GS Calendar

Goldman Sachs India Coverage - Events Calendar
Impacted stocks / sector Material Implication

Event Ticker Company Market Impact
Monthly auto sales data Auto sector demand
New product launches by various players. New compact car
India Auto Expo 2010 Auto sector launch by Toyota etc
3QFY10 BAJA.BO Bajaj Auto High EBITDA margin at ~20% (35% above consensus on 2H)
3QFY10 HROH.BO Hero Honda Motors Evidence of sustainability of above-trend margins
1-Apr-10
Goldman
GoldmanSachs
SachsIndia
IndiaEvents
EventsCalendar
Calendar
Vikram Sahu Rishi Jhunjhunwala

+91-22-6616-9050 +91-22-6616-9039
vikram.sahu@gs.com rishi.jhunjhunwala@gs.com
Goldman Sachs India Securities Pvt. Ltd. Goldman Sachs India Securities Pvt. Ltd.
Events by Sector Events Chronology
Capital
Autos Cements
Goods APRIL
Consumer Economics Financials
Infra- MAY
Healthcare IT Services
structure
Media Metals & Oil & Gas

Mining JUNE
Utilities &
Real Estate Telecom
Fertilizers
Material Events
Results
(non results)
Source: Company data, Goldman Sachs Research estimates.
Goldman Sachs Research estimates, DataStream

Goldman Sachs India - Key events to watch for during April - June 2010
Autos Expected Date Event Material Implication

Should continue / Market
to show evidence of Impact
cyclical upswing in Ticker Company
1-Apr-10 Monthly auto sales data demand Auto sector
21-Apr-10 4QFY10 results We expect EBITDA margin at about 21% for FY10 BAJA.BO Bajaj Auto
21-Apr-10 4QFY10 results Should show evidence of sustainability of above-trend margins HROH.BO Hero Honda Motors
sandeep.pandya@gs.com
24-Apr-10 4QFY10 results MRTI.BO Maruti Suzuki India
28-Apr-10 4QFY10 results Not Covered by GS MAHM.BO Mahindra & Mahindra
28-Apr-10 4QFY10 (Standalone) TAMO.BO Tata Motors
Sandeep Pandya
15-May-10 4QFY10 results Not Covered by GS ASOK.BO Ashok Leyland

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26-May-10 4QFY10 (Consolidated) TAMO.BO Tata Motors

30-Jun-10 Skoda Fabia (compact car) lower Evidence of increasing competition in Indian compact car MRTI.BO Maruti Suzuki India
priced version
Nissan launch car)
Micra (compact market of increasing competition in Indian compact car
Evidence
30-Jun-10 launch market MRTI.BO Maruti Suzuki India
30-Jun-10 JLR pension revaluation TAMO.BO Tata Motors
Capital Goods Expected Date Event Material Implication / Market Impact Ticker Company
16-Apr-2010 FY2010 results CCRI.BO Container Corporation of India
30-Apr-2010 FY2010 results GATE.BO Gateway Distriparks
April 2010 We expect commissioning of L&T This would be the first instance of a private player LART.BO Larsen & Toubro
- MHI Turbine generators' Surat commissioning power equipment manufacturing capacity in
facility India and would add 4,000 MW to India's power equipment
manufacturing capacity which is currently dominated by
11-May-2010 FY2010 results BHEL"s 15,000 MW capacity SNTX.BO Sintex Industries
15-May-2010 FY2010 results EKCL.BO Everest Kanto Cylinder
18-May-2010 FY2010 results PUJL.BO Punj Lloyd
27-May-2010 FY2010 results We expect strong revenue performance ( historically Q4 is theBHEL.BO Bharat Heavy Electricals
ishan.sethi@gs.com
strongest) and margin performance similar to 3QFY10 -

structural thesis of declining margins/returns stays.
28-May-2010 FY2010 results We expect 28% yoy growth in Q4FY10 vs company's guidance LART.BO Larsen & Toubro
91(22)6616-9048
Ishan Sethi
of 35% yoy growth

