Re. 1/-

Profit is the Answer

Volume 1 : Issue 11, 8th February 2011 Total Pages: 4

Dear Friends, Global Economy - Nitin Agarwal US: US economy is showing signs of strengthening backed by In , when the people and industry performs well, somewhere the politicians up there play havoc. Payroll gains which picked up in January’11 even after ac- Today, despite market current being bullish, there is no sight of reforms or no implementation of counting for the restraining influence of winter storms. Employ- ment increased by 146,000 workers last month after a 103,000 promises made by the political administrator. This has put the market into a forceful down trend, gain in December’10. Economic growth accelerated to a 3.2 which shows India and its policy makers in poor light and triggered sale by FII more commentary on % annual rate in the Q4’FY10 as consumer spending climbed the working of political administrators than economy. by the most in more than four years. U.S. GDP advanced at a 3.2 % annual rate in the Q4’FY10. PMI also accelerated in When we factor the market, we only look at the profitability of the Companies, international scenar- January’11 at the fastest pace since May 2004. Companies like Ford Motor Co. and Emerson Electric Co. are hiring as ios, but, obviously nobody can factor that somewhere up there, there will be huge corruption and consumer spending, business investment and exports climb. scams which can result into down trend in the market. The recovery in US economy is also helping boost the confi- dence of real estate investors.

In my last communication, I said that the IIP Numbers would be favorable, which was not. This time Europe: The European Central Bank kept interest rates at a around it is believed that market has lot of value in scrips that it can offer, but lot depends on how the record low in Feb’11 as policy makers weigh the risk of faster budget will fan out and it is anybody’s guess. inflation against the danger that higher borrowing costs could worsen the region’s sovereign debt crisis. Political tensions in Egypt are stoking oil prices and in Germany, where import- My humble advice is to please identify the individual stocks suggested by our research, which has con- price inflation is running at the fastest pace in 29 years, work- sistently done well in their own parameters. Scrips which has not fallen greatly in this market, yet, ers are demanding bigger pay increases. Euro-area inflation is prices have come down, please walk into such scrips and I am advising my technical team to look into already in breach of the ECB’s 2 % limit, accelerating to 2.4 % this kind of scrips which has a higher chances of bouncing back, when the bounce back does happen. I in January’11, the fastest in more than two years. Europe debt don’t think that the market can go below NIFTY 5350 and should come bouncing back, but, again the crisis may damp growth as government across the region cut spending to rein in budget deficits. budget would be the deciding factor. China: China’s manufacturing expanded and input costs climbed, underscoring the case for more interest- rate increases to tame inflation pressures in the fastest- growing major economy. The Government has raised Hemal Kampani benchmark rates twice since mid- October and pushed banks’ re- Nifty onto the threshold zone of its previous break out level -Jaydeb Dey serve requirements to the highest in more than two decades to lock up cash that could stoke inflation. The government last Last month (Jan) nifty shut shop at 5416. We all burnt our hands very badly and we have witnessed a almost month expanded measures to cool the real-estate market, 1000 points correction from its top (i.e. more than 15%) it reacted away from the double top, the reaction is much raising minimum down-payment requirements for second- more severe than we anticipated . In the month of Dec 2010 nifty closing was 6134 and in Jan 2011 it closed at home purchases. An input-price index rose to 69.3 from 66.7 5416, loss of 700 points just in a single month which is just next to disastrous and most importantly month on in December’10 as food costs climbed. The World Bank esti- month basis it is maintaining lower closing. Now two important features that we want you all to notice is that last mates that China’s economy will expand 8.7 % in 2011, three month nifty made a bearish engulfing pattern and closed below 5700, second one is it closed below its 200 times the pace of the U.S., as developing economies continue DEMA also. to outperform richer nations. China’s expansion was 9.8 % in the Q4. So from technical perspective nifty is in short term down trend and monthly closing below 5700 confirms that very strongly. Why this 5700 is very crucial for nifty, lets check out ...5700 Stocks for Feb. 2011—Monthly Calls was the monthly double bottom and most importantly this was the upper wall support level of that up trending channel that we talked about many times before, so this acted as the major support level for the last 2 months and finally broke down. SCRIPT BUY STOP LOSS TARGET Fig -1

