India Morning Report: At the top, VIX = 18, NSE Nifty = 6535

DIIs are again trying to correct the market levels hoping for a bigger correction sooner than expected as markets having scripted a recovery trade from all time highs of 6500 level look to executing the same fueled by FII investments. Hopes of a mild correction in Banknifty continue as trades from 12000 levels in Banknifty are also stymied by the lack of positive PSU trades, SBI and BOB still counting as fundamentally short picks. PSU Bank Capital plans are likely to strain Government finances as Insurance companies also reach their sector exposure limit of 25%. It remains inadvisable to increase sector exposure levels from 25% as well and the problem is likely to get complicated as many PSU banks are unlikely to stop NPA accumulation at the 100 bln mark they magically topped up to in December 2013.

Meanwhile the Powercos (Distcos) supplying to Delhi have a long expected bonanza in regulatory assets allowed to be claimed by the State Regulator (DERC) (–see BS lead of date )but apparently the price rise and yield is already been priced into Rel Infra and Tata Power ( Tulsiani)

The VIX trade in the meantime flies off the handle at a tepid 18, the move from 14 to 18 completed in all of two trading sessions on Friday and Monday as Option writers finally got busier and naked calls and shorts covered out at Monday highs and markets continue upward. The PCR also is likely to be stretched at best to 1.30 and till then considerably larger highs could be established for the markets to return toa as indeed foreign buying of INR 16 Bln on Monday is likely to be followed by more such thrugh this week with many shortlisted stocks showing new stamina including Bajaj Auto which is likely to go up to 2050 levels if not 2150, Bharti which is still at  305 levels and can trade up to 335-345

Buying opportunities in ICICI Bank and HDFC bank would be grabbed by the markets though shorts re likely to succeed in Axis Bank as well, with its NPA and management problems unresolved. IDFC is one of the rare scrips that offers liquid trades witha 20% range from current levels on the long side to under 130 levels and YES Bank is also still a big gap from its earleir high valuations of 6000 valued  on the same economic scenarios back in 2011 as India repeats its unique performance twice within th single minded slow plodding recovery after the banks broke in 2008

Reliance however seems saturated at 855 levels and GAIL seems to have been ignored unnecessarily at 355 levels as Pharma is likely to be ignored till the end of the week Cipla headed to below 350 levels, Sun to 580 and probable 1950 marks for DRL while domestic producers with an export portfolio like Glenmark, Cadila and Aurobindo Pharma are likely to get a fresh batch o f long term investors from current levels itself

The Rupee’s trades at below 61 levels , opening at 60.70 in the morning are likely to be followed by better and lower yields in the Bond markets as investors follow the currency buying with some debt investments in India and hopes for an investment cycle upside to India increase with easier availability of “ECB” debt

One should choose pedigree and portfolio when choosing infra stocks and not follow for leveraged small promoters as deal wins in the space almost threaten the existence of such corporates instead of improving their chances given the debt raising limitations

Infy and TCS are already topped up in investor portfolios and current falls are fundamental revaluations and not much institutional trading is likely happening in the two stocks right now

The 2010 consumer flotation offers including Talwalkars, Prestige , Page and LL remain premium stocks with Thomas Cook for FIIS looking at sectoral picks

 

 

 

 

India Morning Report: Markets continues the ra-ra-rally to 6350; Business as usual strikes

The Rupee has finally moved into 61.50 marks, investor interest in the tech quartet unruffled by a climbing currency as Dollar indices moved to their lowest levels. The Banknifty is squarely above 11,150 marks on Thursday in an eventful week for bulls, enjoying a cash and positive calls led market supremacy over the cagey watchful investors with BJP backers having decided 200 seats in the National Parliament was worth a celebration too in the face of defating th eBears, an opportunity that does not come by regularly in every market segment and cannot be passed over.

PNB is back near 600 levels and the short trades are gone from even Maruti and others for the moment, likely to come back any time now below 6400 levels itself once the Put Call ration reaches 0.75-0.80. One hopes the shorts come in Index Options and not entirely in Index Futures or worse continuing in individual stock series.

To my mind PSUs like BOB are already looking overpriced again with their asset quality woes not done and BOB likely to be among the PSU strikes leading the way down, with a news driven exit in Adani remaining a probability after a quick rally in the same as this rally segment will unlikely see the one sided euphoria in Jubilant and Titan in 2010. The markets apparentlt kick into gear for welcoming the change in aviation rules allowing International flight without fleet and footprint restriction

Bajaj Auto still has a rally left for brave longs at 2020 levels, using Maruti to torque the trade ( Buy Bajaj Auto Sell Maruti) and starting a similar trade in Hero at 1850 levels ( unlikely to get lower levels int he same) The Trade will likely last thru any index led direction for the market. Index moves are matched tick for tick by the new LIX 15 showing the hold of rare liquid stocks on the market. Markets will correct once pre elections or immediately after results so broader interest can rride on the secular move to 7000 warranted by FY14 earnings and FY15 forecasts even in absence of a recovery

The Cement stock rally indeed seems a little too precocious even this late, as expat commentators would dig their heels in to say in three months time when the GDP recovery led trades start a final swing at old 6400 levels Construction and RE stocks should be avoided.

Your pharma portfolio picks may see a sneaked in ride as markets consolidate, as IDFC finally crosses back into the Century plus marks, both Glenmark and Cadila coming back stronger ona Green only map day for the markets , twice in this week

Time is probably ripe for selling in IT now esp with Infy at 3900 levels. Media scrips have again seen older bullish levels in an almost hidden move on an all green day hiding poor Sun TV(no longer media)  in plain sight with more secular picks like ENIL (Mirchi) and Zee

Bharti is back at 280 levels and the big trade in the stock could take it quickly back to 335 levels , GAIL and ITC is also a long only pick at current levels

India Morning Report: Markets digest a rate hike and the new Maruti equation

India Auto ExpoYou heard it in 2009, Suzuki may go it alone:

The 7th Maruti Suzuki plant in Gujarat adding capacities to its 1.75 mln cars from Gurgaon and Manesar which has already seen union troubles in the North, will actually belong to Suzuki in a new Wholly owned subsidiary and as royalty terms have not changed the new production available from Gujarat in 2015 will improve MSIL’s margins. MSIL already is the dominant component of Suzuki’s global sales. The markets are however punishing Maruti for the loss of faith , the automaker springing the surprise from its ranks mid afternoon yesterday. Today’s morning quotes will be 20% lower and likely fall a further 5% tomorrow though 1200 is improbable. A Suzuki coming into India alone means it may be planning exiting its Maruti investment except for its commitments to successive Indian governments over the years. Maruti trade is being closed within this series as speculators likely get ready for a short trade in the new series after having been farmed in the construction sector. The Gujarat plant will supply only to Maruti production

