Tuesday, March 27, 2012

Should you borrow against shares?

Should you borrow against shares?

A good business is one which - in the medium term - earns more than the cost of capital.
If you apply the same logic to investing, a smart investor is one who maximises gains by borrowing money to invest in shares that appreciate more than what it costs him by way of interest.

That, in short, is the case for leveraging your shares for investment.

It's risky. But when is anything involving equity without risk? The logic runs thus: if you own 1,000 shares of Reliance , you are effectively sitting on Rs 360,000 of capital at current market prices.
If you pledge these shares with a bank, you can borrow something like Rs 210,000 at interest rates of 10-12 per cent.

If you think you can invest the money in a share that will appreciate faster than that, the difference between your capital appreciation and the interest paid is money for jam.
The catch: you may make a wrong call and not only lose interest, but may also have to pledge more shares if Reliance falls in value.

The key to successful investing on leverage clearly lies in two skills - borrowing at the right time, when the markets are on an upswing, and investing in the right stock.

The question for now is: Is this the right time to borrow against shares?

Given the way markets are poised currently, financial advisors say it could be quite rewarding for investors to look at borrowing for investment in shares to make decent returns over the medium-term.
However, it is important to recognise the short-term risks. First, the market has rallied quickly over the past few months without any significant correction.

So it may be advisable for investors to wait for the correction to actually happen before taking the plunge.
Says G Subrahmanyam, assistant vice-president and head of capital market services, IDBI Bank, "The market is overheated at present. A 150-point correction in the markets would serve as a good reference  point for an entry into the stock market with leveraged funds."

The second point is that investors should be sure of the return potential in the stock. This means they should only look at stocks that are expected to return at least 25 per cent over a year. This is because the net returns reduce to the extent one pays interest on borrowed funds.

Besides, if you invest in shares with borrowed funds, your losses could actually multiply if you are caught on the wrong foot.

Says Raamdeo Agrawal, managing director, Motilal Oswal Securities, "The gains that the investor can make by investing in the stock market are uncertain while the interest and the principal obligations for repaying the loans are of a fixed nature. This makes it unwise to borrow against shares to invest in the stock markets."
Some others feel that investors can look to the derivatives market rather than borrowing against shares to invest.

Says Rajiv Sampat, director, Parag Parikh Financial Advisory Services, "We do not recommend investment in the share market with borrowed funds, either borrowed against shares or against mutual funds. One can participate in the derivative markets to achieve the same results as investing in the markets with borrowed funds."

However, the minimum size of contracts in the derivatives segment is too large for participation by small investors.

If you are still undeterred and convinced about the medium-term direction of the markets, here are a few things that could help you make a informed decision.

How to get the money

Most banks allow you to borrow against shares, units of mutual funds and RBI relief bonds. For shares, banks are willing to accept a single share as well as a basket of shares.

For single shares, however, banks are more picky. They have scrips from the Nifty index, such as HLL and Infosys, against which they are willing to undertake single-scrip lending.

Outside the Nifty, banks are willing to undertake single-scrip lending only on a case-to-case basis. The liquidity of the stock, impact costs, and the stability of the business in which the company is involved influence the decision whether there will be single-scrip or multiple-scrip lending.

Each bank has its own policy on this. IDBI Bank says that the minimum number of securities must be two. Others like HSBC and ICICI Bank want a minimum of four scrips in a basket of securities
HDFC Bank accepts a minimum of two, and stipulates that not more than 65 per cent of the value in a basket of shares should come from a single scrip.

RBI Relief Bonds can also be tendered to borrow money. The procedure is the same. Only, banks are more liberal in lending against these bonds.

Banks have also started lending against units of mutual funds, but the norms are more stringent.
Usually, they lend against shares with a margin of 40 per cent (that is, for every Rs 100 you pledge, you can borrow Rs 60). In the case of mutual funds, the margins rise to 50 per cent.
Normally, banks advocate borrowing against a portfolio of shares in order to minimise the risk of a depreciation in the value of shares.

