ValueGuide Jul2010

Sharekhan ValueGuide 1 July 2010
CONTENTS
From Sharekhan’s Desk ValueGuide Index

Global concerns vs Domestic positives INVESTMENT INSIGHTS
In June our market
managed to recover 03 Sharekhan Top Picks 13
the losses suffered in Stock Idea 17
the previous month on Stock Update 22
the back of some
positive developments Mutual Funds 35
domestically and a Sector Update 36
rebound in the equities
Viewpoint 37
markets globally
during the early part of the month. However, the global
uncertainties refuse to fade away and the equity markets
across the world have turned jittery once again. REGULAR FEATURES
06 Report Card 4
Earnings Guide I
Market Outlook
Local push, global pull TRADER'S TECHNIQUES
The Indian economy has returned to normalcy with a smart 38 Sensex 39
recovery in industrial production, credit offtake and exports,
hinting towards a broad-based revival in the real economy. Soy oil 39
07 Lead 40
Sharekhan Special Derivatives view 40
Q1FY2011 Auto earnings preview

Strong volume growth continues: Automobile (auto) sales COMMODITIES CORNER
continued to post robust volumes in Q1FY2011, with the 41
sector witnessing a strong 32.1% year-on-year (y-o-y)
growth in the first two months of the quarter. 32
Soy oil 42
Q1FY2011 FMCG earnings preview
The top line of Sharekhan’s fast moving consumer goods
(FMCG) universe is likely to grow by 15.3% year on year
(yoy) in Q1FY2011. 33
Q1FY2011 Pharma earnings preview PREMIER IDEAS
We expect the pharmaceutical (pharma) companies to
report a strong growth for Q1FY2011 wherein the mid-caps
43 Smart Trades Ideas 44
will continue their winning streak. Nifty Ideas 44

33
Monthly economy review Derivatives Ideas 44
In April 2010 the Index of Industrial Production (IIP)
registered a robust growth of 17.6% yoy.
34
July 2010 2 Sharekhan ValueGuide

REPORT CARD
STOCK IDEAS STANDING (AS ON JULY 02, 2010)
COMPANY RECO PRICE RECO CURRENT PRICE AS ON GAIN- ABSOLUTE PERFORMANCE RELATIVE TO SENSEX
PRICE TARGET DATE RECO 02-JUL-10 LOSS (%) 1M 3M 6M 12M 1M 3M 6M 12M
EVERGREEN
HDFC 2700.0 3085.0 19-Nov-07 Hold 2916.3 8.0 9.0 6.1 10.3 27.4 2.7 6.4 9.2 4.9
HDFC Bank 358.0 2205.0 23-Dec-03 Buy 1912.9 434.3 3.5 -1.0 12.8 27.7 -2.5 -0.7 11.6 5.2
Infosys Technologies 689.1 3027.0 30-Dec-03 Hold 2727.5 295.8 5.4 4.2 7.0 55.7 -0.7 4.6 5.9 28.2
Larsen & Toubro 1768.0 1884.0 18-Feb-08 Hold 1786.0 1.0 12.6 8.7 6.9 14.8 6.1 9.1 5.8 -5.4
Reliance Ind 283.5 1215.0 5-Feb-04 Hold 1069.0 277.1 6.5 -0.8 -0.7 5.8 0.3 -0.5 -1.7 -12.8
Tata Consultancy Services 426.3 867.0 6-Mar-06 Hold 743.8 74.5 0.8 -7.7 -0.4 91.6 -5.0 -7.4 -1.4 57.8
APPLE GREEN
Aditya Birla Nuvo 714.0 1003.0 6-Dec-05 Buy 768.0 7.6 7.4 -15.5 -12.9 -13.9 1.2 -15.2 -13.8 -29.1
Apollo Tyres 37.0 ** 27-Jul-09 Buy 64.4 74.1 -7.8 -11.3 30.8 99.4 -13.2 -11.0 29.5 64.2
Bajaj Auto 586.2 2527.0 15-Nov-05 Buy 2455.1 318.8 15.3 24.9 42.2 152.7 8.6 25.4 40.7 108.1
Bajaj Finserv 545.0 572.0 26-May-08 Hold 430.8 -21.0 -5.1 25.5 25.2 15.4 -10.6 25.9 23.9 -5.0
Bajaj Holdings 741.9 970.0 26-May-08 Buy 709.2 -4.4 7.7 16.7 15.0 80.2 1.5 17.1 13.8 48.4
Bank of Baroda 239.0 802.0 25-Aug-06 Buy 715.6 199.4 3.7 13.2 43.1 62.9 -2.3 13.6 41.6 34.2
Bank of India 358.0 388.0 29-Oct-09 hold 357.0 -0.3 10.9 3.1 -7.2 1.4 4.5 3.4 -8.2 -16.5
Bharat Electronics 1108.0 2015.0 25-Sep-06 Hold 1723.3 55.5 0.8 -21.4 -11.2 26.6 -5.1 -21.1 -12.1 4.3
Bharat Heavy Electricals 602.0 2616.0 11-Nov-05 Buy 2391.9 297.3 4.9 0.5 1.5 10.5 -1.2 0.8 0.4 -9.0
Bharti Airtel 313.0 350.0 8-Jan-07 Hold 264.7 -15.4 3.1 -12.2 -19.6 -35.5 -2.8 -11.9 -20.5 -46.9
Corp Bank 218.0 640.0 19-Dec-03 Buy 514.9 136.2 2.5 12.5 27.9 69.6 -3.5 12.9 26.6 39.7
Crompton Greaves 50.4 281.0 19-Aug-05 Hold 251.7 399.3 6.9 -5.6 5.7 54.6 0.7 -5.2 4.6 27.4
Glenmark Pharmaceuticals 599.0 400.0 17-Jul-08 Buy 275.4 -54.0 -0.5 -0.1 -2.0 28.5 -6.2 0.3 -3.0 5.8
Godrej Consumer Products 145.0 375.0 7-May-09 Hold 345.0 137.9 5.8 32.8 31.9 109.6 1.0 33.7 30.9 73.2
Grasim 1119.0 2300.0 30-Aug-04 Hold 1827.1 63.3 3.3 -12.5 -0.1 8.3 -2.6 -12.2 -1.1 -10.8
HCL Technologies** 103.0 419.0 30-Dec-03 Buy 353.0 242.7 -0.4 2.1 -1.6 93.5 -6.2 2.4 -2.6 59.4
Hindustan Unilever * 272.0 243.0 24-Nov-05 Reduce 268.4 1.3 12.9 16.5 1.4 0.5 7.7 17.2 0.6 -17.0
ICICI Bank 284.0 1243.0 23-Dec-03 Buy 840.1 195.8 1.9 -10.4 -2.7 17.0 -4.0 -10.1 -3.7 -3.7
Indian Hotel Company 76.6 111.0 17-Nov-05 Buy 104.7 36.7 4.4 2.1 2.0 62.9 -0.3 2.7 1.3 34.7
ITC 69.5 ** 12-Aug-04 Buy 302.6 335.3 11.4 18.7 25.0 66.4 6.4 19.5 24.0 37.5
Lupin 403.5 2030.0 6-Jan-06 Buy 1932.0 378.8 4.1 19.3 30.9 136.4 -1.9 19.7 29.6 94.7
M&M 116.0 694.0 1-Apr-04 Hold 602.4 419.3 9.0 15.1 13.8 74.6 2.7 15.6 12.6 43.8
Marico 7.7 ** 22-Aug-02 Hold 126.5 1,542.9 16.5 16.7 23.0 70.9 11.2 17.4 22.1 41.2
Maruti Suzuki 360.0 1473.0 23-Dec-03 Hold 1415.9 293.3 11.4 0.6 -10.2 31.0 5.0 0.9 -11.1 7.9
Piramal Healthcare 146.0 ** 16-Mar-04 Hold 488.9 234.9 -3.9 15.3 30.7 52.4 -9.5 15.7 29.4 25.5
Punj Lloyd 519.0 138.0 12-Dec-07 Hold 133.5 -74.3 12.3 -24.9 -34.7 -37.5 5.8 -24.6 -35.4 -48.5
SBI 476.0 2580.0 19-Dec-03 Buy 2265.1 375.9 3.3 8.5 1.1 28.9 -2.7 8.9 0.1 6.2
Sintex industries 286.0 353.0 26-Sep-08 Buy 315.5 10.3 16.7 7.5 15.0 41.9 9.9 7.9 13.8 16.9
Tata Tea^ 78.9 136.0 12-Aug-05 Buy 120.8 53.1 13.0 24.5 28.4 67.5 7.9 25.3 27.4 38.4
Wipro 251.0 461.0 9-Jun-06 Hold 385.6 53.6 -4.2 -12.6 -7.2 66.3 -9.7 -12.2 -8.2 36.9
EMERGING STAR
3i Infotech 66.0 105.0 6-Oct-05 Buy 63.3 -4.1 0.5 -18.3 -24.4 -5.3 -5.3 -18.0 -25.2 -22.0
Allied Digital Services 189.5 300.0 14-Aug-09 Buy 225.5 19.0 4.2 7.2 -2.8 39.7 -1.9 7.5 -3.8 15.1
Alphageo India 150.0 297.0 29-Nov-06 Buy 190.4 26.9 8.3 -12.2 -14.7 22.4 2.0 -11.9 -15.5 0.8
Axis (UTI) Bank 229.4 1442.0 24-Feb-05 Buy 1237.2 439.4 4.4 6.2 26.0 43.3 -1.6 6.5 24.6 18.0
Cadila Healthcare# 198.3 780.0 21-Mar-06 Buy 657.5 231.5 8.3 21.5 54.5 171.0 2.1 21.9 52.9 123.2
EMCO 81.2 94.0 29-Jun-09 Hold 80.9 -0.4 2.0 -1.5 -7.9 1.8 -3.9 -1.1 -8.8 -16.2
Greaves Cotton** 266.0 422.0 24-Dec-09 Buy 339.3 27.5 4.6 7.4 19.7 191.2 -1.5 7.7 18.5 139.8

REPORT CARD
STOCK IDEAS STANDING (AS ON JULY 02, 2010)
COMPANY RECO PRICE RECO CURRENT PRICE AS ON GAIN/ ABSOLUTE PERFORMANCE RELATIVE TO SENSEX
PRICE TARGET DATE RECO 02-JUL-10 LOSS (%) 1M 3M 6M 12M 1M 3M 6M 12M
Max India 212.0 295.0 24-Nov-09 Buy 158.4 -25.3 -2.5 -27.9 -29.5 -25.4 -8.2 -27.6 -30.3 -38.6
Opto Circuits India 199.0 265.0 13-May-08 Buy 236.4 18.8 7.9 9.7 5.0 52.1 1.7 10.1 3.9 25.2
Patels Airtemp 88.2 122.0 7-Dec-07 Buy 90.7 2.8 1.3 -0.7 21.8 69.2 -4.5 -0.4 20.5 39.3
Thermax 124.2 ** 14-Jun-05 Hold 746.9 501.3 6.7 6.4 22.4 84.7 0.5 6.8 21.2 52.1
Zydus Wellness 184.0 ** 15-Oct-09 Hold 487.8 165.1 3.6 20.0 80.4 412.3 -2.4 20.4 78.5 321.9
UGLY DUCKLING
BASF 220.0 469.0 18-Sep-06 Hold 423.5 92.5 2.4 14.8 2.1 69.5 -3.5 15.2 1.1 39.6
Deepak Fert 50.6 178.0 17-Mar-05 Buy 149.1 194.6 19.8 25.1 34.0 65.4 12.9 25.5 32.6 36.2
Federal Bank 258.0 344.0 16-Mar-10 Buy 330.0 27.9 -5.2 19.3 34.2 29.7 -10.7 19.7 32.8 6.8
Gayatri Projects 393.0 549.0 5-Apr-10 Buy 424.9 8.1 -4.7 7.7 2.8 134.1 -10.2 8.1 1.7 92.8
Genus Power 207.0 298.0 21-Jun-10 Buy 201.3 -2.8 9.5 14.3 19.7 -1.3 3.1 14.7 18.5 -18.7
India Cements 113.0 ** 25-Jan-10 Reduce 106.6 6.1 0.2 -20.7 -13.6 -17.3 -5.6 -20.4 -14.5 -31.9
Ipca Laboratories 132.0 330.0 5-Nov-07 Buy 292.6 121.7 5.9 5.0 38.0 188.3 -0.2 5.4 36.5 137.4
ISMT 43.0 69.0 8-Oct-09 Buy 46.9 9.1 1.9 -13.4 -12.5 56.1 -4.0 -13.1 -13.5 28.6
Jaiprakash Associates 16.7 173.0 30-Dec-03 Buy 127.1 662.4 9.1 -16.7 -12.8 -7.3 2.8 -16.4 -13.7 -23.7
Orbit Corporation 400.0 215.0 17-Dec-07 Buy 131.4 -67.2 3.0 -2.7 -15.4 65.3 -3.0 -2.4 -16.3 36.1
Pratibha Industries 326.0 508.0 18-Jan-10 Buy 394.8 21.1 0.5 5.0 28.8 134.8 -5.3 5.4 27.5 93.4
Punjab National Bank 180.0 1224.0 19-Dec-03 Buy 1046.2 481.2 2.3 0.4 13.9 50.9 -3.6 0.8 12.7 24.3
Ratnamani Metals 54.0 149.0 8-Dec-05 Buy 124.8 131.0 5.1 21.4 17.7 66.9 -1.0 21.8 16.5 37.4
Selan Exploration 58.0 507.0 20-Mar-06 Buy 384.9 563.5 11.0 -12.2 13.4 96.5 4.6 -11.9 12.2 61.8
Shiv-Vani Oil & Gas 370.0 520.0 4-Oct-07 Buy 443.0 19.7 6.0 0.6 29.5 61.5 -0.1 1.0 28.2 33.0
Subros 41.2 60.0 26-Apr-06 Buy 46.8 13.6 9.3 4.8 2.9 72.0 2.9 5.1 1.8 41.6
Sun Pharmaceutical 302.0 2010.0 24-Dec-03 Buy 1755.8 481.4 4.3 -2.8 16.2 58.5 -1.8 -2.5 15.0 30.5
Sunil Hitech Engineers 211.0 295.0 12-Mar-10 Buy 205.6 -2.6 -1.6 -11.1 -8.8 21.1 -7.3 -10.8 -9.8 -0.3
Torrent Pharma 185.0 640.0 4-Oct-07 Buy 561.3 203.4 1.6 3.9 43.1 219.5 -4.3 4.3 41.7 163.1
UltraTech Cement 384.0 1070.0 10-Aug-05 Hold 870.6 126.7 -5.1 -23.8 -4.6 28.7 -10.5 -23.5 -5.6 6.0
Union Bank of India 46.0 385.0 19-Dec-03 Buy 310.8 575.7 13.1 5.3 20.8 28.5 6.5 5.7 19.5 5.8
United Phosphorus 163.0 220.0 27-Aug-09 Buy 182.3 11.8 3.4 21.4 4.4 23.5 -2.6 21.8 3.4 1.7
Zensar Technologies 342.0 351.0 18-Jun-07 Hold 316.5 -7.5 9.9 20.6 1.7 184.9 3.6 21.0 0.7 134.6
VULTURE'S PICK
Esab India 60.0 672.0 21-May-04 Buy 610.1 916.8 8.4 1.0 16.9 55.5 2.1 1.4 15.7 28.0
Mahindra Lifespace 799.0 506.0 9-Jan-08 Hold 457.6 -42.7 9.7 17.3 34.5 72.7 3.4 17.7 33.1 42.2
Orient Paper 21.4 65.0 30-Aug-05 Hold 57.2 167.3 3.9 11.1 17.9 24.5 -2.1 11.5 16.7 2.5
Tata Chemicals 411.0 353.0 31-Dec-07 Hold 322.4 -21.6 4.4 3.0 2.5 56.3 -1.7 3.4 1.5 28.7
Unity Infraprojects 138.4 151.0 26-Feb-08 Buy 106.4 -23.2 5.0 -10.9 -0.5 61.6 -1.1 -10.5 -1.5 33.1
CANNONBALL
Allahabad Bank 73.0 187.0 25-Aug-06 Buy 160.0 119.2 -0.6 15.6 32.3 112.1 -6.3 16.0 30.9 74.7
Andhra Bank 85.0 155.0 25-Aug-06 Buy 129.5 52.4 -0.1 23.5 28.4 64.9 -5.9 23.9 27.1 35.8
IDBI Bank 106.0 169.0 19-Jun-09 Buy 119.3 12.5 7.9 2.3 -7.0 10.8 1.6 2.7 -8.0 -8.8
Madras Cements 111.0 90.0 28-Jan-10 Reduce 99.4 11.7 -3.7 -18.5 -12.3 -1.7 -9.3 -18.2 -13.2 -19.1
Phillips Carbon Black 135.0 250.0 21-Aug-09 Buy 185.9 37.7 2.5 -6.1 15.7 200.3 -3.5 -5.7 14.5 147.3
Shree Cement 445.0 2100.0 17-Nov-05 Hold 1958.4 340.1 -0.6 -16.2 3.0 66.5 -6.4 -15.9 2.0 37.1
TFCI 17.1 38.0 25-Jun-07 Buy 31.0 81.0 7.1 5.4 21.9 51.4 0.9 5.7 20.6 24.6
**Price target under review ^ Reco price adjusted for stock split #Reco price adjusted for bonus

FROM SHAREKHAN’S DESK
from sharekhan’s desk Global concerns vs Domestic positives
In June our market managed to recover the losses suffered in the previous month on the
back of some positive developments domestically and a rebound in the equities markets
globally during the early part of the month. However, the global uncertainties refuse to
fade away and the equity markets across the world have turned jittery once again. The
good news is that the Indian market continues to outperform the other global markets and
has held out well in the recent volatile phase.
Sentiments towards the Indian market are boosted by the slew of reformist decisions
announced lately. After dithering for long the government has finally decontrolled petrol
prices and promised to free diesel from price controls too, displaying its willingness to go
ahead with tough reforms. This unexpected announcement is among the number of steps
that have been taken in the past few months to curtail the burgeoning food and oil subsidy
burden and, in turn, addresses the critical issue of fiscal consolidation. What’s more, the
announcement of reforms in the oil sector was immediately followed by suggestions to
relax foreign direct investment norms in the media sector.
Another notable factor aiding market sentiments is the forecast of a normal monsoon. In
fact, the India Meteorological Department has revised upwards its monsoon forecast for
this year from 98% of the long period average to 102% keeping in mind the possibility of
La Nina factor. Given the soaring food inflation, normal monsoon rains are essential to
cool down food/agri product prices domestically especially since the rainfall was below
normal in the past two years. Consequently, the Street would closely watch for the deficit
reported in monsoon rains during the initial phase to correct itself in July, which is the peak
sowing month for the kharif crops.
Apart from the progress of the monsoon, the first quarter results would influence the market’s
direction in the near term. Expectations have built up considerably after the strong earnings
growth reported in the last quarter. We would outline the same in our forthcoming detailed
result preview notes on the Q1 performance.
Though the domestic cues have been positive lately, the global factors continue to act as a
drag on equity markets globally as well as the Indian market. In addition to the European
crisis, the economic data coming out of the USA is also turning weak. On the other hand,
China is keeping the world guessing with conflicting signals related to possible overheating
and the policy steps taken or planned to deal with the same. The global issues are discussed
in detail in the Market Outlook report released this month.
Thus, global concerns are vying with the positive developments at home for the market’s
attention and this tussle could keep the markets volatile and bound in a range in the days
ahead. Under the circumstances, it will be wise to stay invested in fundamentally sound
companies like Sharekhan’s Stock Ideas and to use corrections as an opportunity to increase
your exposure to such companies.

MARKET OUTLOOK
MARKET OUTLOOK JULY 02, 2010

Local push, global pull
KEY POINTS INDUSTRIAL PRODUCTION
The Indian economy has returned to normalcy with a smart recov- 20%
ery in industrial production, credit offtake and exports, hinting to-
wards a broad-based revival in the real economy. In addition, the 15%
fiscal position is expected to improve considerably on the back of

10%
the third generation (3G)/broadband auction bonanza and the slew
of initiatives taken to curtail food and oil subsidy burdens. 5%
Notwithstanding the low base effect, the improving macro envi-

0%
ronment has translated into a strong rebound in the earnings, as
Apr-95
Apr-96
Apr-97
Apr-98
Apr-99
Apr-00
Apr-01
Apr-02
Apr-03
Apr-04
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
borne out by the Q4 earnings season. The earnings of the Sensex -5%
companies registered a growth of 27.6% year on year (yoy) vs
about a 15% growth in the previous quarter. Importantly, the -10% IIP y oy (% ) IIP 3 MMA (% )
strong earnings growth momentum is likely to continue in the The IIP for April 2010 registered a robust growth of 17.6% yoy, marking the seventh
years ahead with the FY2011 earnings expected to grow by 21% consecutive month of a double-digit growth. The index has been sustaining at higher
yoy (though commodities remain the key risk given the recent levels since June 2009, aided by a strong revival in capital goods.
softening of base metal prices).
Further, the earnings growth momentum in FY2012 and beyond TREND IN CREDIT AND EXPORT GROWTH
would be supported by three key pillars: (1) A surge in infrastruc-
ture creation across sectors; (2) booming domestic consumption; 0 .3 5 0 .6
0 .5
and (3) ground-breaking tax reforms. Effectively, the current fis- 0 .3 0 0 .4
cal would mark the beginning of the next earnings growth cycle. 0 .3
0 .2 5 0 .2
0 .1
The key risks to our thesis are: (1) Scarcity of foreign inflows that 0 .2 0 0
are essential to support a high real gross domestic product (GDP) - 0 .1
0 .1 5 - 0 .2
growth and fill in the fiscal gap; (2) the continued weak domestic - 0 .3
flows in domestic institutions, mutual funds and insurance com- 0 .1 0 - 0 .4
Mar-07
Mar-09
Mar-10
Dec-06
Jun-07
Mar-08
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Sep-06
Sep-07
Sep-08
Sep-09
panies; and (3) the inflationary pressures resulting from the hike
in fuel prices and a possible abnormal monsoon this year as well. No n Fo o d Cr e d it Ex p o r ts
(% y oy ) (% y oy )
While the domestic indicators have reported reassuring trends,
The credit offtake remained strong at around 19% yoy in June 2010, almost double
the developed economies have weakened once again. While the
that in the same period of the previous year. If the credit offtake maintains its pace,
European crisis was already putting a question mark on the
it is likely to exceed the 20% year-on-year (y-o-y) projection made by the Reserve
sustainability of the global recovery, the recent economic data Bank of India (RBI) during its last monetary policy meet.
from the USA has turned weak and revived debates of a double-
dip recession. The weakness primarily stems from the worsen-
ing trends in the housing space after the expiry of tax benefits GDP GROWTH
that has also dampened consumer sentiments.
10.0%
10.1%
11% R e a l G D P % yo y
9.8%
9.7%
9.7%
9.6%
9.4%
9.4%
9.3%
9.3%
10%

8.9%
All in all, the short-term outlook remains muddied by the troubles

8.6%
8.6%
8.5%
9%
7.8%
in the developed nations with persistent doubts over the recov-

7.5%
8%
ery in the USA and the unresolved challenges for the East Euro- 6.5%
6.1%
6.0%
7%
5.8%
pean nations. Hence, the valuation for the Sensex is likely to 6%

5%
hover around the long-term average multiple of 15x (one-year 4%
forward earnings). Having said that, the medium-to-long-term 3%
outlook remains strong driven by India’s robust macro funda- 2%
Sep-05
Dec-05
Sep-06
Dec-06
Sep-07
Dec-07
Sep-08
Dec-08
Sep-09
Dec-09
Jun-05
Mar-06
Jun-06
Mar-07
Jun-07
Mar-08
Jun-08
Mar-09
Jun-09
Mar-10
mentals and the beginning of the next earnings growth cycle.

The GDP for Q4FY2010 came in at Rs1,205,119 crore, up by 8.6% yoy. The strong
DOMESTIC SCENARIO GDP growth for the quarter was due to the sustained growth momentum in industrial
output, which expanded by 13.3% as compared to by 11.1% during the previous
Growth back on track quarter, as well as a revival in agricultural growth.
The growth of the Indian economy appears to be back on track as The robust fourth quarter growth thus provided an impetus to FY2010 GDP growth
reflected by the smart “V” shaped recovery seen in industrial produc- leading to a strong 7.4% expansion for the full year despite a lower agricultural
tion, credit and external trade. The recovery in these key economic growth. Going ahead, the forecast of a normal monsoon provides optimism relating
indicators, especially industrial growth, led to a strong revival in real to agricultural growth in the current fiscal. As a result of revival in the economy, an
GDP growth. With this, the FY2010 GDP growth came in strong at easing of the commodity prices and expectations of higher agricultural growth, the
7.4% despite a lower agricultural growth. More importantly, the fu- outlook for the Indian economy is optimistic and the RBI has projected an 8% GDP
ture growth outlook too remains strong as a result of an easing of the growth for the Indian economy during FY2011.
commodity prices and prediction of a normal monsoon for 2010.

MARKET OUTLOOK
Investment cycle gains momentum REVENUE STREAMS (EXPECTATIONS VS POTENTIAL)
The smart “V” shaped recovery has translated in to a marked im-
provement in the business and consumer confidence. In line, the 80,000 14.8% 16%
investment cycle has gained momentum after remaining lacklustre 70,000 14%
60,000 12%
for the past two years. The improvement in the investment cycle is 50,000 7.7% 10%
reflected through a strong growth in gross capital formation, a surge 40,000 8%
in resources raised through primary equity markets and traction in 30,000 6%
project implementation. The investment cycle has improved because 20,000 4%
of improving corporate profitability and easing of commodity prices. 10,000 2%
0 0%
GROSS CAPITAL FORMATION Estimated Actual
3G Auction Revenues as % of borrowing
1800 20%
GCF GCF % yoy The government has received an inflow of about Rs68,000 crore (vs expectation of
1600
15%
Rs35,000 crore) from 3G auctions and Rs32,000 crore (vs expectation of Rs15,000
Thousand Crore (Rs)
1400
10% crore) from the sale broadband wireless access (BWA) spectrum.
1200
1000 5%
800 0%
programme, the extra revenue offers flexibility in managing the
600 borrowing programme and yet would leave room for increased
-5%
400 spending on infrastructure.
-10%
200
0 -15%
Besides the blockbuster auctions for 3G and BWA spectrums, the
FY2006 FY2007 FY2008 FY2009 FY2010 government has freed the petroleum prices recently. In addition to
showing the political will to execute such reforms, the government
Gross capital formation saw a significant revival in FY2010 after declining sharply in
has effectively reduced the fuel subsidy burden to an extent. What’s
FY2009. During Q4FY2010 the gross fixed capital formation grew by a robust 25% yoy—
more, further freeing of prices of diesel, cooking gas etc would only
at its fastest pace in around five years. Additionally, the outlook for the same too appears
bright as reflected by a consistent improvement in new project announcements.
reduce the subsidy burden.
FISCAL CONSOLIDATION TARGETS
CAPITAL RAISING THROUGH PRIMARY EQUITY MARKETS
4,500 8%
Fiscal Deficit FD as % of GDP
35000 4,000
R eso urces raise d from do m e stic prim a ry m arket 7%
30000 3,500
6%
3,000
25000 5%
2,500
20000 4%
2,000
3%
15000 1,500
2%
1,000
10000
500 1%
5000
0 0%
FY12T
FY13T
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
FY09RE
FY10RE
FY11BE
0
Mar-08
Mar-09
Apr-08
May-08
Jul-08
Aug-08
Oct-08
Nov-08
Dec-08
Apr-09
May-09
Jul-09
Aug-09
Oct-09
Nov-09
Dec-09
Jan-08
Feb-08
Jun-08
Sep-08
Jan-09
Feb-09
Jun-09
Sep-09
Jan-10
Feb-10
The surge in resources raised through the primary equity market (initial public The government is likely to meet its fiscal deficit targets on the back of higher inflows
offerings [IPO], follow-on public offers [FPO] etc) point towards an optimistic outlook from 3G and BWA auctions, the ongoing withdrawal of fiscal stimulus measures
and return of risk appetite. introduced previously and the initiatives such as the deregulation of complex
fertilisers and petrol prices.
TREND IN PROJECT INVESTMENT
Q4 earnings: Strong rebound
6000 65%
Project under implementation The macro recovery has trickled down to micro level with a signifi-
5000 as % of outstanding Inv estments 60%
cant improvement in the corporate earnings growth. In Q4FY2010,
Thousand Crore (Rs)
4000 55% the earnings of the Sensex companies registered a strong rebound
(up 27.6% yoy vs about a 15% growth in Q3FY2010). The earn-
3000 50%
ings growth was primarily led by the automobile sector (141% yoy),
2000 45% the metal sector (up 165% yoy) and the real estate sector (up 168%
1000 40%
yoy). Though the rebound in the earnings growth benefited from a
0 35% TREND IN EARNINGS GROWTH FOR SENSEX COMPANIES
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Jun-05
Sep-05
Dec-05
Jun-06
Sep-06
Dec-06
Jun-07
Sep-07
Dec-07
Jun-08
Sep-08
Dec-08
Jun-09
Sep-09
Dec-09
5 0% E xp e cte d A d jus ted P A T
Projects under implementation have gained traction and project implementation as 4 0%
a percentage of outstanding investments improved to about 49% during March 2010. 3 0%
2 0%
Fiscal position in control now 1 0%
The government raked in revenue of over one lakh crore rupees by 0%
auctioning 3G and broadband spectrums. With the revenue from -1 0%
the auctions significantly above the estimates disclosed in the Union -2 0%

Q4FY05
Q1FY06
Q2FY06
Q3FY06
Q4FY06
Q1FY07
Q2FY07
Q3FY07
Q4FY07
Q1FY08
Q2FY08
Q3FY08
Q4FY08
Q1FY09
Q2FY09
Q3FY09
Q4FY09
Q1FY10
Q2FY10
Q3FY10
Q4FY10
Budget, the government’s fiscal position has come under control.

Though the government may or may not lower the borrowing

MARKET OUTLOOK
low base of the previous year, the volume growth too contributed Surge in infra-creation across sectors: Realising the constraints
to a significant extent. of inadequate infrastructure on achieving a strong economic
growth, the government has stepped up its focus on improving
SECTOR-WISE EARNINGS GROWTH
the core infrastructure sectors. In many key sectors the huge in-
Real estate vestments being made would start getting commissioned and
Metal
Auto
would begin to make a material contribution to the overall growth
Oil and gas and corporate earnings in FY2012 and after. The case in point is
Capital goods
Cement
the massive power generation capacities being set up by the pri-
IT vate sector that are not currently adding to the earnings.
Diversified
FMCG Booming domestic consumption: Going by the experience of the
Pharma
Power
other emerging developing economies like the Association of South-
Banking & Finance East Asian Nations (ASEAN) countries (and the significant changes
Telecom in the consumption pattern in India itself in the past few boom
-30% -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% years), the steadily rising per capita income (beyond the threshold
level of $1,200 in the coming years) and the favourable demo-
Growth momentum to continue graphics would dramatically change the consumption pattern with
Importantly, the rebound in the earnings growth during Q4FY2010 a higher allocation for discretionary spending. Given the huge
was not a one-off occurrence. The strong earnings growth momen- infrastructure creation and the spending along with a simplified
tum is expected to continue in the current fiscal (FY2011). Based on tax structure, we believe that India would embark on its own
consensus estimates (from Bloomberg), the Street is expecting the consumption J-curve sooner than later, which would be an im-
earnings of the Sensex companies to grow by 21% during FY2011, portant driver of corporate earnings going ahead.
after a flattish growth in FY2010. Ground breaking tax reforms: Two key tax reforms on the cards
Commodities—a key risk to growth: The incremental earnings are the introduction of the Goods and Services Tax (GST) and
growth is estimated to be primarily driven by commodities (com- the direct tax code (DTC) that would not only completely over-
panies operating in the oil & aas and metal sectors). As evident haul both the indirect tax and direct tax structures in the coun-
below, the cumulative contribution of the commodity compa- try but also aid corporate earnings growth and increase dispos-
nies is pegged at nearly 70% of the incremental earnings. With able income in the hands of consumers. For government, the
the outlook of commodities uncertain due to the global macro simplified tax structure would improve tax collections and hence
trends, there is material risk to the FY2011 earnings growth. help contain fiscal deficit.
Having said that, the earnings growth momentum is expected New earnings growth cycle
to remain strong in the next few years.
Driven by the smart “V” shaped recovery in the macro indicators, a
TREND IN SENSEX’ CONSENSUS EARNINGS ESTIMATES strong rebound in the earnings and the bright outlook for the next
few years, FY2011 would mark the beginning of a new earnings
1350
FY 2011E
growth cycle. Based on Bloomberg consensus estimate, the earnings
1300
1250 FY 2012E growth for the Sensex companies is pegged at about 20% for FY2012
1200
and at about 16% for FY2013.
1150 21.%+ yo y
TREND IN SENSEX EPS
1100
1050 :
1600 -13 R
1000
10
FY CAG
1400 %
Consensus Sensex EPS 21
950
1200 FY08-10E:
Mar-10
May-09
Jul-09
Feb-10
May-10
Jun-09
Sep-09
Nov-09
Dec-09
Jan-10
Jun-10
Oct-09
Aug-09
Apr-09
Apr-10
-1% CAGR
1000
R
800 CAG
5%
600 -08: 2
3
SECTOR-WISE CONTRIBUTION TO INCREMENTAL SENSEX EARNINGS 400
FY93-96: FY96-03: 1% CAGR FY0
45% CAGR
200
5 0%
0
4 0%
FY93
FY94
FY95
FY96
FY97
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
3 0%
2 0%
1 0%
KEY RISKS
0%
-1 0% Funding squeeze could limit potential growth
-2 0%
A major impediment to achieving and maintaining a high economic
Power
Cap Goods
Metal
FMCG
Cement
Auto
Pharma
Real Estate
Diversified
IT
Financials
Telecom
Oil & Gas
growth for the next few years is the scarcity of funds. A back-of-the-
envelope analysis reveals that to achieve an 8% real GDP growth,
India would need external funding of nearly $30 billion. Clearly,
the domestic sources of finance (banks, insurance etc) are not suffi-
Take-off in earnings in FY2012 and beyond cient to meet the funding requirements. From financing the fiscal
deficit perspective as well, we may have a shortfall of about Rs65,000
The outlook for the earnings growth in FY2012 and beyond re- crore as the net issuance of paper is likely to be much higher than
mains robust, notwithstanding the risks to the earnings growth in last year’s. Effectively, India will need significant funding support
FY2011. The expectation of a take-off in earnings in FY2012 and from external sources (foreign direct investment [FDI], foreign insti-
beyond is based on three key aspects: tutional investors [FII] etc) to fill the wide financing gap.