Biocon is back in Volume breakouts from the switchout in cash

Rate Hike

Markets will likely digest the rate hike given good liquidity, as mentioned in Bank Policy Tuesday yesterday however the 8.5% and lower yields will now wait till end 2014 and at least one quarter of good growth with strong positive investments. The higher rate environment may not translate into higher retail rates and credit expansion may also not be threatened, but was it required? Yields did move separately from Currency markets before policy and thus Policy rate hikes squeezed the exchange rate back to 62.50 levels

Airtel again, Idea bhi

Airtel is definitely back in the mix, changes at the top likely positive even for Manoj Kohli who finally moves to the new businesses invested from the Telecom win for the Mittals over the years. Idea’s ARPU gains despite revenue per minute dying means both Idea and RCOM are also likely to see long trades and Bharti remains the back bone of he market as IT and Pharma break down. Tomorrow would probably be ITC again and the day after that Bharti

Bharti PAT is up 20% on quarter and ARPUs to 195 frm 192 spectrum auctions stamp their market print on Feb 03 and Feb04(post announcements). Africa ARPUs are up 10c to $5.80 or INR 360.

Sell 6100 Puts

If you are finally tired of shorting the market and Ashwini baiting from your camp you may join in too but ahead of expiry, 6100 uts are likely to look tempting and markets will close 6100 with such a huge magnitude of newsflow  getting hope trades shucked off by early market moves last week and shorts on DLF , Unitech and HDIL would likely be the biggest winners of the series. The days trading would likely see a similar mood sneaking into 6200 uts , which however is a function of the other market forces discussed with a 40 point increase in NIFTY being par and leaves tthe markets at 6160 and markets may not want to control further BEAR GREED till todays close whence the 6200 trade still rewards that additional risk

Banks are a big buy

10,600 seems to have done it for the Banknifty and investors are likely to stay glued to ICICI and HDFC Bank on the rise. Axis Bank fell 3% yesterday at the fag end of the correction ( on markets breakdown post Maruti announcements) ICICI Bank reports with India Starbucks (Tata Global) . Starbucks ma also prefer a new 100% investment in India after 25 stores have opened with Tatas.

After ICICI Bank’s clean sweep today, tomorrow will see earnings from Hero sandwiched by Bank of India and SBT and after the Adani and IDFC reports on Friday we close out earnings season with a fairly robust performance, near 20% profit growth still standard fare for the biggies.

Other Results

REC, M&M and Cox & Kings report on the 14th of Feb, ILFS Transpo, Page (and Lovable?) and Finolex Cable on 12th and Bombay Dyeing on the 13th. Lovable is doing well in the trade prioritiising for the New FMCG adds in 2010 IPOs

India Morning Report: Building up that range between 6300 and 6500, Energy Cos let fly

Call buying in the new year has resumed in 6500 and 6600 strikes underlining market confidence in making the upside while 6300 Puts define the bottom of the range (Sold puts always in a bull ‘candle’)

Also non food credit growth signifies Banknifty has less pressure on it to buy up its PSU components before the secular recovery takes hold in India Inc., right now recovery prospects led by better performing banks and corporates, even select Mid caps. BOI and All Bank seem to be in the buy rush but buyer beware doctrine applies nd we remain happy with PNB as March shows the having accounted for the bad losses and survived with better provisioning.

The Energy Cos are way ahead in the New Year esp if you include the rally on 30/31 as the pace of increases in Diesel prices and the increase in Non subsidized LPG confirm better prospects and however also confirm that the battle against the Fisc will last a long time unlike the chutbhiyas fighting it out for an ex Infy startup tickets in Bangalore (AAP gets a dirty linen in the streets fight with Pai and Bala joining against Nilekani)

Infy did start back at 3500 but there is a further downside risk from the fracas probably enthusing electorates and markets in its incipient hour tonight. HCL Tech is a great short right now to save your Bull Dollars. Cadilla and Glenmark remain the important buys with IDFC, YES and Bharti and ITC leading the Bull charge. Bharti tops its trading range around 345 and the ITC breakout is still long way to go in January.

Maruti sales hit rockbottom in December, so  I would have waited two weeks to confirm the trend for January before including them in the Volume breakouts. Sales at Toyota were down to 12k and Maruti a paltry 90k, this trend much like our Maid in Manhattan and her UN immunity spawned employer Devi Khobragade a little too ahead to go with real recovery trends, even belying equally bad sales in January too perhaps?

IIP ticks up again for December as and when data is processed but bank credit jump is part of the lag with no new projects expected in December – March and WPI will remain stressed near 7 levels and higher even without the customary poll sops in this season Indusind is not a good buy and that with the lack of buyers as volumes return this week means the bull ticks will be slow except for Power and Oilcos

India Morning Report: Markets slip as PSU bank investors stay away

Is Inflation the Real Problem?
Is Inflation the Real Problem? (Photo credit: Wikipedia)

Active index and Banknifty balancing in a stable India economy above 6% growth involved the usual confidence investing in PSU banks a two thirds of the Banknifty to and or xis, HUL and a select set of defensives , that have disappeared as markets fall thru additional support levels. Apart from the loss to Ashwini Gujrl’s set of picks seen over two – three weeks post ‘shucking’, any other impact on the markets is lacking. One feels the confidence shown in non leveraged High Operating Leverage businesses in small and mid cap sector is also misplaced. Such High Operating Leverage Businesses with more than even 75% Op Margin in cases have time and again shown that less than 1 in 20 such businesses , even with deep pockets like Jyothi Labs, convert into a brand and a business like Bharti.

Bharti and ITC lead markets back and Lupin has a lot of strength left in it. Expectation have come back to a 360 Cipla to kick off the game for this rally segment and ICICI Bank and Axis are also losing ground from a probable low yesterday as the Banknifty sinks into 11,500 levels. However, the end (of the shorts) is nigh. This observed bear extension on Thursday is a direct concomitant of a stable PCR near 1 levels leaving writers hungry for more and writing calls is always easier than underwriting puts at new market levels

Tulsian’s faith in the ‘shadow stockings’ ahead of Christmas is also back, but we don’t think  UB Ltd will be compensated fr not rushing returns in the merger and bankruptcy melees of the crisis Olympics. However, it would be  good idea to sink into HDFC and Siemens.

