MAHINDRA FINANCE : PUBLIC ISSUE OF SECURED AND UNSECURED SUBORDINATED REDEEMABLE NON-CONVERTIBLE DEBENTURE MAY - JUNE 2016

Mahindra Finance
PUBLIC ISSUE OF SECURED AND UNSECURED SUBORDINATED REDEEMABLE NON-CONVERTIBLE DEBENTURE
(May 25, 2016 to June 10, 2016)

Issue Size : Application E FORMS are sent by email on request to ALLIESFIN@gmail.com
Base Issue Size of Rs. 250 Crores with an option to retain oversubscription up to the Shelf Limit, i.e. up to Rs. 1,000 Crores.

Issuer	Mahindra & Mahindra Financial Services Limited
Issue Size	Base Issue Size of Rs. 25,000 lacs with an option to retain oversubscription up to the Shelf Limit, i.e. up to Rs. 1,00,000 lacs
Issue opens	Wednesday, May 25, 2016
Issue closes	Friday, June 10, 2016
Allotment	First Come First Serve Basis
Face Value	Rs. 1000 per NCD
Issue Price	Rs. 1000 per NCD
Nature of Instrument	Unsecured Subordinated Redeemable Non-Convertible Debenture
Minimum Application	Rs. 10,000 (10 NCDs) and in multiple of Rs. 1,000 (1 NCD) thereafter across all Series
Listing	BSE
Rating	“CARE AAA” by CARE “IND AAA” by India Ratings

Series	I	II	III	IV	V	VI	VII	VIII	IX
Frequency of Interest Payment	Quarterly	Quarterly	Quarterly	Annual	Annual	Annual	NA	NA	NA
Tenor	66 months	84 months	120 months	66 months	84 months	120 months	66 months	84 months	120 months
Coupon (%) for Category I and II	8.34%	8.44%	8.53%	8.60%	8.70%	8.80%	NA	NA	NA
Coupon (%) for Category III and IV	8.44%	8.53%	8.72%	8.70%	8.80%	9.00%	NA	NA	NA
Effective Yield (per annum)* For NCD holders in the Category I and the Category II	8.60%	8.71%	8.80%	8.61%	8.70%	8.80%	8.60%	8.70%	8.80%
Effective Yield (per annum)* For NCD holders in the Category III and Category IV	8.71%	8.80%	9.00%	8.71%	8.80%	9.00%	8.70%	8.80%	9.00%
Redemption Amount (Rs./NCD) For NCD holders in the Category I and the Category II	1,000	1,000	1,000	1,000	1,000	1,000	1,574.75	1,793.52	2,325.36
Redemption Amount (Rs./NCD) For NCD holders in the Category III and Category IV	1,000	1,000	1,000	1,000	1,000	1,000	1,582.75	1,805.11	2,368.49

Please refer to Prospectus before Investing.

Category wise Allocation

Cogencis Poll - Nifty 200 Earnings: Estimates of Jan-Mar PAT, Sales

Cogencis, Friday, May 20
 
    Following are the Jan-Mar consensus earnings estimates of companies that
constitute the National Stock Exchange's Nifty 200 index. These estimates are
based on reports, compiled by Cogencis, from 24 brokerages.
 
Company name          Sales     PAT     Sales     PAT    Sales     PAT  Result
                     Average  Average       --(Y-o-Y)--  --(Q-o-Q)--     date
                     ---mln rupees---   -----------% change-----------
AUTO
Amara Raja            12,489.75   1,335.00    17     31      2     (2) May 24
Bajaj Auto            53,302.75   8,026.50    15     29     (2)   (11) May 25
Bosch                 27,111.50   3,351.50    15     17      2     52  May 25
M&M                  102,334.91   6,828.45     9     24     (6)   (15) May 30
Tata Motors +        729,207.64  33,895.27     8     97      2     (3) May 30
 
BANK
Bank Of India *       28,860.00  -8,972.22     1    N.A.     7    N.A. May 20
Canara Bank *         23,204.60   1,884.40    (7)   (69)     4    122  May 27
IDBI Bank *           15,988.00 -13,377.00    (4)   N.A.     3    N.A. May 20
Indian Overseas Bank *    N.A.       N.A.   N.A.   N.A.   N.A.    N.A.   --
Karur Vysya Bank *     4,520.33   1,484.67    14      8      1     (3) May 27
SBI *                139,135.58  19,280.92    (5)   (48)     2     73  May 27
Union Bank *          20,628.30   1,855.20    (3)   (58)     3    136  May 13
 
