S & P BSE SENSEX 52483

   Greed is Good! ~ Really!?

Greed is Good! ~ Really!?

“Greed is Good!” ~ remember this classic vulgarity from Gordon Gekko in the 1987 Blockbuster ‘Wall Street’? ~ the role of a Corporate Raider without a conscience essayed brilliantly by Michael Douglas.

Plato, the legendary Greek Philosopher, proclaimed that “Courage is knowing what not to fear” ~ well, if you don’t fear these insane markets then you indeed are very courageous.

FY 21 was a fantastic unparalleled year for the Sensex in terms of an insane re-bounce closing up 68% and 105% in the year and from pandemic lows respectively. MidCaps and SmallCaps were even more boisterous recording gains of 91/136 % and 115/193 % in the same periods.

This insane buoyancy has been driven by unprecedented inflows of @ $ 37 Billion in FY 21 from Foreign Portfolio Investors and a crazy FOMO flurry of new retail domestic investors that stands at over 72 million on June 30,2021 up over 40% from last year. Over 70 % of these new investors are below the age of 30.

The Party continues on the bourses like in Ibiza where partying never really ends and daresay with millions being seduced by this drug of ‘instant gratification’ with money begging to be made in just about every scrip ~ why worry about fundamentals!

Overleaf glance at the S & P BSE Sensex, MidCap and SmallCap Indices over periods in 2020 and 2021 till date to sense this euphoria. They read like Good, Better, & Best

S & P BSE Sensex

S & P BSE MidCap

S & P BSE SmallCap

CY ~ Calendar Year January to December       FY ~ Financial Year April to March

Market Capitalisation and GDP

BSE Market Capitalisation is at Rs 22977769 crs a record or @ US $ 3.1 Trillion with the $=Rs 74.33. Four Months ago, in our March 1,2021 Scrip Standpoint the Market Cap was Rs 20081096 crs @ US $ 2.8 Trillion as on February 26,2021 with the Sensex @ 50000

Our FY 21 GDP is expected to contract 8% due to the pandemic and new government projection in the Budget is at US $ 2.67 Trillion. With an overwhelming second wave in this ongoing pandemic having resulted in extended lockdown and having impacted Q 1 in this ongoing FY 22 the FY 22 GDP projected in the Union Budget at US $ 3.05 Trillion will surely be revised downward. Assuming the projected growth rate of 14% drops to 9% the FY 22 GDP would yet remain sub US $ 3 Trillion at @ US $ 2.9 Trillion at the current exchange rate.

This means we are at 1.1 Mkt Cap/GDP already. While this is not alarming in itself, volatility and vulnerability concerns remain on both the numerator and the denominator. 

Going forward in 2021 and Beyond

Play with the scenarios, taking into consideration new high profile IPOs like LIC in the offing too which will increase the Mkt Cap, you should come to the same conclusion as we do that in the short term of this year 2021 it is highly unlikely and there is limited scope that the Sensex will maintain its momentum and move into the 55000 to 60000 range with confidence and assurance .The Indices Table above already supports this by showing a muted 2021 with the Sensex moving up 10% in CY 21 till date and 6% in Q1 FY 22 ~ a much slower pace than in 2020 .What flags up as Red though is the continuing surges in MidCaps and SmallCaps and we remain concerned at the commentary by many that there is yet lots of steam in these segments in the short term. Be Selective.

Our Equity Strategy and Approach

This pandemic has on one hand, created a Global Liquidity Tap on a scale never before seen and which has surged Equity Markets in the face of low yields too. This Tap needs to sustain any Economy surge too. On the other hand, this pandemic has been a catalyst for Economic Reforms across sectors balancing out the need to make India ‘Atmanirbhar’ while simultaneously relaxing the restrictions for Foreign Direct Investments. Such further opening out of our Economy through Disinvestment, Privatisation, Funding and Tax Sops creates Opportunities as we transit rapidly to an advanced Digital and Green Age. Unemployment remains a key concern even in the longer run when both the economic drivers of consumption and capex are expected to kick in

It’s difficult to spot fundamental value in these elevated markets. This has translated into fewer recommendations and making allowance for increased risk in growth and turnaround opportunities. Our approach will continue to remain fundamental, contrarian when we see it as such, with an eye on preservation of wealth while growing it largely through asset allocation and increasing core segment weightage when indicated.