Also Barclays Capital, as we have been following got in  5 out of 7 the same selection of 2014 picks. We already made it clear Tata Motors is a big sell on 2014, probably bigger than the Jindal Steel breakdown which will stop out of the ‘bear cartel’ push at 225 levels The Energy trade should be pushed but the Fisc is already distressing and the release of Fert subsidies at INR 50 Bln  was already a razor edge detail for the Corps watching India’s clawback on global fortunes. Assuming NTPC would not be ready to immediately step up on reform gear and leverage growing efficiency, we would disagree with buys on NTPC.  GMR is back in the big bids and the big bullish candle moving GMR, RelInfra and IDFC together with JP Associates should land on the next bevy of drones.(any independent rally segment up or down can be ascribed to a virtual set of drones picking the right calls). Bank of America, the other who nailed the Economy without attention to thoughts of a wavering Rupee (more than required) will also be worth tallying scores in 2014

The 15% Food inflation and the 12% contraction in Consumer Durables (read our earlier monthly commentary on PMI/Inflation) put paid to any thoughts of a recovery improving despite news of a Q3 debacle already factored/expected for October 2013 and probably till December 2013 s this includes our festival time data. November Auto sales disappointed for all though retail inflation has been strong (good demand indicator) in Consumer durables items on existing stocks as production has been subdued for more than 6 months now

Again, despite the policy tightening, banks are unlikely to need rate hikes as they have weaned off MSF rates. Also retail inflation will continue fueled by higher Food inflation , in double digits due to supply and other economic concerns for small and rural businesses. onion rices have corrected sharply in the meantime and Food inflation data for the month was likely overstating facts, returning to lower double digit levels in the remaining 5 months of the Fiscal.

Oh yeah, we may have forgotten, in the search for Economic employment, the Global recovery of 2014, is not happening except in US Equities as Europe proves its a dead continent and a usurius currency. China thus also fails despite a better share of its own currency in exports again and that leaves US and India and the ROW without business ends to close deals beyond a hygienic rise in Trade led growth. US is also stuck at 3% levels despite the mentored lower trajectory for Currency and rates which a good motivator but the currency is unlikely to be allowed to get eweaker at least from the current Dollar Index levels, probably never below 78 in all of 2014 even as Oil imports stop for the Superpower of the 20th century. And that, is despite the taper.

India Morning Report: Nifty switches up range to 6100-6300, Is 6200 on the horizon

Anjum Bharti - 05
Anjum Bharti – 05 (Photo credit: Adarsh Upadhyay)

 

The Aside of the day comes from Network Analyst picks, with Sandeep Wagle who is seldom wrong on the trend change running with his bearish bet till 5950 which he had to exit. His buy picks have come in sleepers like USL and Kotak, both of which we think will not deliver much this year.

 

USL sell off of Whyte & Mackay while being a cash boon to the debt on the Balance sheet, is still a sentimental stab in the heart for that scotch brand could well have created that elusive broader market for top of the line alcoholic beverages in a market addicted to imports at usurius prices, showing in profits in the F&B  in the Hotels segment

 

Meanwhile, Compatriot Mitesh Thakkar has been better endowed switching Sandeep’s non run scoring cap ex giant hope L&T with BHEL and I think also his TVS Motor was better switched with ”

 

Philip Capital (USL defender but long term buy on the stock, not short or intermediate) also had good FMCG picks and though Starbucks has opened in Bangalore, one thinks the same Longer term view is true for their FMCG picks including Tata Global Beverages and Dabur. Ashburton, despite the India specific commentary seems to be an index based fund across EMs and India

 

Sun Pharma is back in the bull basket of traders with an announced buyback being the post election surprise and the Bank Nifty has settled in at 11k marks probably gathering shorts, thrown out of Nifty in a big lurch on Monday. The Cairn buyback is bigger news but with outstanding results still away, one may not get the bang for the trading buck there

 

Markets have hit back as of yesterday and the new 10-yr bond trading has immediately rushed yields back to 8.7% in the morning, Rupee revitalised to 62.3 by 10 am, showing the potential untouched as markets took the yields of an expired bond so seriously, it was probably to the extent of a ‘not funny’ slur on the extent India deserves to be labeled a Fragile Five member ahead of Institutions making fun of the Tapering business on networks. US yields will rise and the Taper will not happen so soon, all that has happened in between is that Janet Yellen has been confirmed and she does not think a $5 Tln balance sheet can say Taper is a bad idea. The Rupee propably making this entire year pre taper more a challenge test (agnipariksha style)

 

NREGA will be a nice hit to Election pandering ‘in-throne’ incumbent as BJP struggles with a cause and high turnouts could indeed be another factor for Congress to weakly hold on to in making a comeback election happen. The media dissing of Congress can still hardly be ignored despite the survey technology of the wipe being more than 3 Fridays old

 

NREGA wages will be increased based on recommendations of a committee led by India’s Chief Statistician Pranab Sen

 

Yes Bank was bit by the regional bug in a sudden switcheroo by the markets on the Banknifty, trading still at 350 as it seems to have showed its Punjab hand in picking up the Title Sponsorship for the Indian Hockey League. However, they would still be a national brand, as would be Field Hockey as Zed comes back to bowl the Pakis out on South African soil. My generation is probably not the best to assess cricketing talents of the new look South African, Aussie and English teams either as they all look uniformly weak in the deluge of fresh faces, making West Indian whitewash by India a mystery incomprehensible. Also, Yes Bank may have not given such a signal to the markets or such picked by them, this being an erudite observation only to my eyes as I equate the game with a certain neighbour of Delhi in the north nor Yes staying bak with the media team push of the game sponsorship.

 

The Energy trade seems to have finally hit GAIL and the other LNG stocks as Oil stocks enjoyed a big relief rally on Monday and one last month

 

Big is back in reckoning in banks with ICICI Bank showing more uside. I would also recommend to continue trading upp in ITC, IDFC and Bharti. Bharti is singled out today leaving Bajaj Auto breathless only for the day as Bharti gets out an ECB card from its PR team before the final date of the Spectrum auctions, where they have certainly won themselves a near value for money tag in the relicensing forced on the huge Indian market and avoided a lot of unnecessary expenditure if the CAG report had indeed come out on the winning side.

