GAINERS

Tata Motors: The automaker’s stock surged 8.15 percent in the week ending May 10, making it the best Sensex performer. Though the stock is still flat in 2013, it has gained nearly 15 percent since April. However, Ambareesh Baliga of Edelweiss Financial Services advises caution: “Tata Motors’ overdependence on Jaguar Land Rover (JLR) to negate the Indian underperformance makes it a risky investment at this juncture especially in view of lower margins at JLR”

Hindalco: Shares of India’s largest aluminium producer surged 8 percent this week. The stock extended gains throughout the week after rising 3.5 percent on Monday, on expectations of better realizations after copper prices rose more than 6 percent last Friday.

ITC: Shares in India’s biggest cigarette maker ended the week with gains of 6.7 percent, after touching an all-time high on Friday. Investors have placed long positions in ITC futures, indicating they expect gains to continue.

Hero MotoCorp: This was another auto stock which was among the top five performers, gaining 5.9 percent for the week to end at 1705 rupees. The stock had fallen to 1434 rupees on April 15, but has gained nearly 19 percent since then. The company reported better-than-expected results in the last week of April, but sales growth has slowed amid rising competition, denting its market share.

TCS: Shares in India’s largest software services provider rose 5.34 percent this week, taking its gains for the month to 8.5 percent. Technology shares rose during the week on value buying after the recent selloff. Cognizant’s strong outlook also boosted IT stocks later in the week.

LOSERS: On the losing side, Coal India and Sun Pharma ended with losses of more than 5 percent this week. Shares of NTPC, India’s largest power utility, fell 2.5 percent, while Jindal Steel dropped 2.1 percent. Cipla ended down nearly 1 percent.

(Ankush Arora contributed to this post)

Are they parliamentarians, or do they just play ones on TV? After pushing through proposals on foreign investment in the retail and the aviation sector late last year, India’s elected representatives apparently have decided to get as little done as possible during the current session.

On television, it’s another matter. Newsroom studios appear to be the preferred forum for debating problems and legislation that normally would be the province of parliament. Those include recent demands by the coalition government’s prime opponent, the Bharatiya Janata Party, for the resignations of the prime minister, law minister and the railway minister over accusations that the government interfered with an investigation of improper allocation of coal mine licenses and certain other bribery allegations.

The Lok Sabha, or “people’s house,” has repeatedly adjourned in recent days, likely making it one of the least productive in its history. That’s bad if you want to pass bills, but it does help clear politicians’ schedules for the nightly news discussion programs. And that is not a bad thing, depending on whom you ask.

“The effort is to inform the public,” said BJP spokeswoman Nirmala Sitharaman. “We don’t think even for a minute we’ll accept this charge that we are disrupting parliament … This government wants to have a debating club run without any accountability”.

Here’s a sample of what substitutes exist for debate in the Lok Sabha (May 6, prime time shows):

Times Now
Show Header - Food Bill vs Railgate, Populism vs Controversy? Speaker of the House (i.e. the anchor) - Arnab Goswami; Participants – Bhalchandra Mungekar, Congress MP; Piyush Goyal, BJP MP; Subramanian Swamy, Janata Party Chief

Headlines Today
Show Header – Dr. Dolittle Should Go? Speaker of the House – Rahul Kanwal; Participants – Meenakshi Lekhi, national spokeswoman, BJP; Mani Shankar Iyer, Congress MP; Subramanian Swamy

CNN-IBN
Show Header - Ministers embarrass government; Speaker of the house – Rajdeep Sardesai; Participants – Satyavrat Chaturvedi, Congress MP; Nirmala Sitharaman, national spokeswoman, BJP

This kind of ersatz public debate taking place on the airwaves is not funny, but “tragic,” said political analyst Amulya Ganguli. “This is part of the cynical attitude which marks Indian politicians of all parties.”

Rajdeep Sardesai, anchor and editor of CNN-IBN’s prime-time show, disagreed, as you might expect. “I think a prime time news show is different from parliament … a prime time news show gives the MPs a platform to represent their viewpoint in a manner that parliament sadly no longer allows them.”

There are various reasons that the BJP or other opposition parties might have to disrupt parliament. Experts say that they lack the numbers to defeat the Congress party-led ruling coalition by sheer votes, leaving them to resort to technical tactics – or general chaos. That in theory allows for back-room negotiations that could produce more orderly votes that go in the direction that some parties want. The current budget session of parliament ends on May 10.

