Stock / Index Previous Day Close Previous Day % Change Buy / Sell Target One Target Two Stop Loss Horizon DLF 668.50 0.10% Buy 683.60 697.45 654.75 INTRA DAY HINDALCO 186.75 -1.45% Buy 192.05 196.10 184.10 INTRA DAY MRPL 102.30 -0.68% Buy 106.20 108.70 99.55 INTRA DAY AMTEKINDIA 105.20 -1.73% Buy 111.30 115.90 101.10 INTRA DAY NIFTY FUT 5,105.65 -0.39% Sell 5,046.15 4,995.00 5,158.00 INTRA DAY
-----With due apologies and full credits to ncronweb dot com
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Wednesday 30 April 2008
Report - for Wednesday 30th
Monday 28 April 2008
Report - for Monday 28th
Bar Reversal Up/ Down, Engulfing in Daily Chats (Min Avg Volume >100000/Day) Scrip Scrip Scrip Scrip Bar-Up Bar-Dn Eng-Bull Eng-Bear RELIANCE NATURAL RESOURCES INFOSYS TECHNOLO ICICI BANK GHCL RELIANCE ENERGY TCS TATA STEEL MOSER BAER (I) LARSEN & TOUBRO CAIRN INDIA SUZLON ENERGY NOIDA TOLL BRIDG TATA STEEL UNITED SPIRITS WIPRO LTD CUMMINS (I) AD LABS FILMS TATA MOTORS BHARAT PETROLEUM MINDTREE CONSULTING STERLITE INDS (I) SRF LTD ADANI ENTERPRISE SHR RENUKA SUGARS I-FLEX SOLUTIONS SUN TV MRPL RAIN CALCING KOTAK MAHINDRA BANK CUMMINS (I) BAJAJ HINDUSTAN SREI INFRASTRUCTURE FINANCE PUNJ LLOYD What the Charts Foretell * BHARTI AIRTEL !* Nifty 50 Index (30 Minute Chart) !
Another Bullish Breakout in Hourly Charts - Likely to Cross 5200+ in few Days
Likely to Test Support of 4940-4960 in case of Corrective Decline
(FOR Short Term Investors)
* NIFTY/ SENSEX !
Nifty - Another Bullish Breakout in hourly Charts for Target of 5200 / Support at 4950 in correction
Fresh Bullish Breakout in many PSU/ Bank/ Telecom Stocks - Continue to be Scrip specific
* R N R L !
Bearish Target 111-113 Achieved - Bullish but Overbought for Corrective Decline to 120
* NAGARJUNA FERT !
Locked in Small Pattern between 47 and 51 - Expect Quick move of Rs4 on either side
* IDEA CELLULAR !
Short Term Chartsin favour of Rise to 115-116 / Use Declines for Fresh Buying with SL
* CHAMBAL FERT. !
Short term Resistance at 74-75 / Bullish Breakout with Volumes may Target 85+ in Near Future
* RELIANCE PETRO !
Bearish Targets of 180 Maintained if fails to Cross 195 / Book Part Profit to Re-Enter at Lower Levels
* GUJ NRE COKE !
Crucial support at 150 / Bearish Breakout with Volume will Target 130-132 in couple of days
Bullish Breakout in daily Charts - Likely to Cross 950+ in coming Sessions
* ICICI BANK !
On verge of highly bullish breakout-Close above 850 will target 950 in near future
(From KTP210408)
* R POWER !
On Verge of Bullish Breakout in EST Charts - Close above 402 will Target 430 in Near Term
* RENUKA SUGAR !
Short Term Bullish Target of 150+ maintained - Use every Corrective Decline for Fresh Buying with SL
* I D F C !
Bullish breakout in daily charts-Likely to cross 185-187 in coming days
* CENTURIAN BOP !
Breakout from Bullish pattern in Hourly Charts - Likely to Cross 55-56 in Near Future
* APTECH TRAINING !
Target of 300 & 320 maintained-Buy on every decline with SL
(From KTP210408)
* RELIANCE IND. !
