ter englih issue 23 yr 3 some pages
TRANSCRIPT
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8/9/2019 Ter Englih Issue 23 Yr 3 SOME PAGES
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01-08-2010 to 07-08-2010 3
FOR ACCURATE STOCK MARKET PREDICTIONS
http//www.astrostocktips.in
TEL NO9810018438- 9810056543
Candlesticks fit intothe overall technicalpicture, but it should
be known thatcandlestick chartpatterns are just onepart of a wide array of
studies that fit into
technical analysis.Technical analysisspans all chart analysis,and it is even appliedto some fundamentalanalysis statistics.
Candlesticks are
usually traded activelyor passively, but fewtraders deny theirinfluence, especiallythose that usetechnical analysis infavor of traditionalinvesting. Sometraders like to usecandlesticks as the solebuying and sellingsignals, while others
blend them in with afew other technicalindicators to refinetheir trading. Daytraders and swingtraders are much morelikely to usecandlestick patternsthan investors, but thatis due largely becauseof the difference ininvesting ideologies.
The passive
viewPassive candlestick
traders are more
familiar with andtypically favor othermethods of technical
analysis than chartpatterns. This group of
investors is made up ofthose who prefercomputer generatedtechnical analysis tothe 18th century styleof candlestick trading.
The passivecandlestick trader isusually an active,professional traderwith a more complextrading style thanmost. This group ismade up of people whotrade candlestickscasually while puttingmore influence onother indicators.
The active
viewThe active
candlestick trader
keeps a close tab oneach developing chart.
Bottoms and tops aremarked by candlestick
patterns rather thantheir price. Active
candlestick traders are
willing to take even theshort term charts andtrades that may not go
entirely with thecandlestick creed.Little confirmation isneeded for thesetraders who like thesimplicity to the morecomplex forms oftechnical analysis.
The overall
pictureWhether you are a
candlestick purist ortechnical analyst,there is something incandlestick charts for
everyone. Full-timeday trading requires afull arsenal of tradingtools and information,thus addingcandlesticks can bringsome benefits. Someuse candlesticks totrade opening gaps orthe late day breakouts,but all investors canagree that they do playsome role in predictingfuture prices.
Keeping a
balanceB a l a n c i n g
candlesticks and otherforms of technicalanalysis is a solid wayto produce consistentprofits. A professionaltrader is likely to favoreither candlesticks tothe bulk of technicalanalysis or vice versa,but usually picks up thesecond placepreference as a criticalconfirmation. Ac o m p r e h e n s i v e
trading plan shouldoutline the roles ofboth forms of analysisand give preference toone. Your plan shouldact as your ownscreener, finding thegood trades andleaving the bad. Nomatter the type oftrader, there is plentyto benefit in learning anew indicator.
Ph: 98506 95994EMail: [email protected]
Web Blog : www.tanmaygopal.com
Tanmay GPurohit CFA
Hot Talk
5350 to 5460 rangecrucial for markets,
break to provide trendNifty has closedlower with 81 point
loss at 5367 in thisweek and for themonth of July ithas gained by 57points. Nifty wasrangebound be-tween 5350 and5460 this week,break of therange is awaitedto give furthertrend. Break below5200 would be verynegative for this up
trend.IDFC (Rs 186):- The
stock has formed adouble top at Rs 196levels and it is ex-
pected to move lowerin coming weeksgiven bearish pattern.
Sell Rs 186-188 fortarget Rs 175, keep
stops above Rs 193.TECHM(Rs 700):- Thi
stock has closedat 9-week lowand has seen gap-down thiweek but so fathere hasn'been follow-ubuying to closthis gap levelThe stock look
weak to reach muclower levels.
Sell Rs 705-710 fo
target Rs 675, keestops above Rs 725.
VISIT : www.theeconomicrevolutiohn.com for latest infromation
Candlesticks and Over-all Technical Picture
NIFTY VIEW
Nifty has support at 5280 & 5220 resistance at 5410 & 5455. In
the beginning of the week if nifty move to 5410 then do not take
fresh buy position in nifty & wait for short selling.
SOME STOCKS FOR POSITIONAL BUY
STOCKS SUP. S. L TARGETBHUSANSTL 1520 1480 1600.1620
HINDALCO 155 150 170
HCC 128 126 140
ICICIBK 890 880 920930
JPPOWER 70 68 7375
RELCAP 780 760 820
TATACHEM 330 326 345
TISCO 520 510 570..580
TULIP 184 180 192
ULTRACE 84 820 880910
WELCORP 245 240 260
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Nifty
Sup. 5280
SHORT SELL ONRISE
EDUCOM SHORT SELL 620 STOP LOSS 640 TARGET 580
SINTEX 380 STOP LOSS 385 TARGET 360350
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01-08-2010 to 07-08-2010 5
NOW SOME PAGES OF THE ECONOMIC
REVOLUTION IS AVAILABLE ON MONDAY ON THIS
WEB AND WHOLE ISSUE WILL BE AVAILABLE ON
TUESDAY ONLY. IF YOU WANT WHOLE ISSUE ON
MONDAY EARLY MORNING IN YOUR E MAIL
SUBSCRIPRIONSUBSCRIPRIONSUBSCRIPRIONSUBSCRIPRIONSUBSCRIPRION
ONLONLONLONLONL Y RS.1000 Y RS.1000 Y RS.1000 Y RS.1000 Y RS.1000
PER YEAR, WITH THIS ISSUE GEPER YEAR, WITH THIS ISSUE GEPER YEAR, WITH THIS ISSUE GEPER YEAR, WITH THIS ISSUE GEPER YEAR, WITH THIS ISSUE GET GUJARAT GUJARAT GUJARAT GUJARAT GUJARATI VERSION FREETI VERSION FREETI VERSION FREETI VERSION FREETI VERSION FREE
CAN NIFTY BREACH 5100 IN THIS WEEK
RELIANCE HEADING TOWARDS 970The Sensex had
just begun to flap its
wings to soar abovethe 18,200 barrierwhen it was checkedabruptly by the RBIspolicy rate hike.E a r n i n g sd i s a p p o i n t m e n t sfrom some of the top-rung companies madethe index retractfurther to close 263points lower. Thoughthe index did notcollapse last week,yet another failure tobreach the above-mentioned barrierdoes no good to themorale of marketparticipants.
