Vol.

0708/31, September, 2007

The Monthly Business Magazine from Inter-connected Stock Exchange of India Ltd.

REALTY SECTOR

Realising Realty Dreams Swiftly

 from ISE Research Cell
Knowledge is a prerequisite
for a
wise investor

MICRO AND MACRO ASPECTS OF INDIAN FINANCIAL SYSTEM

In case you are interested in issuing an advertisement in our publication, please contact :

ISE Research Cell

Inter-connected Stock Exchange of India Limited
Tel. : (022) 6794 1100 2781 2056 / 58 / 59 / 60 / 62 Ext. 149, 151
Fax : (022) 2781 2061
e-mail : research@iseindia.com
Website : www.iseindia.com
 Realty Sector Value Bites
Realty companies have witnessed fast- Value investing is a style of investment
paced action since the start of the current strategy from the so-called "Graham &
Bull Run.
Page 9 Dodd" School.
Page 21
CONTENTS
CONTENTS

EDITORIAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Vol. 0708/31, September, 2007

Editorial Team CAPITAL MARKET REVIEW. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-5

Chief Editor
P. J. Mathew FUND FACTSHEET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Business Editor
Prasenjit Yesambare
Top Funds ranked on the basis of performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Associate Editors
Zeenat Kerawala
Rashmi Rani Bulk Deals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Graphic Designer
P. R. Santhosh
Registered Office REGULATORY NEWS CORNER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
International Infotech Park,
Tower 7, 5th Floor, Sector 30, Vashi, ISE SECTOR FOCUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-13
Navi Mumbai - 400 703, Maharashtra

Tel. : (022) 6794 1100 / 2781 2056 / 58 / 59 / 60 / 62 SECTORAL DASHBOARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-17

Ext : 151 Fax : (022) 2781 2061
e-mail : research@iseindia.com
Website : www.iseindia.com ISE COMPANY ANALYSIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Branch Offices
Kolkata
DLF Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18-21
Mukti Chambers, 4th Floor,
Room No. 403, 4, Clive Row,
Kolkata-700 001. ISE VALUE BITES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22-23
Tel. : (033) 2221 3392

Coimbatore ISE IPO Tracker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24-26

Coimbatore Stock Exchange Building,
CSX Towers, 683-686, Trichy Road,
Singanallur, Coimbatore-641 005. Academic Corner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27-28
Tel. : (0422) 2315100/2315101

New Delhi
16/11, 3rd Floor, RD Chamber, Arya Samaj Domestic Economic Corner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Road, Karol Bagh, New Delhi - 110005.
Ph:-9311410777
Global Economic Corner. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Nagpur
F-2, 1st Floor, Narmada Plaza,
Beside VIP Road, Dharmpeth ISE 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31-35
Nagpur-12.
Tel.: 0712-2540656 (M) 9373101634

Hyderabad Stock Parameter Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Stock Exchange Building,
3-6-275, Himayat Nagar,
Hyderabad-500 029(A.P), Large Cap Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Tel: 040-40020031

Gauhati Mid Cap Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Gauhati Stock Exchange Ltd.,
A.T. Road, Guwahati-781 001.
Tel : (0361) 2541721 / 2517883 Small Cap Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Ahmedabad
Shop No. 4, Valmik Complex,
Near Parimal Garden, Ellisbridge, Disclaimer : Whilst ISE Research Cell has made reasonable efforts to ensure that the information provided in the ‘V Share’ is
Ahmedabad - 380 006. accurate and up to date as at the time of issue, it reserves the right to make corrections and does not warrant that it is
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the ‘V Share and does not give any warranties (including any statutory ones) in relation to the information.
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Published and printed for Inter-connected Stock Exchange of India Ltd. by Shree Vinayaka Data Forms, Mulund Tel. : (022) 25664087
From The Editor’s Corner
Government to define foreign company's holding

The government may incorporate the definition of indirect shareholding in the Companies Act with an intension of
reducing ambiguity as it would differentiate the actual shareholding and the economic interest of a foreign investor in a
domestic company.

The department of industrial promotion & policy (DIPP) is engaged in framing the new FDI policy, applicable to sectors
having cap on FDI like telecom, aviation, insurance and banking. Under the policy, equity stakes acquired by Indian
investors by taking loans from foreign joint venture partners would be categorized as FDI. Although the stake would be
held by an Indian entity or firm, it would be treated as FDI because it is funded by a foreign firm. The funding can be a
simple loan to the investor or company.

Meanwhile, uninfluenced by the rising interest rates and appreciating Rupee in the Indian economy, capital investments
by Indian companies in the current fiscal is likely to exceed last year's level.

According to a Reserve Bank of India's study, Indian corporates' capital expenditure is likely to stand at Rs 1,482.07
billion in the current fiscal for the projects already appraised and sanctioned by banks and financial institutions.
However, in the previous fiscal year, the total investments stood at Rs 2,064.6 billion. The RBI expects a shortfall of Rs
582.53 billion to be compensated by new projects expected to come up in the current year.

Residing on 8.5% growth in the economy, the RBI expects the incremental demand for goods and services to drive fresh
investments in capacity. On the corporate front, the study said that the strong balance sheets will encourage corporates
to make fresh investments.

Additionally, the budget measures to boost infrastructure development would improve the investment climate.
However, the RBI has expressed its concerns that the demand may moderate due to its cyclical nature of investment
demand. Similarly, the downside risk also exists arising from rising interest rates, appreciating Rupee and the growing
wage bill for many industries. Still these risks will remain limited and could be offset by sustained inflow of large capital
amid easy global liquidity.

The present issue of V Share apart from providing regular updates on the happenings and developments in the Indian
financial markets for the month of August 2007 takes a closer look at the trends, growth and financial performance of the
Realty sector in India. The sector has been brought into focus to enunciate its contribution in the economic growth and
development of the nation.

We also take this opportunity to inform our readers that their favourite magazine would henceforth be released month wise
rather than on a fortnightly basis subject to utmost care being undertaken by the Research Cell in maintaining the superior
content and quality of the publication. We, therefore, would be mightly pleased if the reader fraternity assimilates the above
change with a positive spirit and keeps on sending suggestions which are extremely vital in improving the quality of the
future editions.

ISE Research Cell

2 V Share September, 2007

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 capital MARKET: at a glance
A Comparative evaluation of the five major indices viz.,
Sensex, BSE Midcap, BSE Small cap, S&P CNX Nifty &
CNX Nifty Junior is presented in the table.1 given below. The
comparison has been primarily made on the basis of five
vital parameters i.e., Market Capitalisation, Beta, volatility,
P/E & Turnover.

TABLE 1: OVERVIEW OF MAJOR INDICES

Mkt. Cap (Rs. cr.) Volatility P/E Turnover as on

Indices Beta Aug. 23, 2007
as on Aug. 23, 2007 (Aug. 1-22, 2007) as on Aug. 23, 2007
Sensex 933903.69 1.024 1.96 19.29 1120.77
BSE Midcap 272895.61 0.998 1.65 4.14 857.06
BSE Small Cap 88155.86 0.985 1.75 5.67 470.98
S&P CNX NIFTY 2169515.16 1.049 2.28 18.79 -
CNX NIFTY JUNIOR 361868.29 1.008 2.03 17.00 -

A comparative analysis of the daily movement in prices of all given below. The percentage change in the daily price is w.r.t
the five major indices viz., Sensex, BSE Midcap, BSE Small the previous day's price.
cap, S&P CNX Nifty & CNX Nifty is displayed in the table.2

TABLE 2: MAJOR INDICES POSITION FOR AUGUST 2007 (data upto August 22, 2007)

S&P CNX NIFTY CNX NIFTY JUNIOR BSE SENSEX BSE MID CAP BSE SMALL CAP
Date
Close % Change Close % Change Close % Change Close % Change Close % Change

01-Aug-07 4345.85 --- 8427.05 --- 14935.77 --- 6461.46 --- 7775.90 ---
02-Aug-07 4356.35 0.24 8482.85 0.66 14985.70 0.33 6515.42 0.84 7805.46 0.38
03-Aug-07 4401.55 1.04 8668.55 2.19 15138.40 1.02 6605.24 1.38 7891.54 1.10
06-Aug-07 4339.50 -1.41 8567.05 -1.17 14903.03 -1.55 6552.93 -0.79 7842.59 -0.62
07-Aug-07 4356.35 0.39 8661.05 1.10 14932.77 0.20 6574.90 0.34 7914.37 0.92
08-Aug-07 4462.10 2.43 8844.00 2.11 15307.98 2.51 6665.67 1.38 8051.22 1.73
09-Aug-07 4403.20 -1.32 8618.90 -2.55 15100.15 -1.36 6559.58 -1.59 7964.12 -1.08
10-Aug-07 4333.35 -1.59 8529.20 -1.04 14868.25 -1.54 6507.62 -0.79 7904.13 -0.75
13-Aug-07 4373.65 0.93 8597.70 0.80 15017.21 1.00 6575.17 1.04 8028.28 1.57
14-Aug-07 4370.20 -0.08 8556.30 -0.48 15000.91 -0.11 6563.16 -0.18 8034.56 0.08
16-Aug-07 4178.60 -4.38 8126.05 -5.03 14358.21 -4.28 6352.44 -3.21 7797.26 -2.95
17-Aug-07 4108.05 -1.69 8022.35 -1.28 14141.52 -1.51 6259.47 -1.46 7694.80 -1.31
20-Aug-07 4209.05 2.46 8191.65 2.11 14427.55 2.02 6342.78 1.33 7832.36 1.79
21-Aug-07 4074.90 -3.19 7894.00 -3.63 13989.11 -3.04 6134.23 -3.29 7538.45 -3.75
22-Aug-07 4153.15 1.92 7932.05 0.48 14248.66 1.86 6159.62 0.41 7518.70 -0.26

Closing Price v/s P/E Ratio of NIFTY for August 2007 Closing Price V/s P/E Ratio of Sensex for August 2007

4500.00 20.50 15500.00 21.00

4400.00 20.00 20.50
15000.00
4300.00
Data Close

19.50
P/E Ratio

20.00
P/E Ratio
Data Close

4200.00 14500.00
19.00 19.50
4100.00 14000.00
18.50 19.00
4000.00
18.00 13500.00 18.50
3900.00
3800.00 17.50 13000.00 18.00
1 2 3 6 7 8 9 10 13 14 16 17 20 21 22 1 2 3 6 7 8 9 10 13 14 16 17 20 21 22
August 2007 August 2007
S&P CNX Nifty Close S&P CNX Nifty P/E BSE Sensex Close BSE Sensex P/E

V Share September, 2007 3

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capital MARKET: at a glance
BSE Large Cap : Top 10 Gainers & Losers
As on As on As on As on
Company % Change Company % Change
Aug. 20, 2007 Aug. 1, 2007 Aug. 20, 2007 Aug. 1, 2007
SENSEX GAINERS SENSEX LOSERS
NTPC 164.00 160.50 2.18 Hindalco Inds. 141.75 159.15 -10.93
Dr Reddy's Labs. 625.25 622.45 0.45 Tata Steel 568.80 622.40 -8.61
St Bk of India 1550.45 1548.25 0.14 Satyam Computer 432.50 469.70 -7.92
ACC 963.20 965.90 -0.28 ONGC 818.25 884.35 -7.47
Reliance Inds. 1791.75 1798.00 -0.35 M&M 641.90 693.65 -7.46
Ambuja Cem. 127.90 128.90 -0.78 ITC 156.25 167.10 -6.49
Ranbaxy Labs. 364.90 367.80 -0.79 TCS 1054.55 1115.80 -5.49
Cipla 184.10 185.70 -0.86 Larsen & Toubro 2354.15 2485.05 -5.27
Bajaj Auto 2262.80 2287.95 -1.10 Infosys Tech. 1829.00 1929.60 -5.21
Wipro 469.50 475.70 -1.30 Maruti Udyog 782.20 821.00 -4.73

BSE Mid Cap : Top 10 Gainers & Losers

As on As on As on As on
Company % Change Company % Change
Aug. 20, 2007 Aug. 1, 2007 Aug. 20, 2007 Aug. 1, 2007
BSE MID CAP GAINERS BSE MID CAP LOSERS
Jai Corp 6922.50 3966.05 74.54 Balrampur Chini 55.35 66.55 -16.83
Chambal Fert. 44.85 33.85 32.50 Himachal Futuris 18.05 21.50 -16.05
Torrent Power 85.30 68.85 23.89 Network 18 354.10 420.25 -15.74
IFCI 64.70 52.35 23.59 Sh. Precoat. Stl 282.50 334.60 -15.57
RCF 53.15 43.50 22.18 ABG Shipyard 498.95 589.80 -15.40
Lanco Infratech 262.10 223.10 17.48 Praj Inds. 175.60 206.25 -14.86
Jaiprakash Hydro 45.35 39.15 15.84 Shree Renuka Sug 501.50 588.30 -14.75
Natl. Fertilizer 36.00 31.40 14.65 Rolta India 407.20 472.50 -13.82
Ispat Inds. 15.84 14.02 12.98 Bajaj Hindustan 131.00 151.45 -13.50
Triveni Engg. 65.40 58.00 12.76 Greaves Cotton 310.90 357.45 -13.02

BSE Small Cap: Top 10 Gainers & Losers

As on As on As on As on
Company % Change Company % Change
Aug. 20, 2007 Aug. 1, 2007 Aug. 20, 2007 Aug. 1, 2007
BSE SMALL CAP GAINERS BSE SMALL CAP LOSERS
Nag. Fert & Chem 37.55 21.75 72.64 Murli Industries 804.45 1132.80 -28.99
Jagatjit Inds. 132.15 82.15 60.86 Kothari Products 666.20 832.65 -19.99
Assam Company 26.25 17.45 50.43 Royal Orchid Hot 154.55 188.00 -17.79
Best & Crompton 40.65 27.40 48.36 BAG Films 46.05 55.75 -17.40
REI Agro 272.25 196.20 38.76 Asian Electronic 802.75 964.40 -16.76
Orbit Corporatio 439.75 320.15 37.36 Shasun Chemicals 91.40 109.80 -16.76
Walchan. Inds. 2853.05 2104.65 35.56 Jindal South We. 363.00 431.00 -15.78
Bank of Rajasth. 106.75 79.52 34.24 Uttam Sugar Mill 79.55 94.00 -15.37
Triton Corp. 23.60 17.70 33.33 Sakthi Sugars 67.70 79.70 -15.06
ION Exchange 196.50 151.35 29.83 Zensar Technolgs 222.60 260.25 -14.47

NSE Large Cap: Top 10 Gainers & Losers

As on As on As on As on
Company % Change Company % Change
Aug. 20, 2007 Aug. 1, 2007 Aug. 20, 2007 Aug. 1, 2007
NIFTY GAINERS NIFTY LOSERS
Suzlon Energy 1300.80 1198.10 8.57 VSNL 378.15 449.80 -15.93
Glaxosmithkline 1182.70 1105.40 6.99 Hindalco Inds. 141.75 159.15 -10.93
Sun Pharma. 959.65 902.75 6.30 Sterlite Inds. 561.35 622.00 -9.75
Reliance Petro 111.95 107.70 3.95 Tata Steel 568.80 622.40 -8.61
HCL Technologies 306.70 297.80 2.99 Satyam Computer 432.50 469.70 -7.92
Pun. Natl. Bank 492.10 487.40 0.96 ONGC 818.25 884.35 -7.47
Dr Reddy's Labs. 625.25 622.45 0.45 M&M 641.90 693.65 -7.46
St Bk of India 1550.45 1548.25 0.14 HPCL 229.05 245.35 -6.64
Dabur India 100.30 100.30 0.00 ITC 156.25 167.10 -6.49
BPCL 310.15 307.40 0.89 GAIL (India) 304.95 325.45 -6.30

4 V Share September, 2007

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 capital MARKET: at a glance
NSE Mid Cap: Top 10 Gainers & Losers
As on As on As on As on
Company % Change Company % Change
Aug. 20, 2007 Aug. 1, 2007 Aug. 20, 2007 Aug. 1, 2007
NSE MID CAP GAINERS NSE MID CAP LOSERS
Chambal Fert. 33.85 44.85 32.50 JSW Steel 698.90 576.45 -17.52
RCF 43.65 53.15 21.76 Indiabulls Fin. 565.55 468.90 -17.09
IDBI 105.05 119.50 13.76 Balrampur Chini 66.65 55.35 -16.95
IndusInd Bank 47.90 52.95 10.54 Bajaj Hindustan 151.35 131.00 -13.45
Centurion BnkP 36.80 39.80 8.15 Corporation Bank 353.20 308.60 -12.63
Asian Paints 866.00 935.95 8.08 Divi's Lab 1278.68 1120.55 -12.37
Dredging Corp. 529.80 569.20 7.44 Patni Computer 438.20 391.40 -10.68
Adani Enterprise 314.20 333.85 6.25 Moser Baer (I) 292.95 262.30 -10.46
Asahi India Glas 100.40 106.00 5.58 Cadila Health 357.00 320.55 -10.21
Petronet LNG 58.90 62.10 5.43 Hotel Leela Ven. 47.70 42.95 -9.96

Nifty Junior: Top 10 Gainers & Losers

As on As on As on As on
Company % Change Company % Change
Aug. 20, 2007 Aug. 1, 2007 Aug. 20, 2007 Aug. 1, 2007
NIFTY JR. GAINERS NIFTY JR. LOSERS
IFCI 64.70 52.35 23.59 Corporation Bank 308.60 352.40 -12.43
IDBI 119.50 105.25 13.54 Moser Baer (I) 262.30 293.10 -10.51
Bongaigaon Ref. 56.15 51.00 10.10 Patni Computer 391.40 436.50 -10.33
Asian Paints 935.95 865.80 8.10 Cadila Health 320.55 355.50 -9.83
Apollo Tyres 39.60 37.21 6.42 Indian Hotels 123.00 135.95 -9.53
LIC Housing Fin 189.60 181.50 4.46 I-Flex Solutions 1904.95 2099.95 -9.29
MphasiS Ltd 288.05 277.80 3.69 Infra.Devlp.Fin 116.15 126.90 -8.47
Jaiprakash Assoc 816.45 795.80 2.59 Container Corpn. 2000.85 2148.75 -6.88
Bharat Electron 1657.65 1633.90 1.45 Punjab Tractors 242.80 260.25 -6.71
GMR Infra. 765.05 756.90 1.08 Union Bank (I) 132.70 142.10 -6.62

Foreign Institutional Investors' (FII) activity during August 2007

Equity (Rs. Crore) Debt (Rs. Crore)
Date
Purchase Sales Net Purchase Sales Net
1-Aug-07 3853.60 4836.30 -982.70 197.40 59.70 137.70
2-Aug-07 1957.00 2376.00 -419.00 50.70 52.50 -1.80
3-Aug-07 2501.80 2309.00 192.80 0.00 0.00 0.00
6-Aug-07 1851.70 3018.40 -1166.70 200.80 49.90 150.90
7-Aug-07 2330.70 2454.20 -123.50 0.00 0.70 -0.70
8-Aug-07 3056.60 2866.40 190.20 0.00 1.80 -1.80
9-Aug-07 2840.10 2457.50 382.60 38.50 14.00 24.50
10-Aug-07 3197.60 3605.70 -408.10 0.00 164.90 -164.90
13-Aug-07 1669.80 2190.00 -520.20 0.00 407.70 -407.70
14-Aug-07 1771.40 1898.90 -127.50 15.10 1.90 13.20
16-Aug-07 2696.50 5546.40 -2849.90 0.00 221.00 -221.00
17-Aug-07 2612.50 5855.20 -3242.70 295.80 52.20 243.60
20-Aug-07 2797.70 2704.90 92.80 0.00 58.40 -58.40

Mutual Fund activity during August 2007

Equity (Rs. Crore) Debt (Rs. Crore)
Date
Purchase Sales Net Purchase Sales Net
1-Aug-07 809.40 956.90 -147.50 1305.10 942.90 362.20
2-Aug-07 534.50 542.00 -7.50 1810.50 1497.10 313.40
3-Aug-07 558.30 301.50 256.80 820.50 827.50 -7.00
6-Aug-07 395.90 347.60 48.30 566.30 448.80 117.50
7-Aug-07 345.90 351.20 -5.30 464.40 673.30 -208.90
8-Aug-07 797.80 420.50 377.30 963.30 1221.40 -258.10
9-Aug-07 721.50 676.10 45.40 944.80 1284.20 -339.40
10-Aug-07 616.50 786.20 -169.70 1047.20 427.60 619.60
13-Aug-07 300.30 277.30 23.00 987.60 706.20 281.40
14-Aug-07 498.80 347.30 151.50 733.60 780.40 -46.80
16-Aug-07 989.50 750.30 239.20 692.60 767.70 -75.10
17-Aug-07 N.A. N.A. N.A. 0.00 0.00 0.00

