Options Trading: Time Value With Reference ..

Time value is the amount option buyers are willing to pay for the possibility that the option may become profitable prior to expiration due to favorable change in the price of the underlying.
An option loses its time value as its expiration date nears. At expiration an option is worth only its intrinsic value. Time value can not be negative


 The Chennai based Golden Homes Private Limited, a reputed and well known name in the real estate industry, has won the Best Builder Award from CNBC AWAAZ in the Ultra Luxury Segment Category.

The project which got the Special award is the Golden King’s Court Project completed in Anna Nagar Chennai.

The Award was presented at a grand function held in Mumbai recently. Golden Homes established in 1986, primarily focuses on the Residential sector. In 27 years of its existence the company has an impeccable track record.

 They have completed more than 126 projects and presently have over 4million square feet under various stages of construction.
According to Mr.Balasingh George, Chairman & Managing Director, Golden Homes, this is recognition of our Ethics, Quality of Construction and Customer centric approach in all are dealings. This is the Most Valuable Award any Builder can get in India  and we are delighted to have been recognized by an independent authority as a worthy recipient.  

For further more Information please contact Mr. Satyan Bhatt, Prism PR, Mob: 98400 85411.


Tamilnadu Sub Registrar Office Madurandakam , CHENGELPET

Contact Details
Tamilnadu Sub Registrar Office Madurandakam , CHENGELPET

Zone :

District :

Sub Registrar Office :

Address :
24, Taluk Office Road,
Maduranthakam - 603 306

Telephone :

E - Mail :


Kodai Estates: Plots Near kodaikannal Rs. 350 per sq.ft .

Name of the Promoter:
Kodai Estates

Name of the Project:
Thendral avenue

Type :
Plot of Land


Rs. 350 per sqft .

Total 20 plots 10 plots sold out

Thendral Avenue is beautiful mist covered area. A beautiful view point’s nearest and surrounding orange and coffee estates and suitable for guest house and resorts, best for investment growth. A facilities like bus stand, hospitals, temples, waterfalls, schools, etc.,

Thendral Avenue -Features

For More Details

Web Site:


Tamilnadu Sub Registrar Office Kuthalam , MAYILADUTHURAI

Contact Details
Tamilnadu Sub Registrar Office

Zone :

District :

Sub Registrar Office :

Address :
39 Bazar Street,
Kuthallam - 609 801

Telephone :

E - Mail :


Kodai Estates: Plots at kodaikannal

Name of the Promoter:
Kodai Estates

Name of the Project: 
Kodai Mount Up Avenue

Type :
Plot of Land

DTCP Approved Kodai Mount Up Avenue
Kodai Mount UP Avenue is beautiful mist covered area. 
A beautiful view point’s nearest and surrounding orange and coffee estates and suitable for guest house and resorts, best for investment growth. 
A facilities such as Bus stand, Hospitals, Temples, Waterfalls, Schools, etc.,

1 Just 4.5 KMs from Kodaikanal lake

2 Layout with tar roads

3 More than 55,000 sq fit space for park / Community purpose

4 One of the few DTCP Polts in Kodaikanal with clear title

5 Already build Luxury suites villas

6 Facility proviede well & Tank

7 Various size plots available for select your preference

8 Serene location with beautiful valley view

9 Tremanders appreciation for investment

10 Location is suitable for Holidays Resorts , Corporate Guest House , Timeshare Resorts , Service Appartments

DTCP approved is 5 km from lake developed area already plot purchased customer build villas .

Kodai Estates developed with black top roads.

Plots minimum 1200 square feet to 4,000 square feet .

Rate Rs. 490 per square feet .

Total 92 plots and 40 sold out .

For More Details
 99418 38854
Kodai Estates - feel cool,
No-1, Sapthagiri Colony,
jafferkhanpet,  Ashok Nagar,
Chennai-600 083.
Mobile:  +91 98413 21074 / +91 99418 38904
              +91 99418 38905
Phone:   044-24746242
Web Site:


Vishnu Enterprises: DTCP Approved Plots Near Cheyyar Sipcot..

Name of the Promoter:VISHNU ENTERPRISES
Name of the project: GANESH NAGAR
Type: DTCP approved layout
1.    “GANESH NAGAR” is a DTCP approved layout (Approved no :24/2011) developed from
3.42 acres of land by “VISHNU ENTERPRISES”.            
2.    Fully fenced and well developed DTCP approved layout including 30” and 32” wide roads
and park.