And for the time being nifty again DLF 230‐232 221 246, 256 coming onto its previous breakout RELIANCE 890 855 960 level around 5350 where the nifty ANDHRA BANK 134‐136 128 145,150 had been into a consolidation phase for almost 8 weeks after having a STATE BANK 2590‐2600 2550 2690‐2730 inverted head shoulder break out (fig DIVIS LAB 634‐636 620 670 -2) and then started its dream run upto 6300 level. So these support STAR ARCOLAB 365 355 390 levels of 5200(long term tred line, Note: ALL STOP LOSS ARE ON WEEKLY CLOSING BASIS marked by blue arrow in fig-2)-5350 is fairly strong. We are looking for a rebound from those levels, lets see what we have in the womb of future. Fig -2

Last month our trading call in nifty got stop triggered and the after effects are now known to all of us. So our sincere suggestion to all traders is put strict stop loss before initiating any trade in such volatile market condi- tion other wise it could dent even your core capital also.

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Volume 1 : Issue 11, 8th February 2011 www.vckgroup.com VCK MARKET PULSE Stocks To Stock Up: -By The Research Team ltd. (Buy-Target Price-INR-462.5): We re- UCO Bank (Buy-Target Price-INR-141): For main positive on Emami’s growth prospects and expect 9MFY11, UCO Bank has registered a robust ~90% in- its topline and EBITDA to grow at a CAGR of ~21% and crease in its NII because of 17% increase in interest ~29% respectively over FY10-12e.We upgrade our rat- earned and 3% decline in interest expended. However, ing on Emami to BUY from Hold (refer Q2’FY11 result with cost of deposit continuing its downward bias after update dated 2nd Nov’10) - after its recent correction of 6 quarters, and CASA deposit declining, we believe ~18% - but with reduced target price of INR. 462.5 pro- that further expansion in net interest spread is limited viding ~15% upside from the current levels. Our target for UCO Bank. Its Cost-Income ratio is also expected to Price is based on EV/EBITDA multiple of 16.19x for stabilize at current level of ~42%. In last three quarters, UCO Bank has classified FY12e (BSE FMCG Benchmark index). At the CMP the INR.1500 crore as fresh NPA and hereon expects slippage to come at normal levels – stock is currently trading at an EV/EBITDA multiple of INR.200-300 crore per quarter. It’s GNPA and NNPA is expected to be 2.62% and 19.7x and 14x to its FY11e and FY12e EBITDA respectively while on earning basis it is 0.83% respectively for FY11E and 2.63% and 0.66% respectively for FY12E. At the trading at a P/e multiple of 23.4x and 17.9x to its FY11e and FY12e EPS respectively. current levels, the stock is trading at PE multiple of 5.5x and 2.7x its FY11E and

Biocon (Accumulate-Target Price-INR-415): We strongly believe that the Biosimi- FY12E earnings respectively and adj. P/BV of 1.06x and 0.76x its FY11E and FY12E alr segment backed by its established brands like INSUGEN, ERYPRO, BASALOG, adjusted book value respectively. We reiterate our BUY recommendation on the stock launch of the new therapeutic segments and strategic global agreement with for with target price of 141/share (1.0x FY12E adj. Book Value).

the worldwide commercialization of ’s versions of Insulin and Insulin Tata Consultancy Services Ltd. (TCS) (Hold-Target Price-INR-1222): TCS has analog product, will be the key growth driver for the Biocon in the coming years. been able to maintain the margin on back of healthy volume growth. However, we are Though regarding short to mid term we have no doubt about the biosimilar prospects, slight cautious on the margin front going forward as we believe that it will be difficult to but the regularity change in Germany is bound to drag Axicorp’s business in the com- maintain utilization at such elevated levels. Given high gross additions and declining ing quarters. But with the expected positive outcome from the R&D pipe-line and better attrition, if volume growth slows down, it will dent the margin significantly. However, at performance from the Contract Research segment as well as the continued strong up- the same time, we do not want to sound hawkish and believe that TCS should achieve take of BioMab and other , we recommend the stock to 22% revenue growth in FY12E. At the current levels, the stock is trading at 25.3x and “accumulate” for mid term perspective with a reduced target price of INR 415. 23.3x its FY11E and FY12E earnings respectively. We maintain our HOLD rating on

