HSBC Equity Fund - Analysis

HSBC Equity: Invest

Investors seeking exposure to large-cap stocks can consider investing in HSBC Equity. The fund has built a strong track record over the last five years, when bulls have ruled the roost. HSBC Equity has delivered an annualised return of 55 per cent and figures in the top ten of fund rankings.

Its performance in 2006 and 2007 has not been as impressive as peers DSPML Top 100 Equity and Birla Sun Life Frontline Equity. But the fund is a fairly consistent performer, having outperformed the Nifty in four out of five years and has a demonstrated ability to contain downside during market corrections. Investors can utilise market dips to add to their exposures in the fund.

Suitability: HSBC Equity is a predominantly large-cap fund and tends to stick to its mandate more strictly than most diversified equity funds. Only about 15 per cent of its assets are invested in stocks with a market capitalisation of less than Rs 10,000 crore.

HSBC Equity tends to restrict its exposure to stocks to about 5-6 per cent. However, the fund takes concentrated exposures in sectors.

HSBC Mutual Fund follows a business cycle approach to investing; this typically means a top-down approach. Fund performance, therefore, hinges on the fund manager's ability to make the right sector calls.

The fund is suitable for investors with a moderate risk appetite. In light of its strong track record, HSBC Equity can form a part of your core holdings.

Performance: Over the past year, HSBC has delivered a return of about 28 per cent, beating its benchmark BSE 200 by 5 percentage points. The fund figures in the upper quartile of performance charts and has fared better than most other large-cap funds.

An analysis of its monthly performance over the past five years highlights the consistency in fund performance. HSBC Equity has outperformed the BSE-200 more than 60 per cent of the time. Its performance against the index is particularly noteworthy during market corrections, with the fund usually containing declines better than BSE-200.

Portfolio overview: HSBC Equity has an asset base of close to Rs 1,400 crore. It manages a compact portfolio of about 35 stocks, with the top ten stocks accounting for about 40 per cent of the portfolio.

In terms of sector allocation, there are significant changes in the current portfolio from a year ago. In January 2007, the fund's top sector exposure was software at 17 per cent.

This has been whittled down to 1 per cent in the latest portfolio. As the fund takes a business cycle approach to investing, this appears to indicate a significant change in its views on the software sector. Similarly, capital goods, automobiles and cement are no longer significant holdings in the portfolio.

The banking sector is now the top holding in the portfolio, accounting for 14 per cent of the assets. Telecom operators, FMCG and oil and gas companies also figure prominently in the portfolio.

As of end January, the fund held 15 per cent cash in its portfolio. This may enable it to take advantage of broad market corrections. The fund is jointly managed by Mr Mihir Vohra and Mr Jitendra Sriram. The minimum application is Rs 10,000. The NAV is Rs 98.30.

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Investors lose Rs 24.6 lakh crore since January 2008

Investors lose Rs 24.6 lakh cr since Jan

MUMBAI: The fallout of the acute financial crisis in the US has resulted in a massive 6,000-point blow to the Sensex in the past two months, the biggest absolute short-term loss recorded by the Indian stock market so far.

While there have been many occasions of stock market crash since the days of Harshad Mehta, the current one has been the hardest-hitting as it wiped off investor wealth of several billion dollars in just 48 days.

The latest blow came in the form of the collapse of Bear Stearns, which apparently caused a major unwinding of the US investment bank's P-note positions in Indian equities in the past few days.

Since its peak of 20,873 scaled on January 8, '08 the Sensex has been on a downward spiral, ending below the psychological 15k level at 14,809.5 on Monday. During this period, the index nose-dived 6,064 points, or 29%, resulting in erosion of investor wealth of staggering Rs 24.6 lakh crore, or $608 billion, to Rs 48.9 lakh crore.

Analysing stock market movements since '92, ET found that the Sensex had taken beating many times in the past but not as sharp as the latest one. Unlike on previous occasions, the magnitude of loss this time was on a huge base that the index had built in the prolonged bull run between 2003 and 2007.

While the previous crashes were mainly triggered by domestic factors, the current one is more to do with the unrelenting global crisis. For instance, in 2006, the Sensex had taken a 3,683-point, or 29%, hit in just 26 days between May 10 2006 and June 14 2006. The index had, in fact, registered single-day loss of 826 points on May 18 on large FII selling triggered by weakness in global markets.

