15 October 2012

MARKETS TODAY WORLD INDICES & INDIAN ADRs (US$) 12-Oct-12

Domestic equities are seen opening down today amid weak cues from Latest Points % Chg. overseas markets, though Sept inflation data, due at around 1100 IST, will NIKKEI 225 * 8535.7 1.6 0.0 lend more cues to investors. Also, corporate earnings release will keep action HANG SENG * 21099.3 (37.1) (0.2) stock-specific. Resistance is seen at 5692 levels & support is seen at 5649 DOWJONES 13328.9 2.5 0.0 NASDAQ 3044.1 (5.3) (0.2) levels. Result Watch: Axis Bank, Reliance Industries. Data Watch: India WPI SGX NIFTY FUT* 5677.0 (17.0) (0.3) inflation data for Sept. INFY 44.5 (3.7) (7.6) KEY OVERNIGHT DEVELOPMENTS HDFC BANK 37.5 (0.3) (0.7) Wall street ended down Fri, erasing intraday losses, as renewed Eurozone ICICI BANK 39.5 (0.6) (1.4) TATA MOTORS 25.6 (0.2) (0.6) concerns overshadowed strong Oct consumer confidence data. Most Asian WIPRO 8.6 (0.1) (1.0) indices fell today on cautious investor sentiment ahead of an European Union TATA COMM. 9.5 0.0 0.4 summit in Brussels, where Greece will seek to justify more aid and Spain will * At 08:20 a.m. IST on 15-Oct-12 hold out on seeking a bailout. Gold shed 0.7% to close at $1754.50 per ounce. Crude oil shed 0.2% to close at $91.90 per barrel. MUST KNOW….  India's annual inflation rate based on the new Consumer Price Index EQUITY 12-Oct-12 (Combined) eased to a six-month-low of 9.73% in Sept from 10.03% a Latest 1 Day P/E* P/B* SENSEX 18,675.2 0.2 16.0 2.7 month ago. NIFTY 5,676.1 0.4 16.1 2.7  Growth in India's industrial production rose to a 6 month high of 2.7% in CNXMIDCAP 7,921.5 1.4 14.6 1.5 Aug frm (-)0.2% a mnth ago. The industrial growth in Aug 2011 was at a 22- *Source: Bloomberg month low of 3.4%. Aug industrial growth is the highest since 4.3% in Feb. COMMODITIES  An international consortium comprising Brazil's national oil company Latest Points % Chg. Petrobras and subsidiaries of Bharat Petroleum Corp Ltd and Videocon GOLD 1754.5 (12.9) (0.7) Industries Ltd has discovered more oil in an offshore block in Brazil's CRUDE OIL 91.9 (0.2) (0.2) offshore Sergipe-Alagoas Basin.

FII ACTIVITIES IN DERIVATIVES 12-Oct-12  Deccan Chronicle Holdings Ltd said the board has approved the sale of its FII Net Buy (Rs. Open Ch. in Open Indian Premier League cricket franchise Deccan Chargers to Kamla Crs) Interest Int. (DOD) Landmarc Real Estate Pvt Ltd. The decision was taken at a board meeting, Index Futures (288.5) 15419.5 (2.9) but did not disclose the deal value. Index Options 919.9 50627.3 2.3 Stock Futures (279.8) 30630.1 (0.4)  Cadila Healthcare Ltd's US subsidiary has received the US FDA's approval Stock Options (17.4) 2505.0 (3.5) for its generic clopidogrel bisulfate tablets in 75 mg strength. The drug has annual sales of over $6.5 bn, inclusive of other strengths. NET INFLOWS (Rs. Crs.) 11-Oct-12 NET MTD YTD  Elecon Engineering Company Ltd has been awarded Order dated Oct 09, FII 987.6 9020.5 92800.2 2012 from TECPRO SYSTEMS LIMITED of Rs.7.19 Crores for Wagon Trippler MF (166.0) (1761.5) (14416.7) along with Side Arm Charger and Mandatory Spares for Harihar Project. *YTD From January till date  EMA India Ltd has informed BSE that 39 workers of the Company's factory EXCHANGE RATE 12-Oct-12 have gone on illegal strike without any intimation or notice. Closing % Chg. Rs. / $ 52.7 (0.70)  Persistent Systems Limited has informed the Exchange that "Persistent Rs. / EURO 68.1 (0.33) Systems Limited has signed a definitive agreement through its step-down Rs. / UK Sterling 84.5 (0.56) subsidiary in the United States to acquire 'rCloud', an innovative cloud

platform business from Doyenz, Inc. G.SEC. YIELD 12-Oct-12 Rate Yield (%)  Deccan Gold Mines Ltd said its wholly-owned subsidiary Deccan GS CG2022 8.15% 99.9 8.2 Exploration Services Pvt Ltd has received an exploration licence for gold in

the Mangalagatti block in Karnataka's Dharwar district. Please refer to important disclosures at the end of the report For private Circulation Only. Sushil Financial Services Private Limited Member BSE1 : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : [email protected]

