A Dose of Rakesh Jhunjhunwala

Rakesh Jhunjhunwala on Future of Equity Market

Methinks every Indian Equity Investor needs a dose of Rakesh Jhunjhunwala (RJ) every few years! ~ any sooner it could be an Overdose !  😆 ~ just kidding !

I like the guy ! ~ right since I interacted with him when I invited him around 15 years ago at the turn of this century for interacting in an evening  Q & A session with my packed class of @ 90 participants in my Equity Portfolio Structuring and Stock Analysis Workshop at the BSE Training Institute as I thought he would add practical value & he did

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Sesa Goa !….. Blog Readers who acted would have benefited immensely…468 % returns in seven months !…I bet you’ll waiting for which is my next ‘Sesa Goa’!

I’ve been backing Sesa Goa …but when it fell dramatically to Rs 60-70 in March this year,I cried hoarse to bring in more funds to add to holdings

Then on June 17,2009,I reiterated to Stay with Sesa Goa http://www.gauravblog.com/?p=601 and add on declines …it was Rs 200 then

Then on August 12,2009 I reassured bloggers that the increased Mining Royalty will be absorbed well by Sesa Goa and they would make monies on increased volumes http://www.gauravblog.com/?p=658 and the 10% correction to Rs 228 that day should not worry investors

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Firstsource Solutions…up 23% today from Rs 17 to Rs 21 + on Exceptional Volumes

NSE saw Volumes of 32.7 million shares and BSE of 19 million shares as Firstsource Solutions climbed smartly 23 % to Rs 21 + today even as Indices corrected 1.7 %

I’ve covered in detail FSL in earlier blogs on January 30,2009… http://www.gauravblog.com/?p=471  saying it presented a buying opportunity at Rs 9/10 and if Dollar fell to Rs 42 the price would rise to Rs 25+.The Dollar is down only to Rs 47.50 and FSL is up strongly

On February 5,2009 I commented on their Q 3 results   http://www.gauravblog.com/?p=485 and suggested some financial restructuring to reduce FCCB $ Exposure

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Firstsource Solutions declares Q3 Results…Mounting FX Translation Loss evaporating Reserves

Very Cleverly,as is also not mandatory,Firstsource Solutions has avoided stating the Reserves position for the Nine Months ended December 31,2008 in both their Consolidated and the Standalone Results

Firstsource Solutions has a current Equity of Rs 428 crs and had Consolidated Reserves of Rs 313 crs and Standalone Reserves of Rs 201 crs as at March 31,2008.

In the Current Year for the Nine Months as at December 31,2008,the Company has accounted for Rs 158 crs as Fx Translation Loss through Reserves (early adoption of AS 30) and has shown a Consolidated Loss of Rs 10 crs  and a Standalone Loss of Rs 32 crs

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Firstsource Solutions from the ICICI Stable sinks below Face Value Rs 10….Why !?

Thx Anup for your response in the earlier Larsen Blog where you also requested for my view on Firstsource Solutions as it’s share price sunk to Rs 9.75,below face Value of Rs 10 for the first time ever 

I hope this blog gives you some clarity on this Company

It was clearly an Opportunistic IPO at a Heavy Premium in Bullish Times….Despite a Networth of just Rs 100 crs,excluding Goodwill,Firstsource Solutions managed to raise Rs 384 crs ,offering shares at a Price that was nearly 30 times the Earnings

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