Kokuyo Co buys out Camlin Ltd

The Japanese firm is set to acquire a majority stake in Camlin Ltd in a Rs. 360 crore deal. In the process the company will acquire 20% from the minority shareholders at a price of Rs. 110, which is approximately 36% premium to the existing market price of Camlin. The stock is currently trading at a price of around Rs. 80.

KEI Industries - A potential multibagger

KEI Industries is India's largest power cables manufacturer and counts Power Grid, NTPC, Tata Power and other marquee names in its client list. The company has been growing steadily in the past few years specially on the revenue and market share perspective.

The company has recorded a turnover of Rs. 1,160 crores in this fiscal year 2011. The Net profit reported by the company was Rs. 10.56 crores which was down 25% over previous year. But what is encouraging is its increasing revenue and market share. In an interview the chairman of the company indicated that the company is expected to do around Rs. 1750 crores in revenue in FY-12. For FY-13 we are expecting the company to register at least Rs. 2000 crores of turnover. If the copper prices stabilize or doesn't rise sharply from the current levels the company could do at least Rs. 80 crores in profit in FY-13. The profit figure is estimated at 4% of the total revenue.

The CMP of the stock is Rs. 22.70 at which the company commands a market cap of

NHPC Results & Valuation

NHPC has reported consolidated FY11 net profit at Rs 2,316 crore versus Rs 2,175 crore reported in FY10. Its consolidated net sales were down at Rs 4,965 crore versus Rs 5,048 crore.

At the CMP of Rs. 24.80 the stock is available at a PE multiple of 13.2. The current market cap of the company is Rs. 30,500 crores. 52 week high/low for the stock is 34.40 / 22.25.

NHPC Ltd came out with an IPO in August 2009 at a price of Rs. 36. The stock has been consistently below its IPO price since its listing. But the underperformance would soon be over as lot of capacity will come on stream in next 2 years and the company would show good growth in both revenue and profits.

Reliance Infra Results & Valuation

Reliance Infrastructure has reported FY-11 consolidated PAT at Rs 1,552 crore versus Rs 1,519 crore in FY-10. The consolidated revenues reproted in FY 11 were at Rs 15,408 crore.

At CMP of Rs. 557 the company commands a market cap of Rs. 14,900 crores and is available at a PE multiple of 9.6, which is on the lower side both on absolute and relative terms.

52 week High / low for the stock is 1224 / 492.

Wizards of Dalal Street - Rakesh Jhunjhunwala

Wizards of Dalal Street were a series of shows hosted by Ramesh Damani, a veteran Stock Market Investor, interviewing established and successful investors on Dalal Street. Here these investors revealed their journey, strategies and formulas for success which is equivalent thousands of dollars worth of course on stock investing. 

Following is attached the two part interview of India's Warren Bugffet  Rakesh Jhunjhunwala.

Buy REC - Recommends Motilal Oswal

Motilal Oswal is bullish on Rural Electrification Corporation (REC) and has recommended buy rating on the stock with a target of Rs 310 in its May 25, 2011 research report.

　

CMP of REC as on 27th May 2011 is 202.35. 52 Week H/L for the stock is 414 / 191. It is currently trading at a PBV multiple of 1.26 based on FY12 Book Value of Rs. 160. The market Cap of the company is Rs. 19,971 crores.

　

Download the full research report at the following link

http://www.moneycontrol.com/news_html_files/news_attachment/2011/REC_Motilal_280511.pdf

Intrinsic Value - By Benjamin Graham

What is Intrinsic Value? The Security Analysis book by Benjamin Graham explains the concept of Intrinsic value and its application in selecting the stocks. Following is a video to demonstrate concept of intrinsic value:

Ting Ting Tding

Yes we are talking about Britannia Industries. The company has posted good growth of 30.19% in its consolidated net profit for the year ended March 31, 2011 at Rs 134.34 crore against 103.18 crores in FY10. The company's net sales for the 12 months ended March 31, 2011 increased 22.05% at Rs 4,605.16 crore as against Rs 3,772.91 crore in 2009-10. The board has recommended a dividend of Rs. 6.50 per share.