In 2004, major political concerns had dragged down the Sensex by 565 points, or 11%, on May 17 '04. The index, in fact, had witnessed a sharp intra-day fall on 842 points in a knee jerk reaction to the defeat of BJP-led NDA government then.

The stock market has also been victimised by two big securities scams in the past. In 2001, the breaking of Ketan Parekh-Madhavpura Mercantile Bank scandal pulled down the Sensex by nearly 1,400 points, or 30%, between March 1 and April 12.

Much before, in 1992, the unearthing of the then leading stock broker Harshad Mehta-masterminded scam caused the first ever biggest and sharpest fall in the history of the Indian stock market.

The Sensex had crashed nearly 1,900 points, or 42%, in 52 days between April 2 and August 6, '92. The trading was suspended on many days during that period.

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Market View - Sensex hasn't got its valuation it deserves - ET

The long-term trend is pointing towards under valuation of the Indian equity market. The market, as measured by Price-to-earning ratio (PE) of the Sensex has just about pierced the long-term trend line.

At the current valuation, it is quoting at a one-year forward of 16, little less than the earnings growth rate that Sensex companies have managed since 1991. If the theory of market returns chasing earnings growth is to be believed, this is just about time for accumulation for those looking at the longer haul. Since 1991, while the Sensex has grown at CAGR of 15.5%, its earnings grew at a rapid 16.6% per annum.

In the past two years, the market went up partially on the back of 'PE expansion'. It meant PE of the Sensex was getting priced higher than usual, since the market expected faster growth in earnings. But with the current correction, while valuations have been 'cleansed' of such expectations, there are probably returns to be made if investors were to take a leaf out of historical happenings.

After all, Indian economy has been growing at a brisk pace ever since liberalisation. And during that period, the rate of earnings growth of the Sensex has grown higher than the nominal GDP growth rate (current prices) of the economy.

While Sensex earnings averaged 15.5%, it was 13% for the economy. While the January IIP growth figures (5.4%) weren't encouraging, even matching the long-term averages could mean getting 16% returns from the Sensex.

Arguably, there have been four equity market cycles that India has witnessed ever since economic liberalisaion. It witnessed a peak in 1992, followed by one in 1996, 2000 and then the 20,000 plus levels that it witnessed recently. And if one were to analyse the Sensex earnings and its returns since the past peak of April 2000, it seems the Sensex has not got its valuation it deserves.

Since April 2000, the Sensex has multiplied 2.7 times while its earnings multiplied 3.6 times. While the market obviously gazes into the immediate future to give current valuations, it is a million dollar question whether it is missing the big picture.

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R-Power to pick 100% in Indonesia coal mine

R-Power to pick 100% in Indonesia coal mine

NEW DELHI: Reliance Power, the flagship power company of the Anil Dhirubhai Ambani group, has struck a deal to buy out a coal mine in Indonesia located in South Sumatra. The valuation of the coal mine, based on its reserves, is estimated to be around Rs 20,000 crore. The company is expected to announce its acquisition in a day or two.

The coal mine, which has resources of 2 billion tonnes, is spread over 100,000 acres, equivalent to Greater Mumbai area. The greenfield coal mine, a discovered asset, will be the prime source of fuel for Reliance's power project in Krishnapatnam in Andhra Pradesh. It is estimated that the Krishnapatnam ultra mega power project would require about 14 to 15 million tonnes of coal every year.

Reliance Power is understood to have acquired the coal mine for about Rs 1,000 crore. It has acquired 100% interest in this coal mine. When contacted, Reliance officials declined to comment on the development.

Experts say that this coal mine could be compared to one of the largest coal mines in India — the Gevera coalmine — in Chhattisgarh which has reserves of 1.2 billion tonnes and is producing around 35 million tonnes annually. Given that the acquired mine has resources of 2 billion tonnes, it is expected that the production from this mine should be more than the largest mine in India.

Although, the coal from this mine would be brought in for the Krishnapatnam project, it would also fuel other coal based power projects of the company. The acquisition is significant as it India is competing with energy hungry countries like China to acquire stakes in oil and coal blocks and secure energy security.

Tata Power, another leading power company which won the first imported coal based power project at Mundra have also bought a 30% stake in a coal company Bumi in Indonesia to meet its coal requirements. Other power and steel companies are also looking at Indonesian coal reserves with interest.