MARKET OUTLOOK
The government has shown seriousness to address the concern by mal monsoon this year, so far the rainfall has been below normal.
inviting recommendations from the Deepak Parikh Committee. Hence, if there is abnormal (excess/scanty) rainfall (led by La Nina)
However, the implementation of these recommendations and of debt in the peak sowing season, we may see a much lower agriculture
market reforms is still largely on the drawing board. output than expected currently. This, in turn, would push the food
inflation even higher and may partly derail the anticipated consump-
SHORTFALL IN FUNDING DEFICIT RS (CR) tion boom and the earnings growth ahead.
Particulars FY2010 FY2011 Difference
Supply of paper TREND IN OIL PRICES
Fiscal deficit of the centre 414,041 381,408 (32,633) 100
Gross market borrowings 451,000 457,143 6,143 Brent Crude A verage
Less: redemptions 52,589 112,133 59,544 90
Net market borrowings 398,411 345,010 (53,401) 80

Less: OMO 57,487 -
Less: MSS desequestering 33,000 - 70
Less: MSS unwinding 53,031 - 60

Net supply of papers (Centre) 254,893 345,010 90,117
Net supply of papers (State) 123,800 120,000 (3,800) 50
Mar-09
Jul-09
Feb-10
Mar-10
Jun-09
May-09
Sep-09
Nov-09
Dec-09
Jan-10
Jun-10
May-10
Oct-09
Aug-09
Apr-09
Apr-10
Total supply 378,693 465,010 86,317
Demand of paper
Banks 214,400 225,000
RISING PROBABILITY OF LA NINA
RBI's OMO purchase 57,500 -
90% La Niña Neutral El Niño
Non-bank buyers 163,800 175,000
80%
Excess supply 65,010
70%
60%
Risk to inflows 50%
Risk aversion may reverse trend in FII flows: The occasional 40%
jitters emanating from the European countries over the ability 30%
to service sovereign debt will have serious implications for the 20%
risk appetite of the FIIs over the near future. 10%
0%
Domestic MF flows slow down: As against the surge in FII flows
MJJ JJA JAS ASO SON OND NDJ DJF JFM FMA
in recent months, the flow from the domestic mutual funds (MFs) 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011
has remained negative since September 2009. This could be be-
cause of the removal of the entry load on mutual fund schemes
from August 2009 which lowered the incentive for distributors. GLOBAL SCENARIO: THE PAIN REFUSES TO GO
The weakness in mutual fund inflows is worrisome as in the event
of a return of risk aversion among the FII investors, the domestic While the domestic indicators have reported reassuring trends, the
mutual funds would have limited ability to absorb FII selling. developed economies have revealed weakness once again. After some
encouraging signs in recent months, the recent trends in the US
Insurance flows may get hurt: While the tussle between the Se- economy have revived debates of a double dip. The situation in
curities and Exchange Board of India (SEBI) and the Insurance Europe has worsened despite mammoth bailout package. While the
Regulatory and Development Authority (IRDA) has been settled western developed nations are struggling to revive economic growth,
in favour of IRDA, SEBI has managed to get its point across. China is at the other end of the extreme with overheating concerns.
Consequently, IRDA has announced a slew of changes under
revised guidelines which inturn would depress the near-term US: recovering but not yet out of the woods
premium collections of unit-lined insurance policies. Hence, this At a broader level, the US economy had shown healthy signs of
would have an impact on the capital market inflows from the revival. However, after the first leg, the incremental improvement
insurance firms. has weakened across important indicators - manufacturing Purchase
Managers’ Index, retail sales and jobless claims. Hence, the US
Surge in oil prices and abnormal monsoon could derail key
positives TREND IN PMI MANUFACTURING
Another key risk to our thesis is a high level of inflation, effectively
65
implying the risk from the surge in oil prices and lower agriculture
output due to an abnormal monsoon. The oil prices have already 60
moved up from the average level seen in the last fiscal, driven by a 55
revival in the developed economies. The government’s move to free 50
petrol prices and the possible freeing up of diesel and cooking gas 45
prices would only add to the already high inflation. The surge in oil 40
prices, owing to sustained recovery in the developed world, would
35
have multiple implications (higher input cost, pressure on earnings,
30
slower consumption growth etc) for India.
Feb-00
Feb-01
Feb-02
Feb-03
Feb-04
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Another source of inflationary fear is the trend in the monsoon so

far. While there is a broader consensus of a normal to above nor-
Source: Bloomberg

MARKET OUTLOOK
economy is yet to be declared “out of the woods” as the sustainability words, PIGS are not in a position to “borrow their way out” of the
of the recovery is still viewed with doubt. The concerns are only fiscal mess they are in.
understandable considering the trend in housing and consumer con-
fidence after the expiry of tax breaks in April 2010. PIGS: WORST OF BOTH WORLDS
G o v e rn m e n t d e b t, % o f G D P B u d g e t b a la n c e , % o f G D P
150 25
TREND IN RETAIL SALES, CONSUMER CONFIDENCE AND JOBLESS CLAIMS
20
700 6 100
15
600 4
50 10
2
500
5
0
400 0 0
-2
300 -5
-4 -5 0
200 -1 0
-6
-1 0 0 -1 5
100 -8
Finland
France
Greece
Spain
Italy
Portugal
Austria
Belgium
Ireland
Germany
Mar-2006
Mar-2010
Jan-2005
Sep-2006
Nov-2007
Jun-2008
Jan-2009
Aug-2005
Aug-2009
Apr-2007
90 Source: Bloomberg
C onsum er Confidence E xpectations
85
80 Importantly, despite the mammoth bail-out package announced by
75
70
the European Union (EU) and the International Monetary Fund (IMF),
65 and the austerity measures undertaken, the global investors seem
60 unconvinced of their effectiveness in ensuring a return to normalcy.
55
50
45 TREND IN SOVEREIGN CDS SPREADS
40
1200
Nov-09
Feb-10
Jun-09
Aug-09
Sep-09
Dec-09
Jan-10
Mar-10
Apr-10
May-10
Jun-10
Jul-09
Oct-09
G re e c e L H S S p a in P o rtu g a l
1000 I t a ly Ir e la n d P o la n d
800
Source: Bloomberg
600
TREND IN HOME SALES
400
50
40 200
30
0
20
May-09
May-10
Feb-09
Mar-09
Nov-09
Feb-10
Mar-10
Jan-09
Apr-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Dec-09
Jan-10
Apr-10
Jun-10
10
0
-10
Source: Bloomberg
-20
-30
-40
New Home Sales PIIGS’ SOVEREIGN DEBT RENEWALS
-50 Existing Home Sales
70 P IIG S B o n d s d u e (B n E u ro )
-60
60
Jul-03
Jul-04
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
50
40
Source: Bloomberg
30
TREND IN HOUSING INVENTORY AND HOUSING PRICES 20
13 20 10
12 15 0
11 10
May-10
Mar-10
Apr-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jun-10
Jul-10
10 5
9
0
8
-5
7
6 -10
-15
Source: Bloomberg
5
4 -20
3 -25 COUNTRY-WISE BANK EXPOSURE TO PIIGS
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
40%
Greece Portugal Spain Ireland Italy
Ex is ting ho me Ne w ho me S & P Hou s e Pr ic e In dex
35%
30%
Source: Bloomberg 25%
20%
Europe continues to boil
15%
Just when the US economy was showing encouraging signs, the
10%
European economies (especially the PIGS—Portugal, Ireland, Greece
5%
and Spain) have reported worsening trends. At the heart of the height-
ened concerns is the unsustainably high fiscal deficit of PIGS. Add- 0%
Switzerland Austria UK Germany France
ing to that, the debt-to-GDP ratio for the troubled nations is already
high, implying limited ability to take up additional debt. In other Source: Bloomberg

MARKET OUTLOOK
China’s overheating concerns TREND IN FII FLOW: INDIA AND ASIAN EMERGING MARKETS
At a time when most countries are struggling to revive growth, China 15000
is struggling to contain the threat of an overheating economy in the 10000

face of rising house prices, inflationary wage increases and a continu-
5000
ing surge in money supply. In response, the government has asked
the banks to turn cautious on lending and has taken up unprecedented 0
measures to reduce rampant capacity additions in the manufacturing
-5000
sector. What’s more, the recent move to remove the currency peg
only reinforces the “overheating” concerns faced by China. -10000
FII Net inflows (India, K orea, Taiwan, Thailand, Indonesia)
TREND IN PMI NEW ORDERS -15000
May-09
Nov-09
May-10
Feb-09
Mar-09
Dec-09
Feb-10
Mar-10
Jan-09
Apr-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Jan-10
Apr-10
Jun-10
70 15
65
10
60
Source: Bloomberg
55 5
50 PERFORMANCE OF CRB COMMODITY INDICES SINCE APRIL 2010
0
45
40 -5
China PMI New orders Food
35
US advance retail sales yoy -10
30
25 -15
All Commodity
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Raw Mterial
Source: Bloomberg
TREND IN CREDIT GROWTH

Metal
40
Cr e d it g r o w th
35 -15% -13% -11% -9% -7% -5% -3% -1% 1% 3%
30
25 Source: Bloomberg
20
15 CONCLUSION
10 Short-term outlook muddied...: Undoubtedly, the short-term
5 outlook is muddied by the troubles in the developed nations
0 with (1) persistent doubts over recovery in the USA, and (2)
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
unresolved challenges for the East European nations. In line, the

valuation for the Sensex is likely to hover around the long-term
Source: Bloomberg average multiple of 15x (one-year forward earnings).
TREND IN PROPERTY PRICES ...long-term outlook remains strong: Having said that, the long-
25
term outlook remains strong driven India’s robust fundamen-
China Land Trans ac tion Pr ic e y oy
China Property Ptic e Index y oy
tals and the high growth phase ahead. Effectively, the widening
20
interest rate differential and India’s relative attractiveness (a
15 strong growth outlook, an improving fiscal position, potential
10
reforms and reasonable valuations) should ensure significant li-
quidity inflows.
5
0
TREND IN SENSEX’ 12-MONTH FWD PE (ROLLING BASIS)
-5 30
Mar-01
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Sep-00
Sep-01
Sep-02
Sep-03
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
25
20
Source: Bloomberg
15
Spike in risk aversion 10
As a result of the continuous uncertainty over the sustainability of 5

the revival in the USA, the worsening trends in Europe and the fears 0
of overheating in China, the risk aversion among global investors
Feb-98
Feb-03
Feb-08
Jun-96
Jun-01
Jun-06
Dec-98
Dec-03
Dec-08
Oct-99
Oct-04
Oct-09
Aug-95
Aug-00
Aug-05
Apr-97
Apr-02
Apr-07
has spiked. Consequently, we have seen a pull-back in equities with

significant FII outflow during May 2010. Similarly, commodities
too have seen a pull-back with the oil and metal indices witnessing
the steepest fall. While the commodity indices have recovered slightly,
the end-user demand outlook remains uncertain.

SHAREKHAN TOP PICKS
SHAREKHAN TOP PICKS

Sharekhan top picks
The equity markets in the developed world continued to trade weak On a year-to-date basis, our basket of Top Picks has given a cumulative
in June 2010 as doubts over the sustainability of the recovery in the return of 6.3% since April 2010, whereas the Sensex and the Nifty
USA resurfaced and on worries emanating from the Euro zone. have declined by 1.3% and 1.1% respectively. More importantly,
Charting a different trend line, many Asian markets outperformed our basket has performed consistently and has given an average
monthly return of 2.1% with little month-on-month volatility (the
the developed markets by a wide margin. Where the developed
monthly return has ranged between 1.3% and 2.7% in the past three
markets posted losses of 3-6%, Asian markets appreciated by 2.5- months). On the other hand, the market has been highly volatile with
8.3% with Thailand reporting the highest appreciation (8.3%) the monthy return of the Sensex and the Nifty oscillating between
followed by India (5.4%). -5.2% and +5.4%.
During the period June 01-July 02, 2010, when the Sensex and the For our July Top Picks basket, we are replacing United Phosphorus,
Nifty grew by 5.4% each, our recommended portfolio of Top Picks on concerns of weak Q1FY2011, with Genus Power Infrastructures,
delivered return of 2.7%. After comprehensively outperforming the based on faster than expected stabilisation of its operations after the
bellwethers for the past three months, our basket of Top Picks mishap at its Jaipur facility and attractive valuations. As the equity
underperformed them in June 2010 due to the defensive composition markets globally continue to remain volatile, we stick to our advice of
having some cash at hand to take advantage of the good opportunities
of the basket keeping in mind the ongoing volatility in the markets
that may unfold in the current uncertain market conditions.
globally.
NAME CMP* PER (X) ROE (%) TARGET UPSIDE

(RS) FY10E FY11E FY12E FY10E FY11E FY12E PRICE (%)
Corporation Bank 516 6.3 5.7 4.8 21.9 20.5 21.3 640 24.1
Gayatri Projects 425 8.9 8.1 6.5 21.5 20.4 22.9 549 29.1
Genus Power 201 5.8 5.3 4.0 17.8 16.7 18.1 298 48.3
Glenmark 275 22.4 13.9 12.7 14.1 18.2 16.6 400 45.4
Greaves Cotton 339 13.5 11.0 10.0 27.2 27.7 25.5 422 24.6
ITC 303 28.5 24.1 21.0 29.3 30.8 28.9 ** -
Lupin 1,930 25.2 20.5 17.1 33.6 30.9 28.0 2,030 5.2
Reliance 1,068 21.6 15.1 13.2 11.8 14.5 14.2 1,215 13.7
Shiv Vani Oil & Gas 442 10.1 7.8 6.9 14.2 15.2 15.2 520 17.6
Torrent Pharma 559 20.5 15.1 12.2 31.2 29.7 26.9 640 14.5
* CMP as on July 02, 2010 **Under review
NAME CMP PER (X) ROE (%) TARGET UPSIDE

CORPORATION BANK 516 6.3 5.7 4.8 21.9 20.5 21.3 640 24.1
Remarks: The bank has stepped up efforts to address its weakest point—its NIM. We expect the bank to register improvement in its NIM over the next two years driven by
multi-pronged measures (such as improvement in CASA, normalisation of CD ratio and a better loan mix. The improvement in NIM would allow a better flow of
the strong balance sheet growth to the bottom line. The bank is well capitalised with CAR at 15.4%, indicating that the bank has enough gunpowder to fund its
aggressive loan growth.
The bank could surprise positively on the asset quality front, as the performance so far has been much better than expectation (with FY2010 gross slippages
less than 1%, the best among its peers on restructured slippages and total stress assets). Moreover, a higher exposure to large corporates augurs well to help
contain the incremental slippages.
In addition to the above-mentioned positives, the bank enjoys an enviable operational efficiency with the performance better than or in line with the large
banks on most parameters. We expect the bank to maintain its edge over its peers in terms of efficiency.
At the current market price, the stock is trading at 0.9x FY2012E adjusted book value per share. We believe that the current valuations do not justify the
positives (such as strong return ratios, healthy asset quality and anticipated improvement in NIM).

SHAREKHAN TOP PICKS

GAYATRI PROJECTS 425 8.9 8.1 6.5 21.5 20.4 22.9 549 29.1
Remarks: Hyderabad-based Gayatri Projects Ltd (GPL) has an impressive order book of Rs7,000 crore, which is 5.6x its FY2010 revenues. Of the current order book,
irrigation projects form 40% and road projects 50%. To de-risk its business model, GPL is strategically venturing into newer segments such as urban infrastructure,
water division and industrial construction.
The company has a portfolio of seven BOT road projects, out of which four are on annuity basis and three are toll-based. Of these, five projects are expected to
start generating revenue from FY2011. The recently-won Rs2,200 crore project in Andhra Pradesh will help the company qualify for big-ticket projects of NHAI.
It would however rope in a strategic partner for a 48% stake in this project.
As a strategy to expand vertically, GPL is developing a 1,320MW (2X660MW) thermal power plant at Krishnapatnam, Andhra Pradesh. It has brought in a
strategic partner, Sembcorp Utilities, a subsidiary of Sembcorp Industries, who will invest Rs1,100 crore for a 49% stake in the project. This investment is at
31% premium to the book value. Further, about 90% of the debt for the project has already been tied up and the project is expected to achieve financial closure
by July 2010.
The majority of the company’s irrigation projects are in Andhra Pradesh and have been delayed due to political opposition there. However, with funds beginning
to get disbursed, works on majority of the projects have resumed, though at a slower pace.
Currently the stock is trading at 8.1x and 6.5x its FY2011E and FY2012E earnings respectively and the valuation appears attractive given the company’s
growth plans. We have a Buy recommendation on the stock with a price target of Rs549.
GENUS POWER 201 5.8 5.3 4.0 17.8 16.7 18.1 298 48.3
Remarks: Genus Power Infrastructures (Genus) is a leading electronic energy meter (EEM) making company, enjoying over 35% share in the domestic market. Over the
years, the company has made huge investments to enhance its meter manufacturing capacity and has maintained its leadership position. Its project business
has also picked up well in the recent years boosted by booming demand from the power T&D industry and the same accounts for over 45% of its overall
revenues.
The company seems all set to benefit form the government’s APDRP initiatives such as 100% metering programme and replacing mechanical meters with
electronic meters. Genus has a robust order book of Rs820 crore (at the end of March 31, 2010), which stands at 1.24x of its FY2010 revenues. Bids in pipeline
are also robust at Rs1,000 crore and Genus has emerged as a strong contender in the space.
Given its strong order pipeline, the huge opportunity in its chosen niche space and its proven execution capabilities, we believe, Genus can sustain around 20-
25% growth in its revenues over the next few years, over which period its OPM is also likely to remain stable.
Currently, the stock is trading at P/E of 4x on its FY2012E diluted EPS, which looks attractive and much below the average multiple enjoyed by Genus over the
past five years.
GLENMARK 275 22.4 13.9 12.7 14.1 18.2 16.6 400 45.4
Remarks: With a geographically diversified presence and a wide product portfolio, Glenmark is a globally competitive pharmaceutical company with strong focus on R&D
portfolio.
With strong focus on dermatology segment, Glenmark’s domestic formulation space has significant presence in female healthcare, paediatrics, respiratory
and anti-infective segments, where the competition is limited and the margins are high. The company has also forayed into chronic lifestyle segments.
Niche product selection strategy and focus on niche and highly lucrative areas of controlled substances, hormones, oncology, modified release and dermatology
with large number of ANDA filings ensure that the company has potential to earn higher revenue and profit in the coming years. We anticipate the specialty
segment to post a CAGR of 17% over the next two years.
The outlicencing deal for GRC 15300 is like a breather for Glenmark, which witnessed a series of setbacks from its research pipeline. In spite of earlier
disappointments, we remain confident about Glenmark’s future prospects, both in relation to the scaled-up potential of its core generic and branded formulation
businesses and its ability to monetise and extract value out of its R&D assets.
We expect Glenmark’s EPS to log in a CAGR of 32.5% over FY2010-12, as the business begins to rebound from the lows across the geographies and as the
company benefits from the reduction in its debt position.
Improving visibility emerging from the resolution of balance sheet issues related to high gearing and receivables as also its ability to close new outlicensing
deals will be the triggers for the stock. Given the outlicencing deals and the favourable risk-reward ratio, the stock remains attractively valued at a price/
earnings of 13.9x FY2011E and 12.7x FY2012E earnings.

SHAREKHAN TOP PICKS

GREAVES COTTON 339 13.5 11.0 10.0 27.2 27.7 25.5 422 24.6
Remarks: Greaves Cotton Ltd (GCL)’s core competencies are in three-wheeler diesel/petrol engines, power gensets, agro engines and pumpsets (the engine segment)
and construction equipment (the infrastructure equipment segment).
GCL is likely to be the key beneficiary of the uptick in the demand for the three-wheeler engines (which constitute 60% of the company’s total revenues). The
infrastructure equipment business (constitutes about 15% of the company’s total revenues) is a direct play on the growth in the construction and road building
activity in the country. We believe with much improved fund availability, low interest rates, and a pick-up in industrial and real estate sectors, the business is in
for a sharp revival.
GCL has a strong balance sheet and is a zero net debt company. Moreover, the company does not have any major capex plans in the near future. With a hefty
increase in its profits and a low capex the company is expected to generate free cash flows in excess of Rs100 crore in FY2010 and FY2011.
We believe that a slower than expected recovery in the construction and road building activity in the country could affect the revival of sales for GCL’s construction
equipment division and thus poses a risk to our estimates. Also, the lower than expected sales of three-wheelers by Piaggio (which accounts for a high proportion
of sales in the automotive engine division) may have a direct impact on the performance of the automotive engine segment.
We expect GCL to post a robust CAGR of 20.9% in revenues and that of 43.6% in its net profit respectively over FY2009-12. At the current market price, the stock
trades at 11x and 10x its FY2011E and FY2012E EPS respectively. We have a Buy recommendation on the stock.
ITC 303 28.5 24.1 21.0 29.3 30.8 28.9 ** -
Remarks: The cigarette business that dominates the category continues to be a cash cow for ITC. The company endeavors to make a mark in the Indian FMCG market and
with successful brands such as Bingo, Sunfeast and Aashirwaad, ITC is already in the reckoning among the best in the industry. With the new portfolio of
personal care products gaining market share, its FMCG business promises to compete with the likes of Hindustan Unilever and Procter & Gamble.
Where the Union Budget FY2009-10 spared the cigarette industry from any excise duty hike, the Union Budget FY2010-11 has proposed a steep excise duty of
11-18% on cigarettes. However, the business has shown sound resilience in the past in the face of similar harsh taxation moves. Thus, even though faced with
a tough year, we anticipate lower single-digit volume growth in the cigarette business in FY2011.
ITC’ other businesses such as hotel, agri, non-cigarette FMCG business and paper, paperboard and packaging are showing strong up-move and will provide a
cushion to the overall profit in FY2011.
An increase in taxation and the government’s intention to curb consumption of tobacco products remain the key risks to ITC’ cigarette business over the longer term.
We expect ITC’ bottom line to grow at a CAGR of 17% over FY2010-12. At the current market price, the stock trades at 21x its FY2012E earnings. We maintain our
Buy recommendation on the stock. **Under review
LUPIN 1,930 25.2 20.5 17.1 33.6 30.9 28.0 2,030 5.2
Remarks: Global dominance in certain products, focus on niche, less-commoditised products, a geographically diversified presence in newer markets, such as Japan
and a presence in the US branded segment distinguish Lupin among the mid-cap players in the generic space.
With a leadership position in the anti-TB and other anti-infective segments, and a growing exposure to the chronic therapy segments, Lupin is one of the fastest
growing pharmaceutical companies in the domestic market.
Focus on niche products like oral contraceptives and ophthalmology products along with a strong presence in the branded space through a paediatric antibiotic,
Suprax, and a medical inhalation device, Aerochamber, has enabled Lupin’s US business to grow at a staggering CAGR of 144% over FY2005-10. With the expansion
in the branded portfolio through the recent addition of Antara and the launch of Allernaze, we expect the US branded business to grow at a CAGR of 36% over
FY2010-12.
With a strong business in India and the USA, Lupin has also made inroads into the other regulated markets of the UK and France. Further, it has entered markets
like Japan, Germany, Australia and South Africa through acquisitions in order to extend its global reach. We anticipate a CAGR growth of 36% in the emerging
markets over FY2010-12.
The strong core business and a differentiated strategy auger well for Lupin. We believe, the growth beyond FY2011 will be driven by launches from an impressive
portfolio of oral contraceptives, ophthalmology and possibly oncology in the domestic market.
We expect Lupin to report an earnings CAGR of 22% over FY2010-12 with strong margins at the operating level. At 20.5x FY2011E and 17.1x FY2012E earnings,
Lupin is among the cheapest front-line pharmaceutical stocks. We maintain our Buy recommendation on the stock with a price target of Rs2,030.

SHAREKHAN TOP PICKS

RELIANCE INDUSTRIES 1,068 21.6 15.1 13.2 11.8 14.5 14.2 1,215 13.7
Remarks: With the start of commercial production of gas in April 2009 and that of crude oil in September 2008 (both from KG basin), RIL holds a great promise in the E&P
business. The company’s E&P business is expected to significantly add to its earnings and to its cash flow with the majority of the earnings coming from the
less volatile natural gas business. The company is currently producing 60mmscmd of gas with the reserves estimated at 9 billion barrels of oil equivalents.
We expect the company’s GRM to pick up with a likely improvement in the crack spreads of the middle distillates and light-heavy crude oil price differential.
Further, RIL is likely to fetch a premium over Singapore Complex’ GRM due to its superior refinery complexity, benefit of using captive gas from KG D-6 and its
agreement with Cairns India for the supply of 55-60 barrel per day of cheaper Mangala crude. The refining volumes were also doubled as RPL has been merged
with RIL with effect from April 1, 2008.
We believe that RIL would be able to maintain superior margins in the petrochemical business given its increased focus on the domestic market (a strong
demand and a high price realisation environment).
In view of RIL’s cash and treasury shares worth USD8 billion and thrust on expansion of its assets through overseas acquisitions, we believe that the news flow
on the company’s acquisition targets would remain strong.
The Supreme Court has also announced its verdict on the long-pending RIL—RNRL gas dispute case. In its ruling, the court has stated that the PSC overrides all
the agreements and has directed both the parties to re-negotiate the contract as per government rules. We believe that the verdict goes in favour of RIL and has
considerably eased the overhang of RIL-RNRL court case on the company. We however highlight that any delay in the ramp-up of the KG D-6 gas production and
any adverse verdict of the court case with NTPC remain the key risks to our estimates. Further, there is still ambiguity on the likely changes in section 80IB,
which could take away the benefit of seven-year tax holiday from gas production.
At the current market price the stock is trading at 13.2x FY2012E consolidated earnings.
SHIV VANI OIL & GAS 442 10.1 7.8 6.9 14.2 15.2 15.2 520 17.6
Remarks: Shiv-Vani Oil & Gas Explorations is India’s largest onshore oil and gas service provider in the private sector having a fleet of 40 rigs and ten seismic survey
crews. The company offers a wide range of services including seismic, drilling and other specialised services, such as work over, gas compression services
and coal bed methane (CBM) integrated services.
The extremely strong order book of Rs3,400 crore, which is close to 2.7x its FY2010 revenues, renders strong visibility to the company’s earnings. The company
has gone for timely expansion of its assets in the past and all its assets are already backed by contracts in hand.
The company has bid for four new orders in the size of Rs300-600 crore each, which are mainly from Oil and Natural Gas Corporation (ONGC) and Oil India Ltd
(OIL) and hence we expect the company’s order book to grow going forward. The company has raised Rs93.4 crore through the issue of new equity shares to
Franklin Templeton. Further, the company is planning to raise additional funds of Rs600 crore through a QIB issue to augment its fleet.
The softening day rates, and curtailment and deferment of worldwide E&P capex pose a risk to the company’s revenue going forward. Moreover, any delay in
contracts or any renegotiation of contracts going forward could potentially hamper its cash flows and thus remain a risk for the company. However, we see little
probability of renegotiation of the contracts, as the bulk of contracts are from public enterprises like ONGC and OIL.
At the current market price, the stock trades at 6.9x its FY2012E earnings. We maintain our Buy recommendation on the stock with a price target of Rs520.
TORRENT PHARMA 559 20.5 15.1 12.2 31.2 29.7 26.9 640 14.5
Remarks: Torrent Pharma is a well-known name in the domestic branded formulation market with strong focus on the fast-growing chronic lifestyle segment.
Torrent Pharma has been one of the under-owned stocks in the mid-cap pharma space due to realignment in domestic formulations, impending turnaround in
the Heumann business and lower margins at the operating levels.
However, with the domestic market back on track, the completion of the investment phase in the emerging markets and the turnaround in the Heumann
business, we expect Torrent Pharma's earnings to post a CAGR of 24% over FY2010-12E. The cost restructuring initiatives will lead to operational efficiencies in
the long term, resulting in the expansion of the operating profit margins.
With the completion of the investment phase, robust field presence and new product introductions, we expect Torrent Pharma’s emerging market (Brazil,
Russia and Europe) business to post a strong CAGR of 19% over FY2010-12E. Further, a scale-up in the US business would add to its growth. We believe the
company has been trading at a significant discount (at 12.2x its FY2012E) to its peers and should get higher valuation.
We believe Torrent Pharma is on the right track for good revenue growth and significantly higher earnings growth driven by margin expansion. On account of
continued traction in the growth we maintain our Buy recommendation on the stock with a price target of Rs640.

Stock Genus Power Infrastructures 18
Idea
STOCK IDEA Genus Power Infrastructures
GENUS POWER INFRASTRUCTURES

UGLY DUCKLING BUY; CMP: RS207 JUNE 21, 2010
Reinitiating coverage with a Buy call
COMPANY DETAILS KEY POINTS
Business back on track: Genus Power Infrastructures (Genus), a leading domestic
Price target: Rs298 electronic energy meter (EEM) manufacturing company with over 35% market
Market cap: Rs306 cr
share, suffered a setback when one of its meter manufacturing plants was badly
damaged by the severe fire that broke out at IndianOil Corporation (IndianOil)’s
52-week high/low: Rs227/132 depot in Jaipur on October 29, 2009. Since the plant contributed about 40% of
Genus’ total revenues, the incident had created a lot of uncertainty related to the
NSE volume (No of shares): 26,031
company’s financial performance over the following few quarters. However, the
BSE code: 530343 company surprised positively by limiting the extent of the damage and stabilising
the operations much before expectations.
NSE code: GENUSPOWER
Order booking to pick up: Genus has a strong order book of Rs820 crore (at the
Sharekhan code: GENUOVER end of March 31, 2010), which stands at 1.24x its FY2010 revenues. The same is
Free float (No of shares): 0.7 cr executable over the next 12-18 months. The company has bagged orders worth
Rs464 crore in this fiscal which is lower than the orders worth Rs1,180 crore
SHAREHOLDING PATTERN secured in FY2009. This fall in order booking is mainly due to the October 2009
fire after which the company slowed down on new order booking and focused on
the execution of the pending orders. However, going ahead, the company expects
its order booking to pick up, as it has bid for tenders worth Rs1,000 crore.
Promoters Favourable demand outlook: The demand for EEMs is expected to remain buoy-
41% ant due to the APDRP initiatives like the 100% metering programme and the
Others replacement of mechanical meters by EEMs. In view of the robust demand out-
57% look for EEMs, Genus has ramped up its EEM capacity to over 2.5 million units
pa and plans to further increase the capacity to 3.5-4 million units. The demand
DIIs Foreign in the project division is also likely to remain robust on the back of the huge
1% 1% investments envisaged in the T&D segment.
Attractive valuations, re-initiate coverage with Buy rating: Given its strong order
pipeline, the huge opportunity in its chosen niche space and its proven execution
capabilities, we believe that Genus can sustain a 20-25% growth rate in its rev-
enues over the next few years over which period its OPM is also likely to remain
PRICE CHART stable. Hence, its earnings are estimated to grow at a CAGR of 24.3% over
FY2010-12. Currently, the stock is trading at a P/E of 4.2x its FY2012 diluted
250 EPS and at a P/B of 0.75 the FY2012 BV. The valuations look attractive and
225 much lower than the average multiple enjoyed by Genus over the past five years.
We re-initiate coverage on the stock with a Buy rating and a price target of Rs298
200
(6x on FY2012 EPS).
175
KEY FINANCIALS (STAND-ALONE)
150
Particulars FY2008 FY2009 FY2010 FY2011E FY2012E
125 Net sales (Rs cr) 466.8 556.6 660.7 790.5 944.1
100 Net profit (Rs cr) 48.0 48.6 51.1 60.2 78.9
Mar-10
Jun-09
Sep-09
Jun-10
Dec-09
% yoy growth 73.0 1.0 5.0 18.0 31.0

Shares in issue (cr) 1.41 1.48 1.48 1.59 1.59
Adjusted EPS (Rs) 34.1 32.9 34.5 37.9 49.7
PER (x) 6.1 6.3 6.0 5.5 4.2
PRICE PERFORMANCE
Book value (Rs) 171.7 184.5 193.6 226.8 274.9
(%) 1m 3m 6m 12m P/BV (Rs) 1.2 1.1 1.1 0.9 0.8
Absolute 0.8 21.4 27.7 9.0 EV/EBIDTA (x) 5.0 6.5 5.8 5.3 4.5
Relative -3.7 20.2 20.5 -12.9 RoCE (%) 18.2 17.8 16.3 15.9 17.1
to Sensex RoNW (%) 18.9 16.6 17.8 16.7 18.1

Genus Power Infrastructures STOCK IDEA
COMPANY BACKGROUND
A FAVOURABLE DEMAND OUTLOOK
Genus is the flagship company of the USD300-million Kailash group.
The company primarily manufactures and distributes EEMs, hy- Power T&D segment to drive demand for its products
brid microcircuits, inverters, batteries, and home uninterrupted In recent years, the Government of India has taken various sig-
power supply (UPS) and online UPS systems as well as executes nificant measures to reform the power sector. It has also realised
power distribution management projects in India and across the that increased generation of power alone will not address the
world. It manufactures the entire range of EEMs, ie from trans- country’s power deficit problem. The country also needs a proper
former meters to household and industrial meters. Its project busi- T&D system for proper and efficient transfer of power from gen-
ness has also picked up well in the recent years and now accounts erating stations to load centres. Hence, the government has in-
for over 45% of the total revenues, boosted by the booming de- troduced a number of power reforms including the Accelerated
mand in the power transmission and distribution (T&D) segment. Power Development and Reform Programme (APDRP) and the
The company also has a rich clientele that includes the state electric- Rural Electrification Programme.
ity boards (SEBs) as well as private utility firms like Reliance En-
ergy, the Torrent Group, Tata Power and JSW Energy. ADRDP—a big boost for its EEM and project businesses
This scheme was launched to strengthen the sub-transmission
DETAILS OF OPERATIONS and distribution network and reduce the aggregate technical and
Product profile Particulars % of sales* % of order book# commercial (AT&C) losses. This scheme emphasises the need
GEEMs One of the biggest EEM capacities 45.3 30 for upgradation and renovation of sub-stations, transmission lines
in India at over 2.5 million units and distribution transformers, augmentation of feeders and trans-
Projects Undertakes sub-station 45.3 70 formers, high voltage distribution systems (HVDS), consumer
commissioning, rural indexing, supervisory control and data acquisition (SCADA) sys-
electrification projects, distribution tems, 100% metering at every step of distribution, tamper proof
transformer metering projects; metering, computerised billing etc. This scheme would boost
also provides SCADA systems and Genus’ prospects as the company is present in both T&D and
billing solutions
EEM spaces.
Inverters/ UPS Provides a variety of UPS and 7.4
inverters Globally, metering demand buoyant
*FY2010 estimated # At the end of March 31, 2010 Besides the strong local demand for EEMs, there are also global
factors supporting the demand for EEMs. As per one survey, the
INVESTMENT ARGUMENTS global metering market may increase by 56% in the next five
years. The reason for increased demand in the meter market is
Business back on track: Faster than expected the switch from electromechanical meters to solid-state meters
The company had suffered a setback when its Jaipur unit with an and the upgradation of the existing meters to advanced meters
annual manufacturing capacity of over 1.5 million units was badly with automatic data reading features. Presently, Genus, through
damaged in a fire accident at IndianOil’s depot in Jaipur on Octo- its overseas alliance, is focusing on Brazil and the other Latin
ber 29, 2009. Since the plant contributed approximately 40% of the American countries for export of its EEMs. It is also concentrat-
company’s total revenues, the incident had created a lot of uncer- ing on exporting its advance meters (smart meters) and metering
tainty related to the company’s financial performance over the fol- solutions to those countries where the government and the utili-
lowing few quarters. In view of this uncertainty, we had suspended ties are heavily investing in installation of advanced meters.
our coverage on the stock at that time (‘Suspend coverage’, dated
November 03, 2009). However, the company has surprised posi- TREND IN ORDER BOOKING
tively by not only limiting the extent of the damage but also stabilising
the unit’s operations much before expectation. It managed to do so 1200
by shifting its meter operations to its Haridwar facility. As a result, 1000
the company reported a blip in its operating performance in only 800
the third quarter of FY2010. From Q4FY2010 onwards, the order 600
400
execution picked up and the margins bounced back to the normal
200
level of 15%+.
0
Q4FY08
Q2FY09
Q4FY09
Q2FY10
Q4FY10
Order inflow slowed after fire, expected to pick up soon

Genus’ order book has more than doubled in the last two years,
backed by the boost in the projects business. During the economic Or der inf low dur ing Q4 Order bac klog at the end of Q4
slowdown also the order inflow for the company had remained ro-
bust. The company has bagged orders worth Rs464 crore in this Currently, the order book of the company is worth Rs820 crore,
fiscal which is lower than the Rs1,180 crore worth orders secured which is 1.24 x FY2010 net revenues. The order book is executable
in FY2009. This order booking fell mainly due to the fire accident over a period of 12-18 months. The bulk of the pending orders is
in October 2009 after which the company slowed down on fresh from the public sector. Going ahead, the company expects the order
order booking and focused on the execution of the pending orders. booking to pick up, which, in turn, will revitalise the execution cycle.
Bids for which Genus has emerged a strong contender are also ro-

STOCK IDEA Genus Power Infrastructures
bust at Rs1,000 crore. We believe that with its successful execution tively over FY2006-10 by scaling its project business, ramping up
track record and the opportunities in the power sector, the com- its meter manufacturing capacity and profitably executing its grow-
pany will witness robust order booking in future. ing order book. Its margins have also been quite robust hovering
above the 15% mark except during Q3FY2010, when the fire acci-
Capacity ramp up in meters dent had happened. In Q4FY2010, Genus showed resilience with
Genus is India’s leading EEM manufacturer with over a 35% mar- an OPM of 16.1%.
ket share. Over the years, Genus has made huge investments in en-
MANIFOLD INCREASE IN REVENUE OVER THE LAST FEW YEARS
hancing its meter manufacturing capacity and sustaining its leader-
ship position. Its new manufacturing unit at Haridwar, Uttarakhand 1,000
commenced commercial production from March 22, 2010. This unit, 800
which was set up at a cost of Rs6-7 crore, is expected to manufac-
ture EEMs, inverters and UPS systems. The company is also setting 600
up a new meter manufacturing facility in Jaipur with a capital ex- 400
penditure (capex) of Rs20-25 crore. This capex is expected to be 200
financed through a mix of debt and internal accruals. With this the
annual meter manufacturing capacity of the company will increase -
to 3.5-4 million units, allowing it to cater to the growing demand FY06 FY07 FY08 FY09 FY10 FY11E FY12E
for EEMs at home and abroad. Net sales (Rs crore)
ENERGY METER CAPACITY (IN NO) Source: Annual report; Sharekhan Research
3100000 QUARTERLY TREND IN OPM

2600000 Trend in Operating Margin
2100000 20.0%
1600000 15.0%
1100000 10.0%
600000 5.0%
100000
0.0%
FY06 FY07 FY08 FY09 FY10
Q4FY08
Q1FY09
Q2FY09
Q3FY09
Q4FY09
Q1FY10
Q2FY10
Q3FY10
Q4FY10
INVESTMENTS RISKS Source: Company, Sharekhan Research
Execution risk in project business
Warrants issued @ Rs190 per share
If there is a delay in the execution of the T&D projects, be it due to
a late financial closure or a delay in the supply of power equipment On January 16, 2010 Genus had allotted 1,100,000 convertible
or the lack of manpower, there will be a lower growth in the warrants, to be converted into shares at a price of Rs190 per equity
company’s earnings than projected by us. share (including a premium of Rs180 per share), to one of its pro-
moters. The company has already received an amount equivalent to
Increasing working capital requirement the 25% of the consideration upon conversion (approximately
Rs5.22 crore). The company also redeemed 500,000 preference
As the project business grows, Genus’ working capital requirement
shares of Rs 100 each at par in January 2010. The said preference
will also increase in line with the growth in its revenues. Any inabil-
shares were redeemed out of the Redemption Reserve Account cre-
ity on the company’s part to raise funds at the right time and at a
ated out of the profits of the company.
reasonable cost will limit its ability to grow.
Variations in raw material cost ONE-YEAR FORWARD P/E BAND (X)

800
Since the execution of its order book has been delayed due to the 750
16x
700
Jaipur fire accident, there might be a slight stress on its operating 650
600
profit margin (OPM) in FY2011 in view of the rising raw material 550
12x
prices. Nonetheless, its management has indicated that going ahead, 500
450
the company would be focusing on projects with 14-15%+ margin 400
8x
350
only. 300
250
200 4x
FINANCIAL ANALYSIS 150
100
50
Robust growth in sales with stable margins 0
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Genus has grown its revenue and profit after tax (PAT) at a com-
pounded annual growth rate (CAGR) of 32.7% and 36.2% respec-

Genus Power Infrastructures STOCK IDEA
OUTLOOK AND VALUATION BALANCE SHEET RS (CR)

Given its strong order pipeline, the huge opportunity in its chosen
niche space and its proven execution capabilities, we believe that Share capital 14.1 14.8 14.8 15.9 15.9
Genus can sustain a growth rate of about 20-25% in its revenues Reserves & surplus 96.0 113.1 121.2 179.6 256.1
over the foreseeable future. Its margin is expected to remain stable Shareholders fund 110.1 127.9 136.0 195.5 272.0
at the FY2010 level. Hence, we expect Genus to post a CAGR of
Total debt 179.0 317.4 275.8 310.0 320.0
24.3% in its earnings over FY2010-12. Currently, the stock is trad-
ing at a price/earnings ratio (P/E) of 4.2x on its FY2012 diluted Total liabilities 289.1 445.2 411.8 505.5 592.0
earnings per share (EPS) and at a price/book value (P/BV) of 0.75 Gross block 82.4 97.4 104.4 119.4 127.4
on FY2012 BV per share. The valuations look attractive and much Net fixed assets 56.5 66.7 67.9 74.5 73.6
lower than the average multiple enjoyed by Genus over the past five
Capital work in progress 0.3 0.6 5.0 3.0 3.0
years.We feel that the stock’s current low valuations make Genus a
strong case for re-rating. Hence, we reinitiate coverage on the stock Investments 17.2 26.3 20.0 20.0 20.0
with a Buy rating and a price target of Rs298 (at 6x on FY2012 Gross current assets 434.8 639.3 634.5 770.5 896.0
EPS). Gross current liabilities 75.5 135.9 161.2 192.5 229.7
FINANCIALS Net current assets 359.3 503.4 473.3 577.9 666.3

Misc. exp not w/o 7.3 6.2 5.2 4.2 3.2
PROFIT & LOSS A/C RS (CR)
Deffered tax liability -5.8 -7.7 -9.3 -9.3 -9.3
Total assets 289.1 445.2 411.8 505.5 592.0
Net sales 466.8 556.6 660.7 790.5 944.1
Operating expenses 384.4 467.7 565.1 677.6 808.5 VALUATION
Operating profit 82.4 88.8 95.6 112.8 135.6 Particulars FY08 FY09 FY10 FY11E FY12E
Other income 2.6 2.1 1.6 2.0 3.0 Adjusted EPS (Rs) 33.7 32.9 34.5 37.9 49.7
EBIDTA 85.0 90.9 97.3 114.8 138.6 PER (x) 6.1 6.3 6.0 5.5 4.2
Depriciation 5.7 5.3 5.8 8.4 8.9 P/B (x) 1.2 1.1 1.1 0.9 0.8
Interest 22.6 28.0 33.4 35.7 36.8 EV/EBIDTA (x) 5.0 6.5 5.8 5.3 4.5
PBT 56.7 57.6 58.1 70.8 92.8 EV/Sales (x) 0.9 1.0 0.8 0.8 0.6
Tax 8.6 9.0 7.0 10.6 13.9 M Cap/EBIDTA (x) 3.5 3.4 3.2 2.9 2.4
PAT 48.0 48.6 51.1 60.2 78.9 M Cap/Sales (x) 0.6 0.5 0.5 0.4 0.3
KEY RATIOS (%)

OPM (%) 17.6 16.0 14.5 14.3 14.4
EBIDTA (%) 18.2 16.3 14.7 14.5 14.7
PAT (%) 10.3 8.7 7.7 7.6 8.4
RoCE (%) 18.2 16.6 16.3 15.9 17.1
RoNW (%) 18.9 17.8 17.8 16.7 18.1
Debt Equity (X) 0.7 1.1 1.0 0.9 0.7 The author doesn’t hold any investment in any of the companies mentioned in the article.