The company has strong brand value which will drive its growth in future. At the CMP of Rs. 391 the stock is trading at a

The Spot Market

Tata Motors sold 1.1 Million Vehicles in FY11

Tata Motors FY-11 results surpassed all expectation when they reported three folds rise in its consolidated net profit to Rs. 9,273.62 crores over previous year. Consolidated total income increased 33% YoY to Rs. 1,23,133 crores.

The company's British subsidiary Jaguar Land Rover reported a net revenue of 9.9 billion pound and profit after tax of 1.04 billion pound.

The company sold around 11 million vehicles globally which include the sales of JLR.

　

The stock positively reacted to the result and closed 2.5% higher in todays trade. At the current market price of Rs. 1161 the company commands a market capitalization of Rs. 73,500 crores. Based on consolidated EPS the stock trades at a PE multiple of approximately 8 times.

Buy Tata steel - Recommends Goldman Sachs

Goldman Sachs has raised its 12-month price target for Tata Steel to Rs 774 from Rs 761 and maintained its "buy" rating on the stock following better-than-expected quarterly earnings.

Tata Steel, the world's No.7 steelmaker, net profit after taxes jumped about 72% to Rs 4,178 crore ($937 million) in its fourth quarter.

Tata Steel FY 11 Results & Valuation

Tata Steel registered full-year (April-March) consolidated net profit of Rs 8,983 crore compared with a net loss of Rs 2,009 crore last year on back of higher volumes, improved product-mix and higher realisations. The profit was also boosted by a one-time gains of Rs 2,091 crore from sales of Teesside Cast Products in February 2010.Total income of the company rose to Rs 1.19 lakh crore from Rs 1.03 lakh crore.

　

At the CMP of Rs. 572 the company commands a Market cap of approx Rs. 55,000 crores which is half the consolidated sales revenue reported by the company.

Based on PE multiple the stock is trading at the current year multiples of around 6 including exceptional income while it is trading at a PE of 7.9 if we exclude the one time income from the sale of Teeside Cast products.

　

The stock is currently trading at attractive valuations and can give descent return from the current levels. But investors should be cautious as globally the commodity prices are falling, and if the steel prices falls significantly from the current levels the future performance of the company will be badly affected as the company is in pure play commodity business.

IT Industry gives record average wage hikes

For fiscal year 2011, the IT industry has given yet another supernormal wage hikes across all employee levels, thanks to improved demand outlook in US and increased competition in attracting talents.

IT biggies like TCS, Cognizant has given average wage hikes of more than 14-15%. Beside that, the salary level at which freshers and resources with experience range of 1-3 years were being hired has also gone up. Above that the bigger players like TCS, Infosys, Cognizant, Wipro, IBM, Accenture etc have been doing record hiring in the current fiscal and have got ambitious targets for the next fiscal as well.

All these cost push will hurt bottom lines of these companies in the fiscal year 2012. Smaller sized IT companies will suffer the most as they are not witnessing volume growth similar to bigger companies but their wage increases have been even more than their bigger counterparts.

Bigger IT companies like TCS & Infosys are trading at higher multiples which might contract going forward because of above concern, hence they can be avoided untill they correct to levels where they start looking attractive in terms of forward year multiples.

A forward year PE of 16-18 for Infosys and TCS would be good level to start buliding position.

Midcap IT companies are already trading at depressed multiples and they will continue to do so because of higher margin pressure that they will witness in FY-12. Here in this case much of a price correction is not expected but rather time correction will happen. Hence fresh investment can be looked into some of the high quality midcaps like NIIT Tech, Zensar, KPIT Cummins, Hexaware after a period of 6 months.

52 Week low BSE A Group Stocks

Market correction has brought many A group stocks to 52 Week low. The botttom up investors can selectively start looking at some of the quality names as they have come down to year low levels. Below is the list of A group stocks which hit new 52 week low as on 25th May 2011.