CEMENT
Ramco Cements +       10,043.33   1,431.56     4     52     24     22  May 20
Shree Cement          19,959.08   1,679.00    27     40      9     63  May 26
 
CHEMICAL
Godrej Industries +        N.A.       N.A.  N.A.   N.A.   N.A.   N.A.  May 25
Tata Chemicals +      39,899.75   1,424.00     9    N.A.   (13)    10  May 26
 
CONSTRUCTION ENGINEERING
AIA Engineering +      5,341.50     967.50    (9)   (14)    11      4  May 25
Cummins India         12,282.67   1,858.67    10     (2)    10      4  May 25
Engineers India        4,192.00     801.50   (14)   (26)    14     29  May 23
 
ELECTRICAL
GMR Infra +           29,530.50  -4,855.50     3    N.A.   (17)   N.A.   --
Reliance Infra +      27,525.00   3,918.00   (40)   (15)   (30)   (15)   --
Reliance Power +      25,511.00   3,581.00    61     30     (0)     2  May 27
Suzlon Energy +       35,100.00     900.00   (28)   N.A.    86    N.A.   --
 
ENGINEERING - CAPITAL GOODS
BHEL                 113,878.50   3,239.00    (8)   (64)   118    N.A. May 27
L&T +                283,961.50  19,509.70     1     (6)    12     89  May 25
 
FINANCE
Bajaj Finance *       11,236.20   3,516.17    35     52    (15)   (14) May 24
Bajaj Finserv +       17,000.00   5,095.00   (11)   (28)   (29)    17  May 24
Muthoot Finance            N.A.   1,948.67   N.A.    18    N.A.     4  May 27
PFC*                  26,913.00  15,851.67     6      2     (6)     0  May 24
REC*                  22,101.67  14,016.67     1     28      5      2  May 27
 
FMCG
Bata India             5,458.67     331.00    11    (43)   (12)   (26) May 30
Berger Paints         11,151.17     852.17    21     21      4    (16) May 30
Britannia Industries  22,564.67   2,122.00    11     27      1      2  May 20
Colgate India         10,577.75   1,669.17     4      2      5      5  May 24
ITC                   97,675.92  25,042.38     6      6      7     (6) May 20
Jubilant Foodworks     6,324.75     335.88    17      7     (0)     6  May 28
MMTC                       N.A.      N.A.   N.A.   N.A.    N.A.   N.A. May 27
Page Industries        4,356.67     547.00    17     16      1      5  May 24
PC Jeweller           22,209.00   1,262.00    10      5      2    (14)   --
Rajesh Exports             N.A.      N.A.    N.A.   N.A.  N.A.   N.A.  May 30
Redington India +     89,826.00   1,285.00     9      5     (0)    16  May 24
Tata Global  +        19,686.50     700.50     5  1,696     (4)    18  May 24
TTK Prestige           3,168.67     225.00    11    131    (29)   (40) May 23
United Spirits        24,357.00     926.00    21    N.A.    (8)   126  May 26
 
HEALTHCARE
Apollo Hosp           14,511.00     986.50    21     28      5    (10) May 25
Fortis Healthcare +        N.A.      N.A.   N.A.    N.A.  N.A.    N.A. May 26
 
IT
Mphasis +             15,380.00   1,805.09     8      2      1      4  May 26
Tech Mahindra  +      68,428.19   7,432.00    12     57      2     (2) May 24
 
MEDIA
Dish TV India          7,977.38     758.13     6    117     32    (24) May 23
Sun TV Network         6,010.43   2,247.14    10     11      5      4  May 27
 
METAL
Hindalco Industries   92,698.70     -55.30     1    N.A.    16    N.A. May 28
Hindustan Copper           N.A.       N.A.   N.A.   N.A.   N.A.   N.A. May 30
National Aluminium    18,081.50   1,687.00     2    (52)    12     26    --
SAIL                 108,050.63  -9,961.25    (6)   N.A.    23    N.A. May 30
Tata Steel +         309,578.50  -9,400.00    (7)   N.A.    11    N.A. May 25
 
MINING
NMDC                  17,556.00   7,173.67   (38)   (47)    16     10  May 27
 
OIL & GAS
BPCL                 396,487.75  16,733.00   (23)   (41)   (15)    12  May 23
GAIL                 131,935.55   7,022.45    (7)    37     (1)     6  May 25
Indian Oil Corp      740,147.75  40,907.08   (21)   (35)   (11)    34  May 27
Oil India             20,201.78   2,685.67   (21)   (51)    (9)   (35) May 27
ONGC                 159,056.09  24,094.55   (25)   (39)   (14)    87  May 26
 