Bullish Breakout from "Declining Channel" Pattern in Hourly Charts - Likely to Cross 2670 in Near future
* RELIANCE COMM. !
Bullish target of 620+ Maintained - Decline towards 550 may be used for Buying with SL
* BAJAJ HIND !
Minor Resistance at 242 - Bullish Crossover wih Volumes to Target 255-256
* DEEPAK FERTILIZERS !
Short term charts favor rise to 123+/Buy gradually on declines with SL
(From KTP210408)
* LIC HOUSING !
Short Term Bullish Target of 375+ Maintained - Use Decline towards support of 300 in Near Future
* A C C !
Highly Oversold in Extreme Short Term Charts - Ripe for Technical Recovery to 800-805
* KPIT INFOSYS !
Minor Resistance at 108 - Bullish Crossover with Volumes will Target 116-117
* MOSER BAER !
Bearish Indications in Extreme Short Term - Further Decline to 170 Likely
* HIND ZINC !
All Set to Cross 800+ in coming sessions - Buy on every decline with SL
* MUNDRA PORT !
Bullish Indications in short Term - Likely to Cross 775+ in Coming Days
Recommendations for 28.04.2008
Opening Price is considered around close of previous day. Avoid BUYING if Prices open abnormally High and Avoid SELLING if prices open too low.
1). Idea Cellular (Or Fut) : Buy 2500 Shares (1300 at opening + 4x300 at Fall of every Rs1/- ) in ' Investment A/C' . Target 120. Avg SL Rs8/-.
2). LIC Housing (Or Fut) : Buy 1000 Shares (500 at opening + 5x100 at Fall of every Rs2/- ) in ' Investment A/C' . Target 375+. Avg SL Rs10/-.
3). Moser Baer (Or Fut) : Sell 1000 Shares (500 at opening + 5x100 at Rise every Rs1/- ) in ' Trading A/C' . Target 170. Avg SL Rs10/-.
4). Bom Dyeing (Or Fut) : Sell 600 Shares (300 at opening + 3x100 at Rise every Rs10/- ) in ' Trading A/C' . Target 800. Avg SL Rs20/-.
----- With due apologies and full credits to Kalpataru
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Stocks in FnO
Following is a list of top gainers and losers in the futures and options market in the NSE on the 25th April 2008 for the May series: Top Gainers % CHANGE SYMBOL OPEN HIGH LOW CLOSE IN O.I. RPOWER 388.1 405.85 385 403.15 70.59 STERLINBIO 192.4 198.7 189.15 195 61.95 RENUKA 123.5 132.1 123.3 130.9 57.35 CHAMBLFERT 67.65 74.95 67.55 72.7 56.8 WELGUJ 429.7 458 420.5 455.1 44.59 FEDERALBNK 247.05 249.7 242 248.45 43.25 HEROHONDA 780 818 775 810 41.44 RNRL 118.1 125.8 113.65 125 38.66 INDIAINFO 947.75 1007 931 995.95 35.44 NAGARFERT 48.9 52.35 47.65 51.5 33.97 BHARTIARTL 847.5 941 847.5 925.45 27.96 SKUMARSYNF 105.7 107.15 101.9 104.4 26.84 MOSERBAER 189.55 191.7 177.55 179.6 26.54 DCB 104.5 111.2 102.25 109.7 24.35 CUMMINSIND 339.9 341 319.25 324.2 24.12 MCDOWELL-N 1740 1770 1667.05 1687.5 23.99 TITAN 1079.4 1147 1079.4 1128.4 22.71 HCC 132.5 134.7 122 125.5 21.86 BAJAJHIND 235.2 243 229.05 241.25 21.76 GNFC 157 167.8 155.85 164.65 21.2 KPIT 101 109.25 100.6 107.65 20.26 SESAGOA 3485.7 3528.95 3436 3518.8 