Corporate Announcements & Financial Scoreboard  Infosys Ltd has posted an audited net profit after exceptional item of Rs.23420 mn for Q2FY13 against Rs.18220 mn for Q2FY12. Total Income has increased from Rs.78530 mn for Q2FY12 to Rs.97570 mn for Q2FY13. The Group has posted an audited consolidated net profit of Rs.23690 mn for Q2FY13 against Rs.19060 mn for Q2FY12. Total Income has increased from Rs.84860 mn for Q2FY12 to Rs.105640 mn for Q2FY13.

 HDFC Bank Ltd has posted an unaudited net profit of Rs.15599.80 mn for Q2FY13 against Rs.11993.50 mn for Q2FY12. Total Income has increased from Rs.79293.80 mn for Q2FY12 to Rs.98697.70 mn for Q2FY13.

 TTK Prestige Ltd has posted an unaudited net profit of Rs.302.80 mn for Q2FY13 against Rs.337.10 mn for Q2FY12. Total Income has increased from Rs.3041.50 mn for Q2FY12 to Rs.3365.50 mn for Q2FY13.

 India's annual inflation rate based on the new Consumer Price Index (Combined) eased to a six-month-low of 9.73% in Sept from 10.03% a month ago, the Central Statistics Office said. The general index for CPI (Combined) in Sept rose 0.9% on month to 124.0. The inflation rate based on CPI (Urban) eased to 9.72% in Sept, compared with 10.19% a month ago, while CPI (Rural) declined to 9.79% from 9.90% in Aug, the statistics office said. The CSO introduced the CPI Combined, Urban and Rural from Jan 2011. The base year for the new CPI series is 2010. The Reserve Bank of India still uses Wholesale Price Index as the headline inflation rate because the new CPI does not have adequate data history. The central bank, which had cut policy rates by 50 basis points in Apr, has since stayed pat on rates citing inflationary concerns. The index for the urban segment rose 0.7% on month to 121.9 in Sept, while rural index rose 1.0% to 125.6. Within CPI (Combined), the inflation rate for food and beverages was 11.62% in Sept, while that of fuel and light and clothing, bedding and footwear were 7.29% and 10.32%, respectively.

 Growth in India's industrial production rose to a six-month high of 2.7% in Aug from (-)0.2% a month ago, primarily on account of a pick up in consumer goods and statistical impact of a low base, the Central Statistics Office said. The industrial growth in Aug 2011 was at a 22-month low of 3.4%. Aug industrial growth is the highest since 4.3% in Feb. The improvement in industrial growth in Aug, though marginal, is mainly on account of consumer goods segment, especially consumer non-durable goods. Consumer goods output rose 5.0% in Aug compared with 0.5% in Jul and 2.1% a year ago. Within consumer goods, non- durable and durable goods grew 5.8% and 4.0%, respectively. Capital goods contracted 1.7% in Aug, compared with a 4.5% contraction in Jul and 4.0% growth a year ago. Among sectors, manufacturing, which accounts for three-fourth of the total weight of industrial output, rose 2.9% in Aug, compared with 0.4% contraction in Jul, the CSO said. Electricity and mining sectors grew 1.9% and 2.0%, respectively, in Aug. Within use-based classification, basic goods grew 2.8%, and intermediate goods rose 1.9% during the month under review. In Apr-Aug, the first five months of 2012-13, industrial output grew 0.4% compared with 5.6% a year ago. The industrial performance has been lacklustre over the last one year, mainly on account of a slump in capital goods and mining. Industrial output grew an average 0.8% in the last 12 months, as capital goods and mining contracted 11.9% and 3.0%, respectively. The pick up in industrial growth in Aug is a bit surprising given that most indicators like manufacturing purchasing managers' index, passenger car sales and exports pointed to the weak momentum continuing. Manufacturing PMI in Aug eased to a nine-month low of 52.8, while passenger car sales fell 18.6% on year to 118,142 units on account of labour trouble at India's largest car manufacturer, Maruti Suzuki India Ltd. India's merchandise exports in Aug fell 9.7% on year, while non-oil imports declined 8.7%, suggesting poor overseas and

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domestic demand. Though growth in the eight key core sectors had improved marginally in Aug to 2.1% from 1.0% a month before, it was still second lowest pace in seven months. The eight key core sectors account for nearly 38% of the total weight of the Index of Industrial Production. With a low base coming into play, industrial growth may improve in the coming months. The CSO will detail industrial production for Sept on Nov 12.