PHARMA
Aurobindo Pharma +    37,467.83   5,648.83    19     40      9      6    --
Cipla +               33,505.25   3,688.50    12     42     11      7  May 24
Divi'S Laboratories    9,392.67   2,722.67   N.A.   N.A.   N.A.   N.A. May 28
GSK Pharma                 N.A.       N.A.   N.A.   N.A.   N.A.   N.A. May 25
IPCA Laboratories      7,000.50     552.00    12    609      4    138    --
Jubilant Life +       15,484.67   1,306.67     2    206     16     12  May 24
Just Dial              1,778.67     272.33    14    (42)     4      1  May 20
Natco Pharma +         3,049.00     490.50    60    (10)    16     32  May 26
Sun Pharma +          77,575.00  19,233.00    26    117     10     36  May 30
Torrent Pharma +      15,038.00   3,617.67    33    178     (1)   (25) May 23
 
POWER & ENERGY
Bharat Electronics    34,218.00   7,512.33    17      4    126    154  May 27
Coal India +         215,458.10  46,906.40     4     11     14     26  May 28
HPCL                 362,963.42  12,036.00   (19)   (44)   (16)    15  May 27
NHPC                  14,379.75   3,213.00    (1)   (50)    (0)   (17) May 28
NTPC                 188,076.56  22,846.00    (2)   (22)     9     (8) May 30
Power Grid            57,799.90  17,569.50    23     24      7      9  May 26
Tata Power +          95,900.80   3,065.80    17     93      4  1,153  May 23
Thermax               13,682.00   1,119.27    (9)   (15)    37     65  May 25
 
REALTY
DLF +                 20,957.00   1,360.75     7    (21)   (26)   (17)   --
Prestige Estates       6,500.00     885.00    (4)   (22)    20     36    --
 
TELECOM
Info Edge India        1,975.00     492.00    14    (40)    14    126  May 25
RComm +               54,837.00   1,787.25    (4)   (22)     5      5    --
Tata Comm +           51,305.60     -79.00     7    N.A.     1    N.A. May 18
 
TEXTILE
 
TRANSPORT
Ashok Leyland         59,562.42   4,163.42    34     81     48    110  May 25
BEML                  12,985.00   1,512.00     2    (10)    72  4,777  May 27
CONCOR                14,445.50   2,192.00    (4)   (25)     3      6  May 25
Jet Airways           53,429.50   3,855.00    15    N.A.     6    (17) May 26
 
 
EARNINGS DECLARED SO FAR
                    Sales   Cogencis est    Net  Cogencis est     EPS    Result
                                                             (in rupees)   date
 
