Muthoot Finance Ltd IPO Message Board (Page 4)

Loosing NBFC special status by RBI may lead to negative sentiment amongst investors/traders. However, a large scale business in niche area having strong management history. The gold loan business is concentrated much into southern states and would be expanded to other parts of India. Mannapuram has roped brand ambassdor as Celebrity while Muthoot is advertising through IPL.

Listing is not expected to lot of short term investors and would be looking for exit to participate in another IPO/FPO in next three four days.

GUNDU ANNA @ 929 -

SIR , IN FACT THE QUALITY , SIZE AND SAFETY-WISE THE BORROWERS OF MUTHOOT ARE POLES APART FROM THOSE OF MICOFIN COMPANIES LIKE SKS.
EVEN INTEREST RATES CHARGED BY THE TWO ARE VERY DIFFERENT - 18-19 % IN CASE OF GOLD LOANS AS COMPARED TO 26-28% CHARGED BY THE LIKES OF SKS.
SIMILARLY RISK OF LOAN-LOSSES IS VERY HIGH FOR MICOFIN COS WITH VERY SMALL PORTFOLIO SIZES AND POOR REPAYMENT CAPACITY OF THEIR CUSTOMERS.
HENCE MUTHOOT WILL NOT GO THE SKS - WAY , REST ASSURED.

SHREEDHAR IS VERY RIGHT ABOUT THESE FANCY MBA -DEGREE HOLDERS .
THEY HAVE ONLY BOOKISH TEXT-BOOK APPRAOCH.
ONCE I MET A FEW OF THEM MARKETING FOR LOANS FOR A LEADING PRIVATE BANK. THEY HAD COME TO A MUSHROOM - GROWER IN THE AREA FOR BUSINESS MOBILISATION AND DURING THE MEETING WANTED TO KNOW ' HOW BIG ARE THE MUSHROOM TREES ?'- LITTLE KNOWING THAT MUSHROOMS ARE GROWN INSIDE DARKENED ROOMS IN BAGS FULL OF MANURE AND NOT GROW ON TREES.
VERY FEW OF THEM HAVE PRACTICAL FEEL / KNOWLEDGE OF THE GROUND REALITY.
SO TAKE THEIR ADVICE WITH A PINCH OF SALT.
SREEDHARS , GEMS AND SAHARANPURIS CONTIRBUTING ON THIS FORUM ARE MUCH MORE KNOWLEDGEABLE AND INTELLIGENT , NO DOUBT.

Muthoot may become another SKS in the next one year...... it will be very difficult to fool the poor and middle class with high interest rates for long.

SahranpuriJi,
Leave aside the brokerage firms.They just write favorable reports based on understanding with the IPO market hitting firms.
The same Morgan stanley which has given a sell call on SKS Micro at 400 has given a buy call at 1200.What do these people sitting in air conditioned offices with fancy MBA degrees know.Did they care to even visit the field places & inquire with the loan takers about microfin firms??The same capital market has given 48 & above to ramky,ptc financial etc.The brokerage reports can only serve one purpose gain some change by selling to raddiwala.

Our conviction in stocks is enough why go for these useless brokerage reports.

Muthoot Finance (MFL), with gold loan portfolio of ~Rs130bn, is the largest gold financing company in India.
India Infoline Research Team / 14:34, 19-Apr-11

Price band Rs160-175

Muthoot Finance (MFL), with gold loan portfolio of ~Rs130bn, is the largest gold financing company in India. With ~20% market share in gold loan business, the company caters to the needs of ~4.1mn customers. A NBFC-ND-SI, MFL has 67% of its branches located in gold-rich region of South India and accounts for 75% of total loan portfolio from this region.


With immense potential for growth in the organized gold loan market, we believe a) early entry and leadership position in this niche segment b) wide spread geographical reach with presence primarily in rural and semi-urban markets c) lower LTV ratio (60%-90% of the gold content of the jewellery) with adequate collateral d) smaller ticket size with loan portfolio at less than 1-year, e) adequate capital with healthy return ratios and f) minimal concerns on asset quality with NPA recognition policy, should drive valuations for the company. SUBSCRIBE.

Immense growth potential in organized gold loan market

According to IMaCS Industry Report, 2010, India accounted for 10% of the total world gold stock in FY10 with annual demand for gold pegged at 700 tonnes. Gold-based financial products viz gold coins and bars, ETFs and lending against gold have gained traction particularly amongst retail consumers. With organized gold loan market estimated at Rs350-400bn, lending against gold has emerged as a most popular instrument in recent past. Further, with <5% of gold being pledged; 75% of which is pledged to unorganized market, we believe the gold loan industry is poised for healthy growth.


