Weekly Wrap 21st May , 2007 Movers & Drag gers Market round up

Indices Sensex gained 3.7 percent for the week ending at 14303. Banking stocks Curren t CurPrrenevt io Prusev ious% 1% w 1k w k % 1 mth continued to lead the rally with strong gains posted by banks like ICICI Bank, BSE Sensex 14,303.41 13,796.16 3.68 4.6% Yes Bank, DCB to name a few. While PSU banks largely led the earlier part of CNX Nifty 4,214.50 4,076.65 3.38 5.1% the rally, the private banks also joined the party. Oil and Gas Stocks did well too with Cairns , IOC, HPCL posting strong gains in the current week. Among BSE AUTO 4,910.46 5,022.87 -2.24 1.4% the frontline stocks, Reliance went on to make life time highs. BSE IT 4,923.11 4,924.12 -0.02 -2.5% BSE HC 3,733.61 3,679.91 1.46 -0.8% , Bajaj Auto, Tata Motors, Dr Reddys were some of the companies BSE BANKEX 7,603.97 6,905.10 10.12 11.6% which announced numbers in the week. Tata Steel performance was in line with BSE OIL& GAS 7,603.08 7,188.67 5.76 10.7% expectation while Tata Motors was slightly better than expectation. Dr Reddys BSE PSU 6,698.89 6,394.64 4.76 0.07 had lost ground earlier in the week on the back of a negative US Court ruling, which affected prospects for one of its drugs. However, results did not International Scoreb oard disappoint. Bajaj Auto meanwhile announced the demerger along with the results. Concern over core business profitability and the call option available to % 1 % 1 Current Previous Indices wk mth Allianz, its insurance partner to pick additional stake in the insurance business we ek week retu rn retur n at substantially lower price dragged down its stock price. DOWJONES 13,556.53 13,326.22 1.73 5.9% NASDAQ 2,558.45 2,562.22 -0.15 1.9% In the mid-cap space, lot of the stocks did well especially in the media and realty FTSE 6,640.90 6,565.70 1.15 3.0% space. UTV, NDTV, TV 18, Balaji Tele were among the big gainers while Unitech, Peninsula did well in the realty space. Unitech was one of the realty NIKKEI 17,399.58 17,553.72 -0.88 -1.5% stocks to go on to make new highs. Airlines sector also saw interesting activity HANSENG 20,904.84 20,468.21 2.13 0.6% with Air Deccan posting strong gains on buzz of ADAG group picking up stake.

JHAKARTA 2,063.76 2,022.30 2.05 5.1% Another big mover was United Spirits post the acquisition of White and Mackey

making it the third largest player in the spirits segment.

Institutional Act ivity On Friday, FIIs were net buyers to the tune of Rs 56 cr and DIIs were net buyers Date FII MF of Rs 58 cr. In the futures segment FIIs were net sellers of Rs 685 cr. 5/14/2007 -336.2 40.0 5/15/2007 60.5 -77.8 5/16/2007 -330.8 335.6 Outlook for the week

5/17/2007 -139.2 607.5 The international markets continue to remain strong. On the domestic front too, 5/18/2007 1060.8 NA the market showed positive signs with participation being broad. Banking sector could consolidate given the strong gains posted by the same. Sectors like Gainers & Losers fmcg, technology could come into play given their recent underperformance. Traders could look to play for some trading gains in this sector while Oil and Current Previous Variance Gas continues to hold promise for more gains. However some correction in the Scrip Name Week Week Change Close Close indices close to the new highs cannot be ruled out. UTV SOFTWARE 435.2 309.65 40.55 SHAW WALLACE 161.15 117.2 37.5 RAJ TELE 248.4 183.1 35.66 TITANOR C(PS 118.45 138.15 -14.26 SHIVAM AUTO 118.05 132.7 -11.04 BINANI IND. 229.5 252.6 -9.14

P.S. In case of clarification or feedback, please email at. [email protected] Weekly Wrap Jaiprakash Associates Ltd has posted a net profit after tax and exceptional item of Rs 1310 million for the quarter ended March 31, 2007 as compared to Rs 840 million for the quarter ended March 31, 2006. Total Income is Rs 9160 million for the quarter ended March 31, 2006 to Rs 9160 million for the quarter ended March 31, 2007.The Company has posted a net profit after tax and exceptional item of Rs 4150 million for the year ended March 31, 2007 as compared to Rs 6400 million for the year ended March 31, 2006. Total Income has increased from Rs 33240 million for the year ended March 31, 2006 to Rs 35780 million for the year ended March 31, 2007.