Normally we request clients to think three years and not three minutes or three months when investing in Direct Equity in India. These are not ‘Normal’ times and thus we are making allowance for any major correction globally in Equities in the coming year or two and have commenced advising clients to look even beyond 2025 and into the end of the decade 2030 and maintain the discipline of Asset Allocation to protect Wealth.

This would position the Portfolio to withstand any potential shock in the short and medium term and avoid a scenario where wealth grown in equities in 2020-2022 gets decisively decimated in 2022-2023. Investors, of course must have the temperament to tolerate drawdowns in long term compounders.       

Cheers,

Gaurav Parikh, Managing Director, [email protected] +91-9820162597

Disclosure & Disclaimer

Jeena Scriptech Alpha Advisors Pvt Ltd (JSAAPL) is a SEBI Registered Entity offering Fundamental Direct Equity Research Analysis, Equity Portfolio Advisory, Training & Mentoring Services in Capital Markets

This Report is under our free access SCRIP STANDPOINT Module.It is for the personal information of the recipient/reader. We are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. It is our Viewpoint for general information purposes only. It does not take into account the particular investment objectives, financial situations, or needs of individuals & other entities .We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither JSAAPL, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Opinions expressed are our current opinions as of the date appearing on this material only. No part of this material may be duplicated in any form and/or redistributed without JSAAPL’s prior written consent. In case you require any clarification or have any concern, kindly write to us at: [email protected]

S & P BSE SENSEX 50000

   What Lies Ahead

Markets

Sensex closed February 2021 at 49100 ,gaining 19 % in 14 months from January 1,2020 pre pandemic opening of 41349 and a remarkable 92% in just 11 months from the pandemic low of 25639 on March 24,2020.In fact the high of 52517 reached earlier this month on February 16,2021 is a whopping 105% from the pandemic low stated

Friday’s significant correction of nearly 2000 points on weak global cues got the Sensex down below 50000 to close at 49100.A Healthy Correction is always welcome.

The 11 months of FY 21 have been overwhelmingly buoyant and will remain an irony of this pandemic where many lives and livelihoods have been lost. Of course those who benefited with these elevated and richer equity valuations have a lot to be happy for.

Foreign Portfolio Investors (FPI) Inflows in FY 21

This buoyancy has been supported by record FPI  equity inflows of US $ 36 billion in FY 21 thus far in 11 months .This is nearly twice the second highest inflows of US $ 19 billion (at today’s fx rate of US $ 1=Rs 73.05) recorded in 2012-13.Of this over US $ 25 billion has flowed in just five months from October 2020 as low yields dominated world markets to aid a post pandemic economic recovery

Market Capitalisation  and GDP

BSE Market Capitalisation is at a record Rs 20081096 crs or @ US $ 2.8 Trillion as on February 26,2021.It was higher mid Feb when Sensex soared past 52000

Our FY 21 GDP is expected to contract 8% due to the pandemic and new government projection in the Budget is at US $ 2.67 Trillion.There is some credibility restored in these projections as our Q3 FY 21 GDP just announced is back up positive with corporate earnings resurgence .

Yet Mkt Cap/GDP remains high over 1.For FY 22 the GDP is projected at US $ 3.05 Trillion.So one perspective is that if this ratio remains 1 we can see Market Cap climbing to over US $ 3 Trillion and sustaining .That’s just another 7% up and which we already reached earlier this month when we crossed 52000 on the Sensex.That does not give much scope for Sensex to keep it’s rocketing momentum in 2021.Moreover also do remember that Market Cap need not rise only because of share prices rising.It will also rise because of new Issues being listed and we have the much awaited LIC IPO in the offing later in 2021 or early 2022

Going forward in 2021

We must be honest that we cannot forecast if this buoyancy is sustainable in the shorter term and wise asset allocation will always help to preserve wealth while growing it .However the longer term does continue to hold potential for Indian Equities.Thus one must look much beyond 2021 when we expect the much delayed infrastructure thrust announced in this Union Budget to bear fruit .The Union Budget changed nervous sentiment to one of optimism for India’s sustainable economic growth going forward though it remains to be seen if the common man too is uplifted in this growth or the growth assets in this huge privatisation of public assets and farm produce will be cornered by just a few capitalists and the huge borrowings to fund the fiscal deficit actually are substantially invested in Capex rather than in Revenue Expenditure and the challenges of unemployment and income skewness will continue to bite us