E a r n i n g sannouncements willcontinue to dictatestock pricemovement in theweek ahead. Ithowever needs to beborne in mind that
August ushers insluggishness in the
stock markets,probably becausesome countries havesummer holidays in
this month. So aspectacular rally or acrash seemse x t r e m e l yimprobable inimmediate future.
D e r i v a t i v evolumes spikedhigher close to expirywhile the cashsegment recordedmoderate volumes.
Index put-call ratiomoved lower as
traders utilised theweakness to closesome of their shortpositions. Open
interest for Augustseries opens above Rs1,20,000 crore;probably the highestever series-openingin India.
The Sensex has notmade any headway inthe month of July andclosed with modest167-points gain. Sinceseven months of 2010
have already gone by,it is time to briefly
revisit our yearlyoutlook for Sensexpublished on January3 this year.
Our prognosisthen had been, Ourpreferred view is thatthe index will move alittle higher fromcurrent levels in theearly part of the yearbefore turningchoppy or even goinginto deeper decline.The levels withinwhich the index isexpected to movenext year are 12,000and 18,500. The upperlimit for the year is20,772 and the lowerlimit is 9,800. We willrevisit the long-termcounts if these limitsare breached.
Although theindex closed in on theupper end of the
preferred range onnumerous occasions,
it has shownremarkable resiliencein holding way abovethe 12,000 mark; thatwas our lowerboundary. As we havepointed out earlier,the intermediate-term range withinwhich the index ismoving over the lastnine months hashigher troughs andpeaks, indicating abullish undercurrent.
That has resultedin moving the lowerboundary for the yearhigher to 15,500. Nextsupport zone for thisyear is also movedhigher to thatbetween 14,300 and14,850. What is moreimportant is that thispattern suggests thatan upward break-outfrom this range is
more likely than lower one.
Although the longterm outlook ibeginning to turpositive, we continuto advise cautiofrom a medium-termperspective becausof the stronresistance around18,000. Key mediumterm support is 17,40and breach of thilevel will imply possible fall to 16,850or even below in thiperiod.
The short-termtrend has alsoreversed lower sincthe recent peak a18,237. The doji staindicated last weeproved to be a shortterm peak and thindex is moving wita negative bias sincethen.
Continue on ......8
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01-08-2010 to 07-08-20108
MORE THAN 4.5 LACS READER WORLD WIDE
Cont. from Pg. 6Buy & Sell
SCRIP ENTRY SL ENTRY TGT POSITION
NIFTY FUT SHORT 5460-5465 548 7 23-JUL OPEN TGT HOLDING. MADE LOW 5369 30-JULY
BANKNIFTY SHORT 10050 10080 26-JUL 9975-9950 BOOKED @ 9985 INTRADAY
DLF SHORT 320 325 26-JUL 311-306 BOOKED @ 313 INTRADAY
IFCI 65 CA BUY 0.25 NIL 26-JUL OPEN BOOKED @ 0.80-0.90 ON 27-JUL
SBIN 2450 PA BUY 23 12 26-JUL 45-50 BOOKED @ 50 INTRADAY
HINDPETRO BUY 437 432 27-JUL 445-450 MADE TGT 445 ON 28-JULY
RIL 1050 PA BUY 10 N.A 27-JUL 24-37 BOOKED @ 37 ON 29-JULY
DLF FUT SHORT 320 325 27-JUL 311-306 BOOKED @ 306 ON 29-JULY
BANKNIFTY SHORT10105-1012010155 28-JUL 9975-9950 MADE LOW 10005 INTRADAY
SAIL FUT SHORT 207 210 28-JUL 200-195 BOOKED @ 202-203 ON 29-JULY
SAIL 200 PA BUY 0.25 NIL 28-JUL 4-5 BOOKED @ 1 ON 29-JULY
BANKNIFTY SHORT 10170 10225 CB 29-JUL OPEN HOLDING
BHEL FUT SHORT 2470 2490CB 29-JUL 2400-2350 MADE LOW 2442 30-JUL, HOLDING
COX & KINGS BUY 490 480 29-JUL 510-515-522 MADE 515 ON 30-JULY
JSWSTEEL SHORT 1155 1165 29-JUL 1140-1125 BOOKED @ 1140 INTRADAY
IDFC FUT SHORT 188 193 30-JUL 180-177 HOLDING
IDFC 180 PA BUY 2.50 1 30-JUL 6-9 HOLDING
KFA C/F BUY 53 51 30-JUL 57-60 HOLDING
KFA 55 CA 1.50 0.50 30-JUL 4-5-6 HOLDING
MPHASIS SHORT 594-597 605 30-JUL 575 MADE LOW 585 INTRADAY
NIFTY 5400 PE BUY 92 75 30-JUL 145-150 MADE HIGH 114 INTRADAY
WHAT WE DID WITH LAST WEEK HOLDINGS (TABLE 1)
or maintains below5324 levels willdecide the trend ofmarket in this week
SUPPORTS: 5324,5279, 5238 & 5193
R E S I S T A N C E S :5396, 5423, 5487 &5544
NIFTY FOR THE DAY02.08.10:
Today, if NIFTY
maintains above 5383levels then it willgive upside target of5412-5423 levelsOtherwise it mayslide up to 5307-5292
levels SUPPORTS: 5343,
5324, 5307 & 5292R E S I S T A N C E S :
5383, 5396, 5412 &5423
Cont. from Pg. 1Weekly Review
5100 is not ruled outThe crucial
support for the Niftyis 5350-5225- 5100 andstrong resistance at5493 T he sup po rt
for the Sensex is at
17850-17500-1695and strong resistancat 18000
From a tradinpoint of view I wouldcontinue to boo
profits on the way up
Cont. from Pg. 5Market Priview
Oscillators in thedaily chartcorroborate thisweak outlook.
The 10-day rate ofchange oscillator hasdeclined in to thenegative zone and the14-day relativestrength indexpositioned at 52, is onthe verge of moving
in to bearish zone.Outlook for theweek ahead isbearish. The index iscurrently hoveringaround the short-term support at17,900, where the 21-day simple movingaverage is alsopositioned. TheSensex can howeverdecline below thislevel to 17,716 or17,395 in the near-term. Resistances for
the week would be at18,084 and 18,237.The Nifty (5,367.6)
too could not overtakethe recent peak of5,477 and declined tothe intra-week low of5,350 instead. Thenear-term trend in theindex is down andimmediate supportsare at 5,381, 5,321 and5,225. Since the indexis hovering around thefirst support, short-term traders can wait
for a firm move below5,350 before divestingtheir long positions. Anupward reversal earlynext week can take theindex to 5,480 or 5,505.
