02 November 2011

Investing in Growth vs Dividend Option in Mutual Funds: BNP Paribas

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The dilemma of choosing between Growth or Dividend options of a mutual fund scheme can be one of the most confusing decisions that you need to make while investing. Both of these options have their own advantages and disadvantages, and deciding which is a better fit will almost always depend on your individual needs and circumstances. Let us try and understand each of these options better - so that the next time you have to choose, it is a far more considered decision.


GROWTH OPTION
GROWTH OPTION
In the growth option of a mutual fund scheme, all profits made by the fund are ploughed back into the scheme. Hence, the NAV increases over time compounding your principal. This is similar to the cumulative option in a bank fixed deposit where interest is put back into the fixed deposit account that then sees an exponential growth over a period in time. As an investor, you will have to redeem the units in the fund to realise the growth in the value of the investments.


DIVIDEND OPTION
DIVIDEND OPTION
In the dividend option of a mutual fund scheme, the profits made by the fund are distributed to the unit holders from time to time. Dividend option should be chosen if there is an expectation of periodic income from your investment without actually redeeming any of the units.

As an investor, you must remember that the Net Asset Value (NAV) of the fund always reduces by the dividend amount paid out to the investors and that any repurchase after the dividend payout date is made at the ex-dividend NAV.

Growth Vs. Dividend Options – An Example (assuming no dividend distribution tax)

Let us take an example to illustrate the difference between the two options:
Assume that you have Rs.1000 invested respectively with 100 units each in the growth and dividend option of a fund.
The NAVs of the growth and the dividend options are at Rs.20/- each.
Say that the fund declares a 20% dividend. On a face value of Rs.10/- per unit, the dividend payout will be Rs.2/- per unit held.
Your investment in the dividend option will yield a dividend of Rs. 200 (Rs.2/- x 100 units). The NAV of the dividend option will now fall to Rs.18/- (NAV Rs.20/- – Rs. 2/- of dividend).
If you now redeem all your units in both the options, the investment in the growth option with yield Rs.2,000 (NAV Rs.20/- x 100 units) while that in the dividend option will give you Rs.1,800/- (NAV Rs.18/- x 100 units).
However, since you have already received a dividend of Rs.200/-, the total yield from both these investments are exactly the same (Rs.2,000/- in Growth Option & Rs.1,800/- through redemption of units + Rs.200/- in dividends in Dividend Option).


Growth Or Dividend Option ?
Let Cash Flow Needs and Tax Outgo Help You Decide

The choice between these 2 options should primarily be driven by your cash flow requirements. If you do not have any periodic liquidity needs, you may choose the growth option. The returns in the growth option will be reflected in the movement of the scheme’s NAV. On the contrary, if you need regular cash flows from your investments, then choose the dividend option. However, please note that dividend payment is not assured and there may not be any dividends if the fund fails to generate any surpluses.

As far as the tax treatment is concerned, dividends are tax free in the hands of the investor but the AMC deducts a dividend distribution tax (DDT) on behalf of the investor and passes it onto the government.

For money market mutual funds and liquid funds, there are 2 applicable rates: (a) for individual / HUF investors, it is 27.0375% (inclusive of surcharge and education cess) and (b) for corporate investors, a DDT of 32.445% (inclusive of surcharge and education cess) is applicable. For fixed income fund (other than money market funds and liquid funds), there are 2 applicable rates: (a) for individual / HUF investors, it is 13.5188% (inclusive of surcharge and education cess) and (b) for corporate investors, a DDT of 32.445% (inclusive of surcharge and education cess) is applicable.

As per the current laws, the taxation on growth option depends on the holding period: returns from mutual fund units for a period of less than a year attract short-term capital gains and returns from units held for more than a year attract long-term capital gains tax.

As always, we recommend that you take the expert advice of a financial advisor to help you identify an option that best suits your financial needs and tax status.

Happy Investing!

IFCI Tax saving (Sec 80 CCF) Infrastructure Bonds- Series III

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As you are aware, only last few days are left before the Closure Date of the Series III Issue of Tax Saving Infrastructure Bonds of IFCI Limited that opened on September 21, 2011 (scheduled to close on November 14, 2011 - unless decided to pre-close). 

