Indiabulls Realestate: Standalone Completley Distressed Valuation @rs61 (Add IBPOWER Yet to be demerged)

Indiabulls Realestate: Standalone Completely Distressed Valuation @Rs61 (Power yet to be DEMERGED)

I feel humbled after a real long time to be honest. I got the direction on the Nifty right. First the bottom as well when i said that it was time to go hedge shorting the Nifty a few weeks back around 5400 levels.

Over the stocks i have written on the multiplex twins did well especially PVR which outperformed BIG FROM the entire lot From the lot we have sold Pvr. Provogue too was a compelling BUY@ 34 and reached 48 levels in less than 2 weeks.On the other side Edelweiss underformance is correlated to the global space. Whereas Lanco was a risky Buy only if one was ready to buy at lower levels.

Now my biggest disappointment (OR SHOULD I SAY or wait one more month??)
I would in no case write about a company if i was not pretty sure.
Whats gone wrong???????????????????
1)Indiabulls always had issues with corporate governance etc.Its known from 2 years and doest warrant an excess fall either..

The company is sitting on huge assets, negligible debt(in companion to assets and peers). Even if one assumes a billion dollars investment to develop them the cash flow over the years is going to be 7-8x current market Cap.

2) The Board of IBPower has approved the scheme of amalgamation of Indiabulls
Infrastructure Development Ltd (IIDL). This is going to drain Parent Indiabulls balance sheet by close to 1000odd crs. This one big news was not factored by me as was announced in q1 results.

Now lets see the positives
1)As of last quarter company owns 530 acres of residential space and 40 odd acres of commercial space.

2)Indiabulls acquired Bharat mills for Rs 1500crs and Podar mills for 474crs. Both the mills are adjacent and covers 11acres of prime land at Worli.
1)At base FSI of 1.33 at 50% loading the company could develop 7,20,000 square feet of saleable land at Bharat mills and around 2,00,000 square feet at Podar mills.This is the bare minimum the company would be able to develop.
While bidding the company had hope of a 4x parking linked fsi which would have yielded 2.9million square feet that is close to 2million square feet more.
As of December 2010 the parking linked fsi was scrapped.

Now if one does a back of hand calculation on around 1million square feet at around 24,000rs a sqft it comes to just 2400crs. Now if i deduct constructions costs of around 4000 a sq ft im left with net realisable 2000crs when investment on land was 2000ccrs. So net net i am just getting my principal loosing the time value of money.

3)Lets see IPIT The commercial assets of Indiabulls one at Lower parel the Elphiston and Jupiter mills land. Its is under a singapore trust. 45% owned by the parent listed Ib realestate. one can read in detail downloading the annual report from the sgx(singapore stock exchange).

As of q2 2012 the leased area stood at around 1.9million square feet. Indiabulls realestate is entitled to a commission on the same.

http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/all_in_one/company/!ut/p/c5/hZHJjqpAAEW_pT_AUCBQsKQYBIRSkHlDQJChGW0oha9_Lt-m0znLk5Pc5FIJ9WHISFNlSzMOWUdFVMKnjCSxOpCBCISTAAw1CGxF02nBAR8f_-cvPg2B4SOHRYFPnyX2jzqkIsCmt1aY7G2JrF0mXrvfgK3EAO_2hluVxqJyLQLXR5LsHPiXQ5lUUnVj_tkWFglyPdZ-aUaUbsNegTwYQ7MmWsjGYTWiVi8FrEjvb9NFkhqlJKZPx3vO0NcYXsuyjCyjY5jxvu6rchpu2dQHBbaXgnm3YKR1-MpQcYTcON2207N5Qn-8MPrx0u2wkOn8Z4Up7g2tj1oxoEkkLrI7-7wmDZ26Tb4h2aFpypZ5dFByLt5MndHDhJUnER6pRypu4Fpe5-7WhY91h7FUrlMug_2YzYpdNRfN8mrWTaTGS-JYZw-z47A3gu0VllMmNxn5d0XZqp4QFGt29pKwq9XS3YJVcZBX9uebYGIf0WuR3yLrWIe3yQXgnPd1MOeZlakR65lbk89D8riKfRUM8MFvM3-QcF87o_BFYX3sSyqmEvjbvzKC1NT7pBeMr39TWOPv/dl3/d3/L0lDU0lKSkthWUEhIS9JTlNBQ0lpTXdxSkFDQUpvb0dBIS80QzFiOVdfTnJ4UUMvN18yQUE0SDBDMDlPVTE3MElVQlE0QlZVMUNCNy8xODMxNzYyNTYxMzI!/?CompanyCombons_7_2AA4H0C09OU170IUBQ4BVU1CB7_=INDIABUL&CO_ALLONE_SELECTED_INDEX=435&CO_AllONE_CHART_RET_CODE=INDIABUL&CO_AllONE_STOCK_NAME=INDIABULLS+PROPERTIES+INVTRUST&CO_AllONE_IBM_CODE=1W91&CO_AllONE_HP_CODE=F3EU&CO_AllONE_MASTER_CODE=42033