Traders ought totread cautiously aslong as the Nifty tradesbelow the keym e d i u m - t e r mresistance zonebetween 5,450 and
5,550 indicated lasweek. Reversal fromhere can pull the indedown to 5,050 obelow over thm e d i u m - t e r mConversely a stronmove beyond thizone can take theindex to 5,780.
Global benchmarkgave up some of the
gains in the later parof the week to end ona flat note.
The iffy movemenin European andAmerican indicemaintains a questiomark over the reversaof the medium-termdowntrend from thApril peak. In othewords, sharp declinefrom current levels wimean that the third legdown of the downmove from April high
is in progress.CBOE VIX inched up
gradually over thweek but it recorded
a sharp decline fromthe intra-week pea
of 27.3 on Friday
Traders were perhap
happy to see marketindifference to
decelerating GDgrowth in the US.
The Dow reversed
lower from the intra
week peak of 10,585We maintain that key
resistance for thiindex stays at 10,650
The index needs to
close above this leveto signal the reversa
in the medium-term
down-trend.Inability to do so
can drag the inde
down to 10,000 oeven below over th
ensuing weeks.
Cont. from Pg. 11Panik & Profit
HEDGINGSell 1 lot of tata
steel future
Sell 1 lot of 520
strick put option
Stop loss 542-in
cash levels exit if
close above 542 in
cash segments.
Target 500(5) ONGC FUTURE
WITH HEDGINGSell 1 lot of ongc
futureSell 1 lot of 1200
put optionStop loss 1265-in
cash levels-exit ifclose above 1265 incash segments
Target 1200Hold on to nifty fu
hedging strategy andnifty option hedgingstrategy which hasbeen given in the lastweekly market report
Note: In the above tables C/F stands for, recommended both Cash and Fut
based on client's trading choice
We made small Gain made in Axisbank (Rs.10-12), Denabank (Rs.2-3), Jindalsaw
(Rs.2-3), Sesagoa (Rs.3-4) & Siemens (Rs.5-6) short positions & NIFTY 5400 PE
We made loss in ChambalFert 70 CA Rs.0.90, PowerGrid 110 CA Rs.1, BOBshort (Rs.2), HDFCBANK short (Rs.3)
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01-08-2010 to 07-08-201010
IF NOT AVAILABLE IN MUMBAI CALL OUR DISTRIBUTOR : PHONE (022)30224757
Momentum & Swing trading
Previous Weekperformance
Nifty for 26/07/2010 to 30/07/2010:
Nifty CMP-5441 [ Key for down trend
is now 5400-5380 then target 5250-
5200. for up move from here 5516-
5530] - Trend FLAT/Profit Booking.
SCRIPTS on +ve side : Bataindia,
BEL, PURVA,
Result : Actual High 5466 and low
5349
Investment : Reliance
Scripts ve side : Bank stocks.
Scripts +ve side :IRB, COX&King,
Elgiequipment, M&M and
Tatachemicals
In trending market,fast-moving stocksprices attract attentionand awaken great
excitement. Manynovice traders feverwith these hot plays.The financial press
makes these moredanger with franticreporting of biggainers and losers. But
gaining profits bymomentum tradingrequires great skill anddiscipline.
Typically, priceseeks equilibrium.When unsettlingevents destabilize amarket, counter-trendforce emerges quicklyto put it to a stablestate. This inevitable
backward reactionfollows each forwardimpulse. Novicetraders fail to consider
this action-reactioncycle when they entermomentum positions.They blindly execute
trades that rely on acommon butdangerous trending-following strategy,
then trend reversalsappear suddenly.
Swing trading ispreferred by somepeople over otherforms of tradingbecause:
1. Low Risk.2. Shorter
Investment Periodinvolved.
3. Easier to deal
with for newcomersand part-timers.
The right approachto swing trading is
always going for stocksof larger companies,otherwise known asLarge Cap stocks. They
are likely to showgreater fluctuations.The choice of the rightstock is an inseparable
part of swingtrading strategies.First, the trader needsto follow a certainstock for some timebefore he decides tobuy them. In case thisstock reverses itstrend, the tradersimply fixes hisattention to anotherstock.
Another chieffactor behind swingtrading profits is theright market condition.As mentioned before,the market that isrising or falling is leastsuited for swing tradesince in such a marketmost stocks will movein a single direction.The best strategy forsuch markets is long-term trading. Swingtrading happens bestin comparatively
stable markets wherethe short-termchanges are reflectedin the rise and the fallof the index evenwhen their valueremains roughly thesame. In such marketconditions, at first theindices rise and thenfall for some days in analternate manner. Thisis where swing trade is
most appropriate.Novice traders
enter small priceswings on the false
assumption that theaction represents anew breakout for amajor trend. Althoughthese errors may notincur large losses, theydamage equity andconfidence at the sametime.
Some traders, inthe other hand, mayappreciate themarkets complexityand realize thattrading masteryrequires many diverse
skills. As price usuallycycles through regularphases, strategy needsto adapt quickly tocapitalize on thecurrent crowd. So,swing trading, thatexecute right nearsupport or resistance,is a powerfulalternative. This classictrading style requiresmore precise planningthan momentum.However, it allowsmeasurable risk and
highly consistentrewards.Swing traders seek
to exploit direct pricethrusts as they enterpositions at support or
resistance. Theyanalyze chart patterncharacteristics toindicate short-term
market inefficiencies.The swing trading
strategy is a time framei n d e p e n d e n tmethodology. Sometraders are able to
apply this strategy bynever holding aposition overnight.
Nowadays, therevolution in high-speed trade executionopens swing strategiesthat last for minutesinstead of days.Dependable pricepatterns appear oncharts in all timeframes, swing setupsoffer the short-termcharts the sameopportunities that
appear on longer-termcharts.Swing trading
provides a naturalframework to identifychanging conditions
and apply newmethods to exploithem. However, as itcore, swing trading i
not the opposite omomentum trading
During the times thastrong pricm o v e m e ncharacterizes a market
d i s c i p l i n e dmomentum strategbecomes thpreferred swing tradeIn this way, moderswing traders can applthe principles of rismanagement and pricboundaries and usmomentums greed totheir advantage.?