Glenmark (Buy-Target Price-INR-351): Though the stock has corrected drastically the stock with target price of 1222/share (valuing it at par with ). We have as- in the recent past, our strong conviction on the long term fundamentals of the Glen- sumed 150 bps declines in operating margin in FY12E due to lower utilization. If more mark remain intact, backed by its strong international presence, steady product clarity emerges on margin front, we may upgrade our target.

launches (expected 12ANDA fillings in FY11), strong regulatory pipeline (75% falls un- (Accumulate-Target Price-INR-470): Though we have no doubt der niche segment, with limited competition), ramping up its presence in developed as about Sun’s domestic formulation segment, but we believe for the betterment of the well as emerging markets and potential upside from the FTF. With the most conserva- margins, both Taro has Caraco have to contribute significantly. But in the short run we tive approach, we expect Glenmark to clock ~INR 8100 million and ~INR 8730 million don’t expect much from these two. At Current levels of the stock is trading at PEx 21.5 revenue from the US in FY11 and FY12 respectively. Besides this steady growth rate based on FY13 financials. We have assigned a PEx of 23.5 on FY13e EPS of INR 20 of ~17% in the domestic specialty business and >25% growth rate in the semi regu- and recommend to Accumulate the stock with a target price INR 470. lated market and expected cash-flows from the out-licensing deal ( Aventis, deal size INR 325 million) and otheINR (if any) will definitely lead to surge in Glenmark’s Sesa Goa (Buy-Target Price-INR-360): We believe that the negatives such as in- valuation in the yeaINR ahead. Keeping in mind all these positives we have assigned creasing regulatory pressure like Karnataka export ban, export duty hike in both iron the PEx of 19 on the FY12E EPS 18.5 of and reiterate our long term BUY ratings with ore fine and lumps, unrelated diversification are already factored in the price. Here on- a target price of INR 351. wards it can be a turnaround story provided the clearance of the export ban from Kar- nataka (eroded +1mmt sales in Q3FY11) and steady pricing scenario in H1FY12. We United (Buy-Target Price-INR-159): UBI has been trying to increase are not worried about the mid-term and long term iron ore pricing outlook, but uncer- its retail loan portfolio which increased by 200 bps YoY to 14% in Q3FY11. However, tainties regarding the regularity issues may act as a curtail in the stock price move- with mid & large corporate contributing 64% of the advances, it gives enough stability ment. to the earnings and asset quality. Its asset quality has improved with GNPA and NNPA at 2.93% and 1.52% of advances in Q3FY11 compared to 3.21% and 1.84% respec- (Buy-Target Price-INR-810): We believe that, Cadila with its tively at the start of FY11. Its provision Coverage ratio as of December 2010 stands at steady growth in domestic space, strong presence in high growth high margin lifestyle 71.20%. At the current levels, the stock is trading at PE multiple of 4.8x and 3.1x its diseases segment, increased penetration in semi urban-rural market, double digit FY11E and FY12E earnings respectively and adj. P/BV of 0.75x and 0.59x its FY11E growth in other emerging markets and most importantly being an established player in and FY12E adjusted book value respectively. We reiterate our BUY recommendation the US, will emerge as one of the best performer in the Indian Pharma Space. Though on the stock with target price of 159/share (1.0x FY12E adj. Book Value). the recent agreement with Abbott (will further strengthen its emerging market pres- ence) and both the US & EU markets are progressing well, Nycomed and Hospira are Allahabad Bank (Buy- Target Price- INR 252): Allahabad Bank is all set to achieve still to contribute in company’s top-line and bottom-line in a positive way. At the current its targeted 25% increase in advances for FY11 with deposit increasing by 18% and levels the stock is currently trading at a PEx of 16.8 based on FY13. We have assigned Credit-Deposit ratio at 71.7%. For FY12, we expect the bank to report ~19% growth in a PEx of 18 on FY13E EPS of INR 45 and arrived at a target price of INR 810. both advances and deposit with CASA improving to 35.4% compared to 34.8% in FY11E. Net Interest spread is expected to remain stable at ~3.9%. With improvement Crompton Greaves (Accumulate- Target Price- INR 326): We downgrade our in its restructured assets, we expect its asset quality to improve in FY12 with GNPA rating from Buy to accumulate with a revised target price of INR 326 and believe the and NNPA at 1.66% and 0.32% of advances compared to 1.73% and 0.38% respec- stock to be a market performer in the next 6-9 months. However CG still remains our tively for FY11E. At the current levels, the stock is trading at PE multiple of 5.8x and top pick in the T&D equipment space and expected to outperform its peers over a me- 4.7x its FY11E and FY12E earnings respectively and adj. P/BV of 1.17x and 0.97x its dium to longer period of time. The stock is presently trading at a PE(x) of 21 and 18.5 to its FY11E and FY12E earnings. FY11E and FY12E adjusted book value respectively. We reiterate our BUY recommen- dation on the stock with target price of INR 252/share (1.2x FY12E adj. Book Value). Dr. Reddy’s Lab (Buy- Target Price- INR 1825): This quarter results should have