ABB India        19,762.9    20,054.2      709.8     826.3      3.35    Apr 25
ACC +            29,273.8    30,000.0    2,269.5   2,026.6     12.06    Apr 28
Adani
 Enterprises +  108,956.2   107,960.0    1,668.0   2,119.0      1.52    May 04
Adani Ports and
  SEZ +          18,596.6    16,564.1    9,140.6   5,922.9      4.41    May 03
Adani Power +    73,353.7    58,960.0   11,733.9  -1,402.0      3.72    May 03
Ajanta Pharma     3,951.2     4,374.0    1,357.1   1,037.0     15.42    Apr 29
Allahabad Bank * 12,737.0    14,651.0   -5,811.3     361.0     -9.67    May 13
Alembic Pharma +  6,255.5     8,214.0      911.8   1,725.0      4.84    Apr 27
Ambuja Cements   24,183.0    25,035.2    3,037.6   2,634.8      1.96    Apr 28
Apollo Tyres +   29,661.2    30,856.0    2,451.6   2,927.7      4.82    May 11
Arvind Ltd +     23,140.0    21,581.2    1,103.3   1,011.2      4.27    May 12
Asian Paints +   39,192.3    38,653.9    4,087.5   4,350.6      4.26    May 11
AXIS Bank *      45,525.9    43,419.1   21,542.8  23,664.2      9.01    Apr 26
Bank of Baroda * 33,304.1    29,624.5  -32,301.4   3,202.3    -14.02    May 13
Bharat Forge      9,870.7    11,728.6    1,645.2   1,783.9      7.07    May 17
Bharti Airtel ^ 249,596.0   247,183.9   12,903.0  11,681.7      3.23    Apr 27
Bharti Infratel+ 31,619.0    31,449.7    6,617.0   5,951.0      3.49    Apr 26
Biocon +          9,703.0     8,737.3    3,609.0   1,109.5     18.05    Apr 26
Cairn India +    17,168.3    16,624.4 -109,482.2  -1,769.8    -58.40    Apr 22
Castrol India     8,521.0     7,900.3    1,724.0   1,519.8      3.49    May 05
Cadila
  Healthcare +   23,755.0    24,757.4    3,887.0   3,716.9      3.80    May 13
Central Bank *   15,632.7        N.A.   -8,980.4      N.A.     -5.42    May 13
Century Textiles 19,547.4        N.A.       91.6      N.A.      0.82    May 03
CESC             14,650.0    16,223.1    2,480.0   2,054.9     18.72    May 19
CRISIL +          3,582.1     3,498.0      786.0     721.5     10.91    Apr 19
Dabur India +    21,573.1    20,751.9    3,319.3   3,197.6      1.88    Apr 28
Dewan Housing     19644.9        N.A.    1,896.6   1,926.0      7.25    May 04
Dr. Reddy's ^    37,562.0    39,375.1      746.0   5,517.6      4.36    May 12
Eicher Motors +  37,020.1    39,726.6    3,345.0   3,570.9    122.72    May 05
Emami +           6,689.8     6,524.0      758.5   1,084.8      3.34    May 05
Exide Industries 17,562.9    16,715.4    1,775.5   1,508.6      2.09    Apr 27
Federal Bank *    6,859.4     6,243.6      102.6   1,703.4      0.06    Apr 30
Glenmark Pharma^ 22,890.6    18,814.2    1,430.5   2,078.7      5.07    May 12
Godrej Consumer+ 22,660.6    22,591.3    3,100.7   3,127.7      9.10    May 03
Grasim
 Industries +    98,964.3   95,655.0     6,960.9   6,736.2     74.50    May 07
Great Eastern +   8,695.6        N.A.      582.0      N.A.      3.85    May 05
Gruh Finance *    3,669.1     1,143.0      727.4     880.0      2.41    Apr 19
GSK Consumer     10,528.3    12,778.1    1,806.8   2,294.7     42.96    May 17
Gujarat Fluoro + 23,690.1        N.A.    1,473.2      N.A.     13.41    May 16
Gujarat Petronet  2,312.5     2,546.0      997.1   1,091.0      1.77    May 19
Gujarat Pipavav   1,541.0     1,787.2      498.3     578.3      1.03    May 19
Havells India    14,633.6    14,531.4    3,664.9   1,538.9      5.87    May 11
Hero MotoCorp    73,852.3    74,378.2    8,141.6   8,167.2     40.77    May 05
HCL Tech #      106,980.0   107,902.4   19,260.0  19,459.7     54.40    Apr 28
HDFC *           27,600.0    25,890.8   26,070.5  22,687.4     16.06    May 02
HDFC Bank *      74,533.4    72,996.5   33,742.2  33,852.0     13.20    Apr 22
Hexaware Tech +   8,202.1     8,533.0      841.9   1,062.4      2.77    May 04
Hindustan
 Unilever        78,094.0    79,871.2   10,895.9  10,123.3      5.03    May 09
Hindustan Zinc   30,696.8    31,883.7   21,491.3  15,495.1      5.09    Apr 21
ICICI Bank *     54,045.1    55,817.8    7,018.9  31,318.8      1.20    Apr 29
Idea Cellular +  94,625.7    93,781.4    5,756.3   5,403.1      1.59    Apr 28
IDFC *+              N.A.     6,956.0    1,304.5   2,323.7      0.81    Apr 29
Inox Wind +      18,277.3    16,879.7    2,092.3   1,986.7      9.43    May 06
Indraprastha Gas  8,815.7     9,177.9    1,076.4   1,127.7      7.69    May 13
Indian Bank *    11,346.3    11,143.0      844.9     715.5      1.76    May 11
Indian Hotels     6,868.2        N.A.      881.4     N.A.       0.89    May 18