The trouble? It endangers the passage of bills that are important for the economy at a time when a high current account deficit, inflation fears and a poor debt ratings outlook threaten the country. Various bills such as the land acquisition bill, food security bill and the ones which propose to increase foreign investment in pension and insurance sectors are stuck in parliament.

In the end, TV debates amount to publicity stunts, said D H Pai Panandiker, head of the RPG Foundation, a New Delhi-based think tank. “Things are going to go on like this … I am not expecting much to come out even of the monsoon session.”

(You can follow Aditya on Twitter @adityayk)

Hopes that India’s current account deficit would narrow after commodity prices eased in April boosted shares, with the BSE Sensex rising 3.5 percent to its highest close in 1-1/2 months.

However, diversified stock funds returned almost 4 percent on an average during the same period, underpinned by high exposure to financial services sector as these stocks rose on increased hopes of an interest rate cut by the Reserve Bank of India (RBI).

A Reuters poll showed that the RBI is likely to cut its key policy rate for a third time this year on Friday, drawing comfort from easing inflation and commodity prices as the central bank seeks to rescue the sagging economy.

“I think 25 bps is already factored in and if by any stroke of luck RBI gives 50 bps, then the markets should rise another 3-5 percent from here,” said Waqar Naqvi, CEO at Taurus Mutual Fund, adding that the chances of a rate cut have never been this bright.

The financial sector continued to be Indian money managers’ favourite sectoral bet as it accounted for 25.7 percent of such funds’ assets as of end-March, separate data from Morningstar India showed.

The BSE banking index rose 10.2 percent in April, with stocks such as ICICI Bank (ICBK.NS: Quote, Profile, Research) gaining 11.3 percent, while smaller players like Yes Bank (YESB.NS: Quote, Profile, Research) surged 17 percent.

Fund managers’ bets on sectors such as capital goods and fast moving consumer goods(FMCG) also paid off, as the BSE capital goods index rose 7.8 percent, while the FMCG index registered gains of 10.6 percent.

Among equity sectoral schemes, IT funds disappointed and ended with average losses of 11.8 percent as lower revenue forecast from companies such as Infosys (INFY.NS: Quote, Profile, Research) and Wipro (WIPR.NS: Quote, Profile, Research), and worries about higher U.S. visa costs dented sentiments.

Banking sector funds gained nearly 8.5 percent.

GOLD FUNDS STRUGGLE

India’s gold exchange traded funds (ETFs) fell more than 8 percent on an average in April, pushing the category among the worst performers’ list, as yellow metal prices nosedived during the month.

Investors around the world shunned the commodity, usually considered a safe-haven asset, after gold prices dropped to two-year lows on fears of central bank sales and less monetary stimulus.

Gold futures listed on the Multi Commodity Exchange ended April with losses of 8.5 percent at 26,905 rupees/10 grams, after hitting a low of 25,270 rupees, a level last seen in September 2011.

Despite the recent fall, some experts believe that gold still makes for an attractive investment.

“Gold will definitely bounce back … I will still allocate 10-15 percent of my personal money to gold,” Naqvi of Taurus Mutual Fund said.

(Reporting by Aditya Kalra; Editing by Jijo Jacob)

Hopes that India’s current account deficit would narrow
after commodity prices eased in April boosted Indian shares,
with the benchmark index rising 3.5 percent to its
highest close in 1-1/2 months.

However, diversified stock funds returned almost 4 percent
on an average during the same period, underpinned by high
exposure to financial services sector as these stocks rose on
increased hopes of an interest rate cut by the Reserve Bank of
India (RBI).

A Reuters poll showed that the RBI is likely to cut its key
policy rate for a third time this year on Friday, drawing
comfort from easing inflation and commodity prices as the
central bank seeks to rescue the sagging economy.

“I think 25 bps is already factored in and if by any stroke
of luck RBI gives 50 bps, then the markets should rise another
3-5 percent from here,” said Waqar Naqvi, CEO at Taurus Mutual
Fund, adding that the chances of a rate cut have never been this
bright.

(For a table of mutual fund returns, click )

The financial sector continued to be Indian money managers’
favourite sectoral bet as it accounted for 25.7 percent of such
funds’ assets as of end-March, separate data from Morningstar
India showed.