NBFCs better placed vis-Ã -vis Banks

MFL and other similar NBFCs are better placed as compared to banks owing to their flexibility, quick disbursal and an informal lending environment. Also with presence in rural and semi-urban markets, particularly in un-banked areas and relatively higher LTV ratio (60%-90% offered vis-Ã -vis 55%-65% offered by banks) NBFCs are in position to command premium rates and thereby enjoy healthy margins. Share of NBFC in gold loan market has improved from 18% in FY07 to over 32% in FY10.


Key risks remains: a) Mono-line stream of revenue with exposure predominantly in Southern India b) increasing competition in the gold loan space by banks and other NBFCs c) steep decline in gold prices.

IPO Positives

Strong Parentage and Financials : The financial performance of the company has, thus far been impressive with a steady rise in topline, bottomline and margins (@ over 20 per cent net level for November 2010). The company also benefits from its strong parentage and its group (Muthoot) companies. Moreover, it also has strong business and operating linkages with its other group companies.

First Mover Advantage and Fast Growing Branch Network : With the first mover advantage, a proven track record and being one of the biggest financer of gold loans in India with almost 20 per cent market share, the company seems to have a distinct competitive advantage over its peers either from the banking or NBFC space. With its strong presence in the rural and semi-urban markets the company also boasts of the largest branch network among gold loan NBFCs. Moreover, its strategy to expand branch network and visibility will not only help to maintain its market leadership position but also aid growth.

Banking on Brand Muthoot and its ability to raise capital : There is a certain amount of brand equity associated with the name Muthoot ( especially in Southern India ). This helps the company to successfully raise capital from diversified sources to sustain its growth momentum. Thus despite being a non-deposit taking NBFC, the company has been able to maintain its margins and also secure funds at a lower cost through means such as issuance of gold bonds.

Lower risk of default and thus lower NPAs : Almost the entire loan book to its customers can be safely assumed to be secured by an underlying asset that is far more liquid as compared to some of the other collaterals offered by any borrower. Moreover, the majority of customers for a gold loan are from the low to moderate income group where the propensity of default is comparatively lower. Moreover, gold jewellery is also associated with emotional sentiments and hence there is an attachment which triggers the urge to recover the pledged gold. This facilitates prompt repayment of loans and lower NPAs levels. Notably, the company’s gross NPA stands at less than 0.5 per cent.

Market leader in the fast increasing Gold loan market : Though Indians have long been known to be among the largest holders of gold in physical form, the demand for gold loans has been minimal for various reasons besides mere sentiment. Notably the organized gold loans portfolio accounted for merely 1.2 per cent of the value of total gold stock in India and thus suggests significant under-penetration. With increasing awareness, lower interest cost, easy and instant availability of loans (hassle free documentation), there are industry estimates that suggest it can be expected to continue growing at the rate of 35-40 per cent going forward.


Muthoot is the market leader in gold lending and considering the huge untapped market for gold loans and its wider and larger branch network as compared to its competitors, the under-penetration augurs well for the growth prospects of the company.

IT SEEMS THAT OPERATORS HAVE DELIBERATELY HAMMERED MUTHOOT FINCA STOCK SEEING THE LARGE ISSUE SIZE OF 900 CRORES & NEARLY 450 CRORES OF STOCK AVALABLE WITH RETAIL N HNI.

They were about the large grey market position & the compulsory squaring up of these deals in first 2-3 hours.So they deliberately butchered this stock n with no support from promoters who are an ethical player thys took advantage of panic moood of retail & HNI investors.

Its a long term hold in my view as the stock qualifies my 2 important criteria of
1) Huge Growth
2) Ethical Promoter