If u want to knowabout Technicaanalysis classeconducted by me, sendthe details about you to
[email protected] will revert back witcourse details. Pleasmention the referencas THE ECONOMICREVOLUTION
SENSEX (SUP-PORT17713/17585RESISTANCE17926/18157) Technicallysensex looking side-ways for coming days.The next major Resis-
tance level of sensexis 18157. Target andStop loss for clientsonly.
NIFTY (SUP-PORT5289/5166RESISTANCE5426/5486) Technically Niftyis also looking side-ways for coming days.The next major StrongResistance in the niftyis above 5486 mark.
Nifty future Target andStop loss for clientsonly.
INFOSYS LIMITED(SUPPORT2649
RESISTANCE2963)BUY Stock lookingstrong Technically. In-dicators showing goodup move for next fewdays. Traders can Buy
cash and future foshort term. Target andStop loss only for Clients.
HDFC LIMITED (SUPP O R T 2 8 2 1 RESISTNCE3079)
BUY Stock is looking greato buy for short term traders and investors. Tradercan Buy cash and futureTarget and Stop loss onlfor Clients.
SHORT TERM TRADING
CALLSTRONG TECHNICA
BREAKOUT KEESTOPLOSS ALSO BUY( BSE CODE511016 PREMIER CAPITAL SERVICES LTD
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9
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1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9
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1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9
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1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9
Nifty for 02/08/2010 to 06/08/2010:
Nifty CMP-5367 [ Key for down trend
is now 5330-5300 then target 5250-
5220. for up move from here 5420] -
Trend FLAT/Bearish.
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01-08-2010 to 07-08-201012
NAME : NIFTY
BUY ABOVE : 5374RES-1 : 5410RES-2 : 5450RES-3 : 5480SELL BELOW : 5374SUP-1 : 5350SUP-2 : 5336SUP-3 : 5280
NAME : BANK NIFTYBUY ABOVE : 10126RES-1 : 10181RES-2 : 10198RES-3 : 10220SELL BELOW : 10126SUP-1 : 10095
SUP-2 : 10025SUP-3 : 9951
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OUR PERFORMANCESTOCKS REC. HIGH TGT
PRICE /LOWNIFTY 5443 5369 1 TAR. ACHVD.BANK NIFTY 10060 10198 3 TAR. ACHVD.GAIL 46 5 4 3 6 3 TAR. ACHVD.H C C 13 4 1 2 7 2 TAR. ACHVD.
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EMail: [email protected]
NIFTY APPEARS EXHAUSTED WE CANSEE A LARGE CORRECT
Market View for the WeekNifty has been witnessing selling
on its upper end of channel. Niftappears to be exhausted after a 8weeks rally and with a large
percentage of results inline and belowexpectations, it is advisable not to blong at these levels. Accumulate Nifty
OTM puts on rise as th
correction below 5350 can be versteep. Support for the weecomes in at 5340 / 5310 / 5275Resistance comes in at 5405 /5440 / 5470
Stock Picks for the
week.
Jindal Steel (622.45)The stock is trading below all itskey moving averages and looksweak in charts. Short for a targetof 580 with a stop loss of 638.
RCOM (178.70)The stock has broken down
from a descending triangle. Shorton a rise for a target of 160 with astop loss of 192.
Engineers India FPO subscribed over 13 timesThe QIB segment
was subscribed bymore than 23 timesand for them the issueclosed on Thursdayitself. Today is the lastday for Retail and Non-institutional Investors.
The Engineers IndiaLtd. FPO wassubscribed 13.35times, according toNSE data at 7:00 PM onFriday. The companyreceived bids for449.68mn shares asagainst 33.69mn shareson offer.
The QIB segmentwas subscribed bymore than 23 timesand for them the issueclosed on Thursday.
Friday was the last dayfor Retail and Non-institutional Investors.
The price band forthe Engineers IndiaFPO was fixed atRs270-290 per share.
The stock closed at
Rs323, down Rs7 or 2%on the NSE. It earliertouched a high ofRs335 and a low ofRs321 after opening atRs329.
A Group ofMinisters, headed byFinance MinisterPranab Mukherjee, setthe price band for theEngineers India FPO,which includes a 10%stake sale by the
Government.Retail investors wi
get a 5% discount othe issue price, whicwill be discoveredthrough the 100% boobuilding process.
The Governmen
holds 90.4% stake iEIL, which providedesign andengineering servicefor petroleum, poweand fertilisecompanies. Post FPOthe Centre's stake inEIL will fall to 80.4%.
ICICI Securities, HSBCSecurities, IDFC Capitaand SBI Capital are thebook-running leadmanager for the FPO.
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A MULTY ANALYST WEEKLY ON LINE
NIFTY CLOSED VE: SHORT
COVERING AT START OF WEEKSome huge selling
pressure andcorrection was there inprevious week. As wesee movement and
stochastic, some shortcovering will come instargin of week up to5400/5465. So, if atrader wants to doshort sell, than justwait and watch up toweekend. The Sensexis down 65 points or0.37% at 17,927 and theNifty is down with aloss of 24.40 points or0.45% at 5384.50 atweekend. Though
corporate results havebeen fairly good,investors appearhighly reluctant tobuild up positions dueto concerns about the
global economy. Therecent hike in bankrates has raised fearsabout a possible pausein growth, althoughthe Apex bank hasforecast a growth of
8.5% for the yearending March 2011.Realty stocks havedeclined sharply inafternoon trade.
I n f o r m a t i o ntechnology, power,automobile and capitalgoods stocks areamong the otherprominent losers.Select consumerdurables, bank,healthcare and metalstocks are findingmodest support. Oil,FMCG and PSU stocksare exhibiting a mixedtrend. Bharti Airtel has
lost 3.4% at Rs 306.Hero Honda is downnearly 3% at Rs 1815.Tata Motors has lostalmost 2% at Rs 849.DLF, ICICI Bank,
HindustanUnilever,RelianceInfrastructure,S t e r l i t eIndustriesa n dI n f o s y sTechnologieshave lost
1% - 1.5%.T a t aConsultancyServices,W i p r o ,Reliance
C o m m u n i c a t i o n s ,BHEL, ACC and TataPower are also tradingweak. ABB is downnearly 4% at Rs 814.35.Siemens, GAIL India,Reliance Power, IDFC,
Ambuja Cements,Unitech and Axis Bankare also down withnotable losses. HCLTechnologies rulesfirm with a gain of over3%. RanbaxyLaboratories is up 2.6%at Rs 543.50. Mahindra& Mahindra, State Bankof India, Tata Steel,
HDFBA, Hindalco,
Punjab National Bank,Idea Cellular, KotakBank, Reliance Capital,Suzlon Energy andPower GridCorporation are also
trading firm. RelianceIndustries, HDFC andITC are up marginally.