Company	New Low	52 Week High	Mkt Cap
NTPC	165.3	222.2	138483
DLF	208.5	397.35	35662
Jain Irrigation	153.05	264.57	6032
Jindal SAW	153	234	4242
PFC	195	383	23036
IFCI	44.75	45.4	3312
Central Bank	113.25	190.5	7326
JP Infratech	50.4	100	7007
Indiabulls real estate	105	150.4	4238
GVK Power	21.45	51.45	3395
Unitech	30.65	98.45	8306
Copyright - InvestorZclub

Stock Picking strategy - Dividend Discount Model (DDM)

 Dividend Discount Model is used by investors to ascertain the today's value of the company based on the future dividends paid by the company. It is a conservative method to value stocks and hence provide high degree of reliability.

We can use this model to calculate the price at which one can buy the stock in order to acheive his/her desired rate of return.

Lets take NIIT Technologies to understand this Model.

Satyam Results Update & Valuation

Satyam Q4 results were below street estimates. The firm posted Rs. 327 crores of loss for the quarter ended 31st March 2011. Total revenue stood at Rs.1375.3 crores.

Satyam's Q4 loss was mainly on account of exceptional expenditure including payments for SEC and UPAID settlement.

For the full year ended March 31, 2011, the company's consolidated net loss widened to Rs 147.3 crore from Rs 124.6 crore in the same period last year.

Income from operations declined to Rs 5,145 crore from Rs 5,481 crore in the same year-ago period.

The stock reacted negatively to the result and is down more than 3% in todays trade. At the CMP of Rs. 73.85 the stock is having market cap of Rs. 8,695 crores which is more than 1.7 times its current year revenue.

 

Investors should stay away from the counter as the company still finding it difficult to grow the topline and bottomline. One can start looking at the stock once it comes to the levels of Rs. 50 at which the market cap to sales ratio would be closer to 1 and the risk reward ratio would be favourable

 

How Buffett does it

Warren Buffett key investment strategies by InvestorZclub

Trading Idea - Buy Voltas

Voltas witnessed sharp upmove of more than 6% on 20th May with very high volumes of approximately 3.9 million shares that changed hands on BSE and NSE together.

On the derivatives side the voltas futures saw cut in open interest of 18% which clearly suggests the short covering in the counter.

Voltas has been on steady downtrend since Nov 2010 and has fallen from the level of Rs.260 to Rs.162 in matter of 6 months. Technically the stock has taken support at Rs. 150 - Rs. 152 range and has bounced back twice from such levels in the past 3 months.

InvestorZclub believes that because of huge shorts that got piled up in the counter during this month the traders with short positions might rush for cover before expiry and hence the stock might rise a little bit more from the current levels. Short term Traders can buy the stock at current levels of Rs 162 for a target of Rs 170 in 3 to 4 trading sessions, keeping a strict stop loss at Rs. 159.

ITC Results and Valuation

ITC Q4 results of 2011 has beaten analyst estimates. Net sales of the company surged 15.5% to Rs. 5836.26 crores while net profit surged around 25% Rs. 1281.5 crores. 

For fisal year 2011 ITC reported total revenue of Rs. 21,344.5 crores and net profit of Rs. 4987.6 crores an increase of 16% and 23% over previous year on revenue and profits resepectively.

At the market price of Rs 186 the company commands a market capitalization of Rs. 1,43,775 Crores. The stock is trading at a PE multiple of approximately 29 which is slightly on the higher side compared to other diversified conglomerates.

On the shareholder's retun perspective the stock has given phenomenal returns in past three years. The stock has given more than 64% return since may 2008, and has outperformed SENSEX by wide margin.

Bharti Airtel added 3 Million 3G subscribers till date

3G sbscription in India has shown good growth since its launch. Around 9 million consumers have already taken a 3G mobile connection since the services were launched in the country four months ago.

Bharti Airtel cornered most with 3 million subscribers followed by Tata DoCoMo with 1.5 million users.

Idea Cellular, Vodafone and BSNL have over a million 3G customers each.

Reliance Communications did not give out its numbers but sources said that it also has close to a million 3G connections.

Telecom operators in India are targeting around 100 million 3G connections by 2015.

Technical Analysis vs. Fundamental Analysis

Difference between Fundamental & Technical Analysis

- Fundamental analysis seeks to determine a future stock price by understanding and measuring the objective "value" of equity. In contrast the study of stock charts, known as technical analysis, is based on the belief that the past action of the market itself will determine the future course of prices.

- Technical analysts try to forecast short term shifts in supply and demand that will affect the market price of a security and economy related information as fundamentalists do.

