Nifty Divident Yield - 10 Years

Duration - 1 Jan 1999 to 28 Oct 2008

Minimum Value - .59

Maximum Value - 3.18

Average Value - 1.54

Median Value - 1.43



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Nifty P/B Chart - Last 10 Years

Duration - 1 Jan 1999 to 28 Oct 2008

Minimum Value - 1.92

Maximum Value - 6.55

Average Value - 3.77

Median Value - 3.795




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Nifty PE Chart - Last 10 Years

Duration - 1 Jan 1999 to 28 Oct 2008

Minimum Value - 10.68

Maximum Value - 28.47

Average Value - 17.84

Median Value - 17.685



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Core Projects - The Unusual Victim

Shareholders of Core Projects, a Mumbai-based IT company in the education space, were in for a shock as the share price tumbled from the Rs 240-level to close at Rs 46 in just a week. Around December 2007, the share price was around Rs 464.60 and Core Project was seen as one of the fastest growing IT companies in Maharashtra.

 The Deloitte Technology Fast 50 India 2007 Program conducted by Deloitte Touche Tohmatsu, Asia Pacific, recognizes fast growing technology companies in terms of their revenue growth over three financial years.  In this, our third year, we recognize 50 growing technology companies across India.

In the second place, with a three-year revenue growth of 2,167 percent is Core Projects and Technologies Limited, value leader providing best-of-breed IT solutions which enhance the functionality of global customers.

 in fact, a leading business magazine featured the company as one of the few investor friendly companies. Early in the year, AV Birla Group's private equity firm, TGS Investments, took a strategic stake in the company by investing around Rs 13.73 crore. Nothing much has changed fundamentally in the company reckons analysts, as the company largely focuses on education and related businesses. Being a small company, it has been growing at around 100% levels.

 In the first quarter, the company recorded a turnover of Rs 64 crore, and net earnings of around Rs 13 crore, which were 27% higher as compared to the same period previous year. Company sources maintain that this sell-off has more to do with the market conditions and not anything drastic with the company. The reason for this huge slide, according to analysts and trade experts, lies in the small- and mid-cap stocks.

“In bear markets small- and mid-cap companies face such pressures which is not new at all,” says Hasit Pandya, director, HPMG Shares and Securities. The company was cornered by operators, especially after it came in limelight, after the AV Birla interest and its FCCB issuances in May 2007. The shares started tanking on Friday, when they fell to Rs 140, after opening at Rs 229.

Analysts also reckon that around 16.75 lakh shares were converted from the $80 million issue, in May 2007. The conversion price was Rs 165.25 and with the share price in the 200-plus zone it meant straight profits for the investors. For a large-cap compay, this sell-off would have been absorbed smoothly. And then rumours that the shares pledged by some investors were offloaded after margin calls were unmet, added to the selling pressure. Sooner, there was a high net worth individual-led sell-off as the prices tanked further on Monday when they fell to Rs 59.65, after opening at around Rs 129.Volumes started mounting on Friday and around 15 lakh shares changed hands. Generally around 70,000 to 80,000 volumes are reached on this company, reckon market experts. The selling continued to gain and volumes touched... 1.91 crore on Monday and 2.18 crore shares changed hands on Tuesday. The company has an equity capital of Rs 37.96 crore with an Rs 2 face value and such heavy volume sell-off amounts to around 10% of the outstanding shares. Hence, this at the moment looks like a classic case of a company facing the small- and mid-cap vagaries.