V Share September, 2007 5

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fund fact sheet
Top Funds ranked on the basis of performance as on August 21, 2007 (On 15 Days basis)
Performance in %
Scheme Name
15 Days 91 days 1yr Inception
Top Debt Funds.
JM Equity & Derivative Fund - Growth 0.33 2.03 7.36 7.17
JM Equity & Derivative Fund - Dividend 0.33 1.81 6.45 6.16
JM Equity & Derivative Fund - Bonus 0.33 2.03 7.35 7.17
Sundaram BNP Paribas Income Plus- Growth 0.33 1.75 6.16 5.67
Sundaram BNP Paribas Income Plus- Dividend 0.33 1.57 5.96 4.82
Top Balanced Funds.
BOB Children Fund - Gift Plan 0.05 -0.10 1.26 1.82
BOB Children Fund - Study Plan -0.01 -0.28 -2.16 -0.70
HDFC Childrens Gift Fund - Saving Plan -0.66 3.27 5.19 11.20
UTI Mahila Unit Scheme -1.99 2.53 10.13 17.72
UTI ULIP -2.22 2.26 11.77 3.62
Top Short Term Debt Funds.
Reliance Liquid Fund - Treasury Plan 0.49 -3.26 1.49 6.14
ICICI Prudential Liquid Plan - FII - Growth 0.33 1.89 8.21 7.75
Escorts Liquid Plan - Growth 0.33 2.31 7.55 6.58
Escorts Liquid Plan - Dly Dividend 0.33 2.31 7.55 6.58
Escorts Liquid Plan - Wkly Dividend 0.33 2.31 7.55 6.58
Top Diversified Funds.
SBI Arbitrage Opportunities Fund - Growth 0.34 2.53 N.A 9.88
SBI Arbitrage Opportunities Fund - Dividend 0.34 2.53 N.A 9.87
UTI Spread Fund - Growth 0.33 2.49 9.16 8.63
UTI Spread Fund - Dividend 0.33 2.49 9.16 8.63
Kotak Equity Arbitrage Fund - Dividend 0.32 2.45 8.51 7.19
Top Index Funds.
LIC MF Index Fund - Sensex Advantage Plan - Div -5.50 -4.04 14.44 21.16
LIC MF Index Fund - Sensex Advantage Plan - Growth -5.50 -4.04 14.56 25.62
Reliance Index Fund - Sensex Plan - Bonus -5.68 -2.25 20.66 33.48
Reliance Index Fund - Sensex Plan - Dividend -5.68 -2.25 20.66 33.48
Reliance Index Fund - Sensex Plan - Growth -5.68 -2.25 20.66 33.48
Top Sector Funds.
Reliance Diversified Power Fund - Bonus -0.17 17.36 72.04 59.96
Reliance Diversified Power Fund - Growth -0.17 17.36 72.04 59.96
Reliance Banking Fund - Dividend -2.44 9.19 58.20 36.00
Reliance Banking Fund - Bonus -2.47 9.17 58.17 44.21
Reliance Banking Fund - Growth -2.47 9.17 58.17 44.21
Top Tax Planning Funds.
HSBC Tax Saver Equity Fund - Growth -2.63 1.64 N.A 7.23
JM Equity Tax Saver Fund - Series I - Dividend -3.45 -0.94 N.A 30.40
JM Equity Tax Saver Fund - Series I - Growth -3.45 -0.94 N.A 30.40
ICICI Prudential Taxplan - Dividend -5.04 -4.70 3.65 22.38
ICICI Prudential Taxplan - Growth -5.05 -4.69 3.58 31.23

Bulk Deals Done by Mutual Funds

Price
Exc Date Company Client Transaction Qty
Traded Close
BSE 2-Aug-07 SRF Polymers Principal Mutual Fund Sell 33892 150.07 150.25
NSE 9-Aug-07 ETC Networks Reliance Capital Trustee Co. Ltd. Buy 71144 94.19 94.20
BSE 9-Aug-07 Kirl Electric Templeton Asset Management Buy 273000 230.75 224.90
NSE 10-Aug-07 ETC Networks Relialnce Capital Mutual Fund Buy 100000 98.00 103.10
NSE 10-Aug-07 Ginni Filaments Hdfc Mutual Fund Sell 384000 10.70 12.15
BSE 14-Aug-07 Alembic Fidelity Indian Mutual Fund Buy 2277688 74.00 74.00
BSE 14-Aug-07 Dredging Cor Reliance Capital Trustee Co Ltd Buy 807182 530.00 530.00
BSE 14-Aug-07 Sujana Metal Jm Financial Mutual Fund Sell 308593 35.56 36.10
BSE 14-Aug-07 Trent Reliance Mutual Fund Buy 252800 680.93 680.40
NSE 14-Aug-07 Trent Reliance Mutual Fund Buy 247200 680.87 680.45
BSE 16-Aug-07 Alembic Fidelity Indian Mutual Fund Buy 1061485 72.50 73.70
BSE 16-Aug-07 Balmer Lawrie Reliance Capital Trustee Co Ltd Buy 154680 380.19 380.50
BSE 20-Aug-07 McDowell Holdg Hsbc Global Inv Funds Sell 160995 205.00 204.10

6 V Share September, 2007

Easier Access Wider Reach
 Regulatory News corner
SEBI News
I. Amendments to SEBI (Disclosure and Investor
Protection) Guidelines, 2000.
1. In order to facilitate government companies/corporations,
statutory authorities/corporations or any special purpose
vehicle set up by any of them, which are engaged in
infrastructure sector, to raise funds in the Indian primary
market through IPOs, it has been decided to amend
certain provisions of the SEBI (Disclosure and Investor
Protection) Guidelines, 2000, in exercise of the powers
conferred under sub-section (1) of Section 11 of the
Securities and Exchange Board of India Act, 1992.
2. The amendments made vide this circular shall be applica-
ble to all draft offer documents on which observations are
issued by SEBI on or after the date of the circular.
3. This circular is available on SEBI website at
www.sebi.gov.in under the category “Legal Framework”.
The entire text of the SEBI (Disclosure and Investor
Protection) (DIP) Guidelines, 2000, including the amend-
ments issued vide this circular, is available on the SEBI
website under the categories “Legal Framework” and
“Issues and Listing”.
Source : Circular No. SEBI/CFD/DIL/DIP/27/2007/10/7 dated
July 10, 2007
II. Supervision of branches of depository participants
1. It has come to SEBI's notice that the Depository
Participants (DPs) are operating through branch offices
which are having Depository Participant Modules (DPMs)
directly linked to the Depository server and branch offices
which are connected through back offices software of the
DP. Certain DPs are connected with the Depository
through one or more DPMs. Some of the DPs have offline
branches which function either as full fledged braches
offering all DP services or only as collection centre.
2. In terms of Regulation 46 of the SEBI (Depositories and
Participants) Regulations, 1996, every DP shall have
adequate mechanism for the purpose of reviewing,
monitoring and evaluating its internal accounting controls
and systems. Further, clause 19 of the Code of Conduct for
Participants contained in the Third Schedule to the
Regulations inter alia states that the DP shall ensure that it
has satisfactory internal control procedure in place. It is
clarified that these provisions apply to DPs in respect of all
NSE News
Change in the Constituents of Indices
Members are requested to refer to the press release issued
by IISL dated August 10, 2007 in respect of the change in the
constituents of S&P CNX Nifty, CNX IT and CNX 100 indices
w.e.f. September 24, 2007. The details of the changes are as
follows:
Easier Access Wider Reach
their branches also. DPs are therefore required in terms of
these provisions to put in place appropriate mechanisms
to ensure that their branches are carrying on the opera-
tions in compliance with the applicable regulations, bye-
laws, etc. Further, DPs are also required to put in place
suitable internal control systems to ensure that all
branches are exercising due diligence in opening
accounts, complying with KYC requirements, in ensuring
systems safety in complying with client instructions,
manner of uploading client instructions, in verifying
signatures and in maintaining client records, etc. DPs shall
also ensure that the branches are suitably integrated. The
DPs whose systems do not measure up to the above are
hereby advised to ensure such compliance immediately.
3. Depositories shall examine the adequacy of the above
mechanisms during their inspections of DPs. The
Depositories shall also carry out surprise inspections/
checks of the DP branches apart from the regular inspec-
tion of the DPs.
4. Depositories shall also put in place appropriate mecha-
nisms for monitoring opening of branches by DPs.
5. The Depositories are advised to:-
a. Bring the provisions of this circular to the notice of the
DPs of the Depositories and also to disseminate the
same on the website;
b. Include the aforesaid clarifications, as applicable, in
the advertisement campaigns released by them from
time to time for better understanding of the investors;
c. Make amendments to the relevant bye-laws, rules and
regulations for the implementation of the above
decision immediately, as may be applica-
ble/necessary;
d. Communicate to SEBI the status of the implementa-
tion of the provisions of this circular in the Monthly
Development Report.
6. This circular is being issued in exercise of the powers
conferred by Section 11 (1) of Securities and Exchange
Board of India Act, 1992 to protect the interest of investors
in securities and to promote the development of, and to
regulate, the securities market
Source :Circular No. SEBI/MIRSD/DPS-III dated July 3,2007
(1) S&P CNX Nifty Index
The following company is being excluded:
Sr. No. Company Name
1 Dabur India Ltd.
V Share September, 2007 7
 Regulatory News corner
The following company is being included: Sr. No. Company Name
Sr. No. Company Name 1 NTPC Ltd.
1 NTPC Ltd. (3) CNX IT Index
(2) CNX 100 Index The following company is being excluded:
The following company is being excluded: Sr. No. Company Name
Sr. No. Company Name 1 Mastek Ltd.
1 Dabur India Ltd. The following company is being included:
The following company is being included: Sr. No. Company Name
1 MindTree Consulting Ltd.
Source : NSE/F&O/067/2007 dated August 13, 2007

BSE News
BSE launches 'BSE Realty Index' room available for growth of this sector.

In keeping with its tradition of introducing new products to
meet the needs of investors and in recognition of the
growing importance of the real estate sector in the Indian
economy, BSE announces the launch of BSE Realty Index.
Fundamental changes are taking place in this sector in
India. The demand for real estate in the country, both
residential and commercial, has registered strong growth
over the past three years and Indian cities have become
attractive investment destinations for international real
estate players.
The market capitalisation of the real estate sector in India is
just 4.2% of the total market capitalisation, well below the
global norm of approximately 15%, reflecting the head-
BSE has led from the front so far as development of index
products is concerned. Launched in 1986, SENSEX, the
flagship of the BSE index family, was the first equity index in
Indian capital markets. Tracked globally, SENSEX today is
universally viewed as a proxy for the Indian Capital markets.
Over the years, BSE has launched several index products to
cater to the needs of market participants. BSE also pio-
neered the concept of free-float methodology for index
calculation in India by shifting all its indices to this global best
practice.
The index would be calculated and disseminated on a real
time basis through BSE's trading terminal BOLT, BSE website
and data feed vendors effective July 10, 2007.

Base Year : 2005

Base Index Value : 1000
Calculation Methodology : Free-float Methodology
No. of Scrips : 11
Represents about 95% market capitalisation of real estate development companies in BSE-500 index
Historical Values : Available since January 1, 2006
Index Value on July 9, 2007 : 7333.97

Constituents of BSE Realty Index:

Mkt. Cap. (Rs. Cr.) Free-float Adj. FF Mkt. Cap.
Code Name Wgt. In Index (%)
on 09/07/07 Factor (Rs. Cr.)
532868 DLF Ltd. 96946.71 0.15 14542.01 35.94
507878 Unitech Ltd. 42579.02 0.30 12773.71 31.57
532832 Indiabulls Real Estate Ltd. 8056.64 0.70 5639.65 13.94
532780 Parsvnath Developers Ltd. 6879.01 0.20 1375.80 3.40
500013 Ansal Properties & Infrastructure Ltd. 3466.81 0.35 1213.38 3.00
532313 Mahindra Gesco Developers Ltd. 2192.31 0.50 1096.16 2.71
532784 Sobha Developers Ltd. 6742.32 0.15 1011.35 2.50
515055 Anant Raj Industries Ltd. 4450.67 0.20 890.13 2.20
503100 Phoenix Mills Ltd. 2900.25 0.25 725.06 1.79
503031 Peninsula Land Ltd. 2020.33 0.35 707.12 1.75
532799 Akruti Nirman Ltd. 3265.63 0.15 489.84 1.21
40464.21
Source : BSE media release dated July 10,2007

8 V Share September, 2007

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 Regulatory News corner
RBI News
Review of External Commercial Borrowings (ECB) Policy
Attention of Authorised Dealer Category - I (AD Category I)
banks is invited to A.P. (DIR Series) Circular No.5 dated August
1, 2005 and A.P. (DIR Series) Circular No.60 dated May 21, 2007
relating to External Commercial Borrowings (ECB). A review of
the ECB guidelines has been undertaken keeping in view the
current macroeconomic situation and the experience gained
so far by the Reserve Bank in administering the ECB policy.
2. Based on the review, it has been decided to modify the ECB
policy until further review as indicated below:
(i) Henceforth, ECB more than USD 20 million per
borrower company per financial year would be
permitted only for foreign currency expenditure for
permissible end-uses of ECB. Accordingly, borrowers
raising ECB more than USD 20 million shall park the ECB
proceeds overseas for use as foreign currency
expenditures for permissible end-uses and shall not
remit the funds to India. The above modifications would
be applicable to ECB exceeding USD 20 million per
financial year both under the Automatic Route and
under the Approval Route.
(ii) ECB up to USD 20 million per borrowing company per
financial year would be permitted for foreign currency
expenditures for permissible end-uses under the
Automatic Route and these funds shall be parked
overseas and not be remitted to India. Borrowers
proposing to avail ECB up to USD 20 million for Rupee
expenditure for permissible end-uses would require
prior approval of the Reserve Bank under the Approval
Route. However, such funds shall be continued to be
parked overseas until actual requirement in India.
Govt. policy on Capital Market
FM rules out curbs on participatory notes
Finance Minister P Chidambaram has confirmed that
regulation of participatory notes is not on the government
agenda at present, adding that there is no review at the
moment on the USD 25-billion limit for Market Stabilisation
Scheme (MSS) bonds.
Further, he said that, these can be reviewed, if necessary.
The finance minister`s comments came a day after the
government restrained companies from repatriating more
than USD 20 million of funds borrowed overseas. The
decision was taken to moderate capital flows that pushed
the Rupee to a nine-year high against US currency. The claim
that curbs will hurt investments is exaggerated,
Chidambaram said.
Strong economic growth and better returns in Indian
equities, has made Indian economy an attractive destina-
tion for foreign investors. Thus, huge foreign inflows have
Easier Access Wider Reach
(iii) All other aspects of ECB policy such as eligible
borrower, USD 500 million limit per borrower company
per financial year under the Automatic route,
recognised lender, average maturity period, all-in-cost-
ceiling, prepayment, refinancing of existing ECB and
reporting arrangements remain unchanged.
(iv) These conditions will not apply to borrowers who have
already entered into loan agreement and obtained loan
registration numbers from the Reserve Bank.
Borrowers who have taken verifiable and effective
steps wherein the loan agreement has been entered
into to avail of ECB under the previous dispensation,
and not obtained the loan registration number, may
apply to the Reserve Bank through their Authorised
Dealer.
3. The above changes will come into force with immediate
effect.
4. Necessary amendments to the Foreign Exchange
Management (Borrowing or Lending in Foreign Exchange)
Regulations, 2000 dated May 3, 2000 are being issued
separately.
5. AD Category - I banks may bring the contents of this
circular to the notice of their constituents and customers
concerned.
6. The directions contained in this circular have been issued
under sections 10(4) and 11(1) of the Foreign Exchange
Management Act, 1999 (42 of 1999) and is without
prejudice to permissions / approvals, if any, required under
any other law.
Source: RBI/2007-2008/112 A. P. (DIR Series) Circular No. 04
sent the Rupee up against the US currency. To block the
Rupee rally, the RBI has bought billions of Dollars, releasing
Rupees into the local money market, which adds to
inflationary pressures. To remove, or sterilise the cash, the
RBI in March resumed sales of MSS bonds.
At the review of monetary policy on July 31, the central bank
increased reserve requirements for banks, to drain out Rs
160 billion from system. Additionally, the government, on
August 7, announced restrictions on foreign borrowing by
local firms.
However, since the apex bank is facing a dilemma of
containing the inflation with stable interest rates which
would otherwise attract more foreign capital, the market
expects a hike in the MSS limit.
Source: Hindustan Times, July 31, 2007
V Share September, 2007 9
 Sector Analysis
Realty Sector: A Capital Market Review
Introduction
Realty companies have witnessed fast-paced action since the
start of the current Bull Run which has been witnessed by the
first quarter (Q1) results for FY08. They have shown an overall
growth of 78% on Year on Year (YoY) basis, although a fall of
16% on Quarter on Quarter (QoQ) basis has been registered
for the same FY. This has been a secular trend across Ansal
API, Anant Raj Industries and Peninsula Land. The only
exception is Mahindra Gesco, which has achieved a marginal
increase of around 3%.
Interest costs of all players have been increasing due to large
borrowings and high interest rates, given the working capital
intensive nature of the sector. Interest cost is 6.9% for the Q1
of FY08, as compared to 4.1% of sales, compared to the
previous quarter of FY07. The industry's profits after tax (PAT)
margins during the first quarter for FY08 have shown a slight
increase over the previous quarter. The net margin at 15% is
still quite commendable as the June quarter is considered a
week quarter for the industry because of the monsoon.
Companies expect an improvement in sales from September
onwards, once the festive season begins.
The market sentiments are still positive with this sector, as
the key triggers still remain strong. Changing demographics,
rising incomes of domestic households and favorable
regulatory framework will help construction companies in
the long run. Moreover there are also signs that interest rates
will stabilize which will further boost demand.
Realty sector is one of the major constituents of the
construction sector. Construction can be broadly classified
into three sub-segments.
! Real estate construction (Residential and Commercial),
! Infrastructure (Roads, Power) and
! Industrial construction (Steel, Textiles, Fertilizers, Oil and
Gas refineries and pipelines).
Real estate: There is significant demand for quality housing
in India. Reasonable interest rates on home loans and
favorable tax treatment, the demand for residential housing
is expected to continue to grow in the near future. On the
other hand, as regards commercial property, major drivers for
this segment are expected to be the IT-ITES, Retail, FMCG,
Telecom, Media (multiplexes) and Banking and Financial
services (BFSI) sectors. The SEZ Act passed recently is also
expected to lead to greater demand for commercial real
estate. Total investments in real estate are expected to
increase from Rs 4.5 trillion in FY05 to Rs 5.1 trillion by FY08.
10 V Share September, 2007
Infrastructure: With the government's focus on
infrastructure development, a lot of scope arises in the
infrastructure segment. Road construction projects, railways,
urban infrastructure, power and irrigation projects, which are
the major focus areas, are expected to witness investments
of Rs 2.2 trillion by FY08, as compared to Rs 1.7 trillion in FY05.
Around 50% of the cost of infrastructure projects are
accounted for by construction activity, thus reflecting the
potential that is there in this segment. Hindustan
constructions with an impressive 8.7% growth for May, 2007
as against 7.2% registered in May, 2006 sets the bullish tone
for this sector.
Industrial construction: After a slowdown in industrial
investments between FY99 and FY03, these have started
picking up. With higher demand and capacity utilization, the
need for incremental capex investments is quite strong. With
higher imports of capital goods, a strong indicator of
increased capital spending by corporates, significant
investments are expected over the next few years. The total
investment in this segment is expected to hit Rs 973 bn by
FY08, up from Rs 414 bn in FY05. This is expected to be led by
the oil and gas, steel, auto, petrochemicals, cement, paper
and fertilizer sectors. Thus, clearly, this is the fastest growing
segment, and companies operating here are expected to see
stronger attraction in terms of order book accretion and sales
growth.
Realty sector is a highly revenue generating sector with an
extremely good level of margin. Below chart explains the
factors that affect the profitability of the company. Important
factors that come under revenues are the strength of balance
sheet, order book level and execution period of their various
projects. The important factors include the cost of raw
material and the nature of the projects which affect the
margins of the companies.
Figure1
Revenues growth drivers
PROFITABILITY
REVENUES MARGINS
COMPANY SIZE ORDER MIX
ORDER BOOK CONSTRUCTION COST
EXECUTION PERIOD
ESCALATION CLAUSE
RAW MATERIAL COST
Sources: CII Report
Balance sheet strength: The Indian construction industry is
witnessing market share gains by bigger players. This means
Easier Access Wider Reach
 Sector Analysis
that bigger companies are growing bigger and bigger at the year for the quarter ending June '06. The investments made in
expense of smaller players. As per a survey conducted by this sector amounted to Rs 6.6 trillion during FY05, and are
CMIE, over the past 10 years, the market share of top 30 expected to grow to over Rs 8 trillion by FY08, thus reflecting
construction companies has increased from 50% to 90%. This the significant opportunity ahead for such companies.
is primarily due to increasing complexity of projects, stricter
technical qualifications, and cumbersome process of forming Growth of the sector
consortiums for smaller players. Realty sector has been showing robust growth rate for
Order book: Order book of a company has a direct bearing on decades. To understand the potential and performance of the
its future revenues. Since the construction business is sector, the comparison between the sector growth rate and
primarily a tender driven business, strong order book India's GDP rate for last ten years has been shown in Figure 2.
provides revenue visibility to the firm. Order book includes In 1999 GDP rate was 6.5 %, although the sector growth rate
cash contracts. was almost 42%. At present the GDP rate is 9.2% but the
sector growth rate is 26% (see the table 1). The reasons
Execution period: For a construction company, revenue is behind declining growth rate of construction sector are high
primarily a function of order book size as well as the price of raw material and high tax imposed by the
execution period. The order book tenure (or the execution Government.
period) in turn, is dependent upon the order mix of the
company. For instance, transportation projects have a lower Table 1 : Comparison of Realty sector with GDP growth rate
gestation period as compared to power and tunnel projects. Realty Sector
Hence, a company with higher proportion of low gestations Year GDP Growth Rate*
Growth Rate*
projects in its order book is likely to witness higher 1999 6.5 42
conversion rate and a faster growth in revenues. 2000 6.1 37
2001 4.4 36
Margin drivers
2002 5.8 36
Order mix: Depending upon the nature of projects in hand, 2003 3.8 32
the margin profile of the company keeps on fluctuating. Due 2004 8.5 28
to the fragmented nature of the industry, project margins are 2005 7.5 27
generally dependent upon the level of competition in a 2006 8.4 28
particular segment, which in turn is dependent upon the level 2007 9.2 26
of expertise required to execute such projects. For instance,
power projects involve higher margins as compared to road Figure 2
projects, since the execution of the former involves greater 45.0
expertise. 40.0
35.0
Growth Rate

Construction cost: Since projects are bid on cost 30.0

estimations, any increase in price of inputs will have a direct
impact on the company's profitability. On an average,
material costs account for 45% to 50% of the operating cost
of a construction company. Unprecedented rise in prices of
key inputs like cement and steel might affect margins. Though
most of the projects have price-escalation clause for increase
in input cost, they are not sufficient to cover the incremental
rise in prices. This is mainly due to the linking of the price-
escalation clause with the wholesale price index (WPI).
Therefore, if the rise in input cost is higher than the rise in WPI,
the additional cost will have to be borne by the company.
Profitability on the sector
A Mckinsey report reveals that the average profit from
construction in India is 18%, which is double the profitability
for a construction project undertaken in the US. The
importance of the Real Estate sector, as an engine of the
nation's growth, can be gauged from the fact that it is the
second largest employer next only to agriculture and its size
is close to US $ 12 billion and with a growth of 30% per annum.
The order book position of the 10 large construction
companies in India has gone up by over 50 per cent year-on-
25.0
20.0
15.0
10.0
5.0
0.0
1999 2000 2001 2002 2003 2004 2005 2006 2007
Year
GDP Construction sector
*Based on the Compound Annual Growth Rate of last 9 years
with base year of 1998.
Source: Data compiled by ISE Research cell from RBI
FDI's share in domestic real estate market has shoot up by at
least 10% by March 2007 and will touch about 26% level from
16% of fiscal 2005-06. This growth comes in view of growing
interest of global real estate players into Indian real estate
market and increasing demand of office space particularly in
IT & BPO sectors. ASSOCHAM's Study on Future of Real Estate
Investment in India forecasts that of estimated US$ 60 billion
future market size of real estate business in India, the share of
foreign investments will be within the range of US$ 25-28
billion by 2010.

