morning thoughts..
Coal India Limited (CIL) is coming out with an initial public offer of 631.63 mn equity shares through the issue with a price band of Rs 225-245, which is an offer for sale by the President of India, acting through the ministry of coal, Government of India. The offer shall constitute 10% of the post offer paid-up equity share capital of company. The issue opens on October 18, 2010 and closes on October 21, 2010. Retail investors are entitled to 5% discount.
Issue Objectives :
The objects of the Offer are to carry out the divestment of 631,636,440 Equity Shares by the Selling Shareholder and to achieve the benefits of lisitng the Equity Shares on the Stock Exchanges. The Company will not receive any proceeds from the Offer and all proceeds shall go to the Selling Shareholder.
Valuation and recommendation:
CIL’s status as the largest coal mining company in the world with access to the vast amount of coal reserves and highly favourable industry prospects driven by huge demand supply gap, is expected to result in strong growth prospects for the company. Further,the continuous improvement in labour productivity, use of better technology leading to a better control of costs and thus, leading to healthy overall profitability of CIL. The deregulated coal pricing regime gives CIL the power to fix the price for its produce which, along with the favourable demand supply position and cost competitiveness vis-à-vis imported coal, is likely to enable the consolidated entity to sustain its healthy profitability. We value the stock at Rs. 317 by using the DCF method (WACC: 13.50% and Terminal Growth 5%), which offers an upside of 41% over the lower end of the price band and 30% at the upper end. Going forward, we expect CIL’s consolidated revenues and PAT is likley to grow by 10% to 12% from FY11E to FY15E.
In order to reduce volatility in various scrips at the start of the market and arrive at the ideal opening price of the scrip, the exchanges are introducing call auction process in Pre open session from 18th October 2010. Therefore under this new arrangement, the exchange will collect the orders for the first few minutes of this session. On the basis of orders received, the exchange will arrive at Opening Price and match the tradable orders on that price. Remaining orders will be moved to normal trading session.
The call auction process will be initially introduced for scrips forming part of Nifty and Sensex and trading in Non Nifty / Sensex scrips and F&O contracts will only begin at 9:15 A.M when normal market trading begins. Please note that orders not will get traded during the time when order entry period is on in the Pre open session.
The duration of Pre-Opening Session will be of 15 minutes – from 9:00 A.M. to 9:15 A.M. The session will have three phases -
Session Time Action
Order Entry Period 9:00am - 9:08am The client can place new orders, modify / delete the orders. The order entry can stop randomly between 7th and 8th minute.
Order Matching & Confirmation Period (can be called Price Discovery Period) 9:08am - 9:12am The exchange arrives at the Opening Price, trades the matchable orders @ Opening Price.
The client cannot modify or delete the orders during this period.
Buffer Period 9:12am - 9:15am Used as transition period between pre open and continuous trading session.
Normal Market 9:15am - 3:30pm Normal Trading resumes.
ASTROLOGICAL SYNOPSIS
DHANTERAS 2010 OR DHANTRAYODASHI 2010 : LEGEND, IMPORTANCE AND MUHURT OF THE DAY
But Why Dhanteras or Dhantrayodashi is so important? What’s legend behind this festival?
Dhanteras is the first day of the five-day Diwali Festival. The festival, also known as "Dhantrayodashi" or "Dhanwantari Triodasi", falls on the auspicious thirteenth lunar day of Krishna Paksha in the Hindu month of Ashwin October/November). Dhanteras will be celebrated on 3rd of November in 2010.
The word Dhanteras, Dhan stands for wealth. On Dhanteras, the "Owl" form of the Goddess Laxmi is worshiped to provide prosperity and well being. Dhanteras holds special significance for the business community due to customary purchases of precious metals on this day.
Dhanteras is also spent in worshipping Lord Yama – the god of death – to provide prosperity and well being. People flock to the jewellers and buy gold or silver jewelry or utensils to venerate the occasion of Dhanteras.
Legend behind Dhanteras
One day, Lord Vishnu decided to go for a walk in the land of mortals. Just when he was about to leave, his wife Goddess Laxmi also wished to accompany him. Vishnu agreed, subject to the condition that she will do only what he says. Laxmi conquered and both came to the earth.
Reaching earth, both walked together for a few minutes when Lord Vishnu asked Laxmi to stay back for a while until he returned. He specially asked her not to move in the south-ward direction as he was going in the same direction. Having said so, Vishnu left Laxmi and moved towards south.
Left alone, Laxmi's curiosity rose to such an extent that she could not resist herself from following her husband. She went forward in the same direction for a while when she saw a sarso-field, which was looking pleasant on account of the blooming crop. Laxmi was so attracted that she stayed for a few minutes in the field, put some flowers in her hair and then started again. A few miles away, she reached a sugarcane field. She took four sugarcanes and started eating them.
In the mean time, Lord Vishnu came and was so angered that he cursed her. He said, "I had asked you not to come in this direction. You came. Then you committed theft by taking flowers and sugarcane without asking the owner of the field. Now, you will have to do service to the farmer for 12 years for penance."
After cursing her, Vishnu left her and went into the Kshirsagar. Goddess Laxmi had no option but to go to the farmer's home.