Hindustan Construction (Accumulate- Target Price- INR 47.50): We have arrived been better and slightly below than the market expectations, but we strongly believe at a SOTP based fair value of INR 39.70 for HCC with its core business valued at ~ that the better days are ahead on the back of the huge off-patent opportunity and INR 17167 Mn (INR 28.3 per share), Karl Steiner at INR 1890 Mn (INR 3.00 per share), steady domestic formulation growth in the key therapeutic areas. Pricing scenario in HCC Infra at INR 4020 Mn (INR 6.63 per share) and HCC Real estate at INR 1000 Mn Europe is not favorable for most of the companies and DRL’s 33% sales degrowth in ( INR 1.65 per share). In addition to this we have given a 80% discount to our DFC rupee terms (24% degrowth in terms of Euro) is mainly due to the price erosion caused based model of LCL at INR 23.3 Bn (per share at INR 7.6 after accounting for dis- by the tenders, but with the steady growth in Omiprazole (16%), Ciprofloxacin (22%) count).We believe the stock is fairly valued without incorporating any value from sales in US we are quite optimistic about the recently introduced Lansoprazole, Zafirlu- Lavasa and this should provide 20-25% upside to the stock as and when clarity comes kast & Valacyclovir also. Besides the current approvals and launches (including the on the project. We downgrade our rating from ‘buy’ to ‘accumulate’ and reduce our tar- Para-IV end FTFs), we expect some upside from the strongest regulatory fillings get price to INR 47.5 (upside of 20% from present level) solely because of concerns (pending approval: 74 = Para-IV: 32 + FTFs: 14 + others ANDAs: 18) in the coming and sentiments towards LCL. Investor with an investment horizon of one and half to days also. At the current levels, the stock is currently trading at 19x based on FY13 two years should only consider accumulating the stock at every dip going forward. financials. We have assigned PE(x) 22 and recommend to BUY with a target price of INR 1825. HCL Tech (Hold- Target Price- INR 567): HCL Tech has positively surprised on its ability to maintain operating margin and reduce forex losses. With forex losses behind, Lupin Ltd (Buy- Target Price- INR 518): Our strong we expect HCL Tech to report above average growth rates led by operating margin conviction in the robustness and sustained profitable expansion due to lower hiring and SG&A expenses. At the current levels, the stock is growth of Lupin’s business model remains intact. This con- trading at 20.9x and 16.2x its FY11E and FY12E earnings respectively. During Decem- fidence stems from the fact that all the business verticals ber 2010 quarter, HCL Tech has seen major re-rating with stock up by 16% in last of Lupin are in the continuous growth path, with the of three months compared to 10% return by CNXIT. We change our recommendation strong prescription growth (~contributes 30% of US reve- from ACCUMULATE to HOLD on the stock with target price of 567/share (18x FY12E nue, 18% YoY) in Suprax and its line extension and EPS). Strong high-growth/high-margin therapeutic portfolio, lead- ership in products like Amplodipine, Resperidone in the KEC International (Buy- Target Price- INR 107): We maintain our ‘Buy’ rating on Japanese market (increased generic contribution) and increased contribution from the the stock with a target price of INR 107 based upon a PE(x) of 12 to FY12E standalone lifestyle diseases segment. We strongly believe that the company will continue to out- earnings and SAE towers at 40% discount to its book value which is purely based upon perform its peers both in terms of revenue as well as earnings in the years ahead with the consideration of INR 440 crs on a cash free, debt basis from a strategic investor the highest Return on equity (RoE) among its peers. We have assigned a PE multiple point of view. We consider the company to best diversified and reliable play in the of 20x to our revised FY13 estimated EPS of INR 26 and reiterate our BUY ratings on same universe under our coverage. the stock with a target price of INR 518. Disclaimer - The information in this report has been obtained from sources, which VCK Research believes to be reliable, but we do not hold ourselves responsible for its completeness in accuracy. All estimates and opinions in this report constitute our judgment as of this date and are subject to change without notice. VCK Research will not responsible for the consequence of reliance upon our opinion or statement contained herein or for any omission. Registered. No. : KOL RMS / 419 / 2011‐2013 RNI Registration. No. : WBENG/2010/34033 Page :‐ 2 For more details contact@ 033 4009‐9919/ 98311‐51909 For Disclaimer and Terms of Use visit www.vckgroup.com

