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6 May 2010

FUNDAMENTALS

Equity Market Indices CLOSE CHANGE %Chng Market Overview Sensex 17,088.0 -49.2 -0.29 Nifty 5,124.9 -55.3 -0.46 The benchmark Nifty showed smart recovery Dow 10,868.1 -58.6 -0.54 in the last one hour of trade following bounce Nasdaq 2,402.3 -22.0 -0.91 FTSE 100 5,553.3 -69.2 -1.28 back in European markets and closed with CAC 40 3,636.0 -53.3 -1.44 modest losses. Heavyweights like Bharti, DAX 5,958.5 -48.4 -0.81 , SBI, ITC, NTPC, TCS, Asia / Pacific Indices ( As on 8.30 A.M.) and helped the markets in Indices CLOSE CHANGE % Chng recovery. Shanghai 2,825.0 -32.2 -0.12 Hang Seng 20,194.9 -132.6 0.92 Jakarta 2,846.2 0.0 0.00 The 30-share BSE Sensex closed at 17,087.96, Nikkei 225 10,713.1 -344.3 -3.11 down 49.18 points and the 50-share NSE Nifty Straits Times 2,837.5 -22.8 -0.80 at 5124.90, down 23.60 points or 0.46%. KOSPI 1,687.3 -31.4 -1.83 Turnover & Marketcap The market breadth was positive; about 1188 (Rupees in Crs.) Today Previous % Chng shares advanced while 1786 shares declined Cash BSE 4,760.4 4,733.5 0.57 on the BSE. Nearly 293 shares remained Cash NSE 15,284.1 12,788.5 19.51 Derivatives 96,186.8 76,512.2 25.71 unchanged. BSE Mkt. Cap (lac) 61.5 61.6 -0.20 GDP Estd (lac) 33.4 Mcap / GDP (%) 1.84 Institutional Activity Market O utlook Institution Today (Prov.) Pr. Day % Chng FII Equity -1,589.7 -29.7 5,256.06 FII in F&O 1,630.2 234.7 594.61 MF Equity 691.2 -438.1 -257.77 Investors all over the world fear the euro zone Advance Decline debt crisis and Chinese growth concerns due Advances Declines Total BSE 1,045 1,788 2,833 to which metals and oil fell sharply. The spill NSE 461 845 1,306 over effect have over shadowed the little Debt Forex & Crude Market support from the US data released, the Today Pr. Day % Chng improving scenario in its labor market for the Rs./Dollar 44.9 44.6 0.70 first time from last Jan 2008. Global concerns Rs/Euro. 58.0 58.3 -0.61 are now affecting FII’s flow with dollar index 10 yrs G sec 7.60 7.70 -1.30 364D T-Bill 5.0 4.9 2.06 breaching the crucial level of 84 which putting pressure on rupee which will drive the equities Light Crude US$pb 3,203.0 3,172.0 0.98 down in the near term. Indian ADR 50 (In US $) Today Pr. Day % Chng Today also the global markets are weak and Tata Comm. 11.5 12.4 -7.48 Satyam 5.2 5.3 -2.46 we may also have weak start and till we are HDFC Bk 141.8 130.1 8.99 below 5150 levels we are in the vulnerable Infosys 58.9 59.5 -0.97 position and traders should remain cautious. WIPRO 21.3 23.3 -8.66 Tata Motor 19.2 18.2 5.89 ICICI Bank 40.5 40.5 0.17 Dr. Reddy 27.7 26.8 3.48 Sterlite Ind. 16.5 18.0 -8.55 MTNL 3.1 3.2 -3.75 Patni Comp. 25.8 23.0 12.08