V Share September, 2007 11

Easier Access Wider Reach
 Sector Analysis

Prospects investment destinations for international real estate players.

There are significant opportunities for companies in Realty
sector. Realty sector that comprises of Construction,
Infrastructure etc. is the second largest economic activity
after agriculture, and accounts for 11% of India's GDP. India's
population is likely to cross 1.3 billion mark by 2020 and urban
population is set to grow by 85 million over 10 years. The
demand for dwelling units will grow to 90 million by 2020,
according to ASSOCHAM report on real estate development,
which in turn would require a minimum investment of $890
billion (Rs 40,05,000 crore).
Fundamental changes are taking place in this sector in India.
The demand for real estate in the country, both residential
and commercial, has registered strong growth over the past
three years and Indian cities have become attractive
The market capitalization of the real estate sector in India is
just 4.2% of the total market capitalisation, well below the
global norm of approximately 15%, reflecting the headroom
available for growth of this sector.
IPO boom in Realty Sector
June'07 quarter was an active one and probably saw a deluge
of IPOs from real estate companies. Starting with realty major
DLF, the quarter saw close to five companies tap the primary
market. Around Rs. 13,000 crore has been raised through the
primary market route. However, the Puravankara experience
reveals the market's fatigue with realty IPOs. There are
enough varieties to invest in real estate companies. Realty
continues to be a regional play, and is yet to see the
emergence of pan-India builders. Most builders are city or

Table 2: Outlook of major IPOs in 2006-07

Current Price
Issue Size Issue price
Name of the issue Face Value Date of issue as on % change
(Rs in lakh) (Rs. per Unit)
20 Aug., 2007
B L Kashyap & Sons Ltd. 10 275.00 20-02-06 to 23-02-06 685.00 1686.00 146.13
Tantia Construction Ltd. 10 435.00 27-03-06 to 31-03-06 50.00 112.30 124.60
D S Kulkarani Developers Ltd. 10 485.98 25-04-06 to 03-05-06 275.00 220.00 -20.00
Patel Engineering Ltd. 1 106.24 03-05-06 to 09-05-06 440.00 429.00 -2.50
Unity Infraprojects Ltd. 10 344.30 19-05-06 to 24-05-06 675.00 591.00 -12.44
GMR Infrastructure Ltd. 10 3813.69 31-07-0- to 04-08-06 210.00 756.90 260.42
Gayatri Projects Ltd. 10 290.00 26-09-06 to 29-09-06 295.00 276.45 -6.29
Parsvnath Developers Ltd. 10 3323.80 06-11-06 to 10-11-06 300.00 296.60 -1.13
Sobha Developers Ltd. 10 889.33 23-11-06 to 29-11-06 640.00 786.00 22.81
Akruti Nirman 10 670.00 15-01-07 to 19-01-06 540.00 496.00 -8.15
C & C Construction Ltd. 10 426.94 05-02-07 to 09-02-07 291.00 196.70 -32.40
DLF Ltd. 2 3500.00 11-06-07 to 14-06-07 525.00 577.40 9.98
Housing Development & Infra. Ltd 10 2970.00 28-06-07 to 03-07-07 500.00 517.00 3.40
Simplex Projects Ltd. 10 300.00 10-07-07 to 13-07-07 185.00 273.45 47.81
IVR Prime Urban Developers Ltd 10 1415.00 23-07-07 to 26-07-07 550.00 404.10 -26.52
Source: Data compiled by ISE Research Cell

Table 3 : Investment of major Mutual Funds in Realty Sector

Realty Fund Type Amount Tenor Return Promoters
KOTAK Mahindra Realty Fund Close - ended Fund Rs 440 crore 7yrs 20% Kotak Mahindra Realty Fund
DHFL Venture Capital Fund Close - ended Fund Rs 250 crore 7yrs 20% Deewan Housing Finance Ltd
HDFC Property Fund Close - ended Fund Rs 750 crore 7yrs 30% HDFC Ltd & SBI
Venture Capital Fund Close - ended Fund Rs 350 crore 7yrs 20-25% Pantaloon Retail (India) Limited
Anand Rathi Reality Fund Close - ended Fund Rs 500 crore 7yrs 20-25 % ANAND Rathi group
Source: Data compiled by ISE Research Cell

Economic Survey 2006-07 says:

An investment of US$ 320 billion would be required in the infrastructure sector during the Eleventh Five Year Plan. These investments are to be
achieved through a combination of public investment, public-private-partnerships (PPPs) and exclusive private investments, wherever
feasible. Investment requirements in some key sectors are: US$ 50.8 billion for modernization and upgradation of highways; US$ 9.25 billion for
civil aviation; US$ 11.5 billion for ports; and US$ 69.39 billion (40 per cent of which is expected from the private sector) for the railways.

12 V Share September, 2007

Easier Access Wider Reach

region specific, with each market having its characteristics
dynamics. FY07 has witnessed a chunk of IPOs (see the Table
2). Most of the IPOs have performed tremendously well with
146%-124% growth rate.
Reality funds
Typically realty funds enter the market with a lifecycle of 8-10
years and expect a yield of 30 per cent (see the table 3).
However, the returns may not be uniform across major cities
for all types of projects. It varies from project to project
depending on the demand-supply mismatch and land values
in selected areas in major cities. Land prices rose to
astronomical levels recently in selected cities, which act as a
deterrent for large scale development in city areas.
Ratio Analysis of Realty Sector
Most of the companies from construction sector have shown
strong fundamentals. The first quarter result of FY08 has
made a good impact on the market. To understand the
construction sector, a table is prepared on top ten companies
with their fundamentals in detail (see the table 4). B L Kashyap
& Sons has shown the highest growth rate in sales with
53.5%. but the book order value in comparison with sales is
highest with Punj Lloyd because the company's book order
value for year'07 is around 15,944 crore.
Investors might want to know if a company is cheap or
expensive to invest in. One possibility is to compare its
current market capitalization with its Net Asset Value. As far
as Net Gearing Ratio is concerned, the higher the level of
gearing, the higher the level of financial risk due to the
increased volatility of profits. Utilizing gearing amplifies the
potential gain from an investment or project, but also
increases the potential loss.
Sector Analysis
The ROCE ratio is an indicator of how well a company is
utilizing capital to generate revenue. ROCE should normally
be higher than the borrowing rate from the company,
otherwise any increase in borrowings will reduce
shareholder's earnings. Operating margin is nothing but to
measure a company's pricing strategy and operating
efficiency. Operating margin gives an idea of how much a
company makes (before interest and taxes) on each rupee of
sales.
The Challenges...
The biggest challenge facing this sector is the lack of skilled
and quality human resources. This sector is not too different
from the software sector, where skilled employees come at a
premium. This is a major 'raw material' for construction
companies as well, as the timely and 'within-budget'
execution of projects requires experienced personnel, which
are scarce in this industry.
Another risk that this sector is facing is the risk of execution,
which is correlated to the above risk. Most of the companies
in this sector have order books ranging from 2% to 5% their
annual sales, and if they are unable to get quality personnel to
staff their projects, executing them on time and within the
stipulated budget will prove to be a challenge. The time taken
by the government to award contracts could also be a
hindrance to the order book accretion, apart from escalating
raw material costs.
The government has withdrawn the duty benefits under
section 80-IA for those companies which carry out projects
on work contract basis. Hence the tax benefit applicable
under section 80-IA would now be applicable for only those
companies who make the investment and execute the
project by their own.

Table 4: Ratio analysis of Realty Sector

Order book Net Debt/
CAGR on Mkt Cap Working ROCE Operating
Name of the Company value/ NAV Gearing Equity
Sales* (%) (Rs in Cr) Cap/Sales (%) Margin (%)
Sales Ratio (%) Ratio
Nagarjuna Construction 45.00 2.54 233.22 3996.95 52.46 0.45 0.81 14.37 9.99

DLF Ltd. 32.00 3.18 1063.3 99009.16 86.42 8.35 5.72 17.29 88.49

Punj Lloyd 20.00 7.25 1104.21 7401.21 58.00 0.68 0.90 8.16 11.43

Simplex Infrastructure 26.80 4.24 233.22 1657.44 65.60 0.34 2.35 17.64 8.45

BL Kashyap & sons 53.50 2.78 244.20 1821.80 7.38 0.16 0.15 31.71 10.92

Era Construction 27.60 3.86 228.09 1266.00 28.00 0.70 0.49 24.65 16.32

Valecha Engineering 24.00 5.28 117.94 235.20 26.64 0.72 0.49 11.23 10.24

IVRCL Infrastructure 31.00 6.24 117.94 5014.86 58.72 0.49 1.27 16.93 9.93

Hindustan Construction 28.00 3.97 904.08 3558.62 63.00 0.60 1.53 9.33 12.36

Pratibha Industries 47.00 6.77 94.87 393.33 58.33 0.56 1.00 21.38 13.03

*Based on five year historical data (from 2003-07).

NAV= Net Asset Value
ROCE= Return on Capital Employed

Source: Data compiled by ISE Research Cell from various company websites

V Share September, 2007 13

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ISE SECTORAL DASHBOARD data presented across various sectors

REALTY SECTOR OF INDIA : A FINANCIAL OVERVIEW REALTY SECTOR OF INDIA : A FINANCIAL OVERVIEW

Capital Market Review Financial Overview Latest quarter Performance

Company Year BSE
NSE Code
Name End Code 52 week 52 week Mkt. Cap Equity B.V Gr. Blk Sales NP Sales NP NP
Price Beta PE EPS P/C P/BV NP Var% Dividend % CPS Qtr Yr
High Low (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) Var%
Construction 200703 255980.60 8510.23 16283.07 44978.75 5042.42 200706 12388.16 2158.94
Acrow India 200703 513149 178.00 450.00 94.00 0.62 12.10 14.70 9.60 1.43 11.41 0.64 124.10 11.64 9.01 0.94 395.00 0.00 18.60 200706 2.09 0.45 -67.00
Ahluwalia Contr 200703 532811 637.00 720.00 102.00 0.73 25.50 25.00 15.60 9.82 799.00 12.55 64.90 81.62 668.40 31.39 65.00 10.00 40.80 200706 170.57 8.45 48.00
Akruti Nirman 200703 532799 AKRUTI 489.00 729.00 322.00 1.37 43.70 11.20 40.40 6.50 3262.63 66.70 75.20 101.09 177.89 76.38 23.00 15.00 12.10 200706 63.78 46.24 0.00
Anant Raj Inds. 200703 515055 ANANTRAJ 1157.00 1475.00 716.00 0.53 47.10 24.60 44.70 3.65 4959.67 42.85 317.30 85.82 165.24 105.61 276.00 0.00 25.90 200706 104.27 73.54 267.00
Ansal Buildwell 200703 523007 78.00 265.00 76.00 0.90 7.90 9.80 6.90 2.09 57.45 7.38 37.40 13.18 119.57 7.24 331.00 18.00 11.30 200706 28.21 1.80 67.00
Ansal Housing 200703 507828 ANSALHSG 205.00 397.00 189.00 0.80 8.00 25.60 7.90 2.36 342.64 16.71 86.80 29.10 199.23 42.75 144.00 18.00 26.10 200706 50.87 12.64 79.00
Ansal Properties 200703 500013 ANSALINFRA 260.00 567.00 200.00 1.02 22.40 11.60 21.90 3.18 2954.97 56.75 81.70 40.85 753.70 131.91 160.00 25.00 11.90 200706 155.38 32.59 15.00
Ashiana Housing 200703 523716 214.00 265.00 122.00 0.81 11.80 18.10 11.40 3.81 114.49 5.35 56.20 5.71 49.69 9.69 169.00 25.00 18.80 200706 15.24 3.88 266.00
B.L.Kashyap 200703 532719 BLKASHYAP 1682.00 1929.00 968.00 0.68 31.00 54.20 26.30 5.85 1727.16 10.27 287.70 55.71 808.10 55.62 103.00 35.00 63.90 200706 302.55 27.75 167.00
Bhagheeratha Eng 200703 522136 13.00 23.00 10.00 0.57 0.00 0.00 0.00 -0.08 9.89 7.85 -162.50 77.50 22.40 -25.35 78.00 0.00 0.00 200706 0.03 -1.70 64.00
BSEL Infrastruc. 200703 532123 BSELINFRA 54.00 100.00 44.00 1.29 5.30 10.20 5.30 1.58 318.85 59.32 34.20 18.05 78.43 60.34 222.00 21.00 10.20 200706 30.35 9.41 -14.00
CCAP 200703 526839 19.00 41.00 17.00 0.77 0.00 0.00 0.00 1.14 6.78 3.57 16.60 16.08 12.26 -0.67 0.00 0.00 0.70 200706 4.46 -1.37 -261.00
CHD Developers 200703 526917 15.00 32.00 3.00 0.60 6.90 2.20 6.70 2.38 62.95 8.31 6.30 2.45 41.01 9.16 324.00 0.00 2.30 200706 18.61 3.47 999.00
Conart Engineers 200703 522231 25.00 48.00 17.00 1.01 9.90 2.50 7.80 0.98 7.44 3.00 25.50 4.05 19.11 0.74 -29.00 0.00 3.20 200706 6.98 0.29 12.00
D S Kulkarni Dev 200703 523890 DSKULKARNI 221.00 450.00 215.00 0.97 13.80 16.00 13.70 1.76 486.42 22.00 125.60 3.43 29.88 35.16 100.00 20.00 16.20 200706 144.05 10.70 10.00
Dhruv Estates 200703 507886 20.00 39.00 14.00 0.10 0.00 0.00 0.00 1.37 1.92 0.98 14.60 0.03 0.00 -0.03 57.00 0.00 0.00 200706 0.00 -0.01 0.00
DLF Ltd 200703 532868 DLF 175.00 714.00 506.00 0.95 232.30 2.50 231.80 2.91 99009.16 340.97 60.10 365.70 1133.50 417.80 83.00 0.00 2.50 200706 1121.87 579.27 0.00
DMC Internationa 200703 517973 64.00 89.00 10.00 0.33 14.30 4.50 14.10 2.94 24.82 1.93 21.80 0.04 3.54 1.77 638.00 10.00 4.60 200706 4.63 0.85 999.00
Eldeco Housing 200703 523329 171.00 418.00 163.00 1.31 8.20 20.90 7.80 1.45 33.74 1.97 117.70 3.85 40.46 4.12 5.00 0.00 21.90 200706 7.48 0.56 24.00
Elnet Technolog 200703 517477 67.00 146.00 64.00 1.06 7.60 8.80 5.40 1.58 26.74 4.00 42.30 45.36 13.31 3.66 12.00 18.00 12.40 200706 3.62 0.91 23.00
Epsom Properties 200703 531155 9.00 11.00 2.00 0.04 0.00 0.00 0.00 -7.50 4.98 5.46 -1.20 0.00 0.01 -0.06 33.00 0.00 0.00 200706 0.00 -0.02 -100.00
Era Construction 200703 530323 ERACONS 575.00 635.00 262.00 1.35 16.80 34.30 15.30 4.45 1328.48 23.10 129.30 107.00 755.22 79.26 198.00 0.00 37.50 200706 247.87 33.13 164.00
Gammon India 200703 509550 GAMMONIND 410.00 504.00 258.00 0.85 80.40 5.10 45.00 3.99 3587.20 17.49 102.70 542.01 1851.69 44.48 -46.00 25.00 9.10 200706 540.31 28.53 88.00
Ganesh Housing 200703 526367 GANESHHOUC 370.00 504.00 126.00 0.58 24.00 15.40 23.80 2.38 789.99 21.38 155.50 2.16 45.77 32.97 127.00 0.00 15.50 200706 13.46 5.78 -23.00
Garnet Construct 200703 526727 53.00 104.00 38.00 0.90 6.30 8.40 6.30 2.68 42.11 7.90 19.80 1.73 34.92 6.64 999.00 0.00 8.50 200706 18.06 3.07 99.00
Gayatri Projects 200703 532767 269.00 423.00 209.00 1.35 11.50 23.40 7.50 1.89 268.65 10.00 142.00 164.31 502.12 23.43 32.00 10.00 36.00 200706 132.86 6.44 -7.00
HDIL 200703 532873 HDIL 502.00 633.00 474.00 1.62 19.50 25.80 19.40 4.74 10538.85 210.00 106.00 24.86 1203.45 541.81 385.00 0.00 25.80 200706 443.28 202.69 0.00
HB Estate Devel. 200703 532334 47.00 70.00 25.00 0.77 0.00 0.50 0.00 0.81 60.36 12.87 58.10 0.46 0.80 0.83 63.00 10.00 0.50 200706 2.77 2.10 999.00
Hind.Construct. 200703 500185 HCC 120.00 172.00 83.00 1.58 91.90 1.30 26.90 3.40 3061.59 25.62 35.30 1101.19 2357.62 37.29 -55.00 75.00 4.40 200706 729.04 34.98 39.00
Indiabulls Real 200703 532832 IBREALEST 456.00 657.00 242.00 1.55 0.00 0.60 0.00 4.53 10481.12 45.99 100.60 0.00 13.33 13.12 0.00 0.00 0.60 200706 6.42 7.08 0.00
IVRCL Infrastruc 200703 530773 IVRCLINFRA 336.00 460.00 216.00 1.61 30.80 10.90 26.70 3.31 4351.70 25.93 101.40 158.02 2346.46 141.46 52.00 50.00 12.60 200706 690.20 37.96 81.00
Jainco Projects 200703 526865 4.00 6.00 2.00 0.16 0.00 0.00 0.00 0.40 1.54 4.00 10.00 0.93 1.09 -0.01 80.00 0.00 0.10 200706 0.09 0.03 0.00
Jaiprakash Assoc 200703 532532 JPASSOCIAT 793.00 893.00 406.00 1.24 42.00 18.90 30.10 6.78 17393.41 219.24 117.00 4201.93 3461.70 426.79 22.00 36.00 26.40 200706 927.00 140.00 52.00
JMC Projects 200703 522263 JMCPROJECT 272.00 317.00 107.00 0.95 29.80 9.10 21.10 3.99 492.59 18.14 68.20 126.52 500.21 16.82 501.00 10.00 12.90 200706 180.41 5.31 128.00
Kadamb Const. 200703 531784 31.00 36.00 15.00 0.11 0.00 0.00 0.00 2.09 15.71 5.05 14.80 0.22 21.34 0.02 0.00 0.00 0.10 200706 3.12 0.01 0.00
Kamanwala Housin 200703 511131 114.00 314.00 38.00 1.09 4.50 25.40 4.40 1.56 56.58 4.97 73.30 4.58 82.89 12.77 999.00 20.00 25.70 200706 17.21 3.08 670.00
Lancor Holdings 200703 509048 286.00 487.00 112.00 0.86 0.00 0.00 0.00 18.45 91.49 3.20 15.50 12.81 2.65 -0.35 0.00 0.00 0.40 200706 3.12 -0.05 29.00
Link House Inds 200703 512349 25.00 38.00 20.00 0.15 0.00 0.10 0.00 19.23 244.53 9.92 1.30 2.65 9.47 1.38 9.00 0.00 0.20 200706 1.73 0.22 -44.00
Lok Housing 200703 500256 LOKHSG 142.00 397.00 130.00 1.11 2.30 60.70 2.30 1.44 222.66 15.68 98.70 19.16 268.94 95.12 335.00 0.00 60.80 200706 45.44 21.51 -27.00
Madhucon Project 200703 531497 MADHUCON 242.00 409.00 175.00 0.88 21.40 11.30 13.60 1.99 894.09 7.38 121.60 188.98 510.05 41.71 25.00 0.00 17.80 200706 143.37 9.20 1.00
Mahindra Gesco 200703 532313 GESCOCORP 487.00 1052.00 466.00 0.99 139.30 3.50 118.60 2.57 1947.36 39.95 189.30 56.78 155.52 14.18 34.00 15.00 4.10 200706 34.84 8.05 138.00
Marg Constn. 200703 530543 148.00 311.00 102.00 0.81 9.20 16.10 8.60 1.65 273.87 18.53 89.60 58.56 124.21 29.91 377.00 20.00 17.20 200706 44.28 8.10 13.00
Martin Burn 200703 523566 115.00 188.00 45.00 0.45 13.30 8.60 12.60 3.59 54.83 4.78 32.00 29.59 20.46 4.09 5.00 0.00 9.10 200706 0.87 1.36 209.00
Maruti Infra. 200703 531540 9.00 14.00 6.00 0.49 0.00 0.20 0.00 0.86 8.60 10.10 10.50 0.80 4.15 0.17 -26.00 0.00 0.20 200703 0.93 0.04 -20.00
MSK Projects 200703 532553 MSKPROJ 99.00 113.00 56.00 1.14 15.30 6.50 8.30 1.68 159.24 16.02 58.80 33.47 155.79 10.45 34.00 0.00 12.10 200706 60.05 3.87 81.00
Nag. Constructn. 200703 500294 NAGARCONST 191.00 236.00 137.00 1.36 30.80 6.20 24.90 3.85 3978.18 41.70 49.60 500.67 2870.69 133.91 28.00 60.00 7.70 200706 762.21 36.03 15.00
Narendra Propert 200703 531416 39.00 73.00 25.00 0.71 6.90 5.60 6.90 1.55 27.83 7.20 25.20 0.20 7.26 4.00 -8.00 20.00 5.60 200706 0.98 0.61 -13.00
Navkar Builders 200703 531494 4.00 5.00 4.00 -0.12 0.00 0.20 0.00 0.37 2.21 5.02 10.80 0.69 0.18 0.10 900.00 0.00 0.20 200703 0.08 0.06 0.00
NCJ Intl. 200703 511714 10.00 11.00 2.00 0.47 0.00 0.50 0.00 0.89 4.93 5.00 11.20 0.93 3.16 0.25 0.00 0.00 0.70 200706 0.80 0.53 0.00
Nila Infrastruct 200703 530377 3.00 5.00 1.00 0.72 0.00 0.10 0.00 1.88 31.29 12.32 1.60 6.45 6.53 1.45 -1.00 0.00 0.10 200706 0.46 0.33 18.00
Noida Tollbridge 200703 532481 NOIDATOLL 27.00 44.00 22.00 0.79 0.00 0.60 26.30 1.65 496.20 186.19 16.40 415.44 47.11 11.06 398.00 0.00 1.00 200706 14.38 6.55 295.00