Volume 1 : Issue 11, 8th February 2011 www.vckgroup.com VCK MARKET PULSE

VCK INVESTOR MEETS In Association with : Mythometre : From Aaruni To Uddalak Sage Dhommya lived in an ashram on the bank of a river. It housed boys and girls together. Students came from far and nearby villages. The sage taught them the vedas, the Puranas and other scriptures.

Aaruni was one of the students who had come to the ashram for his training. Right from the beginning he had reverence for Dhommya.He used to keep hot water ready for his bath, pre- pared his bed, massaged his legs, tried to be useful in the sac- rificial fires. Aarumi performed his duties with great fervour and joy. Time that Aaruni saved while serving his guru, he used for his classmates. Often he cleaned the rooms, prepared bed for the sick, helped watering flower beds for those who got tired and helped stitch the torn clothes of his classmates. VCK INVESTOR MEET AT EGRA VCK INVESTOR MEET AT MECHEDA 6TH FEB. 2011 15TH JAN. 2011 The sage had soft corner for him and took his proper care. One day in the evening a group of students, after their prayers, came to greet him. Dhommya did not see Aaruni pre- sent in the group. The sky was overcast with grey clouds and there was lightning in the sky. Strong winds blew and it rained heavily. The same climate had prevailed previous night so thought the hermit. Also he had said last night that "it would be good if the rains would pass without damaging the mudwalls of our field. With these words of the last night and heavy rains that continued falling Dhommya feared that Aaruni might have gone there. It had rained last whole night. He inquired the stu- dents, "Did any one see Aaruni ?" The students replied," Since yesterday evening, he is not seen."At that moment the rains increased. Dhommya felt that Aaruni must have suffered a lot in the open fields.

VCK INVESTOR MEET AT BURDWAN VCK INVESTOR MEET AT CONTAI Aaruni replied, "No, my guru, I won’t get up. If I get up the wa- 16 JAN. 2011 5TH FEB. 2011 ter will flow out of this field. There is a hole here and I have blocked it with the help of my body. Unless the hole is sealed, I cannot get up." Upcoming VCK Investor Meets are @ Bhatar (Burdwan) and Nuntia (Purbo Midnapur). For details call 033 - 4009 9919 The guru blew the conch. Many disciples came running to the place. The brought stones and muc lumps from all directions and sealed the hole. After the hole got sealed, the sage said, Indian Economy: - Arijit Das "Now Aaruni, get up, dear Aaruni, get up."