 

Meanwhile Lehar follows Cyclone Helen on the Eastern coast but the Seemandhra and Telangana GDPs are pretty much safe, except for the large scale destruction of seafaring life and human villages near the coast .

 

The Sugar trade is a lost cause, the volatile commentary not helping the midcap stocks with limited contribution to India’s humanitarian and Western Export which hold the key to riches and a better CAD till 2019 when the next General Elections com around and China would have found a new normal it has ‘founded’ last two-three years

 

 

 

India Morning Report: Lets get some money from call writing quickies – Mid November hubris

Siège nord américain d'UBS
Siège nord américain d’UBS (Photo credit: Wikipedia)

It’s probably the limited upside, but mostly the markets were pretty itchy at 6200 in the middle of the November series and so the shorts have worked out. Also importantly, none of the good to great outperformers/strong buys like YES, ITC, IDFC or Bharti and Bajaj are down except for the Bank trade again weighed by PSUs hurting Private Banks in the dominos game and ICICI Bank remains a leading call writing target . The new 2023/24 bond being released day after has meantime ensured the fixed income shorts for yields look at bonds above the critical 9% mark inciting the sceptical trade on India deepening Money markets and Fixed income trade

However, that move in mind, this market could have easily moved out of the woods at 6100 levels,  and will probably do that before end of day today. Despite UBS and Credit Lyonnaise (Bhanu Baweja , Fixed Income and Chris Wood , Strategit of favor levelsst), markets move to 5900 and not behind 6100 will be that bottomless pit one wants to avoid sticking cash in.

Power NBFCs are good buys again. The Reliance Infra trade probably also opened two way liquidity where one side of the trade is actually close to breaking its margin wall, thus tempting predators with no downside targets in mind, led by Ashwini Gujral  (perhaps unwittingly) and as I mentioned the ICICI Bank trade (SS). Currency is stable at 63 levels. Any hits to 70 levels post elections cannot be avoided as a fresh slate of CAD and Fiscal worries are definitely hard to wipe off the scoreboard without real investments, Europe cannot make and the Taper that will come. Staying invested rather than exiting with Cash and Gold is however the strategy at this time. M&M springs to mind and one fundamental intelligent strategy would be to limit exposure to depreciation stars like IT, esp third tier players like Infosys and Tech Mahindra

Those rushing to Mid Cap rerating up are also fresh out of ideas. The real factor steaming down market levels which one can separate in the meantime is the fundamental variation of the 2080 rule playing out in the mrket. Instead of just the select 20 stocks in the large caps rising we have the other 80(Eighty) being almost disbanded to permanently(seemingly) out of favor levels as evidenced by yesterday’s A-D line. This “acceleration of reform” undertaken by the market segment needing to justify shorts, is misguided and ll only bring the other 20 to shaky two way disrepute as good scrips add on unwanted volatility

Today will thus see an unwanted spike in volatility which will test these new found memes laser focussed on jst the best 12 or 20 scrips that are equated to yesterday’s “Sure things”. And, of course ( with no thought to grammar as you read this as spoken) , the bullish State Bank trade or the frustrated India shining trade post Jet Airways sell out to etihad or the lower expectations from full priced aviation going forward, SIA or Asia Airlines Tier 2 town strategy

Welcome home to India, expats. Less than 10% of our current imports are Chinese

 

India Morning Report: A double trade in IT and the falling Gold prices but China is not good for the Dollars

Before we proceed however on the mechanics of an extremely juicy rally portender yesterday, I/we must recommend you dig in to Bharti, ITC and Bajaj Auto irrespective of your faith in the Network Analysts out there recommending fresh shorts. The thing to worry about is the weak prices in Gold right on the edge of festival season, as buyers tend t o stay away unless there is a heady cheer and while import limits CAD, Gold is still below 30,000 per 10 grams in trades around the country and on MCX.

The MCX resolution is also a matter for some grave restructuring and not an easy one as the promoter being the Technlogy provider and if they have been given permission to create the public exchange in such, the regulators must also bear it and not fall for a half baked compromise.

That said, the correction in IT stocks yesterday was a simple reminder that ESOP mechanics and Wealth Funds still hold sway on that sector as it is overweight in most global portfolios plus ESOP managers have a real safe exit if they can recommend take profits on post results euphoria. However, other insiders may also be involved in that they guess the “Q4 Winter” about to strike IT prospects may really simmer down market interest in the IT pack. However, as the rally proceeds this correction ahs also made possible for short term traders to dig into the sector as a fail safe trade probably before the first two weeks of November series are over.

Rupiah
Rupiah (Photo credit: Anis Eka)

Also, the banks are back as policy tones clearly show Repo rate pressures are off because Taper is moving out at least another year and that also means a stronger Rupee, Baht and Ringgit or even the Rupiah and Won that have shown up as pressure spots again in the Emerging Asia economies because of a uniquely intractable dependence on the US Dollar(“single currency” ).

Rupee however may skip the party even as inflows return because of the Crude prices ratcheting up the difference again and supply chain pressures will keep food inflation also high, rural consumption at a better tick thru festival season and it seems a dead Bollywood except Anil Kapoor’s above average attempt at bringing professional production to Colors ( as usual) KBC is working up the consumption dime too. Rupee will however seemingly head to 60 before the investor celebration begins with fresh inflows exceeding expectations into Election time

6100 is already back an the straddle at 6200 (sold call)  5700 (sold put) will have to move up again to 6500 levels but you should not switch till it is time

China GDP is still at a resilient 7.8% bottom and the credit squeeze, real estate asset bubble or a sad 2014 outlook mean the sun is not shining on private and llisted share portfolios in the biggest and only superpower enticing OECD funds and locking them in by the month, now at a 72 month positive inflow trend, and likely unbroken. Also China orders for Iran crude are up 60% that may still influence crude prices stabilizing.

Hindi on whimsy: Akasmat(Sudden, equally apt in both up and down moves); utavala na hona(to not look too eager)

India Morning Report: A sudden change of heart(afternoon) as Banknifty breach closes up

English: Logo of Bharti
English: Logo of Bharti (Photo credit: Wikipedia)

It wasn’t a wren and martin breach however as the morning saw weak NPA stories slitting from private banks in the Banknifty components, but as that grouped SBI and performing PSBs such as PNB with the weak quality ethic portfolios the breach rather filled up and the traders move on the Nifty south frrom 5950 itself has been closed by the afternoon before morning FTSE and European trades took business elsewhere in the global 24 hour timeline for today’s markets.

