant INR 400 crores, while its larger rival HDFC MF has taken its market share up to 12.23% growing to INR 93.300 Crores

The only other significant player in the Birla Sun Life MF grew rapidly by INR 2000 crores with the AUM of INR 65.500 crores reflecting a market share of 8.5% Ajay as head of the Financial Services business for the group has recently appeared in a a few network interviews to beef up these gains and reiterate BSL’s plan and vision in the upcoming wealth explosion in India. Fidelity MF remained between ICICI and HDFC in the rankings with INR 87000 crores or $19 billion without reporting any close ended schemes in October

UTI MF grew best in its Income funds with INR 5000 Crores adding in its Treasury Advantage plan and HDFC has grown its best performing Prudence ( Balanced ) and Top 200 ( Equity , medium risk ) schemes among others

What China might learn from India | Advantage zyaada

A First rough draft

I hate writing influencing stuff for these ‘namakool’ government people..a true laissez faire capitalist as bollywood would say today – but much as I like to disappoint wooden leg intelligentia (sorry Saugata, not you) and unfortunate colleagues who cannot see the depth and incisiveness of my decisions ( only some times, as most of my followers and poachers would attest from the last 15-20 years, i have quite some intellectual property when it comes to establishing the kingdom’s fine traits and setting up the next wins.

Well, this introduction is probably embedded into my names and branding choices as also in the discussions I have created across all Advantage zyaada properties, and while everyone has decided that the worst is past and we have recovered, the stock markets have finally got the cue,albeit from continuing discussions of interest rate when none are necessary unless a bank offers a loan.

China and India share a $2.5 trillion retail spending of a gross GDP of $3.5 trillion (Economic Times, It’s cold out in the west ). While single brand FDI was raised earlier to 51% whatever was allowed in multi-brand retail has now been withdrawn due to recent changes in FDI definition and no move to allow multi-product retail. Our reticence to allow Indian business property in retail spending to Foreign investors stems from the fact that we wish to be paid for allowing such to happen like for the Telecom Licences and paid so we don’t have that damned Fiscal Deficit overhang but that is just a digression here and it is definitely not ideology we are peddling.

Also, despite the caution adopted by RBI in not moving the GDP target ( 6% w/ upward bias ) I am reasonably confident that the growth rate would be between 7.5% – 8% with the IIP having recovered and there being only some agrarian doubts in the nation’s performance which would well be taken care of by the food inflation incl. grain procurement prices. In the mean time, China allowed banks to fund the corporates $1 trillion indiscriminately and now will provision at leisure; India mid-way through its own $120 billion borrowing program

Making fiscal policy – Dividing work with the RBI ( MOF, Economic Advisory Committee)

Some of my better endowed readers who are also leader of men would appreciate that it is always tough to appreciate the RBI or the FED if you are in the US and ‘get’ the inner depths of what is happening, what is doable, what is to be said and what is to be communicated to which stakeholders all at the same time..that is why probably Duvoori Rao had no qualms in handing over the tough job to the ‘center’ or in this case the Economic Advisory Committee and Mr Rangarajan.

Making Policy Count – Avoid being Abrasive

Let’s not forget that the RBI is doing a good job yet. With the Aussies having raised interest rates, it might have tempted lesser mortals to go in for rate increases right away, but we have just decided to raise the eponymous SLR a full basis point as banks continue to sidestep economics and lenders in each breath. The most laudable and really India thought centric piece of the policy was the important 150% ramp up in the provisioning of real estate loans to 1% of LTV carried on the books. It is a good reminder to banks that the costs of idle money will go up on both the treasuries and cash they keep ( a huge 35% in most banks, more for Citi) when the statutory rates even now are just 30%. In fact costs will also go up on the RE portfolio they are so eager to cultivate by a good 70-80 basis points, after all the entire provisioning concept for banks is based on being able to sell their collateral in case of default

Following up

However, next quarter we are suddenly going to get a flurry of results which proclaim greater volumes, no one will talk of pricing constraints, FDI will flow smoothly and I might just get time to read Ranga’s economics to take this slow elephant further. And that is how sand castles are blown away and not made into glass, nor kept for posterity. A mixed metaphor, maybe? But it is clearer now that the RBI is just battling select ‘investor guarantee’ holding bank companies that have never advanced adequate resources ( neither people, nor journalists, nor the money) to India as they reinvent the new way to leverage their own and their host nations ( i almost sound socialist there, but i am laying out the real hidden map where I share economic prowess in predicting the next turn and getting done with the rest of influenza to focus on earning real moolah in a real job / business)

But the credit policy for the Indian markets..