Aaruni arose. He came down on his knees and said, "Guruji, The Index of Industrial Production (IIP) recorded a low growth of 2.7% in November 2010 as compared to an should I narrate my story. This place looks nice because of the 11.3% growth in November 2009 as well as a revised growth of 11.3% in October 2010. The IIP growth was led paddy-fields but now It looks more beautiful because of you a 6% growth of the mining & quarrying sector and a 4.6% growth of electricity generation in year-on-year (y-o-y) and the pupils together." terms. However, the growth was dampened by a low 2.3% expansion of the manufacturing sector, which dis- played considerably slower growth relative to the revised growth of 11.9% in October 2010. The growth of the Guru and all his pupils looked at Aaruni with eyes full of admi- Index of Six Core Industries, comprising cement, coal, electricity, finished steel, crude oil and petroleum refinery ration. Further Aaruni said, "Should I narrate my story?" products, with a combined weight of nearly 27% in the IIP index slowed to 2.3% in November 2010 from 8.6% Guruji replied, "Dear son, tell me!" in October 2010, thereby contributing to the slowdown in IIP growth. India's wholesale price index in December probably rose 8.35% from a year earlier, accelerating from Novem- ber's 12-month low of 7.48%. However, India's food price index rose 17.05% and the fuel price index climbed 11.61% in the year to Jan 22. India's exports jumped 36.4% to $22.5 billion in December, the highest level in nearly three years, while imports declined 11.1 % to $25.13 billion. Cumulative value of exports for the period April-December 2010 was $164.70 billion as against $127.18 billion during the same period a year ago, registering a growth of 29.5%. Imports de- clined 11.1% to $25.13 billion in December, narrowing monthly trade deficit to $2.63 billion. Cumulative value of imports for the period April-December 2010 was $246.72 billion as against $207.31 billion during the same pe- riod previous year, registering a growth of 19.01%. Furthermore, total trade deficit during the first three quarters of the current fiscal rose to $82.02 billion from $80.13 billion during the same period last year. Reserve Bank of India (RBI) raised repo and reverse repo rates by 25 basis points to 6.5% and 5.5%, respec- tively, in a bid to clamp down on resurgent inflation and warned that higher food prices could become en- trenched if steps to boost output are not taken. India’s purchasing managers’ index (PMI) for January, compiled by HSBC Holdings and Markit Economics, re- ported to be at 56.8 in January, broadly in line with December’s 56.7. This is a indication of marked expansion Aaruni said, "My respected guru, yesterday wanderingly I in the Indian manufacturing sector and at a pace that was stronger than the long-run series average came to this place and saw that the mudwall had developed a hole in it and water was running out of the field. You had pre- dicted that it was going to rain heavily and it might be our good Market logics : Why??? - Manish Bothra luck if it did not damage our mudwalls. All our paddy crop would have destroyed. In the very beginning of 2011 Nifty was trading at 6300 since then it corrected 16% to 5305 in just over a period Dhommya was pleased with Aaruni’s heroic deed and of one month. Credit goes to high end Corruption, Inflation, the worst of IIP data, the Egyptian issue and many said,"Dear son,you have suffered a lot. I bless you. I could see more adding to its glamour. enlightenment on your face.May your knowledge prove suc- It's a normal phenomenon. Nothing new in this correction…what ever goes up does comes back down & vice cessful now, you are an accomplished man. You are free to go versa….we all understand still we commit the mistake and we'll continue to do so going ahead. In my Novem- home. ber article it was mentioned if the FII's on a continues basis starts on selling to the tune of Rs 3000-4000 cr. The students along with their guru returned to their ashram. then we can think of a good downward reversal in the market that's what my logic believes and this what we Everybody praised Aaruni’s deed. Next day guruji gifted Aa- saw happening even the vice versa would result in positive effect. So far FII has net sold to the tune of approx runi several books and formally sent him off. Aaruni wit a blow Rs 10000 crore in equities since Jan 2011. For the market to move up FII's presence is very much required be- left guruji and his ashram. He had learnt all the sciences.After cause they provide the much needed confidence & liquidity in the market. his return from the ashram, Aaruni came to be known by peo- Nifty like to get good support above the 5350-5300 level and is most likely to bounce back however likely to ple as uddalak. Uddalak, literally means ‘dam’. Thus Aaruni trade in range of 300-400 points for the time being. gained much happiness by the blessings of his guru. Aaruni’s

This time the US & the Europe market has totally outperformed. I believe Dowjones likely to face some good reputation spread far and wide and came to be known as a resistance at 12100-12200 level before moving further higher whereas Nasdaq likely to face resistance around great scholar.

the 2800-2815 level & S&P at 1330. As long Shanghai is above 2700 its very much fine. Today, In Indian corporate environment, we desperately need I never see anyone happy whenever the market falls, everyone keep on complaining about the market…We infinite Aaruni who will take ownership and come out in ad- should stop the blame game rather should blame ourselves for the greed, which does the blunder time and vance as the “DAM” without waiting for others to save the again.. Market gives ample opportunity to make money, we do make however we never take the money home “PADDYFIELD” from the attacks of “FLOOD” of corruptions, however show our tireless expertise of rolling it time n again, Money also gets tired :-) procrastination, lethargy and lack of focus in work.