19.72 BRIGADE 193.7 207.85 189.7 199.9 19.38 APIL 734 742 711.15 713.2 17.43 CROMPGREAV 266 267.25 259.45 261.8 17.2 RELCAPITAL 1392 1483.75 1381.3 1473.85 17.06 JINDALSTEL 2248.4 2354 2248.4 2343.65 15.49 STER 814.1 857.4 809.25 842.2 15.1 INDUSINDBK 91.45 93.95 88.8 93.3 14.68 CAIRN 259 263.95 252.3 257.4 14.64 BEL 1224.75 1240 1200.5 1220.75 14.29 ICICIBANK 884.8 933.9 882.2 921.8 14.12 ABIRLANUVO 1400 1464.9 1400 1441.1 13.98 GESHIP 425.95 433 416.85 425.75 13.13 NEYVELILIG 150.05 152.2 141.2 151.15 12.76 WIPRO 448 468 448 465.05 12.68 ROLTA 334.4 337.95 324 331.55 12.02 LICHSGFIN 315.5 323.95 306.35 319.55 11.73 BANKINDIA 340 344.3 335.5 341.05 11.72 CORPBANK 329.95 329.95 325.55 328.25 11.69 SIEMENS 640 646 627.4 642.35 11.33 AMTEKAUTO 299.95 300 294 297.45 11.32 ANDHRABANK 80 80.5 76.6 79.75 10.99 RECLTD 114 119.8 112.65 118.25 10.98 KTKBANK 206.55 210 205.8 208.95 10.77 GDL 112.35 115.6 109 113.35 10.36 Top Losers % CHANGE SYMBOL OPEN HIGH LOW CLOSE IN O.I. NICOLASPIR 345.5 357.95 343 355.2 -26.35 COLPAL 406 420 403.55 418.2 -7.02 INFOSYSTCH 1685 1694 1636.1 1663.05 -6.07 ESSAROIL 287.35 299 279.8 281.5 -3.56 EDUCOMP 4041 4155 4011 4137.95 -3.28 PENINLAND 108 108.4 103.6 105.8 -3.19 NATIONALUM 435.25 448 435.25 442.65 -2.35 HTMTGLOBAL 385 403 385 401 -2.33 CANBK 236 241.95 235.3 239.75 -2.3 RCOM 538.8 579.15 534.75 577.1 -2.26 INDHOTEL 116.9 117.4 115 116.6 -2.08 JINDALSAW 656 674 652 670.25 -2.04 HINDZINC 650 677.1 645 672 -2
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Report - for Monday 28th
ONGC
RESEARCH: DEUTSCHE BANK
RATING: HOLD
CMP: RS 1,055
DEUTSCHE Bank maintains ‘hold’ rating on ONGC by cutting the company’s earnings and price target to Rs 1,106 per share based on the forecast rise in its subsidy provision, resulting from surging industry subsidies over FY08-10 estimates. ONGC’s subsidy sharing is set to rise 87% YoY to Rs 8,700 crore in Q4 FY08E, even assuming the status quo for upstream sharing at 33%. This is driven by a 46% QoQ rise in industry gross subsidies to Rs 31,100 crore in Q4 FY08E based on a 9% rise in oil prices. The situation can get worse if the government hikes ONGC’s share, as it did in the past. ONGC has an attractive domestic and overseas E&P portfolio. A find of 1 billion boe net reserves by ONGC can add $5-10 billion to the company’s valuation. However, the modest reserve accretion relative to its scale and concerns over future cash flows being diverted towards subsidy-sharing are detracting from robust growth prospects offered by E&P under $100/bbl oil. Deutsche Bank has valued ONGC at Rs 1,106 per share based on: (i) existing reserves; (ii) investments; (iii) enhanced recovery benefits at Bombay High marginal fields; (iv) likely development of 6 trillion cubic feet (tcf) of gas in the KG basin; and (v) hit from ad-hoc 10% hike in its subsidy share.