4)Indiabulls has other projects in Panvel, Thane. I donot buy the expensive sqft rates at panvel just because of an airport. These are bound to correct.However even factoring 25-30% lower rates the co is trading at mispriced valuations

Adding all this this does not deserve to trade at a market cap of just 2400crs +1000crs debt +1 crs current liabilities (jump in q2 2011) so effective at a enterprise valuation of

wait.................................................

What got me to this stock?? Was the Power fizzled out????
Indiabulls Power demerger?-------------Sold out???????
see the demerger was approved earlier and each indiabulls realestate shareholder was to get 2.95 shares of Indiabulls Power ans Infra (holding co of Power)
1)Progress of power plant-------------------------good
2)PPA-------------------------------------------- Good
2)Coal------------------------------------------- Bad
Again i repeat this. Its got coal linkages and as per coal India if a company has fixed fuel agreement it is entitled to 90% fuel as per agreement. Coal india signed the last agreement in mid 2009.

Its atleast got solid power purchase agreements signes which is a positive. People talk about state electricity board looses xxx lac crs.
I should be bothered only about Maharshtra seb status as its linked to Ibpower.

Over the last 2 yrs coal india has been signing memorandum of understanding where it promises to deliver atleast 50 % of the requirement.

So where does this leave Indiabulls power
1)as i said earlier its got mittal backing with mines
2)i said this few months back----------
Indias got the world's largest coal reserves yet only 4% reserves are commercialy exploited.
enviournment clearances---------
our government is keen on helping companies with debt of rs 6000crs odd
by next yr many projects go on stream with more than 10billion$ on line (minimum)
does not make sense for many to import coal at 110$. So who will blink first.
I feel and could be very well be wrong that Coal India will get clearances to develop more mines.all power cos work on 70%debt 30% equity model.
NO COAL------NO POWER-----NO CASH FLOW-------NO REPAYMENT----BAD LOAN

holds true for all cos...............................................

In short on a stanalone realestate co you are getting
Indiabulls residential (ncr, panvel, chennai)
Indiabulls (Bharat mills and Podar mills)
Indiabulls IPIT Trust (Indiabulls one center)
Indiabulls Residential IPIT (Same trust) Indiabulls sky and forest

at 2400crs + 2000crs (debt inclusive of current liabilities)

What i like about this company is that it raised money for buying assets and minimum amount of debt in comparion to other players

========in addition-------------------------------------------Dark horse
Indiabulls Power

But even on a standalone basis even considering base fsi of 1.33 it would recover the invested money.(worst case)

In a weak market a stock held primarily with fiis is bound to take a beating. But it baffles me @ 61.Many stocks have corrected big time. So is it ok? Not in my opinion.

Its a matter of time for the demerger announcement.Hope i dont get it wrong.from this levels even it moves 50% will be a no profit/loss return but atleast would clear free capital.I continue to remain positive however the amalgamation announcement was a drag.

All was known and in my view the IPIT assets alone are worth more than todays stock price.

Enroute...

As i wrote on the 12th of September
Dax was 5166------------Today 27th OCT : 6377 -----20% PLUS MOVE
CAC was 2894------------Today 27th OCT : 3368------15% odd MOVE
DOW was 11105-----------Today 27th OCT : 12208-----10% odd Move
Nifty 4940 expected to open around 5400 as per SGX..

Wow in close to a month On the move.. BANG ON.. so have i made money???? Not yet

Im buying only UGLY STOCKS----Infra --Power...Realestate
And they have not moved.

Today a lot of shortcovering gonna take place in next 10 minutes. Mainly financials and infrastructure.

If you are heavy on financials infra or realestate. 5400 level is an amazing hedge against the broader market. 5900 is gonna be a real strong resistance till RBI reverses its stand on interest rates.