May 2010 Completion of evaluation of In stage - 1, NTPC has received 2 bids for boiler supply and 5 BHEL.BO Bharat Heavy Electricals
techno-commercial bids for for turbine-generator sets. We expect BHEL would not be L-1 on
NTPC's bulk equipment order and the price bids. Thus, we expect BHEL to win only 5 of the 11
invitation of price bids thereafter units at a price matching the lowest bid.
Cements Expected Date Event Material Implication / Market Impact Ticker Company
10-Apr-2010 Pan-India cement dispatch data We expect cement dispatch data to be strong till onset of Cement sector
monsoon in July - FY11E cement consumption forecast at 11%
21-Apr-2010 FY2010 results yoy ULTC.BO Ultratech Cement
22-Apr-2010 1QFY2010 results ACC.BO ACC
22-Apr-2010 1QFY2010 results ABUJ.BO Ambuja Cements
10-May-2010 Pan-India cement dispatch data Cement sector
19-May-2010 FY2010 results GRAS.BO Grasim Industries
10-Jun-2010 Pan-India cement dispatch data Cement sector
pritesh.vinay@gs.com
27-Jun-2010 FY2010 results ICMN.BO India Cement

Pritesh Vinay
1QFY2011 Listing of Samruddhi Cement Timely listing of Samruddhi Cement would ensure that the GRAS.BO, Grasim/Ultratech
91(22)6616-9038
(Grasim's cement subsidiary) entire consolidation process would be completed by 2QFY2011; ULTC.BO
implying potential rerating for Ultratech Cements. Post
consolidation, Ultratech Cements would emerge as India’s
largest cement company with a total capacity of 49 mtpa
representing 20% of all-India capacity.
Consumer Expected Date Event Material Implication / Market Impact Ticker Company
vishnu.gopal@gs.com
29-Apr-2010 4QFY10 results DABU.BO Dabur India
21-May-2010 4QFY10 results To look for updates on price increases to cover increased ITC.BO ITC
excise duty
Vishnu Gopal
91(22)6616-9046
23-May-2010 1QFY10 results NEST.BO Nestle India
25-May-2010 4QFY10 results To look for impact of price reductions on margins and also HLL.BO Hindustan Unilever
whether pricing strategy has led to increase in volumes/market
28-May-2010 4QFY10 results shares
To look for increases in effective tax rate as deduction allowed COLG.BO Colgate Palmolive (India)
on production from Baddi set to expire.
Economics Expected Date Event Material Implication / Market Impact Ticker Company
12-Apr-2010 February IP We expect the strength in industrial activity to continue
14-Apr-2010 March WPI inflation We expect WPI inflation to be higher than 10% in the March
reading
20-Apr-2010 RBI Monetary policy meeting We expect the RBI to hike the reverse repo and repo rates by
25 bp each at its next policy meeting. We expect a cumulative
increase in effective policy rates of 300 bp in 2010, in part by
hiking the repo and reverse repo rates and in part by moving
the effective rate from the floor of the corridor (reverse repo) to
the ceiling (repo).
tushar.poddar@gs.com
12-May-2010 March IP We expect the strength in industrial activity to continue

14-May-2010 April WPI inflation We expect headline WPI inflation to remain high, although food
Tushar Poddar
prices begin to moderate

91(22)6616-9042
21-May-2010 GDP release We expect 4Q FY10 GDP to be above 8%, in line with very
strong readings on IP, PMI and other co-incident indicators.
12-Jun-2010 April IP We expect the strength in industrial activity to continue
14-Jun-2010 May WPI inflation We expect headline WPI inflation to remain high, although food
Financials Expected Date Event Material Implication / Market Impact Ticker Company
1-Apr-2010 4QFY10 results AXBK.BO Axis Bank
20-Apr-2010 RBI Monetary Policy Credit growth guidance for FY2010-FY2011. We expect RBI to Financials
begin its policy tightening cycle through rate hikes Sector
22-Apr-2010 4QFY10 results YESB.BO Yes Bank
23-Apr-2010 4QFY10 results HDBK.BO HDFC Bank
23-Apr-2010 4QFY10 results LICH.BO LIC Housing Finance
25-Apr-2010 4QFY10 results ICBK.BO ICICI Bank
27-Apr-2010 4QFY10 results BOB.BO Bank of Baroda
28-Apr-2010 4QFY10 results IDFC.BO Infrastructure Development Finance
tabassum.inamdar@gs.com
29-Apr-2010 4QFY10 results BOI.BO Corp. of India

Bank
4-May-2010 4QFY10 results HDFC.BO HDFC
Tabassum Inamdar
5-May-2010 4QFY10 results INBK.BO IndusInd Bank

7-May-2010 4QFY10 results UNBK.BO Union Bank
9-May-2010 4QFY10 results SBI.BO State Bank of India
91(22)6616-9052
12-May-2010 4QFY10 results KTKM.BO Kotak Mahindra Bank