3.            The layout located at Pandiyampakkam
                        2 km from Cheyyar Sipcot.
                        5.2 km from Mangalkoot road.
                        1.2 km from Kanchipuram to cheyyar state high way.
4.    More over the layout is established inbetween the existing and upcoming sipcots.
5.    There are nearly 15,000 people working in the 15 multi national  and national companies are
        Existing inside theexisting sipcot.            
6.    Existing multi national companies and National companies are
                        1.  Lotus foot wear                                        2.  Ashlayalsotham
                        3.  Lloyds insulations                                       4.  Ashok leylands
                        5.  T N E B                                                             6.  Asian paints
                        7.   Force India                                                   8.  Ford Division
                        9.   Honda                                                         10.  TVS Stearing
        11.  GK Arts and Science College                              12.Vedagiri agricultural farm.

7.   Mahindra & Mahindra is ready to establish an another plant very soon, Which will be located
        2km from our site.
8.   The state high way developing a ring road which is connecting from Baluchettychathiram in
        Bangalore national high way to Cheyyarsipcot and Oragadamsipcot and Sri perumbudursipcot.

9.   “GANESH NAGAR” is located eco-Friendly environment and sweet drinking water with in 15 feet
        Depth and palar water is available near the site through integreated drinking water scheme.

    10.     Patta and E C is free.
                The “VISHNU ENTERPRISES” assures right measurments of plots and site security for 5 Years.    

For More Details

Ponmudi, Proprietor
Vishnu Enterprises
27/A2, Patel Cross Street, Nehru Nagar,
Chromepet, Chennai - 600044

044 - 4353 3384

Kochar Panchsheel : BHK, 2 BHK, 2 BHK + Study and 3 BHK Flats at Ambattur Estate.

Lfestyle Multi-storey Residential project "KOCHAR PANCHSHEEL" at No:129, CTH Road, Ambattur Industrial Estate, Chennai - 600 098.

 Kochar Homes have received a tremendous response during last year (2013)


Construction status:
Sixteenth floor Roof Slab has already been completed including the brickwork in thirteen and fourteenth floor levels, and the construction is going on in full swing.

In case you need any clarifications, kindly contact the undersigned or visit WWW.KOCHARHOMES.COM for the complete details of Project "KOCHAR PANCHSHEEL".

Details about our project "KOCHAR PANCHSHEEL"

KOCHAR PANCHSHEEL is a premium multi-storeyed residential project consisting of well designed 430 exclusive lifestyle apartments, strategically located on the main road just 5 Kms from Anna Nagar and at the beginning of Ambattur.

KOCHAR PANCHSHEEL hosts in itself 1BHK, 2 BHK, 2 BHK+Study and 3 BHK apartment units ranging from 647 Square feet to 1747 Square feet backed up by a host of amenities such as department store, ATM, fully equipped club house with Skating Rink, Tennis court, well equipped Gymnasium, Swimming pool and much more.
Highlights of the project are:

* No CAR PARK charges.
* NO COMMON WALLS between 2BHK, 2BHK+Study and 3BHK apartment units.
* FALSE CEILING in the entire Apartment.
* 4 Furnished Guest Apartments for your Guests.
* Earthquake resistant structure
* Fire fighting sprinklers in all apartments.
* Safety grills for windows
* DG power back up for common amenities and for lights and fans in all  apartments
* Amphitheatre, Yoga/Meditation Terrace and Children's play area
* Ideal location on the main road and very close to leading schools, hospitals, Restaurants and Entertainment centre's, railway station, Ambattur Estate Bus Terminus and much more.

"KOCHAR PANCHSHEEL" has been designed to make maximum use of natural lighting and ventilation to ensure a healthier living environment.

Project completion date : December 2014.