Anand Rathi Research

FUNDAMENTALS

Top Gainers Corporate News SENSEX NIFTY Symbol Close % Symbol Close % 297.50 2.66 BHARTIARTL 296.00 2.42 Lupin posted growth of 40.18 per cent in net Wipro 671.60 1.7 SAIL 215.00 2.33 profit at Rs 220.62 crore for the fourth quarter Maruti 1280.75 1.39 WIPRO 674.00 2.12 ended March 31, over the same period a year Mahindra & Mahindra 521.30 0.85 BPCL 526.65 2.10 ago. Total income rose to Rs 1,338.6 crore for NTPC 205.25 0.84 KOTAKBANK 747.00 2.01 the quarter ended March 2010, from Rs 1,069 Top Losers crore over the same period previous fiscal. SENSEX NIFTY Symbol Close % Symbol Close % The Supreme Court in the next few days is Jaiprakash Asso 133.60 -4.67 JPASSOCIAT 133.90 -4.43 Sterlite Inds 749.65 -3.28 JINDALSTEL 688.50 -4.31 likely to deliver its verdict on the gas pricing Reliance Infra 1055.20 -2.59 STER 753.20 -2.91 and supply dispute between energy companies Hero Honda 1888.90 -1.7 RELINFRA 1059.00 -2.33 RIL and RNRL . 228.85 -1.44 UNITECH 78.30 -2.25 The verdict is expected on or before May 12. BSE-500 Top Gainers Top Loosers NIIT Technologies' consolidated net profit Symbol Close % Symbol Close % reported a growth of 57 per cent at Rs 41.3 399.15 17.64 REI Agro 43.55 -7.14 crore for the fourth quarter ended March 31, Godrej Cons 307.90 9.13 JK Tyre 180.35 -5.03 2010, over the same period year- S Kumar Nation 78.00 9.09 Lakshmi Over 123.30 -4.97 ago.Revenues of the company rose to Rs Patni Computer 608.60 7.34 Prakash Inds 205.10 -4.76 239.2 crore for the quarter ended March 31, Uco Bank 74.50 6.13 Jaiprakash Asso 133.60 -4.67 from Rs 227 crore in the same quarter last 233.10 6.12 Spicejet 56.80 -4.38 year. Dena Bank 89.35 5.99 HEG 344.70 -4.32 Tube Invest 99.00 5.77 INDIAN MET 793.15 -4.30 Andhra Bank 136.65 5.6 Rain Commodities 159.25 -4.30 Kalpataru Power Transmission has raised Fin 154.85 5.3 NRE Coke 79.50 -4.22 Rs 450 crore by private placement of shares SECTORIAL INDICES with qualified institutional buyers for capacity BSE NSE expansion. INDICES Close % Symbol Close % MIDCAP 7047.91 0.3 NIFTY MIDCAP 50 2790.30 0.92 Kirloskar Brothers Ltd through its unit SMLCAP 8986.46 -0.24 CNX NIFTY JUNIOR 10975.90 1.09 Kirloskar Brothers International B V, BSE-100 9140.47 -0.22 CNX 100 5100.60 -0.20 Netherlands, has acquired 90 per cent shares BSE-200 2177.02 -0.14 CNX MIDCAP 7984.65 0.52 of South African company Braybar.The cost of BSE-500 6875.82 -0.15 S&P CNX 500 4271.50 -0.15 acquisition is around Rs 11 crore. REALTY 3322.90 -1.03 S&P CNX DEFTY 3960.95 -0.94 BANKEX 10872.07 -0.35 BANK NIFTY 9581.85 -0.43 IT 5304.94 0.92 CNX IT 5932.00 1.03 Jagran Prakashan Ltd (JPL), bought the PSU 8981.83 -0.2 % TOP DELIVERY print business of Mid-Day Multimedia Ltd CG 13519.56 -0.78 StocksL8 Days Avg. % Chng. (MML). CD 4605.55 -0.22 Vol.(Cr.) POWER 3083.47 -0.26 UNITECH 0.78 124.23% The government has decided to FMCG 2845.77 0.33 RNRL 0.56 -17.21% play the role of a heavy-handed mediator in AUTO 7692.08 0.05 SUZLON 0.55 -21.71% the tussle between and METAL 16463.66 -1.07 IFCI 0.51 -13.67% . The dispute is over OIL&GAS 9782.63 -0.39 LITL 0.51 -35.84% the sale of electricity in this city at regulated HC 5351.65 0.62 RENUKA 0.50 -31.21% rates. TECk 3281.17 0.95 JPASSOCIAT 0.46 233.02%

Anand Rathi Research

FUNDAMENTALS

Jindal Steel & Power Ltd’s (JSPL’s) attempt

to acquire the Zimbabwe Iron & Steel Company (Ziscosteel) has failed. The Zimbabwe government has decided not to sell the ailing company to large corporations such as JSPL and Arcelor Mittal.

GM Infra Ventures , a of city- based Manjeera Constructions and Gowra Group and Mumbai-based venture capital firm Milestone Capital, is coming up with its maiden commercial real estate project – Platina – with an investment of Rs 150 crore at Gachibowli here.

Gayatri Projects Limited has secured a road project worth Rs 2,200 crore.The project envisages four-laning of the - Karimnagar-Ramagundam road under public- private partnership

Economic News

Bank credit growth was pegged at 17 per cent during the one-year period ending April 23, down from 17.4 per cent a year ago. The growth in non-food credit of banks is placed at 20 per cent.