In fact, the coal special purpose vehicle (SPV) formed by five leading public sector undertakings (PSUs) including NTPC is also likely to make its first coal acquisition in Indonesia.

Indonesia presents an attractive market for Indian companies due to its proximity to country's shores. Besides, Indonesian better in quality than Indian coal having loess of ash content and higher calorific value.

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India at greater risk than other emerging markets: Naissance Cap

What are hedge funds doing at this point in time with their portfolio? James Breiding, MD of Naissance Capital, said since banks have been hit very hard, he will look to buy them. He sees a long term story for commodities and suggests that they could be bought for the long term. It is on the cards to have a further correction of up to 15-20 per cent from here, he added. Excerpts from CNBC-TV18's exclusive interview with James Breiding: How are you approaching the Indian market right now against the other emerging market pack and what do you make of this oversold zone that we are trading in right now? Story

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Emerging markets fourth biggest risk for insurance cos: E&Y

NEW DELHI: India along with other emerging markets may have earned a reputation of having the top growth potential for the World Inc, but they pose the fourth biggest strategic risk when it comes to the insurance companies.

According to a study conducted by global advisory firm Ernst and Young, emerging markets provide significant opportunities but a rapid growth in these "thinly regulated" markets could lead to financial instability, regulatory backlash, poor business practices and also certain political risks for the insurance companies.

Incidentally, the E&Y report, which has ranked top 10 strategic risks for various industries for the next five years, has named climate change as a bigger threat than even the natural disasters for the insurance sector.

Emerging markets, named as the fourth biggest risk, has been ranked even higher than the regulatory interventions, technology integration, securities, legal risks and geopolitical or macro-economic shocks.

While climate change has been named as the biggest risk for insurers, it is followed by demographic shifts in core markets at the second and catastrophic events at the third.

Pointing out that growth plans of many insurance firms are essentially emerging market strategies, the report said that the industry have opportunities to develop new products, better infrastructure and also to increase the customer base.

The report noted that Russia, China and India are often the main beneficiaries of the market growth.

"Success in these markets is by no means assured, and today's leading global players could be displaced. There is also a competitive threat from other western insurers with good emerging market strategies," it added.

"The rapid growth in thinly regulated markets can lead to financial instability, regulatory backlash, poor business practices and the threat that politicisation of issues such as premium growth will generate reputation, regulatory and political risks," E&Y said.  - http://economictimes.indiatimes.com/Emerging_markets_fourth_biggest_risk_for_insurance_cos_EY/articleshow/2870545.cms

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ICICI Prudential Emerging Star - Analysis

ICICI Prudential Emerging Star — Adding to textiles, finance

ICICI Prudential Emerging STAR is a three-year-old, mid-cap focussed fund, but with a diversified basket of sectors and stocks. Although on a three-year CAGR basis, the fund has outperformed its benchmark Nifty Junior, its performance over the last year has been indifferent.

Over this period, it has under-performed its benchmark considerably. With a portfolio of over 50 stocks the basket does appear diversified. Both the sector and stock preferences have been off the beaten track, vis-À-vis the choices of other diversified funds.

In the October 2007-January 2008 period, the fund's corpus grew 2.4 per cent to Rs 917 crore, while the NAV grew 0.95 per cent to Rs 34.57. This may indicate a net inflow into the fund during these three months. In the January stock market correction, as with other midcap funds, the fund saw an over 20 per cent NAV erosion.

Sector Moves: There appears to be a fair bit of stability in terms of top 10 sector holdings in the fund during this period. Entertainment and electronic media (11 per cent) continues to be the top sector holding for the fund, an unconventional choice compared to other diversifieds.

Even as many funds pare exposures to software services companies on the back of macro cues, this fund has maintained its level of exposure (8.3 per cent) to the sector but mostly to Tier-2 IT services companies.

Two strong domestic themes, ferrous metals and construction have seen increased exposures and figure among the top sector holdings. Exposure levels have also been increased in textiles and finance segments; while they have been pared in cement.

Stock Moves: Ruchi Soya Industries and Subhash Projects, that gained over 24 per cent during October 2007-January 2008, found their way into the portfolio. Gujarat NRE Coke, that gained 20 per cent during this period has been included. Shriram Transport, that gained over 45 per cent, is a fresh add. There are several stocks which were beaten down by between 10-42 per cent, such as IVRCL Infrastructures, Tech Mahindra and Titan Industries, that their way into the fund.

