Cupid Ltd: Does this small-cap have large potential?

Key details: Price: 283, Mcap: 3.1bn

Given that this one is a small-cap, unheard and not so popular name on the street, I thought of listing its business profile at the top and will later highlights its key positive and risks. I came across this company after it made a debut on Forbes Asia’s Best under a Billion list this year and realised later that the company is well-researched on few blogs.  I list my perspective and key indicators to be monitored below.

Biz Profile

• Cupid Ltd. is engaged in the business of manufacturing rubber contraceptives and allied prophylactic products. It manufactures and markets varieties of male and female condoms. The Nashik-based company primarily supplies condoms to governments and NGOs for their AIDS prevention and family planning programs.
• It has a long-term agreement with the WHO/United Nations’ Population Fund (UNPA), supplies primarily to Africa where condom prevalence rate is low, and exports constitute ~80% of its sales.
  
  
• It is only second company in the world to get pre-qualification from WHO for the female condom.The Female Health Company (FHCO US) in Chicago is a key competitor for female condoms which makes FDA approved.the FC2 Female Condom.
• Company has capacity to produce upto 325 mn pieces of male condoms and upto 20 mn pieces of female condoms annually. Capacity utilization in FY16 was 64%.
• Note that female condoms are 10x the price of male condoms, and therefore despite having only 6% of capacity towards female condom, rev. contribution of female condoms is about equal that of male condoms in its top-line. 

• Promoter background: Omprakash Garg, who’s spent a good part of his life in Canada and the United States as a mining company manager, veered to gold jewelry distribution in the U.S. He took a stake in Cupid when it was founded by friends in 1993. But Garg now owns 49% of the company. He moved back to India in 2008 to run it full-time.

Key projections/ statistics

• Chairman says globally there is a huge demand for female condoms and it is expected to grow three times in the next five years (i.e 25% CAGR). Hence, Cupid is looking to double it's female condom capacity. 

• While the male condoms market would demonstrate a growth from annual 27 billion units to 42 billion units by 2020 (i.e 12% CAGR), and Cupid stake in global condoms is only  ~1% which goes to show the opportunity pool for Cupid.
• Indian sexual wellness market is touted to explode nearly nine-fold from ₹1,000 crore in 2014 to ₹8,700 crore by 2020 (i.e  43% CAGR). Successful entry into this market could mean huge untapped opportunity.

What attracts me about this company?

• Healthy financial profile...: Cupid has grown its revs. and EBITDA by 24% / 74% in the last four years as EBITDA margin expanded to 43% from 11% four years back. It's net profit has grown over 25x during the same period. Further, it's debt free status, and high return ratio (FY16: 44%) puts it in the best-in-class category.
  
• ... with huge growth potential: Global total revs from condoms, including the tenders and in the open market was about $27 billion and Cupid topline is at <$10mn... While this may not be true representative, but gives us an idea of growth potential. Cupid II product is under review by UNFPA (expected in Oct 2016), and has also launches recently water based lubricant jelly which can alone add 10% to revs.  

• While some could argue if recent growth achieved is sustainable, I would highlight that mgmt. expects 15%-20% growth for FY17E/18E, which will put it at Rs 800 mn topline company and mgmt. has guided 30-35% sustainable margin in the long-run. We note that margins in female condoms are 50%-60%, significantly higher than male condoms due to lesser competition. Assuming its guidance come true, company trades at 20x FY18E earnings, which I think is cheap if we were to look at slightly longer picture. 

Key moat in the biz

• Moat in the business is that it has cost advantage. Cost of producing a condom piece is 4 Rs for Cupid as compared to Rs 15 of it only competitor FHC, listed in US. Plus barriers to entry in the form of WHO/UNPF approval, which is difficult to get and time consuming.

Key risks/ negatives

• Majority of the revenue comes from B2B where it participates in the tenders and get long-term contracts awarded, that is its primary source of revenue (c.80%). The second one is the job work, third party contract manufacturing we do. The consumer business is minimal right now. Thus, visibility of its brand and thereby pricing power is less.
• Despite huge opportunity within its own biz, mgmt. is contemplating acquisition opportunities in baby/adult diapers, sanitary napkins, and hand sanitizers to utilise its cash on the B/S. I fail to understand that at one-hand mgmt. says the opportunity pool in condom market is huge, why does it want to venture into other categories where big players are already present. 