14 V Share September, 2007 V Share September, 2007 15

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 ISE Sectoral Dashboard ISE Sectoral Dashboard
Capital Market Review Financial Overview Latest quarter Performance
Company Year BSE
NSE Code
Name End Code 52 week 52 week Mkt. Cap Equity B.V Gr. Blk Sales NP Sales NP NP
Price Beta PE EPS P/C P/BV NP Var% Dividend % CPS Qtr Yr
High Low (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) Var%

Nucent Estates 200703 509077 NUCENT 4.00 7.00 4.00 0.38 3.10 1.40 2.90 1.14 6.04 2.81 3.50 13.48 1.86 1.97 44.00 0.00 1.50 200706 0.32 0.33 -13.00
Omaxe Ltd 200703 532880 OMAXE 308.00 410.00 295.00 1.32 38.40 8.00 37.50 6.10 5312.06 172.75 50.50 38.61 940.88 138.09 14.00 0.00 8.20 200706 0.00 0.00 0.00
Orbit Corporatio 200703 532837 ORBITCORP 432.00 548.00 90.00 1.76 205.50 2.10 201.40 6.17 1565.05 36.27 70.00 0.69 30.89 7.77 999.00 0.00 2.10 200706 45.19 11.93 0.00
P B A Infrastruc 200703 532676 PBAINFRA 82.00 157.00 72.00 1.04 10.20 8.10 7.30 1.57 111.11 13.50 52.10 89.19 286.23 10.91 6.00 0.00 11.30 200706 100.32 4.64 65.00
Parsvnath Develo 200703 532780 PARSVNATH 290.00 579.00 222.00 1.51 20.30 14.30 19.30 3.66 5350.76 184.70 79.20 94.39 1236.14 271.54 156.00 25.00 15.00 200706 346.16 84.46 131.00
Patel Engg. 200703 531120 PATELENG 421.00 490.00 293.00 0.93 23.30 18.10 18.60 3.49 2512.77 5.97 120.60 258.97 1103.57 108.11 50.00 130.00 22.70 200706 330.11 26.36 32.00
Peninsula Land 200703 503031 PENINLAND 404.00 755.00 304.00 1.11 9.10 44.20 9.10 4.26 1901.26 47.09 94.80 33.05 319.42 155.95 91.00 30.00 44.50 200706 94.37 36.31 -49.00
Prajay Engg. 200703 531746 PRAENG 271.00 320.00 164.00 0.97 7.80 34.50 7.70 3.29 606.32 22.39 82.30 27.75 209.62 77.25 240.00 0.00 35.20 200706 70.11 27.02 104.00
Pratibha Inds 200703 532718 PRATIBHA 240.00 300.00 141.00 1.04 17.30 13.90 16.40 3.61 342.82 14.29 66.40 24.52 295.24 20.28 65.00 20.00 14.60 200706 65.94 5.99 60.00
Prime Property 200703 530695 71.00 140.00 53.00 0.99 0.00 0.40 0.00 4.93 141.50 10.00 14.40 23.76 0.00 0.80 -94.00 25.00 0.90 200706 0.00 -0.43 -378.00
Punj Lloyd 200703 532693 PUNJLLOYD 263.00 303.00 136.00 1.35 114.10 2.30 47.40 6.26 6857.81 52.25 42.00 851.22 2197.12 61.59 96.00 15.00 5.50 200706 706.85 21.20 14.00
Radhe Developers 200703 531273 14.00 27.00 12.00 0.77 0.00 0.30 0.00 1.67 14.35 10.18 8.40 1.76 2.24 0.32 -49.00 0.00 0.40 200706 0.55 0.03 -80.00
Rainbow Foundat. 200703 531694 19.00 42.00 18.00 0.31 0.00 0.60 0.00 1.56 11.05 5.91 12.20 1.25 10.18 0.33 6.00 0.00 0.70 200706 0.93 0.02 -50.00
Rajeswari Foundn 200703 526823 22.00 47.00 20.00 0.39 0.00 1.00 15.70 2.16 10.55 4.73 10.20 4.20 8.63 0.48 -20.00 10.00 1.40 200706 2.30 0.12 9.00
Rander corporati 200703 531228 9.00 10.00 2.00 -0.07 5.60 1.60 5.40 0.71 4.45 5.00 12.70 0.42 0.34 0.79 999.00 0.00 1.60 200706 0.04 0.48 999.00
Regliaa Realty 200703 530807 19.00 41.00 12.00 0.65 0.00 0.10 0.00 1.33 6.98 3.60 14.30 0.65 0.92 0.05 -72.00 0.00 0.20 200706 0.00 -0.15 -200.00
Roman Tarmat 200703 532869 ROMAN 214.00 376.00 200.00 1.83 22.50 9.50 19.40 2.26 234.05 10.96 94.50 32.23 117.21 10.45 23.00 0.00 11.00 200706 27.97 3.18 -9.00
SAAG RR 200703 531374 29.00 53.00 25.00 0.73 9.80 3.00 8.90 1.58 31.26 10.65 18.30 2.55 45.78 3.22 18.00 0.00 3.30 200706 11.52 0.81 -14.00
Sadbhav Engg. 200703 532710 SADBHAV 612.00 709.00 366.00 0.87 25.90 23.60 17.20 3.10 764.81 12.50 197.50 179.92 491.84 29.48 161.00 0.00 35.50 200706 179.55 11.14 118.00
Satra Properties 200703 508996 196.00 209.00 54.00 0.62 45.60 4.30 43.30 11.14 286.38 2.92 17.60 0.00 66.19 6.35 183.00 30.00 4.50 200706 27.51 5.56 911.00
Simplex Infrastr 200703 523838 SIMPLEXINF 345.00 415.00 271.00 0.70 27.60 12.50 15.90 5.36 1478.97 8.57 64.40 290.50 1710.96 53.71 27.00 80.00 21.70 200706 594.43 19.69 89.00
Simplex Realty 200703 503229 198.00 307.00 132.00 0.72 0.00 0.00 0.00 13.38 59.39 3.00 14.80 1.38 0.00 -0.87 73.00 0.00 0.00 200706 0.00 -0.49 -9.00
Sobha Developers 200703 532784 SOBHA 779.00 1179.00 620.00 1.13 36.90 21.10 31.70 6.96 5678.18 72.90 111.90 233.37 1186.47 161.49 83.00 55.00 24.60 200706 267.70 40.80 141.00
Srinivasa Ship. 200703 530821 130.00 157.00 50.00 0.93 36.00 3.60 34.90 2.89 167.44 12.93 45.00 1.21 36.61 4.67 408.00 20.00 3.70 200706 23.44 13.79 999.00
Subhash Projects 200703 500402 SUBHASPROJ 251.00 293.00 133.00 0.93 17.90 14.00 13.70 6.50 780.46 6.23 38.60 78.57 808.44 43.62 104.00 50.00 18.30 200706 237.98 13.74 15.00
Tantia Const 200703 532738 112.00 175.00 92.00 1.30 13.70 8.20 10.70 2.13 174.31 15.57 52.60 56.74 246.02 13.31 56.00 20.00 10.50 200706 70.20 3.64 49.00
Thakkers Develp. 200703 526654 80.00 125.00 36.00 0.41 24.20 3.30 23.80 2.51 35.93 4.50 31.90 0.49 23.99 1.48 139.00 10.00 3.40 200706 3.65 0.19 0.00
Transoceanic Prp 200703 509003 2.00 2.00 2.00 0.66 1.10 2.30 0.70 0.09 0.07 0.30 21.70 0.37 0.00 0.07 -67.00 0.00 3.30 200706 0.00 7.42 999.00
Tribhuvan Hsg. 200703 531703 60.00 63.00 20.00 0.24 0.00 0.70 0.00 5.36 29.98 5.01 11.20 1.32 4.49 0.34 278.00 0.00 1.00 200706 1.25 0.06 -14.00
Unitech 200703 507878 UNITECH 484.00 624.00 187.00 1.31 41.00 11.80 40.70 33.85 39286.28 162.34 14.30 69.63 2503.97 961.60 999.00 25.00 11.90 200706 763.66 347.83 580.00
Unity Infra 200703 532746 UNITY 563.00 679.00 348.00 1.17 18.10 31.10 16.00 2.49 752.26 13.37 225.80 49.08 542.86 42.31 73.00 30.00 35.20 200706 148.26 10.88 27.00
Valecha Eng. 200703 532389 VALECHAENG 265.00 325.00 156.00 1.05 15.60 17.00 11.40 1.29 210.64 7.95 206.10 132.59 247.81 13.64 56.00 10.00 23.30 200706 93.39 3.57 48.00
Vijay Shan. Bui. 200703 523724 203.00 220.00 26.00 1.03 30.30 6.70 29.20 8.57 244.46 12.06 23.70 5.20 108.52 8.11 136.00 10.00 7.00 200706 41.24 5.15 356.00
Vipul Ltd 200703 511726 686.00 1388.00 254.00 0.11 19.80 34.60 19.50 0.51 823.26 12.00 1342.10 4.56 198.72 41.46 363.00 15.00 35.10 200706 77.49 8.00 403.00

Explanatory Notes
NP Net Profit. Often referred to as the bottom line, net profit is calculated by subtracting a company's total expenses from 52 W-L 52 weeks Low. It represents the lowest point attained by a share during the immediately preceding 52 weeks.
total revenue, thus showing what the company has earned (or lost) in a given period of time (usually one year).
Mkt.cap Market capitalization is the number of common shares multiplied by the current price of those shares. The term
NP % Net Profit variation calculated on an Yearly,quarterly and trailing 12 months basis. capitalization is sometimes used as a synonym for market capitalization; more often, it denotes the total amount of funds
used to finance a firm's balance sheet and is calculated as market capitalization plus debt (book or market value) plus
preferred stock.
B.V Book Value is the shareholders' equity of a business (assets - liabilities) as measured by the accounting 'books'.

P/C Price-To-Cash-Flow Ratio.A measure of the market's expectations of a firm's future financial health. Since this measure
CPS Cash Flow Per Share.Many analysts, as well as some of the greatest investors of all time, place more weight on cash flow
deals with cash flow, the effects of depreciation and other non-cash factors are removed. Similar to the price-earnings
per share than earnings per share. Because EPS is more easily manipulated, its reliability can at times be questionable.
ratio, this measure provides an indication of relative value.
Cash, on the other hand, is difficult - if not impossible - to fake. You either have cash or you don't. Therefore, cash flow per
share is a useful measure for the strength of a firm and the sustainability of its business model.
P/E Price to Earnings Ratio. It has been arrived at by dividing the day's closing price of a scrip by its earning per share
(EPS).
EPS Earnings Per Share EPS is net profit calculated on a trailing 12 months basis (aggregate net profit of four consecutive
quarters) divided by fully diluted equity capital.
P/BV Price-to-book ratio or P/B ratio, is a ratio used to compare a stock's market value to its book value. It is calculated by
dividing the current closing price of the stock by the latest quarter's book value.
52 W-H 52 weeks High. It represents the highest point attained by a share during the immediately preceding 52 weeks.

16 V Share September, 2007 V Share September, 2007 17

Easier Access Wider Reach Easier Access Wider Reach
 CompanY Analysis DLF LIMITED
DLF Operating Profit Margin Trend
> Net sales up by 135% during the first quarter 2008 (Q1 FY08)
200
% > Present order book of Rs3,611.1 crore, order book/sales 3.18
150 > Operating Profit Margin has increased by 38% due to extensive land
reserve and lower land acquiring cost.
100 > Net profit for Q1 FY08 is 1515.48 crore with turnover of 3120.98 crore.

50 Introduction

0 DLF Limited (DLF) is the largest real estate development company in India in terms of
FY 03 FY 04 FY 05 FY 06 FY 07 FY 08E FY 09E area of completed residential and commercial development (Source AC Nielsen
Report) and its primary business is the development of residential, commercial and
DLF Operating Profit Margin retail properties. DLF's operations span are all aspects of real estate development,
comparison with Peers from the identification and acquisition of land, the planning, the execution and
100 marketing of projects, through to the maintenance and management of completed
90 %
80 developments. Over the past 45 months, DLF has seen an annualized appreciation of
70
60 over 500 per cent going by the valuation it is commanding for its latest initial public
50 offer.
40
30
20 Valued at the higher end of the price band, the company would be the eighth largest
10 by market capitalization, post-listing. With negative cash flows and current earnings
0
bh
a th CC C s. h x F abysmally low compared with future projections, the company is demanding its
So na H NC a Ind nitec mple DL
rsv h U Si
Pa tib price relying solely on its vast land holdings. With 10,000-odd acres, DLF plans to
Pra
build over the next 10 years more than double the area it has developed over the
past 60 years. In the next three years, DLF has a target of developing over 70 million
Date NIFTY DLF Ltd.
square feet or triple the area it has developed till the last calendar.
Net % Change Net % Change
in price in price As a result, investment bankers are forecasting the company's sales at Rs 20,000
1-Aug-07 -4.04 -4.42 crore (Rs 200 billion) in fiscal 2009, up from Rs 2,600 crore (Rs 26 billion) achieved in
2-Aug-07 0.24 0.31 the last fiscal 2006, and net profit in excess of Rs 11,000 crore (Rs 110 billion), roughly
3-Aug-07 1.04 2.54 six times that for the year 2006.
6-Aug-07 -1.41 -3.52
7-Aug-07 0.39 1.39 The DLF Group has made significant progress in pursuing new business
8-Aug-07 2.43 2.06 opportunities in hotel, infrastructure and SEZs (Special Economic Zones). DLF and
9-Aug-07 -1.32 -0.89 Laing O'Rourke, UK are strategic partner in several infrastructure projects.
10-Aug-07 -1.59 -2.28
13-Aug-07 0.93 2.56 DLF has 17 million sq. ft of developed area with 195 million sq. ft of developed plots,
14-Aug-07 -0.08 1.07 the company intends to augment its oldest business area by developing another 375
16-Aug-07 -4.38 -3.21 million sq. ft of projects across the country in the long term.
17-Aug-07 -1.69 -0.52
20-Aug-07 2.46 -0.19 DLF's office segment is one of the group's most admired vertical. Nearly 32 million
sq. ft. of developed as well as on-going projects are a significant contributor to the
Comparison of % change in prices of growth of office spaces of the most contemporary architecture. The company has
Nifty and DLF Ltd. plans to develop another 62 million sq. ft. across the country that will give DLF 15-
6.00 20% of market share in the business & commercial sector.
4.00
Extensive land reserves: The Company has extensive Land Reserves in various
2.00
regions across India, amounting to 10,255 acres. The Land Reserves comprise a
0.00
developable area of approximately 574 million square feet, of which 46 million
-2.00
square feet is under construction.
-4.00
-6.00 The grand plan
-8.00
-10.00
DLF has outlined a three-pronged growth strategy, which includes strengthening its
8/1/2007
8/3/2007

8/5/2007

8/7/2007

8/9/2007

8/11/2007

8/13/2007

8/15/2007

8/17/2007

8/19/2007

pan-India presence, building up land reserves at strategic locations, and leveraging

its real estate capabilities in related areas be it special economic zones or hospitality.

NIFTY Net % Change

Going by the scale of development done so far, DLF is the largest real estate player in
DLF Ltd. Net % Change
the country with land reserves of 10,255 acres or about 574 million square feet (msf)
of developmental area. Of this, 171 msf is located in developed urban areas while

18 V Share September, 2007

Easier Access Wider Reach
 Company Analysis
404 msf is urbanisable. The money raised through the IPO would go towards buying
Date SENSEX DLF Ltd. more land (Rs 3,500 crore -- Rs 35 billion), developing existing projects and
Net % Change Net % Change repayment of loans.
in price in price
The company intends to focus on its core competence while partnering with
1-Aug -3.96 -4.43 leading global players such as Nakheel (SEZs), Laing O'Rourke (construction), ESP
2-Aug 0.33 0.36 (engineering and design), Feedback Ventures (project management) for better
3-Aug 1.02 2.66 execution.
6-Aug -1.55 -3.62 Right from acquiring low cost land to creating a full fledged township to realise the
7-Aug 0.20 1.36 true potential of the land, DLF has demonstrated its success in Gurgaon. One key
8-Aug 2.51 2.15 advantage is that DLF's average cost of acquisition of land is fairly low at around Rs
274 per sq. ft. which will enable it to sit out the cycles and not indulge in distress
9-Aug -1.36 -0.82
sale ever.
10-Aug -1.54 -1.95
13-Aug 1.00 2.11 And with its unquestionable capabilities as a successful developer, DLF seems best
placed to capitalize on the booming real estate market, which is expected to grow
14-Aug -0.11 1.09
at 20 per cent-plus annually from the current size of $40-45 billion. Even more, the
16-Aug -4.28 -3.19 national capital region, where the company has over 50 per cent of its land
17-Aug -1.51 -0.57 holdings, is among the fastest growing markets in the country.
20-Aug 2.02 -0.25
The risk

Comparison of % change in prices of A look at DLF's financial performance is hardly inspiring. Last year, the company
Sensex DLF Ltd. sold its asset to a group company to get its revenues and profits to a respectable
4 level. Sales to fully owned promoter company DLF Assets Limited (DAL) constituted
3 almost 55 per cent of total revenues and 77 per cent of profits.
2
1
0
According to a newly devised strategy, the company would, instead of leasing out
-1 commercial projects, indulge in outright sale to potential buyers including DAL.
-2 Though swift disposal of assets can favorably alter DLF's return ratios, DAL's ability
-3
-4
to raise cheap funds is still unclear and poses a threat to DLF's cash flows.
-5
Table 1: DLF Ltd. Vs Unitech
Particulars DLF Unitech
1-Aug
2-Aug
3-Aug
6-Aug
7-Aug
8-Aug
9-Aug
10-Aug
13-Aug
14-Aug
16-Aug
17-Aug
20-Aug

Land bank (acres) 10255 10332

Developable land (sq ft) 574 472
SENSEX DLF Ltd.
Net debt 9500 2600
IPO cash 8800 -
Outstanding shares (cr) 170 81
Growth matrix Market-cap 85200 48700
YoY (%) FY06 FY07 FY08E FY09E Enterprise value 85900 48700
EV/Square FT (Rs) 1498 1032
Net Sales 37 32 53 49
Operating Profit 69 75 104 133 Earnings of developers tend to be less predictable with lumpy revenues and cash
Net Profit 62 66 86 98 flows. And after the phenomenal rise in property prices over the past three to five
years and the rise in interest rates, there is a possibility of property price correction
Net Worth 26 33 51 69
because of the double whammy. Roughly, a 1 per cent fall in sales realization cuts
Gross Block 23 51 77 103 DLF's earnings by 2 per cent. If prices were to correct about 10 per cent, a fifth of its
Net Working Cap. 91 116 189 153 earnings could be shaved off meaning stock prices could take a considerable
Capital Employed 86 91 150 209 beating.