Mandi mein sab mandi aur teji mein sab teji...All we need to set our Goal right after all Money is a Mystery. - Dibyendu Ghosh Hazra

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Volume 1 : Issue 11, 8th February 2011 www.vckgroup.com VCK MARKET PULSE GROUP A GROUP B Australia India Pakistan South Africa New Zealand England Sri Lanka Bangladesh Zimbabwe Ireland Canada Netherlands Kenya Kenya Sl.No Date & Time Match teams Venue Results 1 Saturday 19 Feb,14:30 Bangladesh v India Sher‐e‐Bangla Cricket Stadium, Dhaka 2 Sunday 20 Feb, 09:30 New Zealand v Kenya M. A. Chidambaram Stadium, Chennai 3 Sunday 20 Feb, 09:30 Sri Lanka v Canada Hambantota International Cricket Stadium, Hambantota 4 Monday 21 Feb , 14:30 Australia v Zimbabwe Sardar Patel Stadium, Ahmedabad 5 Tuesday 22 Feb , 14:30 England v Netherlands Vidarbha Cricket Association Stadium, Nagpur 6 Wednesday 23 Feb, 14:30 Pakistan v Kenya Hambantota International Cricket Stadium, Hambantota 7 Thursday 24 Feb , 14:30 South Africa v West Indies Feroz Shah Kotla, New Delhi 8 Friday 25 Feb , 14:30 Australia v New Zealand Vidarbha Cricket Association Stadium, Nagpur 9 Friday 25 Feb, 09:30 Bangladesh v Ireland Sher‐e‐Bangla Cricket Stadium, Dhaka 10 Saturday 26 Feb, 14:30 Sri Lanka v Pakistan R. Premadasa Stadium, Colombo 11 Sunday 27 Feb, 14:30 India v England M. Chinnaswamy Stadium, Bengaluru 12 Monday 28 Feb, 14:30 West Indies v Netherlands Feroz Shah Kotla, New Delhi 13 Monday 28 Feb, 09:30 Zimbabwe v Canada, Nagpur Vidarbha Cricket Association Stadium, Nagpur 14 Tuesday 1 Mar, 14:30 Sri Lanka v Kenya, Colombo R. Premadasa Stadium, Colombo 15 Wednesday 2 Mar, 14:30 England v Ireland M. Chinnaswamy Stadium, Bengaluru 16 Thursday 3 Mar, 09:30 South Africa v Netherlands, Mohali Punjab Cricket Association Stadium, Mohali 17 Thursday 3 Mar, 14:30 Pakistan v Canada R. Premadasa Stadium, Colombo 18 Friday 4 Mar, 09:30 New Zealand v Zimbabwe Sardar Patel Stadium, Ahmedabad 19 Friday 4 Mar, 14:30 Bangladesh v West Indies Sher‐e‐Bangla Cricket Stadium, Dhaka 20 Saturday 5 Mar, 14:30 Sri Lanka v Australia R. Premadasa Stadium, Colombo 21 Sunday 6 Mar,14:30 India v Ireland M. Chinnaswamy Stadium, Bengaluru 22 Sunday 6 Mar, 14:30 England v South Africa M. A. Chidambaram Stadium, Chennai 23 Monday 7 Mar, 14:30 Kenya v Canada Feroz Shah Kotla, New Delhi 24 Tuesday 8 Mar, 14:30 Pakistan v New Zealand Pallekele International Cricket Stadium, Kandy 25 Wednesday 9 Mar, 14:30 India v Netherlands Feroz Shah Kotla, New Delhi 26 Thursday 10 Mar, 14:30 Sri Lanka v Zimbabwe Pallekele International Cricket Stadium, Kandy 27 Friday 11 Mar, 09:30 West Indies v Ireland Punjab Cricket Association Stadium, Mohali 28 Friday 11 Mar, 14:30 Bangladesh v England Chittagong Divisional Stadium, Chittagong 29 Saturday 12 Mar, 14:30 India v South Africa