STERLITE INDUSTIES
RESEARCH: CLSA
RATING: OUTPERFORM
CMP: RS 836
CLSA maintains ‘outperform’ rating on Sterlite Industries with a revised target price of Rs 900. Sterlite will continue to deliver strong operational growth over FY09-10. Hindustan Zinc’s (HZL’s) expanded capacities will boost zinc output at 22% compound annual growth rate (CAGR) over FY09-10 and will compensate for lower zinc prices. Commissioning of Vedanta Aluminium’s smelting capacity will boost aluminium output. Sterlite Energy will commence production in FY10 and will contribute to consolidated profits. Buy-out of HZL and Balco stakes from the government has been much delayed. But with the government in need of funds to finance the farm loan waiver, CLSA sees a reasonable likelihood of both transactions completing by end-FY09. CLSA lower its consolidated EPS estimates by 9% for FY09 to Rs 60.8 and upgrades FY10 estimates by 17% for FY10 to Rs 70. The revised estimates factor in lower zinc prices, higher aluminium prices, higher by-product prices and higher volumes in Vedanta Aluminium, as well as contribution from Sterlite Energy in FY10. The target price of Rs 900 is arrived at by assigning 50% probability each to the two events.
TATA CONSULTANCY SERVICES
RESEARCH: MOTILAL OSWAL
RATING: BUY
CMP: RS 890
MOTILAL Oswal maintains ‘buy’ rating on TCS with a target price of Rs 1,100 and upside of 24%. TCS reported revenues of Rs 6,095 crore in Q4 FY08 — a growth of 2.9% QoQ (versus the estimate of 4.4%). EBITDA was at Rs 1,552 crore versus estimate of Rs 1,653 crore — a decline of 118 bps QoQ — on account of increased manpower and other costs as a percentage of revenues. A few of TCS’ key US-based BFSI clients, who were supposed to ramp up during the quarter, postponed their IT budgets to the next quarter. Net profit was at Rs 1,256 crore versus the estimate of Rs 1,357 crore — down 5.6% QoQ and up 12% YoY. TCS has a diversified range of offerings, with less than 50% in the ADM business and the remaining spread across enterprise solutions, business intelligence, consulting infrastructure management and BPO. It is the leader in emerging services like infra, BPO and enterprise solutions and focuses on consulting. TCS’ subsidiary, Diligenta, won a £100-million BPO contract from Sun Life Financials of Canada. TCS has unveiled development of a new 20,000-seat campus in Pune, to be completed by ’10. It has also signed a multi-year contract with Chrysler to provide a comprehensive portfolio of IT services.
EXIDE INDUSTRIES
RESEARCH: MERRILL LYNCH
RATING: BUY
CMP: RS 73
MERRILL Lynch has cut the target price on Exide Industries by 14% to Rs 95 on the back of lower earnings, following a negative earnings surprise of 26% in Q4 FY08. However, it maintains ‘buy’ rating on the stock due to healthy PAT growth of 24% in FY09E and 20% in FY10E. The target price is based on the following: (1) core lead acid battery business at 16.5x FY10E EPS of Rs 4.9 equals Rs 80; and (2) 50% stake in ING Vysya Life at 16x FY09E NBAP equals Rs 15 per share. Exide’s Q4 FY08 net profit, at Rs 62.8 crore, is up 63% YoY, but is 26% lower than estimates. Merrill Lynch has cut the company’s earnings estimate as it expects EBITDA per unit of battery sales to remain flat due to: (1) the company no longer increasing battery prices amid rising competition and stable lead price; (2) cost-savings bottoming out; and (3) slower industrial battery growth at 19% in FY08 versus 25% in FY07. The key risk to Exide’s rating is higher lead price — the company’s earnings can decline by 63% if lead costs rise by 15% without a commensurate rise in battery prices. Exide has managed to improve its margins despite tripling of lead price in the past three years, with pricing power and cost-savings. Merrill Lynch expects the same to continue, going forward.