Aditya Birla Nuvo Ltdhas posted a net profitof Rs 648.20 million forthe quarter endedJune 30, 2010 where asthe same was at netloss of Rs (22.10)million for the quarterended June 30, 2009.Total income is Rs13258.20 million for
the quarter ended
June 30, 2010 where asthe same was at Rs10130.10 million forthe quarter endedJune 30, 2009. The stockis up 1% at Rs 783.
NIFTY SPOT:-Do not short sell on
starting of week. There
will be some shortcovering and will giveaain chance to sell onh i g h e rl e v e l s .There ares o m es t r o n gs u p p o r t slike 5302/5249/5191a n dresistantslike 5467/5512/5587.Sell on
h i g h e rlevels i.e.a b o v e5400.
TATAMOTORS:-Overall positive
trend as pre price
movement. Stochasticbecome zig zag andMACD become in
overbought. But stilltraded above averagesand supports. Thereare some strongsupports like 841/832/
818 and resistants lik851/863/876.
TATASTEEL:-
Looks bullish fonext week, around 560575. Short terminvestor can buy abov
540 for next week fomedium gain. Therare some stron
supports like 531/522508 and resistants lik541/555/569. This scriis better option fo
Continue on ........4
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01-08-2010 to 07-08-201016
IF NOT AVAILABLE IN MUMBAI CALL OUR DISTRIBUTOR : PHONE (022)30224757
to be long.Lot A unit to measure the amount of the deal. The value of the deal
always corresponds to an integer number of lots.Margin The required equity that an investor must deposit to collateral-
ize a position.Market Maker dealer who regularly quotes both bid and ask prices and is ready
to make a two-sided market for any financial instrument.Market Order An order to buy/sell at the best price available when the order
reaches the market.Open order An order that will be executed when a market moves to its desig-
nated price. Normally associated with Good 'til Cancelled Or-ders.
Open Position An active trade with corresponding unrealized P&L, which hasnot been offset by an equal and opposite deal.
Options An agreement that allows the holder to have the option to buy/sell a specific security at a certain price within a certain time.Two types of options - call and put. A call is the right to buy whilea put is the right to sell. One can write or buy call and put options.
Order An order is an instruction, from a client to a broker to trade. Anorder can be placed at a specific price or at the market price.Also, it can be good until filled or until close of business.
Overnight Position A trade that remains open until the next business day.Points, Pips The term used in currency market to represent the smallest in-
cremental move an exchange rate can make. Depending on con-text, normally one basis point (0.0001 in the case of EUR/USD,GBD/USD, USD/CHF and .01 in the case of USD/JPY).
Position A position is a trading view expressed by buying or selling. It canrefer to the amount of a currency either owned or owed by aninvestor.
Premium In the currency markets, it is the amount of points added to thespot price to determine a forward or futures price.
Profit/Loss (P&L) The actual "realized" gain or loss resulting from trad-ing activities on Closed Positions, plus the theoretical "unreal-ized" gain or loss on Open Positions that have been Mark-to-Market.
Quote An indicative market price; shows the highest bid and/or lowestask price available on a security at any given time.
Rally A recovery in price after a period of decline.Range The difference between the highest and lowest price of a future
recorded during a given trading session.Resistance A term used in technical analysis indicating a specific price level
at which a currency will have the inability to cross above. Recur-ring failure for the price to move above that point produces apattern that can usually be shaped by a straight line.
Risk Management To hedge one's risk they will employ financial analysisand trading techniques.
Roll-Over Process whereby the settlement of a deal is rolled forward toanother value date. The cost of this process is based on the inter-est rate differential of the two currencies.
Settlement The process by which a trade is entered into the books and recordsof the counterparts to a transaction. The settlement of currencytrades may or may not involve the actual physical exchange ofone currency for another
Short To go short` is to have sold an instrument without actually own-ing it, and to hold a short position with expectations that theprice will decline so it can be bought back in the future at a profit.
Short Position An investment position that benefits from a decline in marketprice. When the base currency in the pair is sold, the position issaid to be short.
Spot A transaction that occurs immediately, but the funds will usuallychange hands within two days after deal is struck.
Spot Price The current market price. Settlement of spot transactions usu-
ally occurs within two business days.Spread The difference between the bid and offer (ask) prices; used to
measure market liquidity. Narrower spreads usually signify highliquidity.
Stop Loss Order An order to buy/sell at an agreed price. One could also have apre-arranged stop order, whereby an open position is automati-cally liquidated when a specified price is reached or passed.
Support Levels A technique used in technical analysis that indicates a specificprice ceiling and floor at which a given exchange rate will auto-matically correct itself. Opposite of resistance.
Swap A currency swap is the simultaneous sale and purchase of thesame amount of a given currency at a forward exchange rate.
Technical Analysis An effort to forecast prices by analyzing market data, i.e.historical price trends and averages, volumes, open interest, etc.
Cont. from Pg. 15Tech Ana. CAPACITY ADDITIONNew Delhi, Sravana 6,
1932July 28, 2010
Thermal capacity of975 MW has been addedduring the month of June,2010. The projects com-missioned during themonth are Wardha
Warora TPP, U-I (135 MW)of M/s Wardha Power Co.
Ltd., Rosa TPS, Ph-I, U-2(300 MW) of Rosa PowerCo. Ltd., Barsingsar TPP,U-1 (125 MW) of NLC,Raichur TPS Extn., U-8(250 MW) of KPCL andKonaseema CCPP ST (165MW) of Konaseema GasPower Ltd.
Hydro capacity of 40MW has been added dur-
ing the month of June2010 after commissioninof Sewa-II H.E. Project, U1 (40 MW) of NHPC Ltd.