Trade data showed exports up to $27 Bln, a nice growth dividend , though a one off in the year  also leads to shoring of sentiment as the weak India story tries to grip old India pockets in Financial centers like London, themselves struggling to make a mark in what started a s  a benign year of recovery.

EMs are back in portfolios and Services Indices n India and US are under pressure from spending cuts with Euro still hot in afternoon trades as the October FOMC passes by tonight with a mandate for Yellen. SBI got a shot in the arm after the duress long exected in the stock, as the SBI GM in place and a likely future Chairperson, Arundati Bhattacharya explained the process of shoring up quality  in detail and IT investors and other traditional India trades tried to ngulf the bank’s weak asset quality in a single south trade on all government owned banks

One still wonders if changing norms to release Government Bills and long dated bonds from controls will work for India wih such strong anti-measures from the  “India Bull” community

Also on the credits is the way Bharti managed the press bytes and the non devolvement of the story around a crushed Walmart in the run up of a Modi inspired changeover at India’s helm in the 2014 General Elections

India’s growth charts currently continue at a flat minimum under 4% and the same was confirmed by IMF in yesterday’s report leading to the morning clouds as Rupee slipped back to 62.5 levels. Since then the Deposit story is back with NRI swas and more and the Rupee is back at 61.7 levels before infy results later this week

India’s exports at $26.8 Bln were nearly $2 Bln ahead of the staid $5 Bln average rate we hit early in 2012-13 wih the plunging  bottom of the growth story and were fist signs of growth in exports let alon import substitution after the currency went thru serial pangs of double digit depreciation from 47 levels

Bharti will easily survive the retail FDI wind-down while it remainsan important ndia focus brand to own as does ITC. Yes Bank and HDFC Bank also remain great picks with a lot f investing capacity for foreigners and IDFC is catching fire again to fill any gas from “lack of confidence” in India’s branded consumption stories like Bharti, ITC or Bajaj Auto

 

India Morning Report: Bajaj Auto reaffirms successful transformation in September sales

Rajan Bharti Mittal, Vice Chairman & Manag...
Rajan Bharti Mittal, Vice Chairman & Managing Director, Bharti Enterprises, at the 2010 Horasis Global India Business Meeting (Photo credit: Wikipedia)

 

Sell Heromoto, Buy Bajaj Auto – A pair unheard in India trades till 2007, post crisis we have seen it win since 2011 and have been telling our investors. Of course September’s 367,000 unit sales could well have taken the sheen off festive season in October but the bigger news is that the company feels good enough about a price hike of up to INR 5000 and export markets have responded well, as he just quoted examples spanning Nigeria (46,000), Kenya and Uganda. Its RE60 may well survive most objections in India for an introduction before 2015 but even if there are hurdles, the company is protecting profit margins and market share in an uncertain situation.

 

September may in fact have seen sales being advanced from the festive season because of an extremely dull prognosis and Indian consumers are diving off consumer staples brands in general. However, one feels that this current secondary upsurge in inflation/WPI may well see better realisations and hence profits from price starved staples companies and so the queasiness around ITC and Bharti”s retail foray may well serve to mark the return of Dabur,Marico and these two bigwigs itself as results show better profits and earnings growth , any positive number would be  consistent with market expectations not th double digit growth consensus reached  earlier in the year. As for Bajaj Auto itself, it is protected from flagging sales year on year in festive October as it is going through with  new launch of Discover whose sales make up for it

 

Meanwhile, the market took 5750 /5800 levels as a sign to return to performing PSU Banks but with the punters preferring sinking ships earlier, the take off in PSU banks thu PNB and Bank of India is rather subdued even as Private sector banks make almost one off corrections between yesterday’s F&O buys and today’s trading.  Th incremental AD ratio of 83% actually is rather standard for India Banks as Deposits proceed to grow at 14% behind credit recovering to 18% thus meaning the RBI will be instead under increasing pressure to conduct OMOs even as banks hang on to over INR 150,000 crores (INR 1.5 T) in overnight borrowing from the Central Bank, washing off any advantage except the sentimental from reversing of more tightening measures in the October policy.

 

The Rupee pirouettes around 62 levels again but Gold prices in India falling , accepting the global prognosis sounds ominous for subdued growth in 2014 as well apart from meaning better diversification and disssemination of global fund allocations even post Tapering at least in equities, markets having taen to bonds again in the interim till the schedule for the Taper becomes clear.(Duct tape now that Octaper is almost certainly gone- Duct tape = December Taper)

The new ABCs of Indian stocks, listed as Asian Paints, BHEL and Coal India figred among those fastest and strongest in the rally to 5800. All three stocks have however lost their leadership of trends as 2 of the 3 fall into sectors creating corporate goevrnance hols and braking India’s development cycle prematurely. Nifty meanwhile keeps catching up wth the air gap creatd by its futures moving faster in the morning (bigger premium) in turn as Singapore Nifty reaffirmed no investors had left and moved quickly to 5850 and higher levels. The rally will again falter around 6000 levels and as the fight gets dirtier its better to dig your heels into the better stocks we listed including YEs, IDFC, ICICI Bank, HDFC Bank and Tata Global if ineed Starbucks follows thrgh with the plan to ramp up outlets to more than 200 this year

 

 

 

 

India Morning Report: Rally enters fourth day with steep move up to 5850 levels

Line up the confetti balls and the piniatas as the fourth day of the Rajan Rally engenders new Slumdog Billionaire, Kaun Banega Crorepati and a successful Indian Badminton League probably mean the start of another even if the 2014 Airtel Grand Prix at the Noida Track is under threat and the IPL is sstill al knotted up from the Hawala Masala

 

Historic Valuations, Trends disregarded as flows rush in

 

Leo Pharma
Leo Pharma (Photo credit: Christian González Verón)

 

Piggybacking the global weakness of the Dollar, investors not predicately assuming to undo damage to the Rupee, nevertheless brought the currency back into play for the 60 mark to the Dollar on Tuesday with a 64 open as flows returned to India debt and equities. With INR 1600 Crore returning in debt and 800 crore ( more than 25 bln ) in equal measure into the chosen investments in stocks, the IT and Pharma largesse from the Dollar was no longer the defining mantra of the market by Friday itself.