To avoid last minute rush for tax planning, the list of arrangers who may help you in applying for the bonds and collecting branches of HDFC Bank, are enclosed for your convenience.

The Long Term Infrastructure Bonds carry tax benefits under Section 80 CCF of Income Tax Act, 1961 upto an investment of Rs.20,000/- during the FY 2011-12. The four options available for investment and other key highlights of the Issue are as under :


      Option I
Option II
Option III
Option IV
10 Years
10 Years
15 Years
15 Years
Cumulative
Annual
Cumulative
Annual
8.50% p.a.
8.50% p.a.
8.75% p.a.
8.75% p.a.
  Buyback option at 5th and 7th year end
  Buyback option at 7th, 10th and 12th  year end
1.   Bonds can be applied-for in physical or dematerialised form
2.   The face value and Issue price per bond is Rs. 5,000/-
3.   Bonds shall be listed on Bombay Stock Exchange (BSE)
4.   There is lock-in period of 5 years after which they can be traded/transferred
5.   Only Resident Indian Individuals (major) / HUF can apply.

For further details including downloading of the Application Form, InformationMemorandum etc., you may visit the website www.ifciltd.com or  click athttp://www.ifciltd.com/IFCIBonds/InfrastructureBonds/CurrentIssue/tabid/225/Default.aspx

Variety of investment opportunities

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Variety of investment opportunities knocking at your doorstep.
 
Each one of them are unique in nature and suits every segment of investors.
 
1.  IDBI Gold Exchange Traded Fund - NFO closes on 02/11/2011 
      ----------------------------------   ----------------------------
  • An open-ended fund which would invest in Gold and track the spot price of Gold.
  • Investment in Gold without taking physical delivery of Gold - totally avoids risk of theft.
  • Each unit of Gold ETF is approximately equal to 1 gram of Gold.
  • Units will get credited in your Demat A/c  like shares.
2.  Power Finance Corporation Ltd - Long Term Infrastructure Bonds - Issue closes on 04/11/2011
      --------------------------------   ---------------------------------    -----------------------------
  • Invest upto Rs.20,000/- and avail Income Tax benefit upto Rs.6,180/- u/s. 80-CCF.
  • This is over and above IT benefit u/s. 80-C, 80-CCC & 80-CCD.
  • Interest rate of 8.50% & 8.75% with buyback after 5 & 7 years respectively.
  • Minimum investment Rs.5000/- and in multiples of Rs.5000/-.
  • Bonds will be issued in both Physical & Demat mode.
3.  Mahindra Finance Samruddhi      ----------------------------- 
  • Largest Company of our Country in non-banking finance companies with a history of 20 years.
  • Consistent profit making and Dividend paying Company.
  • PAT for 2010/11 of Rs.464 Crs. & Dividend of 100%.
  • "FAAA" rating by CRISIL.  
  • 10.50% interest for a 3 years Deposit giving an yield of around 11.64%.
  • 0.25% additional interest for Senior Citizens.  

M&M Financial Services - "Results in line, remain cautious on impending regulatory changes": LKP