13-May-2010 4QFY10 results SRTR.BO Shriram Transport Finance
20-May-2010 4QFY10 results PNBK.BO Punjab National Bank
1HFY11 Policy on Banking license Expand banking services to more areas. Financials
Sector
Healthcare Expected Date Event Material Implication / Market Impact Ticker Company
24-Apr-2010 4QFY10 results CIPL.BO Cipla
24-Apr-2010 4QFY10 results PIRA.BO Piramal Healthcare
24-Apr-2010 1QFY10 results RANB.BO Ranbaxy Laboratories
28-Apr-2010 4QFY10 results BION.BO Biocon
28-Apr-2010 4QFY10 results CADI.BO Cadila Healthcare
30-Jun-2010 4QFY10 results APLH.BO Apollo Hospitals
30-Jun-2010 4QFY10 results REDY.BO Dr. Reddy's Laboratories
30-Jun-2010 4QFY10 results FOHE.BO Fortis Healthcare
30-Jun-2010 4QFY10 results GLEN.BO Glenmark Pharmaceuticals
30-Jun-2010 4QFY10 results LUPN.BO Lupin
30-Jun-2010 4QFY10 results SUN.BO Sun Pharmaceutical Industries
1Q FY11 Fondaparinux ANDA approval This is one of 2-3 most imp products for DRL for 2010. Approval REDY.BO Dr. Reddy's Laboratories
here could have a positive impact on the stock
1Q FY11 Summary judgment from NY If the verdict is favorable for Sun, could eliminate some of the SUN.BO Sun Pharmaceutical Industries
Court on litigation with Taro Taro overhang on the stock.
2Q FY10 FDA reinspection of Dewas plant Positive results could remove the overhang on the company RANB.BO Ranbaxy Laboratories
and its results
balaji.prasad@gs.com
1Q FY11 IPO of Glenmark Generics Ltd - Clarity on future generics business for Glenmark GLEN.BO Glenmark Pharmaceuticals
its generic business
Balaji Prasad
1Q FY11 Court hearing on Tarka The 30-month stay on Tarka ends in May and should come up GLEN.BO Glenmark Pharmaceuticals
91(22)6616-9179
for hearing; significant positive if Glenmark can launch this

product in June 10
1Q FY11 At-risk launch of Levodopa 30-month stay on Novartis' Levodopa ends in 1Q FY11; SUN.BO Sun Pharmaceutical Industries
depending upon Sun's risk appetite, there could be a potential
at-risk launch, which could be positive for the stock.
IT Services Expected Date Event Material Implication / Market Impact Ticker Company
balaji.prasad@gs.com
13-Apr-2010 4QFY10 results Guidance for FY11 and outlook on IT spending budgets and INFY.BO Infosys Technologies
19-Apr-2010 4QFY10 results hiring TCS.BO Tata Consultancy Services Ltd.
Balaji Prasad
22-Apr-2010 4QFY10 results WIPR.BO Wipro Ltd.

91(22)6616-9179
22-Apr-2010 3QFY10 results HCLT.BO HCL Technologies Ltd.

25-May-2010 2QFY10 results MBFL.BO Mphasis
Infrastructure Expected Date Event Material Implication / Market Impact Ticker Company
27-Apr-2010 FY2010 results Expect strong volume growth in the cement segment and JAIA.BO Jaiprakash Associates
strong pick-up in realizations from real estate sales
29-Apr-2010 FY2010 results GVKP.BO GVK Power and Infrastructure
Apr-10 Salem - Kumarapalyam and As operations stabilize we expect daily collections of Rs1.5-1.7 IVRC.BO IVRCL Infrastructure
Jalandhar - Amritsar projects to mn on each of these two BOT projects.
start tolling
21-May-2010 FY2010 results We expect high yoy sales and EPS growth, driven by traction in IRBI.BO IRB Infrastructure Developers
the construction business.
ishan.sethi@gs.com
29-May-2010 FY2010 results We expect strong performance with execution in other states IVRC.BO IVRCL Infrastructure and Projects
91(22)6616-9048
offsetting the slow execution in Andhra Pradesh.