Indiabulls
 Housing*+       11,160.0    11,200.0    6,755.0   6,784.0     15.85    Apr 25
IndusInd Bank *  12,682.1    12,142.8    6,203.5   6,055.9     10.33    Apr 21
Infosys ^       165,500.0   165,550.0   35,970.0  35,499.0     15.74    Apr 15
IRB Infra +      15,367.9    13,754.3    1,511.6   1,458.7      4.30    May 19
Jindal Steel +   49,481.5    52,498.7   -3,713.4  -5,000.7     -4.06    May 04
JSW Energy +     26,383.3    25,672.8    3,054.3   3,186.8      1.86    Apr 27
JSW Steel +     104,712.1   104,605.2    1,712.5    -875.6      6.74    May 18
Kotak Mahindra * 18,572.4    18,390.2    6,957.8   6,863.8      3.79    May 11
L&T Finance
 Holding *+          N.A.       N.A.       161.7      N.A.     -0.14    May 02
LIC Housing Fin*     N.A.     8,121.4    4,480.2   4,669.1      8.88    Apr 18
Lupin +          40,913.2    37,998.8    8,070.8   7,070.4     17.82    May 19
M&M Fincl *+     18,866.2     8,773.8    4,113.3   2,559.8      7.23    Apr 23
Marico +         13,027.8    13,010.9    1,384.4   1,368.1      1.07    Apr 29
Maruti Suzuki   149,295.0   148,021.5   11,336.0  11,488.6     37.53    Apr 26
Motherson Sumi + 100681.0   104,524.6    4,137.2   3,658.0      3.13    May 17
MRF              34,363.0        N.A.    3,759.0      N.A.    886.33    May 03
Mindtree +       13,242.0    12,873.8    1,560.0   1,531.4      9.27    Apr 18
NBCC +           22,511.4        N.A.    1,414.8      N.A.      2.36    May 16
Oberoi Realty +   2,248.9     2,451.0      645.5     912.6      1.90    Apr 29
Oracle Fincl +   10,129.9    10,518.0    2,243.6   3,125.0     26.34    May 12
Persistent Syst+  6,771.1     6,352.2      808.1     803.6     10.10    Apr 25
Petronet LNG     59,501.0    59,626.1    2,392.7   2,517.1      3.19    May 17
Pfizer            5,091.5        N.A.      669.7      N.A.     14.64    May 06
Pidilite Ind +   12,334.7    11,454.7    1,526.0   1,228.1      2.98    May 19
Piramal Ent      17,142.1        N.A.    1,802.4      N.A.     10.44    May 16
PNB *            27,677.1    41,952.7  -53,671.4  -1,402.0    -27.33    May 18
P&G Hygiene       6,132.3        N.A.      973.0      N.A.     29.98    May 05
Reliance Cap +   27,740.0        N.A.    4,150.0   4,350.5     16.46    May 06
Reliance Ind    499,570.0   571,855.4   73,200.0  70,348.9     22.60    Apr 22
Siemens          27,254.3    28,082.0    1,774.2   1,648.6      4.98    May 06
SKS Microfinance *   N.A.     1,699.4      844.7     848.3      6.57    May 04
Shriram
 Transport*      14,437.8    12,462.5    1,439.2   2,912.4      6.34    Apr 29
SRF               8,853.5    10,932.0      860.9     918.6     15.00    May 10
Strides Shasun    9,612.0        N.A.      962.2      N.A.     10.75    May 16
Sun Pharma
   Advanced         411.7        N.A.      -95.8      N.A.     -0.40    May 06
Syndicate Bank * 14,618.2        N.A.  -21,581.7      N.A.    -33.27    May 17
Syngene Intl      3,262.0     3,161.0      665.0     706.0      3.32    Apr 26
Tata Elxsi        2,939.5        N.A.      410.9     N.A.      13.20    Apr 28
TCS +           284,486.1   283,590.6   64,131.2  62,758.2     32.54    Apr 18
Titan Co         24,371.5    28,059.1    1,841.1   2,152.6      2.07    May 06
Torrent Power +  24,400.2    29,000.0      277.6   2,707.0      0.58    May 18
TV18 Broadcast +  6,713.4        N.A.      825.1      N.A.      0.48    Apr 20
TVS Motor Co     27,763.9    27,467.5    1,177.6   1,113.2      2.48    May 03
UCO Bank *        9,331.1        N.A.  -17,151.6      N.A.    -15.95    May 13
UltraTech +      68,504.6    64,506.9    7,225.6   6,176.8     26.32    Apr 25
UPL +            42,922.3    38,369.2    5,520.2   4,614.2     12.88    Apr 29
United Breweries 11,847.0    12,915.0      514.4     706.0      1.94    May 14
Vakrangee +       8,799.4       N.A.     1,108.1      N.A.      2.10    May 11
Vedanta +       158,291.3   151,110.5 -111,812.6   1,437.3    -37.71    Apr 28
Videocon Ind     27,680.7        N.A.   -1,895.9      N.A.     -5.67    May 16
Voltas +         18,757.2    16,412.3    1,764.3   1,187.8      5.33    May 17
Welspun India +  14,594.7    15,330.0    1,932.9   1,764.0      1.93    Apr 25
Wipro +         137,417.0   135,618.5   22,350.0  23,609.2      9.08    Apr 20
Wockhardt +      10,133.6        N.A.      429.0      N.A.      3.86    May 06
Yes Bank *       12,414.4    12,143.6    7,021.1   6,760.7     16.38    Apr 27
Zee Ent +        15,316.2    14,788.1    2,606.1   2,666.1      2.33    May 10