Views Invited

ANGEL SAYS APPLY

Gold at ‘work’
IPO Note | Banking
April 18, 2011
Organized gold lending - a fast-growing and highly profitable niche:
Organized gold loan NBFCs have grown at a tremendous rate of 76.2% CAGR
over FY2007-10 and a reasonably large potential market still remains, considering:
a) even as of FY2010, ~75% of the total market is with the unorganized money
lenders and pawnshops (Source: RHP, CRISIL), b) relatively lower rates of interest
and higher trust factor than unorganized players, c) increasing reach due to rapid
branch expansion, d) fast and convenient service and e) increasing acceptability of
gold loans aided by heavy advertising. Further, as of FY2010 only ~4.7% of India’s
gold holding is pledged for gold loans, highlighting further potential for future
growth. Moreover, small-ticket gold loans are a highly profitable niche, as the
target market for gold loan NBFCs are mainly un-banked customers and credit
costs are also low due to the gold collateral.
Leading organized player with proven track record: Muthoot Finance Ltd.
(MFL) has capitalized on this opportunity, growing its AUM at 93.8% CAGR over
FY2008-8MFY2011 (~20% organized market share as of FY2010 as per IMaCS
Industry Report). This growth has been underpinned by a strong branch network
through rapid expansion (56.5% CAGR over FY2008-11MFY2011), a strong and
trusted brand which has enabled swift customer acquisition, fast and convenient
service and relatively more flexible products than banks.
Outlook and Valuation: While gold loan NBFCs like MFL have seen highly
profitable growth so far, this has occurred in an environment of consistently rising
gold prices. Any sharp decline in gold prices could pose downside risks to growth
and asset quality. Moreover, recent developments regarding lending to relatively
low-income segments have highlighted regulatory risks to MFL’s business from
any regulatory capping of its currently high yields (~19% in 8MFY2011). That
said, post-correction, MFL’s closest competitor Manappuram (MGF) is trading at
1.8x FY2013E BV (Bloomberg consensus) and MFL has been priced equivalent to
MGF’s valuations at the upper end of the price band. Considering the reasonably
high growth potential and profitability, we expect moderate upsides at the upper
band, also taking into account MFL’s higher market share than MGF, better
operating efficiency, higher leverage and a more extensive pan India branch
network. Hence we recommend a Subscribe to the issue at the upper price band.
Key financials
Y/E March (` cr) FY2010 FY2011E FY2012E FY2013E
NII 604 1,173 1,831 2,196
% chg 103.6 94.4 56.0 19.9
Net profit 229 471 777 906
% chg 133.5 105.9 65.1 16.6
NIM (%)* 11.1 10.0 9.3 8.2
EPS (`) 7.6 14.7 20.9 24.4
P/E (x) # 23.1 11.9 8.4 7.2
P/ABV (x) # 9.4 4.4 2.3 1.8
RoA (%)* 3.5 3.6 3.5 3.0
RoE (%) 48.3 49.7 36.5 26.9

CAPITAL MARKET RATING 47 SAYING STRONGLY APPLY
Muthoot Finance

The largest Gold Financing Company in India

The company has long operating history, sound financials and solid track record, but valuation presumes continuation of high growth which can get constrained due to regulatory changes and increasing competition

Muthoot Finance is the largest gold financing company in India in terms of loan portfolio, according to IMaCS Industry Report (2010 Update). The company provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.

Muthoot Finance is a "Systemically Important Non-deposit taking NBFC" headquartered in the southern Indian state of Kerala with an operating history of over a period of 70 years

Muthoot Finance Gold Loan portfolio as of November 30, 2010 comprised approximately 4.1 million loan accounts in India which it serviced through 2,263 branches across 20 states. The company has further increased its branch network to 2,611 branches as of February 28, 2011, servicing an average of 67,953 customers per day in the month of February 2011. As of February 28, 2011, the company has employed 15,664 persons. According to the IMaCS Industry Report (2010 Update), as of March 31, 2010 Muthoot Finance branch network was the largest among gold loan NBFCs in India.

In the years ended March 31, 2008, 2009 and 2010, and in the eight months ended November 30, 2010, revenues from Gold Loan business constituted 95.97%, 96.71%, 98.08% and 98.50%, respectively, of its total income. In addition to Gold Loans business, the company provides money transfer services through its branches as sub-agents of various registered money transfer agencies, and recently has commenced providing collection agency services. The company also operates three windmills in the state of Tamil Nadu.

Muthoot Finance customers are typically small businessmen, vendors, traders, farmers and salaried individuals, who for reasons of convenience, accessibility or necessity, avail its credit facilities by pledging their gold Jewellery with Muthoot rather than by taking loans from banks and other financial institutions. The company provides retail loan products, primarily comprising Gold Loans. The company also disburses other loans, including those secured by Muthoot Gold Bonds. Its Gold Loans have a maximum 12 month term. Its average disbursed Gold Loan amount outstanding was Rs 31,553 per loan account as of November 30, 2010. In the year ended March 31, 2010, its retail loan portfolio earned, on average, 1.67% per month, or 19.94% per annum, and in the eight months ended November 30, 2010 its retail loan portfolio earned, on average, 1.57% per month, or 18.92% per annum.