Brokers recommend pledging old-economy shares because of the smaller changes in their values on a day-to-day basis.

Normally, high beta stocks (stocks which move more than proportionately with the index) are avoidable because fluctuations in the stock could necessitate margin calls every now and then.
Bankers cite the recent meltdown in April, when technology stocks fell nearly 50 per cent following the guidance given by Infosys.

Then again, bankers also recommend that investors should borrow less than the maximum permissible limit for any given portfolio so as to avoid that hassle of having to cough up additional margins every time stock prices fall, causing a diminution in the value of the portfolio pledged.
As is the case with most products, banks have prescribed a minimum and a maximum amount that can be given as the loan amount. The minimum amount starts with Rs 50,000 in the case of IDBI Bank and goes up to Rs 20 lakh (Rs 2 million).

However, in case a group of borrowers wishes to borrow against shares, banks are willing to increase the amount depending on the merits of the case. RBI bonds usually carry a higher limit, with IDBI Bank and HDFC Bank prescribing an upper limit of Rs 25 lakh (Rs 2.5 million).
How are loans against shares different from other loans? The main difference is the underlying volatility of the pledged shares.

Since their value fluctuates daily, your loan limits also change. In a bull market, this is a plus.
In a bear market, a huge minus. The second difference is that your ability to service the loan is less important than the value of the pledged shares to the bank.

When your banker lends against shares, and the value of the pledge fall, it will not be impressed if you regularly promise to pay interest.

You have no option but to either bring more shares for pledge, or reduce your borrowing limits. That's why it's never a great idea to pledge all your shares or draw down your limits to the full extent.

What you pay for it

The rate of interest on loans against shares ranges widely between 10-16 per cent, depending on various factors like the purpose for which the loan is availed of, the nature of the securities produced and the amount one wishes to borrow.

While the rates are lower if the loans are taken for personal purposes, they are higher if the money is to be deployed towards the capital market.

IDBI Bank lends money against shares at rates going up to 16 per cent if the money is to be deployed in the capital market.

However, if the same money is to be deployed for personal uses, then the rate of interest comes down.
This variation is primarily because borrowers would be taking on more risk if they invest in the capital market and lenders have to factor in the additional risk in the cost of borrowings.

Besides, banks can take exposures in the capital markets up to a maximum of five per cent of their total advances, according to RBI directives. So, banks are still slow in lending against shares for the purposes of redeployment in the capital market.

Borrowing prudently
  • Always pledge a basket of shares to avoid excessive depreciation risk.
  • Always borrow less than the limit set by your banker.
  • Pledge shares that are more stable in value.
Value at risk

Value at risk (VaR), a risk measurement system used by stock exchanges to collect margins for open market positions, tries to summarise the risk of a portfolio in an easy-to-comprehend way.

The concept can be easily used by individuals to prevent excessive exposures.

Excessive exposures can be harmful since the investor may have to cough up money to meet margin calls whenever the value of the pledged portfolio diminishes.

VaR-based safety margins for individuals can be particularly helpful in case of high beta stocks which see wild price movements and can result in huge and unexpected losses.

Simply put, VaR captures the magnitude of loss that would not occur for a specified period of time. Let's assume that your portfolio size is Rs 10,000.

Now, if 90 per cent VaR of a portfolio is Rs 1,000, it means that only on 10 out of 100 days the portfolio could incur a loss of that magnitude.

Similarly, if one says that 99 per cent VaR of a portfolio is Rs 1,000, it would mean that the chances of the portfolio incurring a loss of Rs 1,000 is one in 100 days.

How do you estimate value at risk? The easiest way to do this is to determine the daily change (profit/loss) in your portfolio for a sufficiently long period of time, say the last 100 trading sessions.

If the worst single day loss on the portfolio during the period was Rs 1,000, then the 99 per cent VaR would be Rs 1,000. That's the loss you would incur only in one of 100 days.

