welcome friend.......

software production systems support.....

yes...i like ur confidence levels...

just for fun. take it in a lighter vein.. sorry if i have hurted ur feelings...

support services ... for software.. no testing only on production support services...

nothing like that.. ur pharma picks are super and consistent.. nothing like ur focus area is pharma... as i see consistent performance... one or two other stocks may be there.. but ur favourite area is pharma.. not at all making fun.. i am praising ur selection in that sector....

thanks for your valuable opinion......

ok fine.....

ok goodnight....

i have to say thanks now......!
thanks....

support services- what does it mean actually...........? ...

ok
whatever you say , i am confident. :-))...

then why u are using such words like biscuit king and chocolate king and so and so .........?...

thanks for ur thanks....!!!!!!!!!!!!1
:-)...

no i won`t buy reliance even if it falls to 300 levels. Yes its a sell......
even they are going to loose case and may have to pay heavy price....

A little correction over here.
Wockhardt may record Forex translational losses for Q4-2008 to the extent of 25 Cr.
PAT estimation is reduced to 125 Crs for Q4-08...

Why private equity dilutions now at lower prices or else face a cash deficit or a asset sale?

Wockhardt has a Debt of $740mn. The reserves at the end of 2007 was at 1200 Cr

The rupee depreciation has made it to suffer. The debt was 2900 Cr when rupee traded at 40 / $.
Now the debt is around 3700 cr as the rupee depreciated against dollar. Debt equity ratio will stand at 3:1. This seems to be a very serious issue.

But at the end of the year 2008, expecting 200 cr more towards reserves, without paying dividend, will be at 1400 cr. Now the ratio stands at 2.6:1

Now having significant debt, it is very difficult to raise money to fund its FCCB which will come for October 09. But according to me there is no cause for concern, yes the FCCB will have to be paid from combination of internal accruals and PAT. But there will not be dividend for 2009 as there is no money left with. Wockhardt will record losses for 09. Now the reserves will be at 1100 cr. considering the worst (dollar/ Rs at 50), with the debt at 3000 cr, the debt-equity ratio will be at 2.7:1

Now for 2010, CFO has to save money for future and the PAT should be brought back to reserves. Now with this 500 Cr cash to reserves, it will be at 1600 cr. I expect at least 200 cr from FTF opportunities and out licensing the molecule WCK 771 in 2010. This will lead to substantial increase in reserves by 2010 end. Now with the debt equity at 1.5:1, it is very easy to raise money through private equity, Warrants, Rights, FPO or a new FCCB. With 500 cr from this external source, debt will be reduced to 2200 cr (expecting Rs/$ at 45) and reserves remains at 1800 cr. Hence calculate the ratio; it is at 1.2:1. Expected EPS for 2010 is 40+. Hence PE’s will have no hesitation to invest and subscribe to.......
I mean private equity should be considered in 2010-2011.

For 2011, considering dividend at 300%, at least 300 cr remains towards reserves. With debt at 2200 and reserves at 2100, the debt equity will be at almost 1:1 by 2011. EPS for the year 2011 will be at 50+. If we expect Rs/$ at 40 levels, then debt will reduce to 2000 cr, this makes even more sensible.

Hence for 2012 with minimum interest and R&D capitalization, it will be able to offer 400% dividend and can credit 600 cr towards reserves. This will bring debt significantly and may stand at 0.8. With the EPS for the year at 70-80 range, BONUS like announcement can take the stock to higher levels.

My view is why an IPO investor who held stock since longtime has to suffer with a large equity dilution and small returns (Where major holder is promoter)? Why should They opt for sale of either Negma or Pinewood? Why should be a cash deficit? They Just go ahead. I am sure Rajeev.Gandhi will do the best.

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