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Auto sales in rural and semi urban markets continue to perform better than urban centres which are what led to the 54% yoy growth in advances for MMFSL. Rising rates has impacted the automotive segment and the company is trying to reduce impact through tie ups with OEMs and taking advantage of its diversified product line. Going forward liquidity pressure is likely to continue. However, broad based borrowings; ability to pass on costs to the end customer as well as above average monsoons will work in favour of the company. 
MMFSL has continued to improve asset quality and the management remains positive on the downward trend in npas. Gross npas were lower by 1%/1.3% yoy/qoq and net npas were higher by 40%/20% yoy/qoq. As a per cent gross npas were 4% v/s 5.8%/4.6% yoy/qoq and net npas were 1% v/s 1.1%/1% yoy/qoq. The lower PCR is more function of write offs of previous npas (attracting higher provisions) and additions attracting lower provisions. 
Ä     MMFSL reported a PAT growth of 16%/33% yoy/qoq. Operating income increased by 24%/17% yoy/qoq and operating profit increased by 22%/22% yoy/qoq.
Ä     Net interest income (NII) grew 23%/18% yoy/qoq and NIMs (gross) were 10.2% lower/ marginally higher v/s 11.5%/10% yoy/qoq, Yields were higher lower at 16.5% v/s 16.2% qoq and lower v/s 17% yoy. The company had increased lending rates by 100 bps at the end of June 2011 quarter. Yields are also a function of the product mix, lower share of high yielding products such as tractors (however impact on RoE is expected to be minimal as benefit accrues through lower pressure on provisions) is replaced by new products such as construction equipment and commercial vehicles (CE/CV). Interest expense to average assets increased to 6.3% v/s 5.5%/6.2% yoy/qoq. MMFSL is in talks with various OEMs to avail of subventions and over the next 2 quarters there is likely to be some benefit through this route.
Ä     Advances grew by 54%/10% yoy/qoq and AUM increased by 57%/12% yoy/qoq. The advantage of having a rural and semi urban presence through 570 branches has enabled the company to capture additional demand from auto OEMs (car loan book has increased 63%/12% yoy/qoq).  MMFSL is close to funding 9000 vehicles of Maruti per month (consisting of 80% of the total figure) and is marginally short of SBI with regard to financing for Maruti cars is concerned. Although the company is impacted by the slow down in production of Maruti cars, it has managed to replace product line with other OEMs. New segment of CE has aided growth in the CECV segment by 116%/23% yoy/qoq. Multi application of tractors and cash flows in rural and semi urban regions has converted tractor and Auto/UV segments growth to 43%/(4%) yoy/qoq and 48%/19% yoy/qoq. The company has maintained LTVs between 72- 75% LTVs.
Valuations and Outlook
The stock trades at a P/ABV of 2.5x and 2.1x on our FY12E and FY13E ABV. MMFSL continues to deliver strong numbers in disbursement and loan book growth. The management has also been proactive to diversify itself over OEMs and product lines.The company has built a specialised business model and we believe that the benefit of this differentiated model would continue to give it an edge over peers in the financial services space. However, we remain cautious of the regulatory changes, rising interest rate environment and slow down in the automotive segment. Although MMFSL has an edge through its differentiated business model, possible implementation of the recommendations of the Usha Thorat committee would reduce the benefits enjoyed across the NBFC sector. We have retained our multiple and target price. However would revise our outlook based on any regulatory changes that could be implemented in the medium term.  