SATYAM COMPUTER
RESEARCH: IL&FS INVESTSMART
RATING: ACCUMULATE
CMP: RS 445
IL&FS Investsmart downgrades its recommendation on Satyam Computers Services to ‘accumulate’. Satyam reported better-than-expected performance in Q4 FY08. While its revenues increased by 10% QoQ to Rs 2,416 crore, its net profit fell below expectations of Rs 500 crore, to Rs 470 crore, on the back of forex losses of Rs 46.1 crore. EBITDA margin rose by 133 bps in Q4. The management has set a guidance of 24-26% growth in overall revenues and 17-19% growth in EPS for FY09E (Indian GAAP). IL&FS estimates an EPS of Rs 30.6 and Rs 33.1 during FY09E and FY10E, respectively, implying a three-year EPS CAGR of 16.2%. Currently, the stock is trading at a price-earnings ratio (P/E) of 14.3x FY09E EPS and 13.2x FY10E EPS. At these levels, it is quoting at 18.3% and 17.5% discount, respectively, to IL&FS’ target Infosys P/E; this is a fair discount.
TITAN INDUSTRIES
RESEARCH: HSBC GLOBAL
RATING: NEUTRAL
CMP: Rs 1,119
GOLD prices are likely to hover around their current high levels in FY09E. Inflation rate is likely to be 28% YoY due to a weak US dollar, high commodity prices and increased investment in gold. HSBC expects pan-India jewellery demand to decline by over 10% in FY09E, but expects to see a recovery in FY10E as gold prices decline. It estimates Titan’s plain gold jewellery volume growth to slow to 10% in FY09E from a trend growth of 30% due to slower same-store sales growth and store roll-out linked to gold price volatility. Diamond jewellery volumes may be largely unaffected. Volume growth is likely to recover in FY10E as gold prices decline, albeit on a lower base. From FY10E, competitive pressures are likely to increase. HSBC lowers the company’s EPS target by 6% in FY08E, 11% in FY09E and 16% in FY10E. P/E valuations now yield a 12% lower target price of Rs 1,362 (previously Rs 1,555), leading to a rating downgrade to ‘neutral’. Risks to the valuation include lower-than-expected gold prices on the upside and a market de-rating of the stock on the downside. Titan has lost 26% of its market cap year to date, but with volatile gold prices and a bearish market, HSBC cannot rule out further downside over the next few weeks.
-----With due apologies and full credits to Economic Times
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Stocks to Buy - Stocks to Sell
----- With due apologies and full credits to Economic Times
........................... Click here to read more!
Report - for Monday 28th
Stock / Index Previous Day Close Previous Day % Change Buy / Sell Target One Target Two Stop Loss Horizon ANDHARBANK 80.65 1.70% Buy 82.75 84.35 78.40 INTRA DAY IDBI 104.00 1.66% Buy 107.70 110.45 100.15 INTRA DAY JPASSOCIAT 246.00 -0.16% Buy 254.70 262.90 235.40 INTRA DAY UNITECH 289.05 1.55% Buy 296.85 300.70 282.55 INTRA DAY NIFTY FUT 5,125.75 2.45% Buy 5,157.90 5,216.00 5,076.50 INTRA DAY
----- With due apologies and full credits to ncronweb dot com
........................... Click here to read more!