 An international consortium comprising Brazil's national oil company Petrobras and subsidiaries of Bharat Petroleum Corp Ltd and Videocon Industries Ltd has discovered more oil in an offshore block in Brazil's offshore Sergipe-Alagoas Basin. The discovery was made during the drilling of an exploration well, Farfan, at a water depth of 2,720 mtr with a gross oil column of around 44 mtr, the two Indian partners said in separate regulatory filings. "The Farfan well is about 21 km southeast to the Barra exploration well 1-SES- 158 where hydrocarbons discovery was announced in Sept 2011, which showed the first significant gas accumulations in deep waters of the Sergipe Basin-Alagoas in the same block," Videocon said in its filing. The Indian partners together hold 40% in the block through an equal joint venture. Petrobras is the operator of the block with 60% stake.

 Deccan Chronicle Holdings Ltd said the board has approved the sale of its Indian Premier League cricket franchise Deccan Chargers to Kamla Landmarc Real Estate Pvt Ltd. The decision was taken at a board meeting Thursday, the company said in a notice to the exchanges, but did not disclose the deal value. Kamla Landmarc is a Mumbai based real estate developer owned by Rajesh Jain. The Bombay High Court has set today's deadline for the debt-ridden Deccan Chronicle to deposit Rs.1 bn with the Board of Control for Cricket in India to retain its license. The company has a consolidated debt of around Rs.50 bn, according to various reports. The ministry of corporate affairs ordered a probe into the company's actual financial status and books.

 Polaris Financial Technology Ltd has informed BSE regarding a Press Release dated Oct 12, 2012 titled "Polaris appoints Jitin Goyal as President and Head of Worldwide Sales and Account Management"

 Cadila Healthcare Ltd's US subsidiary has received the US Food and Drug Administration's approval for its generic clopidogrel bisulfate tablets in 75 mg strength, the US drug regulator said on its website. The drug has annual sales of over $6.5 bn, inclusive of other strengths. The blockbuster drug, which reduces the risk of heart attack by preventing the clotting of blood within blood vessels, is marketed under the brand name Plavix in the US by Bristol-Myers Squibb Co in partnership with Sanofi-Aventis US LLC. Plavix was first approved by the US FDA in 1997 for the treatment of acute coronary syndrome, or mild heart attack. It works by preventing platelets from sticking together and forming clots that restrict blood flow. Several other drug makers already have the US regulator's approval for the generic version of Plavix. These include Sun Pharmaceutical Industries Ltd, Dr Reddy's Laboratories Ltd, Aurobindo Pharma Ltd, Mylan Inc, and Teva Pharmaceutical Industries Ltd. Wockhardt Ltd has already launched the drug in the US.

 Elecon Engineering Company Ltd has informed BSE that the Company has been awarded Order dated Oct 09, 2012 from TECPRO SYSTEMS LIMITED of Rs.7.19 Crores for Wagon Trippler along with Side Arm Charger and Mandatory Spares for Harihar Project.

 The Life Insurance Corp of India plans to invest Rs.2.4 trn in govt securities, corporate bonds, and equities in 2012-13 (Apr-Mar), Chairman Dinesh Kumar Mehrotra said. The country's premier insurer had invested a total Rs.2 trn in 2011-12. Mehrotra was speaking on the sidelines of Federation of Indian Chambers of Commerce and Industry's ninth annual convention on developing capital markets. LIC has so far this financial year invested Rs.650 bn. Of this, Rs.70-80 bn has been invested in equities, Mehrotra said.

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Mehrotra expects LIC's corpus to grow to Rs.32 trn from Rs.12 trn. Taking this into consideration, LIC would need more headroom to invest in companies that will give good returns in the long run, he said. Currently, LIC's equity investments are capped at 10% of a company's total paid-up capital. The insurer has requested the Insurance Regulatory and Development Authority to lift the ceiling to 20-25%.

 Maruti Suzuki India Ltd expects sales to jump 15-20% during the forthcoming festive season as the new Alto 800, set to be launched Oct 16, would give the much-needed impetus, a senior company official told. "We expect a 15%-20% sales growth as the new Alto is seen improving market sentiments to a great extent," the official said. The official said the new Spark from the General Motors stable is also seen improving market sentiment along with the Alto. "There is a lot of buzz in the hatchback segment. We expect good consumer response," the Maruti official said.

 EMA India Ltd has informed BSE that 39 workers of the Company's factory have gone on illegal strike without any intimation or notice.