What is Dow Theory - Explains InvestorZclub

Dow theory principles

The Dow Theory says that the market has three simultaneous movements.

The most important movement is called the primary trend, which is a broad upward or

What is Technical Analysis? - Explains InvestorZclub

Technical Analysis Definition

- Technical analysis is the study of stock price behavior by analyzing its chart.

- Technical analysis is done to uncover trends in stock and the Markets in general.

- Technical analysis helps in taking advantage of trends. With this the investors have the   opportunity to

LinkedIn get Listed on NYSE, Stock doubled on debut

LinkedIn Corp.'s initial public offering on Wednesday night was priced at $45 per share, at the high end of the company's initial target. The company raised $353 million in an IPO that valued it at $4.3 billion. That's the largest valuation for a U.S. Internet company since Google went public in 2004.

LinkedIn's stock more than doubled in its market debut on Thursday because of huge investor demand for the first major U.S. social networking company to go public, valuaing it at a market cap of more than $9 billion.

Over the past 12 months, LinkedIn has made about 7 cents per share. At $100 investors are paying more than thousand times its last year earning per share, which resembles the days of tech bubble of 2000.

LinkedIn made $94 million in the first quarter of 2011, and its net income was $15.4 million in 2010. Thursday’s IPO made LinkedIn chief executive Reid Hoffman a billionare. His personal stake is now valued at $1.6 billion.

Jet Airways Results - Pares loss in fiscal 2011

Jet Airways posted a consolidated net loss of Rs 86 crore, a vast improvement over Rs 420 crore loss posted a year ago.

Total income of the company increased 20.34% to Rs 14,726.98 crore for the quarter under review from Rs 12,238.06 crore.

Airline stocks in India has been severly underperforming because of rising crude prices. Tough environemnt since past 3 years has made Indian airline companies much more efficient and competitive. Bigger companies such as Jet Airways, Indigo and Kingfisher Airlines have been constantly increasing their revenues and market share. If crude prices come down Jet Airways might give phenomenal return from the current levels as the stock price of the company has fallen substantially from their recent peaks and has been trading at significant discount to its asset/intrinsic value.

Some key metric for Jet Airways is given below:

CMP as on 19th May 2011 - Rs. 458
52 Week High / Low - 926 / 392
Market Cap - Rs. 3954 Crores
Market Cap / Sale - 0.27

Jet Airways Total no of fleets in Operation is 97 while orders for additional 41 fleets have already been placed.

Telecom Operators subscriber addition in April 2011

Telecom Operators market share in India as on April 2011 remained almost same as that March 2011. Together the GSM operators added 11 million customers in April 2011.

Bharti Airtel added 2.41 Million customers while vodafone added 2.40 Million customers. Idea cellular however cornered most number of GSM subscribers with the addition of 2.45 Million new subscribers.

Aircel added 1.1 Million customers while BSNL added 6.8 lakh subscribers.

New 52 Week Low Stocks - BSE A Group

BSE A group stocks that hit fresh 52 week low as on 19th May 2011

Company	New Low	52 Week High	Mkt Cap
Patni Computers	313	624	4218
SAIL	140.2	234.1	57970
Central Bank of India	118.85	190.53	7720
Piramal health	385	599.9	6550
Copyright - InvestorZclub

Contra investors hunt for good quality stocks during unfavourable times. The above list might be helpful for such investors.

Rakesh Jhunjhunwala Strategy

Rakesh Jhunjhunwala, the billionaire investor of dalal street shares his stock picking strategy in the following exclusive interview. He is often dubbed as India's Warren Buffet but he consider himself more like George Soros who is equally sharp at both Investing and Trading. 

Though he has large investment in some companies like Titan & Lupin, he is believed to have accumulated most of the cash from stock trading which is used for buying good quality companies for very long term. Some of the stocks in his portfolio are as high as 20 years old and has delivered some 5000+ percent returns.

Buy Reliance Industries - Recommends InvestorZclub

Reliance Industries stock has corrected significantly in the past few trading sessions and the risk reward ratio has become favourable for fresh investing in the stock.

