Saturday, December 10, 2005

PVR Limited- IPO

Issue Opens: 08 December, 2005
Issue Closes: 14 December, 2005
Issue Size : 7,350,000 (No. of Shares)

Lower Price Band : Rs.200
Upper Price Band : Rs.240

Application Multiple: 25and in multiples of 25.

Information URL :
Prospectus URL :


PVR was incorporated in 1995 pursuant to a joint venture between Priya Exhibitors Pvt. Ltd and Village roadshow Ltd., one of the largest non-US cinema exhibition companies in the world. However, in 2002 Village Roadshow sold its entire stake to Priya Exhibitors Pvt Ltd.

PVR will use the proceeds to finance new cinema projects, expand film distribution business, technological upgradation and renovation of existing cinemas. The new projects are in Mumbai, Hyderabad , Delhi, Indore, Gurgoan, Lucknow, Chennai, Ludhiana, Aurangabad and Latur. The 12 new cinemas at the above mentioned location will be operational from FY08.

PVR has posted a topline of Rs.70.6 crore for the FY05 as compared to Rs.49.7 crore for FY04 while the bottomline jumped to Rs.3.64 crore from Rs.1.56 crore during the same period. In H1FY06, the company had income of Rs.55.71 crore and posted profit of Rs. 3.82 crore due to new multiplex which came into operation. PVR receives 65-70 percent of its revenues from ticket sales while 10-12% and 20-22% from advertising and concessions respectively.The company is anticipating opening of 9 multiplexes in FY06 while the rest in FY07 and hence we could see a robust growth in topline in FY07 and FY08 going forward.

About Mutual Fund IPO's

Difference between a Mutual fund IPO and a Stock IPO.

Investors often think that mutual fund IPOs are the same as stock IPOs. However, there are some fundamental differences that they need to consider. The price of a stock is based on its supply and demand. IPO's often get listed at a premium because when a stock opens, its demand is most of the times much larger than its supply. This is not true for mutual funds because here a separate unit is created at the time of investment, which is destroyed at the time of redemption of the mutual fund units. Thus, the supply of mutual fund units is unlimited and so any appreciation in the value of a fund's NAV can never be due to an increase in the demand for a fund's units. Moreover, in case of mutual funds, your gains depend on how well the fund manager work or invest.

All things considered, it is generally a good idea to stay out of fund IPOs. A new fund is an untested entity without any track record. Your investment call will have to be made purely by looking at the fund manager and the AMC. Another issue is that of a possible opportunity loss. Your investments may be locked in for up to a month or more. This money could instead be kept in a liquid fund for a month and then invested once the fund opens for daily sale and repurchase post its IPO.

There are some exceptions to this. An obvious one is closed-end funds. Even though these are no longer in vogue, there are special funds called fixed maturity plans, which are similarly structured. If you want to invest in one of these, then the IPO may be the only option available.

Investors need to understand that mutual fund IPOs are purely a "marketing gimmick" that creates some excitement for the investiors mind. AMCs always communicate strongly during an IPO. A discerning investor should absorb this information carefully and invest later when the fund opens for sale and repurchase on an ongoing basis i.e. opt for an SIP (Systematic Investment Plan), which is the most effective one.

Friday, December 09, 2005

Property Funds have Finally arrived

Click Here- To Make Money In Real Estate

If you have been reading the business dailies or magazines even with a cursory glance, there is one bit of news that would have caught your eye regularly - Real estate or Property funds.

What are Property Funds?

Property Funds, refers to investments in property securities allow diversification by investing across a range of different property sectors such as commercial, office, industrial, hotel and retail properties..etc. A property securities fund generally invests in property trusts that are listed on the share market, or in property related companies.

What's in it for investors?

The property funds mentioned above are not open to small investors who can invest only a few thousands of rupees. Instead, they raise resources from institutions, banks and "high net worth" investors (HNI). The minimum investment limit for HDFC India Real Estate Fund is at Rs.5 crore. Given the venture fund structure, these funds are tax-neutral entities (they don't pay any tax). Returns are distributed on a project specific basis to investors.

Appreciation in value on developing a project may be distributed as capital gains to investors; rental receipts will be distributed in the form of dividends.

Given the long gestation periods involved in real estate ventures, investors in these funds need to be prepared for a long wait say around 4-5 Years. This is what the Fund manages believe.

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Wednesday, December 07, 2005


Issue Opens: 13 December, 2005
Issue Closes: 16 December, 2005
Issue Size : 9,172,937 (No. of Shares)

Lower Price Band : Rs.600
Upper Price Band : Rs.700

Application Multiple: 10 and in multiples of 10.

Information URL :
Prospectus URL :

PUNJ LLOYD is an infrastructure and engineering services company.

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Monday, December 05, 2005

Forex Trading

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Not so long ago the forex market was the sole domain of institutions, banks, investment companies and very rich people. Then it came to our neighbourhood, and the little man could play. Obviously, if we want to trade and win in this market we must do some analysis of what's going on in the market, what makes the prices fluctuate and so forth.

A typical institution which specializes in forex trading / forex investment has an army of analysts and economists and traders who do fundamental analysis, technical analysis, quantitative analysis and flow analysis - all contributing to their efforts and their profits. They also have risk analysts, risk managers, portfolio supervisors and a host of assistants to all the big shots. And they don't only trade spot forex, but other instruments like options, forwards and swaps as well as interest rate instruments.

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