Ishan Sethi
30-May-2010 FY2010 results GMRI.BO GMR Infrastructure

May - June 2010 Approval of GVK's real estate We expect the company to provide more clarity on the phases GVKP.BO GVK Power and Infrastructure
development plan for the of development, timelines and financial details for the real
Mumbai Airport by MMRDA estate development at the airport once the approval has been
secured
Media Expected Date Event Material Implication / Market Impact Ticker Company
22-Apr-2010 FY2010 results We expect a strong performance in advertising revenues this ZEE.BO Zee Entertainment Enterprises
ishan.sethi@gs.com
quarter - reflecting the ad-rate hikes that the company
undertook earlier in 2010. Revenues from the 6 regional GECs
91(22)6616-9048
Ishan Sethi would also be consolidated into reported results.
30-May-2010 FY2010 results DSTV.BO Dish TV India
30-May-2010 FY2010 results Company has witnessed exceptionally strong growth over the SUTV.BO Sun TV Network
past two quarters. Any change in momentum would be
relevant.
Metals and MiningExpected Date Event Material Implication / Market Impact Ticker Company
20-Apr-2010 FY2010 results SESA.BO Sesa Goa
22-Apr-2010 FY2010 results HZNC.BO Hindustan Zinc
28-Apr-2010 FY2010 results STRL.BO Sterlite Industries (India)
April-10 Arbitration hearing on the terms A slow progress on strategic issues like minority stake buyout STRL.BO Sterlite Industries (India)
of sale of the government's in Balco and Hindustan Zinc have been an overhang on the
residual 49% stake in Bharat stock price, any positive development could act as a catalyst
Aluminium Company (Balco) to and pave the way for potential restructuring in the Vedanta
7-May-2010 Sterlite
FY2010 results Group JSTL.BO JSW Steel
28-May-2010 FY2010 results SAIL.BO Steel Authority of India
3-Jun-2010 FY2010 results NALU.BO National Aluminium Company
25-Jun-2010 FY2010 results Focus would be on Tata Steel Europe's (Corus) earnings TISC.BO Tata Steel
30-Jun-2010 FY2010 results HALC.BO Hindalco Industries
1QFY2011 Commissioning of the first unit of Timely commissioning of the plant could be a potential catalyst STRL.BO Sterlite Industries (India)
its 600 MW commercial power as it will enhance the growth and return profile of the company
plant over the medium term. 25% of its 2400 MW capacity (600 MW)
will be available for sale on merchant basis in the first few
years and we expect Sterlite Energy to contribute 15%/26% to
Sterlite's EBITDA in FY2011E/FY2012E.
1QFY2011 Commissioning of the key As the downstream facilities come on-stream, we expect the JSTL.BO JSW Steel
pritesh.vinay@gs.com
downstream project - 3.5mn Hot share of semis to come down to as low as 2% in FY2011E. This
Pritesh Vinay
Strip Mill would result in margin expansion— for every tonne of semis
91(22)6616-9038
converted into hot-rolled steel, there is a positive delta of

US$80 per tonne at the EBITDA level
1QFY2011 Announcement of financial terms In our view, strategic alliance with JFE Holdings may potentially JSTL.BO JSW Steel
of agreement between JFE and lead to JFE investing capital directly in JSW or in JSW's new
JSW 10mn tonne expansion project in Bengal which would be a
positive
Oil and Gas Expected Date Event Material Implication / Market Impact Ticker Company
24-Apr-2010 4QFY10 results RELI.BO Reliance Industries
27-Apr-2010 4QFY10 results PLNG.BO Petronet LNG
Apr-10 RIL-RNRL court case verdict We estimate the court case decision could potentially swing RELI.BO Reliance Industries
valuation by about Rs50/sh either way. If RIL were to win, it
would likely re-rate the stock significantly
27-May-2010 4QFY10 results CAIL.BO Cairn India Ltd.
29-May-2010 4QFY10 results BPCL.BO Bharat Petroleum
29-May-2010 4QFY10 results IOC.BO Indian Oil Corp.
2-Jun-2010 4QFY10 results HPCL.BO Hindustan Petroleum
15-Jun-2010 4QFY10 results GAIL.BO Gas Authority of India
24-Jun-2010 4QFY10 results ONGC.BO Oil & Natural Gas Corp.
30-Jun-2010 4QFY10 results GSPT.BO Gujarat State Petronet
30-Jun-2010 4QFY10 results OILI.BO Oil India
1QFY2011 Cairn India pipeline We believe completion and commissioning of the crude pipeline CAIL.BO Cairn India Ltd.
nilesh.banerjee@gs.com
Nilesh Banerjee
to Salaya along with the completion of trains 2 and 3 of