As of March 31, 2008, 2009 and 2010, and November 30, 2010, its portfolio of outstanding gross Gold Loans under management was Rs 2179.01 crore, Rs 3300.07 crore and Rs 7341.73 crore, and Rs 12897.77 crore, respectively, and approximately 30.1 tons, 38.9 tons and 65.5 tons, and 97.6 tons, respectively, of gold jewellery was held by the company as security for its Gold Loans. Gross non performing assets ("NPAs") were at 0.42%, 0.48% and 0.46%, and 0.35% of its gross retail loan portfolio under management as of March 31, 2008, 2009, 2010, and November 30, 2010, respectively.

As of November 2010, Muthoot finance funding sources constituted- 37.5% of Working Capital Loans, 27.3% NCD-Retail, 26.3% Bilateral Assignments, 4.1% subordinated debts, 3.6% commercial papers and the balance from loans from Directors or relative of directors, term loan and overdraft facility from Banks, Unsecured bank loan and Inter corporate loans.

The company is coming with an IPO to raise around Rs 901 crore at the upper band of Rs 175 per share and Rs 824 crore at the lower band of Rs 160 per share consisting of a fresh issue of 5.15 crore equity shares and. Post issue Muthoot Finance promoters holding will fall to 80.12% from 93%. Currently the balance 7% is owned by Matrix Partners, Barings Private Equity India, Kotak Private Equity and the Welcome Trust.

The company intends to utilize the net proceeds to augment its capital base to meet its future capital requirements to provide for funding of loans to its customers and general corporate purposes.

Muthoot Finance and Muthoot Fincorp

Muthoot Finance is a non deposit taking NBFC headquartered in kerala with an operating history of over 70 years since M George Muthoot (father of the Promoters) founded a gold loan business in 1939 under the heritage of a trading business established by his father, Mr. Ninan Mathai Muthoot, in 1887.

Muthoot Fincorp is a NBFC registered with RBI and not in the listed space. Muthoot Fincorp is a group company of Muthoot Capital Services Company which is listed in BSE. Muthoot Fincorp as well as Muthoot Capital Services belongs to the Muthoot Pappachan Group. Muthoot Pappachan Group was founded by Mathew M. Thomas or Muthoot Pappachan, youngest son of Mr. Ninan Mathai Muthoot. Notably Muthoot Fincorp is also a leading player with significant market share in loan against gold business.

Key Industry Characteristics- Gold Loan Market

Market is largely unorganized dominated by small ticket loans usually through local moneylenders

Organized players add significant value in terms of standard practices and ethics

Entry of nationalized banks and new generation private sector banks has addressed issue of social stigma- Old private sector banks especially based in Kerala have long history in this business

Gold loans perceived as a convenient source of short term/bridge financing- Customer service, speed and convenience are key business drivers

Huge sentimental value attributed to personal jewellery/gold – ensures high recoverability

Ticket size of loans and effective maturity generally smaller considering target customer segment – mitigates risk of interest rate volatility

Interest rate sensitivity on a small ticket loan is relatively low

Strengths

As per IMaCS Industry Report 2009 the Gold Loans market is expected to grow at between 35% and 40% over the next three years. Moreover, as the market is currently under-penetrated, it is expected that the Gold Loans market will offer enough opportunities for portfolio expansion and retain attractive margins for all existing specialized NBFCs, banks and new entrants.

The company has an operating history of over a period of 70 years. It gives them an edge in terms of capabilities, trust and expertise.

Gold as collaterals with a LTV raging from 60-85% gives robust security to amount lent. Also Sentimental value for personal jewellery ensures high recoverability. So, the chances of NPAs are relatively lower. Net NPAs as a percentage of Gross retail loans stood at a minimal 0.46% at the end of FY’10.

Maximum tenure for loans is 1 year while average maturity is approximately 3-6 months. So the business not adversely impacted by the gold price fluctuation. Also Small ticket size loans lowers risk/impact of bad loans

Business model ensures a positive ALM ( Asset Liability Match) as loan maturity are of less than a year and borrowing tenure is greater than a year.

The company has a strong presence in under served rural and semi urban markets where majority population has limited access to credit.

India is one of the largest markets for gold accounted for approximately 10% of total world gold stock as of FY’10 with 18000 tonnes of gold.

Weaknesses

Interest rate charged by banks for Gold loans vary from 8-10% in case of loans for agricultural purposes and approximately 12-13% on loans for non agricultural purposes while NBFCs charge between 22-26% approximately for the same Gold loan which is not sustainable in the long run and regulatory cap may come at some level.