Our Equity Strategy and Approach

Our Equity Strategy and Approach will always remain fundamental ~ tactical and contrarion  when we see the opportunity for significant equity wealth creation like we assessed in April 2020 at the pandemic lows . Naturally with the Pandemic Lows came client convictions lows too and while infusion of fresh capital came in only later in 2020 from them and new clients , what we did in April 2020 is switch their Non Core Segment tactically to just a few selections which we saw as huge wealth creating opportunities in 2020 and 2021 .The Core Segment as set based on Client Risk Profile was not disturbed .This worked brilliantly and became game and life changing too as all our earlier Clients Equity Portfolios have recorded three digit % returns thus far in FY 21,significantly higher than what the Sensex has recorded as stated above

Here are actual returns in the 11 months of FY 21 thus far in portfolios advised by us

This strategy and approach will continue ,albeit with an eye on preservation of wealth while growing it largely through asset allocation and increasing core segment weightage when indicated

New Clients are already tasting success in the short term on the buoyancy but they should temper excitement and as stated earlier look long term beyond 2021 and of course our Clients from earlier should not expect such triple digit % equity portfolio returns year on year on year .Having said this 2020 has set the base for growth

Have a safe March and wishing you a bountiful FY 22 and beyond

Cheers,

Gaurav Parikh, Managing Director

[email protected] +91-9820162597

Disclosure & Disclaimer

Jeena Scriptech Alpha Advisors Pvt Ltd (JSAAPL) is a SEBI Registered Entity offering Fundamental Direct Equity Research Analysis, Equity Portfolio Advisory, Training & Mentoring Services in Capital Markets

This Report is under our free access SCRIP STANDPOINT Module.It is for the personal information of the recipient/reader. We are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. It is our Viewpoint for general information purposes only. It does not take into account the particular investment objectives, financial situations, or needs of individuals & other entities .We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither JSAAPL, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Opinions expressed are our current opinions as of the date appearing on this material only. No part of this material may be duplicated in any form and/or redistributed without JSAAPL’s prior written consent. In case you require any clarification or have any concern, kindly write to us at: [email protected]

UNION BUDGET 2021 

Borrow and Monetize to Grow    

bseindia.com

“100 years of India wouldn’t have seen a Budget being made post-pandemic like this”

This was the promise made by Finance Minister Mrs Nirmala Sitharaman on December 18,2020.Did she deliver yesterday ?

Well for one,it was a historic paperless budget ! and the Sensex cheered her all the way as the Markets viewed ‘no negatives as a positive’ as she announced a strong Infrastructure thrust to be funded by borrowing and monetisation of assets .There was neither any ‘Covid Tax’ as feared nor was there any increase in Direct Taxation rates.It was a relief rally in a sense for  Markets had turned jittery after a record 50184 level on January 21,2021.Last week Foreign Portfolio Investors (FPIs) had reversed their record inflows of past few months , selling Equity on each of the four trading days to aggregate Rs 6698 crs or US $ 918 m outflows for the week.Budget Day yesterday they were back buying Rs 1494 crs worth again quelling some concern that outflows would continue.

The Buoyancy should remain this week but so should the Volatility going forward for Intent has been announced but Implementation and Execution are yet to be seen

Here’s at least 10 reasons why the Markets Cheered all the way

• No Negatives ~ Direct Taxation was largely left untouched ~ No Covid Tax
• Major Thrust on Infrastructure with a setting up of a Development Financial Institution with a starting capital of Rs 20000 crs and which would facilitate raising Rs Five Lakh Crores over the next Five Years for Infrastructure Projects in Roadways,Power,Ports,Shipping ,Airports
• Disinvestment and Strategic Sales of BPCL,Air India,Concor,Shipping Corporation of India,Bharat Earth Movers,Pawan Hans,and IDBI Bank in FY 22.Target is Rs 175000 crs . IPO of LIC to be completed in FY 22
• Steps to make India a global manufacturing hub in five years
• Monetisation of Land owned by Government and Public Sector Units
• Two PSU Banks and One General Insurance Company to be identified for Privatisation ~ All Banks simply took off on the Bourses
• FDI Cap raised in Insurance from 49% to 74 % with Foreign Control subject to some safeguards
• Announcement of a Voluntary Scrappage Policy for Vehicles
• Plan to set up Asset Reconstruction and Asset Management Holding Companies to take over stressed assets of Public Sector Banks thus aggregating these assets for faster resolution and realisation of such assets by experts
• National Monetization Pipeline of potential brownfield infrastructure assets (comprising of assets from NHAI, PGCIL, Dedicated Freight Corridor, Airports, Warehousing Assets, Sports Stadia) to be launched