The government today agreed to give an additional Rs 14,000 crore to oil retailers Indian Oil, and HPCL to make up for most of the losses they incurred on selling cooking fuel below cost.

Aiming to raise Rs 40,000 crore from disinvestment, the government said it will sell its stake in 10 more PSUs, including IndianOil, MMTC, Coal Ltd, SAIL, RINL and Shipping Corporation , in the current financial year.

Anand Rathi Research

FUNDAMENTALS

Corporate Announcements Company Name Announcement Buy back from open market for an amount not exceeding Rs 20 Crores to a minimum of 50,00,000 shares and a maximum of 1,00,00,000 shares, up to a maximum price of Rs 40/- Bhagyanagar India per equity share. Rights Issue at par FV of Rs. 10 in the ratio of 7 equity shares for the 20 fully paid equity Bhandari Hosiery shares held in the company. Crompton Greaves Ltd Buy-back at a price not exceeding Rs 170/- per share, upto an amount of Rs 224.1 crore

Chartered Logistics Ltd. Approval of share split of existing equity shares of Rs. 10 to Re.1. The buyback will be from open market through stock exchange(s) route at a maximum price of Rs 260/- per equity share and has also decided to allocate an amount up to Rs 225 Crore GTL Ltd towards the said buyback program.

Provogue India Buy back offer to commence on Sep 2 ‘2009. The date of opening of the Buyback offer be read as September 07, 2009 instead of August Softsol India Ltd. 20, 2009 . Board have approved the proposal for Buy back of equity shares of Rs 10/- each of the fully paid up equity share capital of the Company, from open market through Stock Exchange Apcotex Industries Ltd./ mechanism, at a price not exceeding Rs 90/- per equity share .

Kalyani Steel Ltd Scheme of Arrangement. Record date is fixed at 23 rd April and Ex- date at 22 nd April.

Rallis India lndia Board recommends 1 for 2 Bonus and Rs. 10/- per share final dividend" Board recommended issue of bonus shares in the ratio of two (2) equ ity shares of Rs. 2 each for every 3 (three) equity shares held by the shareholders of the Company (including ADS holders), as on a record date Wipro Ltd. to be determined by the Board Open offer to the shareholders of GMR Industries. Date of opening of th e offer June 18’ 2010 and EID Parry closing of the offer July 7’ 2010. Board has declared issue of bonus in the ratio of 1:1 and stock split of the equity shares in Re. 1 Sterlite Industries Ltd from Rs. 2 each.

Kotak Mahindra Bank Ltd. Board to consider stock split but subject to approval of the shareholders.

Lupin Ltd. Borad has approved for a stock split of Rs. 10 to rs. 2 each.

Anand Rathi Research

FUNDAMENTALS

Corporate Announcements Company Name Announcement Buy back for the maximum limit of up to 25% of the net worth of the company, (but not necessarily to the entire extent of 25% of the net worth of the company), subject to receipt of Ingersoll-Rand an appropriate exemption for Ingersoll-Rand USA (IR USA) from making an open offer. Rights shares at a ratio of 1equity share for every 1equity share of Rs 10/- each held. Morarjee Textiles Buy back of its fully paid-up equity shares of the face value of Rs 5 each though the open market. The company intends to buy 22 lakh shares at a price not exceeding Rs 25 an equity share.The buyback will start on March 19 with the process expected to be completed by February 2010 or when the company has completed the mop up of its intended 22 lakh MRO Teck shares or exhaustion of the Rs 5 crore allocated for the purpose. Bonus-inter alia, to consider the proposal for issue of "B" Equity Shares of Rs. 10/- each as bonus shares. "B" Equity shares carry lower voting rights as compared to Equity shares of the Gujarat NRE Coke company. Bonus issue of 1 DVR bonus share for every 10 equity shares held. Issue of right shares (equity shares) t o existing shareholders of the company up to Rs. 1500 REI Agro Ltd. Crores. Buy back of equity shares for not exceeding Rs.60. the maximum number of shares will be up to 8650000e equity shares. The minimum number of shares for buy back will be 1300000 FDC equity shares.

SREI Infrastructure ltd Bonus issue of 5:4. Grasim shareholders will receive one share of Samruddhi its subsidiary for one share of Grasim .

NOTE: New announcements are highlighted and will remain the same for three days.

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Anand Rathi Research