 For More Details
 Mr. Balaji.C
Asst. Manager - Sales,
Kochar Homes Private Limited,
Kochar Panchsheel,
# 129, CTH Road, Ambattur Industrial Estate, Chennai - 600 058.
HP: +91 99400 53000.
Email: balaji@kocharhomes.com


Plots Rs. 6.6 Lakh Onwards at Naduveerapattu Near Chennai

Name of the Promoter:
Annai Builders Real Estate Pvt Ltd

Name of the Project :
 Annai Anandha

Plots of Land

Near Kiskintha Theme Park West Tambaram, Chennai

600 Square feet Land Rs. 6.6 lakh

For More Details

Corporate Office
No. 150 & 151 Alpha Center, 4th Floor,
Norht Usman Road, T-Nagar,
Chennai - 600017.
Contact : 044- 4242 9999
               9941922187, 9941922170,
Email ID: annai@annaibuilders.com

Branch Office - Velachery
No. 250, Velachery Main Road,
Kaiveli (Pallikaranai),
Chennai - 600042.
CONTACT : 044 - 4363 8888
9941922173, 9941922178
Email ID: annai@annaibuilders.com

Branch Office - Madipakkam
No. 76 and 158, Medavakkam Main Road,
Madipakkam, Chennai - 600091.
CONTACT : 044 - 4211 8888
  99410 58888, 95512 55888
Email ID: annai@annaibuilders.com

Branch Office - Nandanam
No 726, Mount Road,
Nandanam, Chennai - 600 035.
CONTACT : 044 - 4920 9999, 99419 22178, 95518 66636
Email ID: nandanam@annaibuilders.com

Branch Office - Coimbatore
COIMBATORE - 641 043
CONTACT : 0422 - 432 9999, 95516 93888, 72990 28888,
 72990 38888, 99410 79999
Email ID: cbe@annaibuilders.com
Web Site: http://www.annaibuilders.com/


Cholamandalam Investment and Finance Company Limited Q 3 Performance- Total Income grows by 27%, PAT up by 13%

 During the quarter the disbursements in vehicle finance were flat while disbursements in home equity loans grew by 31% compared to the same period last year.
The Company disbursed Rs.2587 Cr. in Vehicle Finance as against Rs.2574 Cr. in Q 3 of 2012 – 13 and disbursed Rs.688 Cr. in Home Equity loans as against Rs.525 Cr. in Q 3 of 2012 – 13.  Disbursements from new businesses were Rs.61 Cr. for the quarter. 

The aggregate disbursements of the Company for the quarter are Rs.3336 Cr. as against Rs.3113 Cr. in Q 3 of 2012 - 13 registering a growth of 7%.
Total Income is Rs.844 Cr. compared to Rs.666 Cr. in Q 3 of 2012 -13 registering a growth of 27%. 
Profit before tax is Rs.140 Cr. as against Rs.122 Cr. in Q 3 of 2012 -13 registering a growth of 14%. Profit after tax is Rs.92 Cr. as against Rs.81 Cr. in Q 3 of 2012 -13 registering a growth of 13%.

Period ended 31st December 2013 - Performance Highlights:

During the nine months period ended December 2013, disbursements in vehicle finance grew by 9% and disbursements in home equity loans grew by 33% compared to the same period last year. The company disbursed Rs.7333 Cr. in Vehicle Finance as against Rs.6742 Cr. during the nine months ended 31st December 2012 and disbursed Rs.2024 Cr. in Home Equity loans as against Rs.1523 Cr. during the nine months ended 31st December 2012. 

 Disbursements from new businesses were Rs.84 Cr. for period ended December 13. The aggregate disbursements of the Company for the 9 months ended are Rs.9442 Cr. as against Rs.8310 Cr. of the same period last year registering a growth of 14%.
Total Income is Rs.2415 Cr. compared to Rs.1830 Cr. for nine months ended 31st December 2012 registering a growth of 32%. 

Profit before tax is Rs.413 Cr. as against Rs.328 Cr. for nine months ended 31st December 2012 registering a growth of 26%. Profit after tax is Rs.273 Cr. as against Rs.221 Cr. for the same period in previous financial year registering a growth of 24%
The Company continues to witness portfolio pressure in the Commercial Vehicle business and has taken a prudent approach to portfolio quality management through a combination of aggressive repossession of non-performing assets and conservative provisioning of our repossessed stock.

Financial Performance - Summary :

  • The Company expanded its presence to 529 branches as on 31st December 2013 compared to 518 branches as on 31st March 2013. The additional branches are in Tier III and Tier IV locations across India.
  • Capital adequacy ratio stands at 18.20% compared to statutory minimum of 15%.