DLF current residential real estate projects

Details of the projects
The company is currently constructing approximately 7 million square feet of
Compl- Under
(Mn Sq Ft) Planned residential developments. The table below provides certain information as of April
eted progress
30, 2007 relating to some of its current residential real estate projects:
Plots 195 0 46
Residential 19 7 375 Financial Highlights
Commercial 7 27 60
DLF Limited (DLF), India's largest real estate development company, has
Retail 3 10 44 announced its results for first quarter ended 30th June 2007, showing robust
Total 224 44 526 growth across its business verticals. The Turnover stands at Rs. 3,120.98 Crore and
PAT stands at Rs. 1515.48 Crore.

V Share September, 2007 19

Easier Access Wider Reach
Company Analysis
The other highlights of the quarter include-
! Increase in construction run rate from 44 million sft to 49
million sft
! Increase in developable land bank to 624 million sft
! Increase in cumulative lease in commercial business to 15
million sft
In fiscal 2007, the company's consolidated total income was
Rs. 4,034.1 crore and our consolidated net profit was Rs.
1,941.3 crore, due in large part to the sale of certain
commercial properties to DAL, which is a Promoter group
company. For the three years ended March 31, 2006, 2005 and
2004, the company's consolidated total income was Rs. 1,242
crore, Rs. 626 crore and Rs. 526.6 crore, respectively, and
consolidated net profit was Rs. 191.7 crore, Rs. 86.5 crore and
Rs. 53.8 crore, respectively. Based on DLF restated
consolidated financial statements, the net asset value per
Equity Share based on our networth of Rs. 3,976.4 crore as of
March 31, 2007 was Rs. 26.22.

Table 2: Details of projects and their estimated project costs

Total Estimated Cost Expenditure incurred Estimated schedule

Proposed Saleable
of the Projects as of April 30, 2007* of development of Current Status
Area (Mn Sq. Ft.)
(Rs. In crore) (Rs. In crore) funds (Rs. In crore)
Fiscal Fiscal
2008 2009
(eleven
months)
Commercial All projects are
7.15 1,236.8 283.7 815.7 137.4
projects under execution
All projects are
Retail Projects 9.82 2,374.3 76.1 1,331.7 996.5
under execution
Total 16.97 3,611.1 359.8** 2,147.4 1,103.9

*as confirmed by the Auditors' certificate dated June 16, 2007.

** includes Rs. 242.1 crore that we have deployed during the time period starting November 1, 2006 till April 30, 2007, which shall also be
replenished from the net proceeds of the Issue.
Source: Company website, ISE Research

Table 3: Current residential real estate projects

Scheduled
Area (million Sale Value Avg. Sale Value
Project Name No. of Units Started (Fiscal) Completion
sq. ft.) (Rs. Crore) (Rs./sq. ft.)
(Fiscal)
DLF Park Place 2.2 988 2007 2010 873.8 7,088*
The Belaire 1.3 364 2007 2010 744.1 7,412*
The Magnolias 2.5 402 2006 2009 1159.2 5,982*
The Summit 0.7 228 2003 2008 319.8 4,506
*Sales in progress. Sales for all other projects listed have been completed.
Source: Company website, ISE Research

Table 4: Financial performance of DLF Ltd. (Rs. In crore)

Quarter Quarter
Year Ended Year Ended
Particulars Ended Ended Growth (%) Growth (%)
(Mar 07) (12) (Mar 06) (12)
(Jun 07 (Jun 06)
Sales 3074.00 1122.00 174.00 1133.48 984.40 15.10
Other Income 47.00 85.24 -45.00 296.02 160.60 84.30
Expenditure 870.00 253.00 244.00 443.48 631.90 -29.82
PBIDT 2251.00 956.19 135.40 986.02 497.90 98
Interest 108.00 78.32 38.00 356.25 146.10 143.80
PBDT 2143.00 878.00 144.00 629.77 351.80 79
Depreciation 16.00 3.36 376.20 9.44 3.90 142.10
PBT 2127.00 875.00 143.00 620.33 347.90 78.30
Tax 602.00 293.23 105.30 198.57 120.50 64.80
Deferred Tax 1.00 2.01 -50.30 14.85 0 -
PAT 1524.00 579.27 163.10 406.91 227.40 78.90
OPM% 73.00% 85.20% 88.49 50.58 -
Equity Capital 175.00 341.00 340.97 305.73
EPS(Rs) Annualized 17.30 2.73 2.73 60.11
Source: ISE Research

20 V Share September, 2007

Easier Access Wider Reach
 Company Analysis

DLF LIMITED
COMPANY INFO PRICE & RETURN INFO SENSEX VS DLF Ltd.
Group : DLF Report Date : 17/8/2007
Industry : Realty Market Price : 580.75 35
Chairman : K P Singh 52-Wk Low Price : 505.60 30
Auditors : Walker Chandiok & Co 52-Wk High Price : 714.25 25
Secretary : R Hari Haran Face Value : 2.00 20
Inc. Year : 1963 Dividend (%) : 0.00 15
AGM Date : 9/29/2005 Market Cap : 99009.16 10
Financial Year : Mar Beta : 1.02 5
Book Closure : Sep 1M Return : -0.49 0
BSE Group : A 3M Return : 9.67 10-09-06 09-12-06 09-03-07 07-06-07
BSE Code : 532868 6M Return : 16.53
DLF Ltd. Sensex
NSE Symbol : DLF 1 Year Return : 11.50

SHARE HOLDING PATTERN (in %) INDUSTRY COMPARISON GROWTH RATES

( as on June 30, 2007) DLF Industry 2006 2005 2004
Foreign : 5.97 Sales 1133.50 6060.08 Sales 15.15 118.08 -6.31
Institutions : 0.80 Market Cap 99639.96 153246.17 EBITDA 101.45 273.38 121.36
Non Promoter Corp. : 0.00 Net Profit 417.80 1812.43 EBIT 101.13 280.15 126.08
Promoters : 0.71 P/E 233.80 84.55 PAT 83.73 235.89 90.81
Public & Others : 88.24 Equity 340.97 760.91 Networth 64.19 68.68 20.80
Totals : 4.28 Gross Block 365.70 763.09 Market Cap 0.00 0.00 0.00

INCOME STATEMENT (in Rs. cr) QUARTER PERFORM. (in Rs. cr)
Particulars 2007 2006 2005 2004 Particulars Jun-07 Mar-07 %Var.

Net Sales 1133.50 984.40 451.39 481.77 Sales 1121.87 1133.48 -1.02
Other Income 296.70 160.60 28.40 14.04 Other Income 85.24 296.02 -71.20
Total Income 1418.20 1145.00 479.79 495.81 PBIDT 956.19 986.02 -3.03
Total Expenditure 415.20 647.10 346.44 435.57 Interest 78.32 356.25 -78.02
Operating Profit 1003.00 497.90 133.35 60.24 PBDT 877.87 629.77 39.40
Interest 356.30 146.10 33.07 9.41 Depreciation 3.36 9.44 -64.41
Gross Profit 646.70 351.80 100.28 50.83 PBT 874.51 620.33 40.97
Depreciation 9.40 3.90 3.40 2.76 Tax 293.23 198.57 47.67
Tax 200.00 120.00 29.41 12.00 PAT 579.27 406.91 42.36
Adjusted Net Profit 417.80 228.58 67.57 35.63
Operating Margin (%) 88.49 50.58 29.54 12.50 Operating Margin (%) 85.23 86.99
Gross Profit Margin (%) 87.66 50.18 28.79 11.93 Gross Profit Margin (%) 77.95 54.73
Netprofit Margin (%) 36.86 23.10 15.00 7.36 Netprofit Margin (%) 51.63 35.90

BALANCE SHEET 2006 2005 2004 2003 KEY RATIOS 2007 2006 2005 2004
SOURCES OF FUND Debt-Equity 5.72 3.54 1.70 0.97
Share Capital 305.90 37.80 3.51 3.51 Long Term Debt-Equity 5.16 3.09 1.59 0.88
Reserves Total 757.40 609.80 380.42 314.31 Current Ratio 2.19 1.51 1.36 1.31
Secured Loans 6242.80 3010.90 630.15 557.92 Fixed Assets Turnover 4.78 9.48 4.95 7.56
Unsecured Loans 526.50 3.00 2.95 3.18 Inventory Turnover 0.47 1.62 0.47 0.44
Total Debt 6769.30 3013.90 633.10 561.10 Debtors Turnover 11.31 65.50 8.28 7.71
Total Liabilities 7832.60 3661.50 1017.03 878.92 Interest Coverage 2.79 3.38 3.93 6.11
APPLICATION OF FUND ROCE (%) 17.29 21.12 13.71 9.70
Gross Block 365.70 108.90 98.80 83.63 RONW (%) 48.84 44.09 19.29 11.79
Net Block 328.70 79.70 72.01 56.93 P/E 0.00 0.00 0.00 0.00
Capital Work in Progress 665.00 456.70 406.63 2.42 P/BV 0.00 0.00 0.00 0.00
Investments 769.20 1397.30 173.82 177.27 P/CEPS 0.00 0.00 0.00 0.00
Inventories 4310.30 493.80 718.48 1182.87 EV/EBIDTA 0.00 0.00 0.00 0.00
Sundry Debtors 173.80 26.60 3.46 105.54 Market Cap/Sales 0.00 0.00 0.00 0.00
Cash and Bank 179.50 127.00 22.00 10.71 DUPONT ANALYSIS
Loans and Advances 4807.90 2462.70 963.82 504.39 PBIDT/Sales(%) 88.49 50.58 29.54 12.5
Total Current Assets 9471.50 3110.10 1707.76 1803.51 Sales/Net Assets 0.14 0.27 0.44 0.55
Total Current Liabilities 3381.20 1375.20 1337.52 1155.33 PBDIT/Net Assets 0.13 0.14 0.13 0.07
Net Current Assets 6090.30 1734.90 370.24 648.18 PAT/PBIDT(%) 41.66 45.67 50.77 58.9
Misc. Expe. not written off 0.00 0.00 0.00 0.00 Net Assets/Net Worth 7.37 5.65 2.65 2.77
Net Deferred Tax -20.60 -7.10 -5.67 -5.88 ROE(%) 48.84 44.09 19.29 11.79
Total Assets 7832.60 3661.50 1017.03 878.92

V Share September, 2007 21

Easier Access Wider Reach
 value bites
VALUE INVESTING
Value investing is a style of
investment strategy from the so-
called "Graham & Dodd" School.
Followers of this style, known as
value investors, generally buy
companies whose shares appear
underpriced by some forms of
fundamental analysis; these may
include shares that are trading at,
for example, high dividend yields
or low price-to-earning or price-to-
book ratios.
The main proponents of value investing, such as Benjamin
Graham and Warren Buffett, have argued that the essence of
value investing is buying stocks at less than their intrinsic
value. The discount of the market price to the intrinsic value
is what Benjamin Graham called
the "margin of safety". The
intrinsic value is the discounted
value of all future distributions.
In the “Intelligent Investor”,
Benjamin Graham describes a
formula he used to value stocks.
He disregarded complicated
calculations and kept his formula
Warren Buffett
simple. In his words: “Our study of
the various methods has led us to
suggest a foreshortened and quite simple formula for the
evaluation of growth stocks, which is intended to produce
figures fairly close to those resulting from the more refined
mathematical calculations.”

The Value Investing formula as described by Graham in 1962
edition of “Security Analysis”, is as follows:
V* = EPS (8.5 + 2g)
Where:
EPS : the company's last 12-month earnings per share. g :
the company's long-term (five years) earnings growth
estimate. 8.5 : the constant represents the appropriate P-E
ratio for a no-growth company as proposed by Graham. To
apply this approach to a buy-sell decision, each company's
relative Graham value (RGV) can be determined by dividing
the stock's intrinsic value V* by its current price P.
RGV = V* / P
An RGV of less than one indicates an overvalued stock and
should not be bought, while an RGV of greater than one
indicates an undervalued stock and should be bought.
The ISE Research Cell has applied the above mentioned
approach deciphered by Sir Benjamin Graham to BSE
Sensex and NSE Nifty scrips.
The details are enlisted below :

2007-06 2003-02
MP Relative
Sr. BSE EPS EPS #CAGR V*(Intrinsic
NSE Code Co. Name (As on Graham Strategy
No. Code (Unit Curr) (Unit Curr) EPS % value)
27/07/07) Value(RGV)

1 532811 - Ahluwalia Contr 25.00 14.62 14.35 930.16 660.70 1.41 Undervalued/Buy
2 532799 AKRUTI Akruti Nirman 11.40 63.30 -34.86 -697.81 495.25 -1.41 Overvalued/Sell
3 515055 ANANTRAJ Anant Raj Inds. 24.60 0.63 149.98 7587.93 1190.55 6.37 Undervalued/Buy
4 523007 - Ansal Buildwell 9.80 0.99 77.38 1599.89 81.15 19.72 Undervalued/Buy
5 507828 ANSALHSG Ansal Housing 25.60 3.14 68.98 3749.22 203.55 18.42 Undervalued/Buy
6 500013 ANSALINFRA Ansal Properties 11.50 8.89 6.65 250.63 265.10 0.95 Overvalued/Sell
7 531381 ARIHANT Arihant Foundatn 28.70 2.08 92.73 5566.79 420.25 13.25 Undervalued/Buy
8 532719 BLKASHYAP B.L.Kashyap 54.20 4.10 90.68 10290.35 1693.30 6.08 Undervalued/Buy
9 532123 BSELINFRA BSEL Infrastruc. 10.20 0.04 299.61 6198.72 56.30 110.10 Undervalued/Buy
10 532813 CANDC C & C Constructi 17.20 30.78 -13.54 -319.58 196.50 -1.63 Overvalued/Sell
11 526917 - CHD Developers 2.20 0.04 172.33 776.94 15.70 49.49 Undervalued/Buy
12 522231 - Conart Engineers 2.50 0.43 55.28 297.65 24.75 12.03 Undervalued/Buy
13 523890 DSKULKARNI D S Kulkarni Dev 16.00 1.20 91.09 3050.83 220.90 13.81 Undervalued/Buy
14 532868 DLF DLF Ltd. 2.50 74.42 -57.19 -264.69 579.30 -0.46 Overvalued/Sell
15 523329 - Eldeco Housing 20.90 12.18 14.45 781.76 183.45 4.26 Undervalued/Buy
16 517477 - Elnet Technolog 9.10 6.20 10.07 260.59 68.00 3.83 Undervalued/Buy
17 530323 ERACONS Era Construction 34.30 5.39 58.83 4327.13 574.50 7.53 Undervalued/Buy
18 509550 GAMMONIND Gammon India 5.10 15.98 -24.84 -210.00 401.70 -0.52 Overvalued/Sell

22 V Share September, 2007

Easier Access Wider Reach
 Value Bites
2007-06 2003-02
MP Relative
Sr. BSE EPS EPS #CAGR V*(Intrinsic
NSE Code Co. Name (As on Graham Strategy
No. Code (Unit Curr) (Unit Curr) EPS % value)
27/07/07) Value(RGV)

19 526367 GANESHHOUC Ganesh Housing 15.40 10.78 9.33 418.16 376.80 1.11 Undervalued/Buy
20 526727 - Garnet Construct 8.40 0.02 352.70 5996.79 54.60 109.83 Undervalued/Buy
21 532767 - Gayatri Projects 23.40 14.46 12.79 797.37 276.45 2.88 Undervalued/Buy
22 500185 HCC Hind.Construct. 1.30 13.79 -44.59 -104.88 122.35 -0.86 Overvalued/Sell
23 530773 IVRCLINFRA IVRCL Infrastruc 10.90 14.38 -6.69 -53.24 347.20 -0.15 Overvalued/Sell
24 532532 JPASSOCIAT Jaiprakash Assoc 18.90 6.17 32.30 1381.41 816.45 1.69 Undervalued/Buy
25 511131 - Kamanwala Housin 25.40 0.28 208.62 10813.61 116.35 92.94 Undervalued/Buy
26 512349 - Link House Inds 0.10 3.08 -57.55 -10.66 23.95 -0.45 Overvalued/Sell
27 531497 MADHUCON Madhucon Project 11.30 38.00 -26.15 -495.04 236.90 -2.09 Overvalued/Sell
28 532313 GESCOCORP Mahindra Gesco 3.50 0.74 47.47 362.05 493.15 0.73 Overvalued/Sell
29 530543 - Marg Constn. 16.50 0.10 258.40 8667.53 150.70 57.52 Undervalued/Buy
30 531540 - Maruti Infra. 0.20 0.04 49.53 21.51 8.75 2.46 Undervalued/Buy
31 532553 MSKPROJ MSK Projects 6.50 9.97 -10.14 -76.60 100.45 -0.76 Overvalued/Sell
32 500294 NAGARCONST Nag. Constructn. 7.30 19.08 -21.35 -249.69 194.95 -1.28 Overvalued/Sell
33 531416 - Narendra Propert 5.60 0.21 127.24 1472.73 38.25 38.50 Undervalued/Buy
34 532676 PBAINFRA P B A Infrastruc 8.60 46.94 -34.58 -521.60 82.80 -6.30 Overvalued/Sell
35 532780 PARSVNATH Parsvnath Developers Ltd. 14.70 83.65 -35.25 -911.52 295.90 -3.08 Overvalued/Sell
36 531120 PATELENG Patel Engg. 18.10 36.38 -16.01 -425.88 424.75 -1.00 Overvalued/Sell
37 531746 PRAENG Prajay Engg. 34.50 1.28 127.85 9115.02 291.45 31.27 Undervalued/Buy
38 532718 PRATIBHA Pratibha Inds 13.90 9.60 9.69 387.66 249.65 1.55 Undervalued/Buy
39 530695 - Prime Property 4.10 1.15 37.41 341.62 72.00 4.74 Undervalued/Buy
40 532693 PUNJLLOYD Punj Lloyd 2.40 13.64 -35.23 -148.72 262.10 -0.57 Overvalued/Sell
41 531694 - Rainbow Foundat. 0.60 0.27 22.09 31.61 18.25 1.73 Undervalued/Buy
42 526823 - Rajeswari Foundn 1.00 0.25 41.42 91.34 23.55 3.88 Undervalued/Buy
43 531374 - SAAG RR 3.00 0.12 123.61 767.14 32.25 23.79 Undervalued/Buy
44 532710 SADBHAV Sadbhav Engg. 27.00 40.20 -9.47 -281.97 625.50 -0.45 Overvalued/Sell
45 523838 SIMPLEXINF Simplex Infrastr 12.50 11.76 1.54 144.68 343.60 0.42 Overvalued/Sell
46 532784 SOBHA Sobha Developers Ltd. 22.20 0.58 148.73 6792.39 787.20 8.63 Undervalued/Buy
47 500402 SUBHASPROJ Subhash Projects 14.00 2.34 56.40 1698.11 260.00 6.53 Undervalued/Buy
48 532738 - Tantia Const 8.40 14.12 -12.18 -133.16 112.30 -1.19 Overvalued/Sell
49 507878 UNITECH Unitech Ltd. 11.80 8.25 9.36 321.19 492.90 0.65 Overvalued/Sell
50 532746 UNITY Unity Infra 28.60 2.79 78.93 4758.07 594.25 8.01 Undervalued/Buy
51 532389 VALECHAENG Valecha Eng. 15.70 8.82 15.51 620.37 268.40 2.31 Undervalued/Buy
52 511726 - Vipul Ltd 34.60 0.76 159.76 11349.22 672.35 16.88 Undervalued/Buy

# The same has been calculated by taking the EPS values for 2006-07 and 2002-03

Value Investing applied to the Realty Sector

It has been observed that amongst the 52 companies selected from the Realty Sector almost 32 are undervalued
while only 20 are overvalued. Thus, the 32 undervalued scrips represent the possibility of a big discount when
their intrinsic values are compared to their market prices. There is a tremendous scope for their current market
prices to move upwards while w.r.t the remaining companies they are going to experience a bearish trend in the
coming days.

We therefore would strongly infer from our study (carried above) that overall the Realty Sector is going to
experience a bullish trend in the coming days and the 32 undervalued scrips deciphered by us represent
profitable avenues for purchasing and parking money.