The BSE banking index rose 10.2 percent in April,
with stocks such as ICICI Bank gaining 11.3 percent,
while smaller players like Yes Bank surged 17 percent.

Fund managers’ bets on sectors such as capital goods and
fast moving consumer goods(FMCG) also paid off, as the BSE
capital goods index rose 7.8 percent, while the FMCG
index registered gains of 10.6 percent.

Among equity sectoral schemes, IT funds disappointed and
ended with average losses of 11.8 percent as lower revenue
forecast from companies such as Infosys and Wipro
, and worries about higher U.S. visa costs dented
sentiments.

Banking sector funds gained nearly 8.5 percent.

GOLD FUNDS STRUGGLE

India’s gold exchange traded funds (ETFs) fell more than 8
percent on an average in April, pushing the category among the
worst performers’ list, as yellow metal prices nosedived during
the month.

Investors around the world shunned the commodity, usually
considered a safe-haven asset, after gold prices dropped
to two-year lows on fears of central bank sales and less
monetary stimulus.

Gold futures listed on India’s Multi Commodity
Exchange ended April with losses of 8.5 percent at 26,905
rupees/10 grams, after hitting a low of 25,270 rupees, a level
last seen in September 2011.

Despite the recent fall, some experts believe that gold
still makes for an attractive investment.

“Gold will definitely bounce back  I will still allocate
10-15 percent of my personal money to gold,” Naqvi of Taurus
Mutual Fund said.

(Reporting by Aditya Kalra; Editing by Jijo Jacob)

I live in India’s rape capital where rape cases are as common as power cuts used to be a few years ago. Even reports of police misbehaviour have become routine.

While all rape cases do not get media attention, the recent rape of a five-year-old girl is in the limelight, especially because of the way the police handled the case.

Video footage showed an officer pushing and slapping a woman protester (watch here), and reports alleged that investigators offered the victim’s family money to not file a case. The man who slapped the woman and two more officials have been suspended for lapses.

“This is nothing new … these are individual aberrations,” said Rajan Bhagat, public relations officer at Delhi Police, adding that the suspensions and the institution of an inquiry is a message to the police force.

It is clear that lack of proper policing is not solely to blame for rape cases, but there’s no denying that India needs an improved police force to ensure the safety of its citizens. With people protesting on streets, the latest rape case has once again ignited that debate, especially in the capital where women’s safety is a major concern.

Even before the infamous Delhi gang rape case last year, the police have often been viewed as insensitive to women’s safety. Sample this: On April 14, 2012, Tehelka.com published an investigative report in which they spoke to more than 30 senior police officers in Delhi and its suburbs. “When asked to explain the rising instances of rape, the cops have invariably blamed the women, an array of extraneous factors or resorted to specious arguments instead of looking inwards and focussing on police reforms,” the report said.

The government’s failure to reform the police system in recent years is disheartening. Here are some facts:

• There are over 500,000 vacancies in the police forces in India, the government said in December. There are only 131 policemen per 100,000 people as against the 173 per 100,000 norm prescribed by the Bureau of Police Research and Development (BPR&D). 
• The January 2012 report by the BPR&D also showed police expenditure as a percentage of states’ budget averaged 2.7 percent on an all-India basis.
• The common man is likely to suffer further, as around 47,000 policemen are deployed to keep some 15,000 VIPs safe. The report also said that police forces lack basic transport facilities, with around 144,000 vehicles available as of January 2012, around 35 percent less than required.

These are just numbers but the Supreme Court had sown the seed of police reforms way back in 2006, when it responded to a public interest litigation filed by Prakash Singh, a retired director general of police. The court directed states and union territories to comply with seven binding directives that would lead to reforms.

But nothing much has changed in the last seven years and the apex court expressed concern this month: “…instead of improving the police functioning and approach, what we have seen is a journey from bad to worse in these seven years”. The court seems to be firm on this, with two different benches now putting pressure on the states to implement reforms.

“We all know what needs to be done but now governments need to know they will be voted out of power if they don’t do what it takes, or held in contempt by the courts for disobeying clear directions,” said Karuna Nundy, a Supreme Court lawyer.

Nundy added there’s no magic bullet when it comes to reforming the police system, and the answer lies in a swift justice system, which includes police reforms and having more courts and judges.