Friday 25 April 2008
Report - for Friday 25th
Following are recommendations from NCRonWEB dot com:Stock / Index Previous Day Close Previous Day % Change Buy / Sell Target One Target Two Stop Loss Horizon ABB 1,181.25 0.53% Buy 1,211.90 1,244.15 1,151.75 INTRA DAY BHARTIARTL 843.00 -0.24% Buy 854.60 873.50 824.65 INTRA DAY MARUTI UDYOG 747.05 -2.35% Buy 769.75 786.25 727.70 INTRA DAY SBIN 1,681.70 -0.84% Buy 1,710.90 1,722.90 1,655.65 INTRA DAY NIFTY FUT 5,003.30 -0.73% Buy 5,061.85 5,102.70 4,954.25 INTRA DAY
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Stocks in FnO
Following is a list of top gainers and losers in the futures and options market in the NSE on the 24th April 2008 for the May series:
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Top Gainers % CHANGE SYMBOL OPEN HIGH LOW CLOSE IN O.I. SKUMARSYNF 97 106.8 92.1 105.15 n.a. SHREECEM 1070 1070 1032.05 1046.25 3900 AIAENG 1545 1558.5 1460 1507.45 525 TULIP 905 905 863 880.75 337.68 NAUKRI 970 999 940 940.7 264.71 KESORAMIND 415 415 394.5 397.85 207.72 BRFL 396 396 377 384.8 195.75 HAVELLS 498 500 480.25 485.15 194.58 NDTV 428 428 415.25 419.15 192.49 UNIPHOS 328 328 312.2 314.6 170.59 NICOLASPIR 340 349.6 338.5 342.3 169.35 HTMTGLOBAL 398.05 399.95 357.8 386.95 163.27 CUMMINSIND 331.75 338.5 325 334 161.54 COLPAL 416 419 402.1 404.25 156.76 BHUSANSTL 817 819 790 796.55 154.32 CMC 835 835 787 796.2 153.57 MARUTI 771.5 772.5 728.1 748.5 152.55 KPIT 108.7 108.7 99 100.1 142.97 IRB 214 215.75 198.25 204.3 133.64 IOC 451.05 455.5 434.95 438.2 129.86 EDELWEISS 835 859 832.45 839.65 122.98 WELGUJ 449 451 423.25 425.1 120.54 EKC 325 332.8 319.05 328.75 115.38 SUNPHARMA 1368 1374.85 1342 1353.25 111.32 DCB 110.95 111.5 102 103.65 110.41 HINDUJAVEN 385 392 376.05 385.6 110.31 TATATEA 890 891.5 856 861.85 105.29 KTKBANK 211 212 205.15 207.1 105.26 RENUKA 127.5 128.3 121.3 123.15 104.97
Monday 21 April 2008
The World's 50 Most Innovative Companies
2007 Rank 2006 Rank Company Name HQ CITY HQ COUNTRY HQ CONTINENT STOCK RETURNS
2001-2006*REVENUE GROWTH
2001-2006*MARGIN GROWTH
2001-2006*PATENT CITATION
INDEX**1 1 APPLE Cupertino, CA USA N America NA*** 34 2 2 GOOGLE Mountain View,
CAUSA N America NA^ NA^ NA^ 1 3 4 TOYOTA MOTOR Toyota Japan Asia 361 4 6 GENERAL
ELECTRIC Fairfield, CT USA N America 155 5 5 MICROSOFT Redmond, WA USA N America 174 6 7 PROCTER
& GAMBLE Cincinnati, OH USA N America 105 7 3 3M St. Paul, MN USA N America 57 8 43 WALT DISNEY CO. Burbank, CA USA N America 8 9 10 IBM Armonk, NY USA N America 94 10 13 SONY Tokyo Japan Asia 418 11 20 WAL-MART Bentonville, AR USA N America 0 12 23 HONDA MOTOR Tokyo Japan Asia 377 13 8 NOKIA Espoo Finland Europe 287 14 9 STARBUCKS Seattle, WA USA N America 2 15 22 TARGET Minneapolis, MN USA N America 0 16 16 BMW Munich Germany Europe 84 17 12 SAMSUNG
ELECTRONICSSeoul S Korea Asia 1000 18 11 VIRGIN GROUP London UK Europe Private Private Private 0 19 17 INTEL Santa Clara, CA USA N America 216 20 21 AMAZON.COM Seattle, WA USA N America NA*** 0 21 70 BOEING Chicago, IL USA N America 59 22 14 DELL Round Rock, TX USA N America 16 23 27 GENENTECH South San
Francisco, CAUSA N America 4 24 18 EBAY San Jose, CA USA N America 1 25 28 CISCO SYSTEMS San Jose, CA USA N America 20 26 30 MOTOROLA Schaumburg, IL USA N America NA*** 466 27 25 SOUTHWEST
AIRLINESDallas, TX USA N America 0 28 15 IDEO Palo Alto, CA USA N America Private Private Private 1 28 19 IKEA Helsingborg Sweden Europe Private Private Private 0 30 31 DAIMLER-
CHRYSLER Stuttgart Germany Europe 181 31 42 HEWLETT-
PACKARD Palo Alto, CA USA N America 258 32 29 NIKE Beaverton, OR USA N America 822 33 40 BP London UK Europe 2 34 24 RESEARCH