Coming back to the policy, it is a non starter, because it is a tired ramification of pending business like flowing credit and reforms undone by a crisis. The banks are prudent enough to lend only to profit making businesses and the governments are out of money to print at the mint, The government will continue to be the biggest borrowing program, the agrarians will suffer as rabi prices rise and production drops off, the corporates will bide time as India’s holiday season is past though the stats are still due, and the RBI is not handling the fun, neither the EAC by admitting to any innovation. In my eyes, that will slow up this pack of hounds till ( probably just next week, probably just good news) some great FDI and energy releasing decisions come through.

The next RBI ride will last the six months it can raise rates, but finally we have to start signing some good deals and get business done. Simple innovations like co-opting banks in the policy making and making obvious your support of public sector banks with larger balance sheets have to be reflecive of the new media and the new pace of competition where everyone is now ready to drive home their point to their investors and their stakeholders.

ING gets to make a profit, Buyer Beware?

The Discussion on Citi, BofA results, GS bonuses and JPM’s growth is scheduled on the same Diwali weekend as well..

The ING Sale: Will OCBC grow into a larger Pan Asian role?

ING has sold the Asian private banking business to OCBC, which was having difficulty in growing in Asia but has made rapid strides in expanding in KL and can now focus again on Singapore. The $1.46 billion price ( Sing $ 2 billion) for assets that are not growing is based on the assumed scalability of the asset base of $15-16 billion. The unit was costed for $1 billion for the bank in its balance sheet. The N11 will thus provide a second chance to OCBC to grow.

OCBC has a healthy 60-40 split of interest and non interest income from its current assets ( economic assets or people assets in the case of fee based income) and as expected Q2 income went down with decrease in advisory and other fee based income to S$ 466mn or USD 335 million ( EUR 221 m). Also, interestingly OCBC currently has one of the most healthy cost-income ratios of 34% which can equip it with the necessary depth in absorbing any new costs and continue during the lean times where larger competition from US/Europe/India apart from JPM and GS is unlikely to withstand the current cost of business.

However its Private Banking acquisition may well add to its woes in the region as it has failed to grow beyond Malaysia and Singapore and PB assets may be offshore banking assets domiciled in these other ASEAN countries and even India. OCBC currently earns only 20% of its bank profits or $77 million from Consumer Financial Services where it has been hiding its Private Banking assets presumably. Even in that, as much as $ 10 million is from Islamic Banking in Malaysia (Bank Negara) The transaction adds just about $20 million to OCBC profits and margins may reduce further. However, it looks as if these assets would be lazy and no flight of assets to other competition in the region will ensue whether SocGen or Deutsche Bank

At this stage let me also reiterate that it is important to know that the final price is closer to the author’s estimation for this deal as well as the UBS captive sale, the Satyam sale , the AIG Investments sale, except for the Nan Shan Insurance unit for Life Insurance, Valuation premium is no longer for the selling brand ( Citi BPO assets for over $505 million just a year back) but for real business and real value delivered to the acquirer..The bear phase as always is a euphemism for the opportunity to deliver justice to buyers of economic value over noise)

Fortunately, Julius Baer is happy with its progress in Swiss assets from the acquisition as the Swiss pie is a little more localised and protected by Swiss banking law and does not expose the niche bank to new ( see ING sells Private Banking assets) Julius Baer has paid a half a billion dollars for the Swiss Assets

A leg of Tweets – Holiday season, Dow 10K, JPM results.. | gyancafe

Funding new infrastructure..a global imperative The new USA with new infrastructure « Obamanomics http://bit.ly/3kSJ2k
about 3 hours ago from HootSuite

Apple is not going to ruffle anyone as Windows 7 brings $MSFT back into the game (by the by, just to wake up your senses before dinner ..)
about 5 hours ago from HootSuite