The Refining and petrochemical business segments of the company is doing very well. The underperformance on its exploration business is expected to get better soon, thanks to the recent deal with British Petroleum. Also the lower gas production from KG basin is expected to get better in next one year which will be a big sentiment booster for the stock.

On the valuation side, at the current market price of around Rs 900,

Warren Buffett Quotes

Warren Buffet Investment Quotes and Criteria: 

1. A public-opinion poll is no substitute for thought.
2. Beware of geeks bearing formulas.
3. Derivatives are financial weapons of mass destruction.
4. I always knew I was going to be rich. I don't think I ever doubted it for a minute.
5. I buy expensive suits. They just look cheap on me.
6. I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
7. If a business does well, the stock eventually follows.
8. If past history was all there was to the game, the richest people would be librarians.
9. In the business world, the rearview mirror is always clearer than the windshield.
10. It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.
11. It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
12. Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
13. Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
14. Only when the tide goes out do you discover who's been swimming naked.
15. Price is what you pay. Value is what you get.
16. Risk comes from not knowing what you're doing.
17. Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
18. Someone's sitting in the shade today because someone planted a tree a long time ago.
19. The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
20. The first rule is not to lose. The second rule is not to forget the first rule.
21. The investor of today does not profit from yesterday's growth.

Buy JSW Steel - Recommends Goldman Sachs

Goldman Sachs upgraded JSW Steel to 'buy' from 'neutral' as the recent price correction in the stock has improved its risk-reward ratio. The investment bank kept the price target unchanged at 1,343 rupees.

The stock has corrected 20 percent since November, Goldman Sachs said the stock is trading at a discount to its peers on both earnings and book-based multiples. The company will be in the best position to capitalize on a recovery in steel pricing, the investment bank added.

CMP of JSW Steel as on 17th May was 920. The target price set by the investment bank suggest a return of around 46% from the current levels.

SBI Q4 Result - Profit down 99%, stock tumble

SBI reports dismal Q4 results on account of higher provisioning. Fourth Quarter profit is down almost 99% to Rs 21 Crore vs the expectation of Rs 2963 crores, on higher provisioning.

The Bank has made a provision of Rs 4157 crore versus Rs 2349 crore a year ago.

Following the worse-than-expected results, shares of SBI plunged more than 7% to Rs 2,416 on the NSE.

Coal India becomes the most valuable PSU

Coal India overtakes ONGC to become the most valuable PSU of India. The Market Cap of CIL (Rs 2.5 Lakh Crore) has crossed the Market Cap of ONGC (Rs 2.4 Lakh Crore) and is behind the Reliance (Rs. 3.03 Lakh Crore) by few thousand crores only.

Coal India has acheived this position within just 6 months of listing. It came out with an IPO in October 2010 at a price of Rs 245 per share. The current Market price of CIL as on 17th May 2011 is Rs. 398 and has hit fresh 52 Week high today.

ONGC to share increased subsidy burden

ONGC stock came under severe pressure on the rumors of increased subsidy burden that the company might have to share because of large underrecoveries of oil refining companies.

Upstream oil companies like ONGC, OIL India might have to share 38.5% of the total subsidy burden of approx Rs. 78,000 crores for FY-11.

ONGC is down more than 5% today and is majorly responsible for the weak markets today. If government finalizes this decision then the FPO of ONGC will also be affected.

Peter Lynch Quotes Extract from One up on Wall Street

Peter Lynch, the world most successful fund manager has shared his thought and style of investing in his book ONE UP ON WALL STREET which became one of the best selling books of all time on investing and sold millions of copies all over the world. Following are some of the key thoughts extracted from his book.

• Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.

• Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it.

• Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.

JSW Steel Results & Valuation

JSW Steel has come out with its FY11 numbers and the company has registered net sales of Rs 23,900 crore versus Rs 18,957 crore. Net profit of the company during the period stands at Rs 1754 crore versus Rs 1597 crore.

The current market price of the company is Rs. 926 and is trading at a PE multiple of 11.80.

52 week High/low for the stock is 1400 / 752.

Three year return from the stock as on 16th May 2011 is -3%.

Suzlon expects 26,000 crores Revenue in FY-12

Suzlon Energy reported profits in the fourth quarter of FY-11 giving some hopes to the investors that the worst for the company is probably over.