Apollo Tyres 23
Bharat Heavy Electricals 23
Bharti Airtel 24
Stock Emco
Glenmark Pharmaceuticals
Godrej Consumer Products
Grasim Industries
24
25
25
26
Update HCL Technologies

ICICI Bank
IDBI Bank
26
27
27
ITC 28
Jaiprakash Associates 28
Larsen and Toubro 29
Mahindra and Mahindra 29
Ratnamani Metals and Tubes 30
Reliance Industries 30
Sun Pharmaceutical Industries 31
Tourism Finance Corporation of India 31
Unity Infraprojects 32

STOCK UPDATE
APOLLO TYRES
APPLE GREEN BUY; CMP: RS65 JUNE 17, 2010
COMPANY DETAILS
Price target: Under review
Kochi plant lockout to hit volumes
Market cap: Rs3,251 cr KEY POINTS
52 week high/low: Rs83/29
Kochi plant lockout: Apollo Tyres announced a lockout at its Perambra plant in Kochi
NSE volume (No of shares): 41.4 lakh (Kerala) effective June 11, 2010 on account of labour unrest. The 280 million tonne
BSE code: 500877 (MT) per day capacity plant makes for almost 30% of the company’s total domestic
NSE code: APOLLOTYRE production capacity, so the lockout would considerably hit the company’s overall pro-
Sharekhan code: APOLLOTYR duction in FY2011.
Free float (No of shares): 30.6 cr Natural rubber prices continue to soar: Natural rubber constitutes around 40% of the
SHAREHOLDING PATTERN company’s total raw material cost. Natural rubber prices have been on a continuous
Public &
Others
rise currently hovering around Rs170 per kg. To offset this, the company has taken
11% Foreign price increases in the OEM market (3.5% in May and June 2010) as well as the replace-
26%
ment market (5% in April 2010) and is contemplating another price hike very soon, but
we believe, this will only partially offset the higher raw material cost.
Promoters
40% Institutions Outlook: We believe the key things to watch out is resumption of production at Kerala
15%
Non-promoter facility and the prices of raw materials particularly that of natural rubber. We believe, while
Corporate
8% the company will rake in the top line growth from the new Chennai facility and price hikes,
PRICE PERFORMANCE the bottom line performance is likely to be subdued for the year on a y-o-y basis.
(%) 1m 3m 6m 12m Maintain Buy: We maintain our Buy recommendation on the stock and shall revisit our
Absolute -5.5 -7.5 34.3 88.5 estimates and price target post Q1F20Y11 results to be announced next month. At the
current market price, the stock is trading at 6.3x its FY2012E consolidated earnings of
Relative to Sensex -8.6 -8.6 29.0 58.9
Rs10.2.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com
BHARAT HEAVY ELECTRICALS

APPLE GREEN BUY; CMP: RS2,278 JUNE 8, 2010
COMPANY DETAILS
Price target: Rs2,616
New initiatives bode well for diversification
Market cap: Rs111,483 cr
Projects commissioned in the Middle East
NSE volume (No of shares): 3.2 lakh Bharat Heavy Electricals Ltd (BHEL) has achieved a major milestone in the Middle East
with the commissioning of two gas-based power plants in the UAE and Oman. In the Middle
BSE code: 500103
East, BHEL has already set up 14 power projects, besides sub-stations and supply of a host
NSE code: BHEL
of equipment for the power and the oil & gas sectors. The completion of these projects will
Sharekhan code: BHEL
further consolidate BHEL’s position in the Middle East, one of the fastest growing markets
Free float (No of shares): 13.7 cr for power generating equipment globally. It would open up more opportunities in this
SHAREHOLDING PATTERN region and help in diversification of its business exposure. This will help in countering the
Others aggressive competition seen in its power equipment manufacturing as well as boost its
Institutions 6% overall business prospects.
11%
Foreign
Outlook and valuations
15% We are positive on BHEL in view of the positive news flow expected in the current fiscal
Promoters year: the expected win in the phase 1 and 2 of NTPC’s bulk tendering and the other
68% supercritical power projects, the increased momentum in the T&D space etc. We maintain
our earnings estimates for the company and expect BHEL to register a 21% compounded
PRICE PERFORMANCE
annual growth rate in its earnings over FY2010-12. At the current market price the stock is
(%) 1m 3m 6m 12m trading at a price to earnings of 17.7x and enterprise value/earnings before interest, depre-
Absolute -4.7 -6.5 3.1 0.1 ciation, tax and amortisation of 11.3x on our FY2012 estimate. We maintain our Buy call
Relative to Sensex -4.9 -5.6 3.9 -11.2 on the stock with a price target of Rs2,616.


STOCK UPDATE
BHARTI AIRTEL
APPLE GREEN HOLD; CMP: RS266 JUNE 28, 2010
COMPANY DETAILS
Price target: Rs350
Deal highlights value in tower business
KEY POINTS
NSE volume (No of shares): 10.5 lakh Reliance Communications (RCom) has agreed to merge its tower business with GTL
Infrastructure (GTL Infra). The resultant company, Reliance Infratel + GTL Infrastruc-
BSE code: 532454
ture, would have an aggregate of 82,000 towers in its kitty with an enterprise value of
NSE code: BHARTIARTL
Rs50,000 crore. This works out to valuation of Rs61 lakh per tower and is at around
Sharekhan code: BHARTI
25% premium compared to the recent deals (value of Rs45-50 lakh per tower).
Free float (No of shares): 122.2 cr
In our view, value unlocking of RCom’s tower assets would also set a benchmark for
SHAREHOLDING PATTERN
Bharti Airtel to monetise its tower infrastructure. A possible unlocking of value in its
Public &
tower company by Bharti Airtel can potentially bring down the company’s net debt to
Others Foreign
2% earnings before interest, tax, depreciation and amortisation (EBITDA) ratio to a com-
18%
fortable level of around 1.3-1.4x by FY2012.
Institutions
8% At this point in time, we remain cautious on the telecommunications (telecom) sector
Non-promoter
corporate but maintain our cautiously bullish stance on Bharti Airtel with a Hold rating and a
Promoters 3% price target of Rs350. Despite the significant upside to our price target our Hold recom-
69%
mendation emanates from the fact that the key risks continue to hover over the sector in
PRICE PERFORMANCE the form of lack of clarity on 2G spectrum allocation and pricing, and the introduction
(%) 1m 3m 6m 12m of mobile number portability (MNP) services that would result in some post-paid rev-
Absolute -0.6 -16.3 -18.1 -33.6 enue loss. Any positive news flow from Zain Africa and clarity on the regulatory envi-
Relative to Sensex -9.8 -17.0 -19.7 -46.6 ronment would act as the key positive triggers for the stock.

EMCO
EMERGING STAR HOLD; CMP: RS83 JUNE 16, 2010
COMPANY DETAILS
Price target: Rs94
Downgraded to Hold
Market cap: Rs488 cr RESULT HIGHLIGHTS
EMCO’s Q4FY2010 net revenue was up by mere 2% year on year (yoy) at Rs376.4
NSE volume (No of shares): 1.2 lakh crore was due to delay in execution of some of the projects and fall in realisation of the
BSE code: 504008 transformer division.
NSE code: EMCO
The Q4 operating profit was down by 42% yoy to Rs32.3 crore mainly on account of
Sharekhan code: EMCO
an 8% year-on-year (y-o-y) increase in the raw material cost.
SHAREHOLDING PATTERN The operating profit margin (OPM) at 8.6% in the quarter was steeply down from
14.9% a year ago and the worst ever in the recent years. The net interest cost fell by
Public & 10% yoy to Rs12.6 crore on account of the repayment of debt during Q2FY2010.
Promoters
others
37% Battered by a poor operating performance and a higher tax rate, the net profit fell by
37%
66.4% yoy to Rs7.9 crore.
The order book stood at Rs1,200 crore, down by 23.2% yoy, due to poor order book-
Foreign Institutions ing during the quarter.
9% 17% In line with the FY2010 results and the margin pressure, we have downgraded our
PRICE PERFORMANCE earnings estimates to Rs7.7 for FY2011 and Rs9.4 for FY2012. At the current market
(%) 1m 3m 6m 12m
price, the stock is trading at 10.8x and 8.9x its FY2011 and FY2012 estimated earnings
per share (EPS) respectively. In view of the rising competition, its limited earnings vis-
Absolute -0.5 -0.2 -1.4 11.0
ibility and the margin pressure, we are downgrading our recommendation on the stock
Relative to Sensex -3.4 -2.4 -5.2 -6.7 to Hold from Buy with a revised price target of Rs94 (at 10x FY2012 estimate).

STOCK UPDATE
GLENMARK PHARMACEUTICALS
COMPANY DETAILS
Price target: Rs400
Glenmark gets favourable ruling to launch Tarka
Market cap: Rs6,998 cr Glenmark has got a favourable verdict from a US court in its patent litigation against
52 week high/low: Rs304/199 Abbott and Sanofi over the blood pressure reduction drug “Tarka”. The total market
NSE volume (No of shares): 1.4 lakh for Tarka in the USA is around $60mn p.a. Glenmark has already got approval from
BSE code: 532296 the USFDA for launching the drug and is expected to start selling the drug effectively
NSE code: GLENMARK from June 9, 2010.
Sharekhan code: GLENMARK Glenmark could be the sole player for at least 2 years given that there are no other
Free float (No of shares): 13.9 cr ANDA filers for the drug until an AG player forays in the market. Assuming the rough
SHAREHOLDING PATTERN industry benchmark of 30% price erosion and 50% market share for the product dur-
Public ing the exclusivity phase, we expect the company to garner at least $22.4mn in rev-
12% Foreign enues. Considering a 30-month exclusive opportunity from date, we expect the com-
28% pany to earn a NPV of Rs4.8 per share. The same has not been built in our estimates.
Institutions Sanofi and Abbott could appeal in the higher courts for further trials in order to restrict
8% the generic launch. However, we also believe that Glenmark has the option to either
Promoter Non-promoter immediately launch at risk or monetise the opportunity through a settlement with the
48% 4% innovator.
PRICE PERFORMANCE In view of the expectations of a healthy business performance and the favourable risk-
(%) 1m 3m 6m 12m reward ratio, we maintain Buy with a price target of Rs400 (15x FY2012E core earn-
Absolute -7.9 -0.4 -3.9 14.2 ings for the base business plus Rs74 per share for the R&D pipeline). At the CMP of
Rs259, the stock trades at 13.2x FY2011E and 12.0x its FY2012E earnings.
Relative to Sensex -7.2 2.2 -0.7 -0.6

GODREJ CONSUMER PRODUCTS

COMPANY DETAILS
Price target: Rs375
Management meet highlights
Funding of acquisitions: The total cost of the recent acquisitions stands at approximately
Rs2,600 crore. Overall, the acquisitions had happened at enterprise value/sales of 1.8x and
NSE volume (No of shares): 2.5 lakh
approximately 14-15x FY2010 earnings, and are earnings accretive. The company has
BSE code: 532424 raised USD350 million through low-cost foreign debt. The cost of debt stands at Libor +
NSE code: GODREJCP 175 basis points (ie 2.5%). Also, the company is planning to raise another USD120-140
Sharekhan code: GODRCON million through the issuance of equity which is expected to happen within a month.
Free float (No of shares): 8.7 cr Acquisitions—earnings accretive in nature: All the acquisitions are expected to be earn-
SHAREHOLDING PATTERN ings accretive from the first year of their operations after consolidation with GCPL. Though
Others the management is expecting to earn around Rs60 crore in FY2011, considering the low
9% cost of debt we believe earning accretion is likely to be much more than guided by the
Institutions management.
20% Soap segment—volumes under pressure due to high food inflation: The soap category con-
tinues to witness pressure on sales volumes as high food inflation is eating out a larger share
Promoters of the consumer’s wallet.
71% Hair colour segment—Expert and Nupur continue to post strong performance: With the
PRICE PERFORMANCE increase in the market share of Godrej Expert and higher sales volume of Nupur, we expect
the company to achieve around 15% growth in the hair colour segment in FY2011.
(%) 1m 3m 6m 12m
Outlook and valuations: We maintain our earnings estimates for FY2011 and FY2012, and
Absolute 11.7 33.1 35.4 102.3
shall revise the same after the announcement of the company’s Q1FY2011 results and after
Relative to Sensex 3.2 30.1 31.5 62.0 gaining more clarity on the actual financials of the recent acquisitions. Meanwhile, we
maintain our Hold recommendation on the stock with price target of Rs375.

STOCK UPDATE
GRASIM INDUSTRIES
APPLE GREEN HOLD; CMP: RS1,798 JUNE 29, 2010
COMPANY DETAILS
Samruddhi Cement makes its debut at Rs500
Market cap: Rs16,483 cr Samruddhi lists at Rs500: Samruddhi Cement, which is the demerged cement division
52 week high/low: Rs2462/1736 of Grasim Industries, listed today at Rs500. The valuation works out to enterprise value
NSE volume (No of shares): 1.9 lakh (EV)/tonne of $130, in line with that of the other leading cement companies.
BSE code: 500300 Samruddhi to merge with UltraTech in two to three months: Samruddhi Cement will
NSE code: GRASIM merge into UltraTech Cement (UltraTech) in the ratio of 4:7. The record date for the
Sharekhan code: GRASIM merger is fixed at July 10, 2010. However, the process of merger is likely to take two to
Free float (No of shares): 6.9 cr three months.
SHAREHOLDING PATTERN Grasim trades at a huge discount to its fair value: As per our sum-of-the-parts valuation
Institutions model, the value of Grasim Industries’ viscose staple fibre (VSF) business (Rs815 per
Promoters
20%
26%
share; 5x FY2012 EBITDA) and the market value of the investments on its book (Rs231
per share; after a 20% holding discount) work out to Rs1,046 per share. This essen-
tially means that at the current market price of Rs1,798 Grasim Industries’ 60.3% stake
Foreign in the consolidated cement business is valued at just Rs6,900 crore.
23%
Public & The derived value of the company’s consolidated cement business is at more than 50%
others discount to its fair value and the replacement cost of EV/tonne USD110. Consequently,
31%
we maintain our positive view on Grasim Industries for the long term with a price target
PRICE PERFORMANCE of Rs2,300 per share. However, in the near term, the stock is likely to underperform due
(%) 1m 3m 6m 12m to the severe pressure on the company’s cement realisations and the suspension of manu-
Absolute -1.8 -36.8 -24.9 -22.7 facturing at its VSF plant at Nagda. We maintain our Hold rating on the stock. At the
Relative to Sensex -7.2 -37.7 -27.3 -36.8 current market price the stock trades at a PE of 7.7x and 7x discounting its FY2011E
and FY2012E earnings respectively.
HCL TECHNOLOGIES
COMPANY DETAILS
Wins new deals; momentum continues in IMS space
Price target: Rs419
Market cap: Rs25,963 cr Wins new deals in IMS space: HCL Tech has bagged deals from Merck & Co. (MSD)
52 week high/low: Rs449/163 worth USD500 million and Singapore Exchange (SGX) worth USD110 million. MSD
NSE volume (No of shares): 10.1 lakh deal is broader in terms of services and include software-led IT solutions, remote infra-
BSE code: 532281 structure management, engineering and business and knowledge process outsourcing
NSE code: HCLTECH
services whereas the deal from SGX purely focuses on providing infrastructure manage-
ment services (IMS).
Sharekhan code: HCLTECH
Free float (No of shares): 21.6 cr Impressive CQGR in IMS segment: HCL Tech’s IMS segment has recorded an impres-
SHAREHOLDING PATTERN sive CQGR of 16.5% for the last four quarters and the segment’s revenue contribution
Public &
to the company’s total revenues at 22% is much higher than that of its peers.
Others
4%
Foreign IMS space to witness strong traction: We believe that the traction for new deals in the
22%
IMS space is likely to remain strong as the companies are increasingly focusing on
Institutions reducing their infrastructure cost. With stronger position in the IMS space compared to
5% its peers, we believe HCL Tech is well placed to grab the opportunities going forward.
Non-promoter
corporate
Promoters 2% No impact from Europe crisis as yet: As of now we do not see the European crisis
67% impacting HCL Tech’s demand scenario in a major way.
PRICE PERFORMANCE Maintain Buy: We maintain our Buy recommendation on the stock with a price target
(%) 1m 3m 6m 12m of Rs419. HCL Tech looks attractive on the valuation front on the back of widened
Absolute -6.1 5.8 11.7 95.6 valuation gap compared to its peers (the stock is trading around 23% discount to its
Relative to Sensex -8.4 4.1 9.3 69.3 peers). At the current market price, the stock is trading at 15.7x FY2011 earnings esti-
mate and 14.1x FY2012 earnings estimate.

STOCK UPDATE
ICICI BANK
COMPANY DETAILS
Balance sheet aligned to operating environs
52-week high/low: Rs1,010/606
We have reviewed the recently released annual report of ICICI Bank to analyse the
bank’s position in the current operating environment.
BSE code: 532174 The bank’s deposit maturity profile has seen a smart improvement with the share of its
NSE code: ICICIBANK deposits in >one year <three years bucket increasing dramatically to 51% in FY2010
Sharekhan code: ICICIBANK from 34% in FY2009. A higher share of longer maturity deposits means that a lesser
Free float (No of shares): 111.5 cr amount of deposits will be repriced at higher rates over FY2011, thereby helping the
bank to control its cost of funds.
Public &
Similarly, the bank has been able to improve its loan book maturity profile. FY2009.
others Given that we are in a rising interest rate scenario, this bodes well for the yields of ICICI
17% Bank as a larger amount of its loans would be repriced at higher interest rates.
Foreign Despite a much improved asset liability maturity position, in view of the rising interest
Promoter
19%
54% scenario the expansion in the bank’s NIM is likely to be limited for the following rea-
sons: (1) the bank’s share of low-margin overseas loans is higher; (2) the growth focus
MF & FI
10% of the bank has shifted from high-margin segments to the other relatively low-margin
segments and (3) the bank shall now calculate the interest in savings bank balances on
PRICE PERFORMANCE
a daily basis.
(%) 1m 3m 6m 12m
Absolute 9.3 -4.6 12.6 27.8
We maintain our Buy recommendation on the stock with a price target of Rs1,243.
Relative to Sensex 0.1 -6.8 3.7 2.2

IDBI BANK
CANNONBALL BUY; CMP: RS117 JUNE 15, 2010
COMPANY DETAILS
Price target: Rs169
Capital infusion to fund growth
Market cap: Rs8,495 cr According to media reports, the government has approved the infusion of Rs6,211 crore
52 week high/low: Rs140/85 worth of funds into five public sector banks including IDBI Bank. Of the total funds, media
NSE volume (No of shares): 33.1 lakh reports state that IDBI Bank could receive around Rs3,100 crore through preferential place-
BSE code: 500116
ment of equity. The price at which the capital will be infused as well as when it will be
received however is not yet known. We recently interacted with the management of IDBI
NSE code: IDBI
Bank with regard to the same and the key highlights of the discussion are presented below.
Sharekhan code: IDBI
Free float (No of shares): 34.3 cr Capital adequacy to increase: Post the capital infusion, the bank’s tier I CAR will improve
to about 8%. The increase in tier 1 capital will in turn allow the bank an additional head-
room to raise around Rs3,458 crore from tier II and other sources.
Public &
others Fund infusion to allow meeting of credit growth targets: The announced fund infusion will
21% help the bank meet its growth targets.
Foreign Cost of deposits to improve: The capital infusion will lead to around 25 to 30-basis-point
7% Promoter
52%
improvement in the cost of deposits.
MF & FI
Government’s stake to increase: We expect the equity infusion to take place at a price higher
20% than 1x FY2010 book value per share, which is at ~Rs120. Assuming a price of Rs120 the
PRICE PERFORMANCE equity dilution would be around 35.9%.
(%) 1m 3m 6m 12m Additionally the increased government stake will allow the bank to opt for a follow-on
Absolute 0.9 -1.4 -8.8 21.3 public offer (FPO) while maintaining the mandatory government stake in the bank.
Relative to Sensex -1.6 -3.0 -10.8 4.9 Outlook and valuation: We maintain our Buy recommendation on the stock with a price
target of Rs169.

STOCK UPDATE
ITC
COMPANY DETAILS
Price target: Rs303
Forays into skincare category
ITC forays into fairness cream segment: After achieving a significant presence in the per-
52 week high/low: Rs300/187 sonal wash category, ITC has forayed into the skincare category with the launch of Vivel
NSE volume (No of shares): 44.3 lakh Active fair cream. The product is currently marketed in Kerala and would be extended to
BSE code: 500875 the other domestic markets over time
NSE code: ITC
Personal care segment—marching ahead: ITC’s personal care segment delivered a strong
Sharekhan code: ITC sales growth of around 70% yoy in FY2010 with increasing market share in the soap and
Free float (No of shares): 259.6 cr shampoo categories (5% and 4% respectively). This was mainly on account of the higher
SHAREHOLDING PATTERN investments made by the company in the brands. We are of the opinion that ITC has scope
Domestic to further increase the scale of operations of the personal care segment by launching new
Institutions products and entering into new categories. Also, the company has adequate resources and
Others 37% high cash on books to support its new launches with higher advertisement spends and
50% promotional activities.
Reduction in losses in non-cigarette FMCG business despite higher brand investments: Even
FIIs though the company is expected to make higher investments in the personal care brands,
13% we expect the profitability of the non-cigarette FMCG business to improve on the back of
PRICE PERFORMANCE the break-even of the foods segment and an increase in the scale of operations of the other
segments. Overall, we expect the losses of the non-cigarette FMCG businesses to further
(%) 1m 3m 6m 12m
decline by 20-25% in FY2011.
Absolute 14.4 15.8 22.2 59.9
Outlook and valuation: At the current market price, the stock trades at 23.4x its FY2011E
Relative to Sensex 8.8 14.2 16.2 29.7
earnings per share (EPS) of Rs12.6 and 20.4x its FY2012E EPS of Rs14.4. We maintain our
positive bias and Buy recommendation on the stock with the price target of Rs303.
JAIPRAKASH ASSOCIATES
COMPANY DETAILS
Price target: Rs173
Price target revised Rs173
Market cap: Rs25,462 cr RESULT HIGHLIGHTS
52 week high/low: Rs180/110 Jaiprakash Associates Ltd (JAL) posted a strong revenue growth in Q4FY2010. However
NSE volume (No of shares): 1.3 cr the net profit declined by 38.8% year on year (yoy) to Rs244.7 crore, below our and the
BSE code: 532532 Street’s expectations, due to margin contraction and higher effective tax rate in the quarter.
NSE code: JPASSOCIAT The Q4FY2010 revenue grew by a robust 58.8% yoy to Rs3,345.2 crore. The construc-
Sharekhan code: JPASSO tion division’s revenue was up by 80.2% yoy to Rs1,974 crore. The cement division’s
Free float (No of shares): 114.6 cr revenue went up by 70.2% yoy to Rs1,233 crore. However, the real estate division posted
a disappointing performance with the revenue declining by 54.5% yoy to Rs124 crore.
Institutions
The operating profit margin (OPM) contracted by over 10 percentage points on a year-on-
10% year (y-o-y) basis to 25.5% in the quarter on account of a sharp decline in the construction
division’s earnings before interest and tax (EBIT) margin due to revenue mix in favour of
Foreign Promoters road projects. Further margin in its cement and Real estate division has also contracted
26% 46%
sharply which has dented the overall profitability of the company during the quarter.
Public &
During the year, the company commissioned new cement capacity and added 4.4 mil-
others lion tonne per annum (MTPA) installed capacity. The present cement capacity of the
18% company on a stand-alone basis increased to 19.1MTPA.
PRICE PERFORMANCE We have fine-tuned our earnings estimates downward to incorporate a lower than ex-
(%) 1m 3m 6m 12m
pected Q4FY2010 performance. Consequently, our revised earnings per share (EPS) for
FY2011 and FY2012 on diluted equity works out to Rs5.2 and Rs6.5 respectively. We
Absolute -20.5 -11.2 -23.2 -19.7 continue to value the stock using the sum-of-the-parts (SOTP) valuation methodology
Relative to Sensex -15.9 -12.2 -20.6 -29.1 and arrive at a value of Rs173 per share. We maintain our Buy recommendation on the
stock with a revised price target of Rs173. At the current market price, the stock is
The author doesn’t hold any investment in any of trading at 23.1x FY2011 and 18.6x FY2012 earnings estimates.

STOCK UPDATE
LARSEN AND TOUBRO
EVERGREEN HOLD; CMP: RS1,765 JUNE 23, 2010
COMPANY DETAILS
L&T disqualified from Phase I of NTPC’s bulk tendering
Larsen and Toubro (L&T) has been disqualified on technical grounds from National Thermal
52 week high/low: Rs1,844/1,305 Power Corporation (NTPC)'s tender worth over Rs20,000 crore for 11 sets of supercritical
NSE volume (No of shares): 7.2 lakh boilers and turbines (BTG) for the 11x 660MW supercritical thermal power units.
BSE code: 500510
Implication for the boiler order:
NSE code: LT
Sharekhan code: L&T
After L&T's disqualification it has essentially become a single bid from BHEL and NTPC is
likely to call fresh bids for the 11 supercritical boilers. However, an increase in the number of
bidders could intensify the competition. Also, the retendering would delay the order inflows for
SHAREHOLDING PATTERN BHEL and the capacity addition programme of NTPC.
Foreign
15% Implication for the turbine order:
Public &
Others For supercritical turbines, five players in India participated in the tender and except L&T, all
40% four have qualified. So, unlike for boilers, there would be no fresh bids for turbines. Hence, this
disqualification has meant a lost opportunity worth over Rs3,000 crore for L&T.
Institutions
Non-promoter
39% Outlook and valuations
corporate
6% We feel that this disqualification would be a one-off incident. In subsequent tenders, like the
PRICE PERFORMANCE NTPC bulk tendering (Phase II), L&T would make the necessary changes in its structure and
emerge as a strong contender for the BTG orders. We believe that although this disqualification
(%) 1m 3m 6m 12m
would put some short-term pressure on the stock, yet L&T remains the best bet in the Indian
Absolute 13.5 13.1 12.9 21.5 infrastructure growth story. At the current market price the stock is trading at 19.7x on FY2012E
Relative to Sensex 4.6 10.1 5.3 -3.5 consolidated earnings. We maintain our Hold recommendation on the stock with a sum-of-the-
parts based price target of Rs1,884.
MAHINDRA AND MAHINDRA

COMPANY DETAILS
Price target: Rs694
Price target revised to Rs694
Market cap: Rs35,793 cr KEY POINTS
We believe the demand for tractors is likely to see a healthy growth on account of the
NSE volume (No of shares): 14.8 lakh structural shift in the agricultural industry triggered by the NREGA and the higher
BSE code: 500520 minimum support price announced by the government for various agricultural com-
NSE code: M&M modities. The NREGA guarantees a minimum 100 days employment in a year at a
Sharekhan code: M&M minimum wage of Rs100 per day while the higher MSP would leave the farmer with a
Free float (No of shares): 42.6 cr higher net income.
SHAREHOLDING PATTERN Mahindra and Mahindra derives approximately 42% of its revenues from its tractor
division and has a 40% market share in the tractor industry. It is likely to be the key
Public &
Non-promoter Others beneficiary of the healthy demand in the tractor segment currently. Moreover, the newly
corporate 9% Promoters launched 15HP tractor Yuvraj at an attractive price of Rs1.6 lakh is likely to see a
8% 26% strong demand considering the higher fragmentation in land holdings in India.
In view of the forecast of a normal rainfall for the current year and the M&M
Foreign
management’s guidance of a 10-12% growth in the tractor industry’s volumes, we have
32% Institutions
increased our FY2011 and FY2012 tractor volume growth estimates for M&M from
25% 10% and 8.4% to 12% and 10% respectively. However, we maintain our volume esti-
PRICE PERFORMANCE mates for the UV segment as well as the three-wheeler and LCV segments.
(%) 1m 3m 6m 12m Consequently, our stand-alone EPS estimates stand marginally revised to Rs40.5 and
Absolute 17.2 20.3 21.1 81.9 Rs45 for FY2011 and FY2012 respectively. We value the stand-alone business of M&M
at 12x FY2012E earnings and the subsidiaries at Rs154 per share. We maintain our
Hold recommendation on the stock with a revised price target of Rs694.

STOCK UPDATE
RATNAMANI METALS AND TUBES
COMPANY DETAILS
Price target: Rs149
Results above expectations;
Market cap: Rs547 cr strong volume growth guidance
NSE volume (No of shares): 1.3 lakh RESULT HIGHLIGHTS
BSE code: 520111 Net income above expectation: Ratnamani’s Q4FY2010 net income is significantly above
NSE code: RATNAMANI our expectation largely on account of lower than expected other expenses and interest
Sharekhan code: RATNMET cost. The net income grew by 56.2% yoy to Rs24.5 crore. The company has reiterated
Free float (No of shares): 1.9 cr its optimism in terms of volume growth going forward and has guided for a strong sales
SHAREHOLDING PATTERN volume growth for both stainless steel pipes (35% y-o-y growth) and carbon steel pipes
(20-29% y-o-y growth) in FY2011. The company also expects its revenues to grow by
Others
15-20% in FY2011.
38% Healthy revenue growth: The company reported a strong 24.2% y-o-y increase in its net
Promoters sales to Rs321.6 crore in Q4FY2010 In terms of volume, the stainless steel pipes posted
58% 66.7% y-o-y growth in volume while carbon steel pipes recorded a 93.5% y-o-y rise.
Institutions
3% Decline in other expenses lifts OPM: The OPM improved by 253 basis points yoy to
Foreign
1% 16.8%. Consequently, the operating profit grew by 46.2% yoy to Rs54 crore.
Order book at Rs350 crore: The company’s order book stood at Rs350 crore, which is
PRICE PERFORMANCE flat on a sequential basis in spite of the completion of majority of work on GAIL order.
(%) 1m 3m 6m 12m We expect the company’s order book to improve further on the back of the huge invest-
Absolute -3.9 25.2 27.3 66.8
ment coming up in the power and oil & gas sectors.
Relative to Sensex -0.5 21.0 26.7 41.9 Maintain Buy: We have fine-tuned our estimates. We maintain our Buy rating on the
stock with a price target of Rs149. At the current market price, the stock is attractively
valued at a P/E of 5x and EV/EBITDA of 2.6x based on FY2012E earnings.
RELIANCE INDUSTRIES
EVERGREEN HOLD; CMP: RS1,051 JUNE 24, 2010
COMPANY DETAILS
RIL announces second shale gas deal
Market cap: Rs343,814 cr RIL to form JV with Pioneer: RIL’s subsidiary, Reliance Eagleford Upstream LP, has en-
52 week high/low: Rs1,185/840 tered into a definitive agreement with US-based Pioneer Natural Resources Company (Pio-
NSE volume (No of shares): 49 lakh neer) to form a 45% joint venture involving Eagle Ford Shale in Texas in the USA for a total
BSE code: 500325 consideration of USD1.315 billion which implies a price of USD11,144 per acre and in our
NSE code: RELIANCE
view the price pais is reasonable when compared with RIL’s recent acquisition of the
Marcellus Shale gas assets from Atlas Energy at USD14,167 per acre.
Sharekhan code: RIL
Free float (No of shares): 168.5 cr Deal structure: Under the deal agreement, Pioneer and its current partner Newpek LLC will
SHAREHOLDING PATTERN put across 45% of their respective interest in the Eagle Ford Shale gas acreage to RIL.
Public &
Following the transaction, Pioneer, RIL and Newpek LLC will own 46%, 45% and 9%
Others Foreign interest respectively in the JV. The JV will have an approximate net working interest of
18% 22% 91% in 289,000 gross acres, implying net 263,000 acres.
Institutions Valuation and view: We positively view the company’s strategy of strengthening its shale
10% gas assets, which will provide it entry into the US gas market. The encouraging thing is that
Non-promoter the two shale gas assets have the combined resource potential of 23.3TCF (9.8TCF net to
Promoters corporate
45% 5%
RIL). The company’s investments will ensure efficient utilisation of cash flow that it is
expected to generate over FY2010-12.
PRICE PERFORMANCE
(%) 1m 3m 6m 12m
Currently, we have not incorporated any value from the RIL-Pioneer JV deal in our esti-
mates and price target. We maintain our Hold recommendation and price target of Rs1,215
Absolute 6.3 -2.4 -0.1 6.4
on the stock. At the current market price, the stock trades at a P/E of 13x FY2012E earnings
Relative to Sensex -2.0 -4.7 -3.8 -15.5 and EV/EBIDTA of 7.2x FY2012E.

STOCK UPDATE
SUN PHARMACEUTICAL INDUSTRIES
UGLY DUCKLING BUY; CMP: RS1,805 JUNE 23, 2010
COMPANY DETAILS
Price target revised to Rs2,010
Sun announced patent settlement with Orion for the generic version of Stalevo ($120mn
52 week high/low: Rs1846/1070 revenue) and Comtan ($90mn revenue) used in the treatment of Parkinson’s disease.
Under the terms of the settlement, Sun will be able to launch the generic version of
BSE code: 524715
Stalevo in the USA on April 1, 2012 (six months’ exclusivity). In addition it will launch
NSE code: SUNPHARMA
the generic versions of the other strengths on October 2, 2012 and the generic version of
Sharekhan code: SUNPHARM Comtan on April 1, 2013. Orion will supply the generic product versions to Sun.
Since it is difficult to find out individual market sales of each strength of the product, we
SHAREHOLDING PATTERN assume the EPS calculation on an annualised basis. Both these opportunities could lead
Public to a combined incremental EPS of Rs3.2 for FY2013 and FY2014 respectively.
Foreign
5%
20%
We expect Sun's strong domestic business, niche US market and improving visibility of
Institutions its patent challenge pipeline to drive a steady growth in the long term. We are of the
5% view that news flow like key ANDA approvals for Effexor XR, resumption of sales
Non-promoter
5%
from Caraco and Taro update would act as a re-rating trigger for the stock.
Promoter
65% Given the improving US outlook for Sun and its strong track record, we reckon that Sun
deserves to trade at a premium compared to its peers and hence increase our target
PRICE PERFORMANCE multiple to 23x from 20x earlier. We maintain Buy with a revised price target of Rs2,010.
(%) 1m 3m 6m 12m At the CMP of Rs1,805 the stock is valued at 25.1x FY2011E and 21.4x FY2012E fully
Absolute 16.4 6.4 16.5 42.1 diluted earnings.

TOURISM FINANCE CORPORATION OF INDIA

CANNONBALL BUY; CMP: RS28 JUNE 7, 2010
COMPANY DETAILS
Price target: Rs38
52 week high/low: Rs33/17 For Q4FY2010 TFCI has reported a net profit of Rs15.4 crore, indicating a growth of
NSE volume (No of shares): 3.1 lakh 19.7% yoy.
BSE code: 526650 The NII increased by a robust 81% yoy to Rs17.3 crore in Q4FY2010. This was due to
NSE code: TFCILTD a strong 28% y-o-y growth in advances as well as a marginal improvement in the yield
Sharekhan code: TFCI on advances. For FY2010 the NIM stood at 3.5%, improving by 50 basis points over
Free float (No of shares): 3.4 cr that of the previous year.
SHAREHOLDING PATTERN The operating expenses increased by 33.6% yoy at a slower rate as compared to the
NII, thereby leading the cost-to-income ratio to improve by 910 basis points to 11.2%.
Public & As a result, the operating profit grew by a robust 88.1% yoy to Rs16 crore in Q4FY2010
others vs Rs8.5 crore in Q4FY2009.
41% During the quarter under review, the company wrote back provisions of Rs1 crore on
Promoter
58%
account of a recovery in the NPAs.
The tax rate of the company stood at 6.9% for the quarter as compared to 14.8% for
MF & FI Q4FY2009.
1% In Q4FY2010, the company registered a robust loan growth of 28% yoy.
PRICE PERFORMANCE The GNPA for the quarter stood at 2%, down from 3.6% in the previous quarter. The
(%) 1m 3m 6m 12m company maintained a zero net NPA status during the quarter.
Absolute -6.7 -1.6 17.4 11.0 TFCI is planning to enter into the infrastructure project financing business. Initially, the
company is looking at financing power projects and is very keen on financing green
Relative to Sensex -6.7 -2.7 16.8 -4.1 power projects such as those based on solar energy.
We maintain Buy recommendation on the stock with a revised price target of Rs38.

SHAREKHAN SPECIAL
UNITY INFRAPROJECTS
VULTURE’S PICK BUY; CMP: RS102 JUNE 1, 2010
COMPANY DETAILS
Price target: Rs151
Unity Infraprojects (Unity)’s performance in Q4FY2010 was above our estimates. The
NSE volume (No of shares): 2.3 lakh net profit grew by 31.5% year on year (yoy) to Rs27.7 crore on the back of an impres-
BSE code: 532746 sive revenue growth of 28.6% yoy to Rs493 crore. For the full year, FY2010, the rev-
NSE code: UNITY enue and the profit after tax (PAT) grew by 30.6% yoy and 22.2% yoy respectively.
Sharekhan code: UNITYINFRA
The operating profit margin (OPM) declined by 27 basis points yoy to 12.6% in
Q4FY2010 due to higher construction expenses in the quarter. However, on a sequen-
SHAREHOLDING PATTERN tial basis, the OPM sustained at the same level. For the full year, OPM improved by 32
Institutions basis points to 13% on account of a lower raw material cost.
Foreign 7%
13%
Unity’s current order book stands at Rs3,477 crore, a stellar growth of 29% yoy. The
present order book has an execution period of 2.5 years and is 2.4x FY2010 revenues,
and provides a strong revenue visibility. Further, the company is also L-1 bidder for
Public &
contracts aggregating to Rs800 crore.
others Promoters
17% 63% We remain positive on the company due to its growing order book and high operating
margin. we are marginally revising our earnings estimates for FY2011 and FY2012.
PRICE PERFORMANCE Our revised earnings per share (EPS) estimates now stand at Rs13.3 and Rs17.1 for
(%) 1m 3m 6m 12m FY2011 and FY2012 respectively. At the current market price the stock is trading at
Absolute -9.9 -10.5 4.8 93.9 7.7x FY2011 earnings estimate. We maintain our Buy recommendation on the stock
Relative to Sensex -6.8 -13.5 4.3 65.0 with a revised price target of Rs151 as we roll forward our price/earnings (P/E) multiple
to FY2012.
SHAREKHAN SPECIAL OCTOBER

JUNE 06,
30, 2008
2010
Q1FY2011 Auto earnings preview
Key points Outlook: However, we believe the volume growth is likely to
taper down going forward on account of the following: (a) The
Strong volume growth continues: Automobile (auto) sales con- high base effect that will kick in by the end of H1FY2011; (b)
tinued to post robust volumes in Q1FY2011, with the sector the expectations of rising interest rates due to inflationary pres-
witnessing a strong 32.1% year-on-year (y-o-y) growth in the sure; and (c) the impact of the price increases taken by the
first two months of the quarter. The growth was achieved on automakers and the fuel price hikes in the country. Furthermore,
account of a strong demand environment, a low base, incre- the margins are also likely to be lower year on year (yoy) on
mental volumes of the new launches and the occurrence of the account of a sharp increase in the raw material prices on a y-o-
marriage season in May this year. y basis; all these remain the key challenges going ahead for the
Healthy demand leads to better pricing power: The strong de- sector. However, the anticipation of a normal monsoon in the
mand environment in the sector has led to a better pricing power country is likely to be a comforting factor in terms of volume
for the automobile companies, which have not shied away from growth for the major companies like Mahindra and Mahindra
hiking product prices. After the excise duty roll-back and sharp (M&M) and Maruti Suzuki.
increase in the commodity prices, the automakers hiked the prices Consequently, we believe that the bottom line growth of auto-
of their products by 4-5% during the quarter to protect their mobile companies is likely to slow down considerably in FY2011
margins. on account of the factors mentioned above. Moreover, any nega-
Thus, we expect the Q1FY2011 results to be good and be driven tive surprise in the sector that could hinder the volume growth
by volume growth. Consequently, we expect the Sharekhan au- momentum remains a key risk, especially considering the cur-
tomobile universe to report sales growth and net profit growth rent valuation of the automobile companies.
of 35.6% and 29.4% respectively for the quarter.
For further details, please visit the Research section of our website, sharekhan.com

SHAREKHAN SPECIAL
JULY06,
01, 2008
2010
Q1FY2011 FMCG earnings preview
The top line of Sharekhan’s fast moving consumer goods (FMCG) Sector outlook
universe is likely to grow by 15.3% year on year (yoy) in Q1FY2011. We believe the progress of the monsoon and its likely positive im-
The top line growth will be aided partially by the acquisitions made pact on Kharif output will be a key driver for sustaining the rural
by Tata Tea and Godrej Consumer Products Ltd (GCPL) in the growth especially so as rural India remains one of the key focal
recent past. In the absence of price increases, the organic revenue points for garnering consistent growth for FMCG companies. While,
growth for almost all the FMCG companies (except Tata Tea) will currently, food inflation and its increased share of customers valet
be driven largely by the volumes. Hindustan Uniliever Ltd (HUL) is one of the key hurdles faced by the FMCG sector as a whole, we
is expected to post a muted performance on account of a subdued believe this is a near-term hindrance as good rains are expected to
top line growth and lower margins on a year-on-year (y-o-y) basis. tame food inflation going ahead. Thus, while we expect the FMCG
On other hand, ITC (in the large-cap FMCG space) and Marico (in industry to continue to deliver good sales growth, pressure points
the mid-cap FMCG space) are expected to post a strong bottom line are likely to sustain in specific highly-penetrated and intensely-com-
growth on the back of a strong show by all their business segments. petitive categories such as soaps and detergents. These categories
Operating margins—mixed bag are also likely to see deterioration in their profitability, as the input
cost is likely to remain high on a y-o-y basis and as continued high
The prices of raw materials such as LAB, HDPE, and palm oil are ad spends would eat into their profit.
significantly higher on a y-o-y basis. With intense competition in
the key categories (especially the soap and detergent) and more thrust Thus, we expect HUL’s bottom line performance to remain extremely
on maintaining the market share/improving the sales volume, FMCG subdued in the coming 12-18 months as against ITC, which is more
companies have gone for a higher advertisement and promotional likely to see its earnings grow at a compounded annual growth rate
activities during the quarter. Thus the operating profit margin (OPM) (CAGR) of ~17%. Consequently, we maintain our positive funda-
of HUL’s home and personal care (HPC) segment and GCPL’s mental stance on ITC and remain bearish on HUL.
domestic business are likely to taper during the quarter. However,
for Marico, the raw material cost has remained benign and hence While the valuation of mid-cap FMCG universe at ~22x FY2012E
we expect its margin to expand during the quarter. On a similar earnings is discomforting, among those under our coverage, we con-
vein, improved margins in the cigarette and the hotel businesses tinue to like Marico (which promises ~15% top line CAGR and is
and reduced losses in the non-cigarette FMCG business would help likely to experience a relatively benign input cost scenario) and GCPL,
ITC to post strong profit during the quarter. relatively . Also Tata Tea may see the raw material (tea) price soften-
ing in the coming quarters, which together with a low margin base of
FY2010, may provide better earnings prospects going ahead.