So, a single day margin may require you to keep a cushion of Rs 1,000. In other words, if the bank lends you Rs 6,000 (60 per cent of your portfolio size), then you would be better off availing yourself of a credit of Rs 5,000 to be on the safe side.

Most banks do a portfolio or margin review on a weekly basis. So investors can calculate VaR based on weekly gains and losses for a similar period. Again, the time period for VaR depends upon the risk profile of the investor.

For example, if an investor has a low risk appetite, he might set aside money to provide for a loss that would not occur more than 99 per cent of the time.
Related Posts Plugin for WordPress, Blogger...


85th Academy Awards in Hollywood Aam Aadmi Party Aanjaneya Lifecare Aastha channel ABG Shipyard Abhinav Jhunjhunwala-Prerna Sarda Acharya Balkrishna Adani Group Aditi Kothari Aditya Swamy Adlabs Films Limited AirAsia Ajay Piramal Alan Greespan ALBERTA LA GRUP Alfred Cointreau Alibag Alisher Usmanov - Russian billionaire Alkesh Tandon-Raakhe Kapoor Amalgamated Bean Coffee Trading Company Limited Amar Chitra Katha Amartya Sen's daughter Nandana Amish Tripathi Amit Bhatia-Vanisha Mittal Amit Burman Amit Wilson Amitabh Bachchan AMP Technologies an online real estate portal Anand Kripalu Anand Mahindra Anant Media Pvt Ltd Anil Jindal Anjali Bansal Anne Hathaway annual report of Prime Securities Anu Aga Apollo Hospitals Enterprise Ltd. Apple Aravind Eye Care System Architect Hafeez Contractor Architecture Arindam Chaudhuri Arokiaswamy Velumani Arvind Kejriwal Arvind Mills Ashni Biyani Ashok Gajera ; Russell Mehta Ashok Piramal Group Ashok Soota Asia 7 AstraZeneca Pharma Atlantic Media ATT author and CEO Autoline Industries Aviation Ayesha Thapar Azim Premji Baba Kalyani Group Baba Ramdev Bain Capital Bangalore and Hyderabad Bank Loan interest rates BankBazaar BANKING TERMS Being Human Bekkit Benjamin Graham Bennett Bennett Coleman & Company Ltd Berkshire Hathway Best Data Recovery Companies in India Best denim brands BF Utilities Bharat Parekh and Ravi Jethani - LIC Agents BharatStudent.com Bharti Infratel Bhulabhai Desai Road off Breach Candy Bhupendra Panwar Big Cinemas Big Gulp and Bakers Street Bilcare Bill Gates’ Corbis photographic collection Bill Miller Binod Chaudhary Birla Pacific Medspa Birmingham-based 2 Sisters Food Group (2SFG) Biz Daughters Black Money Black Swan Theory Block Deals Blue Dart Express Blue star Bluegape BMC BOC India Bombay Blue in Kurla Bombay Dyeing Books BPCL Brady Brand Capital Brands Brazilian private equity firm 3G Capital Brickwork Ratings India Private Limited Brickwork Ratings India Pvt Ltd BRICS BS BSE Buddh Circuit Budget 2013: Do we really need a Women’s bank Burger King Burmans Burn (from Coca-Cola) Business Insider Business of Marriages Business Standard Business World Buzzanytime Cadbury House Cadbury India Canaan Partners CanvasM Capillary Technologies Captain C P Krishnan Nair CARE - Credit Rating Agencies of India CARE and PC Jewellers Career Point Carmichael Road Cash Overseas (Paywall) Casino Resort Castrol Catamaran Investment Private Ltd. Catholic Syrian Bank CDMA Mobile Technology Central Parking Services Chairman of Sajjan India