BSE, Bulk deals, 2/11/2011

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Deal DateScrip CodeCompanyClient NameDeal Type *QuantityPrice **
2/11/2011531247Alpha HitechMOH SAJID NOORMIYA SHAIKHS254135.97
2/11/2011506027Bhoruka AlumALFA FISCAL SERVICES PVT LTDS2712373.05
2/11/2011524506Coral LabCHETAN DOSHIB1987073.00
2/11/2011524506Coral LabELA ANIL SHETHS2000073.00
2/11/2011508860DIAMANTJATIN SHANTILAL SHAHS19000016.00
2/11/2011530337Exelon InfraANITHA YARLAGADDAS7000033.65
2/11/2011531055GFLFINNEHA BIPIN PATELB1500073.25
2/11/2011531055GFLFINVIJAYKUMAR J JHAS3200073.25
2/11/2011533676INDO THAICHIRAG BHARAT HUFB13735254.07
2/11/2011533676INDO THAIPARAS SARABHAI DOSHIB14500051.19
2/11/2011533676INDO THAIMANAN PRANAV DALALB6500957.22
2/11/2011533676INDO THAIVORA FINANCIAL SERVICES PRIVATE LIMITEDB17596631.68
2/11/2011533676INDO THAIBHAVESH DUNGARSHI CHHEDAB5079436.82
2/11/2011533676INDO THAISHANTI DEVI GUPTAB6200061.26
2/11/2011533676INDO THAIAJAY MULTI PROJECTS LIMITEDB10500086.00
2/11/2011533676INDO THAISHREEMALLIKARJUN TRADINVEST PRIVATELIMITEDB5540094.78
2/11/2011533676INDO THAIHITENDRAKUMAR DINESHBHAI KAPADIAB15872789.78
2/11/2011533676INDO THAIROKSHANA QURESH MERCHANTB8195679.96
2/11/2011533676INDO THAIPATEL MITULKUMAR RANCHHODLALB9168583.29
2/11/2011533676INDO THAIMANSUKH STOCK BROKERS LIMITEDB6767155.84
2/11/2011533676INDO THAIVIKABH SECURITIES PRIVATE LIMITEDB75000076.41
2/11/2011533676INDO THAIPAVAN JAIN HUFB6091023.19
2/11/2011533676INDO THAIDHYAN STOCK BROKING PVT LTDB5148743.13
2/11/2011533676INDO THAIR M SHARES TRADING PRIVATE LIMITEDB194256768.19
2/11/2011533676INDO THAICHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDB226597665.37
2/11/2011533676INDO THAIMARWADI SHARES AND FINANCE LIMITEDB32761661.32
2/11/2011533676INDO THAIJITENDRA VISHANDAS KHATTARB6000079.65
2/11/2011533676INDO THAIEUREKA STOCK & SHARE BROKING SERVICES LTDB25945156.10
2/11/2011533676INDO THAIGKN SECURITIESB406868362.24
2/11/2011533676INDO THAIHITESHKUMAR JAGDISHBHAI AMINB17700066.31
2/11/2011533676INDO THAISWIFT TIE UP PRIVATE LIMITEDB30026892.38
2/11/2011533676INDO THAIJMD STOCKSB8130766.06
2/11/2011533676INDO THAISOHIT INFRABUILD PRIVATE LIMITEDB10000092.25
2/11/2011533676INDO THAIMAHAVIRPRASAD RAMJILAL SHARMAB12056944.48
2/11/2011533676INDO THAISHAH MALVIKAB10000095.80
2/11/2011533676INDO THAISHWETA DHOOTB6911057.70
2/11/2011533676INDO THAIANITA DEEPAK DALALB10046663.98
2/11/2011533676INDO THAIJALPA VINIT SOMAIYAB9089749.44
2/11/2011533676INDO THAISALASAR STOCK BROKING LIMITEDB30325893.31
2/11/2011533676INDO THAIA K G SECURITIES AND CONSULTANCY LTDB372383962.88
2/11/2011533676INDO THAITRANSGLOBAL SECURITIES LTD.B15189847.41
2/11/2011533676INDO THAISURBHI INVESTMENTS & TRADING COMPANY PRIVATEB25116185.39
2/11/2011533676INDO THAIBAKSHU SECURITIES AND BROKER PRIVATE LIMITEDB6720026.58
2/11/2011533676INDO THAIKUNAL KIRTI KOTHARIB6150079.76
2/11/2011533676INDO THAIREEMA MAHESH ASWANIB11783773.40
2/11/2011533676INDO THAINAVEEN TAPARIAB52137353.04
2/11/2011533676INDO THAIBERKELEY SECURITIES LIMITEDB8387949.99
2/11/2011533676INDO THAIMILLENNIUM STOCK BROKING PVT LTDB39306668.64