Two-thirds of Superbowl AD inventory was sold/booked even before Week 1 of NFL..and there is six more months for the “new” network CBS
about 6 hours ago from HootSuite

Dow 10K definitely took its time coming! G’night all
about 13 hours ago from HootSuite

Gas sales ( At pump) down 25% from last year ( US, September 2009)
about 16 hours ago from HootSuite

car sales dropped 10% in september “After Clunkers” shock, October shd indicate holiday season
about 16 hours ago from HootSuite

$GLD up above $107..can it cross $115?
about 16 hours ago from HootSuite

Why is $CI getting such a great buy rating? One can’t believe the industry’s whitepaper of all things! The fool’s in goop http://ow.ly/un4a
about 16 hours ago from HootSuite

I am not so sure I got any follow up report of InBev’s amusement parks’ sale? A $2 billion business..
about 16 hours ago from HootSuite
Goldman Sachs $GS scored pretty much lower in Securities services and investment banking income in June ..a start of a bad trend? #Q3results
about 16 hours ago from HootSuite
The 0.9 t Balance sheet of GS could easily grow to $1.5 t by tonight as 713 billion is just investments with MTM 2b upped after reval !!!
about 18 hours ago from HootSuite
Will $GS follow $JPM into the emerging markets, and expand globally? $GS earnings could far exceed expectations of $4.24, JPM likewise
about 18 hours ago from HootSuite
$JPM Treasury and Custody Portfolio of $16 trillion likely to grow along with fee services of investment bank.. Buy to USD 60-65 in 2009
about 19 hours ago from HootSuite
And after receiving the Nobel Peace Prize! RT @barackobama humbled.
about 19 hours ago from HootSuite
Sign here! RT @barackobama Health reform just took a huge step—but the insurance lobby is.. Urge Congress to pass reform: http://u.nu/6jhi3
about 19 hours ago from HootSuite
$JPM reports restructuring with Jes Staley taking over as CEO at the $1.9 billion richer investment bank, Mary C Erdoes takes over at AMC
about 20 hours ago from HootSuite
$JPM reported a further $2 billion added to loan reserves and $3.7 billion in extra charge offs in retail, Credit card losses of $700 m
about 20 hours ago from HootSuite
$JPM and $GS results of $3 billion profit may look very different if unrealised gains on their fixed income portfolio are not included
about 20 hours ago from HootSuite

$OIL at $75 looks precarious, $FXE looks well done at 1.50 Can equity look subdued after the banks have published “rosy results”?
about 20 hours ago from HootSuite

If the Chargers win today, they will likely meet the Blues for the next KITA motivation #clt20
about 20 hours ago from HootSuite

Welcome @hotshotsin to the Advantage zyaada fold @zyakaira @zyaada
8:13 AM Oct 14th from web

Gyancafe follows http://advantages.us/brands for updates on Sports Marketing, IPL and social media #clt20
7:48 AM Oct 14th from HootSuite

By @zyakaira Cape Cobras meet Victoria Bushrangers in the Super League Kickoff #CLT20 Sad day for Wayamba and Sussex #clt20
7:48 AM Oct 14th from HootSuite

By @boutred :ask for analysis CIT debt swap struggles, bankruptcy looms: NEW YORK (Reuters) – CIT .. http://bit.ly/9hApR @zyaada
7:47 AM Oct 14th from HootSuite

Wonder how soon we can extend the IPL club brands to Cape Cobras and the Sydney Blues ( sponsor the SA/CA teams) #CLT20 #ipl

BNP closes out the French Till | DealBook

BNP Paribas, the largest French bank, said on Tuesday that it would raise €4.3 billion from investors to repay government bailout funds, The New York Times’s David Jolly and Chris V. Nicholson reported.BNP Paribas, based in Paris, said its board had decided to repay, within the next month, the €5.1 billion, or $7.5 billion, it borrowed from the state March 31. The government would also receive a payout of €226 million on the nonvoting preferred shares it purchased.Baudouin Prot, BNP Paribas’s chief executive, said in a conference call that the G20 meeting in last week in Pittsburgh, where world leaders agreed in principle that banks should raise more capital, had influenced the timing of BNP’s decision to issue shares, as had the lender’s share price, which is up more than 92 percent this year.Christophe Nijdem, a banking analyst at Alphavalue in Paris, called the stock issue’s timing “judicious.”“They had a window of opportunity,” he said. “A lot of banks will turn to the market in the months to come, and it’s first come, first serve.”Mr. Nijdem added that, compared to American banks, European banks were more leveraged, and had to play catch up. Major Western banks are forecast to post losses of almost $2.5 trillion for the period 2007-2010, according to the International Monetary Fund.

via BNP Paribas to Raise $6.27 Billion to Repay Bailout – DealBook Blog – NYTimes.com.