Look at individual stocks. Index on Nifty is really deceptive.
5400-5900 is just a 10% move for index
Fair value of many stocks are like 50-100% on a relative basis.

Once its setlles above 5400 im sure one shall see a20-30% minimum upmove across the board.

perfect time to hedge as if A Moves---10% and B falls 10% the differential is 20%
A= index
B= stock

Its UGLY TIMES UGLY.

In times of PANIC, GREED this small printout would help for sure.

Why One trade's like a Loser: its an old article written by Cullen Roche in 2009. Perfectly written and worth a read.

In times of PANIC, GREED this small printout would help for sure.

There was a great article in the Sydney Morning Herald on trading and why most traders lose money. Regular readers know that I focus a lot of time and energy on understanding not only the psychology behind my own trading, but also the psychology of other traders. General Patton once said: “if everyone is thinking the same then someone isn’t thinking”. These words are never more applicable than they are to markets. After all, the name of the game, more often than not, is being in the trade before anyone else expects it. Markets rarely move where the majority of investors expect them to move. The article broke down the reasons for losing into 7 different common emotional mistakes:

1. Emotional bias: the tendency to believe the things that make you feel good and to disregard things that make you feel bad. In trading terms, this means ignoring the bad news and focusing on the good news. It’s called losing objectivity; you don’t recognise when things go wrong because you don’t want to.

This is the primary reason why most traders lose money. I believe it is mostly due to the fact that the majority of investors are generally biased in their thinking. They are trained to believe that buying stocks is the best way to invest in a market. They therefore ignore the other side of trades or other asset classes. This bias generally leads to a permabull perspective (or a permabear perspective for the more pessimistic). The general optimism of most traders (or pessimism) leads to cloudy thinking. Learning to be unbiased and flexible are perhaps the two most important rules to becoming a good trader. Trading one asset class with one directional bias would be like a professional baseball pitcher deciding to throw nothing but fastballs. You have many options and pitches – utilize them all.

2. Expectation bias: the tendency to believe in things that you expect. In financial terms this means not bothering to analyse, test, measure or doubt the conclusion you expect or hope for. It is also known as the law of small numbers – believing in something with little real evidence.

Focusing too much on the macro picture can often lead to this kind of skewed thinking. Peter Schiff is a great example. His macro inflationary theme is likely to be correct over the long-term, but in the near-term he has cost himself and his investors a great deal of money by not being more flexible and being able to adjust to the micro changes in the economy. I expect this current bear market to persist much longer, but that hasn’t stopped me from being bullish at times during the last 18 months. The market is a dynamic system and is constantly changing. Learn to evolve and change with it.

3. The disposition effect: the tendency to cut your profits and let your losses run – the opposite of what a trader should be doing. Making small profits and big losses is a recipe for disaster.

This is almost entirely due to a lack of discipline. All investors should have rules. Have price targets and set stops. Learn to be robotic in your investing style. If you give your emotions the opportunity to get in the way of your trading I can guarantee you they will. Hope is not a strategy when a trade doesn’t go the way you planned. One of the best parts about the stock market is that polygamy is perfectly acceptable. You aren’t married to any single position. Learn to “dump” the losers and move on to the next trade.

4. Loss aversion: the tendency to value the avoidance of loss more highly than the making of gain. Losses impact on you more than gains. Because of this you become more emotional when making losses, the point at which a rational decision would save you the most money.

The math behind stock market losses is unfortunate, but real. A 50% loss requires a staggering 100% gain to break even. This is one of the reasons why my focus is so keenly on risk management and money management. I have never experienced a draw-down of more than 15% in any given quarterly period because my risk management is superb. There are two kinds of volatility in the investment world: upside vol (good vol) and downside vol (bad vol). Finding investment managers with high Sortino ratios, i.e., very little bad vol, is very rare. The moral here is to learn asset allocation and the interconnectedness of non-correlated assets and you can in fact create portfolios that are structured to generate high risk adjusted returns while also being nearly invulnerable to black swans.

5. The sunk-cost fallacy: this is the tendency for our decision-making to be influenced by the size of the loss we have already incurred. The bigger the loss, the more likely we are to persist with a losing trade rather than take the rational decision to cut to a more profitable trade. The size of your loss has no impact on the future share price but a huge impact on your ability to make the right decision.