Conclusion

Cupid indeed has potential to barge into 100+crs topline club soon and if mgmt. executes well it can really make it big in domestic retail biz. and global wholesale biz. Valuations too are undemanding, and I would expect limited downside even if it falters slightly in between.

  

PVR: Reaping benefits from herd mentality among its customers

Key details: Price: 790, Mcap: 37.0bn

I have been passively tracking this company for long and believe that it is now in a sweet spot to benefit from multiple structural and cyclical triggers. I would highlight key positives, key risks and explain biz profile briefly. 

Key positives

• Consumerism boom: I see PVR as a key beneficiary of India consumerism boom- favorable demographics (2/3rd of its population is born after 1980s representing millennials and Gen Z who are avid movie-goers), rising affordability/ discretionary income levels, increasing spend on leisure activities, move towards premiumisation, and rapid urbanization are some of the key long-term drivers.
• Structural drivers : This along with structural benefits specific to the cinema sector such as:
• Screen penetration is low in India (9 screen for every 1mn population vs. 125 in USA and 85 in France). 
• rapid shift from single screen to multiplex chains as movie-going is increasingly viewed as an “experience” rather than an “event” (multiplex screens represents only ~16% out of total ~10k screens across India). 
• lack of other meaningful entertainment options for families (theme parks/game zones are few, weekend gateways are costly, and sports entertainment other than cricket is scarce).
• Cultural inclination for movies/ arts and rise of professionally managed production houses (India has highest no. of movie produced every year: ~1600 each year vs. 475 in USA and 750 in China; has second highest cinema footfalls in the world, but is 6th largest movie market in the world with $1.5bn domestic collections)
• Sector consolidation is a big positive: In the last couple of years, due to limited opportunity for organic growth (as new real estate growth has slowed down, license issuance was slow from govt. authorities) industry leaders have grown not only through organic screen additions, but also through acquisition of smaller regional multiplex chains and single screen players - this includes Inox acquiring Satyam, Carnival buying stake in Big/Broadway cinema, Mexico-based Cinepolis acquiring Fun cinemas, and recently PVR buying into DT cinemas. Top 4 players now account for 80% of multilpex screens. Size does matters in this industry as it can help to bargain with distributors over content costs, and lower competition gives scope to increase ticket prices. 

• Leadership position in attractively poised market: Post its acquisition of Cinemax and now DT Cinemas, PVR has strengthened its leadership position (30% and 20% of Hollywood and Bollywood’s box-office share) and has developed a strong brand due to world-class cinema experience resulting in industry-leading ATP and ad-revenue growth. PVR is on track to expand organically (60–70 screens every year) which should further increase its market share and give it a first-mover advantage in small cities leading to strong return ratios.

• Best placed in movie-biz value chain: A report by FICCI-KPMG suggest that film industry has grown steadily at 11% CAGR in the last few years and expected to grow at same pace in the coming years too. Five years back only two movies made it to elite club of 100 cr collections, but that has climbed to 9 movies this year and as difficult to believe it could be every year we have new record being set at box-office. While industry representatives highlights that wider screen releases and improving content quality as a reason for this success, I believe that higher BO collections has increasingly turned into a "marketing" tool, which results into more people flocking to theatres (typical herd mentality) and thereby adding to collections. Within the movie value chain, I think theatre-owners are best-placed as they have lesser risk of movie not doing well as compared to production house/ distributors. 

Key near-term trigger for shares (Why to buy now?): 

• Content over the next few months is promising as big-budget releases are lined up in the next two weeks (Dilwale, Bajirao Mastani and Star Wars) which could see strong box-office collections. Also, movie releases from popular actors are more tilted toward H1 of CY2016 (Raees, Mohenjo Daro, etc) versus a general trend of a quiet H1 period.
• PVR is one of the prime beneficiary of the upcoming GST as currently entertainment tax varies for each state and not available for set-off against service tax it pays on rent, electricity, etc. The headline GST rates are expected to be lower (17-18%) than current tax incidence (25-26%), and will also benefit from input tax credit which should aid its EBITDA margins by 250-3000 bps.
• Food and beverage has high potential: Although spending per head on F&B is improving (39% of ATP), it still lags global peers and gross margins have scope to improve due to in-house preparations.
• Shares have corrected 20% from its recent peak and provide us with good entry opportunity.
• Valuations: PVR trades at FY17E EV/EBITDA of 9x, but is expected to grow its EBITDA by 30% CAGR over FY15-18E. This is at a discount to the Indian consumer discretionary names which are trading at EV/EBITDA 2017E multiples of 15-20x. While return ratios are depressed now (RoE: 4-5%), as it is in investment phase, on a steady state basis PVR should be able to generate 20-22% RoE. 