 Franklin Templeton Mutual Fund sold 2.15 mn shares, or 0.59% stake, of TV18 Broadcast Ltd through the open market on Oct 1, according to disclosures by the latter to the stock exchanges. Franklin Templeton now holds 5.58% stake in TV18 Broadcast versus 7.41% on Jun 30.

 Persistent Systems Limited has informed the Exchange that "Persistent Systems Limited has signed a definitive agreement through its step-down subsidiary in the United States to acquire 'rCloud', an innovative cloud platform business from Doyenz, Inc. rCloud is a business continuity solution which provides backup and disaster recovery for physical and virtual servers on the cloud for SMBs. The closing of the transaction is subject to satisfaction of customary conditions".

 Deccan Gold Mines Ltd said its wholly-owned subsidiary Deccan Exploration Services Pvt Ltd has received an exploration licence for gold in the Mangalagatti block in Karnataka's Dharwar district. "The state government of Karnataka has issued a grant order dated Oct 11, 2012, to this effect. The PL (prospecting licence) deed would be executed with the state government of Karnataka after the completion of the procedural formalities," Deccan Gold Mines said in a statement to the BSE. The block, which has three prospects, covers an area of 4 sq km and is part of the gold-bearing Dharwar cluster. Deccan Exploration Services has already completed 19.7 km of induced polarisation geophysical survey to investigate the existence of possible mineralised zones in the block.

 A criminal court in Hyderabad issued a non-bailable warrant against Vijay Mallya, chairman, and Sanjay Aggarwal, chief executive officer, of Kingfisher Airlines, in the cheque bounce case filed by GMR Hyderabad International Airport Ltd, J.B. Chennakeshava Rao, the counsel for GMR group, told. "The warrants have been issued under negotiable instrument act," Rao said. GMR Hyderabad International Airport Ltd had filed a criminal case in 13th metropolitan magistrate court in Aug to recover around Rs.100 mn dues from Kingfisher Airlines. According to Rao, Kingfisher did not respond to the notices issued by GMR Hyderabad International Airport on cheque bounce, hence the company initiated the legal process to recover the dues. Besides Mallya and Aggarwal, the court also issued non-bailable warrants on three directors of Kingfisher Airlines, Rao said. The case has been posted to Nov 5 for further hearing, he said. Besides the Hyderabad International Airport, Kingfisher Airlines also has dues with Delhi International Airport Ltd, the company that operates New Delhi airport and is an arm of GMR Infrastructure Ltd.

 Great Eastern Shipping Company Ltd has informed BSE that Greatship (India) Limited, a wholly owned subsidiary of the Company, has taken delivery of GREATSHIP RACHNA, a Platform/ROV Support Vessel built

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by Colombo Dockyard Plc, Sri Lanka. In this regard, the Company has issued a Press Release dated Oct 12, 2012 titled "Greatship takes delivery of a Platform/ROV Support Vessel (ROVSV)".

 The Children's Investment Fund Management (UK) LLP has filed a lawsuit against the directors of Coal India Ltd for "breach of their fiduciary duties and for failing to perform their functions with adequate care and skill", the UK-based fund house said in a press release. TCI also named the central govt in the lawsuit filed in the Calcutta High Court for allegedly misusing its powers as a majority shareholder in Coal India. The Centre holds 90% stake in Coal India, while TCI holds only 1% in the state-owned company. TCI has accused the government of interfering in the affairs of the company, citing examples like reversing the price increase that the company effected on Dec 31, 2011 and failing to raise coal prices to market levels. It also accused the government of failing to take steps to increase fuel production and stop theft. The fund house estimates that Coal India would have lost over Rs.87 bn in pre-tax profits due to the reversal of the price increase. Failing to raise coal prices to market levels has led Coal India to give up Rs.2.1 trn in pre-tax profits, since its initial public offer in Oct 2010, TCI said.