Will the French dominate post crisis? | Advantage ‘zyaada’ Dealbook

The French BNP and the Barclays’ have definitely come out on top post-crisis and given parochial attitudes in both nations, their governments are likely to plan making heavy weather on the bad financial markets industry..but I wouldn’t say these repayments signify any better practices on the part of these wannabe practitioners on the global horizon, but rather the fact that they were bystanders during the banking explosion of the last decade.

They do maintain a continued conservative stance which will come in useful, but given the history of the markets..they are much more likely to be the source of the next big black hole in a few days (years) maybe. However, with Citi planning to get out of government stakes as well, this could really absorb the prior decades’ sentiments some more and yet faster..leaving us with a blank slate in which to regulate our childrens’ future.

Coming back to the French, they do not have the depth in their markets to fund expansion and their global diaspora in terms of expansion by SocGen and BNP hardly enough to give them currency to support their non US pro Iran , pro Russia stance. They could however be the closest Euro member state for the new nations in East Europe that have been trying to get a piece of the global economics in this last decade as also they could substantially support some African nations. Being pragmatic however, they are likely to discover faster that they really do not want significant exposure in these markets

BNP recently paid $19.8 billion for Fortis (October 2008) and has therefore significantly completed its footprint in West Europe while SocGen has been active in Asia ( Offshore from Singapore, JVs with SBI in India)

China has had a long history with European Banks with the Deutsche Asiatique Bank, British Belgian Industrial Bank of China and the Sino Belgian Bank which issued Taels (North Asian currency) during Siberian-Japanese-Chinese trade ‘wars’ of the late 19th century but has never been remunerative for Foreign bank ( Comparitively with India, Chinese have very few branches and investment assets in Foreign banks)

However, as of March 2009 Bank of china had already purchased 20% in the Paris based Banque de Rothschild and with BNP out of government indebtedness, its reasons for going into China would be more mercantile than ever.

BNP Paribas, the largest French bank, said on Tuesday that it would raise €4.3 billion from investors to repay government bailout funds, The New York Times’s David Jolly and Chris V. Nicholson reported.

BNP Paribas, based in Paris, said its board had decided to repay, within the next month, the €5.1 billion, or $7.5 billion, it borrowed from the state March 31. The government would also receive a payout of €226 million on the nonvoting preferred shares it purchased.

Baudouin Prot, BNP Paribas’s chief executive, said in a conference call that the G20 meeting in last week in Pittsburgh, where world leaders agreed in principle that banks should raise more capital, had influenced the timing of BNP’s decision to issue shares, as had the lender’s share price, which is up more than 92 percent this year.

Christophe Nijdem, a banking analyst at Alphavalue in Paris, called the stock issue’s timing “judicious.”

“They had a window of opportunity,” he said. “A lot of banks will turn to the market in the months to come, and it’s first come, first serve.”

Mr. Nijdem added that, compared to American banks, European banks were more leveraged, and had to play catch up. Major Western banks are forecast to post losses of almost $2.5 trillion for the period 2007-2010, according to the International Monetary Fund.

via BNP Paribas to Raise $6.27 Billion to Repay Bailout – DealBook Blog – NYTimes.com.

Valuations! Valuations!

Three sales canceled, carried over, increased stakes and quick QIPs instead of IPOs, no one’s playing to the basement anymore..Wanted to sell, couldn’t get my price so bought some more. Whacky, emulating personal shopping habits of people more than corporate board tussles of the 1990s.

KKR now owns 80% of Aricent (79), WNS will still have Warburg and Axis bank is happy with $720 million where it could have easily absorbed another tranche of the same amount. And this is in the faster growing market of India that we have these white elephants.