[AlliesFin] Quotes from Berkshire Hathway Agm 2016

Quotes from #BRK2016

·         Buffett (on acquisitions) says two things drive mistakes: 1) misunderstanding future economic prospects of a business , 2) a manager who changes behavior after a sale. And Buffett says almost no due diligence(DD) can protect against these two risks., "Negotiations that drag out are more likely to blow up somehow."  -- Buffett ;  "How many people here who are happily married carefully checked the font on their spouse's birth certificate?"--Munger on DD

·         Charlie on needing a sense of humor: "If you see the world accurately, it's bound to be humorous, because it's ridiculous."

·         Munger: "Be adverse to the standard stupidities. Keep those out and you don't need to be smart, thank God."

·         If you disagree with someone you should be better to state their case better than they can - Munger

·         "Aesop lived about 600 BC...though he didn't know it was BC, because you can't know everything." -- Buffett

·         "We try to avoid what is always the worst anchoring effect...which is our previous conclusions." -- Munger

·         Mr. Buffett fields a question about a catastrophic attack, via chemical, nuclear, biological or cyber attacks. He jokes that he abbreviates this as CNBC - chemical,  nuclear, biological, cyber attacks.

·         "You don't want to play a stupid game just because it is available" - Buffett re CNBC-like stock investing

·         Question about Sequoia Fund and its massive investment in Valeant Pharmaceuticals.Mr. Buffett starts by reminding the room that he is "the father" in a way of the mutual fund, in that he steered his early investors to Ruane, Cunniff & Goldfarb Inc. when he shut down his investment partnership. That firm set up Sequoia to handle their money. He also reminds the room that Sequoia's long term track record is still among the best in mutual-fund history, despite the recent struggles. But he says the "unusually large position" it took in Valeant was a mistake–the result of  the fund becoming "overly entranced with the business model" of the pharmaceutical giant. Some management of the fund has been replaced, he said. He's advised people privately to stay with the fund and with Ruane Cunniff, and says the people who remain there are "very smart, decent people." On Valeant, Mr. Buffett says "the business model of Valeant was enormously flawed." He notes that the company was "touted to us," and intermediaries wanted him to meet with the company's chief executive, Michael Pearson. (We referenced that in this item last night: "Ackman to Buffett, Munger: Can't We Get Along.") The company's troubles illustrate a principle passed on to him by a friend. Mr. Buffett says: "If you're looking for a manager, find someone who is intelligent, energetic and has integrity. If he does't have the last, make sure he lacks the first two." He and Mr. Munger have seen "patterns that frequently come to a bad end, but look extremely good in the short run," implying that Valeant falls into that camp. Mr. Munger weighs in to say Sequoia, as "reconstituted," is a reputable investment fund. Then he lands on of the haymakers for which he's famous: "Valeant, of course, was a sewer," Mr. Munger says. "Those who created it deserve all the opprobrium that they got."

·         Renewables in Nevada: There's a question about solar power in Nevada, where Berkshire owns utility NV Energy. The issue revolves around the price that people with roof panels were allowed to sell back their excess power for. For awhile, they were allowed to do it at below-market rates.  "There's no question" for solar to be competitive, it needs subsidies. Who pays that is a tricky question. Mr. Buffett says Berkshire opposes paying above the market rate, since its excess costs there are passed along to the "99%" of people in the state don't have solar panels. Mr. Buffett loops in Greg Abel, who runs Berkshire's massive energy business.

·         On AmEx: There's a question from the analyst panel about American Express, and whether Berkshire should re-evaluate its thesis for owning the stock (it's owned it for decades). Mr. Buffett acknowledges that AmEx's position has been under attack, and that it's too attractive a business not to be under attack. But that even if it's slightly less attractive than it used to be, it's still a good business to own. But he says he and Mr. Munger constantly re-asses their investments. Evaluating threats to businesses is a tough game, he said. "It's not that we're not cognizant of threats but assessing the probability of those threats" being life-changing or not is crucial. @AlliesFin9

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Sharavan Mahiney ki Subh Mangal Kamna

Pranam,

RBI Governor Subbarao to retire in Sept 2013 & Raghuram Rajan to take the New Stance can change market dynamics upto pre Budget Jan 2014.