Here’s our Quick Budget Take and what we think you should be aware of 

We always re-iterate there are seven ways to raise Capital

Well, Stealing or Theft is certainly not  what a Country can do ! but the other six options certainly can be exercised.Post Budget our FM has revealed that neither raising Taxes nor printing currency was on the table .Her Budget reveals the twin approach of Increased Borrowings and Asset Monetisation to raise Capital .

Budget at a Glance (Annexure 1 Sr 7) and Sources of Financing Fiscal Deficit (Annexure 2 Sr 8 ) show Borrowings rocket up Rs 1052318 crs in FY 21 from Budget Estimates of Rs 796337 crs to Revised Estimates of Rs 1848655 crs ~ that’s a 132% increase ! For FY 22 the Budget Estimates are Rs 1506812 crs .These Borrowing are the Fiscal Deficit which for FY 21 is 9.5% of the revised FY 21 GDP of Rs 19481975 crs (just a -4.2% de-growth)  and for FY 22 is 6.8% of the FY 22 GDP of Rs 22287379 crs ( 14.4 % GDP growth)      

FY 22 Disinvestment Proceeds of Rs 175000 crs are shown in  Budget at a Glance ( Annexure 1 Sr 6)  and Receipts (Annexure 3 Sr 3A(ii) ) whch also show the significantly downward revised FY 21 proceeds at Rs 32000 crs  against earlier Rs 210000 crs estimated

While resorting to the Borrowing Route would raise concern,it must be observed that in an era of low and even negative interest rates ,India would be able to raise debt at attractive interest rates despite it’s BBB- Credit Ratings by both Standard & Poor’s and Fitch.

The concern does remain though on the proportion of application of such borrowings  to Capital Expenditure of which the narrative of the Government and a lot of ‘Yes’ Experts has been over-complimentary

Here’s the Proportion of  Capex to Borrowings as extracted from Budget at a Glance (Annexure 1)

In our view the comfort level of the Government for such a huge scale of Borrowings comes from what appears to be an understatement of  both Tax Revenues (underplaying Tax Buoyancy) as well as Disinvestment Proceeds as observed in Receipts (Annexure 3) . The Disinvestment Target of Rs 175000 crs is actually an aggregation of Rs 75000 crs Disinvestment Receipts and Rs 100000 crs through sale of Government Stake in Banks and Financial Institutions.In our View the embedded value of LIC is huge and even a 10% stake sale by the Government will garner much more than Rs 175000 crs

Post Budget the FM exclaimed in a TV Interview “We’ve Spent,We’ve Spent ,We’ve Spent!” ~ Refer to Annexure 4 for Expenditure reference .She might have also expressed “We’ve Borrowed,We’ve Borrowed,We’ve Borrowed !” or “ We’ve Sold, We’ve Sold,We’ve Sold !” to convey the adoption of Borrowing and Asset Monetisation to raise Capital,the latter remark probably conceding the Government has failed to manage most PSUs efficiently and it has no business to be in business.

Conclusion

Our major concern remains Inequality and Income Skewness in that all of India will not be carried up together as our Economy bounces back. While thrust on Infrastructure is much welcome, the huge fiscal deficit and thus the unprecedented scale of borrowings raises a Caution if we don’t see the desired outcome in the coming years of Income, Revenue and Employment Generation fall in place. The FRBM had envisaged 3% fiscal deficit this year.With the Economy slowing down even before the pandemic arrived last year, the fiscal deficit was never going to be down to 3% .FY 21 it’s 9.5%.FY 22 it’s targeted at 6.8% and the FM says by FY 25 it should be 4.5%.So a US $ Five Trillion Economy is set back a few years more than by FY 25 .Even a fear of a few cornering  the proposed monetization of assets through disinvestment, privatization and sale of land is not misplaced

Those who will continue benefiting from Stock Market Surges are but a small percentage of the population  who invest in Equities. The Penetration is in low single digit %

Here’s the current reality of our per capita dropping below Rs One lakh .This should revive back in FY 22