Key risks 

• PVR’s net debt has increased ~10x in the last four years to finance acquisitions and meet a rapid expansion strategy, which has weakened leverage ratios (net debt/ EBITDA of over 1x): However, I view the situation changing soon, as the recent QIP issuance will be used to fund the DT Cinemas acquisition, and would not expect any major acquisitions in the near term. PVR also announced a non-convertible debt issuance of Rs 5.0 bn to refinance it old debt which should lower interest cost by 80–100 bp.
• Rising movie piracy and change in consumer behavior towards OTT/ online viewing (like in USA) could mean lesser footfalls in theatres: My counter-argument is ticket prices in India are still low as compared to developed world, and the social fad to watch movie on the first weekend has still lot of relevance in India.
• High fixed cost in the biz and if content disappoints, then quarterly revenues/ earnings could  be volatile.  

Biz Profile:

• PVR Ltd is the largest cinema chain India with 475+ screens in over 100 properties in 44 cities across India. It's presence is largely in Western and Northern India (45% / 29% of its total screens), where affordability level is better and regulatory price restrictions are lower.
• Due to its premium location advantage, cutting-edge technology and best-in-class movie experience that it offers, PVR commands highest ticket price and advertising revenue per screen.

Blogging after long time…

This post comes after really long time… It’s been over 1.5 yrs since I blogged about markets.  I had started with so much excitement about blogging and had made up my mind to put all my stock ideas on web so that I can read, analyze and introspect the winning and losing ideas over a period of time. The idea was to see how I think and feel about the markets at different points of time. But then I crashed and burned out even before it all started.

So what went wrong and what was I doing for all this time?  No, I haven’t been idle for all these months and neither was I away from stock markets. It was combination of factors that pulled me away.

First, it was Compliance. As my blog started receiving attention from my peer circle, the news reached my boss. While he appreciated my writing style and thoughts; he urged me to not indulge in expressing views openly as it will breach company’s compliance policy. He was penchant about the idea to be introspective of past opinions and believed in blogging; but wanted me to blog ‘anonymously’. I readily agreed, as this blog was never meant to bloat to outside world of my capacities but it is a real test to understand my thinking pattern and stock ideas. Since then, I have changed some sections of d blog to not reflect my identity.

Second, I was trapped into ‘Too busy’ cycle- managing and doing too many things at time. At work, like most other people in this world of equities and investment banking, I was occupied in long-hours extending into late evenings on most days. And outside work, I was occupied preparing for CFA level 3 exams last year which were eating away my weekends and even weekdays. With god’s grace and determined efforts, I have managed to clear the exam and now a CFA charter holder.

Third, it seemed that blogging is easy and not much time consuming… But no I was completely wrong. When you put out things on web which you cannot and do not want to change later, you need to be vigilant of facts and mindful of language to be used. Certainly, don’t want to be in a position where someone could point out errors and logical flaws later.

Lastly, I will acknowledge that I got distracted. With the fear of being on wrong side of stock trade, I failed to publicly post a stock idea. I did not want to be known among my peers as an analyst whose stock ideas are ‘multi- beggars’. I don’t want to be laughed on for timing everything wrong. I don’t want to lose my hard earned money by investing in stock ideas which may not be favorites of fund houses. But then last week as I was reading ET article, sanity prevailed. I realized that fear of failure should not stop me from trying. I shouldn’t be worried of my peer circle as they will equally be making wrong choices but may not accept it openly. I may not make big money in my early trades but atleast it will leave me with an experience of what went wrong and if wisely corrected can yield me good returns in future.

With this article, I make a ‘Comeback’ to the world of blogging with intentions of putting up atleast one article every month. I want to should loud that I am all ready to face challenges of equities. The desire to blog – to share my heart on stocks I like- won’t stop me from blogging. 

Markets at new high, fundamentals at new low-Should we buy or sell?

We have again reached a point where attempting to explain an utterly irrational market, in which sentiments turn quickly overriding any fundamental news flow. With stocks reacting like petulant, schizophrenic children, fundamentals are totally meaningless: rally of over 800 points on Sensex in last 3 days has become perfect example- as unchanged credit rating by Moody’s and bullish note by leading broker, both said absolutely nothing of improving business/economic environment - have been enough to override last 1.5 years of actual deteriorating fundamental data.