V Share September, 2007 23

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 ISE IPO Tracker
Current IPO Performance
Current Date of
Company Issue Price % Change
Price Listing
Central Bank Of India 115.45 102.00 21-Aug-07 13.19
S E L Manufacturing Company Limited 169.30 90.00 21-Aug-07 88.11
Refex Refrigerants Limited 62.60 65.00 20-Aug-07 -3.69
Zylog Systems Limited 439.40 350.00 17-Aug-07 25.54
IVR Prime Urban Developers Limited 349.50 550.00 16-Aug-07 -36.45
Omnitech Infosolutions Limited 128.25 105.00 14-Aug-07 22.14
Omaxe Limited 274.15 310.00 9-Aug-07 -11.56
Alpa Laboratories Limited 48.15 68.00 6-Aug-07 -29.19
Simplex Projects Limited 269.00 185.00 3-Aug-07 45.41
Everonn Systems India Limited 512.10 140.00 1-Aug-07 265.79
Allied Digital Services Limited 279.30 190.00 25-Jul-07 47.00
Housing Development and Infrastructure Limited 492.65 500.00 24-Jul-07 -1.47
Suryachakra Power Corporation Limited 17.60 20.00 23-Jul-07 -12.00
Spice Communications Limited 50.05 46.00 19-Jul-07 8.80
Celestial Labs Limited 43.90 60.00 17-Jul-07 -26.83
Bharat Earth Movers Limited 1113.00 1075.00 17-Jul-07 3.53
Ankit Metal & Power Limited 43.75 36.00 10-Jul-07 21.53
Roman Tarmat Limited 198.10 175.00 9-Jul-07 13.20
I C I C I Bank Limited 846.75 940.00 6-Jul-07 -9.92
D L F Limited 555.65 525.00 5-Jul-07 5.84
Vishal Retail Limited 605.00 270.00 4-Jul-07 124.07
Meghmani Organics Limited 20.75 19.00 28-Jun-07 9.21
Nelcast Limited 137.00 219.00 27-Jun-07 -37.44
Decolight Ceramics Limited 23.25 54.00 19-Jun-07 -56.94
Glory Polyfilms Limited 56.80 48.00 18-Jun-07 18.33
Time Technoplast Limited 511.25 315.00 13-Jun-07 62.30
Nitin Fire Protection Industries Limited 404.50 190.00 5-Jun-07 112.89
MIC Electronics Limited 390.15 150.00 30-May-07 160.10
Insecticides (India) Limited 56.45 115.00 30-May-07 -50.91
Binani Cement Limited 65.65 75.00 28-May-07 -12.47
Hilton Metal Forging Limited 33.40 70.00 24-May-07 -52.29

IPOs listed on BSE in August, 2007

Current Price
BSE Code Company List Date Offer Price List Price Open High Low as on 23rd Volume
Aug, 2007

532888 Asian Granito Aug 23,2007 97.00 100.15 100.15 100.15 82.10 94.75 7834478.00
532886 SEL Mfg Aug 21,2007 90.00 87.90 180.00 193.70 156.15 117.50 7249027.00
532885 Central Bank Aug 21,2007 102.00 130.10 116.50 123.35 115.75 116.40 3780037.00
532884 Refex Refrigeran Aug 20,2007 65.00 69.10 64.10 66.70 61.90 61.80 862170.00
532883 Zylog Systems Aug 17,2007 350.00 525.00 449.00 461.00 419.65 418.20 1511239.00
532881 IVR-Prime Urban Aug 16,2007 550.00 500.00 360.00 371.95 346.10 346.25 814782.00
532882 Omnitech Info Aug 14,2007 105.00 183.75 132.80 133.90 122.00 122.20 395247.00
532880 Omaxe Ltd Aug 09,2007 310.00 400.00 280.00 310.00 278.85 299.85 2515249.00
532878 Alpa Lab Aug 06,2007 68.00 60.00 49.90 49.90 45.00 45.60 123949.00
532877 Simplex Projects Aug 03,2007 185.00 323.75 274.00 274.00 261.10 266.60 38350.00
532876 Everonn Systems Aug 01,2007 140.00 245.00 529.70 562.00 508.05 511.25 1036040.00

24 V Share September, 2007

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 ISE IPO Tracker

FORTH COMING IPOs Dagger Forst Tools Ltd.

Object of the issue: Business Overview:
> Acquisition of companies / business / products
Dagger Forst Tools Limited (DFTL), a part of Yashovardhan Birla Group, is engaged in
> Product development
the manufacture of high precision Cutting Tools viz. Broaches, Hobs, Shaper Cutters &
Shaving Cutters (Gear Cutting Tools). Broaching is one of the most economical
> Enhancement of Domestic Infrastructure method of machining, an integral process in the engineering and automobile industry.
Facilities It is, in most cases, the only process by which complex internal and external shapes
can be achieved with high accuracy and surface finish.
> Prepayment of Term Loans
The first Broach manufacturing plant was set up by the Company in 1965 at Thane in
Maharashtra in collaboration with Oswald Forst GmbH of Germany and a decade later
i.e. in 1975, came up another plant at Aurangabad, also in Maharashtra, to cater to the
increased market demand for broaches.
Issue Detail
Offer Price 45.00 As part of its diversification plans, DFTL put up yet another manufacturing plant in
Aurangabad in 1977. This manufacturing unit, in collaboration with W. Forst, England,
Face Value 10
was set up to manufacture gauges within the same industrial area. In 1984, the
Share Offered (in lakhs) 40,06,150 Company purchased a plant at Aurangabad where gear cutting tools and built up
Hobs are manufactured in technical collaboration with Klingelnberg Sohne of
Promoters Yeshvardhan Birla
Germany.
Listing (Stock Exchange) Mumbai
DFTL plans to raise fund through IPO, will help the company in various aspects (see
Offer Open Date 27 August, 2007 the table 1). The total required fund is 5040 lacs, that will be used in site and building
development, plant & machinery and covering other expenses.
Offer Close Date 3rd Sept, 2007
Table 1: Funds Requirements (Rs in Lacs)

Sr. No. Particulars Amount

Scrip Estimates (at Rs. 45)
Market Cap (Rs. Crores) 18.03 Factory Building
1 Site Development 100.00
EPS FY08 (E) 7.81 Building & Civil work 920.52
P/E FY08 (E) 5.76 Purchase of Assets
2 Plant & Machinery 1818.19
Market Cap/Sales FY08 (E) 0.42 Misc. Fixed Assets 496.70
3 Preliminary & Preoperative Expenses 102.10
4 Contingencies 333.54
Financial Highlights 5 Issue Expences 350.00
Financials 6 Margin Money for Working Capital 918.95
FY06 FY07 FY08(E) FY09(E)
(Rs. Crores) 7 Total 5040.00
Sales 22.74 35.69 43.19 52.26 Source: Offer document of the company and ISE Research Cell
Raw Material
EBITDA 23.20 38.31 39.46 40.64
The main raw material requirements are high speed steel rods & bars of various
EBDT 3.21 4.57 8.56 12.84 grades like M2, M32, M35, ASP30, ASP60 etc. Most of the requirement is imported
since local supplies are not available. Import is mainly from well-known suppliers
Other Income 0.29 1.17 1.76 2.63 from Germany & Europe like Bohler, Thyssan France, Edelstahl & Erasteel etc. There
PBT 1.81 1.92 3.26 5.54
are no long term contracts with the suppliers.

PAT 1.06 1.16 2.41 5.04 Competition, Key Players and Market Share

Equity 4.65 4.65 5.05 5.05 The major competitor is Mitsubishi (formerly known as SRP Tools), which makes same
range of products (excluding Spline Gauges). As per the table given below, Dagger
EPS (Rs) 3.04 2.46 7.81 8.04 Forst Tools Limited has the share of about 40% among the key players in its product
range in the domestic market. Products manufactured by the company are
predominantly used in automobile & auto components, engineering and defense
Investors should read the risk factors and
industries.
more detailed information in the
The hobs & broaches produced are generally used for engineering purposes hence
Prospectus and the Application form before
customers are predominantly industrial units. Some prominent customers of DFTL, in
investing in the issue
various sectors, include (see Table 3):

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 ISE IPO Tracker
Table 2: Current Products & their Capacities
Installed Capacity Capacity Utilised Installed Capacity Capacity Utilized
Sr. No. Products
(Units) (Units) FY07 (Rs in lacs) (Rs. In lacs) FY07
1 Broaches 10,030 4,059 1,996 1,439.99
2 End Mills, Profiled Tools and
Other Cutters (all cutting tools) 6,000 Nil 10 Nil
3 Rolls 12 Tons Nil 60 Nil
4 Broach Sharpening Machines 10 4 40 50.86
5 Gauges 3,000 2,808 180 196.25
6 Slitting Saws 8,000 2,608 60 11.42
7 Spline Mandrels 1,500 86 60 8.77
8 Master Gears 750 208 80 62.95
9 Index Plates 1,200 24 10 3.93
10 Gear Hobs 7,385 3,126 1,016 542.04
11 Shaper Cutters 4,800 1,279 130 186.79
12 Tool Bits (Registered Cap.) 80,000 Nil 30 Nil
13 Shaving Cutters 2,640 1,337 792 344.84
Total 4,434 2,847.84
Source: Annual Report of respective company
Table 3: Product Range and Market Share of Dagger Forst Tools Ltd.
BROACH HOB SHP & SHAVING CUTTER TOTAL
Sr.
Year
No 2003-04 2004-05 2005-06 2003-04 2004-05 2005-06 2003-04 2004-05 2005-06 2003-04 2004-05 2005-06

1 Dagger Forst 975 1186 1385 465 552 572 450 519 618 1890 2257 2575
% MKT. Share 61 60 60 27 27 24 39 40 40 43 42 41
2 Mitsubishi 510 654 770 610 651 800 700 780 930 1820 2085 2500
% MKT. Share 31 33 33 38 31 33 61 60 60 41 39 40
3 Addison 110 150 155 N.A. N.A. N.A. N.A. N.A. N.A. 110 150 155
% MKT. Share 8 7 7 N.A. N.A. N.A. N.A. N.A. N.A. 3 3 2
4 CMH N.A. N.A. N.A. 450 617 730 N.A. N.A. N.A. 450 617 730
% MKT. Share N.A. N.A. 0 26 30 30 N.A. N.A. N.A. 10 12 12
5 AAMCOL N.A. N.A. N.A. 150 240 330 N.A. N.A. N.A. 150 240 330
% MKT. Share N.A. N.A. 0 9 12 14 N.A. N.A. N.A. 3 4 5
TOTAL 1595 1990 2310 1675 2060 2432 1150 1299 1548 4420 5349 6290
Source: Annual Report of respective company

Table 4: Consumer Profile

Sector Domestic Customers
Automobile Industry Maruti Udyog, Mahindra & Mahindra, Tata Motors, Hyundai Motors, Toyota, Honda, Bajaj Auto, Hero Honda, L&T,
john Deere, etc.
Defence/Govt. Undertakings Vehicle Factory, Jabalpur, MTPF, Ambernath, Nuclear Power Corp., Heavy Vehicle Factory, Avadi, Ordinance
Factory, BHEL, etc.
Railways DCW, DLW
Export Customers
Countries Germany, U.K., Italy, South Korea, Taiwan, Australia,, etc.
Major Customers General Electric, Graziono, Forst Tech, Forst Cardinal, Hyundai, TRW
Source: Company Website
Financial Overview: months period ended 31st March, 2006. An increase is due to
increase in raw materials consumed due to increase in sales
Sales: Average per month sales for the year ended 31.03.2007 and also due to increase in price of the raw material i.e. high
amounts to Rs.297.43 lacs compared to Rs. 252.69 lacs for the speed steel.
period ended 31st March, 2006 an increase of 17.71%. The
higher sales were mainly on account of higher demand for Net Profit after Tax: Net Profit for the 12 months period
broaches which grew by 8.5% and for the year ended 31.03.07 ended 31.03.2007 is Rs. 114.59 lacs, whereas for the nine
as compared to the period ended 31.03.2006. The growth was months ended 31.03.2007 is Rs.106.01 lacs. On per month
stagnant for shaving cutters and it showed a fall of 11.81% in average basis net profit after tax decreased by 18.93% as at
the the manufacturing of Gear Hobs during this period under 31.03.2007 compared to the period ended 31.03.06 due to
review. higher input costs, incidence of higher tax, high amount of
depreciation,and financial expenses relating to the
Expenditure: During the 12 months ended 31st March, 2007 Gandhidham unit.
variable expenses increased by 16.88% as compared to 9

26 V Share September, 2007

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 Academic Corner

Depository

A depository can be compared to a bank. A depository holds securities (like shares, debentures, bonds, Government
Securities, units etc.) of investors in electronic form. Besides holding securities, a depository also provides services related
to transactions in securities.

A depository interfaces with the investors through its agents called Depository Participants (DPs). If an investor wants to avail
the services offered by the depository, the investor has to open an account with a DP. This is similar to opening an account with
any branch of a bank in order to utilise the bank's services.

BENEFITS

The benefits of participation in a depository are: electronically with all companies in which investor
holds securities eliminating the need to correspond
1. Immediate transfer of securities; with each of them separately;
2. No stamp duty on transfer of securities; 8. Transmission of securities is done by DP eliminating
3. Elimination of risks associated with physical certifi- correspondence with companies;
cates such as bad delivery , fake securities , etc.; 9. Convenient method of consolidation of
4. Reduction in paperwork involved in transfer of folios/accounts ;
securities; 10. Holding investments in equity, debt instruments and
5. Reduction in transaction cost; Government securities in a single account;

6. Nomination facility; 11. Automatic credit into demat account, of shares,

arising out of split/consolidation/merger etc.
7. Change in address recorded with DP gets registered

SERVICES OFFERED BY NSDL & CDSL

! Dematerialisation i.e., converting physical certifi- ! Freezing of demat accounts, so that the debits from
cates to electronic form; the account are not permitted;

! Rematerialisation i.e., conversion of securities in ! Nomination facility for demat accounts;

demat form into physical certificates;
! Services related to change of address;
! Facilitating repurchase / redemption of units of
mutual funds; ! Effecting transmission of securities;

! Electronic settlement of trades in stock exchanges
connected to NSDL & CDSL
! Pledging/hypothecation of dematerialised securities
against loan;
! Electronic credit of securities allotted in public issues,
rights issue;
! Receipt of non-cash corporate benefits such as
bonus, in electronic form;
! Instructions to your DP over Internet through SPEED-
e facility. (Please check with your DP for availing the
facility);
! Account monitoring facility over Internet for clearing
members through SPEED facility in NSDL & EASI
facility in CDSL
! Other facilities viz. holding debt instruments in the
same account, availing stock lending/borrowing
facility, etc.

V Share September, 2007 27

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 Academic Corner
(A) Account Opening: III. Voter ID Card
The following documents are required to be IV. Driving license
submitted by the applicant for opening account
V. Bank passbook
with DP ( Depository Participant )
VI. Verified copies of
1. Pan Card is mandatory
a) Electricity bills (not more than two months
If photo identity with Pan Card is not clearly visible then,
old),
any the applicant should submit any one of the
following alongwith a photocopy: b) Residence Telephone bills (not more than two
months old) and
(a) Proof of Identity (POI)
c) Leave and License agreement / Agreement for
I. Passport
sale.
II. Voter ID Card
VII. Self-declaration by High Court & Supreme Court
III. Driving license judges, giving the new address in respect of
their own accounts.
IV. MAPIN card
VIII. Identity card/document with address, issued by
V. Identity card/document with applicant's Photo,
issued by a) Central/State Government and its Departments,
a) Central/State Government and its Departments, b) Statutory/Regulatory Authorities,
b) Statutory/Regulatory Authorities, c) Public Sector Undertakings,
c) Public Sector Undertakings, d) Scheduled Commercial Banks,
d) Scheduled Commercial Banks, e) Public Financial Institutions,
e) Public Financial Institutions, f) Colleges affiliated to Universities (this can be
treated as valid only till the time the
f) Colleges affiliated to Universities (this can be
applicant is a student) and
treated as valid only till the time the
applicant is a student), g) Professional Bodies such as ICAI, ICWAI, Bar
Council etc., to their Members.
g) Professional Bodies such as ICAI, ICWAI, ICSI,
Bar Council etc., to their Members; and 2) In case of joint holdings, POI and POA
documents must be collected in respect of all
h) Credit cards/Debit cards issued by Banks.
account holders.
(b) Proof of Address (POA):
3) The aforesaid documents are the minimum
I. Ration card requirement for opening a BO Account.
II. Passport

ISE TRAINING CENTRE

T he rapidly transforming economic and business environment
is redefining the way business is done all over the globe.
Innovation is becoming the key to continued growth and success.
India is no exception. Innovation, globalization, deregulation and
technology are driving fast-paced changes, more so in the Indian
financial markets. The new business paradigms are getting
increasingly dictated by the course the knowledge-driven
economy is adopting today. Consequently, the power of informa-
tion and the ability to synergize it has emerged as the key to
success. To survive and thrive in today's dynamic environment,
executives and professionals need to continuously acquire new
Guiding Future investors knowledge and skills.

28 V Share September, 2007

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 Domestic Economic Corner

NCAER raises GDP forecast to 8.5% Commerce and industry minister Kamal Nath, commenting
on such a huge jump, said that it was more important that
The National Council of Applied Economic Research (NCAER)
these are largely first-mile investments and are obviously
revised the gross domestic product (GDP) projections upward
going to grow in geometrical proportions.
to 8.53% for the current fiscal from the April`s projection of
8.3%. Vodafone, the world`s biggest mobile operator, topped the list
of foreign investors bringing in USD 801 million, followed by
The council has stated in its latest quarterly review of the
Matsushita Electric Works of Japan with USD 342 million. The
economy that the revision has been done in upward direction
British firm acquired controlling stake in the operator Hutch-
on account of the projected improvements in the growth of all
Essar early this year, while the Japanese company bought
the three sectors of the economy, but more particularly in the
Anchor Electricals. GA Global Investments was the third
cases of agriculture and industry.
largest investor.
On agriculture front, the improved rainfall scenario provides
The country had received USD 15.7 billion FDI in 2006-07 as
the impetus for acceleration in output growth, while in the
compared with USD 5.5 billion a year ago. Total inflows will
case of industry, the higher foreign capital inflows would ease
add up to USD 19.5 billion in 2006-07 compared with USD 7.7
some of the constraints imposed by higher interest rates and
billion in 2005-06 if reinvested earnings and other capital
stronger Rupee.
inflows are included.
The slower projected growth in net invisibles has forced the
Cash reserve ratio hiked by 50 basis points
council to change its estimates about current account
significantly this time. It projects a current account deficit to The Reserve Bank of India published it review of the first
stand at 1.8% of GDP as against an estimated surplus in April. quarter of the current financial year on July 31, 2007. The
banking regulator left the bank rate, the repo rate and the
Export growth, according to the council is now likely to be
reverse repo rate unchanged at 6 per cent, 7.75 per cent and
stronger, while imports are projected to rise at a faster rate of
6 per cent, respectively. However, the cash reserve ratio, the
19.2% in comparison with the projected growth rate of 18.5%
most potent weapon of the monetary authority, was
in April.
increased by 50 basis points to 7 per cent.
On the contrary, the inflation rate has been projected at a
On 30 March 2007, the Reserve Bank of India had announced
slightly lower rate taking support from a lower rise in
a 50 basis points hike in the cash reserve ratio to be effected
agricultural prices which generally translates into a slower
in two equal instalments of 25 basis points each from the
inflation rate. Similarly, the centre`s fiscal deficit is projected
fortnights beginning 14 April 2007 and 28 April 2007.
to decline relative to GDP as GDP growth has also increased
Accordingly, on April 28, the CRR requirement stood at 6.5 per
0.2%.
cent. Within three months the banking regulator has
India`s FDI inflows treble to USD 11.4 bn in H1`07 increased the reserve requirement again by 50 basis points.

Foreign direct investment inflows into India has trebled to
USD 11.4 billion in the first six months of 2007 (H1`07) on the
back of companies such as UK`s Vodafone`s investment in the
country to tap the world`s second-fastest growing economy.
In the first quarter of the current financial year, inflows
spiraled 185% to USD 4.9 billion from USD 1.7 billion received
during April-June`07. During January-June 2007, inflows
jumped 216% from USD 3.6 billion in the corresponding
period last year.
Banks are unlikely to correspondingly increase their lending
rates. ICICI Bank and HDFC Bank were among those who had
recently opined that interest rates had peaked.
On the money supply front too, the recent hike in CRR is
unlikely to have any significant impact with huge monetary
inflows continuing into the country on account the robust
economic growth and the bright future prospects. Money
supply (M3) is currently growing at 21.6 per cent on a year-on-
year basis.