Deccan Chronicle (6.7 per cent) and Welspun Gujarat (5.2 per cent) are the top holdings and have been so over the three months. Other important stocks include Provogue, Prime Focus, Aditya Birla Nuvo, Patel Engineering and India Infoline.

Interestingly, 3i Infotech, Subex Azure, Geodesic Information still remain with the fund.

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Sundaram Growth Fund - Analysis

Sundaram Growth Fund: Hold

Investors can retain units in Sundaram Growth Fund in the light of its reasonable long term track record and good recent performance. The fund has outpaced its benchmark — BSE 200 — over one, three and five-year periods and outperformed other large-cap funds such as DSPML Equity, HDFC Equity and Kotak 30 during the past year. After the recent corrective phase, large-cap/blue-chip stocks may attract buying interest ahead of small-cap or mid-cap stocks.

Suitability: Being large-cap biased, the fund is suitable for investors with a risk appetite to take exposure to fewer sectors in the large-cap basket. The fund maintains stock-specific exposures at less than 5 per cent. However, compared to most diversified funds, Sundaram Growth has taken exposures to eight-nine sectors only, with significant concentration in a few .

Performance: The fund has delivered a CAGR of 50 per cent over the past five years. Performance relative to large cap peers has improved in the past one year. Exposure to sectors such as metals, financials, energy and infrastructure , were key holdings in the fund and this may explain the superior performance.

However, this has also made the fund more vulnerable to the recent market correction, with its NAV suffering a 20 per cent decline during the January 16-31 period.

Portfolio and strategy: The fund takes a concentrated exposure to sectors, with metals being the top-most sector with a 28.4 per cent exposure as of December 2007. Together with financial services and energy sectors, the three constituted over 60 per cent of the portfolio.

Over 75 per cent of the stocks are from the large-cap (market cap of more than Rs 7,500 crore) space. With mid-cap stocks now at reasonable valuations, stock picks here may provide some upside for the fund.

Fund Details: The NAV is Rs 96.07 per unit. Ms Srividhya Rajesh manages the fund.

 

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HSBC Advantage India Fund - Analysis

HSBC Advantage India Fund: Ferrous metals shine

HSBC Advantage India Fund is an open-ended, theme-based equity fund. Its objective is to invest primarily in themes that capitalise on economic reforms and development in India. Over the past six months the assets under management have moved up marginally, while the NAV has grown by 28 per cent. This implies that the fund has witnessed net outflows during this period.

The fund had 40 stocks in its December portfolio and the top ten stocks accounted for 41 per cent of the portfolio. HSBC Advantage India has pegged its stock specific exposures to less than 8 per cent of the assets over the past year.

The preferred three sectors have cornered 37 per cent of the assets. The fund appears to churn its portfolio actively, booking profits on opportunities.

 

Capital goods, which had cornered one-fourth of the assets a year ago, saw reduced exposure to 9.4 per cent. Holdings in stocks such as BHEL, Siemes and Thermax were trimmed substantially. The fund accumulated the construction stocks just before the rally. Jaiprakash Associates, Punj Lloyd and B.L.Kashyap turned out to be good picks and these stocks surged more than 100 per cent from the time of acquisition. The fund has gradually reduced holdings in these stocks at higher prices over the past two quarters.

The fund has also pruned exposure to telecom stocks Bharti Airtel and Reliance Communication. It preferred to reduce exposure in VSNL over the past quarter as the stock rose to a new high.

During last quarter the fund's holdings in the stock were pared by almost 50 per cent.

The fund has stepped up exposure to banking stocks over the past year. In the December portfolio, the sector accounted for a 13 per cent weight. Frontline stocks ICICI Bank and State Bank of India were accumulated.

The fund held Axis Bank, Allahabad Bank and Central Bank of India for a short duration. The key omission in the banking space was HDFC Bank; the stock fails to appear in the portfolio over the past one year.

One key sector that saw enhanced exposure was ferrous metals. The sector weight six months ago was hardly 1 per cent, but rose to 6 per cent in December.

PSL and Welspun Gujarat Stahl Rohren were new additions, while holdings in Jindal Steel and Power were pruned substantially.