Despite GDP growth slumping by over 250bps in last 1 year reaching the lowest point since 2003 in Q2FY13 at 5.3%, inflation remaining stubbornly high, current a/c deficit at levels difficult to imagine and fiscal deficit showing no sign of improvement; equities have clearly given all a miss rising by over 20% in YTD12 hitting 19400 on Sensex. 

In the meantime all the sell side firms are turning overtly bullish on outlook for 2013, for reasons they themselves fail to explain and have contradicted in the past. I wish I can repost all my collection of Outlook for 2012 published last year by leading brokers; needless to say they were all cautious or bearish when Sensex was at 15500. I don’t mean to demean these institutions bcoz they have been very successful for spotting new trends, stock ideas and market movements in the past. Could it be that they were just lucky–in an up market? I think in estimating future, there are only good ideas, bad ideas, and luck. And really, it’s mostly luck.

Nasim Taleb in his books Black Swan and Fooled by Randomness has addressed this issue brilliantly.  His basic premise is that financial experts underestimate risk. As such they are caught by surprise when some significant unforeseen event occurs. Taleb’s conclusion is that the success of most traders in hedge funds and investment banks are mostly the result of luck. Their investment philosophy just happened to coincide with the market at a given time.

Honestly, the rally has taken me by surprise and I have a strong left-out feeling for not investing in market after crossing 18400 in September. Therefore, I have decided to consciously review the current scenario and have unbiased expectation for future to decide next course of investments. Many experts believe that current downtick in GDP/ fundamental data is similar to Tech bubble of 2000-02 and is a therefore good entry point for investors who missed out on 2003-07 super rallies as we could see a similar rally in coming years as data improves. An extension to this thought to which I also readily agree is that while GDP has fallen to 9 yr low, the rate of fall (second derivative of GDP growth) is decreasing and we have likely seen the bottom of GDP / investments and will see improving data points from next qtr.

Yes, current economic situation is very similar to FY01-03 period when GDP had dropped sharply along with strong rupee depreciation. The corporate sector going into 2000 was not too dissimilar from what it has been going into 2012. Balance-sheets were extended – leverage was high, margins had fallen and ROEs were modest. Sales growth was beginning to slacken, high interest costs were hurting, and asset risks for the broader banking system were high.

As the table above highlights, over the three year period, when growth was low and below its previous averages, there was a positive reversal in most macro parameters. Inflation moderated materially, interest rates stepped down structurally as banks hoarded capital and moderated risk, banking sector liquidity rose substantially, and the current account turned into surplus.  

Now to have a rally similar to 2003-07 post crisis periods, we need to see these data improving like it did in 2003. Therefore, the next big question is- are we at a similar starting point for reversal of economy?

Inflation unfortunately shows no sign of improvement- thanks to easy money policy by Fed which has kept crude prices at high despite falling demand; interest rate though likely to come down in next 6 months has failed to meet expectations of sharp climb down. Current a/c deficit cannot improve in short run as we fail to exploit the advantages of weak rupee (at Rs56 now) when countries like China, US and Japan are striving hard to keep their currencies artificially low and promote exports. In fact the big difference that I see between 2003 and now is emergence of Indian IT industry on a global scale which contributed substantially to GDP growth as well as building foreign reserves. My imagination fails to see the next big league of industry/service that will bring dollars back at home.

On valuations, despite macro data disappointments and downgrades, Sensex is now trading at 14.2x forward earnings which is slight discount to its long term average (LTA) but at significant premium to its previous down cycle years. I think we should not rest our case on LTA as we are unlikely to see 9% GDP growth in near future and tail risk for global economy also exist.

Therefore in my opinion, street is pricing in too many optimistic outcomes and downside risks remain high on slight disappointments. Importantly, we do not have global economy support which was omnipresent during FY03-07 period (it was not just India that did well during this period but all major economies including US,BRICS, PIIGS have seen strong equity rallies during this period and we were not very different from world as perceived by many). Fiscal cliff in US and Greece/Spain bailout outcomes can see sharp downside cuts in coming weeks and will therefore invest only at declines. I know by waiting on sideline, I could miss out on a big rally but then I am a "Thinking Analyst" and not a gambler who wants to double the money quickly. I dont mind buying at higher levels when data shows some sign of improvement rather than buying in the hope that things will change for reasons unknown to us now.