In the transmission sector, 295 CKM of 220 kV AC lines434 CKM of 400 kV AC lines253 CKM of +/- 500 kV HVDlines and 63 CKM of 765 kV
AC lines have been laid during the month of June, 2010
Release of Guidelines for Selection of
New Grid Connected Solar ProjectsSpeech of Shri Sushilkumar Shinde
Honble Union Minister for PowerHotel Ashok, New Delhi25th July, 2010My distinguished col-
league Minister of New andRenewable Energy, SeniorOfficers from the Centraland the State Governments,Esteemed delegates, Ladiesand Gentlemen,
We are here to witnessa key milestone in theimplementation of the ob- jectives of the JawaharlalNehru National Solar Mis-sion, one of the eight Mis-sions under the NationalAction Plan on ClimateChange (NAPCC), launchedby Hon'ble Prime Ministerin June 2008. TheJawaharlal National SolarMission aims to tap thevast resource of clean en-ergy that the Sun providesto India. You are all awarethat we have one of thehighest insolation in theworld. Today we will move
a step closer towards ourendeavour to promote eco-logically sustainablegrowth which is an impera-tive in today's world. Tomake solar power more af-fordable in the first phaseof the programme, weagreed to blend it with anequal amount of ThermalPower.
The Jawaharlal NehruNational Solar Missionprovides a blueprint for theSolar Power Developmentin India. The key objectiveof the mission is to estab-lish India as a globalleader in solar energy. We
need to put in concerted ef-forts so that the targets ofthe mission are achievedas per the timelines. To thisend, an enabling frame-work addressing the issuesrelated to Solar Power De-velopment has been put inplace. This enabling frame-work will provide the nec-essary impetus for expedi-tious implementation ofthe provisions ofJawaharlal Nehru NationalSolar Mission.
In our effort to acceler-
ate the implementation ofJawaharlal Nehru NationalSolar Mission, my Minis-try and the Ministry of Newand Renewable Energyhave been closely workingtogether to finalise the"Guidelines for Selection ofNew Grid Connected Solar
Projects" under Phase-1,which has a target of 1000MW of solar power con-nected to the grid, by theyear 2013.
We received a numberof suggestions from SolarPower Developers and oth-ers over the past fewmonths. These suggestionshave been carefullyanalysed and consideredby both the Ministries be-fore finalising the guide-lines. After considerabledeliberations the guide-lines have been finalised intrue spirit for the successof the National Solar Mis-
sion.The NTPC Vidyut
Vyapar Nigam Limited(NVVN), a wholly ownedsubsidiary of NTPC, is thenodal agency for enteringinto PPA with Solar PowerDevelopers. It shall shortlybe inviting project develop-ers to participate in theRequest for Selection (RFS)for development of SolarProjects under this scheme.The release of the guide-lines today commences theprocess of selecting the de-velopers who will help ourcountry in developing so-lar power at a fast pace.
I am confident that thesolar developers will takemaximum advantage ofthis opportunity by partici-pating in the developmentof solar power projectsunder this Mission. Wewould like to see India as aglobal leader in solarpower.
I am given to under-stand that NVVN has alsofinalised the list of SolarPower Developers whohave participated under theMigration Scheme of the
MNRE, the guidelines fowhich were issued by MNRsome time back during February, 2010.
In line with the UPAGovernment's mandate o'Power for All by 2012', mMinistry has taken up challenging capacity add
tion target for 11th PlanThough coal will continuto be the mainstay of powegeneration in the countrin the near term, we arlooking for a sizeable sharof renewable sources in thfuture in our energy mix.
As the mission has sea target of 20,000 MW osolar power by 2020, thindigenous manufacturincapacity for solar poweequipment is going to be vtal. The mission also aimto enhance the indigenoumanufacturing base whicwill cater to the increasindomestic needs and th
growing export markets.We are also aware tha
with the greater thrust odevelopment and deployment of renewable energsources, we will face addtional challenges on thgrid management front duto the infirm nature opower from renewable resources. To address thesissues and to enhance effciency and reliability of thgrid, we have initiated thdevelopment of the "SmarGrid" and my Ministry harecently launched th"Smart Grid Forum of India". I firmly believe that
well defined roadmap aspelt out in the JawaharlaNehru National Solar Mission will help us achievthe expeditious development of Solar Power in thcountry. This will not onlhelp in tapping an abundant and clean source oenergy but also provide new dimension to India'energy security. I wish everyone associated with thJawaharlal Nehru NationaSolar Mission the very bestThank you, Jai Hind!
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A MULTY ANALYST WEEKLY ON LINE
I P OI P OI P O
THIS IS THE INVESTMENT OPPORTUNITY, MUST APPLY.
BAJAJ CORP LIMITEDIncorporated in 2006,
Bajaj Corp Ltd is one ofIndias leading FMCGcompany with majorbrands in Hair care cat-egory., is entering the
c a p i t a lm a r k e ton Aug02, 2010w i t h
public is-sue of 4,500,000 equityshares of Rs 5 in the
price band Rs. 630 - Rs.660 Per Equity Share
through bookbuilding process.. All details is asfollow...
PROMOTORSPROFILE
COMPANY'SC O R P O R A T EPROMOTER:
1. BajajConsumer CareLimited
COMPANY'SINDIVIDUALPRO-MOTERS:
1.Mr. ShishirBajaj;
2 M r s .Minakshi Bajaj;
3 . M r .Kushagra Bajaj;and
4 . M r .Apoorv Bajaj.
COMPANYSI N T R O -
DUCTIONIncorporated
in 2006, BajajCorp Ltd is oneof Indias lead-ing FMCG com-pany with major
brands in Haircare category.Bajaj Corp Ltd ispart of ShishirBajaj Group ofcompanies (the"Bajaj Group").Through its sub-sidiaries, the
Bajaj Group operatesbusinesses in the con-sumer goods, sugar,power generation and in-frastructure developmentindustries throughout In-dia.
Bajaj Corp sells the
Bajaj Almond Drops,Amla Shikakai, BrahmiAmla and Jasmine Hair Oilbrands. Bajaj AlmondDrops is the key productof the company. It alsoproduces oral care prod-ucts under the brandname Bajaj Black Tooth
Powder.