Portfolio Quality:
 With a vigorous focus on portfolio quality, the Company contained GNPA at 1.7% and NNPA at 0.7%. Provision coverage is at 58%

Subsidiaries Performance:
The subsidiaries made a profit of Rs.3 Cr. during the period compared to a loss of Rs.0.29 Cr. for nine months ended 31st December 2012.

Consolidated Results:
The consolidated profit after tax for the nine months ended 31st December 2013 was Rs.276 Cr. as against a PAT of Rs. 221 Cr. for nine months ended 31st December 2012 registering a growth of 25%.

Interim Dividend:
The Board has declared an interim dividend of Rs.2.50/- per share (25% on the face value of Rs.10/- per share) to its equity shareholders for the year ending 31st March 2014 considering the performance year to date.

For More details
Sarodhya Yadav

Tel :91 40 40140753 / 65742740
M: 8686080577 
Integrated Marketing Communication Consultancy  
We make the right impact ...

How to India Grow at 8.5%

 by Mr. C. RangarajanPrime Ministers Economic Advisory Council

Lower CAD, higher savings rate and better capital productivity can again lead to high growth

The Indian economy is currently passing through a phase of relatively slow growth, but this should not cloud the fact that over the eight-year period beginning 2005-06, the average annual growth rate has been 8 %. Does India have the potential to grow at a sustained rate of 8-9 % Normally, potential growth is measured using trends.

These are backward-looking measures, since they depend on historically observed data.

In the case of determining the potential rate of growth of the economy, one can take the maximum growth rate achieved in the recent past as the lowest estimate of the potential, if there is reason to believe that the maximum growth rate achieved in the recent past was not a one-off event and the growth rate achieved was robust. India achieved a growth rate of 9.5 % in 2005-06, followed by 9.6 % and 9.3 % in the subsequent 2 years.

Reverse Swing..

After declining a bit in the wake of the international financial crisis,growth rate went back to 9.3 % in 2010-11. The growth rate achieved during 2005-06 to 2007-08 was robust. The domestic savings rate during this period averaged 33.4 % of GDP. Similarly,the gross capital formation rate averaged 34.2 %. The current account deficit remained low with an average of 1.1 % of GDP.

Farm growth during this period averaged 5 % and the annual manufacturing growth rate was 11.5 %. The capital flows were large but as the current account deficit remained very low,the accretion to reserves amounted to $144 billion.

On many dimensions, the growth rate was robust. It was not just fuelled by financial availability. This was the period during which the world economy was also booming. The growth rate slowed to 6.2 % in 2011-12, though this rate may be revised upwards. It came down to 5 % last year and this year,it is expected to be around the same level.

Mr. C. Rangarajan

Growth Mismatch..

The savings & investment rates have come down from the peak reached in 2007-08, because of economic and non-economic factors like perceptions about governance & policy. Nevertheless, recent data indicates that in 2011-12, the gross fixed capital formation rate, a measure of the accumulation of fixed assets by business, government and households, was around 30.6 % against 32.9 % of GDP in 2007-08.

In normal conditions, this should have given us a growth rate of 7 % to 7.5 %,but the actual rate turned out to be 6 %. Growth has declined much more steeply than what is warranted by the decline in investment.

This may be because projects have not been completed in time or complementary investments have not been forthcoming. Or, it could also be due to non-availability of inputs such as coal and power. But, savings and investment rates are at high levels, so if we are able to find ways to complete projects speedily, growth will follow in the short run.

But, while the decline in overall gross fixed capital formation from the peak reached in 2007-08 was only 2.2 %, the decline for the private corporate sector was as high as 4.6 %. The composition of investment has also played a role in the reduction in productivity of capital. While the existing level of investment rate should enable us to grow at 7.5 % in the short run, a return to higher savings &  investment can take us back to very high levels of growth.

To assess whether we will be able to get back to high savings and investment rates,we need to look a little more closely at some macro parameters during the low-growth phase.

Fall Season..

The gross domestic savings rate fell by 6% points between 2007-08 and 2011-12, but the fall in the investment rate was around 3% points. The lower decline is because the current account deficit rose from 2 % of GDP in 2007-08 to 4.2 % in 2011-12.