With increased attractiveness of Gold loans commercial bank as well as other NBFCs are also foraying into Gold loans thereby increasing competition.

Gold loan market is highly concentrated in southern India accounting for almost 85% to 90% of the total market. Rest of India is still to catch up or accept Gold loan concept. At the end of Feb ’28, 2011 Muthoot finance’s 67% branches were located in Southern India, 18% in North India, 11% in Western India and 4% in the Eastern India.

Promoters plan to register the "Muthoot" logo and other combination marks in their names. Pursuant of which the promoter proposes a non exclusive license to use the Muthoot Trademark for an annual royalty equivalent to 1% of the gross income of the company, subject to a maximum of 3% of profit before tax (after charging the royalty) and managerial remuneration payable by the company each financial year. This will reduce profits to that extent as currently no royalty is charged.

There is an ambiguity on whether or not NBFCs are required to comply with the provisions of state money lending laws that establish ceilings on interest rates. The company received show cause notices from certain Government authorities in relation to compliance with relevant money lending statutes in relation to its operations in the states of Gujarat and Kerala. Further if provisions of any state specific regulations are extended to NBFCs in the gold loan business it would mean increased costs of compliance.

The company is exposed to operational risks, including employee negligence, fraud, petty theft, burglary and embezzlement as it handles high volume of cash and gold jewellery in a dispersed network of branches

A recent notification issued by the RBI in February 2011, has stipulated that loans sanctioned to NBFCs for on lending to individuals or other entities against gold jewellery would not be eligible for classification as priority sector advances. This means higher cost of funds for the NBFCs.

The Promoters, Directors and related entities of the company have interests in a number of entities, which are in similar businesses and this may result in potential conflicts of interest.

Valuation

Muthoot Finance annualized EPS for 8M FY 2011 on post-issue equity works out to Rs 11.8. At the price band of Rs 160 to Rs 175 P/E works out to 13.6 to 14.9 times. Manappuram General Finance and Leasing Company (MAGFIL) another Gold loan company with less than half of its size in terms of income is currently trading at P/E of 22.4.

Current book value of Muthoot Finance is just Rs 35. Post-issue Book Value works out to Rs 52.6 and Rs 54.7 at issue price of Rs 160 and Rs 175, respectively. P/BV at both the bands works out to be 3.0 and 3.2 times, respectively. MAGFIL is currently trading at a P/BV of 2.9

Muthoot Finance: Issue Highlights
Sector       Finance-Investments
Sector TTM PE       12.9
No of shares fresh issue ( in crore)       5.15
Price band (Rs)       160-175
Post-issue equity (Rs crore)       371.71
Pre issue Promoters stake (%)       93
Post-issue promoter stake (%)       80
Issue open date       18-04-2011
Issue close date (for QIB Bidders)       20-04-2011
Issue close date (for non QIB Bidders)       21-04-2011
Listing       BSE/NSE
Rating       47/100



Muthoot Finance: Financials
Particulars       0603 (12)       0703 (12)       0803 (12)       0903 (12)       1003 (12)       1011 (08)
Interest Income       142.83       223.59       357.94       606.24       1077.45       1289.35
Interest Expense       64.82       99.90       179.80       309.77       473.73       582.56
Net Interest Income       78.01       123.69       178.14       296.47       603.72       706.79
Other Income       5.24       10.38       10.70       14.16       11.93       12.32
Net Total Income       83.25       134.07       188.84       310.63       615.65       719.11
Operating Expenses       38.52       60.02       84.45       152.59       255.21       267.49
Operating Profit       44.72       74.05       104.39       158.05       360.44       451.62
Depreciation       3.386       7.097       7.414       9.878       14.89       10.5
Profit before Tax       41.34       66.96       96.98       148.17       345.55       441.12
Provision for Tax       14.21       22.98       33.38       50.45       117.98       149.63
PAT       27.13       43.98       63.60       97.72       227.57       291.48
Net Adjustments       0.24       0.12       0.53       -0.15       -0.94       0.00
PAT as restated       26.89       43.86       63.07       97.87       228.52       291.48
EPS*(Rs)       0.7       1.2       1.7       2.6       6.1       11.8
* Annualised on post issue equity of Rs 371.71 crore, Face value Rs 10/-
Figures in Rs crore
Source: Capitaline Corporate Database