A highly trusted men of Mr.FM and wide experience can bring Total turnaround in markets and economy.

Liquidity pressure may ease and good reforms and execution may take place during his regime.

We expect markets to react Positively and reach SKY TOPS in this time.

At 5500 Nifty & Sensex 18500, can we see 7200 Nifty & 27000 Sensex ??? 

LET TIME ANSWER ALL QUESTIONS.

We expect Few Sectors to Outperform which are highly beaten and have lots of pessimism in it.

!****!****!

Hv a Gr8 day,

Warm Regards,

AXIT  D  SHAH
~ Founder ~

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RBI Policy

Pranam,

[C] Highlights of RBI's First Quarter Review of Monetary Policy 2013-14
    Cogencis, Tuesday, Jul 30
.
    MUMBAI - Following are the highlights of the Reserve Bank of India's
First Quarter Review of Monetary Policy for 2013-14 (Apr-Mar):
.
MAIN HIGHLIGHTS
* Repo rate unchanged at 7.25%
* Reverse repo rate unchanged at 6.25%
* MSF, Bank Rate unchanged at 10.25%
* Cash Reserve Ration unchanged at 4%
* FY14 GDP growth projection cut to 5.5% vs 5.7%
* FY14 M3 growth projection retained at 13%
* FY14 deposit growth projection retained at 14%
* FY14 non-food credit growth projection kept at 15%
* Will endeavour to condition evolution of inflation to 5% by Mar
* To release mid-quarter policy review on Sep 18
* To detail Jul-Sep policy review on Oct 29
.
GUIDANCE
* External sector influence on policy has grown in last one yr
* Last 2 yrs' stance mainly shaped by growth-inflation dynamic
* Current situation would have built reasonable case for easing
* India now caught in classic 'impossible trinity' trilemma
* Have to forfeit policy discretion for external sector issues
* Recent liquidity steps aimed at checking undue FX volatility
* Once FX mkt stabilises, liquidity steps to be rolled back
* FX stability to enable reverting to growth supportive policy
* Should use available time for structural steps on current acct
* Time available now should be used with "alacrity"
* Ready to use all tools for quick response to adverse events
.
GROWTH
* Onset, spread of monsoon have been robust
* Persisting weakness in industry has heightened risks to growth
* Global growth has been tepid
* Tepid global growth impacted world trade, Indian industry
* Global spillovers impacted exports, manufacturing, services
* Govt took many policy initiatives to improve invest environment
* As govt steps work through system, current slowdown may reverse
.
INFLATION
* Apr-Jun inflation trajectory mostly in line with estimates
* Some risks to inflation path have surfaced in June
* Good monsoon didn't ease food prices as much as it should have
* Vegetable prices impacted by weather-driven supply disruption
* Outlook for non-oil global commodity prices stays benign
* International crude oil prices are firming up
* Firm crude oil prices reflected in petroleum pdt price hikes
* Rupee fall expected to pass through to inflation in coming mos
* Timing of further price hikes makes inflation outlook uncertain
* Extent of further price hikes makes inflation outlook uncertain
* Objective is to contain WPI around 5% in short term
* Objective is to contain WPI around 3% in medium term
.
RISK FACTPORS
* Biggest risk to macroeconomic outlook from external sector
* Not clear if mkts fully factored full impact of US bond buy cut
* Not clear if mkt will react to each signal on US bond buy cut
* India to stay vulnerable to global fincl mkt sentiment
* Large current acct gap a formidable structural risk factor
* Current acct gap raised stress on external payments situation
* Current acct gap reflects rising external indebtedness
* Most external vulnerability indicators have deteriorated
* Worsened external indicators hurt economy's resilience to shock
* External vulnerability heightens need for fiscal consolidation
* Investment climate remains weak
* Risk aversion continues to stall investment plans
* Critical to ease supply constraints in economy
.


!****!****!

Have a Gr8 Day,

Warm Regards,

۞ ALLIES FINANCIAL SERVICES
HQ: Mumbai, India.
Blog: www.AlliesFin.BlogSpot.com

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Mercedes S-class: Closest thing yet to a self-driving car---7 Sections

 

 

 

 

 

 

 

 

You can't buy Google's self-driving Toyota Prius but if you can pony up for a six-figure luxury car, you'll soon be able to buy a Mercedes-Benz S-Class that practically drives on its own -- while its heated seats give you a massage.

