government

Optionalysis: Using the Put/Call Ratio on Stocks Near Expiry For Option Trades (Part 1)

by Paul Joseph July 30, 2015 Featured

The rest of this content is only available to premium members. Register for a premium membership today ! Apart from this content you will get our proprietary research and weekly newsletter too! Already a subscriber? Log in now !… (Read On…)

0 comments Read the full article →

Portfolio: Rejig of the Long Term Portfolio, And Adding Two Stocks

by Paul Joseph July 27, 2015 Featured

We’ve decided to add two more stocks to the Long Term Portfolio. We’ll be adding more as times go by, but here’s the major segment of the change. The rest of this content is only available to premium members. Register for a premium membership today ! Apart from this content you will get our proprietary research and weekly newsletter too! Already a subscriber? Log in now !… (Read On…)

0 comments Read the full article →

JP Associates Gets a "Near Default" tag by CARE, Loans of Over 22,000 cr. at Stake

by Paul Joseph July 26, 2015 Featured

CARE has downgraded JP Associates ‘ rating to D, which means that according to CARE they are in default, or very likely to default. What they say: The revision in the ratings of the bank facilities and instruments of Jaiprakash Associates Ltd (JAL) takes into account delay in servicing of debt obligations by the company due to its weak liquidity position. But What Do Rating Agencies Know, Huh? The biggest problem with rating agencies is that they react late. Typically a big problem is that they are paid by the companies, not by the buyers of bonds or lenders of loans, to rate the facilities. This means if they cut the rating down, they could lose revenue. Also that they are aware of the consequences of a downgrade – that because they downgrade a company’s loans, it can make life difficult for that very company to borrow any more money. (Will have to pay higher rates as borrowers will require a lower loan) But the point is also that when they do downgrade a company things are really really really bad.… (Read On…)

0 comments Read the full article →

Macronomics: Highest CNX 500 P/E in Eight Years!

by Paul Joseph July 23, 2015 Featured

The rest of this content is only available to premium members. Register for a premium membership today ! Apart from this content you will get our proprietary research and weekly newsletter too! Already a subscriber? Log in now !… (Read On…)

0 comments Read the full article →

The Big Mo Corner: Money Buys Half?

by Paul Joseph July 23, 2015 Featured

The rest of this content is only available to premium members. Register for a premium membership today ! Apart from this content you will get our proprietary research and weekly newsletter too! Already a subscriber? Log in now !… (Read On…)

0 comments Read the full article →

Premium: Of Sun Pharma, Infy and Some Results That Spooked The Day

by Paul Joseph July 23, 2015 Featured

The rest of this content is only available to premium members. Register for a premium membership today ! Apart from this content you will get our proprietary research and weekly newsletter too! Already a subscriber? Log in now !… (Read On…)

0 comments Read the full article →

Infy: Jun 2015 Quarter Results Show Terrible Profit Growth Even Though Revenues Pick Up

by Paul Joseph July 22, 2015 Featured

Infy results had come out yesterday and we do a chart thing with them: Revenues up 7.03% : The Only Good Thing About Results Profits are up 5% yoy but down 2% quarter on quarter. The only metric that works for them is quarter-on-quarter revenue growth. EPS Growth, Too, Falls Earnings Per Share has grown 5% year on year, after showing more than 20% growth last year. Employee Growth at 11%, Utilization at 80% Infy seems to have fixed the falling utilization rates and bumped it up to 80%, which means they have little scope for more productivity. (Yet, their profits fell quarter on quarter, which tells you how much of a problem this is!) Employee net addition year on year is 11% which is probably how much their revenue will grow next year. Given that they don’t have much room for increased productivity, they will have to bank on: higher billing rates or higher USDINR conversion rates. … (Read On…)

0 comments Read the full article →

Conversations: Raghu Vohra on How Fixed Income Funds Work

by Paul Joseph July 22, 2015 Featured

In another round of Conversations, we bring you Raghu Vohra, founder at Blackstone Valley Group speaking about How Fixed Income Funds work :   Raghu speaks of how global funds that are called “fixed income” work, of mandates and investments and all that. Add to that a quick note on Puerto Rico and other happenings. In conversation with Deepak Shenoy, we learn that: Fixed Income funds can invest beyond bonds Mandate just as important as regulation Bond managers decision making processes The craziness that’s in Puerto Rico and Greece Hope you like it!… (Read On…)

0 comments Read the full article →

Cloud Services Eat Up Indian IT Outsourcing Earnings

by Paul Joseph July 16, 2015 Featured

I’ve been bearish on IT in the longer term, and in a long post I explain why I think we are at an inflexion point for Indian IT . Over the last quarter, results have been pathetic: HCLTech , Wipro and Infy showed less than 5% earnings growth YoY, and TCS and Tech Mahindra actually showed -30% or lower earnings growth for the March quarter. While TCS had a one time component (bonus) we saw their recent results for the June quarter showing less than 5% earnings growth YoY. And Wall Street Journal has a story on how cloud services are eating up IT sector earnings : The value of outsourcing deals signed in 2014 shrank 17% to $120.4 billion from $145.5 billion a year earlier, according to consulting company KPMG LLC. Indian companies are losing business to firms that have led the way into the cloud, such as International Business Machines Corp., Amazon.com Inc. … (Read On…)

0 comments Read the full article →

Greece Has To Kneel, Beg and Completely Capitulate, Says New Deal

by Paul Joseph July 13, 2015 Featured

Greece finally has a deal. We don’t know if this is agreed upon in pure exhaustion after 17 hours of negotiations, but it’s something that involved total capitulation by Greece . It is even worse than the deal that Greece was getting earlier (before the referendum). It gives Tsipras, the Greek PM, three days to get the major demands passed through the Greek parliament. We saw a few things earlier, in our post, which I’ll paste here: What Now? By July 15, Tsipras must do the following, through parliament: they have to raise the sales tax, and cut pensions. Any misses in the deficit/surplus expected will automatically trigger some very specific spending cuts Greece must keep the statistics and the privatization piece completely independent of the Greek government (or limit the influence) Once this is done, the parliaments of Germany, Austria, Holland, Finland and others that previously opposed a deal will have to say okay to doing the bailout.… (Read On…)

0 comments Read the full article →