V Share September, 2007 29

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 Global Economic Corner

Financial and Economic Indicators

Trade balance* Current-account balance Currency units, per$ Interest rates, %

Budget
latest 12 months, Latest
% of GDP August balance % 3-month 10-year govt
$bn 12 months, Year ago
2007** 20th of GDP 2007* latest bonds, latest
$bn
United States -827.1 May -803.4 Q1 -5.80 - - -1.20 5.24 4.86
Japan +91.4 May +190.0 May +4.40 7.59 115.00 -2.90 0.66 1.78
China +229.1 Jun +249.9 2006 +10.70 114.51 7.98 -0.70 3.19 4.32
Britain -155.8 Jun -93.0 Q1 -3.20 0.50 0.52 -2.70 6.09 5.29
Canada +48.0 May +18.5 Q1 +1.60 1.06 1.12 0.60 4.61 4.53
Euro area +15.9 May -1.0 May +0.10 0.74 0.78 -0.70 4.35 4.42
Austria +1.0 May +13.2 Q1 +3.00 0.74 0.78 -0.80 4.35 4.52
Belgium +18.2 May +11.2 Mar +2.20 0.74 0.78 nil 4.41 4.54
France -38.0 Jun -31.7 May -1.00 0.74 0.78 -2.80 4.35 4.50
Germany +239.9 Jun +175.4 May +4.90 0.74 0.78 0.50 4.35 4.42
Greece -46.6 Apr -33.6 May -8.40 0.74 0.78 -2.40 4.35 4.71
Italy -21.2 May -49.8 May -2.30 0.74 0.78 -2.60 4.35 4.69
Netherlands +45.3 May +16.8 Q1 +7.70 0.74 0.78 0.60 4.35 4.49
Spain -119.6 May -115.9 Apr -8.80 0.74 0.78 2.00 4.35 4.52
Czech Republic +2.9 Jun -5.3 may -4.10 20.51 21.8 -4.20 3.24 4.50
Denmark +5.4 Jun +5.3 Jun +2.10 5.53 5.79 3.80 4.55 4.49
Hungary -2.2 Jun -6.2 Q1 -5.20 192.09 209 -6.50 7.61 6.60
Norway +54.7 Jun +57.3 Q1 +14.40 5.92 6.16 16.60 5.06 5.03
Poland -7.5 May -10.2 may -2.70 2.73 3.00 -2.40 4.84 5.56
Russia +128.3 May +77.7 Q2 +6.80 25.78 26.70 3.00 10.00 6.03
Sweden +19.5 Jun +29.8 Q1 +6.80 6.94 7.12 2.40 3.48 4.35
Switzerland +11.0 Jun +102.1 Q1 +16.10 1.21 1.22 0.30 2.72 3.07
Turkey -54.1 Jun -31.7 Jun -6.30 1.35 1.45 -2.80 18.64 6.65*
Australia -10.9 Jun -43.8 Q1 -5.40 1.25 1.31 1.30 6.64 6.00
Hong Kong -19.6 Jun +23.2 Q1 +10.10 7.82 7.78 1.80 4.46 4.42
India -66.9 Jun -9.6 Q1 -1.10 40.94 46.50 -3.30 6.46 8.24
Indonesia +42.1 Jun +10.3 Q1 +1.90 9364.60 9,090.00 -1.60 8.13 6.79*
Malaysia +28.9 Jun +26.0 Q1 +11.00 3.49 3.66 -3.20 3.62 5.50*
Pakistan -13.4 Jun -6.8 Q1 -4.60 60.54 60.30 -4.70 9.81 8.31*
Singapore +35.5 Jun +38.1 Q1 +25.60 1.53 1.57 0.30 2.63 2.89*
South Korea +19.4 Jul +5.2 Jun +1.00 943.14 959.00 0.50 5.09 5.33*
Taiwan +12.3 Jul +28.1 Q1 +6.10 32.89 32.80 -2.00 2.55 2.68*
Thailand +9.3 Jun +11.1 Jun +2.30 32.80 37.50 -1.90 3.55 4.18*
Argentina +11.2 Jun +7.8 Q1 +3.20 3.20 3.07 1.30 13.13 NA
Brazil +45.0 Jul 15.0 Jun +0.80 2.04 2.17 -2.40 11.43 6.16*
Chile +25.2 Jun +7.1 Q1 +5.20 522.31 544.00 6.60 5.52 5.61*
Colombia -0.9 Apr -4.1 Q1 -3.20 2107.97 2,367.00 -0.70 8.23 6.34*
Mexico -11.8 Jun -5.5 Q1 -0.90 11.12 10.80 0.10 7.19 7.75
Venezuela +28.2 Q1 +23.8 Q1 +9.80 2146.45 2,634.00 -3.70 11.01 6.55*
Egypt -14.1 Q1 +3.3 Q1 +1.20 5.64 5.74 -5.60 7.20 5.42*
Israel -7.8 Jun +8.1 Q1 +3.50 4.20 4.00 -1.10 4.20 5.52
Saudi Arabia +148.5 2006 +95.4 2006 +25.80 3.75 3.75 19.40 5.02 na
South Africa -9.3 Jun -16.6 Q1 -6.80 7.39 7.00 0.50 10.05 8.50
*Merchandise trade only. † The Economist pll. ‡ Economist Intelligence Unit forecast. § Dollar-denominated bonds.

Source: Economist, August 11th-17th 2007 Issue

30 V Share September, 2007

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 1
It gives us extreme pleasure in launching ISE 100,a concise statistical compendium
encompassing the top 100 companies listed on the domestic equity market. The
rankings have been done primarily on the basis of a company’s Market Capitalisation.

ISE 100 as a research tool would replace ISE 500 which was earlier published by the ISE
Research Cell with V Share, the fortnightly business magazine. Therefore, rather than

ISE coming out with a separate statistical compendium the Research Cell has decided to
include the same as a section in V Share. The readers are requested to register this
change.

Shaping future investors The following benchmarks have been kept while compiling the information on the
companies :

A fortnightly statistical compendium from the ISE a) Large Cap Stocks (50) – BSE Market Capitalisation greater than Rs. 2476 Crore
Research Cell incorporating financial data on large,
mid and small cap companies belonging to the b) Mid Cap Stocks (30)– BSE Market Capitalisation between Rs.418 Crore to
Indian corporate sector Rs.2476 Crore.

c) Small Cap Stocks (20) – BSE Market Cap. between Rs.53 Crore to Rs.417
Crore.

Stock Parameter Definition

Face Value (F.V.) The nominal value of scrip stated by the issuer.
Book Value (B.V.) Book Value is the net worth (equity capital plus reserves and surplus) divided by the number of
shares outstanding.
Market Price (M.P.) The current market price of the security traded on BSE. The market price is the closing price as
stated on the bourses.
Market Capitalization (M. Cap.) It is defined as the value of a corporation as determined by the market price of its issued and
outstanding common stock. It is arrived by multiplying the closing prices of shares with fully
diluted equity capital.
Volume The average quantity of shares transacted over a period of 15 days on BSE and NSE.
52 weeks High/Lows The 52 weeks High/Lows represents the highest and the lowest points attained by a share
during the immediately preceding 52 weeks.
Price to 52 Week High/Low (P52WH/L) It has been arrived by dividing the current market price of the stock by 52 Week High/Low. It
indicates how the stock has performed over the period of 52 Weeks. To interpretate P52WH, the
lower the ratio, the more unattractive the stock. Similarly, the higher the ratio for P52WL, the
more attractive the stock.
Earning Per Share (EPS) EPS is net profit calculated on a trailing 12 months basis (aggregate net profit of four
consecutive quarters) divided by fully diluted equity capital.
Price to Earning Ratio (P/E) It has been arrived at by dividing the day's closing price of a scrip by its earning per share (EPS).
Promoters Stake It is the percentage share holding of promoters in the equity capital. It includes government's
holding in case of public sector undertaking.
Beta Beta is the shares sensitivity to market movements. It indicates how much the scrip moves for a
unit change in the market scrip. Beta could be positive or negative. A negative beta indicates
that the share moves in a direction opposite to the market. The beta of the index is 1. A higher
beta indicates the stock's movements are sharper than that of the market index.
Stock return Stock return tells about how much return a particular stock has given over the past 1-month, 3-
months and 1-year.
Equity It is defined as the latest subscribed equity capital.
Networth Networth determines the value of the company. It is calculated as the difference between total
asset and total liabilities. It is composed of primarily of all the money that has been invested
since its inception, as well as the retained earning for the duration of its operation.
Book Closure A company closes its register of members for updating the records to facilitate payment of
dividends or issue of rights of bonus shares. Book closure is the period during which this
process is done and deliveries are not effected in the clearing house.
Dividend Dividend is defined as the distribution of a portion of a company's earnings, decided by the
board of directors, to its shareholders.

S
V Share September, 2007 31
Easier Access Wider Reach
 Ise 100 A s t a t i s t i c a l c o m p e n d i u m A s t a t i s t i c a l c o m p e n d i u m Ise 100
Large Cap Companies Large Cap Companies
Volume 52 Week Price / 52 Week Return Ratio
Prom.
Equity OPM ROCE RONW Ex
BSE NSE Symbol Company Name Industry M. Cap High High Net Net Book Div (%) Pre Post
S.n. F.V B.V M.P BSE NSE Low Low EPS P/E Stake Beta 1 Month 3 Month 1 Year Paid Up Reserve PAT (%) (%) (%)
Bonus
Code (%) Worth Sale Closure Date Issue Issue
1 500312 ONGC ONGC Oil Exploration 10 285.94 818.25 175013.04 201699.60 985282.40 989.95 683.20 0.83 1.20 74.01 11.06 74.14 0.85 -7.74 -10.34 3.14 1425.93 59020.98 53959.67 47970.60 14430.78 Sep 450.00 50.28 35.71 28.63 - - -
2 532454 BHARTIARTL Bharti Airtel Telecommunications 10 60.30 827.05 156903.79 242698.00 1097464.80 960.00 382.00 0.86 2.17 24.41 33.88 60.92 0.84 -10.39 -2.61 101.77 1895.93 9542.30 11411.13 17851.60 4033.23 Jul 0.00 41.18 33.87 43.04 - - -
3 532555 NTPC NTPC Power Generation 10 59.73 164.00 135225.54 1454375.10 4828689.50 176.80 117.90 0.93 1.39 9.32 17.60 89.50 0.71 6.05 5.36 32.05 8245.50 41008.00 49253.50 32631.70 6864.70 Sep 32.00 39.51 15.63 14.50 - - -
4 500209 INFOSYSTCH Infosys Tech. Computers 5 195.41 1829.00 104472.48 359379.40 1609779.30 2439.00 1723.00 0.75 1.06 70.13 26.08 16.54 0.92 -7.94 -5.04 1.70 286.00 10876.00 11162.00 13149.00 3783.00 Jun 230.00 35.15 45.99 41.90 - - -
5 532174 ICICIBANK ICICI Bank Banks 10 296.93 871.95 96925.09 787781.10 3012916.80 1009.90 580.00 0.86 1.50 29.37 29.69 0.00 0.87 -11.49 -4.87 46.71 899.34 31895.19 24313.26 22994.29 3110.22 Jun/Jul 100.00 0.00 0.00 13.37 - - -
6 500112 SBIN St Bk of India Banks 10 594.69 1550.45 81600.18 767596.10 1836050.60 1760.00 845.00 0.88 1.83 98.21 15.79 59.73 0.83 -2.08 18.74 75.65 526.30 30772.26 31298.56 39491.03 4541.31 Jun 140.00 0.00 0.00 15.41 - - -
7 500103 BHEL BHEL Electric Equipment 10 179.53 1610.45 78834.75 209149.20 1063788.20 1899.00 970.00 0.85 1.66 50.40 31.95 67.72 1.12 -2.28 18.52 41.10 244.76 8298.74 7301.38 13442.57 1679.16 Sep 145.00 19.46 36.37 25.20 - - -
8 507685 WIPRO Wipro Computers 2 63.85 469.50 68504.75 354535.30 1131451.80 690.00 445.10 0.68 1.05 19.77 23.75 79.58 1.12 -7.04 -12.26 -8.09 291.80 9025.10 9316.90 13683.90 2842.10 Jul 300.00 25.75 39.73 36.12 - - -
9 500510 LT Larsen & Toubro Engineering 2 214.44 2354.15 67458.17 316248.40 975621.70 2735.00 1136.25 0.86 2.07 56.63 41.57 0.00 1.14 -4.89 36.06 98.62 56.65 6087.46 5740.50 17597.83 1403.02 Aug 650.00 12.83 30.92 27.11 - - -
10 500113 SAIL SAIL Steel 10 41.92 143.10 59106.02 1263869.20 5709995.50 167.10 70.55 0.86 2.03 15.35 9.32 85.82 1.48 -8.62 -0.97 89.54 4130.40 13182.75 12601.41 28081.41 4012.97 Aug 20.00 22.58 38.03 35.04 - - -
11 500875 ITC ITC Cigarettes 1 27.59 156.25 58784.38 1303950.90 4881303.30 196.45 140.15 0.80 1.11 7.52 20.78 0.00 1.10 1.23 -6.07 -13.53 376.22 10003.78 10380.00 12298.89 2699.97 Jul 310.00 22.07 40.02 27.86 - - -
12 500010 HDFC HDFC Finance 10 319.73 1915.05 51901.69 116208.00 725059.50 2099.00 1251.00 0.91 1.53 60.75 31.52 0.00 0.97 -2.70 6.31 48.47 253.00 8394.39 5551.39 5867.70 1570.38 Jun 220.00 95.81 9.90 31.35 - - -
13 530965 IOC Indian Oil Refineries 10 292.34 383.20 45691.62 96922.80 258628.90 585.00 374.10 0.66 1.02 65.32 5.87 80.35 0.80 -10.89 -23.69 -18.70 1168.01 33664.92 29302.67 174902.50 4915.12 Sep 125.00 5.15 15.69 17.78 - - -
14 500696 HINDUNILVR Hind. Unilever Personal Care 1 12.34 198.40 43788.86 407330.50 1953147.90 262.50 166.00 0.76 1.20 7.58 26.17 51.42 1.07 2.14 -0.03 -15.88 220.68 2502.14 2722.82 12075.17 1855.37 Apr/May 600.00 15.12 71.32 61.39 - - -
15 507878 UNITECH Unitech Construction 2 14.30 492.90 40008.69 1088316.90 2668336.60 623.60 187.00 0.79 2.64 15.49 31.82 74.56 0.27 -12.65 -12.09 121.58 162.34 998.66 1161.00 2503.97 983.55 Jul 25.00 60.23 52.93 141.97 - - -
16 500900 STER Sterlite Inds. Metal - Copper 2 176.44 561.35 39782.87 226317.50 839716.60 682.00 392.10 0.82 1.43 12.07 46.51 62.47 1.71 -14.91 4.29 38.95 55.87 12362.80 4100.53 7312.10 511.12 Sep 62.50 11.99 13.14 13.34 - - -
17 500180 HDFCBANK HDFC Bank Banks 10 291.43 1125.00 39709.13 98072.00 499528.90 1274.00 805.00 0.88 1.40 34.66 32.46 24.74 0.74 -6.25 1.24 34.44 319.39 9933.66 6433.15 6889.02 1141.45 May/Jun 70.00 0.00 0.00 19.46 - - -
18 532667 SUZLON Suzlon Energy Electric Equipment 10 128.55 1300.80 37459.14 271155.30 610243.60 1569.00 932.00 0.83 1.40 33.23 39.15 69.73 1.40 -13.39 12.59 7.70 287.76 3413.82 3701.58 5380.37 1061.14 Jul 50.00 24.06 30.58 32.61 - - -
19 500470 TATASTEEL Tata Steel Steel 10 251.72 568.80 34638.21 1062591.80 2893078.30 731.00 399.00 0.78 1.43 71.51 7.95 33.77 1.47 -20.48 -13.67 11.91 580.67 14720.09 13949.09 17453.62 4222.15 Jun 155.00 37.11 36.79 35.62 - - -
20 500376 SATYAMCOMP Satyam Computer Computers 2 86.52 432.50 28901.81 827728.80 2918698.00 524.90 384.50 0.82 1.12 21.73 19.90 8.79 1.05 -9.49 -4.37 8.06 133.44 5648.07 5781.51 6228.47 1423.23 Aug 175.00 27.47 31.18 28.14 - - -
21 500188 HINDZINC Hind.Zinc Metal - Zinc 10 180.52 681.80 28808.10 73301.60 99777.90 1020.50 545.00 0.67 1.25 112.49 6.06 64.92 1.24 -13.69 2.28 14.56 422.53 7205.00 3429.78 3864.44 1472.48 Sep 25.00 55.83 68.62 53.47 - - -
22 500111 RELCAPITAL Reliance Capital Finance 10 210.10 1050.35 25799.75 758176.30 1855525.50 1301.85 454.00 0.81 2.31 34.77 30.21 52.41 1.58 -12.79 8.81 127.15 246.16 4915.07 5161.23 887.00 646.18 Jun 35.00 88.73 14.26 14.00 - - -
23 500300 GRASIM Grasim Inds. Diversified 10 679.04 2775.95 25452.69 23576.70 70728.20 3062.00 1927.00 0.91 1.44 186.51 14.88 25.19 1.21 -7.59 10.84 23.90 91.67 6134.46 6226.13 8604.45 1535.81 Jul 275.00 27.65 28.98 27.42 - - -
24 500570 TATAMOTORS Tata Motors Automobiles 10 177.57 649.55 25035.61 477059.70 1216440.30 974.80 635.00 0.67 1.02 51.83 12.53 33.43 1.19 -15.32 -8.25 -24.40 385.41 6458.82 6843.80 27061.53 1913.46 Jun 150.00 11.20 30.52 30.98 - - -
25 500490 BAJAJAUTO Bajaj Auto Automobiles 10 546.98 2262.80 22895.01 60477.30 176848.90 3175.00 2063.00 0.71 1.10 121.18 18.67 30.11 1.05 -2.76 3.64 -18.42 101.18 5433.14 5534.32 9317.47 1237.96 Jul 400.00 16.08 22.71 21.10 - - -
26 532500 MARUTI Maruti Udyog Automobiles 5 237.22 782.20 22599.32 139197.90 647644.20 991.40 713.00 0.79 1.10 58.56 13.36 58.71 1.20 -5.53 -4.04 -6.94 144.50 6709.40 6853.90 14696.30 1562.00 Aug/Sep 90.00 15.05 35.63 25.38 - - -
27 500002 ABB ABB Electric Equipment 2 55.74 1034.60 21923.17 116658.10 484529.30 1175.00 542.40 0.88 1.91 19.46 53.17 52.11 0.92 -3.43 18.25 82.36 42.38 1138.66 1181.04 4274.01 340.31 May 100.00 12.16 51.42 32.88 - - -
28 532215 AXISBANK Axis Bank Banks 10 221.50 603.95 21513.91 260485.40 674839.80 680.00 324.00 0.89 1.86 20.03 30.15 42.93 0.79 -6.97 4.01 82.57 281.63 7534.18 3393.23 4560.40 659.03 May/Jun 45.00 0.00 0.00 21.04 - - -
29 532281 HCLTECH HCL Technologies Computers 2 51.60 306.70 20357.21 155214.10 825798.70 365.75 270.50 0.84 1.13 16.60 18.48 67.55 0.89 -5.99 -7.95 5.00 64.69 3292.28 2575.87 3032.92 638.38 Dec 800.00 24.04 21.28 20.72 - - -
30 500550 SIEMENS Siemens Electronics 2 64.38 1195.80 20161.19 37277.70 154649.20 1485.00 968.00 0.81 1.24 24.14 49.54 55.18 1.18 -10.97 -3.86 14.53 33.72 1051.80 1085.52 4496.67 360.11 Jan 190.00 11.59 54.61 38.59 - - -
31 500425 AMBUJACEM Ambuja Cem. Cement 2 22.95 127.90 19461.26 1103083.00 4323491.60 150.00 99.80 0.85 1.28 9.11 14.04 37.09 0.98 -5.89 11.65 15.80 303.37 3187.21 3490.58 6214.16 1503.25 Feb/Mar 110.00 32.54 34.10 35.36 - - -
32 524715 SUNPHARMA Sun Pharma. Pharmaceuticals 5 144.09 959.65 19114.31 48401.50 197373.20 1196.00 862.05 0.80 1.11 35.46 27.06 67.03 0.67 -2.10 -11.89 10.50 96.70 2770.35 2448.12 2243.18 628.93 Aug/Sep 135.00 30.21 19.30 32.15 - - -
33 500410 ACC ACC Cement 10 167.68 963.20 18051.33 251285.60 953315.30 1192.00 680.00 0.81 1.42 67.27 14.32 43.03 1.01 -13.01 8.61 5.48 187.48 2955.16 3142.64 5660.34 1231.84 Mar 150.00 27.74 41.28 41.56 - - -
34 532532 JPASSOCIAT Jaiprakash Assoc Construction 10 116.95 816.45 17899.85 183307.20 765498.80 892.50 405.50 0.91 2.01 21.12 38.66 47.65 1.33 -2.21 27.99 86.09 219.24 2344.85 2564.09 3461.70 414.90 Aug 36.00 28.94 12.64 17.62 - - -
35 500440 HINDALC0 Hindalco Inds. Aluminium 1 110.86 141.75 17394.14 976649.40 2289242.50 192.75 125.25 0.74 1.13 20.91 6.78 31.40 1.23 -22.31 -2.61 -12.17 104.33 13480.58 12418.04 18093.52 2564.33 Jul 170.00 21.82 21.86 23.29 - - -
36 500390 REL Reliance Energy Power Generation 10 378.12 725.40 16577.57 855965.20 2325981.10 817.00 436.10 0.89 1.66 37.04 19.58 34.58 0.97 5.40 27.16 61.79 228.57 8412.74 8641.31 5769.30 801.45 Jun/Jul 53.00 23.62 8.69 10.23 - - -
37 532234 NATIONALUM Natl. Aluminium Aluminium 10 119.43 256.45 16523.33 28999.30 112008.40 305.50 185.00 0.84 1.39 34.22 7.49 87.15 1.11 -11.61 5.23 28.68 644.31 7050.91 5892.67 4854.59 1562.20 Sep 50.00 53.66 46.54 29.50 - - -
38 532466 I-FLEX I-Flex Solutions Computers 5 281.78 1904.95 15944.43 12658.90 46118.20 2630.00 1405.05 0.72 1.36 45.08 42.26 80.64 1.02 -18.14 -14.39 31.23 41.64 2316.67 2358.31 1552.34 354.67 Aug 0.00 28.19 20.48 19.06 - - -
39 532461 PNB Pun. Natl. Bank Banks 10 321.65 492.10 15515.91 170250.50 625375.00 593.95 400.00 0.83 1.23 61.39 8.02 57.80 0.94 -14.06 -11.94 11.54 315.30 9826.31 10141.61 11537.48 1540.08 Jun 100.00 0.00 0.00 16.03 - - -
40 500087 CIPLA Cipla Pharmaceuticals 2 41.52 184.10 14309.17 460815.60 1283509.50 275.00 176.05 0.67 1.05 7.85 23.45 39.36 0.80 -8.36 -11.60 -26.74 155.46 3071.84 3227.30 3438.24 668.03 Aug 100.00 26.11 28.28 25.69 - - -
41 500400 TATAPOWER Tata Power Co. Power Generation 10 290.82 687.20 14279.33 107300.30 351334.10 760.00 483.00 0.90 1.42 35.64 19.28 32.26 0.80 2.44 12.92 31.35 197.92 5835.19 6033.11 4949.74 696.80 Jul/Aug 95.00 21.59 8.65 12.03 - - -
42 500359 RANBAXY Ranbaxy Labs. Pharmaceuticals 5 62.99 364.90 13609.31 415438.70 1411257.30 445.00 305.50 0.82 1.19 17.60 20.73 34.85 0.83 3.50 -6.32 -8.97 186.34 2162.79 2349.13 4117.22 380.54 May 170.00 14.22 11.22 16.10 - - -
43 500049 BEL Bharat Electron Electronics 10 321.54 1657.65 13261.20 10399.20 61631.30 1949.70 1062.00 0.85 1.56 84.99 19.50 75.86 1.17 -8.69 -2.72 46.84 80.00 2492.31 2042.46 3500.52 583.01 Sep 146.00 27.27 48.42 32.07 - - -
44 505537 ZEEL Zee Entertainmen Entertainment 1 44.63 298.60 12947.30 295859.50 1163899.20 381.00 210.00 0.78 1.42 4.93 60.57 43.25 0.75 -9.75 -3.58 9.76 43.36 1891.81 1935.17 867.68 166.21 Aug 150.00 31.53 12.57 9.55 - - -
45 500182 HEROHONDA Hero Honda Motor Automobiles 2 123.69 642.15 12823.74 61194.40 191366.90 808.80 565.00 0.79 1.14 40.56 15.83 54.95 0.76 -5.71 -7.43 -7.78 39.94 2430.12 2470.06 9894.52 857.89 Jul 850.00 12.02 51.66 38.30 - - -
46 532432 MCDOWELL-N United Spirits Distilleries 10 167.16 1301.05 12729.47 162245.70 614204.10 1490.90 566.05 0.87 2.30 31.74 40.99 38.10 0.77 3.89 11.64 122.12 60.47 1537.61 854.34 2018.39 42.02 Dec 20.00 7.04 12.88 5.23 - - -
47 500303 ABIRLANUVO Aditya Birla Nuv Textiles - Rayon 10 334.89 1345.50 12553.52 33207.90 80747.60 1624.90 750.02 0.83 1.79 20.89 64.41 39.01 0.67 -13.49 4.45 66.42 93.31 3031.24 3124.55 3397.71 224.97 Jul/Aug 55.00 17.63 10.41 8.48 - - -
48 532286 JINDALSTEL Jindal Steel Steel - Sponge Iron 5 804.35 3865.15 11904.66 6121.50 28600.80 4270.00 1450.05 0.91 2.67 259.74 14.88 59.01 1.29 -2.85 24.71 152.23 15.40 2462.00 1838.66 2564.55 572.94 Sep 300.00 36.46 22.43 36.30 - - -
49 532149 BANKINDIA Bank of India Banks 10 117.87 235.55 11480.71 302100.20 1521363.40 276.20 123.00 0.85 1.92 25.23 9.34 69.47 1.27 -8.13 10.51 73.07 488.14 5257.75 5745.89 9180.33 1123.17 Jul 35.00 0.00 0.00 21.25 - - -
50 500790 NESTLE Nestle India Food And Dairy 10 40.33 1186.45 11439.75 68184.50 0.00 1387.00 876.00 0.86 1.35 36.26 32.72 61.85 0.41 4.07 4.89 15.18 96.42 292.47 388.89 2819.16 315.10 Apr/May 255.00 18.59 124.35 84.81 - - -