Ltd Charged Voids Chart Moving Average In Excel Chennai CHHATRAPATI SHIVAJI INTERNATIONAL AIRPORT Chick-a-fil Chicken came First Chitrangada Singh Cinemax Cinnamon Teal Citigroup Coal India Coca-Cola Coffee Coffee Day Coffee Day Group Coffee Day Resorts and Global Cognizant Cointreau Coleman and Co Ltd Colvyn Harris Comic books Commodity stocks Companies Company name change Compucom Computer-Generated Women Concierge Construction Cost Copper Chimney Coppock Curve Indicator Analysis Core Education and Technologies Core Projects and Technologies Corporate Centre Cost of a farmhouse Party Costa Coffee Could9 Credit Analysis and Research Ltd. (CARE) CRISIL CRISIL Limited Crorepati Crowdsourcing Currency D-Mart D. Subbarao Dabur Dalai Lama Dalal Street top investors Dalit Entrepreneur Dan Roarty Darshan Patel David Moratilla Daytona 675 and Speed Triple bikes DB Realty DCNS Deccan Gold Mines Deepak Fertilisers Deepinder Goyal Defence Defence-related stocks or military stocks Delhi Assembly Elections 2013 Delhi gang rape case Delhi NCR Delhi Stock Exchange Dell's EqualLogic Della Adventure Delta Corp Demark Technical Indicator Design Atelier Developer Khemchand Kothari Devi Shetty Dharmesh Jain Dharmesh Shah Dhiraj Rajaram DI Corporation Dia Group's sister concern - Lifestyle Tradelinks India DigitalGlobe Disa India Dividend Stocks DLF DLF Emporio DLF Galleria Dollar Domino's Double Top technical analysis DSE Durex DVR Share Easun Reyrolle Education Startups Educomp Solutons Ltd. Edward Snowden Edwin Lefevre Eicher Motors Eko Elections EMA – Exponential Moving Average Entrepreneurs ET ET 500 ET BUREAU ETIG Database Evalueserve Everonn Edu Everstone Capital Expensive houses in the world Expensive Stocks Faering Capital Falguni Nayar FAME Farmax India Ltd. FDI Fed’s interest rate Fidelity Investments FII holding in BSE 500 Finacle Financial crises Financial Technologies Fineotex Chemical Finnish real estate company Exilion first McDonalds restaurant in Kerala in Lulu Mall Fitch Ratings India Private Ltd. Flappy Bird Flipkart Founder - HCL Technologies France' Groupe SEB Fresenius Kabi Oncology Frugal innovation FTIL Fund Manager Desktop Software Future Group Games Ganga Gatorade Gautam Singhania Gayatri Joshi GBP GE Shipping GEICO Genesys International Geodesic Ltd. GeoGlobal’s Jean Paul Roy Geometric George Soros Girish Patel Gita Gopinath Gitanjali Gems and Tara Jewels Gitanjali Gems Ltd Gitanjali investments Glaxo Smith Consumer Healthcare GMR Infrastructure Ltd Godrej Agrovet Godrej Industries Godrej Industries' agriculture business unit Agrovet Goenka brothers goindia.about.com Gold Gold Loan Companies Goldman Sachs Google GRAND CONCIERGE Graphic Designer Great investors Green Earth Resources and Projects Ltd.