JULY 06,
02, 2008
2010
Q1FY2011 Pharma earnings preview
KEY POINTS Further, currency stability during the quarter would also ease
the pressure on the margins for our universe. Although the
Positive momentum to continue in Q1FY2011: We expect the phar- pharma sector has shown a decent run-up during the quarter,
maceutical (pharma) companies to report a strong growth for yet we believe any weakness around the results will be an op-
Q1FY2011 wherein the mid-caps will continue their winning portunity to buy. We adopt a pick and choose strategy and find
streak. The growth is expected to be driven by new product value in the mid-caps.
launches in the USA, a strong growth in India, higher penetration
in the emerging markets and the rebounding contract manufac- Maintain positive bias: We are of the view that the premium
turing business. On the base business front, the improving growth valuations commanded by the Indian pharma generic players is
visibility from some of the rest of the world (ROW) markets pro- sustainable given the strong growth visibility in the domestic
vides thrust on companies like Glenmark Pharma (Glenmark), markets and the merger and acquisition (M&A) possibilities.
Sun Pharma and Torrent Pharma from our universe. We expect the Indian pharma industry to continue its out-per-
formance largely influenced by positive newsflow on niche ab-
Buy Glenmark, Lupin before the results: We believe Lupin and breviated new drug application (ANDA) launches, increasing
Glenmark are result plays with a possible strong growth year interest evinced by big pharma companies in emerging markets
on year (yoy). Sun and Glenmark are expected to post robust and continued earnings growth momentum.
numbers on account of their low base in Q1FY2010 and im-
proving base business outlook, while the branded business would Sharekhan’s pharma universe is expected to report a 23.8% increase
boost up Lupin’s numbers. Glenmark is expected to book $20mn in the revenues for Q1FY2011 with an improving operational per-
from the GRC15300 outlicensing deal in this quarter, while the formance (an expansion of 1,174 basis points).
costs savings from Caraco (in terms of raw material and em-
ployee expenses) would perk up the margins for Sun Pharma. For further details, please visit the Research section of our website, sharekhan.com

SHAREKHAN SPECIAL

JUNE06,
17, 2008
2010
Monthly economy review
Economy: Inflation breaches double digits on an m-o-m basis due to robust IIP figures coupled with a
In April 2010 the Index of Industrial Production (IIP) registered double-digit inflation, thereby leading to speculation relating to
a robust growth of 17.6% yoy. The growth was led by the manu- the possibility of an interim hike in interest rates.
facturing segment, which posted a healthy growth of 19.4% yoy Equity markets: Average daily volumes contract
followed by the mining and electricity segments with 11.4% year-
During the MTD period (June 1-16, 2010), the average daily
on-year (y-o-y) and 6% y-o-y growth respectively.
volumes contracted in both the futures and options (F&O) and
Inflation for May 2010 accelerated to 10.16%. The rising infla- cash segments.
tion rate coupled with a strong growth in industrial output could
The total industry average assets under management (AUM;
cause the Reserve Bank of India (RBI) to undertake more aggres-
equity + debt) expanded by 4.5% month on month (mom) dur-
sive hikes in policy rates in the policy review scheduled next month.
ing May 2010. The net resources mobilised in equity schemes
The trade deficit for April 2010 came in at USD10.42 billion, during May 2010 stood at Rs1,637 crore as resources raised
widening 33% on a month-on-month (m-o-m) basis. Exports outpaced redemptions through new and existing schemes.
continued to expand for the sixth consecutive month and in-
During the MTD period in June 2010 (June 01-15), both for-
creased by 36.2% year on year (yoy). During the month, the
eign institutional investors (FIIs) as well as mutual funds remained
commerce ministry completed its second sectoral review in or-
net buyers.
der to finalise incentives to encourage exports and help achieve
the $200-billion target in the current fiscal. Insurance: Life Insurance growth robust despite regulatory
concerns
Globally, Moody's Investors Service slashed Greece's credit rat-
The annualised premium equivalent (APE) for the life insurance
ing to junk status. The downgrade could lead to still higher bor-
rowing costs for Greece if it goes to the markets for cash (read industry grew by a robust 42.7% yoy during April 2010 despite
more under “Global round-up”). regulatory concerns. The recent regulatory changes have been
introduced to enhance transparency and prevent mis-selling of
Banking: Liquidity tightens owing to 3G licence, advance tax insurance products. Though they will place pressure on the
pay-outs growth and the margins of the insurers in the near term, the
The credit offtake (non-food) registered a growth of 18.8 % yoy revised regulations will in the long-term benefit insurance com-
(May 28, 2010), higher than the 18% y-o-y growth seen during panies by improving persistency and allowing for a more sus-
the previous month (April 30, 2010). tainable growth.
The credit-deposit (CD) ratio expanded to 70% (as on May 28, In April 2010, the gross premium underwritten for the general
2010) as compared to 69.8% as on April 30, 2010. Meanwhile the insurance industry grew by 17.6% yoy. The private sector play-
incremental CD ratio too increased to 85.3% for the period under ers posted a healthy growth of 15.4% yoy while the public sec-
review as compared to 79.9% seen during the previous month. tor players registered a growth of 19.3% yoy.
During the month, the liquidity situation remained tight despite Banking stocks underperform
temporary liquidity easing measures undertaken by the RBI. Since our last issue (Sharekhan Monthly Economy Review dated
Banks withdrew an average of Rs374 billion worth of money May 24, 2010), the BSE Bankex has underperformed the broader
from the RBI through the repo window during the month-till- market, posting a return of 5.7% as compared to 7% for the Sensex.
date (MTD) period (June 1-16, 2010). The declining liquidity The underperformance is likely to have been driven by concerns
scenario was a result of advance tax outgoes coupled with pay- relating to the possibility of an interim rate hike/firmer action by the
ments by telecommunications (telecom) companies to the gov- RBI in its monetary policy review meet scheduled in July 2010. The
ernment for the third generation broad band service (3G) and concerns have been sparked by the robust IIP growth figures coupled
broadband wireless access (BWA) spectrum auctions. with persistently high inflation.
The yields on the government securities (G-Secs; ten years) stood
at 7.61% as on June 16, 2010—up by 15 basis points from the
previous month’s level. The G-Sec yield of all maturities expanded

MUTUAL FUNDS
MUTUAL GAINS JUNE 10, 2010

Sharekhan’s top equity fund picks
After determinedly moving northwards for three straight months, the Sharpe indicates risk-adjusted returns, giving the returns earned in
Indian stock market paused for breath in May and ended the month excess of the risk-free rate for each unit of the risk taken. The Sharpe
down 600 points. Concerns over the European debt crisis and other ratio is also indicative of the consistency of the returns as it takes into
global issues kept the market volatile globally during the seasonally account the volatility in the returns as measured by the standard de-
weak month of May. But what is noteworthy is the resilience shown viation.
by the Indian market in the current phase of volatility. Unlike in the Information Ratio is one of the most important tools in active fund
past when India among the other emerging markets had taken a se- management. It is the ratio of active return (the return over the index
vere beating during a global meltdown, this time around the Indian return) to active risk annualized. A higher Information Ratio indi-
market held out well and limited its loss to just 3.5% in May. cates better fund manger.
The key reasons for the relatively better strength in the Indian stock We have selected the schemes upon ranking on each of the above 5
markets are: The strong growth momentum in the domestic economy, parameters and then calculated the maximum value of each of the 5
events and actions that point towards considerable progress in achiev- parameters. Thereafter, we have calculated the percentage
ing revised fiscal consolidation targets (read: curtailing fiscal deficit), underperformance or over performance of each scheme (relative per-
fairly strong Q4FY2010 results (including companies from the mid- formance) in each of the 5 parameters vis a vis maximum value among
cap space), expectations of a normal monsoon and the Reserve Bank them.
of India (RBI)’s pro-growth stance resulting in a calibrated tightening
of interest rates (as against the Street’s expectations of a much aggres- For our final selection of schemes, we have generated a total score for
sive action). each scheme giving 60% weightage each to the relative performance
as indicated by the one, two and three year returns, 20% weightage
The headline economic data in India, such as industrial production to the relative performance as indicated by the Sharpe ratio and the
and gross domestic product (GDP) growth for Q4FY2010, is quite remaining 20% to the relative performance as indicated by the Infor-
encouraging. The Index for Industrial Production (IIP) has grown at mation ratio of the scheme.
an average of over 15% and the GDP growth stood at 8.6% in Q4 of
FY2010. Apart from this, the analysis of internal details point to- All the returns stated below, for less than one year are absolute and
wards a much better growth ahead. In case of the IIP, the two key for more than one year the returns are compunded annualised.
segments of consumer durables (up 26% year on year [yoy]) and All the returns stated on next page, for less than one year are absolute
capital goods (up 19% yoy) are showing robust growth momentum. and for more than one year, the returns are annualised.
In case of the GDP break-up, the investment in growth has picked up
due to spending on infrastructure by the government and also by the AGGRESSIVE FUNDS
private sector. With capacity constraints even more apparent and a MID-CAP CATEGORY
conducive demand environment, the investment spending is expected Scheme Name NAV Returns as on May 31, 10 (%)
to remain firm in the coming quarters. The lead indicators, such as 3 Months 1 Year 2 Years
automobile sales, cement dispatches, telecommunications subscriber IDFC Premier Equity 27.86 6.54 47.15 15.73
addition and HSBC’s PMI Index, also point towards a sustained eco- Fund - Plan A
nomic recovery ahead. Birla Sun Life Mid 103.52 5.09 40.66 12.89
Cap Fund - Plan A
Given the strong economic revival and the need to anchor inflation-
ary expectations, the Street was expecting the RBI to take a hawkish Sundaram BNP Paribas 133.97 3.83 33.25 13.25
Select Midcap
stance and announce aggressive unwinding of fiscal and monetary
UTI Thematic Mid Cap 29.33 7.87 52.65 12.03
stimuli. However, the central bank positively surprised the markets
with its pro-growth stance and calibrated approach towards interest Franklin India Prima 250.52 7.00 43.15 9.58
rate hikes. The RBI is expected to raise the rates by another 25 basis Indices
points during the July 27, 2010 review of its policy. This calibrated BSE MID CAP 6834.87 6.83 34.94 0.55
exit from the loose monetary stance of the central bank has found MULTI-CAP CATEGORY
favour with the market as it assures that growth of the economy shall Scheme Name NAV Returns as on May 31, 10 (%)
not be sacrificed in order to conquer inflation. 3 Months 1 Year 2 Years
Other actions taken were hikes in fertiliser and natural gas prices to Reliance RSF - Equity 28.20 4.21 31.99 12.67
curb oil and food subsidy burden. Moreover, the government is seri- HDFC Top 200 184.86 6.48 32.46 15.85
ously contemplating deregulation of auto fuel prices. Such policy ac- HDFC Equity 240.83 7.81 41.48 19.13
tions aimed at curbing fiscal deficit. UTI Opportunities 23.48 2.98 24.28 14.13
We have identified the best equity-oriented schemes available in the Canara Robeco Equity 50.42 9.23 33.74 16.32
market today based on the following 5 parameters: the past perfor- Diversified
mance as indicated by the one, two and three year returns, the Sharpe Indices
ratio and Information ratio. BSE 500 6782.37 4.05 22.73 2.34

SECTOR UPDATE
EQUITY DIVERSIFIED/CONSERVATIVE FUNDS BALANCED FUNDS
Scheme Name NAV Returns as on May 31, 10 (%) Scheme Name NAV Returns as on May 31, 10 (%)
3 Months 1 Year 2 Years 3 Months 1 Year 2 Years
Principal Large Cap 26.21 5.86 35.02 11.86 Reliance RSF - Balanced 20.48 5.73 31.62 20.88
Birla Sun Life Frontline 79.39 4.23 26.22 11.87 HDFC Prudence 188.70 8.64 40.64 21.20
Equity Fund - Plan A HDFC Balanced 48.55 7.70 36.48 17.66
Tata Pure Equity 90.50 4.60 28.28 8.05 Tata Balanced 75.83 4.05 30.10 12.01
DSP BlackRock Top 100 90.35 4.30 25.00 9.66 Birla Sun Life 95 278.16 5.30 25.93 14.72
Franklin India Bluechip 189.14 3.53 27.74 11.21 Indices
Indices Crisil Balanced Fund Index 3236.25 2.98 11.49 5.57
BSE Sensex 16944.63 3.14 15.77 1.60 TAX PLANNING FUNDS
THEMATIC/EMERGING TREND FUNDS Scheme Name NAV Returns as on May 31, 10 (%)
Scheme Name NAV Returns as on May 31, 10 (%) 3 Months 1 Year 2 Years
Religare Tax Plan 15.83 6.96 40.08 14.45
3 Months 1 Year 2 Years
HDFC Taxsaver 207.79 7.19 43.19 18.15
Canara Robeco Infra 21.57 8.88 20.18 6.26
Fidelity Tax Advantage 19.46 9.51 39.09 13.70
SBI Magnum COMMA 22.99 -0.35 25.06 2.76
ICICI Prudential Taxplan 126.89 5.33 48.92 13.79
ICICI Prudential Infra 16.42 4.12 22.58 7.79 DSP BlackRock Tax Saver 15.81 8.98 36.94 8.49
Birla Sun Life Infra 16.76 7.25 28.52 9.05 Indices
Fund - Plan A CNX500 4226.60 2.40 17.96 3.31
Fidelity India Special 28.23 3.33 14.81 1.99
Every individual has a different investment requirement, which depends on his
Situations Fund financial goals and risk-taking capacities. We at Sharekhan first understand the
Indices individual’s investment objectives and risk-taking capacity, and then recom-
mend a suitable portfolio. So, we suggest that you get in touch with our Mutual
BSE Sensex 16944.63 3.14 15.77 1.60 Fund Advisor before investing in the best funds.
The author doesn’t hold any investment in any of the companies mentioned in the article.
FAST MOVING CONSUMER GOODS JUNE 11, 2010

India FMCG—the monsoon connect
Normal monsoon to keep the rural growth momentum ticking, soften of profitability pressures. Also, the other FMCG companies that have
input prices for some FMCG companies: After a drought prone year small presence in food and beverages categories should benefit though
that led to soaring food prices, India is expected to witness a normal the benefit is likely to be much smaller (compared to that for the
monsoon in 2010 that is likely to lead to a strong growth in food grain companies mentioned above) since a small portion of their total rev-
production. Thus, higher production coupled with remunerative prices enues comes from these categories.
will ensure high disposable incomes for farm-based households and Better income of farm households to keep rural consumption growth
lead to the sustenance of the strong growth in rural consumption. We ticking: Monsoon rains are the main source of irrigation for approxi-
believe this bodes well for the growth of the FMCG companies in gen- mately 23.5 crore farmers in the country. Thus, the higher net income
eral as they continue with their thrust on increasing their rural presence from farming following a good monsoon and a sustained non-farm
to tap this growth opportunity. income from employment schemes such as NREGA and increasing
Also, compared to 2009 the likely softening of prices of farm based infrastructure spend augur well for the disposable incomes of the rural
inputs, such as wheat, milk and milk powder, sugar and tea, will par- households. We believe the consumption growth in rural India is, there-
ticularly benefit companies such as Britannia Industries, Nestle (India) fore, likely to remain strong.
and GSK Consumer in FY2011 and should lead to an improvement in FMCG companies with a relatively higher proportion of their rev-
the profitability of these companies. enues coming from the rural markets, such as Dabur India, would
continue to derive a strong growth from the hinterland. On the other
FY2011—a good monsoon to help improve margins for some FMCG hand, the others such as Marico, Godrej Consumer Products,
companies, maintain strong momentum in rural sales: Lower input Colgate-Palmolive India and Hindustan Unilever, which are focus-
costs to propel profitability for a few FMCG companies: We believe ing on increasing their rural sales through increased rural reach/
lower costs of food articles should bring in a sigh of relief for manu- better distribution, focused brand connect with rural India, afford-
facturers in food categories such as biscuits, snack foods, confection- able price points and a strengthening rural product platform, should
eries, baby foods, health drinks and ready-to-drink beverages. Thus, see a good growth coming from these markets.
we believe companies such as Britannia Industries, Nestle (India) and
GSK Consumer are likely to be the key beneficiaries of a normal For further details, please visit the Research section of our website, sharekhan.com
monsoon from a sourcing standpoint and would witness the easing The author doesn’t hold any investment in any of the companies mentioned in the article.

VIEWPOINT
INSURANCE JUNE 29, 2010

IRDA announces new ULIP guidelines
The much awaited guidelines for ULIPs are finally out. These regula- Negative in near term…: Several changes introduced by IRDA
tions are applicable to all new ULIP products approved by the IRDA are likely to have a negative implication for the profitability of
after these regulations are notified. Some of the key changes are: the insurance companies.
Lock-in period and premium payment term raised to five years. …but positive in long run: The stringent capping of charges will
All pension products to guarantee return of 4.5%. make the product cheaper and more attractive, a significant
Distribution charges to be spread evenly over the lock-in period positive for volumes in the long run. Moreover, the revised guide-
to eliminate frontloading. The cap on charges at 3% for a ten- lines would ensure that the policy holders grasp the true spirit of
year policy and at 2.25% for a 15-year policy has been raised to the insurance products and hence would improve persistency in
4% in the sixth year, dropping to the limits prescribed earlier as the long run.
the policy tends to mature.
Conclusion
Lower surrender charges: IRDA plans to ensure that only ac-
quisition expenses are recovered by the insurer from the policy The revised guidelines are likely to have a material negative impact
on the margins of the insurance companies in the near term. The
holder, in the event of the discontinuance of the policy. In line,
insurance companies would strive to reduce the impact by re-align-
the surrender charges have been capped and would be much
ing their products to the revised guidelines. Having said that, we
lower than the current levels.
believe these reforms are positive from a long-term perspective as
Impact analysis the end consumer stands to benefit from them. Hence, these reforms
Prudential move: The revised guidelines represent a move in the should ultimately improve the penetration of life insurance prod-
right direction as the underlying intent is to make ULIP a long- ucts in India.
term protection contract covering risks and at the same time
offer a fair deal to the policyholder. Effectively, these changes For further details, please visit the Research section of our website, sharekhan.com
could make ULIPs more attractive for the end consumer. The author doesn’t hold any investment in any of the companies mentioned in the article.
STRIDES ARCOLAB
VIEWPOINT CMP: RS382 JUNE 11, 2010
Growth at a faster pace
Strides has been receiving approvals on a fast track in CY2010, cumulative ANDA approvals till date stand at 33. Further, it
with 8 ANDAs in the sterile injectable space getting approval in has invested aggressively in its manufacturing infrastructure (ca-
the last three months. pacity scaled up by 10x spread strategically across India, Po-
With this quantum leap—only 3 sterile injectable approvals in land and Brazil), which will adequately support the strong rev-
CY2008 to 23 approvals in CY2010 till date—we believe that enue growth in future.
the company is well on track to achieve its guidance of develop- In recognition of the strong growth potential, we expect the
ing around 120 products p.a. translating into 40+ filings for company’s earnings to grow at a CAGR of 44% over CY2009-
sterile generic products for the next couple of years each, result- 11E. Strides appears to be an attractive investment in the near
ing into a robust portfolio of more than 180+ products. to medium term in the mid-cap pharma space and we remain
Strides’ focus on the sterile injectable space could be well sup- bullish on the company’s future growth prospects. At the CMP
ported by its collaboration with Pfizer for 40 generic injectables of Rs382, the stock is available at 10.9x CY2010E and 7.5x
in the US market. The first product under this agreement is ex- CY2011E earnings.
pected to be commercialised in CY2010.
Strides currently has about 125 cumulative ANDA filings, out
of which 92 comprises sterile injectable products. The company’s
The author doesn’t hold any investment in any of the companies mentioned in the article.

TRADER'S TECHNIQUES
SENSEX: THE TIME HAS ARRIVED

The Sensex is again close to the upper end of the parallel channel, post- WEEKLY CHART
ing a positive quarterly close— the sixth in a row. The index has been * BSE - SENSEX (17,577.66, 17,794.80, 17,373.78,
MACD (207.827)
17,509.33, -65.1992), Parabolic SAR (16,072.36)
trading in a range ie the parallel channel since nine months, forming a 20000
19000
hammer candlestick pattern in Q3 2009, a Doji star candlestick pattern 18000
17000
in Q4 2009 and again a Doji in Q1 2010. This means that the index 16000
looks tired at the higher end now, as the momentum indicators have 15000
14000
fallen drastically and the volumes have also fallen since. All this signals 13000
lack of buying at higher levels and more of distribution. The bullish 12000
argument against this is that the consolidation or sideways movement in 11000
the Sensex is more of an accumulation phase and not distribution. But to 10000
support this argument, the basic wave characteristics such as increase in 9000
volumes and strong momentum are not seen. So we believe it yet to

make an intermediate wave two down for the retracement of the entire 8000
rise from the low of 7697. 7000
Currently, we believe, the Sensex has either completed its five waves up
making a top at 18047 and then correcting in a complex corrective pat- Volume (57,013,416)
15000
tern —W-X-Y-X-Z in which it has completed wave W and wave X and
now wave Y down has ensued or it will make one more attempt to 10000
complete its final leg on the upside by testing the higher end of the chan- 5000
nel at 18300-18500 levels. There is an island reversal gap at 18439, 09 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Feb Mar Apr May Jun Jul Aug Sep Oct Nov
x10000
which is close to 78.6% retracement level of the entire bear market,

which is acting as a significant resistance since nine months. So, we be- QUARTELY CHART
lieve that till this gap is not filled, this rally may fizzle out before 18439. * B S E - S E N S E X (1 7 ,6 7 9 . 3 4 , 1 7 , 6 7 9 .3D4a,r k1 7 ,4 5 5 .4 1 , 1 7 ,5 0 9 . 3 3 , - 1 9 1 .5 7 0 ), P a r a b o lic S AR ( 8 ,3 0 5 .2 5 )
C lo u d
2
2
40
30
00
00
The Bollinger bands have contracted a lot now, which is clearly visible P 2
2
20
10
00
00
Do ji 2 00 00
on the weekly charts signaling a sharp move in either direction, but look- Sta r 1 90 00
P 1 80 00
ing at the other momentum indicators and wave counts, we believe that 1 70 00
1 60 00
the reversal would be on the downside. The Sensex is respecting its O 1 50 00
40WMA on the lower side, as it has taken the support there two times. Ha mme r
1 40 00
1 30 00
Hence it becomes a crucial support as it also coincides with the lower O 1 20 00
En g ulf ing
end of the parallel channel. Bu ll 1 10 00
1 00 00
These observations lead to a conclusion that the Sensex is yet to correct
9 00 0
in its wave two down and till it trades in this parallel channel ie the
8 00 0
nine-month range, it is unlikely to provide a trendy move. However
once the channel is broken on the lower side, which we believe it will 7 00 0
happen in wave two down, it would be trendy as the volatility would 6 00 0
then increase with the expansion in the Bollinger bands. The alternate
that can rule out this possibility of correction or wave two down is that 5 00 0
the Sensex surpasses the higher end of the range and manages to sustain
above it. Till then we will continue to hold our view of the market 4 00 0
trading lower.
Q3 Q4 2 00 6 Q3 Q4 2 00 7 Q3 Q4 20 0 8 Q3 Q4 2 00 9 Q3 Q4 2 01 0 Q3 Q4 20 11 Q3
REFINED SOY OIL: BOTTOMING OUT

NCDEX Refined soy oil has been trading in a broad range—of Rs100— SOYOIL
in the past one year. In the last month, however, this range has become 90
extremely tight where the edible oil ended the month in red. This is an 80
70
60
indication that a big move can be expected in the coming months. A 50

40
closer look at the charts indicates that soy oil is in the process of mak- 30
ing a large bottoming out/accumulation pattern—the inverted head and 750
shoulders pattern. There is a complete lack of momentum as suggested 700
by the indicator, which is also giving positive divergence signals. Vol- 650
umes were subdued at the head of the pattern but has improved at the 600
right shoulder. Furthermore, a falling wedge pattern on the right shoul-

550
der is also a bullish indication. Medium-term players are advised to 535
accumulate long positions with reversal below Rs435 on a weekly clos- 500
ing basis with the initial target of Rs455 and then of Rs535.
450
S 435
S
H
400
S O N D 2008 M A M 2009 M A M J J A S O N D 2010 M A M J J A

TRADER'S TECHNIQUES
LEAD: GOLDEN OPPORTUNITY NEAR GOLDEN RATIO

MCX Lead’s bird’s eye view—the monthly chart—reveals that the LEAD
metal is in the process of bottoming out. After forming a five-wave 2
1
170
0 160
advance (from Rs40.5 to Rs121.95), the metal has formed a three -1

-2
150
-3 140
wave correction. The correction has achieved the golden ratio ie it -4

130
125 0.0%
has retraced nearly 61.8% of the advance (from Rs40.5 to Rs121.95), 120
120
110
which is a key reversal level. The reversal can be confirmed by fine 115 23.6%
100
tuning the analysis, by moving into a lower time-frame. The daily 110
38.2% 90
105
chart shows that the base metal is forming an inverted head and 99 100
50.0%
80
shoulders—a bullish price pattern. The rise from Rs72.55 to Rs84.85 95

61.8%
70
was a leading diagonal, whose 61.8% retracement has already been 90

60
78.6%
achieved. The daily MACD is in sync with the bullish formation. 85
50
Near the equilibrium line, the momentum indicator has taken sup- 80
port at the 9-period moving average and is set for a new cycle up. 75
100.0%
40
Once Lead breaks out from the bullish pattern, the head and shoul- 71.5
70
November December 2010 February March April May June July 2006 2007 2008 2009 2010 2011
ders pattern target will be Rs99, which is near its 200DMA. On the
other hand, 61.8% retracement of the five wave advance ie Rs71.5
is a crucial support from the medium-term perspective.
DERIVATIVE VIEW: RUNNING OUT OF THE SHELF

June series started off on a sanguine note and advanced around Top five stock options with highest open interest in the current series
11% with stable volatility on the back of supporting news flow
STOCK OPTIONS OPEN INTEREST (Rs cr)
from the global markets, China unhooking Yuan from the Dollar
and Euro zone announcing a relief package. Reliance group’s stocks RELIANCE 804.0
along with banking, fast moving consumer goods and select heavy ONGC 419.5
weights placed knock-out match in the series. Rollover in the Nifty SBIN 363.5
futures was higher, whereas rollover in stocks was in line with the TATA STEEL 281.2
previous expiries. The benchmark witnessed a very good addition
ICICI BANK 212.5
in the open interest (see chart below) starting the month with a dis-
count and turning into a premium towards the end, indicating trad- Strategy for the month:
ers’ confidence in building long positions.
We expect that the market will continue to trade in a broader range
45,000,000 OI bas is 15.00 with stock-specific movement. So going for a market neutral strat-
40,000,000 10.00 egy (pair trade) will be a good bet
35,000,000 5.00
0.00 Explanatory note:
30,000,000
25,000,000
-5.00 We recommend to buy Siemens (1 lot) and sell Aban Offshore (2
-10.00
20,000,000
-15.00
lots) at the current price ratio of 0.860.
15,000,000 -20.00 We also recommend buying 70 shares of Siemens in cash for value neutral.
10,000,000 -25.00
5,000,000 -30.00 The target is at 0.928 and the stop loss ratio is at 0.825.
0 -35.00 Stock price correlation is 63%
28-May-10
30-May-10
1-Jun-10
3-Jun-10
5-Jun-10
7-Jun-10
9-Jun-10
11-Jun-10
13-Jun-10
15-Jun-10
17-Jun-10
19-Jun-10
21-Jun-10
23-Jun-10
SNAPSHOT:
Pair Siemens Aban Offshore
On the option side, the implied volatility has cooled off marginally B/S Buy Sell
and is hovering around its normal band of 17-20% with 5100-5200 Init Px 717.95 835.15
on the put side and 5400-5500 on the call side remaining the active Lot size 500 250
No of lots 1 2
strikes, indicating that the market will continue to trade in a broader
Quantity 500 500
range with high intra-day whipsaws.
Adjusted shares 70 0
The top five stock futures with the highest open interest in the cur- Value 412395 420500
rent series are: Margin 90000 70640
Value Difference -8343.5
STOCK FUTURES OPEN INTEREST (Rs cr)
Correlation 63.00%
RELIANCE 1408.1 Cr Ratio 0.860
TATA STEEL 1237.1 Target Ratio * 0.928
ICICI BANK 1084.1 Stop-loss Ratio * 0.825
SBIN 849.4 Profit Potential (Apx)* 41758
REL INFRA 672.9 Sl In Value Terms (Apx)* 16703
(*) Imp note: - Target & stop-loss ratio is on closing basis.

COMMODITIESCORNER
Soy: Firm in short run

Soybean has been trading steady for the last couple of weeks gar- ing soybean. A higher minimum support price (MSP) for pulses and
nering demand from millers. Export of soy meal is also expected to cotton could bring more area under these crops at the cost of soy-
improve in the coming months as the price disparity with soy meal bean.
from South America is tapering, gradually. Industry observers expect soybean acreage to fall by 10% this year,
Sowing of oilseeds has begun and the process is expected to pick translating into lower carry-forward stocks next year.
pace in the coming days on improvement in monsoon in the north-
Soy oil exports: disparity narrows
ern and central India. So far, monsoon has been 15% short on an
all-India basis and 26% deficient in the central region. SOYMEAL EXPORT FIGURES IN TONS
Month 2009-10 2008-09 % Rise/Fall
We believe, soybean and its products would derive cues from rising October 219,721 88,723 147.65
soy meal enquiries and anticipated a fall in acreage.
November 297,340 647,400 (54.07)
SOYBEAN INDIAN December 328,225 655,882 (49.96)
January 240,318 521,243 (53.90)
3000 February 220,552 375,098 (41.20)
2500 March 163,666 224,639 (27.14)
April 60,264 100,106 (39.80)
2000
May 60,575 77,018 (21.35)
1500 Total... 1,590,661 2,690,109 (40.87)
1000
Indian soy meal delivered to South East Asia that normally quotes
500 at $20 discount to its South American counterpart quoted at a pre-
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
mium of $40— and this hit the exports hard, bringing the Indian
soy meal exports to the region down by a steep 50%. In wake,
domestic soybean corrected, to Rs1,900 a quintal, and so did soy
meal for exports.
SOYBEAN CBOT On the other hand, South American soy meal prices spiked on de-
mand from China. This worked in favour of Indian soy meal bring-
2000 ing down its price disparity to its South American counterpart from
$40 to $10.
1500 The forward contracts for September/October shipments have been
concluded at par with the rates quoted by the South American coun-
1000 terpart.
500 Enquires for Indian soy meal have increased over the last one month
as the the price disparity narrowed, with the local demand provid-
0 ing the support. Soy meal for July shipment is offered at $345 PMT
FAS Kandla.
Feb-03
Feb-04
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
La-Nina: odds hold

The weather department, India Meteorological Department (IMD),
in its latest data sees a 60% possibility of La-Nina developing in
We believe soy prices in the coming days would be impacted by the July-end or the beginning of August. La-Nina results in high inten-
following factors. sity rains in the Indian region, hence IMD’s forecast of a stronger
monsoon—102% of the long period average—this year. La-Nina
Lower sowing: high MSP for pulses and subdued oilseed could hurt the crops at a time when soybean sowing would not be
prices to hit possible in certain areas.
Soybean has corrected from the high of around Rs2,600 a quintal We expect soybean to trade steady to firm in the coming days garner-
in May 2009 to Rs1,900 a quintal at present led by higher global ing support from lower sowing, depreciation in the Indian rupee and
production, high domestic carry-over stocks and disparity in crush- improving demand for soy meal exports on narrowing disparity.

