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MidcapSelect Performance Review - Views on News from Equitymaster
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MidcapSelect Performance Review
Jan 1, 2011

2010 would be remembered as the year of scams. First you had the 2G scam and then the Common Wealth Games scam. You also had the loans for bribe scam which sent tremors across the real estate and banking stocks. Then you had the Karnataka land scam and the Adarsh Housing Society scam. The list is possibly endless.

With a series of scams surfacing in 2010, India Inc’s integrity also came into the question. Not surprisingly, in such an uncongenial environment, markets were relentless and displayed bouts of volatility. This was an uncanny year which saw broader indices outperforming mid caps. During the year, the BSE Midcap index saw gains of 13% while the BSE-Sensex marginally outperformed with a gain of 16% during the same period. However, on a quarterly (Oct-Dec period) basis, the divergence was even wider with the Sensex outperforming the mid cap indices by over 6%.

The year gone by was a bit volatile and hence presented opportunities to pocket some good bargains at relatively fair price. This is something that has been reflected in the number of “BUYs” we have in our list. However, as markets corrected in the latter half, some of the companies started trading below our recommendation price. Nonetheless, we have faith in our stock picking abilities and we feel that these very companies should display strong performance once the market stabilizes.

As far as the year 2011 is concerned, we believe there are some pockets that could offer value. However, one has to take a stock specific call. For this very reason, we believe that the next year will be even more challenging for us. Nonetheless, we are well equipped and confident to identify some really exciting themes and new opportunities for you in the coming year. With this perspective we enter 2011. We also hope that you continue to offer your long standing support that you have been extending for so long.

Now coming over to the performance of 2010. Laid out below is a review of our recommendations given in the year 2010 detailing how they have performed and also our current view on them.

Midcap Select recommendation review (January-December 2010)
Company Reco. Date View Price on Reco.
Date (Rs)
Target Price Current price
% Gain/Loss Current View
Deccan Chronicles 6-Jan-10 Buy 168 250 109 -35% Buy***
Apollo Tyres 20-Jan-10 Buy 54 90 67 24% Hold
Dishman Pharma 3-Feb-10 Hold 210 190 156 -26% Hold
Peninsula Land 17-Feb-10 Sell 79 N.A. 64 -19% Sell
Aurobindo Pharma 3-Mar-10 Hold 938 1240 1318 40% Sell
Havells India# 17-Mar-10 Hold 272 365 396 46% Sell
Hindustan Zinc 31-Mar-10 Buy 1203 1730 1364 13% Buy
IVRCL 14-Apr-10 Buy 177 262 129 -27% Buy
REC 28-Apr-10 Hold 260 360 298 15% Sell
Lakshmi Machine Works 12-May-10 Hold 1940 2500 2475 28% Sell
Shriram Transport 26-May-10 Hold 532 795 783 47% Sell
Gujarat Industrial Power 9-Jun-10 Hold 111 150 104 -6% Buy
Sintex Industries# 23-Jun-10 Hold 154 230 181 18% Buy
Pratibha Industries 7-Jul-10 Buy 78 112 69 -12% Buy
Bajaj Electricals 21-Jul-10 Buy 243 410 242 -1% Buy
Mahindra Finance 4-Aug-10 Sell 588 N.A. 740 26% Sell
HCC 18-Aug-10 Sell 68 N.A. 49 -28% Sell
Hindustan Sanitwary Ware Ltd 1-Sep-10 Buy 132 185 125 -5% Buy
Opto Circuits 15-Sep-10 Hold 316 450 269 -15% Hold
ESS DEE Aluminium 29-Sep-10 Buy 490 942 456 -7% Buy
Maharashtra Seamless 13-Oct-10 Buy 426 640 382 -10% Buy
Blue Star 27-Oct-10 Sell 462 N.A. 435 -6% Sell
Honeywell Automation 10-Nov-10 Buy 2497 4100 2365 -5% Buy
Kanoria Chemicals 24-Nov-10 Buy 33 56 33 0% Buy
REC 8-Dec-10 Sell 313 N.A. 298 -5% Sell
Yes Bank 22-Dec-10 Hold 307 435 313 2% Hold
* Current Price as on 31 Dec 2010
** Calculated by dividing CMP by Recommendation price
***We advise not to undertake fresh buying at current levels. However, those who have bought earlier may continue to
HOLD but do not average out
#Adjusted for split

The following table shows the list of our recommendations from earlier periods that hit their targets during the latest completed quarter.

Recommendations that hit targets during the October-December 2010 quarter
Company Reco. Date View Price on Reco.
Date (Rs)
Target Price % Gain/Loss Current View
Aurobindo Pharma  3-Mar-10 Hold  938 1240 32% 1-Nov-10
* Calculated by dividing target price by recommended price

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