Position sizing is the most important form of risk management. If you invest your entire portfolio in a handful of high beta stocks you have to be willing to lose an extraordinary amount of money. Regular readers have likely noticed that I have a very patient “lie in the tall grass” investment style. I often wait for fat pitches, but never ever over allocate funds – even when I feel very certain about a trade. I always respect the fact that I can and will be wrong at times. Position sizing ensures that no single position can destroy years of hard work. Learning to allocate capital across a number of assets while creating a black swan proof portfolio is all about position sizing. Nassim Taleb wants you to believe that it’s impossible to avoid black swans (which is true), but black swans don’t have to be destructive as Taleb would have you believe.

6. The bandwagon effect: the tendency to think it must be right because everyone else is doing it – a thought process guaranteed to get you in when it’s obvious and get you out when it’s obvious. Put another way, it has you buying at the top and selling at the bottom.

As I said earlier, when everyone is thinking the same, someone isn’t thinking. Learn to go against the crowd. And when the boat feels like it’s tipping to one side, jump off or consider moving to the other side. And never let anyone tell you cash isn’t a position. If you feel uncertain or uncomfortable pull your portfolio out of the game. Like blackjack, there is no rule that says you have to play every hand. For more sophisticated investors cash can also serve as an alternative asset class via currency markets.

7. Past-price fixation: the tendency to avoid prudent trading decisions by anchoring your thought process to prices that no longer exist. “I’ll sell it if it gets back to $4.” “I’ll buy it if it gets down to $4 again.” We are all guilty. In trend-following trading, if the price goes up, you don’t sell it, you buy it; if it goes down, you don’t buy it, you sell it. The old high has gone, the old low has gone. Don’t wait for them to come back to do the wrong thing.

This goes back to being disciplined. You’re going to lose money. Deal with it. The real goal of trading is to make sure your losers don’t mortally wound your portfolio. Aim for singles and doubles and focus on not striking out. While home runs are exciting and the idea of finding the next Microsoft is grand and all the reality of it is that you’re highly unlikely to do either.

Beginning of a new Crisis or an End to the 2year issue??Which route to take??

Beginning of a new Crisis or an End to the 2year issue??Which route to take??
As i write the entire world is in a state of unknowns what will happen next. US recession, AAA downgrades, European Debt Crisis, Gold Bubble etc.
Date:14th September 2011
Dax: 5166
Cac: 2894
Dow: 11105
Nifty: 4940

First and Foremost the sell off seen in the last 1-2 months was on account of the European debt and not in any way on account of a possible slowdown in the United States. Of course US will get hit if the issue in Europe goes out of control. . Even the S&P AAA downgrade fall was accentuated due to a sell off in Europe.

So the main Issue remains in Europe. We know about it from the last two years.
So can it get ugly?? Yes it is....But is it Manageable?? Yes A BIG YES....
At the heart of the issue lies Greece. Its a beautiful place having a debt of around 285 billion Euro and a population of 11 million (1.1crore)
French and German banks hold a size able chunk in Greek bonds and they have to be written of to the realisable value. If you go to see the Cac and the Dax you would notice that these banks have taken the hardest hit. On one hand a section of the stocks are trading at 2Year lows , prices closer to the post Lehman crisis. On the other hand there are other stocks which are trading closer to all time highs as well (Adidas :hit a high of 57euro on 15th july 2011)

What can be a possible solution??
1) Pure Bailout
2) Let Greek default
3)Euro bonds

A pure Bailout seems to be the best possible solution. Finland whose contribution was a mere 2% shook things up last week.
See France and Germany for once cant be too easy in dishing out capital to Greece otherwise tomorrow one shall find Portugal ,Italy and Spain at their doorsteps. If Greece wants a Airbus business jet make them settle for a Falcon2000.
Greece can be bailed out easily. Pros v/s Con of Bailing remain a debate internally.

Another possibility is to let Greece default. The way bond prices are moving, chances of a Greek default are possible. France has even acknowledged that its banks are ready to face the consequences.

The third option of Breaking up Europe and issue of Euro bonds seem very grim. If that were to happen it would raise Frances' interest costs by over 40billion a year. More logical to save the enemy today.

So where does all this leave India?? I continue to say that we are in a Bear market from last year (esp looking at small and mid cap valuations). Inflation is a big issue affecting us and that can change if oil prices correct further. Its heads i win, Tails i don't loose much as per Dhandao.
India consumes close to 3 million barrels of oil per day and if oil corrects 10% translates to a savings of 47,000Cr's+.