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Information of Bulk Deals – 12th Oct 2012 on BSE Scrip name Name of Client BUY (B) / Quantity Trade Price/ SELL (S) Shares W Avg. Price 8k Miles Software Niraj Nagindas Shah S 55,000 23.02 Aarey Drugs Bhavya Sharecom Pvt Ltd B 100,000 54.75 Aarey Drugs Ridhisidhi Financial Advisory Private Limited S 91,717 55.13 Anshus Cloth Oswal Shares & Securities Ltd. S 312,000 26.85 Anshus Cloth Rathod Manoj Chhaganlal Huf B 120,000 26.85 Anshus Cloth Vikramkumar Karanraj Sakaria Huf B 224,000 27.02 Anuvin Inds Mahasuklal Shah Huf S 30,000 11.3 Ashutosh Paper Chartered Motors Private Limited B 36,000 69.5 Birla Pacific Medspa Paramhans Securities Private Limited B 800,000 2.58 D B Realty Ohm Enterprises B 2,000,000 90.15 D B Realty Rare Enterprises B 1,250,000 90.21 D B Realty Trinity Capital (Eleven) Limited S 8,723,747 90.35 Devika Prot Amit Krishnakant Thakker S 100,000 8.05 Devika Prot Veepul Kishore Gohill B 82,104 7.43 Finalysis Cred Sagar Kadam B 44,775 57.63 Indus Finance Corp S M S Tools Private Limited B 68,500 57 Jaihind Syn Darshana Vipul Vikam B 50,000 6.12 Jaihind Syn Value Plus Shares N Securities Private Limited S 24,115 6.1 Karur Vysya Bank Lotus Global Investments Limited S 550,000 426.04 Magna Electo N Krishnasamraj Huf B 30,900 70 Magna Electo Prathap S S 25,900 70 Ortin Lab Murali Krishna Murthy S S 25,000 25.5 Pasupati Fin Charishma Engineering Limited S 30,070 22.15 Pasupati Fin Orion Investmart Pvt Ltd B 25,000 21.9 Pasupati Fin Orion Stocks Ltd S 25,000 21.9 Rammaica India Parkes Multi Trade Private Limited B 35,000 27.2 Regency Trust Jash Ketan Karani S 50,000 34.25 Regency Trust Sunil Kumar Goel B 50,000 34.25 Shalibhadra Fin Hinaben Romeshbhai Shah S 32,461 55.42 Shalibhadra Fin Shah Anilbhai Naginlal B 32,752 55.4 Shreychem Arsenal Finstock Services Private Limited B 46,787 74.92 Sunlake Resorts Nikita Bhupendra Shah S 75,400 4.65 Sunlake Resorts Savitridevi Jaiprakash Agarwal B 80,000 4.65 Suryanagri Fin Chimanlal Jaigopal Shah S 49,500 44 Vikash Metal India Focus Cardinal Fund S 512,542 1.35

Information of Bulk Deals – 12th Oct 2012 on NSE Scrip name Name of Client BUY (B) / Quantity Trade Price/ SELL (S) Shares W Avg. Price Ador Welding Limited Dsp Blackrock Dual Advantage Fund Series 2-36m B 255979 137.25

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Ador Welding Limited Dsp Blackrock Mutual Fund S 255979 137.25 Antarctica Graphics Ltd Reddy G Madan Mohan B 1028409 0.25 Pradip Overseas Ltd Ontime Trading Private Limited S 240000 80.72 Rajesh Exports Ltd. Taib Bank A/C Tsml S 1952000 122.73 Tulip Telecom Limited Ifci Ltd. S 1581715 35.2 United Breweries (Holding Platinum Invs Mgmt Ltd a/C Platinum Intrntnl S 366048 138.48

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Snapshot of BULK DEALS in the previous week Scrip name Name of Client BUY (B) / Quantity Trade Price/ SELL (S) Shares W Avg. Price Shree Cement Nalanda India Equity Fund Limited S 427,421 3,802.70 Ivrcl Limited Asian Satellite Brodcast Pvt Ltd S 4550000 45.46 Tulip Telecom Limited Ecl Finance Limited S 821500 43.82 Allcargo Logistics Bajaj Allianz Life Insurance Co Ltd S 985,500 140 Ivrcl Ltd Asian Satellite Broadcast Pvt Ltd S 1,575,000 46.22 Mangalam Timb Century Textiles & Ind.Ltd. B 124,827 23.53 Mangalam Timb Radiant Financial Services Limited S 125,000 23.5 Rasoya Proteins India Focus Cardinal Fund S 850,000 50.75 Shri Ganesh Spi Aristo Media And Entertainment Pvt Ltd B 3,500,000 0.37 Sujana Towers M L J Capital Services Limited S 3,369,764 5.05 Suryavanshi Spin Devender Kumar Agarwal B 1,341,216 12.88 Suryavanshi Spin Suryavanshi Industries Ltd S 1,341,216 12.88 Vikash Metal India Focus Cardinal Fund S 1,160,619 1.2 Ivrcl Limited Bnp Paribas Arbitrage B 1588000 46.4 Ivrcl Limited Merrill Lynch Capital Market Espana Sa Sv B 2908000 47.45 Ivrcl Limited Societe Generale B 2220000 46.2 Mangalam Timber Pro Ltd Century Textile & Industries L B 125173 23.51 Mangalam Timber Pro Ltd Radiant Financial Services Ltd S 125000 23.5 Tulip Telecom Limited Religare Finvest Ltd S 896708 41 Adinath Bio Pranali Commodities Private Limited B 1,176,051 1.31 Indiabulls Real Est Indiabulls Real Estate Limited B 3,150,000 60.55 Sanguine Media Godavari Commercial Services Pvt Ltd S 940,000 2.38 Sanguine Media Venkateswara Capital Management Ltd B 1,335,000 2.37 Vikash Metal India Focus Cardinal Fund S 459,290 1.24 Zodiac Cloth Pari Washington India Master Fund, Ltd. B 152,000 183 Indiabulls Real Estate Li Indiabulls Real Estate Limited B 3850000 60.49 Mangalam Timber Pro Ltd Bhawani Barter Pvt Ltd S 108000 24.95 Mangalam Timber Pro Ltd Payal Commercial Company Limited S 150000 24.78 Prakash Constrowell Ltd Persistent Commodities Tradlink Pvt Ltd B 121957 144 Shriram City Union Financ Van Gogh Limited S 2469000 771.03 Shriram City Union Financ Vontobel Funds Inc B 2446610 771 Zodiac Clothing Co. Ltd Pari Washington India Master Fund Ltd. B 100000 183 Karur Vysya Bank Franklin India Flexi Cap Fund B 597,371 426 Karur Vysya Bank Lotus Global Investments Limited S 800,000 426.01 Prakash Constrowell Persistent Commodities Tradlink Pvt Ltd B 120,972 142 Prakash Constrowell Ltd Persistent Commodities Tradlink Pvt Ltd B 121232 142 United Breweries (Holding Platinum Inv Mgmt Ltd a/c Pnm Asia Fund S 418076 131.95 United Breweries (Holding Platinum Invs Mgmt Ltd A/Cplatinum Itnl S 578572 131.95 Vst Industries Ltd. Itc Limited S 225000 1749.54 Vst Industries Ltd. Sbi Mutual Fund B 151964 1740