The farmer was very poor, barely managing to meet two ends. Laxmi told farmer's wife- before you make meal for the family, take bath and worship Goddess Laxmi which I have made. You will get whatever you wish for. Farmer's wife followed her direction and no surprises, she became prosperous overnight. It became full of gold, silver, food grains etc. and the farmer couple became rich. They spent those 12 years without any difficulty.
When 12 years were completed, Lord Vishnu came to take his wife back. But the farmer was not willing. Even Laxmi refused to go without her master's permission. Vishnu was left in a quandry when an idea struck his mind.
It was Varuni Parva, when Vishnu had come to take back Laxmi. Impressing upon its importance, the Lord told farmer, 'Take these coins and go to take bath in River Ganga along with your family. Throw these coins in the river when you had taken your bath. I will be here until you come back.'
The farmer did the same. He started off with his family for river Ganga. The moment he threw the four coins in the river after taking bath, four hands came from inside the water and caught them. Farmer family was amazed at it. Feeling bewildered, farmer asked about it from the Ganga with folded hands. Those were my hands, replied Ganga and asked him about who had given him those coins.
'A woman who is living in my household for last 12 years had given me the coins', said the farmer. 'She is none other than Goddess of prosperity Laxmi herself', said Ganga to farmer, 'and the man accompanying her is Lord Vishnu himself. Don't let Laxmi go otherwise you will become poor again.'
The farmer rushed back to his home, where Vishnu was ready to leave along with Laxmi. Farmer caught hold of Laxmi and said that he would not let her go.
After that, Lord Vishnu told him, 'Nobody wants to let her go, but she can't stay at one place only.' Then the Lord told the farmer about the curse and the 12 year penance.
But the farmer did not budge. He told Vishnu, you can take any other woman, but I wouldn't let Laxmi go.
Then Laxmi took matters in her own hands. She told farmer, 'if you want to stop me, do what I ask you. Its Teras tomorrow and I will celebrate Dhanteras for you. You should clean up your home and surroundings well tomorrow. Light up a ghee diya in the evening and perform Laxmi poojan. Fill a bronze pot with coins and keep that for me. I will be in that pot, but you won't see me. If you do it tomorrow, I will stay in your house throughout the year. And if you want to stop me, do the same every year. After that, light rays came from ten directions and she disappeared.
The farmer did the same next day on Dhanteras. He became rich and prosperous once again. He made it a ritual to perform Laxmi poojan every year on Dhanteras and spent his life without any difficulty.
Preparations
Preparations are simple. To mark the auspicious day, houses and business premises are renovated and decorated. Entrances are made colorful with lovely traditional motifs of Rangoli designs to welcome the Goddess of Wealth and Prosperity. To indicate her long-awaited arrival, small footprints are drawn with rice flour and vermilion powder all over the houses. Lamps are kept burning all through the nights
Puja Prepration-
- One Deepak made out of atta/clay with 4 wicks
- Wicks for the Deepak oil/ghee, matchstick
- One shell with a hole
- Flowers, roli, chawal
- Water in panchpatra and a spoon
- Some money
- Pata & Aasan
- Kheel & batasha
- Dhoop (sambrani) & dhoop daan
- Chopda with roli, chawal for applying tikka
- Suhali, petha (shaker para) DhanTeras
Vidhi / Method of Performing the Puja
Dhanteras puja has its own importance. After seeding stars the women of the house get together for puja. In some houses both men & women do the puja. The 4 wick Deepak is placed on the pata. Oil/ghee is put in the Deepak with the Four Wicks. The Cowrie shell is placed on the Deepak. The Deepak is lit. This is referred as Yamadeep. This Deepak pleases Yamaraj and the pitars/departed ancestors of the family. Some water from the panchpatra is sprinkled around the Deepak, puja is performed with roli, chawal and money. Four suhali and little pethas are offered. Some people offer kheel and batasha also Dhoop is lit. Women performing the puja go around the Deepak four times & do pranam.
After puja, the family members do namaskaar to all the elder people to them.
Dhanteras Muhurt for Pujan--
1-Dhanteras Pradosh Kal
The period of 2 hour 24 minutes after sun sat is known as Pradosh Kal. It’s considered good and fortunate to do Laxmi Pujan as well Deep Daan.
In Delhi on Dhanteras 2010 ( 3rd November) sun sat time will remain till 21.02 PM from 18.02 PM.
Fixed sign of Taurus during this period gives permanent financial prosperity and happiness.
2. Dhanteras Chaughadia Muhurat
03 November 2010 , Wednesday
Laabh Muhurta (starting from sunrise) - Morning 06:47 AM to 08:11 AM
Amrit Muhurta - 08:12 AM to 09:35 AM
Shubha Muhurta - 11.00 AM to12:23 AM
Chhal Muhurta - 03:11 PM to 04:35 PM
Laabh Muhurta - 04:36 PM to 05:59 PM
In above, worshipping during Laabh muhurta helps in increasing profits. Shubha muhurta gives health, wealth and happiness. Among these, the best period is Amrit muhurta.
Best muhurtas during evening
From 07:35 to 12:23 is the best period for dhanteras wordship.
Traditions
It is believed that new “Dhan” or some form of precious metal is a sign of good luck. "Laxmi-Puja" is performed in the evenings when tiny Diyas of clay are lit to drive away the shadows of evil spirits. "Bhajans"-devotional songs- in praise of Goddess Laxmi are also sung.
So don't forget Dhanteras will be celebrated on 3rd November this year.