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Mutual Fund's view of RBI’s Policy Review

Funds view of RBI's Review

The RBI has maintained status quo in terms of policy direction and highlighted growth moderation in certain industrial sectors, liquidity management and possible upward inflationary risks. This comes amidst increased monetary easing amongst central banks in developed markets to alleviate concerns about economic slowdown and credit market crunch.

In India, liquidity conditions had tightened in recent months due to CRR hikes, MSS auctions and outflows towards equity issuances. This led to the RBI infusing liquidity through repo auctions. The macro environment remains conducive for debt markets, with the central bank achieving its objective of moderating inflation and credit growth, without hampering the economic growth momentum. However, the sharp rate cuts announced overseas and recent comments made by government officials have resulted in increased rate cut expectations amongst a segment of the market. Against this background, the maintenance of policy direction resulted in weakening of investor sentiment and yields moved up across the curve.

The RBI has indicated that its policy making is driven primarily by domestic factors and is not overtly dependent on global developments. It has pointed out that while overall inflationary trends are comfortable, consumer prices need to be considered and global food/oil/commodity prices are a concern. Given the continued strong economic growth, possible demand pressures also appear to have been a key factor in this policy review.

While rate differentials would ideally result in additional capital flows, increasing risk averseness amongst global investors could temper the momentum. We expect the central bank to maintain a neutral policy stance and interest rates to have a downward bias, going ahead. The cautious tone appears to be due to the global uncertainty and possible inflation pressures due to food items and global commodity prices.

But the RBI could announce appropriate measures if growth momentum gets impacted due to international/domestic factors. Investors with appropriate risk profile can look to get invested in long bond funds and short-term income plans continue to be attractive investment avenues, keeping in mind the medium-term rate outlook.

Mr Santosh Kamath, CIO-Fixed Income, Franklin Templeton Investments,  Interest Rate Outlook

 

The RBI has left key policy rates unchanged in this week's policy meeting (we were never expecting a rate cut in this policy), highlighting upsides in inflationary risk in the period ahead amidst a strong domestic economy. This implies that there has been no change in the RBI's preference for inflation containment over growth. It hasn't said anything that changes the underlying bias of our central bank. The RBI emphasises that growth is 'good' in India though it is faltering in certain OECD countries.

A small indication recognising the impact of high interest rates on consumption economy is in the policy statement. Dis-aggregate analysis of growth shows that consumer expenditure is decelerating and an appropriate policy response may be needed to restore the growth momentum.

The bank notes that a conducive monetary and interest rate environment will be provided to ensure a continuation of growth momentum. We feel that the RBI isn't explicitly recognising that a substantial slowdown is under way in our economy too. As in the US, property prices have come off in India and consumer confidence seems to be eroding, which is reflecting in decline in consumer durables sales over the last one year.

The RBI emphasises its readiness to take timely, prompt and appropriate measures to mitigate the risk to the extent possible in view of global developments. It has left the market in 'uncertain' territory. It is willing to buy time before it indicates a decisive soft stance towards monetary policy setting. Will the RBI cut rates post FOMC meeting? We don't think so. But if base metal prices continue to drop and crude prices ease, we can expect a more dovish stance from the RBI. We reiterate that we are likely to have a softer interest rate regime in our country. Interest rates are likely to get softer over the next few quarters. We expect support for bond prices at 7.60 per cent levels for the 10-year gilt.

We continue to recommend income funds to our investors who are willing to invest for more than six months. Bond yields have moved up by 15 bps across the yield curve and investors should use this opportunity to build duration in their portfolios.

A. Balasubramanian, CIO, Birla Sun Life Asset, Management Company

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ICICI Pru Equity Linked FMP (Series 33 Plan A) - Analysis

ICICI Pru Equity Linked FMP (Series 33 Plan A): Promise of equity

ICICI Pru FMP Series 33 is a three-year closed-end fund that uses equity-linked debentures to deliver returns. The fund charges no entry load and will levy a 5 per cent load for redemptions made during the repurchase windows.

Investment proposition: Investors who would like to participate in the upside potential of the equity market without significant risk to their capital, currently have two broad options to choose from.

One, closed-end capital protection funds from MFs which invest mainly in debt with a small equity allocation; these are designed to provide 'debt-plus' kind of returns.