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Declaration made under SEBI (Insider Trading) Regulation 2002 Company Name Name of Acquirer / Seller Transaction Buy / No. of Shares Holding after Date Sell Transacted Transaction Qty% Qty% Aarti Drugs Ltd Prakash M Patil 24/09/2012 B 5500 947539 7.83 Arrow Coated Products Ltd Vijay Dhar 24/09/2012 B 80000 120000 0.11 Aurobindo Pharma Ltd Mettu Madan Mohan Reddy 27/09/2012 S 24000 1005 AXIS Bank Ltd A R Gokulakrishnan 28/09/2012 S 4900 8302 AXIS Bank Ltd C Babu Joseph 28/09/2012 S 1500 48800 AXIS Bank Ltd Lalit Chawla 28/09/2012 S 500 4028 AXIS Bank Ltd S K Mitra 28/09/2012 S 500 25407 AXIS Bank Ltd Vinod George 28/09/2012 S 1500 26782 Bhandari Hosiery Exports Ltd Nitin Bhandari 21/09/2012 S 28370 2972393 20.29 Bhandari Hosiery Exports Ltd Nitin Bhandari 24/09/2012 S 71045 2901348 19.8 City Union Bank Ltd K S Raman 18/09/2012 S 5000 City Union Bank Ltd K S Raman 20/09/2012 S 10000 City Union Bank Ltd K S Raman 21/09/2012 S 10000 Coral Hub Ltd Tutis Technologies Ltd 24/09/2012 S 5790 0.02 Coral Hub Ltd Tutis Technologies Ltd 25/09/2012 S 5675 0.02 Coral India Fin & Housing Ltd Chetan Navin Doshi 28/09/2012 B 1645 897335 9 Coral India Fin & Housing Ltd Navin B Doshi 28/09/2012 B 50 2041156 20.46 Genus Power Infrastructu Ltd Vivekshil Dealers Pvt Ltd 28/09/2012 B 47879 14859773 9.35 Grasim Industries Ltd K K Maheshwari S 5000 5997 Gujarat Pipavav Port Ltd IDBI Trusteeship Services Ltd S 10000000 2276911 0.47 Gujarat Pipavav Port Ltd IDFC Trustee Company Ltd S 10000000 2752302 0.57 HEG Ltd Sandhu Auto Deposits Ltd 3/10/2012 B 245 285889 0.72 Housing Dvlpmnt Fin Corp Ltd Suresh Menon 25/09/2012 S 220 569330 0.37 ICICI Bank Ltd K Ramkumar 1/10/2012 S 30000 ICRA Ltd Pranab Kumar Choudhury 24/09/2012 S 11262 15889 0.15 IL&FS Invt Managers Ltd Sanjay Mitra 24/09/2012 S 17040 780243 0.37 India Infoline Ltd Madhu Jain 27/09/2012 B 35000 16835000 5.82 Indiabulls Securities Ltd Orthia Properties Pvt Ltd 1/10/2012 B 67626 15666358 6.77 Infinite Cmputer Sol India Ltd MC Data Systems Pvt Ltd 28/09/2012 B 7000 1066796 2.51 Info Edge (India) Ltd Ambarish Raghuvanshi 26/09/2012 S 60000 2003613 1.83 ISMT Ltd A K Jain 3/10/2012 S 30000 3645872 2.49 J. Kumar Infraprojects Ltd Kamal Gupta 24/09/2012 B 60931 1383431 4.98 Jai Balaji Industries Ltd Aditya Jajodia 6/9/2012 B 20000 0.03 3635601 5.7 Jai Balaji Industries Ltd Aditya Jajodia 14/09/2012 B 20500 0.03 3656101 5.73 Jupiter Infomedia Ltd Kusumben Modi 5/9/2012 B 54000 229000 6.56 KCP Sug&Industries Corp Ltd Durgamba Investment Pvt Ltd 25/09/2012 B 18000 42744656 37.7 KCP Sug&Industries Corp Ltd Durgamba Investment Pvt Ltd 25/09/2012 B 2000 42726656 37.68

