NIFTYVIEWS- WEEK BEGINNING 09.08.10-IFCI,NIFTY LEVELS:-

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NIFTYVIEWS- WEEK BEGINNING 09.08.10-IFCI,NIFTY LEVELS:-

WWW.NIFTYVIEWS.COM

Dear Friends,

Someone asked me a fortnight back what differentiates the outcome of analysis between

two set of analysts when they study the same set of technical and fundamental indicators.

Perhaps the movement in the stock of IFCI on Friday provides an answer to the above

question.

IFCI: -

At 12:20 DOWJONES NW quoting sources reported that GOI is all set to confirm IFCI bonds

to equity. The same was reported by the electronic media in a one-line statement that saw

the stock flare up. The first reaction from the markets was certainly not the correct one

with stock making a new high of 64.25. The markets perhaps took the time and came in

consensus with the fact that somewhere there is a lack of information on the rate of

conversion of the OCD held by G.O.I

Coming to the financials of the stock. As per the last annual report the company had a

built in book value of 45.75 and was trading cheap at less then 1.5X BV. However the

company had various upsides based on the fact that many equity investments in

listed/unlisted entities has remarkable upside in the book value whenever it was realised.



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