For the three months ended March 31, Suzlon posted a consolidated net profit of Rs 431.59 crore as compared to a net loss of Rs 188.47 crore in the corresponding period last year.

On yearly basis, its net loss increased to Rs 1,103.43 crore in FY 11 from the previous financial year’s Rs 982.56 crore.

Suzlon Energy is targeting to increase its total revenue by around 44% to Rs. 26,000 crores, and EBIT of around Rs. 2000 crores.

MNP Gainers and Losers in India

Mobile Number Poratbility in India did not had huge impact on the fortunes of the Telecom Companies but some players faired well while some performed badly. Following are the gainers and losers of the MNP game till April 2011.

# Vodafone is the biggest MNP gainer with a net gain of 5,13,259 consumers.

# Bharti is the second biggest MNP gainer with a net gain of 5,06,828 consumers

# Idea was third with a net gain of 4,70,986.

# RCom is the biggest MNP loser, with a combined net loss of 10,70,747 users,

# State-run BSNL lost almost 4,09,028 users

Note: The data as per GSM body Cellular Operators Association of India (COAI) data, as of April 28.

High Dividend Yield Stocks

High Dividend Yield Stocks in India as on May 2011. The list comprises of stocks yielding close to 5% or more.

Company Name	MktCap	CMP	FV	EPS	PE	Div Latest %	Div 1 Year Before %	Div Yield
HCL Infosystems	2305	103	2	10.8	9.5	375	325	7.25
Hero Honda	35484	1776	2	100	17.8	5500	1000	6.19
ITC	144277	186	1	6.1	30.5	1000	370	5.36
Castrol	11647	471	10	20.6	23	250	150	5.31
GHCL	398	40	10	11.7	3.4	20	20	5.03
cosmo films	198	101	10	22	4.6	50	50	4.92

Petrol price hike to impact auto stocks

Steep hike in Petrol prices, to the extent of more than Rs 5 per litre, is definitely going to impact the auto sector growth going forward. The four wheeler segment is expected to feel the maximum brunt in terms of volume growth.

Higher interest cost and rising raw material prices have already been playing spoil sport on the growth and profitability of auto companies and now this steep hike in petrol price has added salt to the wounds of the auto sector.

Stocks of Maruti Suzuki & Tata motors are expected to be under lot of pressure when the markets open on Monday. Fresh investment in this sector should be avoided at this point of time.

PFC FPO price fixed at Rs 203

Power Finance Corporation fixed the price for its follow-on public offer at Rs 203 per share, at the upper end of the price band , raising about Rs 4,650 crore through the issue.The retail investors and employees are given a discount of 5 per cent.

The follow-on public offer (FPO) of the public sector firm was oversubscribed by 4.32 times. The navratna public sector undertaking received bids for 99.12 crore shares as against 22.96 crore shares on offer.

Earlier, the price band for the offer had been fixed at Rs 193-203 per share. The FPO began on May 10. The offer comprised issue of about 172,165,005 fresh equity and sale of around 57,388,335 shares by the government, which has 89 per cent stake in the company.The company plans to use the proceeds to mainly boost its capital base.

Buy NIIT Technologies - Recommends InvestorZclub

NIIT Technologies, an IT solutions company, reported a 34.9% increase in its consolidated revenue for the year-ended March 2011 over that of the previous year at Rs 1,232.3 crore.The net profit of the company increased by 44.2% to Rs 182.2 crore.

The company has declared Rs 7.5 per equity share as dividend. The management is confident of improving margins on the back of its non-linear initiatives. NIIT Technologies is among the few midcap IT companies, which has shown tremendous consistency in their earnings performance in the last few quarters. It has shown a 9.4 per cent compounded quarterly growth rate (CQGR) in revenues and a 7.2 per cent CQGR in net profit.

At the current market price of Rs 194 the stock is trading at a PE multiple of just 6.3. The dividend yield at current market price works out to approximately 4% which is far more than the average dividend yield of other IT companies.

Considering the improved business outlook, lower valuation, high yield and several non-linear initiatives taken by the company, we think that NIIT technologies can be bought on declines with a 1 year target return of at least 50% from the current levels.