PREMIER IDEAS
PREMIER IDEAS
PRODUCT DETAILS (FOR JUNE 2010)
Product Ticket Size No Of calls Profit / Loss (Rs) Profit/ Loss (%)
Smart Trades Ideas 500000 17 2128 0.43%
Derivatives Ideas 300000 19 17604 5.87%
Nifty Ideas 125000 9 -10345 -8.28%
SMART TRADES IDEAS

In this, ideas are generated based on the market’s pulse or the flavour of the season (the stock calls are not based on fundamental
research). This is ideal for the short-term delivery trader with a medium risk profile. All ideas are actively traded and the product’s
performance is reported on a daily basis. In addition to the daily report, a monthly report card shall also be released.
DERIVATIVES IDEAS
These ideas are generated by Sharekhan Derivatives Desk based on the analysis of open interest in the market and the other
indicators. It is a leveraged product and ideal for aggressive traders. These ideas are reported on a daily basis. A monthly report
shall also be released.
NIFTY IDEAS
In this, trading ideas are generated in the Nifty (both short and long) based on technical study. It is meant for aggressive traders
wanting to actively trade on the market indices. These ideas are reported on a daily basis. A monthly report shall also be released.
If you do not have time to monitor the market tick by tick, to shift through pages of research or to pour over complex charts, then
Premier Ideas are what you need.
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disclaimer
the same time. SHAREKHAN will not treat recipients as customers by virtue of their receiving this report. The information contained herein is from publicly available data or other sources believed to be reliable. While
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SHAREKHAN EARNINGS GUIDE Prices as on July 02, 2010
Company Price Sales Net Profit EPS (%) EPS PE (x) ROCE (%) RONW (%) DPS Div
(Rs) Growth Yield
FY10E FY11E FY12E FY10E FY11E FY12E FY10E FY11E FY12E FY12/FY10 FY10E FY11E FY12E FY11E FY12E FY11E FY12E (Rs) (%)
Evergreen
HDFC 2,916.3 11,360.8 14,421.2 18,168.2 2,826.5 3,498.9 4,236.2 98.4 121.9 147.5 22% 29.6 23.9 19.8 - - 21.5 22.5 36.0 1.2
HDFC Bank 1,912.9 12,194.2 14,303.0 17,639.3 2,948.7 3,836.4 5,096.5 64.4 83.8 111.3 31% 29.7 22.8 17.2 - - 16.7 19.4 12.0 0.6
Infosys Tech 2,727.5 22,742.0 25,779.0 29,747.0 6,218.0 6,820.0 7,909.0 108.7 119.2 138.3 13% 25.1 22.9 19.7 32.4 30.7 24.3 23.0 25.0 0.9
Larsen & Toubro 1,786.0 43,501.6 56,485.3 68,334.1 3,829.0 4,496.5 5,408.1 57.9 74.6 89.7 25% 30.9 23.9 19.9 16.6 17.3 18.4 17.6 10.5 0.6
Reliance Ind 1,069.0 192,461.0 248,036.4 262,731.4 16,236.0 23,311.4 26,645.8 49.4 70.9 81.1 28% 21.6 15.1 13.2 12.1 12.5 14.5 14.2 7.0 0.7
TCS 743.8 30,029.0 33,979.0 39,339.0 6,873.0 7,574.0 8,585.0 35.1 38.7 43.9 12% 21.2 19.2 16.9 29.1 28.5 30.2 28.6 20.0 2.7
Apple Green
Aditya Birla Nuvo @ 768.0 4,829.0 5,454.0 5,772.0 283.8 314.5 359.9 25.0 27.7 31.7 13% 30.7 27.7 24.2 21.6 22.6 6.5 6.9 4.0 0.5
Apollo Tyres 64.4 5,036.9 6,211.6 7,051.5 414.9 308.6 359.8 8.2 6.1 7.1 -7% 7.9 10.6 9.1 19.2 19.1 15.4 15.4 0.8 1.2
Bajaj Auto 2,455.1 11,921.0 15,864.1 17,875.0 1,865.3 2,312.2 2,611.7 128.9 159.8 180.5 18% 19.0 15.4 13.6 65.3 55.4 60.5 45.8 40.0 1.6
Bajaj Finserv 430.8 984.2 - - 554.5 - - 38.6 - - - 11.2 - - - - - - 1.0 0.2
Bajaj Holdings 709.2 716.9 - - 1,357.3 - - 128.0 - - - 5.5 - - - - - - 30.0 4.2
Bank of Baroda 715.6 8,664.4 9,901.5 11,556.1 3,058.3 3,438.4 4,013.9 83.7 94.1 109.8 15% 8.5 7.6 6.5 - - 20.6 20.5 15.0 2.1
Bank of India 357.0 8,372.6 9,678.7 11,119.3 1,741.1 2,339.4 2,971.4 33.1 44.5 56.5 31% 10.8 8.0 6.3 - - 17.3 19.0 7.0 2.0
Bharat Electronics 1,723.3 5,193.3 5,733.8 6,772.6 733.7 852.3 1,034.5 91.7 106.5 129.3 19% 18.8 16.2 13.3 21.4 21.4 15.0 14.9 20.7 1.2
BHEL 2,391.9 32,880.3 41,414.4 48,099.0 4,310.7 5,340.7 6,301.1 88.1 109.1 128.7 21% 27.2 21.9 18.6 45.5 43.4 27.0 25.8 20.0 0.8
Bharti Airtel 264.7 39,615.0 40,447.3 43,344.2 9,102.8 8,399.6 8,813.3 24.0 22.1 23.2 -2% 11.0 12.0 11.4 16.9 15.0 19.2 17.2 1.0 0.4
Corp Bank 514.9 3,396.7 3,921.4 4,774.8 1,170.2 1,287.2 1,556.6 81.6 89.7 108.5 15% 6.3 5.7 4.7 - - 20.5 21.3 16.5 3.2
Crompton Greaves 251.7 9,140.9 10,140.1 11,368.8 824.1 905.5 1,003.1 12.8 14.1 15.6 10% 19.6 17.8 16.1 41.2 39.0 29.2 26.2 1.4 0.6
Glenmark Pharma 275.4 2,484.8 3,109.1 3,543.0 331.0 537.8 588.9 12.3 19.8 21.6 33% 22.4 13.9 12.7 16.5 15.9 18.2 16.6 0.4 0.1
GCPL*** 345.0 2,041.2 2,401.2 2,770.1 339.6 387.7 453.4 11.0 12.6 14.7 16% 31.4 27.4 23.5 33.3 32.6 38.4 35.4 4.3 1.2
Grasim 1,827.1 19,933.4 21,412.7 23,049.1 2,759.5 2,129.2 2,351.7 301.0 232.3 256.5 -8% 6.1 7.9 7.1 8.4 8.3 14.1 13.0 30.0 1.6
HCL Tech** 353.0 12,345.4 13,878.5 15,385.1 1,261.0 1,672.4 1,878.6 18.6 24.5 27.2 21% 19.0 14.4 13.0 37.6 38.7 25.4 23.9 7.0 2.0
HUL* 268.4 17,523.8 19,473.2 21,976.0 2,133.5 2,223.2 2,661.0 9.8 10.2 12.2 12% 27.4 26.3 22.0 101.4 103.7 87.5 82.2 6.5 2.4
ICICI Bank 840.1 15,592.0 16,899.9 19,416.7 4,025.0 5,154.8 6,770.0 36.1 46.2 60.7 30% 23.3 18.2 13.8 - - 9.7 11.9 12.0 1.4
Indian Hotel Co 104.7 2,516.6 3,051.0 3,651.0 (175.8) 182.8 393.4 -2.4 2.5 5.4 - -43.6 41.9 19.4 7.9 11.7 7.5 15.1 1.0 1.0
ITC 302.6 18,382.2 21,116.9 24,176.9 4,060.9 4,800.0 5,510.0 10.6 12.6 14.4 17% 28.5 24.0 21.0 41.3 40.7 31.4 30.2 10.0 3.3
Lupin 1,932.0 4,740.5 5,709.7 6,772.7 681.6 844.4 1,010.2 76.6 94.2 112.7 21% 25.2 20.5 17.1 27.4 27.1 30.9 28.0 13.5 0.7
M&M 602.4 18,602.3 22,299.4 25,107.6 2,065.9 2,292.0 2,547.1 36.5 40.5 45.0 11% 16.5 14.9 13.4 27.0 25.6 23.5 21.4 9.5 1.6
Marico 126.5 2,660.8 3,044.5 3,527.8 252.1 290.7 346.2 4.1 4.8 5.7 18% 30.9 26.4 22.2 33.0 33.0 37.5 33.1 0.7 0.5
Maruti Suzuki 1,415.9 29,098.9 33,058.5 38,113.1 2,497.6 2,719.8 3,040.3 86.4 94.1 105.2 10% 16.4 15.0 13.5 29.0 27.2 21.1 19.5 6.0 0.4
Piramal Healthcare 488.9 3,671.1 4,251.6 4,923.8 488.8 542.9 666.4 23.4 26.0 31.9 17% 20.9 18.8 15.3 21.6 22.4 26.1 25.5 5.4 1.1
Punj Lloyd 133.5 10,462.3 10,302.0 13,709.3 (102.9) 284.4 415.9 -3.1 8.6 12.5 - -43.1 15.6 10.7 9.5 11.4 8.5 11.1 0.3 0.2
SBI 2,265.1 38,639.6 45,358.0 53,881.9 9,166.1 10,596.1 14,556.1 144.4 166.9 229.3 26% 15.7 13.6 9.9 - - 15.2 18.4 30.0 1.3
Sintex Industries 315.5 3,319.2 3,974.6 4,891.6 328.5 382.6 487.1 23.8 27.7 35.3 22% 13.3 11.4 8.9 12.3 14.5 16.3 17.2 1.2 0.4
Tata Tea 120.8 5,820.9 6,473.5 7,071.3 374.1 452.6 509.9 6.1 7.3 8.3 17% 20.0 16.5 14.6 10.8 11.5 11.7 12.1 2.0 1.7
Wipro 385.6 27,213.0 32,166.3 34,360.1 4,630.7 5,286.1 5,680.8 19.0 21.6 23.3 11% 20.3 17.8 16.6 23.0 22.2 22.6 19.6 6.0 1.6
Emerging Star
3i Infotech 63.3 2,448.5 2,704.4 2,894.8 258.9 295.9 330.2 13.1 13.4 15.0 7% 4.8 4.7 4.2 10.3 10.6 10.1 10.1 1.5 2.4
Allied Digital 225.5 697.5 881.6 1,011.1 107.8 134.7 156.1 23.2 28.7 33.2 20% 9.7 7.9 6.8 21.3 21.1 18.2 17.7 1.0 0.4
Alphageo India 190.4 78.3 100.0 109.0 9.7 12.9 14.0 19.0 25.2 27.3 20% 10.0 7.6 7.0 39.2 38.4 17.6 16.2 1.5 0.8
Axis (UTI) Bank 1,237.2 8,950.3 10,993.4 13,183.2 2,514.5 3,196.4 4,131.8 62.1 78.9 102.0 28% 19.9 15.7 12.1 - - 18.6 20.8 12.0 1.0
Cadila Healthcare# 657.5 3,686.9 4,253.9 4,922.8 534.5 590.9 707.2 26.1 28.9 34.5 15% 25.2 22.7 19.1 23.7 24.1 27.3 25.7 5.0 0.8
EMCO 80.9 978.6 1,059.7 1,196.2 35.4 50.3 61.1 6.0 7.7 9.4 25% 13.4 10.5 8.6 12.9 13.7 9.5 10.5 1.4 1.7
Greaves Cotton** 339.3 1,354.7 1,597.2 1,835.0 122.2 150.8 166.0 25.0 30.9 34.0 17% 13.6 11.0 10.0 40.6 37.5 27.7 25.5 4.0 1.2
Max India 158.4 7,729.0 - - (44.0) - - -3.2 - - - -49.5 - - - - - - - -
Opto Circuits India 236.4 1,077.6 1,270.0 1,493.4 263.4 353.6 415.0 14.4 18.7 22.0 24% 16.4 12.6 10.7 23.7 23.5 23.8 22.9 4.0 1.7
*FY2009 is of 15 months ending March 2009 as company has changed reporting year from CY to FY **June ending company
@Stand-alone financials ***RoE and RoCE are on stand-alone basis due to non availiability of consolidated balance sheet post recent acquisitions.
Note: For Grasim we have shifted our estimates to consolidated

Company Price Sales Net Profit EPS (%) EPS PE (x) ROCE (%) RONW (%) DPS Div
(Rs) Growth Yield
FY10 FY11E FY12E FY10 FY11E FY12E FY10 FY11E FY12E FY12/FY10 FY10 FY11E FY12E FY11E FY12E FY11E FY12E (Rs) (%)
Patels Airtemp 90.7 72.2 85.4 102.6 8.7 9.9 12.4 17.1 19.5 24.4 19% 5.3 4.7 3.7 41.2 40.0 25.3 24.7 2.0 2.2
Thermax 746.9 3,185.5 3,730.9 4,477.0 256.3 354.2 434.7 21.5 29.7 36.5 30% 34.7 25.1 20.5 50.9 48.1 30.4 27.4 5.0 0.7
Zydus Wellness 487.8 268.1 342.7 431.5 46.7 64.4 92.8 12.0 16.5 23.7 41% 40.6 29.6 20.6 68.7 58.4 51.1 48.6 3.0 0.6
Ugly Duckling
BASF 423.5 1,627.0 2,513.8 2,939.8 96.1 116.3 159.4 23.6 28.5 39.1 29% 17.9 14.9 10.8 33.1 38.8 24.6 27.8 8.0 1.9
Deepak Fert 149.1 1,288.0 1,600.0 2,031.4 172.1 164.8 196.0 19.5 18.7 22.2 7% 7.6 8.0 6.7 10.6 11.1 16.8 17.1 4.0 2.7
Federal Bank 330.0 1,942.0 2,311.0 2,747.0 465.0 610.0 767.0 27.2 35.7 44.8 28% 12.1 9.2 7.4 - - 11.8 13.3 5.0 1.5
Gayatri Projects 424.9 1,252.5 1,528.4 2,030.0 53.3 64.7 101.7 48.0 52.2 65.6 17% 8.9 8.1 6.5 12.1 14.8 20.4 22.9 5.0 1.2
Genus Power Infra 201.3 660.7 790.5 944.1 51.1 60.2 78.9 34.5 37.9 49.7 20% 5.8 5.3 4.1 15.9 17.1 16.7 18.1 1.0 0.5
India Cements 106.6 3,771.3 3,917.0 4,176.7 325.3 192.4 262.9 10.6 6.3 8.6 -10% 10.1 16.9 12.4 7.4 9.1 5.5 7.1 2.0 1.9
Ipca Laboratories 292.6 1,566.5 1,871.7 2,233.8 205.4 245.1 294.3 16.4 19.6 23.5 20% 17.8 14.9 12.5 23.6 24.6 26.2 25.1 2.5 0.9
ISMT 46.9 1,185.1 1,584.8 2,073.6 73.3 120.1 168.4 5.0 8.2 11.5 52% 9.4 5.7 4.1 13.9 17.8 16.6 18.9 0.0 0.0
Jaiprakash Asso 127.1 10,089.0 14,450.4 17,925.5 706.0 1,104.3 1,372.5 3.3 5.2 6.5 40% 38.5 24.4 19.6 11.2 12.2 11.8 13.2 1.1 0.8
Orbit Corporation 131.4 487.1 576.1 825.1 95.0 105.5 168.1 8.6 9.2 14.7 31% 15.3 14.3 8.9 12.3 14.7 11.8 16.3 1.3 1.0
Pratibha Ind 394.8 1,013.4 1,400.0 1,800.0 56.5 79.0 105.9 33.9 47.4 63.5 37% 11.6 8.3 6.2 19.6 21.1 25.3 26.6 3.0 0.8
PNB 1,046.2 11,935.4 13,623.7 15,639.8 3,905.4 4,546.1 5,334.9 123.9 144.2 169.2 17% 8.4 7.3 6.2 - - 25.3 24.7 12.0 1.1
Ratnamani Metals 124.8 852.0 1,003.6 1,198.6 81.4 94.0 106.3 18.1 20.9 23.6 14% 6.9 6.0 5.3 25.9 25.9 23.2 21.2 2.2 1.8
Selan Exploration 384.9 70.8 94.3 124.5 28.8 42.4 58.2 19.8 26.4 36.3 35% 19.4 14.6 10.6 30.2 33.1 22.5 23.9 0.0 0.0
Shiv-Vani Oil & Gas 443.0 1,252.0 1,354.5 1,418.5 203.4 262.2 297.9 43.9 56.6 64.3 21% 10.1 7.8 6.9 20.4 18.5 15.2 15.2 0.0 0.0
Subros 46.8 905.4 1,056.5 1,213.5 27.6 34.8 44.9 4.6 5.8 7.5 28% 10.2 8.1 6.2 16.5 18.6 14.8 16.1 0.5 1.1
Sun Pharma 1,755.8 4,102.8 4,539.0 5,362.9 1,351.1 1,491.1 1,750.1 65.2 72.0 84.5 14% 26.9 24.4 20.8 16.8 17.1 16.2 16.4 13.8 0.8
Sunil Hitech 205.6 773.1 981.2 1,255.8 20.1 38.1 51.6 27.4 31.1 42.1 24% 7.5 6.6 4.9 17.7 20.9 19.4 22.0 1.0 0.5
Torrent Pharma 561.3 1,916.0 2,176.4 2,474.8 231.2 312.9 386.5 27.3 37.0 45.7 29% 20.6 15.2 12.3 26.2 26.7 29.7 26.9 6.0 1.1
UltraTech Cement 870.6 7,049.7 7,168.9 7,600.3 1,093.2 831.4 872.7 87.8 66.8 70.1 -11% 9.9 13.0 12.4 21.0 20.0 15.5 14.2 6.0 0.7
Union Bank of India 310.8 6,167.2 7,089.7 8,164.3 2,074.9 2,380.0 2,847.1 41.1 47.1 56.4 17% 7.6 6.6 5.5 - 23.9 23.7 5.5 1.8
United Phosphorus 182.3 5,460.2 6,041.3 6,695.9 548.6 706.5 805.1 12.0 16.5 18.7 25% 15.2 11.0 9.7 17.0 16.8 20.0 19.1 2.0 1.1
Zensar Tech 316.5 955.8 1,134.3 1,272.7 127.6 137.3 153.5 59.0 63.5 71.1 10% 5.4 5.0 4.5 29.3 26.8 28.1 24.2 5.5 1.7
Vulture's Pick
Esab India^ 610.1 425.3 466.0 523.2 66.2 73.3 82.1 43.0 47.6 53.3 11% 14.2 12.8 11.4 57.1 52.4 34.3 31.7 20.0 3.3
Mah Lifespace@ 457.6 320.7 426.8 569.8 82.3 103.8 127.8 20.0 24.6 30.3 23% 22.9 18.6 15.1 14.0 15.7 10.4 11.6 3.5 0.8
Orient Paper 57.2 1,619.8 1,955.3 2,068.3 159.3 182.8 205.0 8.3 9.5 10.7 14% 6.9 6.0 5.3 24.3 26.3 20.0 18.9 1.5 2.6
Tata Chemicals 322.4 9,544.0 10,118.4 11,508.3 751.2 761.8 901.5 23.7 29.9 35.3 22% 13.6 10.8 9.1 12.8 14.2 12.4 13.3 9.0 2.8
Unity Infraprojects 106.4 1,476.8 1,833.6 2,294.4 85.1 98.2 126.6 11.5 13.3 17.1 22% 9.2 8.0 6.2 17.4 19.3 16.0 17.7 1.0 0.9
Cannonball
Allahabad Bank 160.0 4,166.4 4,842.8 5,628.6 1,206.4 1,395.8 1,602.0 27.0 31.2 35.9 15% 5.9 5.1 4.5 - 18.9 18.4 5.5 3.4
Andhra Bank 129.5 3,159.4 3,842.2 4,446.7 1,045.8 1,211.9 1,394.3 21.6 25.0 28.7 15% 6.0 5.2 4.5 - 25.2 24.7 5.0 3.9
IDBI Bank 119.3 4,558.4 5,639.2 6,787.4 1,031.1 1,201.3 1,500.6 14.2 16.6 20.7 21% 8.4 7.2 5.8 - 13.1 14.6 3.0 2.5
Phillips Carbon 185.9 1,232.6 1,645.6 1,817.0 122.7 156.8 164.9 43.4 47.2 49.7 7% 4.3 3.9 3.7 31.0 24.0 26.3 21.7 5.0 -
Madras Cements 99.4 2,800.9 2,801.4 2,998.9 353.7 270.5 306.5 14.9 11.4 12.9 -7% 6.7 8.7 7.7 12.8 13.9 15.3 15.2 2.0 2.0
Shree Cement 1,958.4 3,632.1 4,045.8 4,456.6 725.5 703.2 693.0 208.3 201.9 198.9 -2% 9.4 9.7 9.8 22.3 19.5 28.3 22.2 8.0 0.4
TFCI 31.0 48.4 59.6 71.3 28.1 33.9 40.9 3.5 4.2 5.1 21% 8.8 7.4 6.1 - 10.7 12.0 1.0 3.2
^Year CY instead of FY

Remarks
Evergreen
HDFC HDFC provides housing loans to individuals, corporates and developers. It has interests in banking, asset
management and insurance through its key subsidiaries. Three of these—HDFC Bank, HDFC Life Insurance and
HDFC Mutual Fund—are valued at Rs1,713 per share of HDFC. As these subsidiaries are growing faster than HDFC,
the value contributed by them would be significantly higher going forward.
HDFC Bank HDFC Bank was established in 1994 as a part of liberalisation of the Indian banking industry by the Reserve Bank of
India (RBI). It was one of the first banks to receive an 'in principle' approval from the RBI to set up a private sector bank.
Its relatively high margins (compared with its peers), strong branch network and better asset quality make HDFC Bank
a safe bet.
Infosys Tech Infosys is India's premier IT and IT-enabled service company. It is one of the key beneficiaries of the strong trend of
offshore outsourcing. It is relatively better positioned to weather the tough business environment and also among
major beneficiaries of the revival in IT spending.
L&T Larsen & Toubro, being the largest engineering and construction company in India, is a direct beneficiary of the strong
domestic infrastructure boom. Strong potential from its international business, its sound execution track record,
bulging order book and strong performance of subsidiaries further reinforce our faith in it. There also lies great growth
potential in some of its new initiatives.
Reliance Ind RIL holds a great promise in E&P business with gas production from KG basin starting in April 2009 and that of
crude oil in September 2008. We expect the company’s GRM to pick up with a likely improvement in the light-heavy
crude oil price differential. The company is likely to fetch premium over Singapore Complex’ GRM due to its superior
refinery complexity and captive use of KG D-6 gas. We expect the current level of petrochem margins to be sustained
in the medium term with the uptick in the domestic demand and higher price realisation in the domestic market.
TCS TCS pioneered the IT services outsourcing business from India and is the largest IT service firm in the country. It is
a leader in most service offerings and is in the process of further consolidating its leadership position through the
inorganic route and large deals.
Apple Green
Aditya Birla Nuvo We believe the value businesses of the company (insulators, textiles, fertilisers, carbon black and rayon) have started
witnessing increased efficiency as reflected in sharp improvement in their operating margins, while the growth
businesses (retail, BPO, life insurance and financial services) are showing improved revenue visibility and gaining
strong market share. We believe strong internal cash flows from value businesses coupled with promoter funding
coming in would meet the funding requirement of the growth businesses.
Apollo Tyres Apollo Tyres is the market leader in truck and bus tyre segments with a 28% market share. Strong demand in OEM
as well as replacement tyre segment coupled with commencement of additional capacity at its new Chennai facility
is likely to see a healthy volume growth for the company going forward. In the long term, the company is likely to
benefit from acquisitions made in overseas markets and capacity expansion in the domestic business.
Bajaj Auto Bajaj Auto is a leading two-wheeler automobile company. It is moving up the value chain by concentrating on the
executive and premium motorcycle segments. The success of the new launches will drive most of the growth for the
company during the year and help the company to regain its lost market share in the 125cc segment.
Bajaj Finserv Bajaj Finserv is the only pure insurance play available in the market currently. It is one of the top three players in the
fast growing life insurance segment and also has a sizable presence in the general insurance segment.
Bajaj Holdings Bajaj Holdings is the holding company of the Bajaj group, having a 30% stake each in Bajaj Auto and Bajaj Finserv.
The two-wheeler sales are expected to improve going forward with new product launches. The insurance business
makes it one of the largest players in the insurance space.
Bank of Baroda With a wide network of over 3,200 branches across the country, BoB has a stronghold in western and eastern parts
of India. The bank has laid out aggressive plans to grow supplementary businesses including insurance and on-line
broking, which should boost its fee income.
Bank of India BoI has a wide network of branches across the country and abroad along with a diversified product and services portfolio
and a steady asset growth. However, the sharp deterioration in the asset quality may pose some concerns going ahead.
Bharti Airtel Bharti Airtel continues to lead the domestic telecom market in terms of both the subscriber base and the revenue market
share. In zest for high growth, it has acquired Zain Telecom’s African operations in 15 countries. With 3G and BWA
auction behind us, the company’s entry into the under-penetrated and relatively low competitive African market with
its unique outsourcing and minutes factory model would open up new avenues for its growth and profitability.
BEL BEL, a public sector unit that manufactures electronic, communication and defence equipment, is benefiting from
enhanced capital expenditure outlay under the Union Budget to strengthen and modernise the country’s security
system. The overall growth in the company’s revenues is also expected to be aided by civilian and export orders. The
company’s current order book of Rs11,350 crore provides revenue visibility for the next two years.

Remarks
BHEL India's biggest power equipment manufacturer will be the prime beneficiary of the four-fold increase in the investments
being made in the domestic power sector. The current order book of Rs1,43,800 crore stands at around 4.2x its
FY2010 provisional revenues and we expect the company to maintain the strong growth momentum.
Corp Bank Corporation Bank has one of the highest Tier-I CAR among its peers. This leaves ample scope for the bank to leverage
the balance sheet without diluting the equity, quite unlike the other state-owned banks. The bank is most aggressive
on technology implementation with all its branches under Core Banking Solution, covering 100% business of the
bank, giving it a competitive edge over its peers.
Crompton Greaves The outlook for Crompton Greaves' key businesses—of industrial and power systems—is buoyant. Its consumer
products segment has also been doing well. The synergy from the acquisition of Pauwels, GTV and Microsol will drive
the company’s consolidated earnings.
Glenmark Pharma Through the successful development and out-licensing of three molecules in a short span of six years, Glenmark has
become India's best play on research-led innovation. It has built a pipeline of 13 molecules and has managed to clinch
four out-licensing deals worth $734 million. Its core business has seen stupendous success due to its focus on niche
specialties and brand building. Out-licensing deals of its key molecules would provide further impetus to the earnings.
GCPL GCPL is a major player in toilet soap, hair colour and liquid detergent segments. The acquisition of Godrej Sara Lee
has expanded GCPL’s product portfolio to aerosols and household insecticides and has tremendously improved its
growth prospects and business model in the domestic market. Further, the recent acquisitions of Tura, Megasari and
the Argentine acquisitions has helped it expand its geographic footprint. We expect the international business along
with recent acquisitions to drive a strong growth in the coming years.
Grasim Due to the de-merger of its cement division into Samruddhi and eventually into UltraTech Cement, Grasim industries
has become a holding company for the cement business and has been left with just VSF and chemical divisions. At
consolidated level, the move will not result in any material change in the earnings estimates. On the other hand, due to
a revival in the demand for VSF, Grasim Industries is planning to add another 80,000 tonne capacity by FY2013 with
an investment of Rs1,000 crore.
HCL Tech HCL Tech is one of the leading Indian IT service vendors. It has outperformed its peers in terms of better financial
performance in the past few quarters on the back of ramp-up in business from large deals bagged earlier. We expect
a strong growth for HCL Tech with a revival seen in demand for IT services from hi-tech and manufacturing verticals.
HUL HUL is India's largest FMCG company. With sales volume and market share under severe pressure, the company
has shifted focus from profitability to regaining volumes. The company has implemented corrective measures, which
will improve volumes in the coming quarters, though near-term profitability is likely to be muted. In the long term,
HUL will be one of the key beneficiaries of the Indian consumerism story.
ICICI Bank ICICI Bank is India's second largest bank with a network of 2,016 branches and about 5,219 ATMs in India and
presence in 18 countries. The bank has once again entered expansionary mode after making a conscious effort to
de grow its advances book due to asset quality concern. The bank offers substantial value unlocking opportunities
with the expected listing of its subsidiaries like ICICI Securities and ICICI Prudential Life Insurance.
Indian Hotels Co Indian Hotels is the largest hotelier in India with a vast portfolio of hotel properties around the globe. Over the long term
the company would benefit from increase in tourism and corporate travels in India. Also, a turnaround in profitability
of its overseas properties would boost its earnings. The occupancies in the domestic business have revived as the macro
economic environment has improved. This will be followed by increase in room rates going ahead, which augurs well
for the company.
ITC ITC has a strategy of effectively utilising the excess cash generated from its cash cow, the cigarette business, to
strengthen and enhance it’s other non-cigarette businesses. This would nurture the growth of these businesses some
of which are at nascent stage. Thus we believe the company will deliver sustained and steady growth in coming years.
Lupin The leading pharma company is set to take off in the export market by targeting the US market (primarily for branded
formulations) while maintaining its dominance in the anti-TB segment globally. Further, with an expanded field force
and therapy focused marketing division, its branded formulation business in the domestic market has been
performing better than the industry. Its ongoing R&D activities are also expected to yield sweet fruits going forward.
M&M M&M is a leading maker of tractors and utility vehicles in India. New product launches are likely to drive its growth
going forward in the automobile segment, while the company has consolidated well in the tractor segment with the
acquisition of Punjab Tractors. Further, its investments with world majors in passenger cars and commercial vehicles
have helped it diversify into various automobile segments, while the value of its subsidiaries adds to its sum-of-the-
parts valuation.

Remarks
Marico Marico is India's leading FMCG company. Its core brands, Parachute and Saffola, have a strong footing in the market.
It intends to play on the broader beauty and health platform. It follows a three-pronged strategy that shall ensure
its growth in the long term. The strategy hinges on expansion of existing brands, launch of new product categories
and growth through acquisitions. While the domestic product portfolio is likely to achieve a steady volume growth,
the international business is expected to post a robust growth on the back of increase in distribution to neighbouring
countries and extension of international product portfolio.
Maruti Suzuki Maruti Suzuki is India's largest small car maker. The company is the only pure passenger car play in the domestic market
and has been outperforming the industry consistently. With new launches and strong existing product basket, the
company continues to outperform the market growth rate. Suzuki has identified India as a manufacturing hub for small
cars for its worldwide markets.
Piramal Health Piramal Healthcare has agreed to sell its domestic formulation business to Abbot International for a consideration
aggregating to $3.2 billion. The deal has resulted in wiping out 55% of the top line business value from Piramal
Healthcare’s books. Though we remain confident on the company’s CRAMS and critical care businesses, we believe
that the residual business of the company would trade at a significant discount to its trading history given the fact
that these are lower-margin businesses.
Punj Lloyd Punj Lloyd is the second largest EPC player in the country (first being Larsen & Toubro) with global presence. In
FY2007, it acquired SEC and Simon Carves, which helped it plug gaps in the services offered by it. However, in recent
times, the profitability has come under severe pressure due to cost overruns/ liquidated damages in some of its
subsidiaries’ projects and rising working capital requirement.
SBI Despite being the largest bank of India, SBI is growing at a high rate which is commendable. Its loan growth is likely
to remain healthy with improving core operating performance and stable net interest margins. Successful merger of
associate banks could provide further upside for the parent bank. The asset quality of the bank would remain a key
monitorable.
Sintex Industries A key player in the plastic specialties space, Sintex Industries has a diverse business model with presence in construction,
prefabs, custom molding and textiles businesses. Being a pioneer in the monolithic construction technique, it is
witnessing a strong traction in the order inflow for this division. Given the need for affordable housing, we expect
its order book to remain buyout in the future. With presence in exciting growth businesses, its revenue and profits
are expected to post a CAGR of 21.4% and 21.7% respectively over FY2010-12E.
Tata Tea Over the past few years, Tata Tea has transformed its focus from being mere a tea and coffee company to a complete
beverage maker. The recent addition of Mount Everest mineral water, RTD beverage T!ON and tie-up with Pepsico
Inc for making a mark in the non-carbonated beverage space is likely to add new growth drivers for the company.
Its intention to acquire companies in the US, Europe and Russia also augurs well to enhance its geographical footprint.
Wipro Wipro is one of the leading Indian IT service companies. The company has shown strong performance in recent quarters.
However, Wipro’s key user industries (telecom OEM and technology) remains muted due to change in the management
at client level and reduction in discretionary spending. But its performance is likely to improve in coming quarters.
Emerging Star
3i Infotech 3i Infotech offers software products and solutions to the BFSI sector. The growth momentum is expected to continue
due to a healthy order book. Moreover, the recent fund-raising exercise has allayed concerns related to relatively-high
financial leverage on its balance sheet.
Allied Digital The company is a leading player in the fast-growing remote infrastructure management service. It is believed to be
close to signing a pact with one of the leading PC server manufacturers to offer its services as bundled offering to its
OEM clientele. This coupled with a sustainable margin will cause its earnings to grow at a CAGR of over 20.6% during
FY2010-12.
Alphageo Alphageo provides seismic survey and other related support services to oil exploration & production companies in
India. The recent order wins and a healthy pipeline of orders have considerably improved the company's revenue
growth visibility.
Axis Bank Over the last few years, Axis Bank (UTI Bank) has grown its balance sheet aggressively. Notably, the bank has
maintained a delicate balance between aggressive balance sheet growth and profitability. Besides the core banking
business, the bank plans to foray into asset management business under a joint venture with Banque Privee. We expect
the quality of its earnings to improve as the proportion of fee income goes up.
Cadila Cadila's improving performance in the US generic vertical and emerging markets along with steady progress in
CRAMS space enrich its growth visibility. With key subsidiaries turning profitable and aggressive take on Para IV
filings, the company is all set to harvest the fruits of its long-term investments.

Remarks
EMCO A leading player in the transformer space, Emco is fast emerging as an end-to-end player in the power T&D space.
The company has a strong order book of Rs1,500 crore. Furthermore, its new business initiative (coal mining) could
be value accretive in the future. Recently, there have been concerns on falling realisation of the transformers segment
and growing competition in the T&D projects space.
Greaves Cotton Greaves Cotton is a midsize and well-diversified engineering company. The Company’s core competencies are in Diesel/
Petrol engines, Power Gensets, Agro engines & pumpsets (Engines segment) and Construction Equipment
(Infrastructure equipment segment). The engine business accounts for ~85% of the company’s revenue, while the rest
comes from infrastructure equipment. With strong growth in sales of automotive engines and expected revival in the
construction equipment sales, we expect the company to post a robust CAGR of 43.6% in profits over FY2009-12.
Max India Max India is a unique investment opportunity providing direct exposure to two sunrise industries of insurance and
healthcare services. Max New York Life, its life insurance subsidiary, is among the leading private sector players, has
gained the critical mass and enjoys some of the best operating parameters in the industry. With insurance penetration
picking up in India and the company expanding its distribution network steadily, we expect to see a healthy growth
in the company’s APE going ahead.
Opto Circuits A leading player in manufacturing medical equipment like sensors and patient monitors, Opto Circuits has diversified
into invasive space, supplying stents for medical use. Lower cost base and attractive pricing strategy have enabled
Opto's stents to gain acceptance globally. Steady growth in non-invasive segment and increasing acceptance of DIOR,
a revolutionary cardiac balloon, in Europe would also drive Opto's growth. Criticare acquisition has further enabled
Opto to diversify into gas monitoring system and strengthen its position in the USA.
Patels Airtemp Patels Airtemp, a manufacturer of heat transfer technology products, would benefit immensely from the strong boom
in its user industries, particularly oil and gas, refineries and power. It currently has a strong order book of Rs61 crore
while the order inflow is expected to remain steady in the next two years too.
Thermax The company’s energy and environment businesses are set to benefit from continuing rise in India Inc's capex. Its order
book stands at Rs5,966 crore, which is 1.8x its FY2010 consolidated revenues. We are positive on its recent entry
into super-critical boilers and its robust order inflow outlook from the power sector.
Zydus Wellness Zydus Wellness owns three high growth brands, Nutralite, Sugar free and Ever Yuth in the niche health and wellness
segment. The company focuses on rampant growth by increasing the distribution of existing products, scaling up
the existing product portfolio through variants and new product launches leveraging the three brands. Also, the tax
benefit from the new facility would aid in a strong bottom line growth in the coming years. Thus, we expect the
company’s profit to register a strong CAGR of 40.9% over FY2010-12E.
Ugly Duckling
BASF India BASF India is set to benefit from the changing demographics and the resulting consumption boom in India. The company
is building a 9,000TPA engineering plastics compounding plant at its existing Thane facility. The company is likely to
benefit from the new capacity addition that would help it cater to the demand from user industries like automobile,
construction, white goods, home furnishing and paper.
Deepak Fert DFPCL manufactures and supplies industrial chemicals and ANP fertilisers. With the chemical prices stabilising, the
revenue and margin of the company is expected to expand in the future. Its new technical ammonium nitrate (TAN)
plant is on schedule and expected to commence operations by September 2010. We believe, this will contribute
significantly to the company’s top line as well as bottom line going forward.
Federal Bank Federal Bank is the fourth largest private sector bank in India in terms of asset size and has traditionally been a strong
player in south India especially Kerala. The key anticipated area of improvement for the bank is RoE improvement
due to leveraging of its equity and easing of cyclical asset-quality pressures. We expect the earnings to grow at a CAGR
of 20% over FY2010E-2012E.
Gayatri Proj Gayatri Projects is a Hyderabad-based infrastructure company with very strong presence in irrigation and road
businesses. The order book stands at Rs7,000 crore, which is 5.6x its FY2010 revenues. It has seven road BOT
projects, five of which will become operational in FY2011. It is also setting up a 1320MW power plant in Andhra
Pradesh, which is expected to achieve financial closure by July 2010. It has already roped in a strategic partner for
49% stake in the power project at Rs1,100 crore. We believe the company has the potential to transform itself into
a bigger player and expects its net profit to grow at a CAGR of 38% over FY2010-12.
Genus Power Genus, India's leading electric meter making company, is all set to reap the benefits of APDRP’s initiatives like 100%
metering programme and replacement of mechanical meters with electronic meters. Given its strong order book, the
huge opportunity in its chosen niche space and its proven execution capabilities, we believe that Genus can sustain
~20-25% growth rate in the foreseeable future.

Remarks
India Cements On the back of a modified capex plan, India Cements has joined the league of top five cement players with a current
capacity of 14MMT, which is likely to reach 16MMT by H1FY2011. The capacity addition will lead to volume growth
and drive the earnings of the compnay. The company is also setting up a 100MW captive power plant, which is expected
to come on-stream by March 2011. However, we expect the OPM and profitability to contract in FY2011 due to
severe pressure on cement realisation in southern India.
Ipca Lab A well-known name in the domestic formulation space, Ipca has successfully capitalised on its inherent strength in
producing low-cost APIs to tap export markets. The company's ongoing efforts in the branded promotional business
in emerging economies, revival in the UK operations, pan-European initiatives and a significant scale-up in the US
business will drive its formulation exports.
ISMT A leading maker of seamless tubes in India, ISMT is likely to benefit from improving demand in its traditional user
industries like automobile and mining. It would also gain from efforts taken to expand its product offerings and
increasing the size of addressable market by penetrating into energy and oil exploration sectors. It is also set to gain
from lower power cost with its captive power plant coming into operations in Q4FY2011. We expect the profit to
grow at a CAGR of 52% over FY2010-12E.
Jaiprakash Asso Jaiprakash Associates, India's leading cement and construction company, is all set to reap the benefits of India's
infrastructure spending. The company has also monetised very well on the real estate properties of Yamuna
Expressway. Moreover, the marked improvement in macro environment has improved accessibility to capital and
thus eased the concerns of liquidity to some extent. However, higher leverage could act as drag on the valuation.
Orbit Corp Given its unique business model, Orbit is expected to cash in the massive re-development opportunities in southern and
central Mumbai. The company has shown marked pick-up in volume in the recent past. Further, it plans to launch atleast
one project every quarter which would ensure steady cash flow going ahead.
PNB PNB has one of the best deposit mixes in the banking space with low-cost deposits constituting around 39% of its
total deposits. A strong liability franchise and technology focus will help the bank boost its core lending operations
and fee income related businesses.
Pratibha Ind Pratibha Industries is a dominant player in the water & irrigation and urban infrastructure segments. The company’s
backward integration into manufacturing of HSAW pipes has enabled it to bid for pipeline related projects at very
competitive prices. It has also diversified into other high-margin areas like power and oil & gas and has an order book
of Rs4,228 crore, which is 4.2x its FY2010 revenues. With the government giving huge impetus to these segments,
we expect the PAT to post a CAGR of 37% over FY2010-12.
Ratnamani Metals Ratnamani Metals and Tubes is the largest stainless steel tubes and pipes maker in India. Inspite of the challenging
business environment due to increasing competition, we believe the stock is attractively valued at a discount of ~40%
to the average of large pipe players due to lower scale of operations. We believe with the increasing order backlog of
the EPC contractors, the order inflow visibility is set to improve going forward.
Selan Exploration Selan is an oil exploration & production company with five oil fields in the oil rich Cambay Basin off Gujarat. The
initiatives taken to develop and monetise the oil reserves in its Bakrol and Lohar oil fields are likely to significantly
ramp up the production capacity and lead to re-rating of the stock.
Shiv-vani The company is the largest on-shore oil exploration service provider in the domestic market. Its strong order book of
Rs3,400 crore, 2.7x its FY2010 revenues, provides great visibility to its revenues for more than two years. The earnings
are estimated to show a CAGR of 21% during FY2010-12E.
Subros Subros is the largest integrated manufacturer of automobile air conditioning systems in India. It is expected to be the
prime beneficiary of the buoyancy in the passenger car segment led by its key clients Maruti Suzuki, Tata Motors and
Mahindra & Mahindra.
Sun Pharma With stronghold in domestic formulation market, Sun Pharma has become an aggressive participant in Para IV patent
challenge space. Having already garnered four exclusivity opportunities in the USA, any further news flow on Para IV
challenges and Taro acquisition would drive the stock. With most of the potential bad news (relating to Caraco and Taro)
already priced in, we do not expect any significant de-rating ahead.
Sunil Hitech The company has moved from being a mere labour supplier and contractor to undertaking services portion of Balance
of Plant (BoP) contracts for thermal power plants. It is expected to benefit from the robust investment in the power sector
in the coming years. Its current order book of Rs1,935 crore stands at 2.5x its FY2010 revenue. Trading at discount
to its peers as well as its historical valuation, the stock looks a value buy.
Torrent Pharma A well-known name in the domestic formulation market, Torrent has been investing in expanding its international
presence. With the investment phase now over, Torrent should start gaining from its international operations in
Russia and Brazil. The impending turnaround of its German acquisition, Heumann, will also drive the profitability
of the company.
UltraTech Cement Post restructuring of cement business of Grasim Industries, UltraTech Cement will emerge as India’s largest cement
company with ~49 million tonne cement capacity. UltraTech Cement is likely to benefit from the likely improvement
in its market mix. Ramping up of new capacity and savings accruing from the new captive power plants will improve
the company’s cost efficiency.