Down and out- Is ARSS Infra Speculative or Contrarian bet? (CMP Rs46)

A company with market cap of only Rs680mn, having lost more than 60% in last 3 months, perceived to be driven by operators  and in a sector which nobody wants to own, ARSS Infra has all the elements for being a perfect short candidate for many and certainly  in “Not Interested” list for fund managers. I know it could be tremendous risk for my blog to start writing on a company which is down and out with no possible investors.  I might be classified by some of you as a speculator or by some other as inexperienced, untalented and high risk seeker analyst who is interested in making quick money like Rakhi Sawant or India TV.

But then investments is not always about buying the best companies but it is also about buying not so bad companies at a value which is dead cheap. Ofcourse some will argue, bad companies have zero value and will be delisted but then how to classify them is a difficult task. Therefore, let me take you into this company some 2 years back.

Company had raised Rs1030mn through IPO in Feb 2010 with a price band of Rs410-450 per share. At time of listing, nine month financial details for FY10 were all upbeat –Revenue of Rs6100mn ,EPS of Rs 40, book value of Rs 158, RoE at 29% and order book of over Rs25000mn (4x FY09 sales), resulted in huge investor appetite and the issue got oversubscribed by whopping 48 times. With listing gains of Rs300 and then trading firmly to make a high of Rs1250 over next 4 months, ARSS looked poised to be next big infra bet for many with market cap of Rs18000mn.  But that is history now, as financials have deteriorated and so has stock price.

Reported FY12 nos showed contraction in topline, ballooning interest cost, colossal jump in receivables and loss at PAT level. As if it was not enough, inability to meet margin calls by promoters has led to massive selling by financial institutions. As on March 2012, promoters owned 54.5% of equity (80.7 lakh shares) about two-thirds of which was in the pledged form. In June alone, IFCI sold nearly 43 lakh shares, which account for a 29% of ARSS Infra’s equity capital and the stock slipped 26% to Rs 40, which is over 90% lower than the price at which the company had made public issue in early 2010. What surprises me is if IFCI sold 43lac shares even at avg price of Rs 60, it would not have recovered  more than Rs250mn, that is too less for a client who has more than Rs2800mn of long term debt & another 7000mn of ST borrowings. I wonder how institutions operate when they sell shares. But that’s not the agenda in this post, maybe another blog someday on such cases.

Unlike a regular analyst, I don’t want to start believing outright that things will improve immediately & then with an estimated EPS of blah blah and multiple of x, stock should easily trade at Rs100. For companies which are outright in distress with zero visibility in business should in my opinion be valued at liquidation value- (a value that can be recovered by selling physical assets and paying off its debts). Markets are unlikely to give them any premium or multiple as they are enclosed by uncertainty.

Benjamin Graham, a legendary value investor in early 1930’s suggested an easy formula for liquidation. Value of Company > (Total Cash & Equivalents + 0.75 *Receivables+ 0.5*Inventory – Liabilities)  I tried running this criteria over Indian companies but couldn’t find reasonable sized company trading at deep discount to liquidation value. The next simple and logical step is Book value (Value of Assets- Value of Liabilities). Stock trading at discount to book value indicates that market is expecting company to erode value through increased losses which will wear down previous years retained earnings i.e in accounting terms- RoE will be less than required rate of return. For my friends from non-finance background, I know it is difficult to comprehend and is similar to how I see Alpha, Gamma and sin teta, but you can chose to ignore if you want to.

The next obvious question in my mind is what discount to book value is great entry point for value investors? I picked up few construction companies, where sustainability of businesses were in doubt either due to regulatory, political, balance sheet or governance issues to check out what lowest price to book multiple they traded during last 1 year. Since estimation is poor indicator for distressed companies, I relied on reported book value at that point of time. 

Exhibit 1: Large construction companies under stress

Exhibit 2: Pure road construction players at their lowest valuation

Exhibit 3: Similar size peers at their lowest Price to book valuation

The exhibit says it all.. Stress is never permanent as you see how swiftly prices have moved for larger companies whose survival was in question just few months back. I find it difficult to believe, that company with Rs12000mn revenue and B/S size of Rs20000mn to trade at lowest multiple  which was not seen for any company in last 1 year.