Best money (multifold 3x -4x) can be made in smaller cos with a Market cap of 100-2000Cr's for next 2Years.

Risks are known unlike Lehman so in my view this Greek animal can be tamed or killed. Depends on France and Germany. They wont screw greece if they get screwed themselves. A Possible solution will lead to fresh liquidity chasing the markets and in all likelihood 20% upside in case of a pure bailout. A managed default is priced in the CAC & DAX as of today.

Lanco Infratech: Strong Buy at Rs 23: Risk Reward in Favour of Buyer

Updates : Read after considering Note below

1) We have got this Stock Wrong. ----- So Please read it that way
2) As of June 2012 our Average Price stands at Rs 18
3) I Intend to look at this stock only after a year so did not even sell at recent high @24




Lanco Infratech Strong Buy @ 23: Risk Reward Tilted in favour of the Buyer







Always Inspiring??? NEW ADS!!!!!!! Not so for the existing Shareholders But definitely for Potential Ones





It offers a Mispriced Bet hence i am Back.Those averse to Risk buy post 18th July 2011 when some more clarity emerges

Events Affecting fall in 2011The reason for the fall from Rs60-40 in early 2011 was primarily attributed to coal availability and merchant power prices.
The slip from 30-25 was when the market corrcted towards 5200 levels and the Griffin NEWS affected the price whereas many cos recovered 20-30% since the fall.



With Regard to Merchant Prices they should stabalise above 4rs and last quarters Rs4.5 by Lanco was encouraging.

With Today's announcemnt of defeciet in Monsoons, merchant tariffs are expected to stay firm.

Griffin Case of Rs16000 odd crs----------- In my view Case is weak esp from whatever i have heard read in the Indian and Australian Media.


Note: Griffin was Bankrupt Co and was bought from the authorities for a consideraition of about 900mn$



This is the Main and only worry in sight and do check the capcity added and to be added by the company from 2009-2014.


Its got a portfolio of close to 3000+MW and 4500MW under execution (details will be added after a while)




EXECUTION HAS BEEN GREAT OVER THE LAST FEW YEARS





U are sitting on Potential doubler, however people who can take risk -Its a strong Buy. It could very well go lower but Risk Reward is 75% for the Buyer

Indiabulls Power Demerger: Great Value unlock for Indiabulls Realestate Shareholders

 

Read the following article link below.

The article was written Pre-demerger followed by a Detailed article even @ 60



Latest Update on indiabulls realestate:

http://rupeeneversleeps.blogspot.com/2011/11/indiabulls-realestate-standalone.html

Main Update: On top of the page

Latest update written this months. Dont want to add it here as it mixes it

Additional info:
1)court has convened a date in October for the final hearing.
2)Final record date by December
3)Entire market has drageed stock further lower. continues to remain in deep value zone.Stick to my earlier views on a combined marketcap.
(sorry for ignoring final hearing updates earlier on the site) All info to be read in prospect to Record date which increased timeframe by few months.
value:Remains and increased with fall in prices)

Indiabulls Power Demerger: Great Value unlocked for existing shareholders

Strong BUY @ 112.75::: Downside Limited. Upside: More than 20% in a month by the Record Date

Indiabulls Realestate
Price : Rs 112.75
Market Cap:Rs 4500 Crs

Indiabulls Power:
Price :18.85
Market Cap:3,800 Crs

Whats the BIG Deal????????
1) Existing shareholders are going to get 2.95 shares of Indiabulls Infrastructure and Power Limited. Indiabulls Realestate currently owns 118.5 Crs shares of Indiabulls Power which will subsequently demerged to existing share holders on Record Date

Shareholders Meet on :30th June.2011
Record date to identify shareholders :Mid July around 15-20th July 2011

--------------------------------------------------------------------------------------
WHAT MAKES ITS A BUY @ 112.75?????

1) You may have noticed i hardly write on the blog anylonger due to lack of time and am always back for a mispriced bet.

Indiabulls Realestate offers a mispriced bet primarily on account of Demerger of Indiabulls Power. I see a minimum 20% return till the record date or will be happy taking home only Free shares of Indiabulls Power.