 

As the 260 points in the Nifty to 5850 on Tuesday at 11 am show, the market may well take the indices to 6000, bring India firmly to the centre of the 2013 and 2014 investment maps as was three months ago and thus probably caus ethe currency to further climb back to 60 levels again as there are absolutely no buyer or seller levels in the move from 55 to 69 in the last three months and 10 odd days.

 

And much like it was Matt Schaub and Andre Johnson for the Texans in a star filled roster or the veterans Dravid and Ganguly playing India in on one o the many English conquests last decade, it was veterans that stuck to the India script rushing the momentum early morning into India with ITC back to 330 levels and still worth a few moves and Bharti and the banks not far behind, moving secularly together as rates fell below the 8.25% mark on the 10 year paper and ECB short-term borrowings interest rose again from Rajan’s moves to allow FX swaps at 350 basis points (on deposits till November for now).

 

The 5750 mark was expected to hold in the morning, the 20,000 mark on th Sensex seems obvious now on the BSE Index and

 

English: Amitabh Bachchan photographed by Stud...
English: Amitabh Bachchan photographed by Studio Harcourt Paris Français : Amitabh Bachchan photographié par Studio Harcourt Paris Harcourt Paris (Photo credit: Wikipedia)

 

thus 6000 is almost a certainty and as inflows measure interest and levels, there is no reason for indices to now fall or turn from these levels even if OMCs have not really gained till now on the Oil basket prices in India’s PPAs vis a vis the refining margin impacted by the appreciating Rupee or if no exporters seemed to have been selected for the overall CAD gains except for Bajaj Auto and It and Pharma are still available for substitution. Even if Infy has  new target of 3500, a balanced indian market is unlikely to let it reach the same in any hurry with value available across sectors, including last months star sector in metals. Sesa Goa weightage s increasing in Nifty by under 2% and Tata Steel is still available under 300

 

Kaun Banega Crorepati 2013 started last week on Sony with another veteran Amitabh Bachchan returning as its iconic face in the Indian version of “Who wants to become a millionaire?” (kbc.sonyliv.com) One Taj Md. Rangrez has won the Jackpot in this edition in episodes shot till now

 

 

 

India Morning Report: Markets swing to international sentiment on India

Pivot table NSE Banknifty PSUBank index scrips...
Pivot table NSE Banknifty PSUBank index scrips from OJN for 20110609 (Photo credit: OJN2)

 

The proof of the pudding is in the eating. in the weakest correlation ever to its presence n the Global markets, as shared by global investors and markets that largely ignore Indian events already, with mirrors available in east Asia/turkey and even other developed economies, India itself typically stands alone and the imperceptible nod to trend shifts remains the only hint to international investors. again though the banking system has been asked to step up to tighter overnight liquidity yesterday with a 4% CRR now enforced daily instead of twice monthly(fortnightly not bi monthly) where earlier it was required to e 70% now it is 995 That would affect the base SLR stock too but with most in excess on SLR, banks would have additional motive to hawk those securities for others CRR requirements and a domestic mini bond sell off may yet be avoided if there is a real overnight liquidity crunch. Which there is not.

 

So the entire shortfall of INr 900 Bln pointed out as likely by analysts like UBS’  Bhanu may actually be a mirage for inter bank markets though interest rates will respond likewise the first shock of two weeks ago and a catch up to the 10% mark as the LAF is now available at 7.25% only for 0.5% of each bank’s NDTL. Thus this shortfall may take a whole 6-8 weeks in unhiding itself in the business and a rate hike may yet be unlikely though the range of choices before the RBI Governor is still not large and banks wee on the verge of easing down loan rates when the dollar/oil trap worked them into a corner

 

What that means for equities is that they are largely naffected as liquidity from interbank schemes and pledges shares has already been minimised. Also foreign flows stay in and increase slowly while letting the Rupee fall. I may be well describing a limitation of this monetary outreach here but no one would play that card to corner India though unwittingly FX flows be unconcerned and pressure maintained on the currency as dollar starts its climb back I still dont think IT sector is going to capitalise on this leg of the continuing rupee depreciation stance but yes those basing their investments on continuing wage hikes factored in will bring in the kudos for the sector always singled out as the flip side of a depreciating currency while exports remain ata standstill falling 5% in June

 

Markets may not dip further from the 5990 levels Is ee in late morning trading on the screens and the Banknifty dip is probably still just a check on how things pan out and north is the way to bet from today late afternoon. Sun pharma going back into currency or more HUL will still not preclude positive investing in Bharti, ITC, Yes, IDFC and iCICI Bank

 

 

 

India Morning Report: IT’s the big short.(Inching towards that 6100 mark, to inch back to 6000~)

English: WCAM- 3 locomotive at Kurla . It is D...
English: WCAM- 3 locomotive at Kurla . It is Designed by Bharat Heavy Electricals Limited. (Photo credit: Wikipedia)

Inching towards that 6100 mark, to inch back to 6000~

Markets never had such a foggy idea of where they were going having just cut up all paths withs chances of an India recovery but yet fogged by the fact that there is hardly any other choice if you exit India as a Foreign investor. US markets in fact have much the same prognosis ahead of the QE withdrawal as most of the money staying in any markets would unlikely move between markets. In fact Indian debt is back in “currency” as a new auction for buying rights saw the permits from the Central Bank covered to $4.33 Bln (@60INR=1USD) However, exits for indian debt since the fateful announcement in May were a humongous $10 Bln and RBI auctions have been unattended last when they thought banks would respond to excess liquidity mop up initiated in response to the FX crisis

Yesterday’s measures go further, es the ingenious channeling of Gold imports, committing a fifth to exports and assigned to custom bonded warehouses. mports are allowed for Gold businesses only but should fairly benefit the Economy from here after the thud from the extreme shock in June that dd bring the trade deficit back 40% to $12 B for the month

Markets and commentators seem to be losing faith in Cap Goods “monopolies” in India like BHEL who are fairly regular in printing bad numbers every three- four quarters and as banks have bottomed out, the short trade would start from any such market reaction to bad results, good results already baked in. L&T’s results for example seem spectacularly bad for market sentiment despite the Capital Goods major stuck with the same pipeline for well on 9 quarters now as it has been highlighting frequently and deterioration was probably unfortunately still not baked in

The GST reform may not be done but as ET reports on the front page the Capital NCR state of Delhi is finally getting bar codes to track elusive alcohol revenues , an important arsenal of funding for States in the Indian Federal system. in the southern idyll of Karnatak, in fact alcohol lees and extra state duties on fuels ( esp Petrol) make more than 90% of the budget’s income streams