While police reforms might not see the light of the day any time soon, officials in India’s most populous state Uttar Pradesh have taken steps to motivate its police officers. The state government has decided to screen Bollywood movies such as “Dabangg” and “Singham” to boost the morale of its policemen.

The belief is that such movies, which portray a policeman in an unrealistic, larger-than-life role will boost the morale of the force. Ironically, “Dabangg” was one of the films widely criticized in the wake of the Delhi gang rape case for its item numbers.

Movies have also been screened for Delhi Police in recent times, and though Bhagat believes these are important “for mind relaxation and welfare”, only time will tell if they really serve any larger reformative purpose.

An easier way would be to push ahead with the Supreme Court’s directives on police reforms, which have been kept on the back burner for years.

(You can follow Aditya on Twitter @adityayk)

Such funds fell 7.5 percent on average during the three-month period that ended in March, underperforming the Sensex’s drop of 3 percent by a wide margin, and registering their worst quarterly show since Oct-Dec 2011. In March, the funds registered a drop of 1.34 percent.

Increased risk aversion hurt Indian stocks as disappointment over the annual budget, the central bank’s cautious outlook on rates and political uncertainty after a key ally withdrew from the ruling coalition resulted in shares posting their first quarterly fall in five.

However, the poor performance of funds was largely attributable to the more volatile small- and mid-cap stocks which fell much more than their larger peers during the quarter.

R.K. Gupta, managing director at Taurus Mutual Fund, cited pressure on margins as one of the reasons for the poor performance of these shares.

“I am afraid I don’t see any immediate recovery in mid- and small-cap stocks particularly,” Gupta said.

According to separate Morningstar India data, such stocks accounted for nearly 37 percent of assets as of end-Feb, and their dismal performance weighed heavily as the BSE small-cap index slumped 21.3 percent and the BSE mid-cap index fell 13.65 percent in the March quarter.

Certain sectoral allocations also hurt overall performance.

Financials and industrials, which collectively account for more than a third of such funds’ assets and are among the favourite sectoral picks, struggled during the quarter as India continued to battle slowing economic growth.

Unit values remained under pressure as the BSE capital goods index fell over 17 percent during the period, with shares like Larsen & Toubro (LART.NS: Quote, Profile, Research) falling 15 percent and BHEL (BHEL.NS: Quote, Profile, Research) losing 22 percent. The banking index fell 9.1 percent.

With a sluggish order book still a concern for many companies, latest industrial output data showed that India’s capital goods output — which has grown just once in the last 10 months — fell an annual 1.8 percent in January, highlighting the challenges faced by the sector.

Reliance Infrastructure Fund was the biggest loser in the March quarter, registering a fall of over 20 percent, while Sahara Star Value Fund posted losses of 18.3 percent.

Analysts believe Indian markets will trade sideways going ahead, as euro zone concerns and domestic factors such as rising deficits and political developments loom large.

“Outlook will be very cautious … there are a lot of irons in the fire,” said Rajan Ghotgalkar, managing director at Principal Pnb Asset Management Company.

(Editing by Subhadip Sircar and Sunil Nair)

Such funds fell 7.5 percent on average during the
three-month period that ended in March, underperforming the
benchmark index’s drop of 3 percent by a wide margin,
and registering their worst quarterly show since Oct-Dec 2011.
In March, the funds registered a drop of 1.34 percent.

(For a table of mutual fund returns, click )

Increased risk aversion hurt Indian stocks as disappointment
over the annual budget, the central bank’s cautious outlook on
rates and political uncertainty after a key ally withdrew from
the ruling coalition resulted in shares posting their first
quarterly fall in five.

However, the poor performance of funds was largely
attributable to the more volatile small- and mid-cap stocks
which fell much more than their larger peers during the quarter.

R.K. Gupta, managing director at Taurus Mutual Fund, cited
pressure on margins as one of the reasons for the poor
performance of these shares.

“I am afraid I don’t see any immediate recovery in mid- and
small-cap stocks particularly,” Gupta said.

According to separate Morningstar India data, such stocks
accounted for nearly 37 percent of assets as of end-Feb, and
their dismal performance weighed heavily as the BSE small-cap
index slumped 21.3 percent and the BSE mid-cap index
fell 13.65 percent in the March quarter.

Certain sectoral allocations also hurt overall performance.