Confused??
Let me show 3 examples as on Record Date

1) Indiabulls Realestae on Demerger : Rs 112
Indiabulls Power & Infra : Rs 50 (Assuming 20Rs a share for IB power and 20% discount=2.95*20rs- 18-20% discount holding company)

So effective value 62rs for indiabulls realestate::::::::::::::Got it wrong::::
Assuming 40rs for indiabulls power :::::72::::::::::::::::::::Got it wrong::::

Whats my calcualtion???
I am not elaborating much on Indiabulls Realestate and Indiabulls Power as it shall take me an hour to detail each and every aspect.

I would consider 80-90 Rs a Base Case Value for Indiabulls Realestate (stanadlone) Considering its Land Bank, Debt on Books and Historic Valuations over lat 3-4 years (Even Today considering entire Realestate Sector Has been literally shaken.

Now add IndiaBulls Power value of 59rs as of today::::comes to ==(80+59)= Rs 139
View 1 ==(90+59)= Rs 149

View 2: Valuing Indiabulls Power stake @ 18-20% Discount===(80+50)= Rs 129
This is the pricei expect around the record date ===(90+50)= Rs 139

THE VALUATIONS ARE ON A BASE CASE SCENARIO AND NOTT FACTORING IN ANY GROWTH.


Now if i mention a fact:
As on Record Date a shareholder will be entitled to shares of Indiabulls Infr& Power LTd and not the listed entity (Indiabulls Power:Rs18.85) Hence factoring a holding company dicount.

But these shares shall eventually be merged with Indiabulls Power and each shareholder will be entitled to 1 share of IndiaBulls Power.

Important Note:
1) Indiabulls Realesate has a good land bank and its consolidated debt shall improve aswell as it consits of loans of Indiabulls power as of today. And on a stanadlone entity should be valued much more than 80rs on a base case scenario.

2)Indiabulls Power: No one is bothered to value this co and shall give good returns in next 2 years. The power plants are doing good progress. It will stay subdued till the demerger according to me.

It offers a good Risk Reward at current Price of Rs 112.75.

A THOUGHT
JUST IMAGINE you bought Indiabulls Power at IPO OF rS45---TODAY YOU ARE GETTING indiabulls power(valued at ipo(45*2.95=132) entire stanadlone realestate company free.

Once the promoters will merge the listed company Indiabulls Power AND iNDIABULLS INFRA&POWER that holding company discount will also diminish

ONE SHALL MAKE MINIMUM 100% Return on both these companies over next 12-18 months



PLEASE DO STUDY THE COMPANY BEFORE MAKING AN INVESTMENT

PVR: Compelling Buy -Some Opportunities Hard to Miss

PVR a Compelling Buy @ 93 - Some Opportunities Should Not be Missed

Price: Rs 93.5

Market Cap: Rs 250 Crs

Debt: Rs 180 Crs

Enterprise Value: Rs 430 Crs

Only owned Property at Phoenix Mills: Company is trying to sell it for over Rs100 Crs to Fund expansion going ahead.

No of Screens Currentlly: 142

Add for FY2012 : around 60 odd screens

Why is it a Buy???????????????????????????

1) Strong Brand -No Doubt Established among the top multiplex spaces. I alaways prefered Inox to PVR(Had suggested to buy Inox in a staggered way at Rs 50). But the recent correction in the last week made me thing again. Both are Buys @ Current levels of Rs 47 for inox and Rs93 for PVR.

2) Aggressive expansion: As per PVR they tend to add 60-80 screens by March 2012. Currently PVR has 142 screens so it takes the tally to around 200 screens.

3) PVR is expected to generate EBIDTA of about 100 Crs for FY12 AND if we consider 20-25 Crs as Interest payments 75 -80 Crs is left. I am not looking at the PAT because depriciation expenses are higher and do not reflect the true picture.

Value + Margin of Safety

I donot write as much as i had intented to do when i set up the blog but whenever a mispriced opportunity exist would be back.

1) For whatever reason Today we have PVR @ RS 250 ODD Crs Market Cap whereas a competitor is trading at the same Value of Rs 240 Crs :refering to Fame India (open offer takeover dont bother see the hidden value of PVR as a stanalone entity.

Indias top Multiplex at the same value as compared to a company which is not even half its size

Opporunities like these rarely come;and should be utilised to Make $$$$$.

Buy and hold for a year:Double your money.

Buying at the Right Price is the Most important thing

PVR Offers a great risk reward ration at these levels. For Inox refer previous article. CU At the movies Good luck

Aditya