32 V Share September, 2007 V Share September, 2007 33

Easier Access Wider Reach Easier Access Wider Reach
 Ise 100 A s t a t i s t i c a l c o m p e n d i u m A s t a t i s t i c a l c o m p e n d i u m Ise 100
Mid Cap Companies Mid Cap Companies
Volume 52 Week Price / 52 Week Return Ratio
Prom.
Equity OPM ROCE RONW Ex
BSE NSE Symbol Company Name Industry M. Cap High High Net Net Book Div (%) Pre Post
S.n. F.V B.V M.P BSE NSE Low Low EPS P/E Stake Beta 1 Month 3 Month 1 Year Paid Up Reserve PAT (%) (%) (%)
Bonus
Code (%) Worth Sale Closure Date Issue Issue
1 523405 JMFINANCIL JM Financial Finance 10 127.01 1325.00 3975.00 5205.50 7935.00 1384.90 715.00 0.96 1.85 9.02 146.90 67.35 0.85 3.27 14.04 58.91 29.98 351.02 381.00 39.32 35.31 Aug/Sep 50.00 90.78 11.67 11.78 - - -
2 532636 INDIAINFO India Infoline Securities 10 55.84 585.05 3121.83 415232.10 878816.50 853.00 141.05 0.69 4.15 13.20 44.32 32.49 1.36 -27.05 38.72 293.71 50.17 244.59 285.35 275.93 52.12 Jun 30.00 34.94 28.52 22.95 - - -
3 500055 BHUSANSTL Bhushan Steel Steel 10 285.97 630.65 2678.37 44770.80 66225.30 750.00 215.70 0.84 2.92 82.21 7.67 64.18 1.23 -12.52 -6.17 180.48 42.47 1172.03 1214.50 3806.81 313.26 Sep 25.00 15.96 12.41 29.78 - - -
4 500676 GSKCONS GlaxoSmith C H L Food And Dairy 10 129.03 586.55 2467.03 7503.30 25116.70 670.00 496.00 0.88 1.18 34.72 16.89 43.16 0.45 2.07 6.65 16.59 42.06 500.66 542.72 1112.90 126.93 Apr 100.00 19.50 38.14 24.94 - - -
5 531349 PANACEABIO Panacea Biotec Biotechnology 1 81.93 371.90 2447.10 42518.60 76014.10 493.95 317.45 0.75 1.17 21.93 16.96 66.24 0.41 -6.92 -16.35 12.63 5.72 532.51 160.32 536.35 60.94 Sep 100.00 23.24 18.73 39.87 - - -
6 500160 GTL GTL Telecommunications 10 105.84 219.20 2226.20 177417.60 372723.40 244.50 114.00 0.90 1.92 6.44 34.04 33.39 0.83 -5.37 17.88 63.95 97.32 973.32 1035.51 691.59 39.98 Jun 33.33 16.39 7.36 5.52 - - -
7 532505 UCOBANK UCO Bank Banks 10 27.66 27.30 2182.25 767540.20 1721538.80 30.20 18.20 0.90 1.50 4.85 5.63 74.98 0.68 -3.19 11.20 44.83 799.36 1411.88 2211.24 5317.84 316.10 Jun 10.00 0.00 0.00 13.16 - - -
8 532508 JSTAINLESS Jindal Stainless Steel 2 102.05 150.70 2155.01 59925.70 117336.60 177.50 92.10 0.85 1.64 26.91 5.60 42.56 1.64 -0.72 -5.37 53.78 27.64 1430.69 1401.77 4799.44 353.01 Aug 100.00 17.92 19.62 29.28 - - -
9 500710 ICI ICI (India) Paints / Varnishes 10 212.42 525.60 2148.13 42262.00 15881.60 575.00 299.00 0.91 1.76 27.08 19.41 50.83 0.45 4.63 0.84 72.16 40.87 827.30 868.17 973.14 448.42 Jul 270.00 14.52 19.28 14.65 - - -
10 500680 PFIZER Pfizer Pharmaceuticals 10 147.37 707.10 2109.99 13204.60 5388.80 965.00 683.00 0.73 1.04 38.59 18.32 41.23 0.51 -12.58 -15.85 -12.64 29.84 409.92 439.76 702.83 105.73 Mar 125.00 22.87 42.30 25.90 - - -
11 526991 ATLASCOPCO Atlas Copco (I) Compressors 10 118.63 903.95 2039.31 4009.70 0.00 1269.00 558.00 0.71 1.62 32.23 28.05 83.77 0.91 -6.64 0.08 50.58 22.56 245.07 267.63 736.44 72.04 Apr 40.00 17.31 38.96 30.41 - - -
12 502937 KESORAMIND Kesoram Inds. Diversified 10 141.65 445.80 2039.09 44232.20 132707.80 626.80 295.50 0.71 1.51 60.28 7.40 21.87 1.12 -14.30 5.43 28.18 45.74 602.15 647.89 2204.09 265.68 Jun 40.00 17.23 29.43 50.31 - - -
13 532720 M&MFIN M & M Financial Finance 10 90.72 236.70 2035.62 11717.80 15723.70 299.00 213.70 0.79 1.11 15.71 15.07 69.98 0.66 -9.48 0.30 2.85 84.02 694.22 778.24 840.17 132.88 Jun/Jul 40.00 63.26 10.22 18.08 - - -
14 500335 BIRLAJUTE Birla Corp. Cement 10 85.32 261.85 2016.51 79013.00 207703.70 375.00 179.55 0.70 1.46 46.92 5.58 62.90 1.22 -11.15 6.16 -4.28 77.01 580.07 657.08 1564.79 326.23 Jul 35.00 29.00 60.68 63.24 - - -
15 500472 SKFINDIA SKF India Bearings 10 80.08 380.60 2006.90 14051.40 19209.40 513.10 264.00 0.74 1.44 24.94 15.26 53.58 0.93 -15.87 -20.08 27.08 52.73 369.53 422.26 1340.63 101.96 Apr 45.00 12.30 40.12 26.50 - - -
16 503031 PENINLAND Peninsula Land Construction 10 94.76 420.50 1980.13 201189.30 80120.00 754.80 304.40 0.56 1.38 40.46 10.39 65.22 0.74 -18.57 -4.44 -9.97 39.55 399.13 163.11 272.36 144.19 Sep 20.00 62.88 33.89 189.23 - - -
17 523395 3MINDIA 3M India Trading 10 198.61 1756.20 1979.24 641.50 377.90 2277.30 1101.00 0.77 1.60 50.53 34.76 76.01 0.88 -11.15 -2.40 48.02 11.27 212.56 223.83 504.86 50.42 Apr 0.00 15.67 39.40 25.39 - - -
18 500020 BOMDYEING Bombay Dyeing Petrochemicals 10 102.31 512.35 1978.18 40553.40 82966.50 847.00 433.10 0.60 1.18 12.77 40.12 43.01 1.45 -16.46 -11.79 -27.02 38.61 356.41 395.02 485.14 35.93 Jul 50.00 18.22 6.24 9.25 - - -
19 514304 SKUMARSYNF S Kumars Nation Textiles - Weaving 10 22.47 97.95 1972.52 173709.50 861484.60 115.70 59.15 0.85 1.66 7.00 13.99 41.98 1.06 -6.36 26.63 39.43 192.70 251.10 403.04 1229.31 107.47 Jul 0.00 18.63 10.74 22.99 - - -
20 532313 GESCOCORP Mahindra Gesco Construction 10 189.30 493.15 1970.13 44313.80 107998.00 1052.00 465.50 0.47 1.06 4.71 104.70 50.03 1.79 -16.88 -21.19 -42.73 31.03 716.29 127.79 121.13 11.00 Sep 10.00 19.93 7.70 2.13 - - -
21 532684 EKC Everest Kanto Packaging 2 140.94 1008.75 1969.08 22519.10 42089.80 1202.00 372.15 0.84 2.71 21.54 46.83 61.81 1.04 -3.61 -8.73 162.87 19.52 255.60 275.12 330.27 47.07 Jun/Jul 50.00 22.98 26.51 19.03 - - -
22 500304 NIITLTD NIIT Computers 10 160.61 880.15 1931.93 44785.30 94815.00 1265.00 299.00 0.70 2.94 12.33 71.38 30.16 0.59 -25.09 0.02 145.96 19.76 330.59 308.78 390.27 32.93 Jul 65.00 18.61 9.71 11.06 - - -
23 500165 KANSAINER Kansai Nerolac Paints / Varnishes 10 189.88 707.60 1906.98 461.10 6111.30 960.00 634.00 0.74 1.12 39.78 17.79 66.41 0.27 0.50 1.81 -13.92 25.51 484.78 510.29 1287.48 107.66 Jun 115.00 13.17 28.47 23.50 - - -
24 500032 BAJAJHIND Bajaj Hindustan Sugar - Integrated 1 96.79 131.00 1852.34 273905.50 659122.10 352.00 127.50 0.37 1.03 0.00 0.00 40.90 1.41 -17.30 -25.38 -60.79 14.14 1354.53 1368.67 1444.61 190.83 Mar 60.00 26.39 16.51 19.25 - - -
25 500877 APOLLOTYRE Apollo Tyres Tyres 1 20.77 39.60 1837.44 77212.70 270711.30 41.70 25.00 0.95 1.58 3.10 12.77 32.43 0.67 3.77 8.43 39.78 46.41 917.55 963.96 3284.28 113.42 Jul 45.00 8.86 17.56 14.22 - - -
26 505885 ALFALAVAL Alfa Laval (I) Engineering 10 127.65 996.85 1810.28 498.50 882.10 1380.00 780.00 0.72 1.28 39.90 24.98 76.73 0.66 -11.85 -20.51 23.42 18.16 213.66 231.82 593.19 69.64 Mar 250.00 18.49 47.63 31.08 - - -
27 532399 ADLABSFILM Adlabs Films Entertainment 5 99.68 453.75 1805.93 62317.70 145094.80 595.00 270.60 0.76 1.68 16.86 26.91 54.91 1.40 -14.58 -14.21 66.21 19.90 376.83 338.58 109.78 26.31 Jul 45.00 40.78 7.60 10.39 - - -
28 505700 ELECON Elecon Engg.Co Engineering 2 60.81 563.00 1739.67 50168.00 60817.20 660.00 191.60 0.85 2.94 19.76 28.49 42.16 0.69 0.54 37.97 154.30 5.71 181.72 102.67 456.51 27.88 Jul 50.00 13.51 25.13 31.69 - - -
29 515030 ASAHIINDIA Asahi India Glas Glass - Safety 1 17.58 106.00 1694.94 54196.70 94052.40 152.00 83.05 0.70 1.28 3.12 33.97 55.45 0.63 -1.35 -7.63 24.78 15.99 265.12 281.11 761.04 42.34 Jul 65.00 17.52 6.69 13.07 - - -
30 532356 TRIVENI Triveni Engg. Sugar - Integrated 1 22.86 65.40 1686.67 349687.70 665653.20 82.75 38.15 0.79 1.71 1.51 43.31 69.45 0.37 26.62 19.45 -18.61 25.79 563.88 512.16 1199.36 131.50 Jun 50.00 16.71 24.55 38.34 - - -

Small Cap Companies Small Cap Companies

Volume 52 Week Price / 52 Week Return Ratio

Prom.
Equity OPM ROCE RONW Ex
BSE NSE Symbol Company Name Industry M. Cap High High Net Net Book Div (%) Pre Post
S.n. F.V B.V M.P BSE NSE Low Low EPS P/E Stake Beta 1 Month 3 Month 1 Year Paid Up Reserve PAT (%) (%) (%)
Bonus
Code (%) Worth Sale Closure Date Issue Issue
1 526209 KSOILS K S Oils Solvent Extraction 1 7.54 56.00 1237.04 1088045.90 409795.10 61.35 10.30 0.91 5.44 3.44 16.28 29.35 0.78 2.56 34.07 411.88 22.09 144.41 166.50 1087.47 57.32 Jun 15.00 8.75 45.50 53.76 - - -
2 512185 IOLB IOL Broadband Computers - Software 10 49.83 510.60 1234.12 92539.50 19170.50 619.50 81.00 0.82 6.30 0.17 0.00 3.52 0.70 -15.24 16.60 477.93 13.90 96.28 9.07 8.85 -0.50 Sep 0.00 -3.73 0.00 0.00 - - -
3 504614 Raipur Alloys Steel 10 52.96 271.95 925.99 56306.80 0.00 285.00 72.00 0.95 3.78 7.07 38.47 56.88 0.87 22.33 50.71 251.81 13.08 146.28 69.91 215.65 12.02 Mar/Apr 20.00 8.66 9.37 14.08 - - -
4 500500 HINDMOTOR Hind.Motors Automobiles 10 5.67 25.90 417.43 208609.00 333536.10 46.40 25.50 0.56 1.02 0.00 0.00 29.48 1.52 -20.43 -22.92 -32.20 161.26 -69.80 91.46 666.51 13.30 Aug 0.00 -2.56 -14.87 -47.18 - - -
5 517544 SOLECTCENT Solectron Centum Electronics 10 23.85 278.75 412.55 82589.33 55082.67 342.85 163.05 0.81 1.71 8.36 33.34 61.27 1.20 14.80 20.50 45.73 83.33 9.92 Jul 0.00 18.93 32.20 24.14 - - -
6 522229 TANEJAERO Taneja Aerospace Miscellaneous 5 34.01 162.70 405.77 73297.40 0.00 290.70 127.00 0.56 1.28 0.21 0.00 42.57 0.93 -25.96 0.28 7.32 11.29 72.35 48.39 20.97 6.03 Sep 0.00 54.46 20.94 20.63 - - -
7 500307 NIRLON Nirlon Textiles - Manmade 10 10.68 69.30 403.46 230155.00 0.00 92.60 22.65 0.75 3.06 0.12 0.00 14.04 0.74 -10.75 -2.94 182.86 58.22 3.97 62.19 6.00 1.32 Aug 0.00 68.75 4.90 4.38 - - -
8 509627 HINDDORROL Hind.Dorr-Oliver Engineering 2 30.13 110.80 398.88 32930.30 40442.40 140.00 57.00 0.79 1.94 4.83 22.94 52.78 0.68 -12.62 43.62 23.11 5.80 101.26 89.01 141.41 6.47 Aug 20.00 7.24 11.44 10.46 - - -
9 532369 RAMCOIND Ramco Inds. Cement Products 10 519.77 910.00 394.03 2529.60 549.10 1495.00 615.00 0.61 1.48 51.62 17.63 56.42 0.22 -10.78 26.99 -28.36 4.33 220.73 225.06 349.82 24.32 Jul 150.00 20.69 11.33 11.23 - - -
10 500151 GTCIND GTC Inds. Cigarettes 10 22.07 222.90 392.30 68992.90 129612.10 262.55 133.00 0.85 1.68 29.49 7.56 44.44 0.68 -5.35 18.19 46.36 17.58 21.25 38.83 199.91 51.80 Jul 0.00 9.33 30.64 77.39 - - -
11 532163 SAREGAMA Saregama India Entertainment 10 63.83 266.80 391.40 2366.70 7495.70 344.00 164.50 0.78 1.62 9.67 27.59 50.77 0.74 -16.02 -8.96 52.76 14.67 78.97 79.64 114.25 8.87 Sep 0.00 11.96 12.49 11.88 - - -
12 532262 TCI Inds. Trading 10 -139.68 4112.90 390.73 545.40 0.00 4112.90 897.00 1.00 4.59 0.63 0.00 73.15 -0.01 165.27 332.80 198.25 0.91 -14.22 -13.30 0.42 -0.33 Jul 0.00 -61.90 0.00 0.00 - - -
13 500444 WSTCSTPAPR West Coast Paper Paper 10 259.71 431.20 385.49 3818.70 1834.20 468.00 330.05 0.92 1.31 77.61 5.56 54.07 0.83 -0.63 17.38 9.16 8.94 223.24 181.40 529.81 32.03 Sep 150.00 11.50 8.86 13.84 - - -
14 524667 SAVITACHEM Savita Chemicals Petrochemicals 10 142.40 262.00 382.52 2675.80 2427.30 327.00 210.00 0.80 1.25 36.69 7.14 71.50 0.59 0.71 -1.13 -10.03 8.76 193.31 175.77 594.96 37.49 Sep 125.00 9.02 28.05 22.96 - - -
15 505324 MANUGRAPH Manugraph India Engineering 2 52.83 122.20 371.49 8224.20 4875.40 289.00 118.25 0.42 1.03 13.80 8.86 56.94 0.71 -10.97 -8.09 -41.84 6.08 154.51 160.59 368.84 47.41 Sep 150.00 20.04 37.63 34.37 - - -
16 532649 NECLIFE Nectar Lifescn. Pharmaceuticals 10 147.28 247.55 368.60 80161.40 58805.40 270.00 125.60 0.92 1.97 39.56 6.26 65.93 1.08 15.49 61.80 74.21 14.89 204.41 173.23 256.35 28.00 Sep 10.00 16.78 17.63 23.64 - - -
17 532655 BALASTEELS Shri Ramrupai Steel - Sponge Iron 10 24.82 55.00 363.00 24607.88 37271.00 61.25 12.30 0.90 4.47 6.08 9.05 69.70 1.11 66.00 97.82 123.71 466.35 18.09 Sep 0.00 8.00 16.23 16.69 - - -
18 500033 BAJAJTEMPO Force Motors Automobiles 10 -121.59 272.45 359.09 1099.50 0.00 547.00 255.10 0.50 1.07 0.00 0.00 51.83 0.57 -8.94 -14.07 -36.65 13.18 -173.43 224.10 933.94 30.13 Sep 0.00 7.28 10.41 14.41 - - -
19 500187 HINDSANIT Hind.Sanitarywar Ceramics - Sanitaryware 2 36.67 65.25 358.88 16418.90 18837.60 127.05 61.50 0.51 1.06 5.07 12.87 55.63 0.70 -18.49 -29.84 -38.30 9.36 190.68 129.42 391.09 25.67 Sep 65.00 17.90 16.38 21.30 - - -
20 590027 JAYPEEHOT Jaypee Hotels Hotels 10 24.64 61.85 343.21 6558.00 17481.00 92.20 51.20 0.67 1.21 2.51 24.64 74.78 0.80 -4.85 -4.85 -14.81 55.49 81.26 134.80 123.51 26.94 Sep 18.00 30.48 15.64 12.76 - - -

34 V Share September, 2007 V Share September, 2007 35

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