Mid Day update; IT sector seems to be set up for the big fall as markets drop the dollar factor and go back to business left in value from the big move to IT last month. The IT short could well start before the expiry as IT stocks are not big in derivative trades esp with TechM, KPIT and infoedge not getting th bg speculators who play in derivatives

Also Walmart, Carrefour and tesco ventures in India may finally be closer to expanding statewise as the policymakers write in a waiver to 30% local supplier clauses allowing them to go for their preferred favorite supplier strategies sheltering them for producing exclusively for them, much a good thing for the supply chain deficiencies in the country

In stocks, you should have been long banks and you could hold from here. You can also keep longs in ITC, Bharti, Bajaj Auto and IDFC irrespective of current levels. At 6100 , the markets will head south for having run out of reasons to stay up and make room for a few margin trades on the short but expiry may well happen above 6000 levels as the ‘comeback’ trade (sic!) would just try and get a fai trade for shorts before closing up again with select stocks and sectors really sparse in this deep and big market, making impact opportunities a likely opportunity for those with 1005 data access. if you are game, you should look for changes in liquidity impact of the NSE 500 stocks and probably a dozen will show up interesting changes in trend to pounce upon. Those stocks toking up and ready to go downhill may also be camouflaged especially if you see large volumes in trades as prices go down on sustained basis(more than 2-3 days of this week )

Sorry Ashwini(ETNOW), going short ain’t so easy if you are betting on India, much like its hindu rate of growth, the nations stocks are probably stuck at these levels unable to channelise a trend

India Morning Report: India regains investment preference in Asia, builds on 5900

English: This picture has been taken at the Sa...
English: This picture has been taken at the Satya Bharti School. It shows the education system and children’s life at the school. (Photo credit: Wikipedia)

Markets had a choppy week early on in India but with selling having refused to resume and Asian markets keeping a comeback worked into the numbers meant the Dollar indices poised to jump at 83 going into the next week. In thus phase however Dollar may again lose the tight negative correlation to Asian equities especially again in India which has managed to climb down the volatility beanstalk while steadily gaining 50 points yesterday and another 50 points at open today.

Many out of favour scrips from Metals to the yet to be prioritised realty are now at their technical support levels meaning they will mostly support positive moves ad may even lead one out of 5 days in the positive next week. .The jobs report in the US morning will of course propel the Dollar but the likelihood of that momentum taking down Asian markets has receded with the yen keeping counsel near 100 and Asian automakers not seeing tariff barriers in the US traded away

Oil prices are unlikely to continue north despite demand led reductions in inventory in the US as refineries remain underfed and the Egypt tensions are resolved
Banks are poised comfortably at 11250 levels and the Banknifty straddle has worked wonders in localising discounting for bad debt PSUs to SBI and BOB among the still expected to perform members of the Index . Thus further PSU bank attrition of business and bad debt spirals will unlikely stop the rally from taking root in banks next week and ths leading the Indian Nifty 50 back to 6000 levels albeit for a trading largesse. Pharma sector picks like cipla and Lupin continue to have much to offer and trading down in Sun Pharma may ot have large index effects ( expected as exports are succeeding at competition) iT scrips are much in a bind of low profitability even as immigration reform fades away and 12% in Rupee depreciation fails to make earnings forecasts positive ahead of next week.
Bajaj Auto, IDFC and Powergrid could be good picks at current levels though RBI signals have already discounted PSU applicants for bank licenses including PFC. PTC is also dong well without a banking license to its name and REC may trade to lower 190 levels but is likely a good pick at these levels all on their standalone performance and undiluted by the market added momentum in June for Banking preference. YES Bank is a great pick at these levels and supernary promoter interests are unlikely to be material to the bank’s professional management as is the prospect of 100% FDI in leading lights in the sector. Telcos will probably get 100% FDI approval sooner than later and Aviation’s experience with Jet Etihad is likely to remain positive and accretive to value ton the whole. Lupin’s pipeline of 100= drugs continues to underline the block profits in generics witha low barrier definition of blockbusters and no big stories in the us market nonetheless and similarily with Cadilla, Orchid and Stride Arcolabs.
More importantly consumption winners heading for no man’s land ( Trading at lifetime highs seen mathematically breaking new ground with positive momentum trading) with ITC, United Spirits and eve HUL and Bharti likely to head off the “no investment” led dull prospects at India in story, expected still to be worth much more 6 months down the line. While HUL has shown already that shorts were wrong, once results expectations are correctly warded off by Telco promoters sunil mittal and co, Bharti may also be seen in the light of its quasi global brand and investment expectations and thus gain from reducing debt on new investment rules in fDI and in required infrastructure debt accounting

The Rupee thus is free to depreciate but in a small range around the 60 mark.

 

India Morning Report: Sorry Bears and Cartels, Bulls are still hiding in the Indian woodwork

Yes Bank
Yes Bank (Photo credit: Wikipedia)

 

Network analysts sitting on lower support levels and betting short on most new blue chips having seen the infracos slide, are in for another shocker as the march series looks to inch closer to 5600 on expiry day before closing out comfortably ahead of August 2012 levels. Both Sukhani continue on the second month of watchful short betting SS targetting YES Bank further from today while Bharti and some others responded in kind to the lack of interest to back the market interest to significant lower levels but the buls seem to have won on real strength of fund inflows for the time being. Markets will correct but not by much in April and while the upside was capped to 5850 levels by the weakness that just means the lowside is still as high as 5550 even for safe investors and 5500 puts should be real rich making sells for bullish investors. (We personally are not conflicted by any position here)

 

Five Rupee Coin
Five Rupee Coin (Photo credit: Dinesh Cyanam)

 

BRICS Development Bank aside, which we look to fund the Indian Infrastructure gap in due course, India inc starts off results season in a week and its profitability scores that already improved on identified sectoral leaders in Q3, are the ones that will be identified with the successful India story and not the politicking as enough stability and forward looking governance is guaranteed by incumbent ministers if not the party flags.

 

The Rupee keeps most of its strength in the new series and the may series may give pointers on the new range for the currency as Fixed income yields cross back into the 8+ range having lost the rate cut and pushed the bank to the reverse repo rate on the corrridor

 

Given the strength of equities and currency going in, profitability concerns of consumption and auto plays should be watched closely for bear victories even as IT forecasts and IT results will remain damp and not affect sentiment. Healthcare could lead stocks nose down but not up even if it maintains good profitability and revenue growth and any weakness in bank performance including Q1 FY14 forecasts will be a deal breaker.