In fact the 2007 majority view of these all private equity investments and tinny tiny private sector banks being as unproductive as the public sector white elephants may still be true. However, all these three companies should have spiffy new management in place soon.

KKR, CPP Investment Buy Flextronics’ Pie In Aricent For $255M

- TEAM VCC

Global private equity biggie Kohlberg Kravis Roberts & Co. has increased its investment in Aricent, following the completion of an agreement between KKR and CPP Investment Board with Flextronics to purchase certain securities. The transaction, valued at $255 million, closed on September 16, 2009.

WNS Halts Talks On Majority Stake Sale

- MADHAV A CHANCHANI

Outsourcing firm WNS (Holdings) Ltd has said that it will not pursue any further talks regarding the sale of majoity stake in the firm. Private equity major Warburg Pincus, which holds over 50% stake in the NYSE-listed firm, had put its stake on the block and was in discussion with other PE players and outsourcing firms.

Axis Bank Raises $720 Mn Via QIP, GDR

- MADHAV A CHANCHANI

The Indian QIP party, which kicked off with the real estate sector, has now assumed a diverse flavour. Private sector lender Axis Bank has raised $720 million throught its QIP (qualified institutional placement) and GDR (global depository reciepts) issue.

via

via VC Circle

Defining the new YES Bank

Finally, the cat is out of the bag. Yes Bank albeit a little late or cautious, has decided to step into the Institutional market. It will be asking investors to pick up a $250m QIP stake to shore up its capital. In the meantime, as reported earlier, they have also put on hold their diversification and market development plans on the board for the last 2 years now as they get into some serious consolidation in its core banking business. They have a good sleeping brand and their recent cost cutting efforts would also bear fruit. However, their focus on SME business might change now as the current ticket size is very unremunerative for them. There was some recent murmur when Rabobank announced its plans to enter the country directly, but that is a non-starter since Yes Bank would not go for the stake sale by Rabobank without making sure the house is in order as a deeper recession is equally likely in the next 12 months.

Yes would need a little serious selling with big ticket business while continuing to present simple and generous options for retail and SME customers. Their non presence in asset management and broking would hardly raise any eyebrows as the business entirely survives on institutional volumes and even a Kotakstreet and a sharekhan are essentially struggling with their current “low” period.

I wonder how any bank with a brand like Yes can today crack open the expat market which has a few relatively unknown niche players ( Geojit, recently acquired by HSBC) It would need key leadership experience to realise a valid entry point. One option however, at the barest minimum requirement, is to go for a PSB or a local bank in UK and Australia or the Middle east. That requires capital but any other option leaves you with a performance like ICICI Bank which has managed only rep offices in all its overseas expansion and have not been able to generate the required trust without a retail presence on the ground, leaving the field seemingly open for players like ING and HSBC.

Regulatory level liaison with developed markets would sadly continue to maintain the respectable disconnect that exists as emerging markets can barely acknowledge their requirements of the day as they are seemingly extended to the rest of the world. It remains to be seen if that home brewn recipee of the Basel and BoE would ever land in some drifting current and be taken care of. A way must be found for India to spare the cash and show their value in the developed world and invest in these international markets before much more will come out to bear on market shares of all the players. This is not to belittle current efforts from either side but I didn’t see it on the agenda in these last few years at work. It is never too late to start?

The scrip remains a good buy in Indian exchanges and I look forward to even more QIP issuance from YES Bank.

Posted via email from The investment blog on Post

Rejuvenating Banking after the crash of '08

I wonder how any bank with a brand like Yes or Kotak can today crack open the expat market which has a few relatively unknown niche players ( Geojit, recently acquired by HSBC) It would need key leadership experience to realise a valid entry point. One option however, at the barest minimum requirement, is to go for a PSB or a local bank in UK and Australia or the Middle east. That requires capital but any other option leaves you with a performance like ICICI Bank which has managed only rep offices in all its overseas expansion and have not been able to generate the required trust without a retail presence on the ground, leaving the field seemingly open for players like ING and HSBC. They do have some presence now in London.