IN MOTIONWaterloo Canada N America NA^ NA^ NA^ 34 35 NR AT&T San Antonio, TX USA N America 16 36 NR CITIGROUP New York, NY USA N America 1 37 NR VERIZON New York, NY, USA N America 5 38 67 ROYAL PHILIPS
ELECTRONICS Amsterdam Holland Europe NA*** 97 39 NR NINTENDO Kyoto Japan Asia 8 40 84 COSTCO
WHOLESALE Issaquah, WA USA N America 0 41 NR VOLKSWAGEN Wolfsburg Germany Europe 4 42 55 PFIZER New York, NY USA N America 15 43 NR BEST BUY Richfield, MN USA N America 0 44 53 JOHNSON
& JOHNSONNew Brunswick,
NJUSA N America 31 45 87 AMGEN Thousand Oaks,
CAUSA N America 1 46 NR MERCK Whitehouse
Station, NJUSA N America 7 47 NR NEWS
CORPORATION New York, NY USA N America 0 48 100 MCDONALD'S Oak Brook, IL USA N America 0 49 85 LG
ELECTRONICS Seoul S Korea Asia NA^ NA^ NA^ 394 50 51 EXXONMOBIL Irving, TX USA N America 17
Methodology The BusinessWeek-Boston Consulting Group 2007 list of the World’s Most Innovative Companies is based on a senior management survey about innovation and was distributed electronically to executives worldwide in late 2006. In October, surveys were sent to the 1,500 largest global corporations, determined by market capitalization in U.S. dollars, with instructions to send the survey to their top 10 executives in charge of innovation. We also distributed the survey to senior management members of the BusinessWeek Market Advisory Board, an online panel consisting of BusinessWeek readers, and via the Knowledge@Wharton e-mail newsletter. Survey participation was voluntary and anonymous, and the survey closed in March, 2007. The survey consisted of 20 general questions on innovation and an optional 12 questions focused on innovation metrics.
A total of 2,468 executives answered the survey. Of those indicating their location, 77% were from N America, 12% were from Europe, and 9% were from Asia or the Pacific region. A larger share of N American voters this year may explain some movement in the rankings of some companies on our list.
Analysis and data provided in collaboration with the innovation practice of The Boston Consulting Group, BCG-ValueScience, along with Standard & Poor's Compustat data and company reports, and the Delphion patent database. We broke ties by comparing one-year total shareholder returns between 12/30/05 and 12/29/06. In ties between a public and a private company, we assumed the private company's shareholder return to be equal to the average return of the public companies on the list, or 19.6%. Ties remain only where two or more private companies receive the same number of votes.
*Stock returns are annualized,12/31/01 to 12/29/06, and account for price appreciation and dividends. Compound growth rates for revenues and operating margins are based on 2001-2006 fiscal year data as it was originally stated. Operating margin is earnings before interest and taxes as a percentage of revenue. Where possible, quarterly and semi-annual data are being used to bring performance for pre-June year ends closer to December 2006. Financial figures are calculated in local currency.
**The patent citation index reflects how often the company's patents filed over the past five years have been cited as a basis for other innovation. The number is calculated by adding, for all patents filed between 2001 and 2005, the number of times each patent or application has been cited or mentioned by other patents up until December 31, 2006. We then adjusted the citation counts for patent age, since older patents have a greater likelihood of being cited than more recent ones. The age-adjusted counts were then indexed to a linear scale
***Calculating five-year compound annual growth rate for operating margins was not possible when either figure was negative.
^Insufficient data.
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