Remarks
United Phos A leading global producer of crop protection products, intermediates, specialty chemicals and other industrial
chemicals, United Phosphorus has presence across value-added agricultural inputs ranging from seeds to crop
protection products and post-harvest activities. We expect the bottom line to grow at a CAGR of 21.1% during
FY2010-12E. A diversified product portfolio, a strong distribution network and presence across geographies along
with its inorganic growth plan, make United Phosphorus a good investment play in the agro-chemical space.
UBI Union Bank has a strong branch network and an all-India presence. The net NPAs are below 1%, indicating strong
asset quality along with a healthy asset growth. With strong return ratios and stable performance in terms of various
operating parameters, the bank is a good investment play.
Zensar Zensar, promoted by the RPG group, has effectively utilised the inorganic route to gain critical mass in the fast growing
enterprise solutions segment and extend its presence in newer markets.
Vultures’s Pick
Esab India ESAB India is a leading manufacturer of electrodes and welding equipment. A change in the positioning of its products
from low-margin, high-volume products to quality and high-margin products would further boost its profitability.
Mahindra Lifespace The company is the first in India to own two integrated business cities (IBC; which is a combination of SEZ and domestic
area)—one in Chennai and the other at Jaipur and both have become operational. Further, it has acquired land at
Pune and Chennai to come up with two more IBCs. Apart, it has 8mn sq ft of residential and commercial projects
under construction across various cities. Consequently, we expect the company's stand-alone net profit to grow at
a CAGR of 27% over FY2010-12.
Orient Paper Orient Paper has increased its cement capacity from 3.4 million tonne to 5 million tonne along with a 50MW captive
power plant to save on the power front. We believe, the company will be able to deliver impressive volume growth
in FY2011 due to commissioning of the new capacity. Further, change in its market mix in favour of western region
compared to southern region augurs well for the company. However, the disappointing performance of its paper
division and decline in the cement prices will be the key concerns.
Tata Chemicals With a combined capacity of 5.5MMTPA Tata Chemicals is the second largest soda ash producer in the world. By
acquiring controlling stake in Rallis India, Tata Chemicals has increased its presence in the agri-business. The company
is all set to expand its agri-business portfolio with the introduction of specialty fertilisers and setting up a green field
urea plant.The regulatory changes in the fertiliser industry is further likely to benefit the company.
Unity Infra With a well-diversified order book, Unity Infrastructure is expected to be the key beneficiary of the government's thrust
on infrastructure spending. The order book remains strong—at Rs3,900 crore, 2.6x its FY2010 revenues. We expect
its top line to post a CAGR of 25% on the back of a strong order book during FY2010-12. Further, it plans to enter
new segments like power and road BOT projects.
Cannonball
Allahabad Bank Allahabad Bank with a wide network of over 2,200 branches across the country has a strong hold in the northern and
eastern parts of India. With an average RoE of ~17% during FY2009-11E, the bank is available at an attractive valuation.
Andhra Bank Andhra Bank, with a wide network of over 1,200 branches across the country, has a strong presence in south India specially
in Andhra Pradesh. With an average RoE of ~19% during FY2009-11E, the bank is available at attractive valuation.
IDBI Bank IDBI Bank is one of leading public sector banks of India. The bank is expected to improve its core performance significantly,
which is likely to reflect in the form of better margins and return ratios. Furthermore, the recently received capital assistance
from the government would fuel business growth going forward. Moreover, a huge investment portfolio adds substantial
value to the bank.
Madras Cement Madras Cement, one of the most cost-efficient cement producers in India, will benefit from capacity addition carried
out by it ahead of its peers in the southern region. The 3 million tonne expansion will provide the much-needed volume
growth in the future. However, poor regional demand and much higher pressure on realisation due to upcoming
capacities will see the company post de-growth in FY2011 earnings estimates.
Phillips Carbon Phillips Carbon Black Ltd, a leading carbon black manufacturer in India, is one of the key beneficiaries of the revival
seen in the domestic tyre industry. The company also generates substantial revenue from the sale of surplus power
in the open market after meeting its captive demand. The surplus power sale is likely to be a major positive impact
on its earnings. Consequently, we expect the company to report significant improvement in its financial performance
over the next two years.
Shree Cement The company’s cement grinding capacity currently stands at 12 million tonne and is expected to go up further to
13.5MMT by the end of FY2011. Additionally, the company is also setting up a 300MW power plant entirely for
merchant sale, which is expected to come on-stream by FY2012. Thus, volume growth of the cement division and
the additional revenue accruing from the sale of surplus power will drive the earnings of the company.
TFCI TFCI provides financial assistance to hotel and tourism sector. As the company is exposed to only this sector, its
performance is inextricably linked to the prospects for this sector. And this was largely responsible for TFCI's earlier
financial problems. However, things are now looking very promising for TFCI with improved asset quality and strong
loan demand due to significant expansion plans lined up by the hotel and tourism sector.

ProTech—Managed Futures A/c
(Investing based on price movements)
Patience is king
Nifty Thrifty Nifty Thrifty NAV
The net asset value (NAV) of the Nifty Thrifty (NT)
portfolio over the last quarter was flat and as the market
persists with its range-bound behaviour we continue to
wait for a trending market to unfold in either direction
so that we can capitalise on the resulting opportunity.
The small trading range is not offering clear enough
trends for the system to generate returns. Also, there has
been more volatility in small ranges than before. Never
before have we seen the NAV stay flat for so long and I
believe that it’s a test of patience. Our market studies
show that the Nifty will break out of the 4800-5400
range finally this month and things should return to
normal again.
This month in particular was volatile for the NAV as
volatility in the initial part of June caused an intra-
month drawdown, but our long position later recovered
most of the loss. At the end we are still waiting for a
larger progress by the market and thus by the NAV in terms of returns. In the meantime, it’s a great opportunity to invest more
money at the lower end of the NAV range.
Trailing stops
In the coming month we are re-launching the Trailing Stops Nifty Thrifty Trailing Stops
product with a focus on making it a short-term trading-cum- Returns (%) Nifty (%) Returns (%) Nifty (%)
dividend plan. Trading profits will be paid out automatically Apr'10 - Jun'10 0.42 1.21 7.56 1.21
every time the NAV grows 3% above the initial investment. This
will meet a large need for regular income from trading. We have strengthened our trading team with a new portfolio manager
and additional risk management tools to reduce portfolio volatility and have put in place a successful trading team too. Fresh
investments in this scheme are now welcome.
The quarterly returns in the table above show how the short-term trading fund is now performing with above market returns.
However, I might add that it’s not our endeavour to outperform the index month on month. The objective of the fund is to pay
dividends from trading for the one-to-five-day short-term time frame and reduce portfolio volatility with the use of risk
management. ProTech believes that outperformance as a long-term objective is achieved automatically by maintaining a focus
on absolute returns in the short term.
Pro Tech - Performance Sheet