 

Infra debt funds have indeed taken off and execution perofrmance of projects still hanging will come intpo play on the bourses also in Q3 FY14, QIP fund raising shifting out from infra and bank fund raising to NBFC or Capital expansion plays across manufacturing and services businesses with CDS holding sub 200 levels , a great performance for an isolated Asian performer.

 

 

India Morning Report: Bharti, IDFC and BHEL make it a heavy result oriented day

A PTV onboard a flight to Abu Dhabi.
A PTV onboard a flight to Abu Dhabi. (Photo credit: Wikipedia)

Though the market watchers are almost thirsty for a correction in the new series, habituated to aa trading range being established in a market that has more than INR 10 T in daily volumes on a good day and INR 4 tln in turnover including derivative volumes almost everyday. The Nifty Call interest has moved from 6000 to 6100 but is short interest and is safe enough as the markets do not look hungry for a move beyond 6100. However, the market is holding and we stick to our ‘call’ of 6000 being an almost distant minimum for the series as big ticket Results from Bharti, IDFC and BHEL follow ICICI Bank, Satyam and Bharti Infratel’s good showings yesterday.

Profit taking has almost ticked up to normal levels with the markets taking the profit taking in its stride in Private Banks and other blue chips including ITC and Glenmark Pharm. IDFC could start a new move today and Ambani cos. follow after their result surge backed down by Monday. ICICI Bank could also start back after the immediate discounting of its par results as its above par situation catches on and markets decide that corrected levels are unlikely to cede new ground. India VIX remains subdued making it more possible each passing trading day that a new high will be made this year.

Jet is likely to sign the dotted line with Etihad this week and UAE’s #3 carrier look to fast recouping of market shares from leaders post consolidation with Jet in terms of synergistic operations

The surging CPI data to 14% and the slowdown in Consumer staples including QSR and snack foods highlighted in ET forget to note that India consumers have easily digested the over 2000 pizza and other QSR restaurants and the growing market sustained by Tier 2 towns despite KFC and Pizza hut;’s earlier failures to expand the category in India. Also optimistic projections in Real Estate industry highlighting the record number of new launches though pointing to over capacity int he future point to a good 2013 with a record 500k new homes being handed over to retail customers this year.

The Rupee is also likely to capitalise on Dollar’s misfortunes without hurting Exporters as Euro and Yen coast to new records after an unprecedented contraction in GDP was reported in the US bringing the year’s growth down to 2%

India Morning Report October 08, 2012: India Inc Waits For Real Reforms

 

Update: Some brokerages have already updated sharp shorts in Mid Cap IT but Hexaware could follow Geometric into positive

A downgrade from Morgan Stanley (RIL), an India on call report from Credit Suisse asking for reform implementation and eGOM’s easy billing answer to the fiscal deficit ( from Telecom spectrum) alongwith the age old Cauvery issue complicating mining ban and drought hit Karnataka’s problems contributed to the background against wich the inevitable happened yesterday. The Emkay event is not yet forgotten and DLF has paid for an ‘unraveling’ of a very public Vadra connection but the indices are still above 5670 and going back north today from the looks of it as the welcome corrections piques the watchers of the Indian markets from foreign shores.

A 2013 story train from us 

A title “Contemporary Banking in India” edited by Naina Kidwai of HSBC forms the bedrock of my missing gaps in the knowledge of all things local and as the author of “100 small steps..” takes the inevitable podium on thought waves, the growth of Tier 2 towns and NBFC based financial inclusion alongwith ECB avenues for NBFCs are likely to be ‘revived’ as and growth truly coems back to India after the bottoming in Q2 or Q3. However, the important thing remains to be that results in our deficit numbers CAD and Fisc show up as soon as possible and we move on to not just a buoyant Services PMI but take the Consumption story forward from the undeniable stamp of nondescript plateauing at $1 B for alomost every consumer brand in every sector int his country

The rest of them and reform

The final nails in the coffin for Kingfisher have arrived and the key issue likely to make the media strongly in the next few days is their wage bill which pays 13 managers 67% of their INR6.7B compensation costs. Foreign banks have made a comeback in assets from Citi and DBS while HSBC still has the strongest branch network and SCB inexplicably stuc k in telecom assets syndications despite having won with extensive outgoing FDI support cases including Bharti.

The reform, what exactly does one expect int he next few months to come back from implementation. Perhaps the real FDI reforms only and no GST , Direct Tax code or Companies Bill yet as it might need to be introduced in Parl again.

 

Insurance Tweets (India) :: Midweek Dropzone

  1. New players like Airtel and HSBC have been non-starters _TYY4less than 10 seconds ago from web
  • Other players falling behind include quasi Asset management peddlers like ICICI Prudential and WL players like New York Life _TYY4half a minute ago from web
  • LIC held 40% share in the new business in 2007 and 56% in 2009 _TYY42 minutes ago from web
  • Life Insurance Corpn alone holds a book of $64 billion in investments including double digit figures in unclaimed funds _TYY43 minutes ago from web
  • Additionally, 6 pvt Pension fund managers are mandated to run state owned and independent pension funds _TYY46 minutes ago from HootSuite
  • 16 private players in Life and 11 in non life _TYY46 minutes ago from HootSuite
  • Motor and Health makes 50-60% of the non-life Insurance segment _TYY47 minutes ago from HootSuite
  • Insurance in India had last grown to $41 billion in 2007, Life marking $36 b7 minutes ago from HootSuite
  • Indian Insurance: Bajaj Allianz, Metlife and Aviva safe in India till now _TYY412 minutes ago from HootSuite
  • The Foreign partner can bring up to 49%? Insurance Reform stuck in the middle _TYY413 minutes ago from HootSuite
  • AIG wants to sell off Indian Life Insurance stake – We’re safe with IRDA watching _TYY415 minutes ago from HootSuite
  • RT @zyakaira: Indian Insurance Market: DLF to get out of Insurance when buyer is available- AIG, Prudential turned down _TYY418 minutes ago from Plaxo Pulse
  • AIG wants to sell off Indian Life Insurance stake – We’re safe with IRDA watching18 minutes ago from HootSuite
  • Posted via email from The investment blog on Post

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