Second, portfolio management schemes in this genre which use dynamic asset allocation to deliver capital protection. The returns in this case depend on the timing and methodology of the switches between debt and equity. ICICI Prudential's FMP Series 33, in contrast, offers investors a chance to get almost the complete appreciation potential of equities, while assuring return of capital.

Assuming the Nifty index gains 50 per cent over the three-year tenure of the scheme, an investment of Rs 100 in the fund will earn absolute returns that are quite close to the market return of 50 per cent. If the Nifty is flat or below starting levels at the end of the three-year period, investors may only get back Rs 100 at the end of the term.

To avoid risks associated with timing of the launch, the average Nifty levels for the first 90 days and the last 90 days of the fund's tenure will be used to compute 'market' returns that investors earn.

Portfolio strategy: The ICICI Pru Equity Linked FMP plans to achieve the above objective by investing 80 per cent of its assets in equity linked debentures issued by established banks and third party issuers. These issuers, to be of high credit quality, will offer returns linked to the Nifty's performance over the fund's three-year tenure. Twenty per cent of the assets will be invested in AA-rated debentures; returns from this source will mainly fund fees/expenses incurred in the scheme.

Pros and cons: The fund is suitable for investors who are not clear about stock market direction over the next three years; yet would like to participate in its upside potential, if any. Should the stock market stay flat or dip during the fund's tenure, the fund will not offer any returns; only capital may be returned.

Thus, investors in this fund have to weigh the cost of opportunity foregone, in the event of the stock market not performing to expectations. Debt options such as FDs or long-term bond funds may deliver a reasonable return over this period. This fund is not a capital protection-oriented fund, akin to the ones already launched, and the portfolio is not rated for its ability to protect capital by agencies such as Crisil.

The portfolio will carry a credit risk, linked to the issuers of the equity-linked debentures. Investors confident that the stock market will be significantly higher at the end of three years can, in any case, capitalise on this return potential through diversified equity funds, where you can time your entry.

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DSP ML Technology.com Fund - Analysis

 DSP ML Technology.com: Returns downloaded

As the name suggests, DSPML Technology.com fund seeks to invest in the 'technology' theme, but the fund is diversified within this space to include software, media and entertainment, telecom services and hardware stocks.

Despite the pounding that IT stocks received in last year, the fund has delivered strong returns, vis-À-vis its benchmark — BSE Teck — which it has bettered over one, three and five-year periods, making it the best performing technology fund.

The portfolio consists of 49 stocks currently. Compared to Franklin Infotech fund, which is biased towards top-tier software companies, DSPML Technology is more diversified with exposure to sectors such as media. In October-December 2007, the fund's corpus grew by 5.4 per cent to Rs 202.5 crore, while the NAV per unit increased by 22.2 per cent Rs 36.98. This indicates that there may have been redemptions from the fund.

Sector and Stock Moves

Software: This sector continues to be the top holding of the fund and has seen steep increase in exposures to 57.7 per cent currently. But the fund appears to have picked up stocks that have lower US centricity and those with lower exposure to the banking and financial services vertical. This appears to be to reduce dependence on companies that are exposed to a depreciating dollar or a US slowdown.

The other noticeable trend is exposure to companies in the fast-growing domestic IT training segment. Stocks that have found themselves added to the portfolio during this period include Allied Digital, Infotech Enterprises, Geodesic Information, and KPIT Cummins, which have delivered 11-22 per cent returns (outpacing the BSE IT). HCL Technologies and Satyam Computer were also added.

Three stocks that have done very well over the past year — Everonn Systems, Tanla Solutions and KLG Systel — have been pared. Educomp Solutions, among the expensive stocks in the IT space, is the top holding. Infosys, TCS, Tech Mahindra, Rolta and Mphasis are among stocks that have stayed on.

Media & Entertainment: Adlabs Films, a stock that has more than doubled in value during this period, Sun TV, PVR, Entertainment Network, stocks that have risen 20-65 per cent find their way in. Here again, three good stocks — Balaji Telefims, ETC Networks and Prime Focus — have seen their way out. HT Media, Dish TV, Zee Telefilms have been retained during this period and are among the top holdings of the fund.

Telecom Services, Hardware: CMC and HCL Infosystems, two domestic hardware and IT players, continue to stay with the fund. Bharti Airtel and Spice Communications have been exited while Reliance Communications continues to be among the common stock held.

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