2/11/2011533676INDO THAITODI SECURITIES PRIVATE LIMITEDB5000064.50
2/11/2011533676INDO THAIVIJETA BROKING INDIA PRIVATE LIMITEDB38091955.46
2/11/2011533676INDO THAIDEEPAK JAGDISHRAM GUPTAB6900151.11
2/11/2011533676INDO THAIVISHESH CAPITAL PVT LTDB14871826.60
2/11/2011533676INDO THAIDEEPAK SHATILAL CHHEDAB6533576.06
2/11/2011533676INDO THAIGENUINE STOCK BROKERS PVT. LTD.B8983828.05
2/11/2011533676INDO THAIAMPLE HOTELS AND RESORTS PVT LTDB66544151.99
2/11/2011533676INDO THAIN B SHAHB9356249.44
2/11/2011533676INDO THAIP S SHETHB6207323.67
2/11/2011533676INDO THAIDEEPAK POPATLAL VORAB15030554.83
2/11/2011533676INDO THAIV P PATELB203019278.05
2/11/2011533676INDO THAICHINTAN M SANGHAVI (HUF)B6371729.61
2/11/2011533676INDO THAIGAGAN ASHOK KUMAR KHEMKAB5000093.73
2/11/2011533676INDO THAINISHITH ATULBHAI SHAHB5000082.50
2/11/2011533676INDO THAIBP WEALTH MANAGEMENT PVT LTDB21087680.76
2/11/2011533676INDO THAIBP FINTRADE PRIVATE LIMITEDB7090851.46
2/11/2011533676INDO THAIGAGAN ASHOK KUMAR KHEMKAS5000022.39
2/11/2011533676INDO THAIBP FINTRADE PRIVATE LIMITEDS7050750.90
2/11/2011533676INDO THAIBP WEALTH MANAGEMENT PVT LTDS21087682.85
2/11/2011533676INDO THAINISHITH ATULBHAI SHAHS5000094.50
2/11/2011533676INDO THAICHINTAN M SANGHAVI (HUF)S6371734.30
2/11/2011533676INDO THAIV P PATELS203019271.20
2/11/2011533676INDO THAIGENUINE STOCK BROKERS PVT. LTD.S8983828.06
2/11/2011533676INDO THAITRANSGLOBAL SECURITIES LTD.S15189847.40
2/11/2011533676INDO THAIN B SHAHS9356249.48
2/11/2011533676INDO THAIAMPLE HOTELS AND RESORTS PVT LTDS66544152.12
2/11/2011533676INDO THAIVIJETA BROKING INDIA PRIVATE LIMITEDS38091958.94
2/11/2011533676INDO THAIDEEPAK SHATILAL CHHEDAS6533576.47
2/11/2011533676INDO THAIVISHESH CAPITAL PVT LTDS14871826.77
2/11/2011533676INDO THAIDEEPAK JAGDISHRAM GUPTAS6900150.20
2/11/2011533676INDO THAITODI SECURITIES PRIVATE LIMITEDS5000026.61
2/11/2011533676INDO THAIMILLENNIUM STOCK BROKING PVT LTDS39286667.93
2/11/2011533676INDO THAIKUNAL KIRTI KOTHARIS6150082.56
2/11/2011533676INDO THAIBERKELEY SECURITIES LIMITEDS8387949.80
2/11/2011533676INDO THAINAVEEN TAPARIAS52137358.78
2/11/2011533676INDO THAIREEMA MAHESH ASWANIS11783778.83
2/11/2011533676INDO THAISALASAR STOCK BROKING LIMITEDS30325820.82
2/11/2011533676INDO THAIBAKSHU SECURITIES AND BROKER PRIVATE LIMITEDS6720028.14
2/11/2011533676INDO THAISURBHI INVESTMENTS & TRADING COMPANY PRIVATES25116148.41
2/11/2011533676INDO THAIA K G SECURITIES AND CONSULTANCY LTDS372333963.09
2/11/2011533676INDO THAIJMD STOCKSS8130765.89
2/11/2011533676INDO THAIJALPA VINIT SOMAIYAS9089750.24
2/11/2011533676INDO THAIANITA DEEPAK DALALS10046683.05
2/11/2011533676INDO THAISHWETA DHOOTS6911058.70
2/11/2011533676INDO THAISHAH MALVIKAS10000058.91
2/11/2011533676INDO THAISWIFT TIE UP PRIVATE LIMITEDS30026829.52
2/11/2011533676INDO THAISOHIT INFRABUILD PRIVATE LIMITEDS10000043.06
2/11/2011533676INDO THAIMAHAVIRPRASAD RAMJILAL SHARMAS12056943.26
2/11/2011533676INDO THAIPATEL MITULKUMAR RANCHHODLALS9168583.78
2/11/2011533676INDO THAIHITESHKUMAR JAGDISHBHAI AMINS17700071.71
2/11/2011533676INDO THAIGKN SECURITIESS406868364.19