(formerly Austral Coke) Greycells Entertainment GSPC GTL Infra Gujarat Gujarat Chief Minister Narendra Modi Gurgaon Gursimran Mann GV Films Haagen-Dazs Halle Berry Happiest Minds Technologies Haridwar Harvard Haryana Hawkins HBJ Capital HCL Infosystems HDFC Bank CEO Aditya Puri's daughter Healthcare Hector Beverages Hedge fund billionaire Daniel S. Loeb High Dividend Yield Stocks High Profile Weddings HIGHLIFE ASIA HINDALCO Hiranandani Gardens Hiranandani Group Hiren Patel Architects Hitachi Hockey India League's Delhi Waveriders team Hollywood Honeywell Automation India Hotmail how to identify multibagger stock ideas How To Install Odin Share Trading Software HPCL http://thecoalition.in http://www.rentmeafarm.com HUL Hyde Park in Mumbai Hyderabad I-T department IAS ICICI Bank ICRA ICRA Limited IIPM IIT India India Infoline India Today India’s first river-linking project Indiamart.com Indian Businessman Indian Farmhouses Indian School of Business Indian Startups IndianOil Corporation Ltd (IOCL) Indigo Indrajal Infosys Innox Inorbit Malls Intelligence Bureau (IB) Intense Technologies International property consultants Internet IPO Intraday Charting Software India IOC IOL Netcom IPL IPO Iran Iranian oil Ireland Iron Mountain- safe-keeper of the wills of Princess Diana and Charles Darwin ISI Kolkata Israel Italian luxury firm Bulgari ITC Jasuben Pizza Jaypee JAYPEE GROUP Jennifer Lawrence Jesse Livermore Jessica Law Jewellery Jhon Templeton Jignesh Shah Jim Rogers JK Paper JM Financial John Abraham John Rockefeller John Rothchild Jones Lang LaSalle Jones Lang LaSalle India Jones Lang Laselle journey from trader to investor JSPL and Adani Power JSW Steel Just Dial Justdial.com K P Narayana Kumar K P Singh K Raheja Corp Kal Airways Kalanidhi Maran Kalanithi Maran Kalpana Saroj Kamani Tubes Ltd Kanwar Deep Singhand his wife Mrs Harpreet Kaur Kareena Kapoor ;Pakistan's mobile company QMobile Karly Karuturei Global Karuturi Global Limited (KGL) Karuturi Global Ltd. Kashmir Kaunsa.com KDJ Indicator KDS Corporation Kennametal India Kerala businessman;Great Scotland Yard;MA Yusuffali;Lulu Group Kerala Chief Minister Oommen Chandy Kerry Washington KFC KFC (Kentucky Fried Chicken) Khalsa Heritage Center in Punjab Khirni Kingsher Airlines Kishore Biyani Kohinoor Kolkata Korean Pop Kotak Mahindra Bank Kraft Kris Gopalakrishnan Kristen Stewart KSE Kulkarni is President and CEO of Fanuc India Kwality Dairy Ltd. L&T LABONITA GHOSH Lakshmi Narayanan Lalvanis Laminitis Landmark Leela Hotels LESCONCIERGES LIC LIC Chairman DK Mehrotra Life of Pi Lifestyle Management Companies Lijjat Papad List of PE firms in India Lite Bite Foods London-based Italian restaurant Scalini Lullu Group and EMKE Group LuLu group chief Yusuffali luxury brands LUXURY CONCIERGE CHINA LUXURY CONCIERGE COMPANIES LVMH M & B Switchgears M P Aggarwal Madhabi Puri-Buch Magazine Magellan Mahabharata Management Mythos Maharaj Kumar Khanderao Shivajirao Gaekwar Maharaja Whiteline Maheshwer Peri Malaysia Airlines Manappuram Finance Mand B Switchgears Manipal Education and Medical Group Manish Kejriwal Manjushree Technopack Marico Market Simulation Software For Stock Market Price Forecasting Marten Pieters Maruti Suzuki Marwari-Owned Companies Mavji Bhai Patel Maxwell Industries Ltd. MBA McDonald's McGraw Hill Financial Inc MCX Medimix Megan Mehul Choksi Micky Jagtiani Microsoft Midcap stocks Milind Deora Mindtree Ltd. Miss India Pooja Chopra Mitt Romney’s Former Firm Bain Capital’s MMTC MNC Stocks MobiKwik Mohali Campus in Chandigarh Moserbaer Mother Dairy Motilal Oswal movie catalogue Movies MS Dhoni MT Educare MTV Indies Mu Sigma Mukesh Ambani