[T.S.R:11448] TSR NIFTY UPDATES- Week beginning 03.11.09 -Visit www.Niftyviews.com Charts attached

 

 

TSR NIFTY UPDATES- Week beginning 03.11.09 -Visit www.Niftyviews.com Charts attached

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Dear Friends,

After successful pre-emptive analysis of Suzlon and the Telecom stocks in last few weeks we have received requests from patrons to keep quoting the misquoted stories in the Indian stock market. Almost everyone who has been around knows the kind of pumping and dumping carried about by certain segment of the markets. Henceforth I would try and write about such stories on a frequent basis, which have either been misquoted or have been quoted on a wrong pitch by the market participants. Do watch the Misquoted section on a frequent basis henceforth.

Misquoted: - Reliance communications has reported a net profit of Rs 7403 millions as compared with 16366 millions on a quarter on quarter basis. The company has provided for MTM losses of 2832 millions on Foreign contracts and derivatives. The above fact has been quoted very well in the print media. What has been misquoted is the fact that the company has underreported depreciation of 3760 millions. As per the results note:-3. What has been mentioned in the note is quite surprising the company has extended the depreciation period for its equipment to 18 odd years. 10 years before Landline was a compulsion. No-one knows what will be the future of Cdma and 2g service providers 10 years hence. The problem with telcos is that they are still in heavy investment cycles. For the first time post its IPO Bharti airtel gave dividends last year. Seeing cash flows of Rcom one seems to strongly believe that the company going forward will have trouble reporting sustainable cash flow positive results. As far as the legal case for Rcom and the Dot audit is concerned my simple take is that Rcom has many more services, which are not covered under revenue sharing agreement with the Government.

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