Regulatory level liaison with developed markets would sadly continue to maintain the respectable disconnect that exists as emerging markets can barely acknowledge their requirements of the day as they are seamlessly extended to the rest of the world. It remains to be seen if that home brewn recipe of the Basel and BoE would ever land in some drifting current and be taken care of. A way must be found for India to spare the cash and show their value in the developed world and invest in these international markets before much more will come out to bear on market shares of all the players. This is not to belittle current efforts from either side but I didn’t see it on the agenda in these last few years at work. It is never too late to start?

All the PSB scrips remains a good buy in Indian exchanges and I look forward to even more QIP issuance from YES Bank. But sooner than later the investing denizens will realize our SME status in the global market and unlike China, here Private Enterprise is free to make its own market rules, which is not something we have made good use of till now.

The other priority and now a key priority is of course our spreading into the hinterland as we strengthen distribution and support the microcredit revolution and the farmers. This spread would require immediate action by the banks as the government has al but given the keys to the treasury for the banks to lend and spend and while Corporate credit may be lukewarm, the hinterland beckons.

Last but not the least, the banks are key to the Indian consumer treasure now that it is all about lifestyle and disposable spending. While unsecured credit would not be remunerative, as we cannot go beyond the current systemized and sometimes too painfully detailed back office ops required to support the credit.

As a banker I probably wonder why the boom did not last, but then nothing lasts forever and as far as emerging markets are concerned , it remains a s good as it gets as Class B towns and Metros keep growing incessantly and people continue to spend on retail, lifestyle and entertainment. Infrastructure financing will attract the big bucks and the retail lifestyle spending will grow as fast as ever within the next 12 months, the magic being in access and prompt delivery by the banks.

Predictions: Interest rates are headed lower and Treasuries are going to be fatter and richer but still incomparable to the riches in the global markets

[Category India]
[Tags India infrastructure, Banking, Bank stocks, Wealth, Retail Lifestyle, Amitonomics, Lifestyle Economy, India, Economy, Finance]

Amit Mittal
mittalster@gmail.com

Amit Mittal
Mob: 919972442877
amit.mittal@me.com
MD, Advantage Research Pvt Ltd
@Innovative Film City, Bidadi 562109
On the web Advantage ‘zyaada’ http://advantages.us/zya
http://astore.amazon.com/mmmzyaada-20

Posted via email from The investment blog on Post

SBI and PNB results

PNB has just been upgraded by JP Morgan to a price target of 850 ..

State Bank of India and Punjab National Bank both effectively proved size does matter. Their growth absorbed a growth in deposit rates ( 38% for SBI) effectively absorbing the stimulus and passing on rates by RBI unlike their MNC and private bank counterparts that have ‘managed’ their deposit rate cost by instantly cutting rates early and then keeping credit down, almost artificially probably as they waited to be sold off for pennies by the head offices. I am almost sad and apologetic at sounding like a parochial small trader / farmer but the facts on ground are now out for everyone to see.

State Bank of India’s quarterly profits grew 42% and restructured loans upwards of Rs 11000 Crs in time. While ICICI plans a paltry Rs 1500 Cr restructuring while NPAs kept rising at the private sector banks and are expected to rise further into the 3%+ zone, PNB and SBI NPAs are controlled and have fallen consequent to the restructuring. SBI has also managed to attract huge deposits in this period reflecting higher confidence in the behemoth ( also true for PNB) while Income from advances has grown at a lower 23%. Net Interest Income had earlier grown in FY09 to Rs 17000 CR ( USD $3.4 billion) while Consolidated Net Income climbed by 33% to INR 23000 Crs ( $460 million – $480 million at current FX rate ) beating the Bloomberg survey by 20%

Posted via email from The investment blog on Post

DJIA	10765.94	+32.27
NASDAQ	2389.40	+0.31
S&P 500	1164.02	-2.19
^TWII	7886.34	+38.50
^AORD	4877.70	+0.00
EEM	41.68	-0.37
PGX	14.07	+0.00
PBR	46.16	-0.69
KKE	0.00	+0.00
YESBANK.NS	249.55	+3.60
PFE	17.20	-0.01
HDB	129.08	-2.15
RECLTD.NS	250.45	+6.15
HBC	52.15	-0.82
ADBE	35.81	+0.32

The Investment Blog from Advantage 'zyaada'

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