Mukul Deora Multibagger Stock Ideas Multibagger Stocks Multibagger Stocks of Century Mumbai Mumbai apartment Mumbai-based law firm Manilal Kher Ambalal & Co Mumbai-based Vardenchi Motorcycles Mumbai-born software tycoon Vivek Ranadive Mumbai's Nepean Sea Road Muthoot Finance Mysore N. Jayakumar N. R. Narayana Murthy Naandi Community Water Services Nalanda Nalanda Capital Nalanda Capital India Advisors Pvt. Ltd. NaMo Nandan Nilekani Narayana Hrudayalaya Hospitals Narendra Modi Naresh Hosangady Navi Mumbai Neil Gaiman Nepal's first Forbes billionaire Nestle Net worth Neuland Laboratories Nextant Aerospace NHPC Nifty Crash 2012 NIIT Nikhil Nanda-Shweta Bachchan Nikhil Zaveri Nilesh Parwani Nilgiris Nirav Modi Nita Ambani Nitasha Thapar Nitin Paranjpe Nokia Noodle Bar North Block Norwest Venture Partners NotionPress nse2rich Office Relationships Office Space Oil Marketing Companies Old News ONE CONCIERGE OneLife Capital Advisors online tutoring firm TutorVista Orbit Transport OSCARS Owings & Merrill LLP Palm Beach School Pan India Food Solutions Panipat Papa John's Paras Pharmaceuticals Pascal Witaszek Patanjali Ayurved Patanjali Ayurved Ltd PC Jeweller Ltd PC Jewellers PE fund CX Partners Peninsula Land Penny Stock Perkins Eastman Peter Lynch Pharmaceutical packaging material maker PHL Pidilite Industries Pipavav Defence and Offshore Engineering Company Ltd. Piramal Life Sciences Ltd. Pizza Hut Playboy founder Hugh Hefner Ploughing got posh: A Ferrari for your farm? Politics Pooja Deora Powai Power of Ideas 2012 Premium concierge firms like Les Concierges Services PRIME Prime Focus Prime Securities Private Equity Priyank Sukhija Priyanka Gandhi Prof Gita Gopinath Promoter shares Promoter stakes Property Advisory Firm Knight Frank Property rates PropTiger.com Provident Fund (EPF) PSU PSY PTI PURE Purple Squirrel purvismultibaggerstockideas.blogspot.in PVR Quartz Question from nse2zoom to stockfundoo.com QUINTESSENTIALLY Quintessentially Lifestyle Quotes R K Damani Radhakishan Damani Rags-To-Riches Stories Rahul Mishra Rakesh Jhunjhunwala Rana Kapoor Rapps Rare Enterprises Ratnakar Bank Ravi Subramanian Ravi Venkatesan Raymond Group Chairman Singhania RBI Reading Ready-To-Move House vs Under-Construction One Real Estate Real estate consultant Real Estate Research Firm Liases Foras real estate services firm Jones Lang LaSalle India Real Pillars Consultancy Private Limited Recession Reckitt Benckiser Group Plc Reckitt India recordings of Frank Sinatra RedBull RedBus Rediff Reese Witherspoon Reliable Records Reliance Broadcast Network Reliance Communications; 4G; Anil Ambani Reliance Defence Systems Pvt. Ltd Reliance Industries Reliance Infrastructure Reliance Mediaworks Ltd RentMyText.in Restaurateur Retail REUTERS RIL Rio Rishikesh Robert G Hagstrom Robert Vadra Robo Queen Rohan Murthy-Lakshmi Venu Rohini Nilekani Roopa Kudva Roshni Nadar Malhotra Royal Building and Infrastructure Pvt Ltd Royal Enfield RPG Enterprises RTI Rupee Ruppee Sabeer Bhatia Sachin Tendulkar Safdie Architects Safe Baby Saffron SAIF Partners SAIL Salman Khan Salvatore Ferrancane Sameer Gaur Sampark Foundation Samtel Display Systems Sandeep Gajakas Sarwan 'Sam' Poddar Satya