2/11/2011533676INDO THAIEUREKA STOCK & SHARE BROKING SERVICES LTDS25945156.69
2/11/2011533676INDO THAIJITENDRA VISHANDAS KHATTARS6000052.73
2/11/2011533676INDO THAIMARWADI SHARES AND FINANCE LIMITEDS32761661.41
2/11/2011533676INDO THAICHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDS226597666.39
2/11/2011533676INDO THAICHIRAG BHARAT HUFS13735254.57
2/11/2011533676INDO THAIR M SHARES TRADING PRIVATE LIMITEDS194186468.63
2/11/2011533676INDO THAIDHYAN STOCK BROKING PVT LTDS5148742.64
2/11/2011533676INDO THAIPAVAN JAIN HUFS5861023.34
2/11/2011533676INDO THAIROKSHANA QURESH MERCHANTS8195682.81
2/11/2011533676INDO THAIMANSUKH STOCK BROKERS LIMITEDS6767158.32
2/11/2011533676INDO THAIVIKABH SECURITIES PRIVATE LIMITEDS75000093.75
2/11/2011533676INDO THAIHITENDRAKUMAR DINESHBHAI KAPADIAS15872789.04
2/11/2011533676INDO THAISHREEMALLIKARJUN TRADINVEST PRIVATELIMITEDS5540056.50
2/11/2011533676INDO THAIBHAVESH DUNGARSHI CHHEDAS5079437.11
2/11/2011533676INDO THAIDEEPAK POPATLAL VORAS15030555.56
2/11/2011533676INDO THAISHANTI DEVI GUPTAS6200062.45
2/11/2011533676INDO THAIAJAY MULTI PROJECTS LIMITEDS10500092.08
2/11/2011533676INDO THAIPARAS SARABHAI DOSHIS14500050.35
2/11/2011533676INDO THAIVORA FINANCIAL SERVICES PRIVATE LIMITEDS15596633.32
2/11/2011533676INDO THAIMANAN PRANAV DALALS6500965.89
2/11/2011530165Kanchan IntlPOOJA ARVIND GOYALB1664849.43
2/11/2011530165Kanchan IntlPOOJA ARVIND GOYALS2164851.82
2/11/2011507180Kesar Enter-$MITESH NARENDRAKUMAR MEHTAB5000060.00
2/11/2011507180Kesar Enter-$NATIONAL ISURANCE CO LTDS5000060.00
2/11/2011531206Kwality CredESHITA SURANAB2002522.90
2/11/2011531206Kwality CredRAJIV CHANDRAKANT GANDHIS2026922.90
2/11/2011519279Madhur IndsPALAK NILESHBHAI KARIAS7088055.13
2/11/2011505343Monotype IndiaEVERLINK DEALER PRIVATE LIMITEDS5375020.45
2/11/2011533015Nu Tek IndiaBUTTERFLY COMMOTRADE PRIVATE LIMITEDB39454331.36
2/11/2011533015Nu Tek IndiaCHETAN LAXMIKANT DAVES10907661.30
2/11/2011533632Onelife CapitalARCHANABEN PRADIPKUMAR BIREWARB69298207.56
2/11/2011533632Onelife CapitalARCHANABEN PRADIPKUMAR BIREWARS69298217.99
2/11/2011533632Onelife CapitalBMD EXPORTS PRIVATE LIMITEDS106165208.48
2/11/2011533605Prakash ConstrowellCHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDB81506247.54
2/11/2011533605Prakash ConstrowellCHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITEDS81706248.10
2/11/2011530923RCL FOODSRUBY AMIN MERCHANTB39000102.38
2/11/2011530923RCL FOODSMANISHA VIKAS SHINDEB34000103.56
2/11/2011530923RCL FOODSSUCHITKUMAR VIJAYSHANKAR GOUNDB30350103.72
2/11/2011530923RCL FOODSSUCHITKUMAR VIJAYSHANKAR GOUNDS30350102.00
2/11/2011530923RCL FOODSVARUN PREM BUDHRANIS24400103.74
2/11/2011511585Regency TrustSHILPA JAINB6245077.60
2/11/2011531886SCOPE INDB B SHYAMB3843524.40
2/11/2011512449SVC RESMAHESH HIRJI JOGADIAB38605532.88
2/11/2011512449SVC RESMAHESH HIRJI JOGADIAS38680832.91
2/11/2011533216Technofab EngineeringPRAGMATIC TRADERS PVT LTDB114651136.00
2/11/2011533216Technofab EngineeringM POWER TRADING PRIVATE LIMITEDS115000136.00
2/11/2011532311Tutis Tech-$MANDVI DYES AND CHEMICALS PVTS8500018.93
* B - Buy, S - Sell
** = Weighted Average Trade Price / Trade Price