Tata Motors has posted 26 per cent growth in net profit for the fourth quarter ended March, to Rs 576.72 crore from Rs 458.11 crore in the corresponding previous period. Net income rose 20 per cent to Rs 8,267 crore (Rs 6,869.65 crore). In 2006-07, profit after tax rose 25 per cent to Rs 1,913.46 crore from Rs 1,528.88 crore in the corresponding previous period. Revenue (net of excise) grew 33 per cent to Rs 27,535.24 crore (Rs 20,653.49 crore).On a consolidated basis, net profit for the year increased to Rs 2,169.99 crore (Rs 1,728.09 crore), a growth of 26 per cent.

Dr Reddy's Laboratories (DRL) posted a net profit of Rs 325.20 crore for the quarter ended March 2007 against a net loss of Rs 23.7 crore in the corresponding quarter last year. The company's revenues at Rs 1,557.30 crore during the fourth quarter of 2006-07 increased 125 per cent compared with Rs 693.20 crore posted during the last quarter of 2005-06. For full year revenues stood at Rs 6,509 crore, registering 168 per cent growth over the previous year's revenues of Rs 2,427 crore. The net profit during the year at Rs 932.70 crore increased 472 per cent compared with Rs 163 crore in 2005-06. There has been a 44 per cent growth in active pharmaceutical ingredients (APIs) and 24 per cent growth in branded finished dosages.

Sun Pharmaceutical Industries has posted a 36 per cent increase in profit after tax (PAT) at Rs 628.9 crore for the year ended March 31, 2007 compared with Rs 461.2 crore for the year ended March 31, 2006. The company's total Income (net of excise) increased by 33 per cent from Rs 1,805.1 crore for the year ended March 31, 2006 to Rs 2,404 crore for the year ended March 31, 2007. The company recorded a net profit of Rs 212.1 crore for the quarter ended March 31,2007, an increase of 48 per cent compared with the fourth quarter last year. Sales during the period increased by 34 per cent to Rs 544.2 crore from Rs 406.7 crore in Q4 FY06. Its net sales stood at Rs 2,132.1 crore on a consolidated basis for the 2006-07 period, up by 30 per cent from Rs 1,636.8 crore in Fy06.

Economy News

The annual wholesale price index-based inflation reduced to 5.44 per cent during the week ended May 5, down than the previous week's 5.66 per cent.

Forex reserves have decreased by $18 million for the week ended May 11 to $204 billion.

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Corporate Announcement: (Bonus / Rights / Stock Split / ADR & GDR / FCCB / M&A/Warrants etc.)

Company Name Board Meeting Date SAIL Audited Accounts and Dividend 21-May-07 Parsvnath Developers Audited Financial Results and Dividend 21-May-07 City Union Bank Audited Financial Results and Dividend 21-May-07 Jindal Steel & Power Audited Financial Results/Dividend/Others 21-May-07 Adani Enterprises Audited Financial Results 21-May-07 Everest Kanto Audited Financial Results/Dividend/Sub-division/Others 21-May-07 Audited Accounts and Dividend 22-May-07 Transport Corporation Audited Financial Results 22-May-07 NDTV Financial Results 22-May-07 Alembic Audited Financial Results and Dividend 22-May-07 Punjab Tractors Audited Financial Results and Dividend 22-May-07 Pidilite Industries Audited Financial Results and Dividend 22-May-07 Bharat Forge Accounts/Dividend 22-May-07 ICRA Ltd. Audited Financial Results/Dividend/Others 23-May-07 Karur Vysya Bank Audited Financial Results 23-May-07 PNB Audited Financial Results 23-May-07 MRO-TEK Audited Financial Results/Dividend/Others 23-May-07 Torrent Pharma Audited Financial Results 23-May-07 Matrix lab Audited Financial Results 23-May-07 K S Oils Audited Accounts/Dividend/Others 23-May-07 NIIT Tech Audited Financial Results and Dividend 23-May-07 DIVI’S Lab Audited Financial Results 23-May-07 Centurion Bank Of Punjab Audited Financial Results 24-May-07 BPCL Audited Financial Results and Dividend 24-May-07 TV Today Audited Financial Results/Dividend/Others 24-May-07 Bombay Dyeing Accounts/Dividend 24-May-07 Gokaldas Export Audited Results / Dividend 24-May-07 Triveni Engg. Interim Dividend 25-May-07 Indusind Bank Audited Financial Results 25-May-07 Godrej Industries Audited Financial Results and Dividend 25-May-07 ITC Ltd. Audited Accounts and Dividend 25-May-07 Ramkrishna Forgings Audited Financial Results/Dividend/Others 25-May-07 IVRCL Infrastractures Audited Financial Results 28-May-07 M&M Audited Financial Results and Dividend 28-May-07 Rane (Madras) Ltd. Audited Financial Results and Dividend 28-May-07 IOC Audited Financial Results and Dividend 28-May-07 Jindal Stainless Audited Accounts and Dividend 28-May-07 Rane Holdings Audited Financial Results and Dividend 28-May-07 Visa Steel Audited Financial Results 28-May-07 Indraprastha Gas Audited Financial Results and Dividend 28-May-07 Britannia Accounts/Others 29-May-07 HPCL Audited Financial Results and Dividend 29-May-07 Shasun chemicals Audited Financial Results 29-May-07 L&T Audited Accounts and Dividend 29-May-07 Pricol Audited Financial Results/Dividend/Others 29-May-07 Sanghvi Movers Audited Financial Results/Dividend/Others 29-May-07 Thermax Audited Financial Results and Dividend 29-May-07 Ramco Industries Audited Financial Results/Dividend/Others 30-May-07 Madras Cement Audited Accounts and Dividend 30-May-07 Ramco Industries Audited Financial Results/Dividend/Others 30-May-07 Tata Power Final Accounts & Dividend 30-May-07 Madras Cement Audited Accounts and Dividend 30-May-07 Ramco Systems Audited Financial Results 30-May-07 Easun Reyrolle Audited Financial Results 30-May-07 Tata Chemicals Audited Financial Results and Dividend 30-May-07