Performance for the month ended June 2010 Performance summary since inception (As on June 30, 2010)
Scheme Name Beta Portfolio Nifty Thrifty Trailing Stops Inception 15-Oct-2009 16-Feb-2006 20-Oct-2007
Beta [New] Nifty Thrifty Trailing Stops
NAV as on 1/6/2010 9.52 20.13 9.99
Inception NAV 10.00 10.00 10.00
NAV as on 30/6/2010 9.20 19.89 9.84
NAV as on 30/6/2010 9.20 19.89 9.84
Returns (%) - 3.36 - 1.23 - 1.57 Returns (%) - 8.00 98.90 - 1.64
For more details or to open an account, contact our customer service department.
Call Anuj Doshi on 098207 76014
Also refer ProTech—Managed Futures A/c performance sheet
We will be more than delighted to answer all your queries regarding Sharekhan Portfolio Management Services.
Mail- PMS@sharekhan.com l Website - http://www.sharekhan.com/Services/services_technicalpms.aspx
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that financial product/s that suits them the most. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on the Portfolio Manager’s analysis which
he considers to be reliable.
The portfolio manager does not guarantee any returns on this product This material is for personal information and the stock price, sector projections shown are not necessarily indicative of future price
performance. The information herein, together with all estimates and forecasts, may change without notice.The SEBI Portfolio Manager Regulations require the Portfolio Manager to give the Disclosure
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Sharekhan Partners
ANDHRA PRADESH Adoni—Mr . P Kishore Kumar Reddy, 251607. Chittoor—Mr. T Thiruvel Prasad, 9949408535. Eluru—Mr. Omkar Ullimdikonda, 9948565067; Guntur—Mrs.A. Padmavathi,
227571; Hyderabad—Mr. Srinivasa, 66174224; Mr. K. Aswani Kumar, 24041949; Mr. Yasoob Akbar Hussain / Mr. Gulam Mohammad Hashim, 24574114; Ms. Rama Devi Akiri / Mr. Chakravrthi Akiri,
23740451; Mrs M Shantha Kumari, 23042908; Mr. Mohammed Vikhar Mohiuddin, 9963106942; Mr.K Ventaka Ramana, 9440767124; Mr.Subrahmanyam Koerisapati, 9949652597; Mr.Kishore
Babu Bejawada, 9848046418; (1)Mr.S.N.V.Krishna.(2)Mr. Ashvin Kulkarni., 30425211; Mr.Koduri Venkata Reddy, 42024131; Mr. Gopireddy Laxma Reddy, 32577377; Mr. Gopavaram Venkata
Suresh Reddy, 40136273; Mr. Karra Bhaghavan Reddy, 9866615862; Mr. Srinath Bompalli, 9959745451; Mr. Srisailam Kolupula, 9866358540; Mr. Patha Rajesham, 9246374320; Mr. Emmadi
Santhosh Kumar, 9949960904; Mr. Jena Manoj Kumar, 9866138135; Mr. Sravan Kumar Gopanaboina, 9966003063; Mr. O Prahalladha Reddy, 9885172259; Mr. Satish Chilukamary, 9885936671.
Kadapa—Mr. Syed Tajuddin Baba, 241244. Karimnagar—Mr.Vemula Akkanna, 2264100; Mr. Krishna Gaddam, 9642256780; Mr. Lingampally RadhaKrishna, 9347014607. Kuchipudi—
Mr. Chinda Ashoka Raju, 252006; Kurnool—Mr.O.Prabhakar Reddy, 276485; Khammam—Mr. Srikanth Sudigali, 211000; Mr. Rama Rao Gajendrula, 231051; Madanapalle—Mr. Muthakala
Mallikarjuna Reddy, 9052444559. Mahabubnagar—Mr. Kassa shiva Kumar, 220175; Mandapeta—Ms. Sarojini Kaki, 233553; Metpalli—Mr. Ramu Akula, 226820; Nalagonda—Praveen
Kumar Reddy M, 9885582718; Ongole—Mr. D. Harikrishna, 650234. Prakasam—Mr. Bandi Venkat Reddy, 9640155448; Piler—Mr. Bandi Venkatramana, 9246565152. Railway Kodur—
Mr. Sumanth Kumar Dollu, 9492571477. Rajamundry—Mr.Maridiyya Yajjavarapu, 2434180; Ranga Reddy—Mr. Bairi Venkat Reddy, 24244242; Secunderabad—Mr.Thumeti Jagadeesh
Kumar, 9849274284; Mr. G Vinaya Chandran, 27861304; Mr. Venugopal Shankar Bodhuna, 27071546; Shadnagar—Mrs. Yelchuri Srilakshmi, 9701291620. Siddipet—Mr. Praveen Kumar
Poloju, 9985087304; Vijaywada—Mr. Shyam / Mr Narendra Kumar, 2550713 / 2554811; Mr. Maganti Rajyalakshmi, 9440180390; Mr. Devadasu Puttagunta, 9848185778; Visakhapatnam—
Mr. V. Vankatram, 2505642/2505643; Mr. Gopichand Lingamaneni, 2798844; Vizianagaram—Mr. Pachigolla Arun Kumar, 232282; Warangal—Mr.Satish Kumar Athirajula, 9959860898;
Mr. Gunda Devender, 2452418. West Godavari—Mr. I Pardha Saradhi, 252250; ARUNACHAL PRADESH Ms. Taru Phugang—2350807. ASSAM Duliaganj—Ms. Sabera Sahin, 9854155175;
Guwahati—Ms. Bhairabi Barkataky , 2203138-39; Mr. Ratan Kumar, 9706012853; Moranhat—Mr. Ankush Kumar Agarwalla, 9864452262. BIHAR Arrah—Mr. Kamal Das/ Ms. Gunjita Das,
9835217505; Arwal—Mr. Arun Kumar Singh, 9835455978; Begusarai—Mr. Dinanath Jha, 237307; Bettiah —Mr. Niraj Chowdhary, 241512; Bhagalpur—Mr. Rajesh Ranjan / Mr. Sanjeev
Ranjan, 2409556; Biharsharif—Mr.Rajiv Kumar, 233232; Darbanga—Mr. Bijay Mohan, 9334022554; Mrs. Narayani Agrawal, 220058; Dumraon—Mr. Jeetendra Kumar Prasad, 222947;
Gaya—Mr.Shashi Bhushan Kumar, 2220298; Harnaut—Mr. Santosh K Kumar, 276213; Motihari—Mr. Anil Kumar, 239398; Mr. Sandeep Kumar Upadhyay, 233404; Muzzaffarpur—Mr.
Manoj Lohia, 2269982; Nawada—Mr. Saroj Kumar, 324140. Patna—Mr. Ajay Kumar, 2222649; Mr. Manish Kumar, 2281714; Mr. Vivek Anand, 2266230; Ms. Renu Bairoliya, 2238428; Mr. Alok
Kumar, 2227101; Mr. Krishna Rungta, 2213112; Mr.Satyendra Kumar Singh, 2224389; Mr. Rajesh Choudhary, 2616104; Mr. Vidyanand Singh, 2207887; Mr. Ranjay Kumar Sinha, 9835232766;
Mr. Romit Kumar, 2274960; Mr. Amit Kumar, 2928017; Mr Dhiraj kumar singh, 3256359; Mr. Rakesh Kumar, 9334358800; Mr. Santosh Abhay, 9006020439; Mr. Adarsh Kumar, 9386427970; Mr.
Nand Kishore Singh, 9934250384, Mr. Anil Kumar Sinha, 9386129028. Raxual—Mr. Vikash Agarwal, 225023. Sitamarhi—Mr. Prabhat Kumar Goenka, 252400; Siwan—Mr.Pankaj Kumar
Verma, 228587. CHATTISGARH Ambikapur—Mr. Bir Bhadra Pratap Singh, 224382; Balod—Mr. Dinesh Tapariya, 222416; Baloda Bazar—Mrs. Suvarna Chawla, 222322. Bhilai—Mr. Rajeev
Shah, 4051262. Bilaspur—Mr. Deepak Verma, 255055; Dhamtari—Smt.Sarita Nankani, 237922; Durg—Mr. Prashant Yadav, 2329968; Mr. Amit Shukla, 2320924; Mr. Baljeet Kaur, 2325744;
Raipur—Mr. Premchand Jain / Mr. Pukhraj R Bardia, 4033229; Mr. Anand Shukla, 9826677009; Mr. Dheeraj Kumar Bansal/ Rajnandgoan—Mr. Pramod Agrawal, 404115. GOA Margao—
Mr. Suresh Fernandes, 3235892; Ms Judith Kalpana De Almeida, 2736607; Alto-Porvorim—Mr. Sunil Kumar Kamta Singh, 2416584; Panaji—Mr. Praveen Vishnu Shamain / Mr. Shirish Jagdish
Sardesai, 6653231; GUJARAT Ahmedabad—Mrs. Asha Tejas Patel / Mr. Tejas Patel, 69465183; Mr. Ibrarul Haque Mohd Akhtar., 26826115; Mr. Tejas Amin, 30021096; Ms. Falguni Asim Mehta,
26440394; Mrs. Daxa Vimal Patel, 26464013; Mrs. Paulomi Sanjay Golaskar, 40035001; Mrs. Kuntal Vijay Modi, 26850577; Mr Vivek Ganesh Prajapati, 27450641; Mr. Sanjay Basantram Gidwani,
30218341; Mr. Usha Satish Ailani, 22171064/30224497; Mr. Shivbhadra Zala, 27532131; Mr. Harish Mohan patel/Mr. Tejash Girish Shah, 22814835; Mr. Rashmikant Natwarlal Shah, 9924917277;
Mr. Tejas Narendrapuri Goswami/Mrs. Ritaben Chavda, 30172030; Mr. Samir Avnitbhai Shah, 9374656818; Mrs. Monita Dharmendra Somaiya., 66614014; Mr.Niraj Shah, 26303637; Mr. Mitesh
Rameshchandra Shah., 25633579; Mr. Harsh Mukesh Shah, 27641266; Mr.Parag Arvindbhai Dave, 9998941719; Mr. Naresh patel, 9979972783; Mr. Ramesh Natwarlal Shah, 22819442; Mr. Samir
patel/Ms. Kamini patel/Mr. Hiren patel/Mr. Ambalal Patel, 9909912806; Mr. Alpeshkumar Punjabhai patel, 9879530810; Mr. Alkesh Vinodbhai Chokshi, 30160222; Mr. Navinchandra Fulchand
Ravani, 22730237; Mr. Jitendrabhai Mohanbhai patel, 25834410; Mr. Pravindan Shambhudan Gadhavi, 9825852658; Mr. Shaikh Mohd Saajid, 9328134301; Mrs. Vaisakhi Pratik Shah, 9998143855;
Mr. Nirav Kalgiben Shah, 40062774; Mr. Rajesh Thakkar/Mr. Ketan Chandubhai Barot/Saurabh Ravindrabhai Bhatt, 9558805465; Mrs. Sejal Amit Shah, 079-26632439; Mr. Ankit Upendra Shah,
40066059; Mr. Laxmikant D Kapadia, 9998307727; Ms. Prinsa Christina, 25855298; Mr. Niraj Lalbhai Patel, 66660141; Mr. Manish Rameshbhai Patel, 9825077084; Mr. Paresh Kanjibhai
Thakkar, 9723115663; Mr. Jitendra Ganpatbhai Patel/Mrs. Pallavi Pradyuman Kantawala/Mr. Sureshkumar Harilal Shah, 26303177; Mr. Shreyaskumar Kiritkumar Dixit, 66060141; Mr. Ankit
Pankajbhai Gandhi, 9924122916; Mr. Manish Robertbhai Christian, 9825832684; Mr. Jinesh Jitendra Shah, 40192031. Amreli—Mr. Nilesh Kotadia / Mr. Niraj J Sadarani, 227188. Anand—
Mr. Jignesh Thakorbhai Ray, 655706; Mr. Virenkumar Dipakkumar Desai, 278707; Mr. Ravikumar Kiritkumar Adeshara, 39823717; Mr. Gada Alpesh Harakhchand, 30452460. Anaval—Mr.
Dharmishtha Girishbhai Parmar, 252232; Anjar—Mr. Denish Vasantbhai Manek, 240300; Ankleshwar—Mr. Jaydeepsinh B. Borasia, 270237; Mrs. Nilam Mayank Patel, 227120; Mr.Nilesh
Bavishi, 9824131209; Mr. Mehulkumar Dineshchandra Patel, 9824733942; Mr. Manishbhai Parsottambhai Patel, 9428886571. Banaskantha—Mr. Pasheriya Noormohmed H, 9898950520;
Bardoli—Ms. Punita Gadariya, 325688; Becharaji—Mr. Vipulkumar Sheth, 286001; Borsad—Mrs. Tejal Vijaykumar Shah, 223913; Bharuch—Mr. Nehal Anilbhai Patel / Mr. Pinakin
Janmejay Mahant, 226322; Mr. Sasikumar Manjanath Velaydhan, 288742; Mr. Arpan Kishorchandra Parikh, 9979476697; Mrs.Nishaben Vipulbhai Patel, 240502; Mrs. Minaxiben Kamlesh
parmar, 240632; Mr. Zubin Rohinton Jambusarwala, 226243; Mr. Krunal Bhagvatbhai Jadhav, 9824477744; Mrs. Daxa Sanjay Patel, 246056; Mr. Harshjitsinh Velubha Jadeja, 9925033439.
Bhavnagar—Mr. Nrusinh Bansidas Tilavat, 2227051; Mr. Dhaval Jagdishbhai Thadesar, 2429844; Mr. Kapil V Parmar, 9624777007. Bhuj—Mr. Rakesh patel, 9879320507; Mrs. Lopa Jignesh
Vasa, 645229; Mr. Pradipsinh Jadeja, 9925171191; Mr.Pranay Manojbhai Sompura, 9428898278; Mr. Vijaysinh Hanubha Jadeja, 9879647812; Mr. Tej Avnishbhai Vaishnav, 9974187590; Mr.
Mukesh S Oza, 9909873466. Billimora—Mr. Piyush Gandhi, 286100; Mr. Bhavin Patel, 285097; Botad—Mr. Tushar Kalathiya, 242799; Dahod—Mr. Mahendra Vadilal Kadia, 2386743; Mr.
Jignesh N Kabrawala, 242876; Ms. Nikitaben P Mamnani, 248869; Deesa—Mr Vinaykumar Agrawal, 9824252715; Dhasa—Mr. Ghanshyam V Padhariya, 233400; Dholka—Mr. Firoz
Ahmed Abdul Karim Mansuri, 221919; Dhrangadhara—Mr. Vipulkumar lalitchandra Halani, 9825922024; Gandhidham— Mr. Sunil Rupchand Virwani, 229447; Mr. Tinu Dhirajlal Gandhi,
232174; Mr. Manish Tribhovan Mirani, 236401. Gandhinagar—Mr. Urvish Shah, 30583058; Mr. Vivek Anilgiri Goswami, 9879977100; Mr. Ajay Chandubhai Patel, ;9427054721; Mr. Tushar
Hansrajbhai Thakkar, 9327359389; Mr. Hiteshkumar Hasmukhbhai Patel, 9824090471; Mr. Janak R Barot, 9904532197; Godhara—Ms. Jayshri Haren Shah / Mr. Bhavin Patel, 249791; Mr. Kiran
D Pathak, 249793; Gozaria—Mr Sandipkumar Yogeshbhai Patel, 9998219439; Halol—Mr. Ketan patel, 223863; Ms. Hetal Bhupendrabhai Shah, 236655; Hansot—Mr. Dhaval Natvarlal
Patel, 262278; Himatnagar—Mr. Atulkumar Haribhai Patel, 244573; Mrs. Nurjhabanu Mamon, 240796; Idar—Ms. Rathod Jyotikaben Dilipsinh, 251052; Jagdalpur—Mr. Akshay Deshmukh,
9993666999; Mr. Maheshbhai Ramabhai Patel, 228295. Jamnagar—Mr. Bhavesh K Kataria / Mr. Hitendra K Kataria, 2713306; Mr. Jyotiraja Sodha, 2665053; Mr. Kalpesh Kundalia,
9879225375; Mr. Naishdh Chandarana, 2677710; Mr. Dharamrajsinh P Jadeja, 6451786; v, 9879866738. Jetpur—Mr. Tejashkumar Vrujlal Kotak, 2651108. Junagadh—Mr. Manish Padaliya/
Mr. Dipak Fadalu/Mr. Bhavesh Bhalani, 2636621/31; Mr. Nitin Mansukhbhai Savaliya, 2650824; Mr. Siddharth Gopaldas Lathigara, 9824350452; Mr. Mehul Jentilal Zinzuvadiya/Mr. Mukesh
Ashokbhai Pritmani, 9998777799; Mr. Rajesh Chimanbhai Shilu, 2573938. Kadi—Ms. Linaben Nilpesh Patel, 244466; Kalol—Mr. Giriraj Vitthalbhai Makwana, 9898935749; Kapadwanj—
Mr. Dinesh Mafatlal parekh, 252254; Kathlal—Mr. Ketankumar Patel, 243192. Kera—Mr. Mansukh Bhimji Khetani/Mr. Kerai Vishram Ravji, 9428281998. Keshod—Mr. Nilesh Savjibhai
Kotadia, 233680; Mr. Divyesh Kotadia, 233479; Mr. Jigneshkumar Ramniklal Unadkat/ Mrs. Dakshaben Bharatbhai Vadaliya/ Mr. Sureshbhai Premjibhai Vadaliya, 233334. Khedbrahma—
Mr. Himmatkumar M Vaishnav, 221942; Kosamba—Mrs. Priti Ajitsingh Atodaria, 232817; Lunavda—Mr. Jayantibhai Hirabhai Patel / Mr. Iqbal Ahmed Mansur, 250163. Madhapar—Mr.
Ashish Harji Madhaparia, 9978298009; Mahudha—Mr. Dipenkumar Mukeshkumar Patel, 9427855281. Mandvi—Mr. Suresh Vishanji Patel, 222728. Mehsana—Mr.Patel Lalitkumar
Hargovanbhai, 290701; Mr. Mehulkumar Dashrathbhai Patel, 231480; Mr. Bhaveshkumar Babulal Dave, 9925042521; Mr. Tejas H Shah, 9824407204; Mr. Dineshbhai Kevabhai Prajapati,
9429307807; Mr. Meghal P Patel, 252465. Mithapur—Mr. Sanjaykumar Vallabhdas Gokani, 223222; Modasa—Mr. Jayram Chandrakant Soni, 244095; Mr. Shahinbabu Mohammedsajid
Sheth, 9978768848; Morbi—Mrs. Smita Pravin Vajaria,223579; Mundra—Mr. Suresh Vishanji Patel, 9879032211; Nadiad—Mr. Ganpat Ramji Parmar, 9427077389; Mr. Vishal Mahendrabhai
Patel, 9879488088; Mr. Robin Niranjanbhai Patel, 9898704101; Nakhatrana—Mrs. Alpa Gopalbhai Bhatt, 221738; Navsari—Mrs. Rikita Keyur Patel, 272426; Mrs. Dhamshania Jyotsna
Gopal, 9825630800; Okha—Mr. Priteshkumar Parsotam Savjani, 9228262495; Padra—Mr. Mukesh Nandlal Thakkar, 224664; Palanpur—Mr. Vinodkumar Somalal Thakkar, 250451; Mrs.
Anuben B Desai, 250251; Mr. Laxmanbhai Desai, 9228222615. Patan—Mr. Shripal D. Shah, 325759; Mrs. Manali Ritesh Gandhi, 9898495005. Petlad—Mr.Jeetendra Mohanbhai Relani,
9824590848; Prantij—Mr. Viral Patel, 231585; Porbandar—Mr. Vishal Motivaras, 2241271 Rajkot—Mr. Ketan Masrani / Mr. Mihir, 2227687; Mr. Mihir Pravinbhai Jivrajani, 2440664; Mr.
Vishal Jaysukh Shah, 2226496; Mr. Narendra hasmukhlal shah, 2572800; Mr. Anand Manilal Shah, 3015616; Mr. Yusufbhaiwala Fajal Abdulkadar, 9898862736. Sihor—Mr. Jaydeepsinh
Anirudhsinh Gohil, 222750; Sidhpur—Mr. Jigneshkumar S Joshi, 9427675858; Mr. Dhaval Mahendrakumar Modh, 9998608935. Silvassa—Mr. Faisal Anisahmed Siddique, 3294958;
Surat—Mr. Shailesh Ambalia, 2453070; Mr. Gaurang Parvadia, 3257809; Mr. Shreyas Shroff, 2474400; Mr. Shailesh Kusumchand Jhaveri, 2598898; Ms. Krutika Amit Mehta, 9825831781;
Mr. Biren Chhatrapati, 3926645 ; Mr. Devraj Shambhubhai Baldha, 2632524; Ms. Rakhi Jignesh Surti, 2276182; Ms. Khatijabibi Ismail Alloo, 9879524676; Mr. Nitin Shanti Parmar, 6543562; Mr.
Amit Mehta, 9925207088; Mr. Jayesh P Madhani/Mr. Babulal madhani, 2492733; Mr. Jayesh Dhirajlal Vaghasiya, 9913072701; Mr. Samir Jashvantray Dhrangdhariya, 2548443; Mr. Jayeshkumar
Jagmohanbhai patel, 9427423015; Mr. Nilesh Khimjibhai Ajudiya, 9925533815; Mr. Amit Changanlal Chauhan, 3023838; Mr. Pravin Murlidhar Tahiliani, 9974045892; Mr. Parshvakumar
Ashokbhai Jhaveri, 2593100; Mr. Ashish Shantilal Baid, 3019393; Mr. Ashokkumar Bhikhumal Singhal, 2781444; Mr. Anand Dattatrey Sant, 2230885. Surendranagar—Mr. Himanshu Chandulal
Thakkar, 221477; Unjha—Mr. Namik H Bhatt, 252099; Mr. Hemant P Patel, 240666; Mrs. Meena Mukesh Shah, 2795710. Upleta—Mr. Saurabh Suresh Parmar, 225422; Vadodara—Mr.
Ashish Vishwanath Rana, 6454622; Mr. Durgesh D. Babariya, 6531799; Mr. Mohit Sadarangani, 3253689; Mr.Tirthank J. Rindani/ Ritu T, 2353684; Mr. Viresh Chandrakant Thakkar, 0265 - 2233457;
Mr. Bharatbhai Patel, 2711647/; Mr. Rohit Sarabhai Gandhi, 2464012; Mr. Sandip Dinesh Patil, 6454514; Mr. Tejas Shah / Mr. ZAKIR TINWALA, 2783040; Mr. Naimish S. Tiwari, 3919543; Mr. Minesh
Hasmukhlal Shah, 3916182; Mr. Anish Vipin Salat, 2351548; Mrs. Amita Arun Mehta, 2661784; Mr. Imranbeg Mahmadbeg Mirza, 2416633; Mr. Jayesh Dave, 2634326; Mr. Vishesh ray, 6640776;
Mr. Harish Babu Shetty, 9925142692; Mrs. Toral Rupeshkumar Patel, 9998979227; Mr.Sajid Tareq Shaikh, 9898463462; Mr. Vinod Ratilal Patel, 2283487; Mr. Ketankumar Kishorebhai Thaker,
9426765022; Mr. Siddharthsinh Ashoksinh Mahida, 9879296583; Mr. Vishal Narendrabhai Parikh, 2314908; Mr. Dinesh Kumar Sharma, 2354220; Mr. Viren S Shah, 6451974; Mr. Gaurang
Chandrakant shah, 6537415; Mr. Viresh Chandrakant Thakkar, 9998816142; Mr. Laukik Jitendra Tripathi, 9824630526; Mr. Nimit R Desai, 9898714398; Ms. Mrunaliben Prafulbhai Patel,
9879203996. Vadtal—Mr. Mishankkumar Vasantbhai patel, 2589572; Mr. Mehulkumar Jatinbhai Shah, 9898341352; Mr. Maitrik Kiranbhai Patel, 9998977818. Vadtal—Mr. Arpan Parikh,
9979476697; Valsad—Mr.Kaushal C. Gandhi, 243636; Mr. Amin Ramju Sameja, 253720; Vapi—Mr. Ravindra Baburao Khare, 9825208866. Visnagar—Mr.Patel Bharat Haribhai /
Mr.Nareshbhai Girdharbhai, 220028; Mr. Govind Maganlal Patel, 223294. Zalod—Mr. Nileshkumar Narayanlal Kalal, 224118. HARYANA Ambala—Mrs.Aruna Yadav, 2691014; Mr. Ajit Singh
Dogra, 2670375; Mr. Priyank Jain, 2443020; Baghanki—Mr. Satya Prakash, 4238405; Bahadurgarh—Mr. Vijay Dandeva, 65474625; Faridabad—Mr. Subhas Chand Jain / Mr. Anilkumar
Jain, 4004191; Mrs. Madhu Mangla/Mrs. Sarika Pandhi, 4037370; Mr. Dheeraj Kant, 9911798871; Fatehabad—Mr. Parmender Malik, 9416499086; Gurgaon—Mrs. Harsha Mangla, 3222911;
Mr. Nikhil Dangi, 3270581; Mr. Love Jain, 4063785. Hansi—Mrs. Sheetal Chaudhary/Mr. Ram Singh Goyat, 2315125; Mr. Narender Prajapati, 3071516; Mr. Surendra Kumar Kaushik, 4304118.
Hisar—Mr. Dipender Malik, 9416926662; Jagadhri—Mr. Deepak Tuli, 236254; Karnal—Mr. Manish Aggarwal, 4032675; Mrs. Sarika Jindal/Mr. Naveen Kumar, 245665. Khanna—
Mr.Rajeev Garg, 503591; Kundli—Mr. Dinesh Kumar Bansal, 2372073; Ladwa—Mr.Rohit Kumar, 9896485864; Panipat—Mr. Anup Sharma, 292133; Rewari—Mr.Akhilesh Kaushik,
224633; Rohtak—Mr. Azad Singh, 9255476147. Samalkha—Mr. Ashok Kumar, 6499793. Sonipat—Mr Sanjeev Gupta, 2243898; Mr.Ravinder Suresh Kumar, 6452238. Yamunanagar—
Mr. Sanjeev Kumar/Mrs. Megha Sharma, 9896920899. HIMACHAL PRADESH Chamba—Mr. Vijay Abrol, 223567. Hamirpur—Ms.Promila Devi, 224066. JAMMU & KASHMIR Jammu—Mr. Ajay
Kapoor, 2574145; Ms. Laxie Kapoor / Mr. Ajay Kapoor, 21073341; Mr. Ajay Kapoor, 2107722/6421; Mr. Ajay Kapoor, 9419193526; Kathua—Mr. Rakesh Kumar, 232577. Srinagar—Mr. Irshad
Mushtaq Zarqoop, 2485730. Udhampur—Mr. Ajay Kapoor, 202458/59. JHARKHAND Bokaro Steel City—Mr. Mihir Kumar Jha, 231087; Chakulia—Mr. Prabhat Kumar Lodha, 233393;
Dhanbad—Mr. Dhiraj, 2301714; Mr. Kalicaran Paul, 9334350164; Jamshedpur—Mr.P.Srinivas Rao, 2321686; Mr. Dilip Agarwal, 2320019; Mr.Dilip Kumar Agarwal, 2423015; Mr. Dinesh Ahuja,
2290640; Mrs. Jayshree Vyas, 9304973177; Mr. Navin Kumar Thaker, 275191; Mr. Sunil Kumar Singh, 2441182; Mr. Dilip Kumar Gupta, 2201533; Mr. Raman Kumar Singh, 9835758595. Pakur—
Mr. Tripurari Kumar Pandey, 9334922789. Ramgarh—Mr. Rajeev Murarka, 230710; Ranchi—Mr. Pravin Murarka. / Mr. Rajiv Murarka, 2208205; Mr. Subinoy Banerjee, 3295162; Mr. Rajeev
Murarka, 2242684; Sahibganj—Mr. Naiyarul Islam, 278911. KARNATAKA Athani—Mr. Raju Doulat Atpadikar, 292020. Bailhongal—Mr. Dayanand Irappa Paralshetti/Mr. Manjuanth
Satish Amte/Mr. Babu Basavanneppa Yadalli/Mr. Manjunath Basalingayya Hiremath/Mr.Girish Shrikant Pattar, 9844157502. Bagalkot—Mr. Ramesh Teekappa Yalawar, 233706. Banga-
lore—Mr. Raghupathi Bhai, 41674396; Mr. B. G. Anirudh., 26560931; Mr. Naveen Talreja, 41234042; Mr. Nagendra Gupta Prashanth, 26522725; Mr. Malar Anand, 23548398 ; Mr. Malar Anand,
Sharekhan Partners
41757016 ; Mr. Chandrashekhar B., 22274353; Mr. Kishore Srinivasa Murthy, 41285784; Mr. Siddarame Gowda, 65731320; Ms.Lakshmi S. Sundar, 41279779; Mr. Pankaj Bafna / Bhavesh Mehta,
23445136; Mr. Vinod Mahajan, 32002235; Mr. Aswin Babu, 26791414; Mr. Subbiah Ganesh Valliappa, 04622552199; Mr. Vamana Prabhu R, 41744272; Mr. Varun Pratap Singh Chauhan, 41643756;
Mr. Govardhan Lakshminarayan Thapsi, 41526047; Mr. Naveen kumar S U, 23147609; Mrs. Naina Patawari, 23218144 ; Mr.Vinod Kumar Mahajan, 9448411212; Mrs.Srivanitha Subbarao,
23465807; Mr.Dayananda Shayana, 9886377371;Mr. Purushotham Channd Gowda, 9845187119; Mr. Jonak Gupta, 64531562/63; Mr. T P Ravi, 23461990; Mr. Ravindra Prasad Krishnamurthy/
Mr. Ajay Nagaraj, 9980012307; Mr. Bharath Rajathadripura Narasimhaswamy, 40975568 ; Mr. Mr. Prakash A Bijali, 9845652421; Mr. Nidhin Vijayan Nabiar, 65791130; Mr. Dayananda Ariyur
Mahadevaiah, 26764738; Mr. T K Krishnakanth, 9901065308; Mrs. Veena Vinayak, 9886796237; Mr. Ranjeet Menon/Mrs.Rajeswary Menon/Ms. Julie Thomas, 9880360360; Mr. Sanjeev A,
25583721; Ramkrishna Securities, 9739996412; Mr. Justine P M, 9845915543; Mr. Sunil Jacob / Mr. Anil Jacob, 25714772. Bellary—Mr. Prashant Kumar H, 272209; Belgaum—Mr. Sameer
/ Mr. Chandrakant Anvekar, 2427077; Mr. Prashanth Munkur Mangaraj, 23126852. Chintamani—Mr. Vinod Mahajan/Mr. Gopinath N A, 9343801223/9886063855. Davangere—Mr. Raju
Chilukuri, 234446; Mr. Giriprasad M K, 254288; Dharwad—Mr. Avinash Mehta, 2747808; Gadag—Mr. Vivek H Kulkarni, 656946; Gulbarga—Mr Jaganathreddy Girareddy Sherikar,
9886444521; Hubli—Ms. Nanda Virupax Umarani, 4256666; Mrs. Bharti Shrinivasa Bhat, 2237773; Mr. Prashant Gudisagar, 9916014139; Karwar—Mr. Uttam Maruti Pavaskar, 229108;
Kolar—Ms. Sumar M R, 286535. Kundapur—Mr. Vittaldas Prabhu, 234855. Malleshwaram—Mr. M.I.S. Iyengar, 23565041; Mangalore—Mr. Pradeep Rao / Mr. Girish Revankar, 2441318;
Mr. Shrikrishna Bhat, 6513561; Manipal—Mr. P Gurudas Shenoy, 2574505. Moodbidri—Mr. Syed Nayaz, 9742352890. Mysore—Mr. Dinesh Bhansali / Mr. Vijayraj, 4262374; Mrs. Roopa
K S, 9481815287. Sagar—Mr. H. V. Ramamurthy, 220055; Sankeshwar—Mr. Ningappa Guruappa Irannavar, 272815; Shimoga—Mr. Pankaj Baid, 9880598895. Sira—Mr. Nagesh T V,
9008561777. Sirsi—Mr. Santosh Sharma, 266204; Tumkur—Mrs. K N Hema, 2254299. Udupi—Mr. Anantha Nayak, 2584663; Vijaynagar—Mr. Gnaneshwara N / Mr. Ramamurthy B,
41515376. KERALA Alleppey—Mr. Ajith kumar R.N., 2263636; Calicut—Mr. Jijeesh kumar .P.G, 2741962; Mr. Vasudevan M. P., 2377006; Mr. K Mahesh Kumar, 6453221; Mr.Remmy Padmanabhan
Palolickal, 2369379; Mr. Viswajith Puliyathadath, 3292761; Chalakudy—Mr N.K.Shiju, 2706898; Changaramkulam—Ms. Raiza Mohamed, 9744096530. Ernakulam—Mr. P V Santosh
Kumar, 353875; Mr Sinil U S, 4062093; Mr. Cherian Manamel Ninan, 353432/3258973; Mrs. Leena George, 4038398; Mr. Venkatraman V/Mr. Samuel N M/Mr. Joji Joseph, 4061369. Irinialakuda—
Mr. Pradeep Thommana Devassy, 9946242003. Kannur—Mr. Jose Joseph, 2701250; Kasaragod—Mr. Krishna Kishore, 225748; Kochi—Mr. Cherian M. Ninan / Philp, 2369280; Mrs.
Noby.P.Kuriakose, 2376676; Kodungallur—Mr. Arun David Poruthukkaran Rappai, 2810147. Kollam—Mr. Soosamma Pathrose, 2399500; Mr. Shibu Raghavan, 2503244; Mr. Midhun S,
2749946; Mr. Mathew C S, 2482122. Kothamangalam—Ms. Sainudeen K M, 9544123080; Kottayam—Mr.Ajith V.Karthikeyan, 9447888880; Mannarkkad—Mr. Junhas K P, 223467;
Manjapra—Mr. Baby John, 9656784749; Ottapalam—Mr. Sunil Kumar P K, 2243146; Pala—Mr. Mathews Joseph, 221028; Palakkad—Mr. Suresh Babu, 2356507; Pavaratty—Mr.
Abhilash Ramanathan, 2645372; Perinthalmanna—Mr. Narayanan Purayannur, 396839; Thalassery—Mr.P.Govindan Kutty, 2327150; Thiruvalla—Mr. Jacob Varkey, 2631046;
Thrissur—Mr. T R Gangadharan, 2605877; Mr. Shinto Sunny, 2426683; Mr. K Venugopal, 2402475; Ms. Smitha Sadanandan, 9895977407; Mrs. Lisha Pradeep, 2447542.
Thodupuzha—Mr. Venugopal M S, 2220756; Tirur—Mr. Surendran Patatil, 2125167; Trivandrum—Jose Varghese, 2445455; Wadakanchery—Mr. Jayaprakash K/Mr. V A Xavier, 235162.
MADHYA PRADESH Balaghat—Mr. Manish Burade, 247341; Betul— Mr. Vivek Agrawal, 233233. Bhind—Mr. Ved Prakash Singh, 9301568011. Bhopal—Mr.Sanjay Chauhan, 4287788;
Mr. Mayank Naryani, 4224358; Mr. Praveen Patidar, 9826023107; Mrs. Anju Jain, 4236046. Burhanpur—Mr. Ravindra R Aswani, 400185; Mr. Dushyant Arora, 401006; Mr. Vijay Gidwani,
9893567337. Chhindwara—Mr. Sanket Chouksey, 236104 Chhatarpur—Mr. Kuldeep Agrawal, 244210. Dewas—Mr. Kushal Pisal, 9827240089. Dhar—Mr. Nilesh Prakash Jain, 9981877638;
Gwalior—Mr. Mayank Khandelwal, 4029490; Ichhawar—Mr. Manish Kumar, 274556. Indore—Mr. Hemant Mulchandani, 2543755; Mr. Vikas Sethia / Mr. Yogesh Gachkeshwar, 3013043,
Mr. Praveen Kumar Agrawal, 9302107163; Mr. Ankush Shrimal, 9993788875; Mr. Pravin Premnarayan Patidar, 4062469; Mr. Neeraj Saraf; 6562996; Mr. Sanjay Kashyap, 4222454. Jabalpur—
Mrs.Rolly Bardia / Mr. Saurabh Bardia, 4007775; Mr.Ashish Kumar Jain, Mr.Vivek Kumar Tamrakar, Mr.Vittal Rao Pottey, 4035112; Mr. Narsingh Kesharwani, 4071640. Katni—Mr. Amit Jain,
401892; Khandwa—Mr.Dilip Kumar Thadhani, 2221210; Mandsaur—Mr. Anuj Agrawal, 400025. Malanjkhand—Mr. Rajendra Nema, 257810; Morena—Mr.Naval Agrawal, 250003;
Nagda—Mr. Pavan Banka, 246320; Neemuch—Mr. Kapil Balani, 225891; Rajgarh Biaora—Mr. Hemant Jayswal, 9303734640. Ratlam— Mr. Dhirendra Bhartiya / Mr. Ritesh Bafna,
400558; Rewa—Mr.Rajneesh Gupta, 253417; Mr. Praveer Singh, 232671. Satna— Mr. Kuldeep Jaiswal, 224747; Mr.Ajay Sukhdani, 416844; Sagar—Mr. Saket Jain, 238760. Seoni—
Mr.Mukesh Garhewal, 222601; Singrauli—Mr.Tejinder Singh, 267606. Ujjain—Mr.Gaurav Surya, 2520708. MAHARASHTRA Ahmednagar—Mr. Amit Sampatlal Khabiya, 2411667; Mr.
Dattatraya Maruti Gabhale, 223341; Mr. Suresh Tathe, 2544004/ 2347015; Mrs. Vijaya Sushil Mutha, 2323163; Mr.Shrenik Sureshlal Bhalgat, 230110; Mr. Ashutosh Vijaykumar Sonar, 2470800/
2470464; Mr. Satiskumar Walke/ Mr. Deepak Dhadiwal/ Mr. Sunil Adsul, 2411005; Mr. Shivaji Kondiba Bandgar, 2451718; Mr. Mukund Suresh Borade, 6611011; Akkalkot—Mr. Ravindra Arjun
Chavan, 9850832115; Mr. Ganesh Prakash Surana, 2342871. Akluj—Mr. Rajendra Murlidhar Mogali, 225652; Ms. Manali Gandhi, 225620.
Akola—Mr. Amit Radheshyam Murarka, 2430781. Amalner—Mr. Satish Khanderia, 224089; Ambejogai—Mr. Sachin Bembade, 243043. Amgaon—Mr. Sanjay Chandrakumar Agrawal,
225999. Amravati—Mr. Himanshu Surendra Bhuyar, 9970094242; Mr. Aashish B Laddha, 2572686. Aurangabad—Mr. Kishor Soni, 2361240; Mr. Anand Kuril, 2363822; Mr. Jitendra Tejmal
Burad, 2340800; Mr. Nilesh Kankaria, 6502601; Mr. Arif Akber Patel , 2471469. Baramati—Mr. Kiran Sampatrao Sawant, 9822567641; Barshi—Mr. Prashant Vijay Thakkar, 229137;
Bhandara —Mr. Amit Jayant Kavishwar / Shrikant Kale, 4560261; Mr. Jayesh C Vanerkar, 250498 ; Bhilwadi—Mr. Abhijeet Jaypal Walvekar, 237272. Bhusawal—Mr. Milind Vasant
Chaudhari, 202312. Boisar—Mr. Imran N. Gilani, 324474. Chandrapur—Mr. Harsh Ajaykumar Mittal, 252760. Chinchwad—Mr.Sujay Sudhakar Kulkarni, 27614332; Mr. Prashant Shinde
/ Mr. Atul Deshmukh, 65103510; Mrs. Sanjana Mahadeo Magar, 46701141. Dahiwadi—Mr. Poornanand Ajitanand Jadhav, 220508. Dhamangaon—Mr. Vivek Subhasrao Thakare, 251091.
Dhule—Mr. Jagdish Agarwal, 237576; Mr. Nitin Gokuldas Ahuja, 9657136680; Gondia—Mr. Nimit Patel, 235113; Hinganghat—Mr. Mitesh M Joshi, 329200; Ichalkaranji—Mr. Nilesh
Kulkarni, 2439955; Jalgaon—Mrs Mangala Kesharlal Bhadade, 2239346; Mr. Sachin Yewale, 9373550560; Jalna—Mr. Gaurav Ramniwas Kabra/Mr. Nitin Badrinarayan Agrawal, 9422216092.
Jaysingpur—Mr. Shrenik Ashokkumar Mangave, 229766. Karad—Mr. Aniruddha Madhav Dhopate, 222338; Khapoli—Mr. Mukund Bembade, 262442. Khaperkheda—Mr. Naresh
Ravindra Kahate, 268427. Kirloskarwadi—Mr. Prashant Jayprakash Hake, 223324. Khamgaon—Mr. Durgesh Nagorao Anokar, 202275. Kolhapur—Mr. Ajay Anant Kulkarni, 6681138;
Mr. Arvind Savant, 2620224; Mr. Kamlesh Tarachand Oswal, 2541001; Mr. Shripad Vijay Deshpande, 2536609. Latur—Mr.Mane Sudhir Vishwanathrao, 251053; Mr. Ramesh Deshmukh, 253510.
Mahad—Mr. Nadeem Nizamuddin Juwle, 223238/9. Mahud—Ms. Sangita Pandurang Kadam, 246933. Malkapur—Mr. Jitendra Tejmal Burad, 225226. Manjri—Mr. Raju Bonal,
66784870. Miraj—Mr. Swapnil Prakash Mane, 9960866569. Nagpur—Mr. Amit Jayant Kavishwar / Ashok Narayan Alkari, 2222325; Mr. Hermahendrasingh Gulabrai Hura, 3256272; Mr.
Ajit Pendharkar, 3255866; Mr. Radheshyam Taori, 2722360 ; Mr.Atul Gopalrao Saraf, 6455320; Mr. Pankaj Bhavnani, 2766033 ; Mr. Sanjay Jain, 2733 858 ; Mr. Pramod Kumar Bagdi, 2723487
; Mr. Sushil Parakh, 2525584; Mr. Samit Thakkar, 6617009 ; Mr. Vishal Asnani, 6615385; Mr. Anand Shandejamikar / Mr Gopal M. Wankhede, 5603583; Mr. Amit Jayant Kavishwar / Banarasi Agrawal,
9860608943; Mr. Amit Jayant Kavishwar, 9860608943; Mr. Amit Jayant Kavishwar / Shridhar Tungar, 3956408; Mr. Chandmal Surana, 9326945155; Mrs. Dipika Yogesh raja, 2778910; Mr.Kapil
Suresh Thakkar, 2764021; Mr. Pradeep Santosh Dingwaney, 9325099504; Mrs. Priya Ajit Pendharkar, 2283181. Nanded—Mr. Mahesh Shrichand Wadhwa, 242053; Mr. Balaji Ramrao
Hambarde, 9970439137. Nandurbar—Mr. Dhruv Rameshchandra Agrawal, 250633. Miraj—Mr. Amol Satyaling Mhetre, 2221341; Mr. Shaktimayee Sanjeeb Panda, 9970544999;
Nashik—Ms. Vinita Sandeep Sinkar, 2506117; Mr. Pramod Vasant Kakad, 2454104; Mr. Chandan Hemnani, 3201539; Mr. Suyog Khandve, 2597942; Mr. Kailas Puranik, 3053277; Mr. Santosh
Laxman Kothule, 2524195; Mr. Rohit Raman sagore, 2581951; Mr. Chetan S Pingale, 6610996; Mrs. Neelam Nemichand Jain, 3012727; Mr. Mustafa Dilawar Mansuri, 9373888897; Mrs. Anjali
Manoj Kushwaha, 9225108173; Mr. Sagar B Pardeshi, 9225108631; Mr. Nilesh Fakirrao Bankar, 9922011015; Mr. Prashant Alai, 9881742524; Mr Jayesh Prakash Vispute /Mr Ishwari manoj kadlag/
Ms Leena Vilas Khairnar, 2232666; Mr. Popat Hari Gunjal, 9867697965. Omerga—Mr. Yelikar Shafik Rajak/Pandit Santosh Bibhishan, 250101; Mr. Prashant Alai, 9881742524; Mr. Vishal
Shantaram Bhusare, 9960048155. Palghar—Mr. Girish Tilwani, 251684; Palus—Mr. Prashant Hake, 228343. Pandharpur—Mr.Manoj Mohan Puranik, 3290925. Parbhani—Mr. Mahesh
Khake, 9422113882. Parli Vaijnath—Mr. Vineesh Maroo, 225024. Parner—Mr. Jitendra Shamrao Kale, 221392. Phaltan—Mr. Ram Chandradas Gunani, 222449; Pimpalner—Mr.Vinod
B. Kuwar, 224288; Pune—Mr. Vashu Balani, 27414751; Mr. Gopal Harsule, 30223599 ; Mr.Nitin Chandrakant Kulkarni, 227922; Mr.Balvir Baldevraj Chawla, 46703108; Mr. M. Ramachandran,
27030823; Mr. Mahendra Rasiklal Luniya, 26823659; Mr. Amit Ashok Ghatol / Mr. Saurabh Ghatol, 25510838; Mr. Kalera Sanjay Vashulal, 26452442; Mr. Suhas Bhalchandra Chatane, 26990406;
Mr. Ketan Ashok Shah, 26331485; Mr. Samir Nandkumar Harnol, 27272858; Mr. Anil Tabib, 9822015488; Mr. Sachin Eknath Tapkir, 25280038; Mr. Aazam Shamsuddin Sayed, 40090314; Mr.
Bhushan Kasar, 26633344; Mr. Arun Sooryakant Gandhi, 65251693; Mr. Krishnamachari Iyengar, 24361136; Ms. Aarti ashok Mohire, 26056233; Mr Manish Ashok borkar, 9730021671; Mr.
Bhushan Ratnakar Mahajan, 254520604; (1)Mr.Aditya Jayant Kopardekar.(2)Mr. Rupesh Subhashchandra Paliwal.; Mr. Rajendra Mukund Mahajani/Mrs Suvarna Rajendra Mahajani/Mr.
Nikhil rajendra Mahajani , 25431604/5/6, 25431610; Mr. Yogesh Prakash Pingle, 66021317; Ms. Vaishali J Bagelikar, 30220845; Mr. Jignesh Kanani / Mr. Yograj Patel, 24215821; Mrs. Aditi Abhijit
Kulkarni, 26055242; Mr. Ketan Ashok Shah, 9860045140; Mr. Nitin Baban Bhosale, 66021301; Mr. Ketan Ravindra Renukar, 9370910555; Mrs. Gauri Pravin Kolhatkar, 9922500525; Mrs. Varsha
Sanjay Yadav, 66021301; Mrs. Priya Sandeep Edake, 66021301; Mr. Pawan Kumar Goenka/Ms. Rajeshree Goenka/Ms. Asma Shafi Moosa/Mr. Rajiv Raman Gangwani, 40077761;Ms. Priyanka
Firodiya, 24478180; Mr. Nadimahmed Nisarahmed Shaikh, 9764553130; Mr. Shivanand S Kolanure, 9503125599; Mr. Amol Anand Mantri, 9860484539; Mr. Rakesh Sadanand Dalvi, 9890178977;
Mr. Rahulkumar Gandhi, 24216102. Rahata—Mr. Atul Sahebrao Shinde, 242163. Rahuri—Mr. Jagannath Warkhede, 9271553457. Ris—Mr. Jayaram Shravan Kokane, 250264. Ratnagiri—
Mr Bharat Premji Patel, 227244. Roha—Mr. Pramod Anant Mhaskar, 9271101382. Sahada—Mr. Naresh Lalchand Jain, 223529; Sangamner—Mrs. Ujwala Chandrakant parakh, 221614;
Sangli—Mr. Rajesh Shah, 2326159; Mrs. Priyadarshani Kulbhushan Patil, 6957033; Mrs. Rajnandini Suryawanshi, 9764345469; Mr. Raju Doulat Atpadikar, 222037; Mr. Sunil Anaje, 9372652417.
Saswad—Mr. Sachin Mahadev Mhetre, 223429. Satara—Mr. Sachin Sadashiv Divakar, 234286; Mr. Jaywant Shrirang Kadam/ Mr. Umesh Pandurang Kadam, 248588; Mr. Sadashiv Ramhari
Bagal, 232080. Sindhudurga—Mr. Vinayak parab, 6456012; Sinnar—Mr. Rahul Ratnakar Gujarathi, 220412; Solapur—Mr. Amit Suresh Dhupad, 3290925. Talegaon—Mrs. Sharmila
Hrushikesh Ranadive, 645104. Udgir—Mr. Narsan Reddy, 258711. Umbraj—Mrs. Shital Sagar Mahamuni, 651696. Varangaon—Mr. Yashwant Shambhudayal Chaurasiya, 263894.
Wardha—Mr. Utkarsh Anand Shukla, 645023. Wai—Mr. Pisal Ganesh Uttamrao, 227534; Yeola—Mr.Nilesh P. Shrishrimal, 268137. MEGHALAYA Shillong—Mr. Ravinder Singh, 9774082005;
MIZORAM Aizawl—Mr. Laldintluanga Sailo, 232778. NEW DELHI New Delhi—Mr. Tarun Bansal, 23288539; Mr. Balender Singh Negi, 40590739; Mr. Sunil Rana/ Mr. Jitendra Chawla, 42334416;
Mr.Sunil Gambhir, 22373717; Mr. Kamalpreet Singh Ahuja, 42502527; Ms. Anita Mittal, 45588396/397; Mr. Vikash Jha, 9910600557; Mr. Rajiv Mehta, 30888835; Saurabh Shukla, 55186037 ;
Mr.Sharad Jagnani, 27021170; Suneel Kumar, 42875332; Mr.Suresh Chandra Agrawal, 32412089; Mr.Vimal Goel, 55857952; Mr. Arun Jain, 26931704; Mr. Manish Jain, 9312196489; Mr Narendra
Singh Uniyal/Mrs. Rekha Uniyal, 64608810; Mrs.Vineeta Agrawal/Sanjeev Agrawal, 29944010-17; Mr. Tilak raj, 47563277; Mr.Hemant Kumar, Mrs.Archana Rani, 9810996998; Mr.Raman Kumar
Jha, 45665244; Mrs.Sangeeta Sharma, 45049603; Mr. Mukesh Sharma., 47057628; Mr. Ashish Mangal, 22543633; Mr. Vivek Jain/ Mr. Sanjay Jain, 9210300005; Mr. Vinay Kumar Gupta,
29990172; Mr. Syed Mohd Sajid, 26989105; Mr. Sunil Kumar Yadav, 9810560594; Mr. Ijesh Bedi, 27831055; Ms. Sudershana Rathee, 24108011; Mr. Prabhakar Pandey, 9810948228; Mr. Mr. Pawan
Kumar, 26535294; Mr. Dhananjay, 9654104100; Mr. Deepak Sethi, 65062126; Mr. Ratish Ranjan Gupta, 25393512; Mr. Gaurav Jain / Mr. Bharat Bansal, 9899426848. Narela—Mr. Mahavir Singh,
20461351; Mr. Bharat Kumar, 9289503312. ORISSA Angul—Mr. Deepak Roshan, 260224; Bhubaneshwar—Mr. Ashok K Tripathy / Vaibhavi Bandekar / Ms Saroj Kr Mishra / Sonia Mohanty,
2536821; Mr. Bhabani Shankar Mishra, 2534046; Ms.Bandana Behera, 9437022622; Mr. Larens Kumar Nanda, 9937761040; Baripada—Mr. Rajib Kumar Acharya, 253000; Bargarh—
Mr. Saroj Kumar Dash, 230538. Berhampur—Mr. K V Ravi Kiran/ Ms. Gayatri Patro, 9238317050. Bolangir—Mr. Sanjay Kumar Pradhan, 234139; Cuttack—Mr. Narayan Venkat Rao,
9937194628; Mr. Abhisek Parida, 23456351; Mr. Juga Jyoti Mohanty, 9437442713. Dhenkanal—Mr. Jayaram Soni, 224930; Puri—Mr. Trigmansu Sekhar Patra, 236538; Sambalpur—Mr.
Ghana Shyam Dash, 2410508. PUNJAB Amritsar—Mr. Manpreet Singh, 2507011; Mr. Rishi Sehgal, 2552500. Chandigarh—Mr. Yuvraj Gupta, 4614441; Mr. Baljit kaur, 9814192955.
Derabassi—Mr. Deepak Kumar, 9416192099. Fazilka—Mr.Sunil Kumar, 261112; Firozpur—Mr. Narinder Khurana, 503694; Jalandhar—Mr. Gurpreet Singh Chugh, 5055201.
Ludhiana—Mr. Deepak Kumar Chhabra, 2740084; Mr. Harsh Arora, 4637221. Mohali—Mr. Vinod jain, 6579011; Mr. Rajiv Kohli, 6576251 Nawanshahar—Mr. Kuldip Ram, 226266.
Pathankot—Mr. Shiv Kumar Malhotra, 2256475; Mr.Vijay Abrol, 5100110; Tanda—Mr. Harwant Singh, 222416; RAJASTHAN Abu Road—Mr.Sanjay Agarwal, 222610. Alwar—Mr. Kushal
Sacheti / Mr. Sanjay Sacheti, 2360880; Mr. Ravindra Kumar, 270819; Beawer—Ms. Mamta Chauhan / Mr. Rajendra Chauhan, 257141; Behror—Mrs. Sunita Sinha, 9799371553. Banswara—
Mr. Rishi Bhardwaj, 9829295943; Barmer—Mr. Sunil Kumar Singhvi, 9461216434. Bhilwara—Mr. Atul Goyal, 247868; Bhinmal—Mr. Sanjay Jain / Ms. Babita Jain, 220050. Bikaner—
Mr. Raj Kumar Duggar, 2522539; Mr. Rajesh Surana, 2273223. Dausa—Mr. Jagdish Prasad Swarnkar,220369. Dungarpur—Mr.Bhaveen Shrimal, 233944; Falna—Mr. Mahendra Parihar,
222082. Jaipur—Mr. Sachin Singal, 5114137; Mr. Rohan Sharma, 2297230; Mr.Gaurav Kabra, 4078014; Mr. Praveen Kumar Bangrawa, 6507631; Mr.Sunil Kumar Bhageria, 2569629; Mr.
Pradeep Kumar Sharma, 2230749; Mr. Rohit Bhargava, 2741669; Mr. Prashant Matolia, 2224891; Mr. Pradeep Jain, 2564260; Mr. Sumit Ghiya, 4036882; Mrs. Vimlesh Gupta, 2348600.
Jodhpur—Mr. Pankaj Abani, 9314048002; Mr.Laxminarayan Panchariya, 9784777850; Mr.Krishan Joshi, 9414560318; Mr. Mahaveer Sharma, 2633676; Mr.Gajendra Rathi, 3254385; Mrs.
Sapna Choudhary/Mr. Nikhil Saran, 2631266. Kankroli—Mr. Kunal Jain, 329330; Kishangarh—Mr. Abhishek Rathi, 326755; Kota—Mr. Unnat Goyal, 2366807; Mr. Avinash K Soni,
9925643085; Mr. Gaurav Lalwani, 6444277. Pali—Mr. Amar Chand Sancheti, 510050; Pindwara—Mr. Alkesh Kumar Luhar, 9983009917; Rajsamand—Mr. Govind Paliwal, 9829880086;
Sharekhan Partners
Mr. Madan Singh Sisodiya, 230218. Rani—Mr. Mahendra Parihar, 236583; Sagwada—Ms. Vaishali Sargia, 251639. Sanchore—Mr. Manoj Kumar Maheshwari, 9414610822. Sajot Road—
Mr. Laxmi Kant Bhati, 9413520560. Sikar—Mr. Mahesh Kumar Saini, 9351373029; Mr. Ram Lakhan Gupta, 252466; Sirohi—Mr.Praveen Kumar Jain, 220136; Mr.Mahendra Parihar, 222670;
Sri Ganganagar—Mr. Mukesh Singal, 2475510; Sumerpur—Mr. Bharat Kumar, 252971; Udaipur—Mr. Ananth Acharya, 2426945; Mr. Narendra Harkawat, 9414238892; Mr. Mohit Chhatwani,
3294713; Mr. Rajendra Kumar Rao, 3209447. SIKKIM Gangtok—Mr.Mahendra Mohan Marda, 9332336624. TAMIL NADU Arni—Mr. Vinoth Kumar Nithya, 9443437183. Bhavani—Mr. Somu
Dhanasekar, 261119; Chennai—Mr. Prasad, 23451091; Mr. Prasad, 26564812; Mr. Prasad, 45513692; Mr. Shanmugharaj Gnanaselvi, 43530850; Mrs. Hemamalini Chandrashekhar /
S.R.Chandrasekaran, 24328413; Mr. Kesarichand Sethia, 25386019; Mr. Kanaga Sabapathy, 9444356660; Mr. Panchatcharam perumal, 9444072219; Ms. Rekha Mohanasundaram, 42865297;
Mr. Suresh Paramanand Jangid, 42759942; Mr. Chandramohan Rajamani, 9841070827; Ms. Anuradha Thirumalaivasan, 45526060; Mr. M Baskar / Mr. V Kala / Mr. R Sivakumar, 45528527.
Chidambaram—Mr. K R Ramesh, 9942610000. Coimbatore—Mr. Madanlal R Tukrel, 4370411; Mr. R. Palaniswamy / Mr. P.S. Senthil Kumar, 4216406; Mr. Prabhu N D, 4387508; Mr. Umesh
Maheshlal, 9843119887. Dharapuram—Mr. Durairaj M, 9944522044; Cuddalore—Mr.Jayraman Ganesh, 236927; Mr. Subakkar Padmanaban, 228938. Devakottai—Mr. SP Manojkumar,
270496. Dharmapuri—Mr.Vengiyagounder Selvakumar, 221893; Mr.Sundaramoorthi Anbalagan, 267257; Dindigul—Mr R Senthil Kumar, 6533227; Erode—Mr. G K Guru, 230327; Mr.
Ramarathinam Manivasagam, 9865617488; Mrs. R Revathi, 2253534; Mr. Balakrishnan Ragunandhan/ Mr. Cinnusamy Kalaivani, 2264264; Hosur—Mrs. Shobha Srinivasan Sathyanarayanan,
22224. Kallakurichi—Mr. Ranganathan Ashok Khumaar, 225188. Kanchipuram—Mr. K S Saravanan, 47203561; Mr. Kanthapadi Ramachandran Ravi, 27236439. Karaikal—Mr. A Paul
daniel Gnanaraj, 221288. Karaikudi—Ms. Vallippan Chitra, 329253; Karumathampatty—Ms. K. Parvathavarthini, 4218005; Karur—Mr.Subramani Bharathiraju, 646204; Kovilpatti—
Mr. Muthiah Pillai Subramani, 229607; Krishnagiri—Mr. M Thirumurugan, 238911. Kumbakonam—Mr. Suresh S, 2425576. Madurai—Mr. Nagarajan Murugesan, 4347294; Mr.
Mugunthan Bhalakumar, 2389100; Mr. SP Swaminathan, 4288888; Mrs. Meenakshi Sundaram K, 4288888; Mayiladuthurai—Mr. T Saravana Kumar, 225858; Nagapattinam—Mrs.Parvathi,
9443588864; Mr. Jayanthi P, 247953. Palladam—Mr. S Krishna Kumar, 291613. Pondicherry—Mr. Ariyaputhri Selvakumaran, 2281133; Rajapalayam—Mr. Ranjithkumar Thangamuniyandi,
231602. Rasipuram—Mr. M Ganapathy, 220088. Salem—Mr. Vivekanandan Venkatesh, 6546541; Mrs. Revathi R, 2441523; Mr. R A Arul, 2340033. Sankari—Mr. S.P.Karthik Keyan, 242838.
Sankari—Mr. S.P.Karthik Keyan, 242838; Thanjavur—Mr. Shanmugam Madhavan, 235263; Mr. S Engels, 253000. Thiruchengode—Mr Ramasamy Arunachalam, 280899. Tirunelveli—
Mr. N. Kameswaron, 2320544. Trichy—Mr. Ravikumar Natarajan, 4542210. Tirupur—Mr. B. Jagan, 4322356; Ms. R Kalpana, 9994491555. Trichy—Mr. Mothi Padmanaban, 2700997,
Mr.Krishnasamy Sivakumar, 262310; Mr. Balaji Nandakumar, 9444132552; Tuticroin—Mr. G Jasper GNANA Martin / Mr. S Aravinth Narayanan, 2345744; Tirupur—Mr. Subramaniam Muralimohan,
4325073; Udumalpet—Mr. R Sampath, 225323; Vaniyambadi—Mr. K.Uvaiz Ahmed /Mr. C.Md.Faisa, 9366114017. Velachery—Mr. Gnan Guru N, 9824154282; Vellakovil—Mr. K. G. Lokessh,
303222; Villupuram—Mr.Krishnasamy Srinivasan, 229755; TRIPURA Agartala—Mrs. Sukla Ghosh, 2314095; Belonia—Mr. Ashesh Saha, 224295; Teliamura—Mr. Debabrata Majumder,
262436. Udaipur—Mr.Biplap Majumder, 227021. UTTAR PRADESH Agra—Mrs.Kalpana Gupta, 9219618594; Mr. Shiv Prakash Gupta, 4002434. Aligarh—Mr. Tarun Kumar/ Mr. Neeraj Gupta,
9759008438. Allahabad—Mr. Ravi Agrawal, 2500462; Mr. Santosh Kumar Maurya, 9839246766; Mr. Prakash prasad, 9935592332; Mr. Rajendra Kumar Jain, 9616844438; Mr. Anurag Kumar
Kesarwani, 9838600951; Mr. Hanuman Prasad Shukla, 9889785844. Ambedkar Nagar—Mr. Sandeep Tripathi, 245145; Bahraich—Mr. H. P. Srivastav, 228284; Mr.Ashish Jaiswal, 9792230922;
Banda—Mr. Ashutosh Khare, 9889404254. Balrampur—Mr. K. N. Gupta, 220533; Mr.Shailesh Kumar Srivastava, 9792230922. Barabanki—Mrs. Rachna Subodh Jain, 9935023187.
Bareilly—Mr.Ajay Kumar Mathur, 9837085599; Mr. Neeraj Chand, 9719546492; Mr. Mohd Mazhar, 2520688; Mr. Mohit Khandelwal, 2585085. Bhadohi—Mr.Fazlur Rahman, 300091;
Bijnore—Mr. Satendra Kumar Malik, 9837267091. Deoria—Mr. Pramod Kumar Agrawal, 9415661860; Farrukhabad—Mr. Amber Tiwari, 234074; Fatehpur—Mr. Vishnu Kanti, 227939;
Ghaziabad—Mr. Anil Kumar Duhan, 9810965469; Mr. Vijay Sadana, 4103618; Mr.Rajesh Goswami, 4150236; Mr. Shashank Sharma, 4107838; Mr. Vivek Singh, 9899675496. Gonda—Mr.
Kameshwar Gupta / Mr. Hanumant Srivastav, 223150; Mr. Raman Srivastava, 9838813443; Gorakhpur—Mrs. Lalita Jaiswal, 9935144041; Mr. Sameer Ahmad Khan, 9838745314; Mr. Ashok
Kumar Vig, 9369299170. Hapur—Mrs. Urmila Gupta, 971921558. Hardoi—Mr. Akash Singh, 9984201900. Jaunpur—Mr. Durgesh Kumar Dubey, 266637. Jhansi—Mr. Tarun Gandhi,
2446751; Kanpur—Mr. Lalit Singhal, 2307045; Mr. Girish Chandra Tandon, 3252613; Mr. Jai Prakash Saxena, 570090; Mrs.Priyanka Agrawal, 2654110; Mr. Suresh Kumar Verma, 9415495959;
Mr. Akshat Nagwanshi, 9369296145; Lakhimpur—Mr. Sanjeev Bajpai, 259681; Lalitpur—Mr. Pankaj Arora / Mr. Sanjay Sabharwal, 274397; Lucknow—Mr. Anupam Atal, 2287000 ; Mr.
Kuldeep Darbari, 2257721; Mr. Manish Gupta, 2201626; Mr. Prashant Kishore Khuntia, 3234465; Mr. Mukesh Kushwaha, 4063065; Mr. Neeraj Verma / Mr Mukesh Varma, 2326680; Mr. Ravi Prakash
Agarwal, 9335264490; Ms. Seema Sarraf, 4024880; Mr. Shakeel Ahmed Khan, 2288888; Ms. Sneh Lata Kushwaha, 4008277; Mr. Shariq Nafees, 2623000; Mr. Mohd Faizal, 4025529; Ms. Seema
Gupta, 4045902; Ms. Rachna Agarwal, 2461053; Mr. Naresh Kumar Rastogi, 9415082954; Mr. Amit Kumar Singh, 9336835379; Mr. Mehdi Sarwar Alam, 9838374376; Mr. Mahendra Kumar, 4025838
; Mrs.Rekha Dixit, 9415061134; Mrs.Pratiksha Singh, 2739518; Mr. Vijai Bajpai, 2422342; Mrs. Veena Saluja, 4073892; Mr. Ravindra Nath Agarwal, 2745847; Mrs. Nisha Kapoor, 2995587; Mrs. Namita
Nigam, 9839125533; Mankapur—Mr. Manish Tripathy / Mr. Kameshwar Gupta / Mr. Hanumant Srivastav, 231500. Mau—Ms. Shradha Khandelwal, 2227323; Mr. R K Singh, 9455165502.
Meerut—MR. Kuldeep Chaudhary, 2630059; Mr. Naveen Bansal, 2663312; Mirzapur—Mr. Devesh Giri, 9721439806; Muradabad—Mr. Akash Garg, 2435047; Mr. Mustizab Malik, 2520688.
Muzaffarnagar—Mr. Amit Jain, 3292715. Najibabad—Mr. Pavan Kumar Agrawal, 230448; Nanpara—Mr. Prashant Vaibhav, 234645; Noida—Mr.Niraj Kumar Singh, 9891187886; Mr. Sumit
Saxena, 2482765; Mr. Rajendra Prasad Sharma, 9350625652. Orai—Mr. Sanjay Kumar Agarwal, 252569; Pilibhit—Mr. Anoop Kumar Agarwal, 9412554791; Pratapgarh—Mr.Vishnu Kumar
Patidar, 221027; Mr. Mohd Ersad Ahmad / Mr. Arvind Kumar Singh, 9839868719. Raibareli— Mr. Abhishek Sinha, 9336007387. Rampur— Mr. Shariq Yar Khan, 2325285. Renukoot— Mr. Ravi
Kant Pal, 254265. Saharanpur—Mr. Parveen kapoor, 2713565. Saraswasti—Mr. Surendra Singh, 9792230922; Shahjahanpur—Mr. Amit Yadav, 228102; Sitapur—Mr. Sanjeev Kapoor/Mrs.
Neeru Sahni, 9415084966; Mr. Arvind Yadav/Mr. Sanjay Maurya/Ms. Anamika Pal, 9450540565. Sultanpur—Mr. Ishwari Kumar Dwivedi, 9415156412. Utraulla—Mr. Phoolchand Dwivedi, 253277/
78. Varanasi—Mr. Lalji Choube, 2507621; Mr. Raj Gaurav Rai, 2312087; Mr. Ravi Seth, 2227716; Mr. Amit Kumar Verma/Mr. Sanjeev Tandon, 2413763; Mrs. Santvana Agrawal, 2214555; Mr. Amar
Bahadur Singh, 2587018. UTTARANCHAL Dehradun—Mr. Ashish Sethi/Mrs. Garima Sethi, 6545914; Babita, 2710327; Mr. Saurabh Thapliyal, 2520185; Mr. Nilesh Agarwal, 432083; Mr. Vikas Gupta
/ Mr. Anurag Sharma, 2656004. Haldwani—Mr. Rajendra Pant, 9837776832; Nainital—Mr. Sawan Kumar Verma, 255976. Ramnagar—Mr. Sanjay Agrawal, 251697. Roorkee—Mr. Pravej
Alam, 321013. Rudrapur—Mr. Vishal Garg, 9927072515. Tehri Garhwal—Mr. Bhupendra Singh Chauhan, 9927072515. Sitarganj—Mr. Yogesh Kumar Agarwal, 254370. WEST BENGAL Amta—
Mr. Radhashyam Mahata, 265467; Bakhrahat—Mr. Gadadhar Roy, 9830398245. Bankura—Mr. Somsubhra Datta, 257350; Balurghat—Mr. Debabrata Saha, 270996. Barasat—Mr.Sibdas
Ray, 9331834313; Barrackpore—Mr. Ratan Lal Ghosh, 2592-8564; Bongaon—Mr. Laxman Gosh, 240685; Burdwan—Mr.Prodosh Sanyal/Mr.Shekhar Maity, 3208259; Mr. Ravi Agarwal, 2442548;
Mr. Arnab Das, 255525; Cooch Behar—Mr. Pranajeet Bhowmik, 9933038888; Mr. Mohan Roy/Mr. Malay Sarkar, 255243; Dalhousie—Mr. Sumit Adhikari, 9733648892; Durgapur—Ms. Jayanta
Chakraborty, 2565989; Mr. Anil Kumar Tiwari , 2534708. Gangarampur—Mr. Ranada Prasad Das/Mr. Farman Ali sarkar/Mr. Khurshed Alam sarkar, 255472; Hooghly—Mr. Pulak Gosh, 26946012;
Howrah—Mr. Snehashis Ray / Mr. Somen, 26784207; Praveen Tewari, 32510718; Mr. Kumar Chattopadhyay, 9830895322; Mrs. Atashi Chakraborty, 26406238; Ichapur—Mr. Robins Kumar Shaw,
32584190; Kalyani—Mr. Arnab Majumder, 9434955026. Kolkata—Mr. Deepak Kanoria, 32501523; Mr. Sibdas Tapadar / Mr. Suchanda Chudhary, 033 - 5514 1949 / 2578 9022 / 2578 8516 / 3259
8572; Mr. Sujit Deb, 03523 - 256838; Mr. Kailash Todi, 26550436 / 26550739 / 26553761/ 55206376; Mr. Ravi K. Agarwal, 22131373 /74 ; Mr. Tapas Chakraborty, 9830388328; Mr. Mahfuzur Rahaman,
9433876837; Susamoy Chatterjee, 22365539; Mr.Deepchand Jaiswal /Mr.Biswajit Banerjee /Mr.Gyanchand Jaiswal, 22259458; Mr. Aranya Nath, 0343-3205197; Mr. Rahul Sheth, 24747629; Mr. Tapas
Kumar dey, 9836109681; Mr. Partha Sarathi Chakraborti., 24196100; Mr. Bisakh sen, 9831138881; Mr.Shyamal Banik, 9333730175; Mr. Ankit nevatia, 9831012456; Mr. Ashish Kumar Agarwal, 30221852;
Ms. Neeta Magon, 22893546; Mr. Subhasish Ghoshal, 9874193375; Mr. Pradip Kumar Chakrabarti, 9831206938; Mr. Vishal Kedia/Mrs. Mrinal Kedia, 22688460; Mr. Chiranjeev Goel, 9836881316.
Krishnagar—Mr.Subashis Biswas, 255545; Mr. Subir Kumar Roy / Mr. Sukhenjit Das / Ms. Rita paul, 9830025908. Madhyamgram—Mrs. Sulata Biswas, 25268895. Makardah—Mrs. Amita Paul,
28770893. Malda—Mr. Siddique Hossain/Mr. MD Nazmul Islam/Ms. Asim Bari, 9832047726 Midnapore—Mr.Giriraj Bhutra, 273385. Nadia—Mr. Priya Ranjan Paul, 9046396807. Paradeep—
Mr. Rajan Kumar Tarai, 9556297448; Purulia—Mr. Praveen kumar choudhary, 9933457177. Raiganj—Mr. Prabin Kumar Kalyani/Mr. Basanta Sethia, 253897. Sibsagar—Mr. Sontosh Kumar
Borthakur, 9435500272. Sodepur—Mr. Apurba kanchan Dutta, 9231923053.
MUMBAI Andheri—Mr. Abhinav Angirish, 26343322; Mr. Abhijit Periwal, 2673 3643; Mr. Manoj Lalwani, 26351629; Mr. Hitesh Mehta, 66921338; Mr. Ravindra Lal Jagasia, 26392584; Mr. Dipesh
Chadva, 40794242; Mr. Jigar Thakkar, 67770014; Mr. Govind Pathak, 65217353; Mr. Etica Wealth Management Pvt Ltd, 9867742732; Ms. Ritu Ram Lal Malik, 9819000462. Babulnath—Mr. Dipen
Shah / Mr. Ashish Shah, 23610772. Bandra—Ms. Sonia Raju Kanal, 9867777261; Bhandup—Mr. Delvin M. Rajan, 25947699; Mr.Dipak Pisal, 25955632; Mr. Swapnil Rawool, 9833016555; Mr. Ashish
Ramsarup Budhiraja, 69563565; Mr. Anil Kotlapure, 9892137800; Mr. Jitesh Vasant Patil, 9930344005; Mr. Ashok Shamsunder Shetty, 25944452; Mr. Dhanidutt Bhatt, 9820115665; Mrs. Ashakumari
delvim/Mrs. Maria Hema Stephen, 25947699. Bhayander—Mrs. Varsha Navneet Rathore, 28150382, Mr. Gaurav I Jain, 28195017. Borivali—Mrs.Vidula S.Lele, 24225424; Mrs. Hiral Viral Desai,
28070636; Bhayander—Mr. Kiran Laxman Chudasma, 9619194271; C P Tank—Mr. Sanjay Jain, 67521100; Charni Road—Mr. Rajal Rashmikant Kanani, 30015270; Cuffe Parade—Mr. Hem
Tejuja, 40595959; Mr. Sanjay Chembur—Mr. Sanjay M Mehta, 25290512. Dadar—Mr. Lekhendra Trilokchand Parmar, 24366602; Mr. Varun Ajit Deshmukh, 24374110; Dahisar—Mr. Jagdish
V. Gada, 28282306; Mr. Pradeep K. Sawant, 28973622; Mr.Mahesh V. Rege, 28919132; Mrs. Prachi Chetan Chikhale, 24455622; Mrs. Bela Sanjay Mistry, 9821166440. Fort—Mr. Nikhil Shah,
22871500; Mr. Premal Sanghvi,66632921; Ms. Salome Shah, 22666039; Mr. Rajiv Sheth, 22722781; Mr. Somen Sangani, 22070427; Mr. Sachin Morakhia, 22659327; Ashok C Shah, 9322595178; Mr.
Vijay Kumar, 22656569; Mr. Hardik Rajendra Mandvia, 64409094; Mr. Mohsin Rahimuddin Shaikh/Mr. Ahmed Ali, 9821448908; Mr. Manish Negandhi, 9820257549; Mr. Mehul Shah, 66105604; Mr.
Bhavin Haresh Zaveri, 22022901-09. Ghatkopar—Ms. Monisha Mehta / Mr. Gaurav Shah, 25100068; Mr. Pomesh Hirachand Momaya / Mr. Naresh N Agarwal, 9821070423; Mr. Pramod Jayantilal
Shah/ Mr. Nikesh Praful Shah/ Ms. Priyanka Nareshkumar Joshi, 25006262; Mr. Jigar Jayantilal Gogri, 9892878997. Girgaum—Mr.Narendra Khushalraj Kothari/Sachin Bharat Dodhiwala/Mrs.
Charulata Hemant Shah, 23800734; Goregaon—Mr. Kamal Keshar Kanwal, 9819509264; Mr. Nareshkumar Lilabhai Barad, 28730953. Jogaswari—Mr.Atif Ashfaq, 26788181; Kalbadevi—
Mr. Hemant Shah / Mr.Bharat Dodhiwala, 22013789; Mr. Shekhar Natwarlal Davda / Ms. Charu Shekhar Davda / Mr. Gaurav Shekhar Davda, 23521109; Mr. Sunil Kumar Tater, 9320055223; Mr. Sudhir
Vagrecha, 22442687. Kandivali—Ms. Payal Gulabdas Lal, 28651242; Mr. Sunny Sharma, 28680093; Mr. Pratik Shah, 28019804; Mr. Jatin K Mistry, 9987635128; Mr. Anand Laxman Chandekar,
22955998. Khetwadi—Mr.Nayan Savani, 23809380. Kalachowki—Mr.Shankar Vishnu Veer, 24708245. Kurla—Mr. Muzaffar Kazi, 26500116; Mr. Santosh Mahadev Patil, 9833447399; Mr.
Santosh Baburao Sonawane, 9819104050. Mahalaxmi—Mr. Tarun Birani, 32439684; Mahim—Mr. Prashant Marathe/Mr. Girish Marathe/Mr. Chetan Chikale, 24320267; Malad—Mr. Dilip Shah,
65267143; Ms. Indu Mahendra Purohit, 28806704; Mr. Shyam Sunder Kabra, 28773221; Mr. Bhandarkar, 28030661; Ms. Nidhi Verma, 28010406; Mr. Praveen Nathulal Jain, 9833636035; Mr. Mahesh
Mohan Todankar, 24384536; Mr. Meghal P Bhatt, 65133967; Mr. Girish Bhavanji Gala, 28085930; Mr. Preetesh Kirtikumar Doshi, 30625727. Masjid Bunder—Mr. Lata Metha /Rajubhai Metha,
23444590; Mr. Mohanlal Sukhija, 23427814; Mr. Manish Vakil, 23462690; Mrs. Fatema Mustan Lakdawala, 23432455; Mr.Sachin Himat Doshi, 40239751; Matunga—Mr. Hardik Chandrakant thakkar,
9867303989; Mr. Arjun Tapan Mukherjee, 65139230; Mr. Sanket Vinay Thakar, 24101414; Mr. Biharilal Hiralal Soni, 24157699. Mazgaon—Mr. Bhavik Jogesh Thakkar, 23772121; Mira Road— Ms.
Naina Miyani / Mr. Chetan Miyani, 2813 1522; Mr. Balu Govind Waghmare, 9967097105. Mulund—Mr. Winson Martin D'Sa, 20320724; Ms. Rekha Bhagwan Jadhav, 21637711; Mr. Tejinderpal Singh
Wahi, 25691033; Mr. Shambhu Sharan Singh, 25688194; Mr. Manish Laheri Thakker, 9930171719; Mr. Kalpesh Kirti Palan/Mr. Swapnil Balasaheb Deshmukh, 25630619. Nalasopara—Mr. Richard
J. Almeida, 2404133; Napanse Rd—Mrs. Jayashree S. Sardesai, 23680608; Prabhadevi—Mr. Nikhil Ajit Doshi, 24307805; Powai— Mrs. Asha Kumari Delvin, 25779207 Santacruz—Mr. Bapu
Ashruba Sonwane, 2617007; Sion—Mr. Kantilal Talakshi Shah, 66661424; Vile Parle—Mr. Vasant Amin, 32416941; Mr. Naveen Kaul/ Mrs. Renu Ashok ahuja, 9819878343. Mr. Nitin Bhalchandra
Desai, 26149218; Ms. Rupal Bhatt, 26100031; Mr. Krunal Abhubhai Desai, 26245289; Ms.Ekta Choudhary, 26711392; Mr. Jaydeep Shirish Ganu, 26108163. THANE Thane—Mr. Balbhadra Mulshankar
Joshi, 67934377; Mr. Sanjay Yewale, 25375135; Mr. Sandeepan Marutirao Reddy, 25471720; Mr. Abhijit Joshi / Mrs.Akshata Joshi, 9224567541; Mr. Yogeshwar Vashishtha, 67257917; Mr. Deepak shinde,
25832504; Mr. Amol Lahu Kamble, 25372161; Mrs. Twinkle Sinha/ Mr. Pramod Kumar Mishra, 25372161; Mr. Ratish Ravindra Nagwekar, 25854775 ; Mr.Mohammed Idris., 25429478; Mr.Momin Faizan
Mohd Ishaque, 227311; Mr. Hitendra Ramesh Gupte, 25431072; Ms. Poonam Jagdish nenwani, 25980251; Mr. Ashok Thool, 2529936; Mrs. Janhavi Ramchandra Surpur, 21720128; Mr. Pradeep
Ramchandra Shinde, 25304858; Mrs. Suman Manoj Mantry, 9920777663. Badlapur—Mrs.Swati Dileep Patwa, 2692841; Mr. Mahesh Laxman Khamitkar, 6449952. Bhiwandi—Mr. Tatyasaheb
Mahadev Pangare, 9823090025; Mrs. Swati Ramesh Pawar, 9822991750. Dombivali—Mr. Prakash V Gor/Mr. Dilesh, 2862895; Mr. Kishor Ladulal Gokhru, 2482882; Mr. Shankar Chaugule,
2442475; Mr. Harish Bhanushali, 9224767616;Mr. Ganesh Ramdas Ghanwat, 9773666182; Mr. Bhaulik Ashok Sanghvi, 9920309834; Mrs. Dipti Harish Bhanushali, 9221548869; Kalyan—Mr. Mahek
naresh Gala, 9833675106; Mrs. Rhuta Shirish Shukla, 2211062; Mr. Arvind Kumar Tiwari, 6536920. Mumbra—Mr. Taher Abbas Patanwala, 9833447399; Mr. Mannalal Chandrabali Gupta, 382386.
Vasai —Mrs. Heena Rushit Dave, 6455037/38; Mr. Manoj Kurup, 9821224306; Ms. Kajal P Mandani, 9665455787. Virar—Mr. Nasaruddin Abdulmalik Damania, 9923241118; Mr. Damjibhai Patel,
9221270777; Ulhasnagar—Mrs. Latika S. Dudani, 2570700. NAVI MUMBAI Airoli—Mr. Manohara.M.Shetty, 32171212. Belapur—Ms. Seema Sonu Tandel, 27580801; Kamothe—Mr. Prashant
M, 65220933; Khargar—Mr. Manohar Krishnan Nair, 32694049; Ms. Manisha M Shelke, 27742699; Mr. Rajesh Vazirani, 27745680; Koparkhairane—Mr.Ganesh Jadhav, 27545425; Nerul—
Mr. Bipin / Nisha Gupata, 32599995; Mr. Mahesh A Pansare, 27707929; Mr.Rajesh Kanayalal Vazirani, 27700002; Mr. Suhas Shivaji Pandhare., 9960339092. Panvel—Ms. Supriya K. Bhandurge
/ Mr. Dhanesh Bhandurge, 64522685.
Agra
Sharekhan Branches Bareilly Goa-Vasco
F-3, First Floor, Friends Trade Center, Nehru Nagar, 148, Civil Lines, Bareilly-243 001. Tel: (0581) 2510922 / 925. Shop No 4, Gabmar Apt, Gr Flr Swatantra Path , Vasco,
Opp.Anjana Cinema, M.G.Marg, Agra-282 002. Bharuch Goa -2.Tel: (0832) 2510 175 / 2511 823.
Tel: (0562) 4032060. 221-227, 2nd Floor, Dream Land Plaza, Opp Nagar Palika, Gorakhpur
Ahmedabad - Maninagar Station Road, Bharuch - 392 001. Tel: (02642) 244998/99. Shop No: F1, F2 ,F3 , Narayan Tower, Gandhi Gali, Golghar,
Office No. 1-2-3, Sukhchen Complex, Opp. Shriji Dairy, Jawahar Bhavnagar Gorakhpur, Uttar Pradesh - 273001 Tel: (0551) 2205063-70.
Chowk, Maninagar, Ahmedabad-8. Tel: (079) 30452260 / 61 Gangotri Plaza, Plot No-8A 3 rd Floor, Opp Dakshinamurti
Guwahati
Ahmedabad - Navrangpura School, Bhavnagar, Gujarat - 364 001.Tel: (0278) 2573938.
House No-60, Chandra Prabha Barua Lane, Pub Sarania,
201/202, Dynamic House, Near Vijay Cross Road, Bhubaneshwar Guwahati-781003.
Navrangpura, Ahmedabad-380009. Tel: (079) 66060141to 52 A/B-2nd Flr, 501/1741, Centre Point, Unit No.3, Kharvel
Ahmedabad - Sattelite Guntur
Nagar, Bhubaneshwar-1. Tel: (0674) 2380790, 2380796.
D.No.5-87-89, 2nd Lane, Beside HDFC Bank, Lakshmipuram
406, Shivalik Corporate Park, Shyamal Cross Road Sattelite, Bhilai
Ahmedabad-380 015.Tel: (079) 6525 48 08-13 Main Road, Guntur - 522 007. Tel: (0863) 6452334.
216, 1st Floor, Khichariya Complex, Nehru Nagar chowk,
Ahmedabad - Paldi Gurgoan
Bhilai (C.G.) 490006 Tel: (0788) 4092512 / 4092672.
302, Gangandeep Complex, Opp Bank of India, Paldi Cross GF 10, JMD Regent Square, DLF Phase- II, Opp Sahara Mall,
Bhiwandi Gurgaon Road, Gurgaon-122001. Tel: (0124) 4104555 - 57.
Road, Paldi, Ahmedabad-380 007. Tel: (079) 40094411-15. Office no 1&2, Presidency Plaza, Khadipar Road, Nr Shivaji
Ahmedabad - Bapunagar Gurgoan-II
Chowk, Bhiwandi- 421 302. Tel: (02522) 645690 to 96.
120 -121, First Floor, Pancham Mall, Nr. Jivanwadi Party Plot, Bhopal SCF 89, 1st Floor, Sector 14, Urban Estate,
Nikol Rd., Bapunagar, Ahmedabad- 382350. Gurgoan - 122 001. Tel: (0124) 4115431/32.
Shop No. 114,115 & 116, 1st Flr, Plot No. 2, Akansha Parisar,
Ahmedabad - Vastrapur Gwalior
Zone-1, M.P. Nagar, Bhopal-11. Tel: (0755) 42916004262200.
A/107, 1st Floor, Himalaya Arcade, Opp.Vastrapur lake, Bhuj Portion No.3, 1st Floor, Parimal Complex, Opp Kotchar
Vastrapur, Ahmedabad-380015. Tel (079) 66090036 to 39. Petrol Pump, Gwalior -474 009. Tel: (0751) 4097500.
1st Floor, RTO Relocation, Opp Fire brigade Station, Bhuj,
Ahmednagar Kutch-370 001. Tel: (02832) 229463/229473/229483
Hyderabad
Shop No 1 & 2, Kaware Complex, Vasant Talkies Road, Calicut 7-1-22/3/1-5/C, Afzia Towers, 1st Floor, Begumpet,
Ahmednagar-414 001. Tel: 0241-6611011 to 20. Hyderabad-500016 Tel: (040) 66827469-70 (D) 4020354.
3rd Floor, 6/1002 J, City Mall, Opp. YMCA, Kannur Road,
Ajmer Calicut – 673001.Tel: (0495) 4014060 - 64 / 2369379.
Hyderabad - Himayat Nagar
195/11, Rajhonda, Kutchery Road, Ajmer-305 001. Chandigarh 202, Skill Spectrum, Beside TTD Kalyana Mandapam, Opp.
Tel: (0145) 6100919 / 6100920 / 2422665. SCO : 185, 1st Floor, Sector 38-C, Chandigarh-160036
Universal Bakers, 3-6-367 to 369, Himayatnagar Main Road,
Allahabad (Punjab). Tel (0172) 4643000/ 4643001/ 4647024.
Hyderabad – 500029. Tel: (040) 42406245 to 248.
1st Floor, Shop No.14 & 15, Vashishti Vinayak Tower, Chennai - Anna Nagar Hyderabad - Dilsukhnagar
Nr Yatrik Hotel, Tashkant Marg, Civil Lines, Allahabad-211 003. New No 91 , Old No 106, D Block, Chintamani, Anna Nagar
2-41, Chaitanya Chambers, Chaitanya Puri, Dilsukhnagar,
Tel: (0532) 2260848, 2260849, 2260850. (E), Chennai-2. Tel: (044) 45501100 / 50 / 45501268 / 69.
Hyderabad, A.P. - 500 060. Tel: (040) 66805615/16/17/18/19.
Ambala Chennai - Chetpet
167/18, 1st Floor, Adjoining Airtel Office, Rai Market, Indore
G-2, Salzburg Square, 107-Harrington Road, Chetpet,
Ambala Cantt - 133001. Tel: (0171) 6450284to 87. 102-104, Darshan Mall, 15/2 Race Course Rd,
Chennai-600031. Tel: (044) 28362800 / 2900 / 28363160.
Indore - 452 001. Tel: (0731) 4205520 to 24
Amravati Chennai - Parrys
Tank Plaza, Above Union Bank. Rajkamal Squre. Indore - Vijay Nagar
Begum Isphani Complex, No 44 Armenian Street, Parrys,
Amravati -444 601. Tel: (0721) 6451282/83. R 11 - 12, Metro Tower, AB Road, Vijay Nagar, Indore, M.P. -
Chennai-1. Tel: (044) 25216600/11/33/44 and 42627917-19.
Amritsar Chennai - Purasawalkam 452010. Tel: (0731) 4272301, 4272308, 4272309
5 Deep Complex, 1st floor , Opp Doaba Automobiles , Court F-13, Dr Rajivi Tower, 231/28 Purasawalkam High Road, Opp
Jaipur
Road, Amritsar - 143001. Tel: (0183) 6451903 / 904 / 905. Gangadeeshwar Temple Tank, Chennai-7. Tel: 42176004-9.
Flat No 401/402, 4th Floor, Green House, Ashok Marg,
Anand Chennai - Mylapore C-scheme, Jaipur-302001. Tel: (0141) 4078000, 2378019.
F/5, Prarthana Vihar Complex, Near Panchal Hall, Vidyanagar Old No. 21 New No. 35, 3rd Floor, EVS Towers, Dr. Radhakrishnan
Jaipur - Johri Bazar
Road, Anand, Gujarat-388 001. Tel: (02692) 245615 to 16 / Salai, Mylapore, Chennai-600004. Tel: (044) 43009001- 06.
Khandaka Haveli, Haldiyon Ka Rasta, Johri Bazar,
655022. Chennai - Mugappair Jaipur -302003.
Anand - Vidyanagar No , 133,S M Narayanan Nagar, Annanagar West Extn,
Jalgaon
1st Floor, P.M.Chamber, Mota Bazar, Vallabh Vidyanagar, Chennai -600101 (T.N.). Ground Floor, Ramdayal Plaza, Near Kiran Tea, Navi Peth,
Anand, Gujarat - 388120. Tel: (02692) 655015 to 17. Coimbatore Jalgaon - 425001. Tel: (0257) 2239461.
Ankleshwar Vignesvar Cresta, 2nd Block, 3rd Flr, 1095 - Avinashi Road,
Jamnagar
F-1, F-2 & F-3, 1st Floor, Shree Narmada Arcade, Opp HDFC P N Palayam, Coimbatore -641037. Tel: (0422) 2213434.
4/5, Avantika Commercial Complex, 2nd Floor, Limda Lane
Bank, Ankleshwar - 393002. Tel: (02646) 227120/21. Dehradun Corner, Jamnagar -361 001. Tel: (0288) 2676818/2671559.
Bangalore - Advisory Jamshedpur
58, Rajpur Road, Opp. Hotel Madhuban,
#2307, Swanlines Building, 12th Main Road, Jayanagar 3rd UG, 2&3 Shreeji Arcade, 76B, Pennar Road, Sakchi,
Dehradun-248001. Tel: (0135) 2740 190 to 94.
Block East, Bangalore - 560011. Tel: (080) 42876666. Jamshedpur-831001. Tel: (0657) 2442000 / 01 / 02 / 03 .
Bangalore - Gandhinagar Erode
Brigade Majestic, 201 A Block,25 Kalidasa Marg, 1st Main Akhil Plaza, Block No.1, T.S.No.121, Perundurai Road, Opp
Jodhpur
Road, Gandhinagar, Bangalore -9. Tel: (080) 40921538/39. Padmam Restaurant, Erode-638011. Tel: (0424) 2241000.
A-3, 1st Floor, Olympic Tower, Station Road,
Erode - Gobichettipalayam Jodhpur-342001. Tel: (0291) 2635600/6450835/836
Banglore- Church Street
G-34, Brigade Gardens, 19, Churuch Street, Bangalore - Chamundeswari Agencies Bldg, 279, Cutchery Street,
Junagadh
560001. Tel: (080) 43306666 / 41122613 Sathy Main Road, Gobichettipalayam-638 452.
6/7/8, 2nd Floor, Raiji Nagar, Motibaug Raod,
Tel: (04285) 229013/14/15. Junagadh-362001. Tel: (0285) 2674020 / 2674021.
Bangalore - Malleshwaram
No 311, 2nd Floor, 2nd Main, Between 15th and 16th Cross, Faizabad Kanpur
Sampige Road, Malleshwaram, Bangalore-3. Mehramat Plaza, 4099, Civil Lines, Near Pushpraj Guest
515 & 516, Kan Chambers, 14/113, Civil Lines, Kanpur -1.
Tel: (080) 40894444/40894401 . House, Faizabad-224001. Tel: (05278) 222604-222519.
Tel: (0512) 2333007-012.
Bangalore - Marathalli Faridabad Kalyan
Unit no. 201 / B, 2nd Floor, Sigma Arcade -II, Marathalli, SCF 56, 1st Floor, Near Rebock Showroom, Sector 15, Main
Shop No. 9,10,11,Navjyoti Darshan Apt., Near Purnima Talkies,
Bangalore – 560037 Tel: (080) 42063278 / 79 / 80 /81 Market, Faridabad-121007. Tel: (0129) 2220825/26.
Murbad Road, Kalyan(W), Pin: 421304. Tel: (0251) 2211342.
Bangalore - Electronic City Gandhidham Kannur
2nd Floor, Shop No. 5, Shopping Complex Road, Electronic Plot No.147, Sector 1 A, Near Big Byte Resturant,
Ramananda Compound,1st Floor, TPN 264 A, N.H 17, Talap,
City, Bangalore-560100. Tel: (080) 65395261 to 66 Gandhidham –370201. Tel: (02836) 323113 / 323114.
Kannur - 670002, Kerala. Tel: (0497) 6451515 / 6451616.
Bangalore - Banashankari Gandhinagar Kukatpally
No.77 1st Floor, N.R.Towers, 100Ft Ring Road, Bhanashankari, GF/04, Infocity-Super Mall-2, Infocity, CH-0 Circle,
H.No. 215, MIG - 1, 3rd Floor, Kphb Colony, Kukatpally Village,
3rd Stage, 5th Block, Bangalore-560 085. Tel: (080) Gandhinagar-382 009. Tel: (079) 64512663.
Hyderabad - 500072. Tel. (040) 66907250-54.
26421481 to 85 Ghaziabad Kochi
Bangalore - BTM J-3 II Floor, RDC, Raj Nagar, Near New Ghaziabad Railway
Chicago Plaza, 1st Floor, Rajaji Road, Ernakulam,
No: 736/C, 7th Cross, 11th Main Mico Layout, BTM 2nd Stage, Station, Ghaziabad - 201001.Tel: (0120) 4154003,4154358.
Kochi-682 035. Tel: (0484) 2368411/12/13/17
Bangalore-76. Tel: (080) 653952 70 to 75 / 420560 31 to 34 Goa-Mapusa
Bangalore - Jayanagar Kolhapur
Shop No. 4, 3rd Floor, Commnunidade Ghar, Angod,
No 5, 3rd Flr, Ayodha Tower, Bldg No 1,511 / KH -1/2, Dabholkar
#2307, Swanlines Building, 12th Main Road, Jayanagar 3rd Mapusa - 403 507. Tel: (0832)2253647-49 /2253853.
Block East, Bangalore - 560011. Tel: (080) 42876666. Corner, Station Rd, Kolhapur-1. Tel: (0231) 6687063-66.
Goa-Panaji Kolkata (Advisory I)
Bardoli F49/F50, 1st Floor, 'B' Block, Alfran Plaza, M.G. Road,
303/304, Millenium Mall, Opp.Sardar Vallabhbhai Patel Musium, Kankaria Estate, 1st floor, 6-Little Russell Street,
Panaji, Goa - 403001. Tel: (0832) 2421460.
Kolkata - 700 071. Tel: (033) 22830055 / 22805555.
Station Road, Bardoli-394 003. Tel: (02622) 657229.
Kolkata - Durgapur
Lodha iThink Techno Campus, 10th Floor, Beta Building, Off. JVLR, Opp. Kanjurmarg Station, Kanjurmarg
111/95,(East), Mumbai
Nachal Road, – 400
Benachity, Dist042, Maharashtra.
Burdwan, Durgapur,
Kolkata - 713 213. Tel: (0343) 6452701 /02/03.
Kollam
Sharekhan Branches
Patiala Varanasi
First Floor, A. Narayanan Shopping Complex, Kadappakada, SCO- 135, Chotti Baradari, Patiala -147 001 (PUNJAB) 2nd Floor, Banaras TVS Bldg., D-58/12, A-7, Sigra,
Kollam - 691008. Tel: (0474) 2769120 to 25. Tel: (0175) 6622200 /01/02/03/04/05. Varanasi - 221 010 (UP). Tel: 0542 - 222 1073 / 81 / 83.
Lucknow Vellore
2/159, Vivek Khand, Gomti Nagar, Lucknow - 226 010. Pulgaon
Khurana Complex, Near Balaji Hotel, Nachangoan Road, 20/B, First East Main Road, Land Mark Bldg, 2nd Floor,
Tel: (0522) 4009832 to 33. Gandhi Nagar, Vellore-632006 Tel: (0416) 6454306 - 310.
Pulgaon - 442 302.
Lucknow - Hazratganj
Pune - F C Road Vijaywada
1st Floor, Marie Gold, 4,Shahnajaf Road, Hazaratganj,
Lucknow-226 001. Tel: (0522) 4010342,4010343. 301, Millenium Plaza, 3rd Floor, Opp Fergusson College main Centurian Plaza, D. No: 40-1-129, 2nd Floor, Old Coolex
Gate, Shivaji Nagar, Pune-4. Tel: (020) 66021301 - 06. Building, M. G. Road, Vijaywada-520 010.
Lucknow - Rajajipuram Tel: (0866) 6619992/6629993.
Neeru Enclave, Jal Sansthan Crossing, CP, 7/201, Sector - 7, Pune - Nigdi
Raja Ji Puram, Lucknow - 226017. Tel: (0522) 2418996 /97. ABC Plaza, 2nd Flr, Plot No 6, Sector No 25, Bhel Chowk, Vizag
Ludhiana Pradhikaran, Nigdi, Pune-44. Tel: (020) 66300690-97. 10-1-35/B, 3rd Flr, Parvathaneni House, Val Tair Uplands,
SCO 145 1st Flr Feroze Gandhi Market, Near Ludhiana Stock Pune (Advisory) Vishakhapatman - 530003. Tel: (0891) 6673000/6671744.
Exchange, Ludhiana -141001. Tel: (0161) 6547349 / 459 /469. 1244-B, 2nd Floor, Shriram Apt., Apte Road, Deccan Gymkhana, Wardha
Madurai Pune – 411 004 (Mah.) Tel: (020) 66007392 . Behind ICICI Bank, Shivaji Chowk, Kelkarwadi, Wardha -
Saran Centre, A-2, 1st Floor, 19, Gokhale Road, Pondicherry 442001. Tel: (07152) 246464 / 252730.
Chinnachokikulam, Madurai-625 002. Tel: (0452) 4288888. 312/10, Vallar Salai,Vengata Nagar, Saram Revenue Village, Mumbai - Andheri
Mangalore Pondicherry - 605001. Tel: (0413) 4304904 to 09. B/204, Kotia Nirman, 2nd Floor, Next to Fun Republic
C-1, 1st Floor, Presidium Commercial Complex, Anand Shetty Cinema, Andheri (W), Mumbai-53.Tel: 6675 0755.
Circle, Attavar, Mangalore - 575001. Tel: (0824) 6451503-4. Raipur
"Ridhi House", 27/218, New Shanti Nagar, Raipur-492007. Mumbai - Borivali
Meerut Shankar Ashish Bldg, R.S.Marg, Chandavarkar Cross Road
105, Om Plaza, Begum Bridge Road, Meerut-250001 (U.P.) Tel: (0771) 4217777, 4281172, 4001004.
Tel: (0121) 4028354/55. Rajkot lane, Borivali (W), Mumbai-92. Tel: (022) 65131221-22.
Mehsana 102/103, Hem Arcade, Opp Vivekanand Statue, Dr Yagnik Road, Mumbai - Bhayander
14-15, 1st Floor, Prabhu Complex, Near Rajkamal Petrol Rajkot-360001 Tel: (0281) 2482483/84/85. Shop No.20 & 21, Walchand Complex, Opp. Porwal School,
Pump, Mehsana - 384002. Tel: (02762) 248980/249012. Rajpipla Bhayander (W),Mumbai- 101. Tel: (022 ) 2804 1083/84/85
Mysore 105 & 106, Centre Point, Opp Bank of Baroda, Station Road, Mumbai - Ghatkopar
Shop No.3, Mythri Arcade (Next to Saraswathi Theatre), Rajpipla, Gujarat - 393145. 202, Sai Plaza, 2nd Floor, Junction of Jawahar Road &
Kantharaj Urs Road, Chamaraja Mohalla, Saraswati Puram, R. B. Mehta Marg, Ghatkopar (E), Mumbai 400 077.
Mysore-570 009. Tel: (0821) 6451601 / 6451602 Rohtak
Tel: (022) 2510 8844 / 2510 8833.
Ashoka Plaza, 1st Floor, Above ICICI Bank, Delhi Road, Rohtak -
Nadiad Mumbai - Goregaon
201/202, City Point Complex, Near Parash Cinema,Santram 124001. Tel - 099910 00715.
301 & 302, Manibhuvan CHS, Plot No.343, Above ICICI Bank,
Road, Nadiad - 387001. Tel: (0268) 2550555. Salem
S.V.Road, Goregaon(W), Mumbai-62. Tel (022) 67418570.
Nagpur (C A) Sri Ganesh Tower, 561, 2nd Floor, Saradha College Main Road,
409/412, Heera Plaza, Near Telephone Exchange Square, Salem - 636 007. Tel: (0427) 6454864 / 65/ 66. Mumbai - Kandivali
Central Avenue, Nagpur-440 008. Tel: (0712) 2731922/23. 10, Om Sai Ratna Rajul, Corner of Patel Nagar, M G Road,
Sangli
Kandivali (W), Mumbai-67. Tel: (022) 28090509/589.
Nagpur - Dharampeth Ranjit's Empire, Office No-36,37,38, 2nd Floor, CS No.517 , Opp.
Plot No. 79, 1st Floor, Universal Annex, Dharampeth Zillaparishad, Sangli-416416. Mumbai - Kandivali (Thakur Village)
Extension, Opposite New Wockhardt Hospital, Shivaji Nagar, Shop No 37, EMP-6, Jupitar CHS Ltd,Evershine Milleniam
Satara Paradise, Thakur Village, Kandivali (E), Mumbai- 400 101.
Nagpur – 440010. Tel: (0712) 6654100 to 119.
First Floor, Shree Balaji Prestige, Powai Naka, Satara,
Navsari Mumbai - Khar
1-Nirmal Complex, 1st Floor, Station Road, Sayaji Road, Maharashtra – 415001. Tel: (02162) 239824.
703, Prem Sagar Building , 1st Flr, 3 A Linking Road, Khar
Navsari - 396 445. Tel: (02637) 652300/652400/248888. Siliguri (W), Mumbai - 400 052 Tel: (022) 65135333, 65133972-76.
Nashik - College Road 2nd Flr, Ganeshayan Bldg,112,Sevoke Road, Beside Sunflower
Shopping Mall, Siliguri-734001. Tel: (0353) 6453475. Mumbai - Lower Parel
5 SK Open Mall, Yeolekar Mala, Near BYK College, "C" Phoenix House, 4th Floor, Senapati Bapat Marg,
College Road, Nashik-422 005. Tel: (0253) 6610975 to 978. Secunderabad Lower Parel, Mumbai-400 013. Tel: (022) 6618 9300.
Nashik Road Marrideep Bldg, 1st Floor, 12-5-4, Vijayapuri, Opp St Annes
Mumbai - Malad
1 st floor, Pratik Arcade, Bytco Point.Opp MSEB Office, College, Tarnaka, Secunderabad-17. Tel: (040) 64533871-75.
Nashik-Pune Road, Nashik Road, Maharashtra - 422 101. 502, Rishikesh Apartment, Opp to N L High School,
Surat S.V.Road, Malad (W), Mumbai- 64. Tel: (022) 6513 3969.
New Delhi - Bharakhamba Road M-1 to 6,Jolly Plaza, Mezzanine Floor, Athwa Gate,
903 & 903A, Kanchenjunga Bldg., 18-Bharakhamba Road, Mumbai - Matunga
Surat - 395 001. Tel: (0261) 6560310 to 6560314. Flat No 4B, Gr. Floor, Ashwin Villa, Telang Road, Matunga
New Delhi-110001.
Surat - Advisory (E), Mumbai - 400019. Tel: (022) 6513 9230/31/32
New Delhi - Pusa Road 419, Jolly Plaza, Athwagate, Surat-1. Tel: (0261) 6646841-45.
18/1 A, Ground Floor, Opposite City Hospital, Pusa Road, Mumbai - Mulund
New Delhi -110005. Tel: (011) 45117000. Surat - Varachha Shop No. 1, Hetal Building, Opp.Punjab Nat Bank, Zaver
New Delhi - Lajpat Nagar G-20/21, Rajhans Point, Varachha Main Road, Varachha Road, Road, Mulund (West), Mumbai -80. Tel: (022) 2565 6805-10.
A95 B, II nd Floor, Lajpat Nagar –II, New Delhi - 110024. Surat-395006. Tel: (0261) 6453499. Shop No. 2, New Krishna Dham, Veena Nagar, L.B.S.
Tel: (011) 46590373-376. Thrissur Marg, Mulund (West), Mumbai-80. Tel: (022) 4024 1501.
New Delhi - Pitampura Pooma Complex, M G Road, Thrissur-1. Tel: (0487) 2446971-73. Mumbai - Opera House
411/412, Aagarwal Cyber Plaza, Netaji Subhash Place, Trichy - Cantonment Gogate Mansion, 89-Jagannath Shankar Seth Road,
Pitampura, New Delhi - 110 034. Tel: (011) 47567000. F-1, Achyuta, 111-Bharatidasan Salai, Cantonment, Trichy- Girgaum, Opera House, Mumbai-4. Tel: (022) 6610 5671-75.
New Delhi - Vasant Vihar 620001 (Tamilnadu). Tel: (0431) 4000705 / 2412810. Mumbai - Thane
E-20, Basant Lok Community Center,Vasant Vihar, Tirupur 2nd Floor, Gulmohar Tower, Opp.A.K.Joshi High School.
New Delhi -110057. Tel: (011) 26155086/7/9. Ram Arcade, No 27, Muncif Court Street, Naupada, Thane - 400 602.Tel: (022) 2537 2158 to 61.
New Delhi - Mayur Vihar Tirupur- 641 601. Tel: (0421) 6454316 to 20.
Shri Durga Ji shooping complex, Pocket II, Mayur Vihar, Mumbai - Stock Exchange (Rotunda)
Trivandrum 1st floor, Hamam House, Hamam Street, Fort, Mumbai
Phase I New Delhi -110091. Tel: (011) 43067091- 96.
Laxmi Bldg, 1st Floor, T.C.No.26/430, Vanrose Road, 400 023. Mumbai-23. Tel: (022) 6610 5600 to 15
New Delhi - Rajouri Garden Trivandrum - 695 039. Tel: (0471) 6450657 / 58 / 59.
A - 29, 2nd Floor, Ring Road, Rajouri Garden, Mumbai - Vashi
New Delhi - 110027. Tel: (011) 45608923 to 27. Udaipur Persipolis Bldg., 108, 1st floor, Opp. St. Lawrence School,
New Delhi - Sarita Vihar 17 C, Kutumb Apt, Opp. ICICI Bank, Madhuban, Udaipur-313001. Sector-17, Navi Mumbai-400703. Tel: (022)27882979-82.
103, Pankaj House, H-block, Sarita Vihar, New Delhi - 110076. Tel: (0294) 6454647 Mumbai - Vile Parle
Tel - (011) 41815060 / 41815061 / 41815062. Vadodara 7-Alka CHS, Ground Floor, Dadabhai Road, Vile Parle (W),
New Delhi - Chandni Chowk 6-8/12, Sakar Complex, 1st Flr, Opp ABS Tower, Haribhakti Mumbai - 400056. Tel: (022) 26253010/11/12/13
623 to 625,2nd Floor, Ward No-6, Old No -285, above Extension, Vadodara-390 015. Tel: (0265) 6649261-70.
Corporation Bank, Gandhi Katra, Chandni Chowk, Delhi - PCG Branch
Vadodara - Manjalpur
110006. Tel - (011) 4587 4889 to 98. 1st Floor, Rutukalsh Complex, Tulsidham Char Rasta, PCG - Kolkata
New Delhi - Sarita Vihar Manjalpur, Vadodara - 390 011. Tel: (0265) 2647970-71. Kankaria Estate, 2nd Floor, 6-Little Russell Street,
103, Pankaj House, H-block, Sarita Vihar, New Delhi - 110076. Vadodara - Karelibaug Kolkata - 700 071. Tel: (033) 22830055
Noida FF 3, Vardan Complex, VIP Road, Karelibaug, Vadodara - Sharekhan Representative Office
P-12A, 3rd Floor, BHS Liberty, Sector-18, Noida - 201 301. 390018. Tel. (0265) 3022302.
Tel: (0120) 4646200. Abudhabi
Vadodara - Waghodia
Palakkad No:201-A Al Ain Jewellery Building (Sahara Abudhabi),
1st Floor, Shree Laxmi Vilas Buildings, C/3&4 Prarambh Complex,NR Mahesh Complex Char Rasta,
Opp Rajiv Gandhi Swimming pool, Waghodia Road , Vadodara Liwa Street, Abu Dhabi, UAE. Tel: 971-4-3963889.
G. B. Road, Palakkad- 678 014. Tel: (0491) 6450179 / 6450188.
390021. Tel (0265) 2520801/ 2520901. Dubai
Panipat
1st Floor, Excel Tower, Opp. Mid Town Hotel, Near YES Bank, Vapi 213, Nasir Lootah Bldg, Khalid Bin Walid Street (Bank
G. T. Road, Sanjay Chowk, Panipat - 132103. Royal Fortune, D-101, E-101, 1st Floor, Vapi-Daman Road, Street), P.O. Box: 120457, Dubai, U A E. Tel: 971-4-3963889
Tel: (0180)4017250 - 54). Vapi - 396 191. Tel: (0260) 6452931 to 36 Direct : 971-4-3963869.