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Kolte-Patil Developers Ltd Sunita Patil 28/09/2012 B 3500 7006821 9.25 Kolte-Patil Developers Ltd Vandana Naresh Patil 28/09/2012 B 3500 7024319 9.27 Lupin Ltd Atish Majumdar 3/10/2012 S 500 7250 Lupin Ltd Chandrakant S Bhangale 24/09/2012 S 200 Lupin Ltd Khushiram Gupta 27/09/2012 S 5000 20420 Lupin Ltd Pradeep S Bhagwat 25/09/2012 S 500 5500 Lupin Ltd Sharad Sharma 18/09/2012 S 4925 825 Manappuram Finance Ltd Shailesh J Mehta 14/09/2012 S 40200 Manappuram Finance Ltd Shailesh J Mehta 14/09/2012 S 9800 Marg Ltd G R K Reddy 3/10/2012 S 25000 Microsec Finan. Services Ltd Topview Enclaves LLP 3/10/2012 B 36930 4575708 14.38 MindTree Ltd Ajo Paul 26/09/2012 S 500 1500 MindTree Ltd Prasanna Narasimha Gopal 12/9/2012 S 450 2930 Motor & General Finance Ltd Bahubali Services Ltd 28/09/2012 B 231 3894417 20.11 Motor & General Finance Ltd Grosvenor Estates Pvt Ltd 28/09/2012 S 100000 300000 1.54 Motor & General Finance Ltd Rajiv Gupta & Arti Gupta 28/09/2012 B 100000 1600000 8.26 NIIT Technologies Ltd S Sridhar 26/07/2012 S 1500 OnMobile Global Ltd Arvind Rao 20/09/2012 S 365000 1285992 1.13 OnMobile Global Ltd Arvind Rao 21/09/2012 S 135000 1150992 1.01 OnMobile Global Ltd Arvind Rao 24/09/2012 S 133407 1017585 0.89 OnMobile Global Ltd Arvind Rao 27/09/2012 S 100000 213173 0.19 Patel Integrated Logistics Ltd Areef A Patel 1/10/2012 B 12000 724174 4.77 PI Industries Ltd Kunam Narasa Reddy 18/09/2012 S 1000 1000 Ruchi Soya Industries Ltd Dinesh Shahra (HUF) 1/10/2012 S 300000 17205836 5.16 Ruchi Soya Industries Ltd Dinesh Shahra HUF 28/09/2012 S 1200000 17505836 5.25 Ruchi Soya Industries Ltd Soyumm Marketing Pvt Ltd 1/10/2012 B 300000 27636529 8.29 Ruchi Soya Industries Ltd Soyumm Marketing Pvt Ltd 28/09/2012 B 1200000 27336529 8.2 Sambhaav Media Ltd Kiran B Vadodaria 24/09/2012 B 12850 20773785 14.22 Sambhaav Media Ltd Kiran B Vadodaria 25/09/2012 B 12000 20785785 14.23 Shreeyash Industries Ltd Manoj Kumar 20/09/2012 S 22000 1103700 20.3 Shriram City Union Finan Ltd Van Gogh Ltd 27/09/2012 S 4156000 Shriram Transport Fin Co Ltd R Sridhar 1/10/2012 B 4500 62469 0.02 Shriram Transport Fin Co Ltd Shriram Capital Ltd 26/09/2012 B 15000 11242366 4.97 Shriram Transport Fin Co Ltd Shriram Capital Ltd 27/09/2012 B 168000 11410366 5.04 Som Distilleries&Brweries Ltd Jagdish Kumar Arora 21/09/2012 B 4607 1745935 6.34 Sterling Holiday Rsrt India Ltd Ramesh Ramanathan 24/09/2012 S 17131 0.03 1715116 2.57 Sterling Holiday Rsrt India Ltd Ramesh Ramanathan 27/09/2012 S 10000 0.02 1616071 2.43 Subex Ltd Elara Capital PLC 26/09/2012 S 5477544 Tata Motors Ltd Tata Investment Corporation Ltd 21/09/2012 S 275000 1775000 0.01 TCI Developers Ltd Dharm Pal Agarwal 1/10/2012 B 4715 37024 0.99 TCI Developers Ltd Dharm Pal Agarwal 3/10/2012 B 6180 43204 1.15