Of the decline of 6% points in domestic savings, more than half was contributed by a fall in public sector savings. During this period, the fiscal deficit rose sharply.

Within household savings, there was a sharp decline in the ratio of savings in financial assets to GDP by 3.6% points, mostly due to high inflation.

We forecast a more modest current account deficit of nearly 2.5 % of GDP. Even a somewhat lower level of current account deficit will be desirable. To get back to 8.5 % growth,domestic savings have to pick up.

For that, we need fiscal consolidation. So, with a modest current account deficit of 2.5 % of GDP and a savings rate of 32 % of GDP, one can expect the Indian economy to grow at 8.5 %.

To sustain a long-term growth rate of 8.5 %, three things need to happen: the current account deficit must be lowered, the domestic savings rate must pick up, with much of it coming from fiscal consolidation, and the productivity of capital should improve. These are not impossible tasks, but will require focused efforts on all the three fronts.

About the author..
The writer is C Rangarajan, Chairman, Prime Ministers Economic Advisory Council

Gold Import Curbs Create Distortions, But its Only Temporary..

By Mr. Dhirendra Kumar,Value Research

Gold is in the news again, and how!

Of all the people who could have publicly called for easing of gold imports, Ms. Sonia Gandhi, or as some news reports say, the National Advisory Council (NAC) that she heads, must be the least likely.

Equally unlikely is the news-although one can hardly believe itthat the finance minister rejected Gandhis request. Of course, Im no expert on Delhis byzantine politics. So, I have no idea what happens next, but I guess neither NAC members nor Gandhi are likely to sit on dharna outside Rail Bhawan to press for their demands.

However, the fact remains that the restrictions & duties on gold imports have created a number of distortions. One curious effectwhich Id mentioned in this column a couple of months agois the disconnect between the NAVs of gold funds &  gold ETFs and the market prices of gold ETFs.

As Id written at the time, it is a strange by-product of the upheaval in gold import duty and rules, in combination with the way gold funds are run and valued. It so happens that ever since the government raised the customs duty on gold and constricted its supply, gold ETFs have started trading on the markets at a significant premium to their NAV.

Depending on supply and demand, theres always a little difference between the market price and the underlying NAV of any ETF. However, since August, as the government has started squeezing gold imports, there was a steadily increasing premium which eventually reached nearly 10 % for all gold ETFs. Of course, distortions for investors in gold funds are only one aspect of the gold problem.
Dhirendra Kumar

According to reports, the NAC / Sonia Gandhi letter was specifically about the 80/20 rule that was brought in last year. Under this rule, gold importers must export 80 % of the value of what they import. The real problem seems to be that gold curbs are the effect of the rise in smuggling. It has created a situation whereby those who are in any gold-related business are at a commercial disadvantage if they operate with legally imported gold.

Those who are willing and capable of dealing with smuggled gold can compete unfairly with those who cant.It is typical of the perverse incentives that such controls create. At this stage, the government cant let the smuggling issue get in the way of tackling the current account deficit (CAD), but the downstream non-financial effects are considerable. The money &  the expertise that criminals build have many collateral effects.

Arguably, the whole of Mumbais underworld was a creation of years of smuggling during the 70s and 80s. While the time scale over, which gold smuggling happened earlier was much longer, the value is likely to be scores of times higher now. And then theres the spillover effect on the economies of other countries.

Gold that is smuggled into India is first imported into other countries. Last year, Sri Lanka found its gold imports shooting up and its CAD worsening. It imposed heavy duties (up to a 100% for some time..!)  and other restrictions to prevent it from being used as a smuggling conduit.

When Sri Lanka tightened up, most of the action shifted to Pakistan. Last week, Pakistan placed a blanket 30-day ban on all gold imports, citing pressure on its currency.

Incidentally, while announcing these bans & restrictions, both countries explicitly mentioned Indias gold duties as the root cause of their troubles. At the end of the day, it should be pretty clear to everyone that emergency measures apart, it is worse than useless to try and stop gold from finding its way into India.

The gold will flow in anyway, so it makes more sense to avoid all the other harmful side effects caused by it sneaking in through the cracks. Some day, Indians will get sensible about gold,maybe.But dont wait around for it.

About the author…

Mr. Dhirendra Kumar is CEO at Value Research 


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