Financials and industrials, which collectively account for
more than a third of such funds’ assets and are among the
favourite sectoral picks, struggled during the quarter as India
continued to battle slowing economic growth.

Unit values remained under pressure as the BSE capital goods
index fell over 17 percent during the period, with
shares like Larsen & Toubro falling 15 percent and
BHEL losing 22 percent. The banking index
fell 9.1 percent.

With a sluggish order book still a concern for many
companies, latest industrial output data showed that India’s
capital goods output — which has grown just once in the last 10
months — fell an annual 1.8 percent in January, highlighting
the challenges faced by the sector.

Reliance Infrastructure Fund was the biggest loser in the
March quarter, registering a fall of over 20 percent, while
Sahara Star Value Fund posted losses of 18.3 percent.

Analysts believe Indian markets will trade sideways going
ahead, as euro zone concerns and domestic factors such as rising
deficits and political developments loom large.

“Outlook will be very cautious … there are a lot of irons
in the fire,” said Rajan Ghotgalkar, managing director at
Principal Pnb Asset Management Company.

(Editing by Subhadip Sircar and Sunil Nair)

Women have become increasingly worried about their safety in New Delhi after the gang rape and torture of a young woman aboard a moving bus last December. Not for nothing do people call the city India’s rape capital. Beyond the leers and the crass words that men often direct at women walking on the street, fresh fears have arisen over stalkers.

The Lok Sabha passed a bill to toughen penalties on rape and sexual assault on Tuesday, and among its penalties, it would make stalking punishable by jail time. But first-time offenders will be able to avoid being detained till investigation is complete, as the offence is bailable.

That, of course, disappointed many people. “1st time stalkers get bail, so they get out and harass, and maybe attack the woman they were stalking?,” journalist Padmaja Joshi wrote on Twitter. ‏@Neilima wrote, “1st time stalker getting bail will probably lead on a second attack. Only, it’ll be a lot worse than just stalking her.”

But what happens if someone falsely accuses someone of stalking? If the offence is non-bailable, police have the right to arrest or detain the accused stalker before they begin investigating the case, said Vijay Kumar, a lawyer who argues cases before the Supreme Court.

Karuna Nundy, another Supreme Court lawyer, had a different view. “I find concerns of ‘misuse’ come up most often when a law isn’t deeply felt to be legitimate in the first place…”

In at least one case, India revisited a law designed to protect women over concerns that it could be misused. The Supreme Court in 2010 directed the government to reexamine a law against dowries, saying that some women used it to lodge false complaints accusing their husbands and relatives of cruel behaviour.

A government panel in October 2012 said India should tone down the law to prevent the immediate arrest of family members against whom police complaints are filed by their wives.

Men with no thought of stalking on their minds shouldn’t worry, I would imagine. Or maybe they should? The definition of the crime in the bill in question says:

Any man who-

follows a woman and contacts, or attempts to contact such woman to foster personal interaction repeatedly despite a clear indication of disinterest by such woman; or monitors the use by a woman of the internet, email or any other form of electronic communication; or watches or spies on a woman in any manner, that results in a fear of violence or serious alarm or distress in the mind of such woman, or interferes with the mental peace of the woman, commits the offence of stalking.

That last clause caught my attention. I remember that, a few weeks after the gang rape, while going home after work, I was walking behind a woman who was going to the same apartment complex as mine. Though she was talking on the phone, she turned and stared at me four times. I quickly walked past her, thinking all the while, “Does she think I am stalking her? What if she called the police on me?”

Fifty-one percent of women polled in a survey conducted by Hindustan Times in March 2011 said they have been stalked. This is clearly a problem, never mind the anecdotes you will hear if you ask enough women about whether it has happened to them.

The question now is whether allowing bail for first-time offenders is an unforgivable lapse or whether it’s necessary to provide some relief to people who are falsely accused.

A provision of bail for first-time offenders might be better to have on hand from the beginning rather than something to be regretted later.

Kiran Bedi, former police officer and anti-corruption activist, agrees that this gives breathing space to those falsely implicated.

“I think they’ve followed the middle path,” she said, explaining the provision is neither victim- nor accused-centric. “Bailable is striking the balance … now the onus goes on individual prosecutors and individual judges.”