Hinduja Search SEBI Self-Publishing Sensex Sequoia Sequoia Capital Shashi Tharoor Sheth brothers - Bharat Sheth and Ravi Sheth Shoe-laundry business Shree Ganesh Jewellery Shriram City Union Finance Siddhartha Lal Singapore based Mittu Chandilya Skidmore Skore Skyscrapers Smart City SME Rating Agency of India Ltd. (SMERA) Snapdeal Sneha and Sweta Balakrishnan SoBe Societe Generale Sonia Gandhi Sotirio Bulgari Soumya Rajan South Mumbai Spaghetti Kitchen Speciality Restaurants Spice SpiceJet Spire Edge in Manesar Sports marketing firm Rhiti Spot Fixing Spy Satellites Squeakee SRS Group Standalone store in India Standard and Poor's Standard Chartered Bank Starbucks StartupCatalyst.in Startups Statue of Unity Stem Cell Banking Business Stephen Molyneaux Sterling Biotech Steve Ballmer Stock Crash Stock Knowledge Stock strategy Stocks Stocks of Future StoreMore StoreMore Storage Solutions Subex Subroto Bagchi Subway Subway and Pollo Campero Suhail Rizvi Sun Direct TV Super-luxury Rs 100-cr flats Suzlon Energy Swarnim Sankul-I Swiss watch brand Jaeger-LeCoutre (JLC) Syed Asif Ibrahim Syrian Electronic Army Taslima Nasreen Tata Global Beverages Tata Housing Tata Motors Tata Power Tatas retirement home TATASTEEL TechMahindra app called FightBack Technical Analysis Software For Canadian Stocks Technology Ventures Technopak Tehelka Tehri Dam Telangana TERMINAL 2 in Mumbai The Brick House in Gujarat the British company The Deltin The Gangnam Style effect The Harvard Professor from Mysore The Periodic Table Of Alcohol The World's Top 10 Most Innovative Companies in India Thunderbird Thyrocare Thyrocare Technologie Tiger Global Times Group Top 5 Amusement Parks in India Tree House Education Tribhovandas Bhimji Zaveri Triumph Motorcycles TTK Healthcare TTK Prestige Twin Courtyard house in Chandigarh Twitter Tycoons Type Of Technical Analysis Charts Tzinga UB’s Mangalore Chemicals & Fertilizer (MCF) Udit Mittal Ujaas Energy Limited UK based consultants W S Atkins Ukraine UltraTech Cement Ltd Unison International United Breweries Unlisted Firms unmanned aerial vehicles (UAV) US US NBA team Sacramento Kings V Balakrishnan V G Siddhartha Vaatsalya Hospitals Value Capture Financing (VCF) Value Investing Vani Hari Varun Thapar VEDANTA Vedic Broadcasting Ltd Velumani Venture capital firm Viceroy Hotels Video Recruit India Videocon Vijay Kedia Vijay Mallya Vikas Oberoi Vikram Bakshi Vikram Oberoi Vikram Thapar Villa Nirmala Vineet Nayar Vini Consumer Products Pvt Ltd Vishesh Jayawanth VLADIMIR PUTIN VSAT Wadhwa Group Wagles Walden International Walmart Warren Buffet Waterfield Advisors Welspun Corp. Who Moved My Interest Rate? Wimbledon ( 24 June- 4 July 2013) Windward Wipro Wockhardt Women Safety Wonobo.com World of Coca-Cola museum in Atlanta WORLDS WEALTHIEST PEOPLE www.HelpingDoc.com www.lijjat.com www.masterandstudent.com www.nse2rich.com Yahoo Yash Raj Films YES Bank yowoto.com Zahabiya Khorakiwala Zee Learn Zomato

Nifty-50 Heatmap

Rakesh Jhunjhunwala Stocks



Price Shockers

BSE 52 Week High and Low

Volume Shockers

Insurance Companies - Likes

Promoter Holdings Check

Foreign Promoter Cos

FII Hot Favorites

IPO Tracker

BSE Result Calender

Stock Market Watch