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TCI Developers Ltd Dharm Pal Agarwal 21/09/2012 B 596 31382 0.84 TCI Developers Ltd Dharm Pal Agarwal 24/09/2012 B 27 31409 0.84 TCI Developers Ltd Dharm Pal Agarwal 25/09/2012 B 414 31823 0.85 TCI Developers Ltd Dharm Pal Agarwal 27/09/2012 B 100 31923 0.85 TCI Developers Ltd Dharm Pal Agarwal 28/09/2012 B 386 32309 0.86 UltraTech Cement Ltd Turquoise Investments & Fin Pvt Ltd 21/09/2012 S 3025 3373169 1.23 UltraTech Cement Ltd Turquoise Investments & Fin Pvt Ltd 25/09/2012 S 5000 3368169 1.22 UV Boards Ltd Pradeep Kumar Panda 28/09/2012 S 1551 143831 0.94 Vakrangee Softwares Ltd Vakrangee Holdings Pvt Ltd 25/09/2012 B 1100000 0.22 115035194 22.99 Vakrangee Softwares Ltd Vakrangee Holdings Pvt Ltd 25/09/2012 B 400000 0.08 115435194 23.07 Videocon Industries Ltd Nippon Invt&Fin Company Pvt Ltd 24/09/2012 B 500000 8539852 2.68 Videocon Industries Ltd Nippon Invt&Fin Company Pvt Ltd 27/09/2012 B 89000 8478852 2.66 Videocon Industries Ltd Nippon Invt&Fin Company Pvt Ltd 28/09/2012 B 7863 8486715 2.66 Vippy Spinpro Ltd Rahul Mutha (HUF) 3/10/2012 B 38412 247083 4.21

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Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating. Risk Rating Risk Description Predictability of Earnings / Dividends; Price Volatility Low Risk High predictability/ Low volatility Medium Risk Moderate predictability / volatility High Risk Low predictability/ High volatility

Total Expected Return Matrix Rating Low Risk Medium Risk High Risk Buy Over 15 % Over 20% Over 25% Accumulate 10 % to 15 % 15% to 20% 20% to 25% Hold 0% to 10 % 0% to 15% 0% to 20% Sell Negative Returns Negative Returns Negative Returns Neutral Not Applicable Not Applicable Not Applicable Not Rated Not Applicable Not Applicable Not Applicable

Please Note  Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses). ** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have enhanced our return criteria for such stocks by five percentage points. “Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.

For any information or suggestion, please contact the below mentioned… Vatsal Shah ([email protected]) Nishita Shah ([email protected]) Bhaveshkumar Jain ([email protected])

Sushil Financial Services Private Limited Member BSE: SEBI Regn.No. INB/F010982338 | Member NSE: SEBI Regn.No.INB/F230607435. Office: 12, Homji Street, Fort, Mumbai 400 001. Phone +91 22 4093 6000 Fax +91 22 2266 5758

Additional information with respect to any securities referred to herein will be available upon request. This report is prepared for the exclusive use of Sushil Group clients only and should not be reproduced, re-circulated, published in any media, website or otherwise, in any form or manner, in part or as a whole, without the express consent in writing of Sushil Financial Services Private Limited. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. This report is to be used only by the original recipient to whom it is sent. This is for private circulation only and the said document does not constitute an offer to buy or sell any securities mentioned herein. While utmost care has been taken in preparing the above, we claim no responsibility for its accuracy. We shall not be liable for any direct or indirect losses arising from the use thereof and the investors are requested to use the information contained herein at their own risk. This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. The information, on which the report is based, has been obtained from sources, which we believe to be reliable, but we have not independently verified such information and we do not guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice. Sushil Financial Services Private Limited and its connected companies, and their respective directors, officers and employees (to be collectively known as SFSPL), may, from time to time, have a long or short position in the securities mentioned and may sell or buy such securities. SFSPL may act upon or make use of information contained herein prior to the publication thereof. 12