Bajaj manufac-ture their productsat two company-operated facilities
ISSUE ALLOCATIONInstitutional HNI Retail Employee2,700,000 450,000 1,350,000 0
BAJAJ CORP LIMITEDIssue Open: Aug 02, 2010 to Aug 05, 2010
Issue Type: 100% Book Built Issue(Initial Public Offer IPO)
Issue Size : 4,500,000 Equity SharesRs. 283.50 - 297.00 Crore
Face value of the shar: Rs.05Offer price : Rs. 630 - Rs. 660 Per Equity ShareMinimum Shares : 10Manimum Subscription : Rs. 6600Miximum Shares : 150Maximum Subscription : Rs.99,000Promotors : President of India
Registered Office : Bajaj Corp Limited2nd Floor, Bld No. 2, SolitaireCorporate Park,167, Guru Hargovind Marg,Chakala, Andheri (E), Mumbai 400 093Phone: + (91 22) 66919477 / 78Fax: + (91 22) 66919476
Email: [email protected]: http://www.bajajcorp.com
RegistrarKarvy Computershare Private LimitedKarvy House, 46, Avenue 4, Street No. 1,Banjara Hills, Hyderabad - 500 034Andhra Pradesh, IndiaPhone: +91-40-23312454Fax: +91-40-2331196
Email: [email protected]
Website: http://karisma.karvy.comLead Managers:1. Kotak Mahindra Capital Company LimitedCheque Drawn In Favour Of"Escrow Account - Bajaj Corp Public Issue - R" For RetailBiddersListing : BSE, NSE
OBJECTS OF THE ISSUE:The objects of the issue are:
1. Promote future products;
2. Acquisitions and other strategic initiatives; and
3. General Corporate Purposes.
IPO GRADING / RATINGCRISIL has assigned an IPO Grade 4 to Bajaj
Corp Ltd IPO. This means as per CRISILcompany has 'Above Average Fundamen-tals'. CRISIL assigns IPO grading on a scaleof 5 to 1, with Grade 5 indicating strong fun-damentals and Grade 1 indicating poor fun-damentals.
in Parwanoo andDehradun. Companyalso expect to open athird company-operatedfacility at Paonta Sahib.
By completing this 3,500square meter facility inPaonta Sahib, Bajaj ex-pect their production ca-pacity for light hair oil toincrease from 39 millionliters per annum to 74million liters per annum.In addition, they also en-gage third-party manu-facturers at Parwanoo,Himachal Pradesh forhair oils and Udaipur,Rajasthan to produce ouroral care products. Thesethird-party facilities havea combined installed ca-pacity of 9 million liters
per annum. As of Decem-ber 31, 2009, the com-bined production capac-ity for all company andthird-party operated pro-duction facilities was 83million liters per annum.
NEGATIVE FORINVESTMENT
o The company de-pends heavily on 'AlmondDrops'. Almond Dropshair oil contributed92.0% and 92.7% of thetotal sales and grossprofit, respectively, forthe nine month periodended Dec -09.
o The company oper-ates in a highly competi-
tive FMCG market.POSITIVEo Market leader in
light hair oil segmentwith 50% market share.
o Strong brand equity- known for reliability,quality and competitiveprice.
o Established distribu-tion net work.
o Experienced, effi-cient and professionalmanagement.
o IPO grade - 4 byCRISIL.
BUSINESS:Bajaj Corp primarily
operates in only one busi-ness line - hair oils. Oralcare forms a very smallpart of the overall busi-ness. The oldest brand is
Bajaj Brahmi Amla, in ex-istence since 1953. Theother brands includeBajaj Amla Shikakai, BajajJasmine Hair Oil andBajaj Kala Dant Manjan.Bajaj Corp is the thirdlargest producer of hairoils and the largest pro-ducer of light hair oils.
Bajaj Corp derivesmajority of its revenuesfrom a single product,Bajaj Almond Drops. It isvalue-added light hair oiland commands a pre-mium. Bajaj Almond
Drops is the marketleader in the light hair oilsegment with a 50%
market share.Bajaj Corp manufac
tures and markets fivmajor brands. The flagship brand, Bajaj AlmondDrops, is the markeleader in the light hair oisegment with 50% market share. Other producincludes Bajaj BrahmAmla, Bajaj AmlShikakai and Bajaj Jasmine Hair Oil and oracare products under thbrand name Bajaj KalDant Manjan.
FINANCIALS:In 9MFY10, th
company's net revenuewere Rs 2.08.cr anPAT margin was a27.2%.
VALUATION:
The EPS for the FY1is Rs 33.57. At the higheend of the price band, thP/E is around 20 timesCompares favorably witother established FMCGplayers like Colgate (30PE), Dabur India (38 PEand Hindustan Unileve(27 PE). A sure winnefrom the Bajaj stableThere is every thing in thcompany that an investor looking for. Grab itIPO investment opportunity of the year. INVEST
R E C O M M E NDATIONS:
This is the investment opportunity, musapply.
(Gujarat) with total in-stalled production capac-ity of 12200 MTPA.
The company is alsoa government recognizedexport house, exportingto more than 40 coun-tries. The company ca-ters to diverse set of in-dustries, including oil andgas, power, pharmaceu-ticals, petrochemicals,automobiles, sugar and
dairy.NEGATIVE FOR
INVESTMENT" Corporate gov-
ernance -The income-taxauthorities have carriedout search and seizureoperations in the pre-mises of the Companyand during this operationMr. Prakash C. Kanugohas made certain volun-tary disclosures in rela-tion to undisclosed in-
come on behalf of him-self and his related indi-viduals/group companies/concerns, which includedthe Company. Underwhich, tax paid on the undeclared income was Rs.2,70,96,896/-
" The companyexperienced a negativeOperating Cash Flowfrom activities in the Fi-nancial Year 2008-09,
2007-08, 2006-07 and2005-06.
FINANCIALS:The company
achieved a turnover of Rs440 cr and net profit af-ter tax of Rs 17.50 cr forthe year ended March 31,2010. The figures for theFY 09 were Rs 322.47crand Rs 7.49cr respec-tively.