Gold Loan Portfolio outstanding of various financiers ( in Rs crore)
Company       FY'07       FY'09       FY'10       CAGR (%)
Muthoot Finance       1420       3300       7342       73
Muthoot Fincorp       470       1180       2220       68
Manappuram General Finance and Leasing Limited       480       1200       2560       75
Indian overseas bank       470       1180       2220       68
Indian Bank       1700       3250       3920       32
State Bank of Travancore       1140       1600       1930       19
Federal Bank       600       1070       860       13



Gold Loan Market Share (%)
      FY'07       FY'09       FY'10
Muthoot Finance       11.0       13.4       19.5
Muthoot Fincorp       3.6       4.8       5.9
Manappuram General Finance and Leasing Limited       3.7       4.9       6.8
Indian overseas bank       13.1       12.6       13.9
Indian Bank       13.2       13.2       10.4
State Bank of Travancore       8.9       6.4       5.1
South Indian Bank       4.7       6.1       6.3
Federal Bank       4.7       4.3       2.3
Andhra Bank       3.1       3.6       3.7
Total Gold Loans (in Rs crore)       12910.0       24630.0       37640.0



Muthoot Finance: Key Operating Ratios
      FY'08       FY'09       FY'10       8M FY'11
PAT Margin       17.1       15.8       21.0       22.4
Return on Average Equity (%)       33.9       34.1       48.3       51.0
Yield on Average Advances (%)       19.5       21.7       19.9       18.9*
NIM (%)       9.7       10.6       11.2       10.4
Gross NPA (%)       0.42       0.48       0.46       0.35
Net Worth ( in Rs crore)       213.1       361.4       584.1       1131.4
Leverage       8.99       8.76       9.04       8.06
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Gem ipo finder

What is your monthly brokerage payment & who is your broker. what is your trading limit with one lakh deposit with the broker.
You have done about two crore ( 60000 X 2 X 170 )worth trading on Mutooth on listing day. Even if you have got one percent profit, it is one lakh. Quit a high amount but then you have paid about Rs. 3000 as taxes etc.
I want to change my broker. Kindly reply.

Jo kal sell nahi kar paiy ,woh tarah tarh ki dalilay day kar apnay dil ko majboot kar rahay hi, is fiis nay itna buy kar liya my dear agar kisi nay buy kiya tho usko kisi nay ussay jiyada sell kar diya nahi tho rate na bad jata.

FY'11 EPS SEEN @ 12.5-13 ON EXPANDED EQUITY

SO @ 16 PE STOCK IS COMFORTABLE @ 200

total 8 crore shares traded of which 2 crores share delivery given so tomorrow it will surely rise by 10% as institutional investor want sale and retail sale is over

Dear GEM - Those were interesting details on Muthoot.

Sad that Muthoot got listed

1) after more than 1000 points fall in sensex from ipo close date
2) after RBI announced a hike of 50 basis points in repo, reverse repo rates
3) after RBI withdrew the special status to NBFCs.
4) after a dramatic fall in all commodities across the globe on growth fears.
5) finally on a day when JP Morgan slashed its target for SKS by 50%.

Considering the above, Muthoot listing in positive and closing at its IPO rate is indeed a remarkable feat.

Now only expecting a better price in the days to come.

I am new to this site, holding 40 shares of this. should i exit or hold for long. can i buy more on dip.

i truly believe in gem ipo finder, i have seen his contract note, he is a real gem in stock market.

Gem ipo finder

I think u waste your time to replying such Faltu comments from crap bloger like this so called drgaganjain. what the hell this dr. doing here on ipo bolgs. we just waste our time to read his -tive comments.
We all chittorgarh bloggers use a guidance from sr. boarders like sridhar, ravi, chemcho, gem, vas nat, gane & many of others. So i request u to please go ahead with your valuable reply to help us more.

Gavin

i have not received my refund in icici bank what i have to do kindly suggest any body

block deal in muthoot on nse-

CROSSEAS CAPITAL SERVICES PVT. LTD.      BUY      2533747       173.26

DEUTSCHE SECURITIES MAURITIUS LIMITED      BUY      2225162      184.77

GENUINE STOCK BROKERS PVT LTD      BUY      1932333      175.88

CROSSEAS CAPITAL SERVICES PVT. LTD.      SELL      2533742      173.36

GENUINE STOCK BROKERS PVT LTD      SELL      1932333      175.96


so on net basis deutche securities bought some 22 lac shares @ 184 good very good.........

there is no bulk sell trade found except for squre-off trade on both the exchanges so no big qib sold so this artificial pressure by some small brokers will not sustain and stock will defineatly trend higher from monday