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Corporate Announcement: (Bonus / Rights / Stock Split / ADR & GDR / FCCB / M&A/Warrants etc.)

Company Name Board Meeting Date

BOC Bell Ceramics Audited Financial Results 30-May-07 Lakshmi Machine Works Audited Financial Results 30-May-07

P.S. In case of clarification or feedback, please email at. [email protected] Weekly Wrap Corporate Announcement: (Bonus / Rights / Stock Split / ADR & GDR / FCCB / M&A/Warrants etc.) Company Name Announcement Ex _date Bosch Chassis 1:1 Bonus issue of Equity Shares 06/06/2007 Sun TV 1:1 Bonus issue of Equity Shares B H E L 1:1 Bonus issue of Equity Shares 31/05/2007 3i Infotech 1:1 Bonus issue of Equity Shares Moser Baer 1:2 Bonus issue of Equity Shares Gateway Distriparks 1:4 Bonus issue of Equity Shares Network 18 1:5 CCPS of Equity Shares Federal Bank 1:1 Rights Issue Of Equity Share GTL Infrastructure 1:1 Rights Issue Of Equity Shares GTL Ltd. Buy Back of shares at Rs. 300 per share Gujarat Gas Sub-Division of equity shares from the face value of Rs. 10 to Rs.2 per share 15/05/2007 Paper Products Ltd Face Value Split from Rs.10/- To Rs.2/ 25/05/2007 MRO-TEK LIMITED Market buyback of Shares of Rs. 55 per share Geojit Fin. Ser. Open offer between 09/05/07 to 28/05/07 at the price of Rs.27.50 Punjab Tractors Open offer between 03/05/07 to 22/05/07 at the price of Rs. 360 Gujarat Ambuja Exports Market buyback at Rs. 38 per share from 16/04/07 to 15/01/08 Rayban Sun Optics Open offer between 25/04/07 to 24/05/07 at the price of Rs.104.30 ( Interest of Rs 80.95 per share payable only for shareholders who were holding shares on 27 August 1999 and still continue to hold them). TV Today Network Reliance Capital has made an open offer between 06/06/07 to 25/06/07for the acquisition of 20% share capital at the price of Rs. 130.50 per share BAG Films Open offer between 27/04/2007 to 16/05/2007 at the price of Rs.13 Tata Steel 1:5 Rights issue of equity shares at a price of Rs 300 per share (of Rs 10 each) Sesa Goa Open Offer between 21/06/07 to 10/07/07 at the price of Rs. 2036.30 per share MICO Open Offer between 20/06/07 to 09/07/07at the price of Rs. 4000 per share Colgate Reducing its capital by returning Rs 122.40 crore to shareholders, and reducing the face value of its shares from Rs 10 to Re 1, deemed dividend at Rs 9 per share. Alfa Laval Open offer between 07/05/07 to 26/05/07 at the price of Rs. 1300

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Da te Stock Reco Target Ta r g eCtMP High After Gain/ Comments