VALUTION ANDRECOMMENDA-
TIONSBased on the capac
ity expansion from12200 tonnes to 19,00tonnes, the company ilikely to achieve a CAGRaround 30% for FY 11The company specializein meeting specific requirements of customerand offers complete solution for stainless steewelded & seamless pipeand tubes, for whicthere is growing demand
On the post issucapital of Rs 17.50cr, thcompany is likely to posan EPS of Rs 15/. At R100-110 the issue is attractively priced. Compares favorably witother established anlisted entities like ZenithBirla and Ratnamani Metals and Tubes. APPLY
Cont. from Pg. 19Prakash Steelage Limited
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(M)09825068211
email: :
S T O CK S T O CK S T O CK S T O CK S T O CK S T O CK S T O CK S T O CK S T O CK S T O CK
SHARAD
KOTAK
30-July-2010Nifty View for next
60 DaysClose : 5367.60Nifty looks a bit un-
comfortable above
crucial resistance levelof 5477. If you remem-ber, we predicted thislevel on 06-Jul-2010.Nifty tested exactlythis level in the monthof July and started cor-
recting. Current rallystarted from 25-Mayfrom the bottom of4786 and made new 52week high of 5477 on
23-Jul-2010 consuming
around 60 tradingdays.Untill Nifty do notclose below crucialsupport of 5350, weshall term it as on go-ing rally, however, onlast day of Jul-2010
IF NIFTY DECISIVELY SURVIVE ABOVE 5477 WITH
VOLUMES NEXT UPPER LEVELS CAN BE 5702-5904
nifty fall below thislevel for a while andmade low of 5349.20 ,finally resting at5367.60.
It is but natural thatonce , vital resistancelevel is achieved, sell-ing pressure is must toemerge. Currentslugishness may pesistfor a long if Nifty closebelow 5350. In boththe cases , Support andprobable resistancelevels would be as un-der. A - If Nifty Closebelow 5350
Next Lower Levelsto watch would be5050-5050 and at low-
est 4786. B - If Nifty de-cisively survive above5477 with volumesNext upper levels canbe 5702-5904 and atthe top 6166 withinnext 60 days..
Speech by Honble Minister of State
for Power, Shri Bharatsinh Solanki
On the occasion of release of
Guidelines for Selection of New
Grid Connected Solar Projects Un-der Phase-1 of the Jawaharlal Nehru
National Solar Mission25th July, 2010Honble Minister of
Power ShriSushilkumar Shinde,Honble Minister ofNew and RenewableEnergy, Dr. FarooqAbdullah, , Shri B. K.Chaturvedi, Member(Planning Commis-sion), Shri DeepakGupta Secretary, Min-istry of New and Re-newal Energy, Shri P.Uma Shankar Secre-tary, Ministry of Power
I am happy to bepresent today at therelease of the guide-lines for selection ofnew Grid ConnectedSolar Power Projects.Last month on 16th June2010 also I got the op-portunity to bepresent at the launch
of guidelines for offgrid and decentralizedsolar application andRooftop and other so-lar power plants.
As the world makesa new shift towardslow carbon and carbonfree energy sources,the role of renewableenergy has becomevery important. Thecountries around theglobe are increasinglygiving thrust to in-crease the share of re-
newable energy intheir basket of energyconsumption.
As a response to theissue of climate
change, Governmentof India launched Na-tional Action Plan onClimate Change(NAPCC) which com-prises amongst others,the Jawaharlal NehruNational Solar Mission.The objective of thismission is to make In-dia a leader in solarenergy.
A very ambitioustarget of 20,000 MW ofsolar energy by 2022has been set in the so-lar mission. We needto put in concerted ef-forts to achieve thistarget and the indig-enous manufacturingof solar power equip-ment will be of para-mount importance inachieving this goal.
India receives abun-
dant solar energy inmost of the days of theyear and solar energyhas several benefits -for example by dis-placing fossil fuels itpromotes energy secu-rity and brings downemission levels andcan be adopted forvarious scales startingfrom a few KWs to MWscale in the modularand standardized de-sign. Further, the solarenergy can be used for
almost all the applica-tions domestic, indus-trial processes, agricul-tural, commercial etc.in an integrated or
standalone basis.Considering the im
portance and potentiaof the National SolaMission, the developers of solar power argetting attracted towards the programmeSince the guidelinesregulations and the crteria for
selection as well aaward of putting up oSolar Power units arenew and Multiplagencies like Ministrof Power, MNREIREDA, NVNN and CERCare associated iimplementation ovarious scheme, theris a need to post thconsolidated updatedinformation in thpublic domain i.e. othe respectiv
websites as well athrough publicationin English, Hindi, andother regional language. It will be also buseful to have thhelpdesk and interactive website for satisfying frequently askedquestion.
I happy that botMinistry of Power andMNRE are workinclosely to ensure thtimely and successfuimplementation of thi
most crucial, missiolaunched by HonblPrime Minister in June2008. I wish great success for the mission
ON TOP DOWN UNDER - RED AUSTRALIASELLS FOR AUD 353 MILLION (243 MILLION)London, 30 July, 2010 -
After impressive growth,Retail Decisions (ReD) Aus-tralian fuel card and pre-paid businesses have ex-panded from modest min-nows to market leading
enterprises. The an-nouncement of the sale ofReDs Australian concernsto US fleet and corporatecard specialist Wright Ex-press Corporation for AUD353 million reflects thesubstantial progress madeunder ReDs leadership andexpertise, to its value todayas a highly lucrative anddesirable acquisition.
In the ten years sinceReD bought the Australianfuel card business, thecompany has flourished,with its management teamsteering it to increasing lev-els of profitability and im-
pressive business growth,to become the premiermulti-branded fuel cardservice in the country. Thissuccess was matched withthe energising of the pre-
paid card business ReDbought five years ago, withthe company taking it fromloss-maker to the fast grow-ing and profitable marketleader that it is today.
The value of these mar-
ket-leading assets underReDs management isrecognised with this move.Meanwhile, ReD will con-tinue to concentrate on itsproven expertise in fraudprevention across theglobe, including Australia.
As one of the worldsforemost providers of pay-ment fraud prevention, ReDwill continue to developand internationalise itsbusiness, and is excited bythe prospect of on-going ex-pansion into emergingmarkets in the future, us-ing the same expertisewhich nurtured ReD Austra-
lia to its current value.Carl Clump, CEO of ReD,said: The astoundinggrowth of our businessesin Australia is a credit toall our staff over the years,
and I would like to thankthem all very publicly. Un-der ReDs management ourAustralian Fuel Card busi-ness has gone from beingthe number three multi-branded fuel card to being
the market leader. Addi-tionally, its profitabilityhas increased some 15 foldover that ten year period.Since 2005, when ReD
bought its pre-paid busi-ness in Australia, the busi-ness has grown from asmall loss-making concernto a profitable and rapidlygrowing market leader witha dominant market share.These are two excellent as-sets which will continue togo from strength to strengthunder Wright Expresssownership. ReD will nowput all its efforts behind itsrenowned, international
payments fraud preventionbusiness. We are very ex-cited about the opportuni-ties ahead of us on a globalbasis for our fraud preven-tion activities