(Follow Aditya on Twitter @adityayk )

(David writes in favour of tougher anti-stalking laws)

P. Chidambaram’s budget announcements might not have pleased everyone, but the finance minister has done reasonable work in the recent months to improve market sentiment and shed the ruling coalition’s “business as usual” image.

On Monday, he became the first cabinet minister in India to appear on Google Hangout, taking questions from young students, analysts and industry experts on topics from the budget, rising prices and the economy in general.

Chidambaram, seen by some as the Congress party’s next candidate for prime minister, has taken the right step towards shedding the reticent, sometimes secretive image of the party’s top brass. Congress party chief Sonia Gandhi and vice-president Rahul have long been criticised for their media shy, quiet image.

Chidambaram as finance minister must address businesses and the media regularly. But with 65 percent of India’s population less than 35 years old, connecting with masses using platforms like social media is key in today’s age, and a good step for someone who already has a good record of communication.

With general elections approaching and the government’s image tainted because of corruption scandals, appearing disconnected from the public will only hamper the party’s road to recovery.

Here, it seems, Congress has learned a trick or two from Gujarat Chief Minister Narendra Modi, widely seen as main opposition party BJP’s prime ministerial candidate for 2014.  After his recent election victory in Gujarat, where he boasts of fast growth and clean governance, Modi is fast becoming a role model for India’s politicians.

Modi became the first Indian politician to use Google Hangout to interact with the public, and he continued his technological approach when he used 3D technology during his poll campaign. He also addressed more than 1,000 students in Shri Ram College of Commerce in Delhi in February, a move that seemed to be a bid for the youth vote.

Modi has set the bar high, but if Congress must compete with Modi, its senior ranks must think about how to match him and outdo him.

Though Chidambaram’s “Hangout” seems to be a good starting point, it would be interesting to see if other party leaders, especially Rahul Gandhi, widely seen as PM-in-waiting, adopt this approach to connect with the masses.

It might be tough to cross-question Chidambaram during a press conference, but Monday’s ‘Hangout’ was a bit different. At one point, he was repeatedly interrupted by a participant who wanted to know his views about India’s urban middle class and rising costs.

It seems Chidambaram managed to convince the participant, as she ended by saying: “Thank you Mr. PM”. Perhaps, the finance minister’s debut on ‘Hangout’ should set an example for other politicians to follow suit.

(You can follow Aditya on Twitter at @adityayk)

Such funds fell 6.7 percent on average last month, under-performing the 5.2 percent fall in the BSE Sensex, and marking their worst performance since November 2011.

The weak performance in funds comes as shares snapped a three-month gaining streak in February after investors booked profits ahead of the 2013/14 budget unveiled on February 28 and after the Sensex hit a two-year high in January.

That budget disappointed investors after the government targeted higher revenues to finance a surge in spending, although fund executives said shares should recover.

“In the coming weeks to months, the markets should recover,” said Waqar Naqvi, Chief Executive at Taurus Mutual Fund, adding that stocks had over-reacted to the budget.

Naqvi said the budget presented by Finance Minister P. Chidambaram on February 28 was not populist, despite general elections due next year.

“Had he gone for a populist budget, chances of India’s downgrade would have increased,” Naqvi said.

Exposure to mid- and small-cap shares dragged fund performance last month given the volatility in this segment.

Although investors had expected smaller shares to outperform at the start of the year, weaker-than-expected corporate earnings and concerns about funding sharply hit a segment that according to separate Morningstar India data accounts for more than a third of domestic diversified equity fund assets.

The BSE small-cap index slumped 12.3 percent, while the mid-cap index fell nearly 10 percent.

Among sectoral funds, banking funds performed poorly – with the BSE banking index falling 9.4 percent last month – after the Reserve Bank of India surprised investors with a more cautious outlook on monetary policy, despite cutting interest rates as expected in late January.

India’s higher-than-expected target for debt borrowing announced in the budget could keep banks under further pressure, according to analysts, because of concerns about liquidity.

Financials are money managers’ favourite sector in India and accounted for 27.3 percent of diversified equity funds’ assets as of end January, according to Morningstar.

Other sectors that hurt performance in February included capital goods and oil & gas.

However, the only bright spot was the information technology sector, which bucked the trend and rose 5.6 percent, helping IT-sector focused funds post positive returns after stronger-than-expected October-December quarterly results.

(Editing by Rafael Nam and Gopakumar Warrier)