Financials, Infra plays , Metals  are potentially rewarding themes in FY 22 and if you can zone in on which two PSU Banks and General Insurance Company are  to be privatized as announced by the FM in the Budget ,you’ve got winners in your portfolio. Keep a keener eye on Corporate Earnings to confirm a V Shaped Recovery and on FPI Flows which determines market trends .2021 is going to very interesting

Cheers,

Gaurav Parikh, Managing Director

[email protected] +91-9820162597

Disclosure & Disclaimer

Jeena Scriptech Alpha Advisors Pvt Ltd (JSAAPL) is a SEBI Registered Entity offering Fundamental Direct Equity Research Analysis, Equity Portfolio Advisory, Training & Mentoring Services in Capital Markets

This Report is under our free access SCRIP STANDPOINT Module.It is for the personal information of the recipient/reader. We are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. It is our Viewpoint for general information purposes only. It does not take into account the particular investment objectives, financial situations, or needs of individuals & other entities .We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither JSAAPL, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Opinions expressed are our current opinions as of the date appearing on this material only. No part of this material may be duplicated in any form and/or redistributed without JSAAPL’s prior written consent. In case you require any clarification or have any concern, kindly write to us at: [email protected]

SENSEX AND NIFTY STRAIN ON A NEW STRAIN 

Red Flags Fluttering Wildly    

SENSEX 30 ALL IN THE RED TODAY AS SENSEX DIVES 3% TO 45554

bseindia.com

Sensex and Nifty Correction ~ More Pain ahead

In our SCRIP STANDPOINT  of September  6,2020 we had raised several Red Flags when Sensex had crossed 40000 on the morning of the last trading day in August 2020 before reacting to under 38500 on the India–China standoff in Ladakh.In the three and a half months since then ,India and China have had 20 rounds of negotiations till date to ease the border tension while the Markets had merrily resumed their run up surging above another 23% with the Sensex and Nifty crossing  47000 and 13500 last week on the strength of continuing low yields and record Foreign Portfolio Investor (FPI) Inflows

Correction seemed an Illusion until the crack today as Sensex and Nifty sank 3% and 3.14% to close at 45554 and 13328 respectively.It took a new Covid Mutation Strain announced by United Kingdom at the weekend to trigger a Strain in our Markets

The Red Flags raised in September 2020 have been fluttering wildly and we refuse to accept that the Market Cap/GDP at 1 and the Nifty PE at 37 with a Standard Deviation of 4 is the ‘New Normal’ as we refused in September 2020 too when these were lower than now but yet high at 0.84 and 32+ and 3 Standard Deviation respectively

It is a dangerous perspective to view the success of such roaring Share Markets as evidence and support and  reflecting of how robust our Economy is going to be bouncing back post pandemic .In that it is highly risky to view the High Share Price and consequent Gains as the decisive yardstick for Business Performance of the Company

So are  Indian Stock Markets ?:

• In a Bubble or
• Running Ahead of Fundamentals or
• A Great Opportunity to buy into more at Dips as ‘the best is yet to come’ as we’re at the cusp of a great bull run and an economic surge in the years ahead as the incumbent government,corporate chieftains and innumerable leading market experts and investment icons are leading us to believe

All the four legs of the Equity Table ~Valuation, Liquidity, Sentiment and Momentum ~  are high ~ pumped up by excessive global liquidity  (US and Europe Stimulus Packages) and low yields and the first administering of the Covid Vaccine with a prayer that this will put the pandemic behind us in 2021  .

In 2020 till date FPIs have pumped in a record net near US $ 22 billion into Indian Equities even after considering the huge US $ 8.4 billion pull out in March 2020.October, November and December till date alone has seen FPI Equity inflows of US $ 2.7 b, 8.2 b and 7.2 b respectively aggregating a whopping and record over US $ 18 b 

nsdl.co.in, jeena scriptech research

In the Financial Year 2020-21 till date FPI Equity Inflows have been a record of over Rs 2 lakh crs => over US $ 28 b. Since 1991-92 the highest inflow ever before was Rs 1.4 lakh crs in FY 2012-13

In our View ,we are not in a Bubble but yes,the Markets post the March 24, 2020 Covid shock panic Sensex low of 25639  had run up an insane 80 % and way ahead of fundamentals to 47000.The Correction today to 45554 has brought in some sanity.We do sense there is yet more pain before markets stabilise and that in our view would be a healthy scenario 