Even valuing ARSS at lowest multiple of 0.2x, will take stock price higher by 20% and going by avg of its immediate peers it should double the stock price.  Therefore, I would like to take a small exposure of 3-4% in a portfolio. I believe stocks like ARSS Infra have potential to turn multi-bagger but are surely for high risk seeker investors. If sentiments improve, then we could see going concern value in addition to liquidation value & that could re-rate the stock from current levels. No doubt, we could also see sharp downside cut in the stock as events unfold but I guess it’s worth a risk.

Key Risk

My underlying assumption behind this thesis is ofcourse, reported numbers are genuine and not manipulated as we see in increasing infrastructure and real estate companies and that remains key risk to investment. Next 2 quarters results will determine the destiny of this company and shall be subject to high risk events. 

Idea behind "Thinking Analyst"

What’s in a name, said a Shakespeare and I believe it is “Everything”. A good name is a strategic asset that can be leveraged to gain competitive advantage; it is a safety buffer that can be called upon to protect you against negative news, it is a brand which commands premium at market place and hence dedicating my 1^st first article on etymology of “Thinking Analyst” and idea behind setting up this blog.

Being a bachelor and no editorial writing experience before, this is my only chance to give a name to somebody- my new born blog desires to have a name that reflects my persona and symbolizes the contents on this blog. Like Ekta Kapoor, I could have chosen long, entertaining and exciting name that would have compelled the readers to open the blog atleast once but I chose other way round- an unexciting, sector specific and undemanding name. Underlying motive for keeping it simple is that this blog intends to discuss ideas with people who want to and not like Insurance companies who are into force selling these days.

When I first discussed this name with my friend, his obvious question was- Who in this world doesn’t think? And how different are you from other analyst in this world? His questions swayed my doubts and helped me finalize the name. While “Thinking” and “Analysing” is a human nature, regardless of one’s qualification, experience and religion, what is imperative in any field is thinking in right direction and analyzing the accurate material. Therefore, while the name is universal, the intention would be to create a niche analyzing all possible scenarios and thinking beyond consensus. I know it is difficult and most people out there have same intentions but I will make an attempt. I can accept failure, everyone fails at something, but I can't accept not trying.

Just last week I completed professional 3 years in equity market, when I realized that markets have given me a steep learning curve. No no don’t get me wrong, markets haven’t moved a tad from where I started but there are some things you learn best in calm, and some in storm. While I was lucky to see euphoria of Oct 2010 when we kissed new high on Sensex but I was also there battling tough times in Aug 2011 when Greece exit from Europe looked inevitable with sentiments of despair, anguish and stress all around. From initial days of my career, where everything seems baffling and irresistible with desire to jump on to stocks to make quick gains without adequate research was high, things have changed for the better. Not that I am an expert now but last 6 months have turned fruitful with some of my ideas going right. Invested in markets at 4900 in May (when everyone was bearish), made fabulous return of over 50% in 1 month on Mannappuram Finance, missed out on Ajanta Pharma- a stock I long wanted to buy only to realize it has doubled in last 3 months. No, I don’t want to sound like a self- proclaimed successful analyst but these events made me think whether huge gains come only out of sheer luck or is it a result of good analysis & judgement?

Like a true marketmen, I might be undergoing a regret aversion bias (a term I learned during CFA preps) i.e I might be analyzing too many stocks and some of them turns to be a multibagger- giving me a feeling of regret of not buying it. Is it that I recollect only winning stock ideas and easily overlook the losing one’s which have resulted in huge trading loss in my portfolio? Is it an improvement or overconfidence bias? Do my thoughts swing with the flow of market or am I too adamant to not accept changes in market and business environment?

Thinking deeper and reading on the web I found out the best way to overcome it all is to track your ideas, build rationale before investing and follow up buying, observe result of your estimates and then evaluate the outcomes.  I think many people keep diaries, or journals, to write thoughts down and reflect. But for me (a young Indian who spends atleast half an hour on Facebook everyday & who can live without TV but not internet) a personal blog is just a way to get things out, and if people choose to comment, then great, if not – it’s still out there.

This blog will take you through a many facets of Indian equity markets and beliefs & opinions that come with them. It’s an attempt to discuss markets without any biases or favoritism, pen down thoughts and stock ideas to track their outcomes, learn through interaction and more importantly search for a person that I aspire to be.

While this blog is dedicated to equities, it would not be wise to think of markets operating in isolation to society. Therefore, the contents shall range from but not restricted to Indian equity market, global markets (though my understanding of complex world is limited), macro economics, technical trends, political issues, current affairs, movies, cricket and perhaps everything that inspires me to think.