What is a Yield?
Yield is the interest paid by the bond expressed as a % of its current market price. E.g. the yield of 7.99% 2017 G Sec at market price of INR 100 will be 7.99%, at INR 90 will be 8.87% and at INR 110 will be 7.26%.

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Fund Manager: S Naren

Type & Investment Objective

An open-ended equity fund with a focus on capturing the opportunity presented by the long term growth potential of the Indian Infrastructure Sector. To invest across infrastructure sectors such as Cement, Power, Telecom, Oil and Gas, Construction, Banking etc.

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Punj Lloyd Ltd. is one of the largest engineering construction companies in India providing services to energy and infrastructure sector projects. PLL provides engineering construction services for onshore and offshore pipelines, gas gathering systems, oil and gas tanks and terminals including cryogenic LNG and LPG storage terminals, process facilities in the oil and gas industry including refineries and for power plant projects. In the infrastructure sector, Punj Lloyd Limited has worked on various civil infrastructure projects for highways, flyovers, bridges and elevated railroads. PLL’s operations are spread across the regions of the Middle East, the Caspian, the Asia Pacific, Africa and South Asia.

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For the week ended 15th March’08 inflation numbers came in at a high of 6.68% as compared to 4.89% on 16th February’08. Inflation is the rate in change in the Wholesale price Index (WPI). The three major components of the WPI index are a) Primary Articles with a weightage of 22.02%, b) Fuel, Power, Light and Lubricants with a weightage of 14.23% and Manufactured products with a weightage of 63.75%.

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Open Interest is an important indicator that can help one in ascertaining the flow of funds.

1. If the open interest rises with rise in price it is a bullish indication.
2. If open interest rises and prices fall it is a bearish indication.
3. If open interest falls and prices rise it is a sign of short covering by bears.
4. If open interest falls and prices also fall it is a sign of profit booking by bulls or liquidation of positions.

Put Call Ratio is an important indicator that can help one in gauging the future direction of the market.

1. If the Put call ratio rises then there is hope of higher prices in the near future.
2. If the Put call ratio falls it is a sign of weakness in the market.
3. Generally put call ratio is read along with volatility.
4. PCR can be calculated for Open Interest/positions or no of puts and calls traded.
5. Historically – 1.06 -2.00 is bullish. Above 2 and below 1.06 one may expect a sharp fall.

There are two types of Volatility – historic volatility and implied volatility. Historic volatility is based on historic prices of the futures and implied volatility is based on the volatility calculated from options i.e. volatility implied by premiums in options.

1. If volatility rises and PCR falls, it has bearish implications.
2. If volatility falls and PCR rises, it has bullish implications.

Narayana Murthy speaks exclusively to NDTV

Dr. Roy: Thank you very much everyone, thank you Mr. Murthy. I would say that Infosys is for me & for may people in India more than just a multi billion dollar company. For many of the younger generation and many of the young people here about half my age actually it symbolizes hope; it symbolizes confidence; it symbolizes what new India is capable of doing. Taking on the world and beating the world in its own game - and they have done it by themselves. They weren’t handed down any money, they weren’t handed down any assets. and I would say Mr. Murthy you may not agree because you are a modest person. I think in my view Infosys has done single handedly more to change the mood of this country than any other institution I can think of post independence. And the one man who symbolizes Infosys, its hope, its confidence, its values, its ethics and its high PE ratio! Mr. Narayana Murthy.

Mr. Murthy: Thank you. Thanks Prannoy for those very kind words. You’ve always been very kind to me.