Vidarbha Cricket Association Stadium, Nagpur 30 Sunday 13 Mar, 09:30 New Zealand v Canada Wankhede Stadium, Mumbai 31 Sunday 13 Mar, 14:30 Australia v Kenya M. Chinnaswamy Stadium, Bengaluru 32 Monday 14 Mar, 14:30 Pakistan v Zimbabwe Pallekele International Cricket Stadium, Kandy 33 Monday 14 Mar, 14:30 Bangladesh v Netherlands Chittagong Divisional Stadium, Chittagong 34 Tuesday 15 Mar, 14:30 South Africa v Ireland Eden Gardens, Kolkata 35 Wednesday 16 Mar, 14:30 Australia v Canada M. Chinnaswamy Stadium, Bengaluru 36 Thursday 17 Mar, 14:30 England v West Indies M. A. Chidambaram Stadium, Chennai 37 Friday 18 Mar, 14:30 Sri Lanka v New Zealand Wankhede Stadium, Mumbai 38 Friday 18 Mar, 09:30 Ireland v Netherlands Eden Gardens, Kolkata 39 Saturday 19 Mar, 09:30 Australia v Pakistan R. Premadasa Stadium, Colombo 40 Saturday 19 Mar, 14:30 Bangladesh v South Africa Sher‐e‐Bangla Cricket Stadium, Dhaka 41 Sunday 20 Mar, 09:30 Zimbabwe v Kenya Eden Gardens, Kolkata 42 Sunday 20 Mar, 14:30 India v West Indies M. A. Chidambaram Stadium, Chennai 43 Wednesday 23 Mar, 14:30 First quarter‐final, Group A1 v Group B4 Sher‐e‐Bangla Cricket Stadium, Dhaka 44 Thursday 24 Mar, 14:30 Second quarter‐final, Group A2 v Group B3 R. Premadasa Stadium, Colombo 45 Friday 25 Mar, 14:30 Third quarter‐final, Group A3 v Group B2 Sher‐e‐Bangla Cricket Stadium, Dhaka 46 Saturday 26 Mar, 14:30 Fourth quarter‐final, Group A14v Group B1 Sardar Patel Stadium, Ahmedabad 47 Tuesday 29 Mar, 14:30 First semi‐final, Winner of Match 43v 45 R. Premadasa Stadium, Colombo 48 Wednesday 30 Mar, 14:30 Second semi‐final, Winner of Match 44v 46 Punjab Cricket Association Stadium, Mohali 49 Saturday 2 April, 14:30 Final, Winner of Match 47v 48 Wankhede Stadium, Mumbai VCK PUBLISING TEAM If undelivered Please return to: BOOK POST

Editor-in-Chief Hemal Kampani To,

Editor Samir Kothari

Senior Sub-Editor Varun Singh

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Research Team Tel: (033) 4009-9999/2287-2387 Deepak Tewary Fax: (033) 2287-8479 Ujjal Deb Roy Debanshu Patra Rina Sanghavi Email: [email protected] Arijit Das Nitin Agarwal Mumbai Office : 401 Malhotra Chambers, 4th Floor. 31/33 Police Court Lane Fort, Mumbai—400 001. Ph- +91-22– 6632 5727, Fax +91-22 6632 5737 Creative Consultants On behalf VCK Share & Stock Broking Service Limited, Printed and Published by Mr. Samir Kothari, Printed at Shree Krishna Print & Publicity Concern, 34, Kali Evolve Communication Krishna Tagore Street, 4th Floor, Kolkata - 700 007 and place of publication : Duckback House, 41, Shakespeare Sarani, Kolkata - 700 017. Editor : S. Kothari Registered. No. : KOL RMS / 419 / 2011‐2013 RNI Registration. No. : WBENG/2010/34033 Page :‐ 4 For more details contact@ 033 4009‐9919/ 98311‐51909 For Disclaimer and Terms of Use visit www.vckgroup.com