Two Crucial Red Flags revisited ~ An Updated Scenario

1. Market Cap to GDP Ratio at a record high of 1 in India
2. Nifty PE at 37 ,higher than even pre Lehman collapse in 2008 and at four times standard deviation

1 ~ Market Cap to GDP Ratio at a record high of 1 in India

                     bseindia.com, jeena scriptech research

* On FY 21 Estimated GDP assuming -10% fall in GDP

Provisional FY 20 GDP is Rs 203.4 lakh crs => Estimated FY 21 GDP Rs 183.1 lakh crs at -10% fall

In 2007 Pre Lehman bull run era this Ratio was at a bold Red 1.92 in India and the crash that followed took it to 0.52 inside months. This low level was touched late March 2020 this year in the meltdown and at the time we had issued a SCRIP STANDPOINT that revolved around Cash, Courage & Conviction to take advantage of great value opportunities

2 ~ Nifty PE at 37, much higher than even pre Lehman collapse in 2008 and at four times standard deviation       

nifty-pe-ratio.com

The Nifty PE had soared past 32 when we raised an alarm in our September 6, 2020 SCRIP STANDPOINT .It yet had continued its wild ride crossing 37 last week before today’s correction dropped it to 36.67.In the heady 2000-01 it had crossed 30 in the Ketan Parekh led ICE Bull Run and the Sensex was even crazier at 64 levels in 1991/92 in the late Harshad Mehta led Bull Run. The subsequent market decimation post these bull runs decimated many.

Even Pre Lehman 2007 Bull Market never saw the Nifty PE at above 30.

The Nifty PE at 37 and four standard deviations is one of the most striking red flags that’s screaming out a loud warning that Rising Stock Market Levels are out of sync with expected lower Corporate Earnings in FY 21 notwithstanding great expectations of a sterling rebound in FY 22 from a lower base.

More correction is strongly indicated 

Conclusion

Caution Red Flags had been getting more striking every day warning of a significant Stock Market Reversal.

We reiterate what we advised in our September 6, 2020 SCRIP STANDPOINT

“Strict discipline of Asset Allocation needs to be adhered to while balancing out Greed, Fear and Risk and maintaining Cash and Long Term Core in Direct Equity at a sound tactical weightage.

Low Yields are driving increased risk taking and thus driving the rally in Stocks and taking prices and valuations through the ceiling. Bulls are taking comfort in this and there is danger of being lulled into a false sense of security and complacency in that  that this rally will go on and on and on as long as the US Fed keeps expanding it’s balance sheet (record Trillions of Dollars already this year) to provide liquidity support. Yet, there’s got to be a Limit.

A Healthy Correction will bring back sanity to Valuations and make a sound base for a sustainable Recovery later in 2021 hopefully in a post Covid era and on a global economic recovery.”

It’s always wise and smart to encash some or all of the strong gains realized once target is achieved in the short term which even though may have been envisioned  in the longer term. If it’s a loss situation it may yet be prudent to book it on a case to case basis    

Do remember what outgoing US President Trump warned repeatedly that if he’s not re-elected , the Stock Markets Crash that will follow will be Epic and nothing like anything one has ever seen before. He has yet to accept that he has been ejected and not re-elected and that Joe Biden will be sworn in as US President on January 20, 2021

Greetings for the Season with a strong prayer and hope for incoming 2021 that the world is a better place to live in than it has been in this pandemic 2020

Cheers,

Gaurav Parikh, Managing Director

[email protected] +91-9820162597

Disclosure & Disclaimer

Jeena Scriptech Alpha Advisors Pvt Ltd (JSAAPL) is a SEBI Registered Entity offering Fundamental Direct Equity Research Analysis, Equity Portfolio Advisory, Training & Mentoring Services in Capital Markets

This Report is under our free access SCRIP STANDPOINT Module.It is for the personal information of the recipient/reader. We are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. It is our Viewpoint for general information purposes only. It does not take into account the particular investment objectives, financial situations, or needs of individuals & other entities .We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither JSAAPL, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Opinions expressed are our current opinions as of the date appearing on this material only. No part of this material may be duplicated in any form and/or redistributed without JSAAPL’s prior written consent. In case you require any clarification or have any concern, kindly write to us at: [email protected]