Price Short Medium 18/05/07 Recom. Loss(%) 10/06/2006 Clutch Auto 85.05 110 125 155.10 146.00 82.36 Both Targets achieved. 10/06/2006 Aegis Logistics 133.15 175 220 131.05 198.00 (1.58) Short Term Target achieved. 10/06/2006 SEAMAC 124.75 165 190 190.25 244.00 52.51 Both Targets achieved. 20/6/2006 RPG Life Science 104 140 190 93.00 152.00 (10.58) Short Term Target achieved. 21/6/2006 BASF 188 220 250 251.05 249.90 33.54 Short Term Target achieved. 03/08/2006 Aegis Logistics 136 170 250 131.05 198.00 (3.64) Short Term Target achieved. 04/08/2006 RPG Transmission 102.75 140 190 232.95 243.00 126.72 Short Term Target achieved. 10/08/2006 Thermax 285 335 385 414.95 441.00 45.60 Short Term Target achieved. 16/8/2006 Kernex Microsystem 163 198 280 151.80 218.00 (6.87) Short Term Target achieved. 22/8/2006 Balaji Telefilms 133 160 185 200.95 190.25 51.09 Both Targets achieved. 24/8/2006 IndoAsianFusegear 138.50 165 195 126.70 149.50 (8.52) Stop loss Triggered, EXIT. 22/9/2006 Mercator Lines 39.60 48 64 45.00 48.00 13.64 Short Term Target achieved. 26/9/2006 ABC Bearings 155 190 225 148.00 182.50 (4.52) Hold 03/10/2006 Arvind Product 7.81 11.50 14.50 8.52 12.45 9.09 Hold 17/10/2006 Kalyani Steel 320 380 450 411.85 504.70 28.70 Both Targets achieved. 02/11/2006 Moser Bear 233 265 290 456.65 400.00 95.99 Short Term Target achieved. 08/11/2006 Hindustan Dorr Oliver# 110 129 162 73.15 145.00 (33.50) Hold 09/11/2006 Rayban sun optics 87.55 105 120 91.70 107.00 4.74 Short Term Target achieved. 14/11/2006 Indraprastha Medical 36 47 65 29.65 47.40 (17.64) Hold 27/11/2006 Rolta India Ltd 255 290 325 464.40 384.00 82.12 Both Targets achieved. 02/12/2006 Biocon Ltd. 378 400 460 460.60 522.00 21.85 Short Term Target achieved. 02/12/2006 SRF 219 260 315 161.90 225.50 (26.07) Hold 02/12/2006 Zodic Clothing Company Ltd271 295 320 273.60 299.00 0.96 Short Term Target achieved. 02/12/2006 Balkrishna Industries Ltd 528 675 750 505.50 653.90 (4.26) Hold 09/12/2006 SRF Polymers 157 195 250 151.50 176.00 (3.50) Hold 10/01/2007 Uttam Galva 37.50 48 62 35.05 43.70 (6.53) Hold 11/01/2007 Enkei Castalloys 154 195 270 153.80 182.20 (0.13) Hold 14/02/2007 SEAMAC 198 235 270 190.25 244.00 (3.91) Short Term Target achieved. 15/03/2007 123 175 220 165.60 171.00 34.63 Hold 29/03/2007 Balaji Telefilms 127 160 190 200.95 213.00 58.23 Both Targets achieved. 18/04/2007 BOC India Ltd. 133 160 195 138.55 145.00 4.17 Hold 20/04/2007 India Glycols Ltd. 138 170 195 146.25 142.00 5.98 Hold # Prices adjusted on X-B basis for Recommendations / Target Long Term Investment Idea Tracker

Date Stock Reco Target Ta r g eCtMP High After Gain/ Comments

Price Short Medium 18/05/07 Recom. Loss(%) 10/06/2006 BILT 99.15 - 180 116.20 130.40 17.20 Hold 10/06/2006 TNPL 93.75 - 153 87.70 108.90 (6.45) Hold 10/06/2006 South India Bank 57.75 - 104 100.00 109.00 73.16 Targets Achieved. 12/06/2006 IDFC 54.75 - 65 115.20 113.00 110.41 Targets Achieved. 25/09/2006 Indraprastha Gas 116 - 150 108.60 129.80 (6.38) Hold Research Team DD Sharma Head Research [email protected] 022 - 66266560 Mayur Shah Head Technical Research [email protected] 022 - 66266562 Pramit Sabharwal Sr. Technical / Derivat ive Analyst pramitsabharwal@rathi . com 022 - 66266563 Mansingh Deshmukh Sr. Analyst [email protected] 022 - 66266725 Rahul Agarwal Analyst [email protected] 022 - 66266717

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