ValueGuide Jul2010

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ValueGuide Jul2010

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Sharekhan ValueGuide 1 July 2010

From Sharekhan’s Desk ValueGuide Index

Sharekhan Special Derivatives view 40

Q1FY2011 Auto earnings preview

will continue their winning streak. Nifty Ideas 44

July 2010 2 Sharekhan ValueGuide

July 2010 4 Sharekhan ValueGuide

Sharekhan ValueGuide 5 July 2010

from sharekhan’s desk Global concerns vs Domestic positives

July 2010 6 Sharekhan ValueGuide

MARKET OUTLOOK JULY 02, 2010

fiscal position is expected to improve considerably on the back of

Notwithstanding the low base effect, the improving macro envi-

All in all, the short-term outlook remains muddied by the troubles

in the developed nations with persistent doubts over the recov-

pean nations. Hence, the valuation for the Sensex is likely to 6%

mentals and the beginning of the next earnings growth cycle.

Sharekhan ValueGuide 7 July 2010

5 0% E xp e cte d A d jus ted P A T

Projects under implementation have gained traction and project implementation as 4 0%

a percentage of outstanding investments improved to about 49% during March 2010. 3 0%

Fiscal position in control now 1 0%

The government raked in revenue of over one lakh crore rupees by 0%

auctioning 3G and broadband spectrums. With the revenue from -1 0%

the auctions significantly above the estimates disclosed in the Union -2 0%

Budget, the government’s fiscal position has come under control.

July 2010 8 Sharekhan ValueGuide

Sharekhan ValueGuide 9 July 2010

Less: redemptions 52,589 112,133 59,544 90

Net market borrowings 398,411 345,010 (53,401) 80

Less: MSS unwinding 53,031 - 60

Another source of inflationary fear is the trend in the monsoon so

July 2010 10 Sharekhan ValueGuide

TREND IN HOUSING INVENTORY AND HOUSING PRICES 20

Sharekhan ValueGuide 11 July 2010

is struggling to contain the threat of an overheating economy in the 10000

TREND IN PMI NEW ORDERS -15000

TREND IN CREDIT GROWTH

unresolved challenges for the East European nations. In line, the

Spike in risk aversion 10

As a result of the continuous uncertainty over the sustainability of 5

has spiked. Consequently, we have seen a pull-back in equities with

July 2010 12 Sharekhan ValueGuide

SHAREKHAN TOP PICKS

NAME CMP* PER (X) ROE (%) TARGET UPSIDE

NAME CMP PER (X) ROE (%) TARGET UPSIDE

Sharekhan ValueGuide 13 July 2010

NAME CMP PER (X) ROE (%) TARGET UPSIDE

July 2010 14 Sharekhan ValueGuide

NAME CMP PER (X) ROE (%) TARGET UPSIDE

ITC 303 28.5 24.1 21.0 29.3 30.8 28.9 ** -

Sharekhan ValueGuide 15 July 2010

NAME CMP PER (X) ROE (%) TARGET UPSIDE

July 2010 16 Sharekhan ValueGuide

GENUS POWER INFRASTRUCTURES

% yoy growth 73.0 1.0 5.0 18.0 31.0

July 2010 18 Sharekhan ValueGuide

Order inflow slowed after fire, expected to pick up soon

Sharekhan ValueGuide 19 July 2010

3100000 QUARTERLY TREND IN OPM

Variations in raw material cost ONE-YEAR FORWARD P/E BAND (X)

July 2010 20 Sharekhan ValueGuide