Beyond that, the Mercedes also has a host of other amazing technologies and some cool '70s-retro interior trim options.

Underneath all that, it's a Mercedes-Benz, which means it rides smoothly, accelerates quickly and drives better than you'd think a car this size would.

Pricing for the S-Class hasn't been announced yet but you can expect it to be similar to that of today's S-Class, which starts at over $90,000.

Now, the new S-Class doesn't literally "drive itself" but it almost certainly could if the engineers at Mercedes had wanted it to.

When you're on the highway, the S-Class will automatically maintain a safe distance behind the car ahead. By itself, that's nothing new. Lots of cars these days have so-called Active Cruise Control. Like some other automakers, Mercedes' system functions even in stop-and-go city traffic.

But the S-Class takes things even farther than most. The new S-Class actually steers to stay in its lane, even around curves. You do have to keep your hands on the steering wheel, though. Take them off for more than a couple of seconds and the car gives control back to you. Mercedes doesn't want you forgetting that you're still in charge.

 

 

 

 

That almost-driving-itself trick is made possible by the S-Class's mind-boggling array of radar and camera systems.

Besides simple lane-keeping, the S-Class can park itself into a parallel or back-in space. Unlike other cars with similar features it takes care of everything: the steering wheel, the accelerator and the brakes. It's very cool to see it in action, even though it gets close enough to the other cars to make you very, very nervous. (Not to mention the owners of those other cars if they happen to witness it happening.) But it gets into the space like a pro.

The car's front-facing 3D cameras also provide data for something called "Magic Body Control." Sounds freaky and it is, but probably not in the way you're thinking.

The camera "reads" the surface of the road in absurd detail, warning on-board computers about every upcoming bump and ripple. Those computers then manipulate the car's suspension, preparing the car to, essentially, step over bumps as they arrive making the ride eerily smooth.

The Mercedes S-Class has always been a big, comfortable car for drivers and passengers. The new version kicks things up to a whole new level. Yes, front and back seats will give you a massage but now there are some new options like "Hot Stone Message," "Energizing Massage" and even "Work-out." Seriously, you can get a work-out massage while you're driving.

You can even choose your own "new car smell" by plugging a bottle of scented liquid into climate control system. The various odor choices have names like "fireside","nightlife," and "sport."

You can enjoy this while listening to a Burmester sound system which has the distinction of being the only car stereo that's ever impressed me enough that I've bothered mentioning it in a review. Seriously, it's that good.

 

 

 

 

 

Now about that interior. Mercedes cars always have nice interiors and this one's no different. It's got some interesting options like leather trim with a diamond-shaped pattern punched into it. Then there's wood trim that's infused with silver so that it looks, honestly, like metal with a wood grain. It's the kind of thing a lot of people would hate, but I found myself strangely taken to it.

Then there's the ambient light. Plenty of cars these days have adjustable ambient lighting systems that allow you to choose in what color you'd like your cabin to glow. But, in the S-Class the light comes out from, seemingly, everywhere and with impressive brightness and clarity. You can turn it down, but it's so much fun when the lights are turned up. You can pretend you're piloting a Berlin nightclub down the interstate.

 

 

 

Some of these sensors and cameras look for things crossing the car's path, be they cars or people. And the car can tell the difference and it responds differently.

In the event that another car is in the way, the S-Class will warn the driver, tighten up the seatbelts and, when the driver presses on the brakes, the car will immediately provide full braking pressure even if the driver doesn't push down that hard.

But if the car detects a pedestrian, it responds differently. In this case, the car will slam on the brakes with startling force if -- and only if -- the driver does absolutely nothing in response to the impending disaster.

But it works only if the driver does not respond at all. I'm not sure I see this system saving many lives, because most drivers would react somehow. If Mercedes is going to go to such great lengths to provide safety technology, I'd prefer it to assist drivers even when they are paying attention

 

 

 

 

The new S-Class is a truly remarkable car. It rides, drives -- and even smells -- like the sort of top-flight luxury car Mercedes usually produces. And the new version carries on the tradition of being a technology showcase. (We don't even have enough space here to cover everything this car can do.)

You don't have to get an S-Class to get access to all this stuff. Some of this technology, including the self-steering lane-keeping assistance, has recently become available on lower-priced models like the mid-sized E-class -- but you won't get a Hot Stone Massage.