Rajasthan crude oil terminal in 1QFY11E could lead to an
91(22)6616-9045
increase in production volumes at Mangala to 150Kb/d by end-

FY11E. With the commissioning of this pipeline, we believe,
Cairn would be able to initiate sales through the pipeline to
private refiners also in 2HCY2010. Cairn already plans to start
sales via pipeline to Indian Oil Corporation in 1QFY11E.
Real Estate Expected Date Event Material Implication / Market Impact Ticker Company
30-Apr-2010 4QFY10 results We look for signs of pick-up in activity in 4Q, particularly DLF.BO DLF
looking out for office absorption momentum. Also to look for
pre-sale receipts in 4Q
14-May-2010 4QFY10 results PARV.BO Parsvnath Developers
14-May-2010 4QFY10 results We look for signs of pick-up in activity in 4Q, particularly UNTE.BO Unitech
looking out for office absorption momentum.
19-May-2010 4QFY10 results SOBH.BO Sobha Developers
vishnu.gopal@gs.com
Vishnu Gopal
91(22)6616-9046
25-May-2010 4QFY10 results We look for updates on status of Airport project, updates on HDIL.BO Housing Development & Infrastructure
TDR sales/prices
4-Jun-2010 4QFY10 results We look for news on Indiabulls Power milestones and status of INRL.BO Indiabulls Real Estate Limited
Mumbai projects
Telecom Expected Date Event Material Implication / Market Impact Ticker Company
sachin.salgaonkar@gs.com
9-Apr-2010 Auction of pan-India 3G and BWA We consider 3G licensing to be a key event which will give the Telecom sector
spectrum spectrum winners a long-term competitive advantage.
28-Apr-2010 4QFY10 results BRTI.BO Bharti Airtel
Sachin Salgaonkar
29-Apr-2010 4QFY10 results RLCM.BO Reliance Communications

23-Apr-2010 4QFY10 results IDEA.BO Idea Cellular
91(22)6616-9169
28-Apr-2010 4QFY10 results MTNL.BO Mahanagar Telephone Nigam

26-May-2010 4QFY10 results TATA.BO Tata Communications
3rd week of the Telecom subscriber data release Telecom sector

month (monthly)
Utilities Expected Date Event Material Implication / Market Impact Ticker Company
30-Mar-2010 Hearing of Amarkantak Phase LAIN.BO Lanco Infratech
court case
18-Apr-2010 4QFY10 results CHMB.BO Chambal Fertilisers and Chemicals
18-Apr-2010 4QFY10 results UNPO.BO United Phosphorus
19-Apr-2010 4QFY10 results TTPW.BO Tata Power Company
22-Apr-2010 4QFY10 results RPOL.BO Reliance Power
22-Apr-2010 4QFY10 results RLIN.BO Reliance Infrastructure
28-Apr-2010 4QFY10 results TTCH.BO Tata Chemicals
30-Apr-2010 4QFY10 results LAIN.BO Lanco Infratech
Apr-10 RIL-RNRL court case verdict If RNRL were to win, it could potentially add Rs431 to our RPOL.BO Reliance Power
valuation for R-Infra; an adverse decision could potentially
reduce valuation by Rs205
Apr-10 RIL-RNRL court case verdict If RNRL were to win, it could potentially add Rs90 to our RLIN.BO Reliance Infrastructure
durga.dath@gs.com
valuation for RPWR; an adverse decision could potentially

91(22)6616-9047
24-May-2010 4QFY10 results NTPC.BO NTPC

Durga Dath
24-May-2010 4QFY10 results PGRD.BO Power Grid

30-May-2010 4QFY10 results RSTC.BO Rashtriya Chemicals & Fertilisers
May-10 Commissioning of Amarkantak LAIN.BO Lanco Infratech
Phase II
Source: Company data, Bombay Stock Exchange, Goldman Sachs Research estimates.
Note: Result dates are tentative based on analsyt estimates.
Goldman Sachs India Coverage - Material Events
Impacted stocks / sector Potential Material Implication

Expected Date Event Ticker Company Rating Up/Down Market Impact Analyst
1-Apr-10 Monthly auto sales data Auto sector Should continue to show evidence of cyclical upswing in demand Sandeep Pandya
9-Apr-2010 Auction of pan-India 3G and BWA Telecom sector We consider 3G licensing to be a key event which will give the spectrum Sachin Salgaonkar
spectrum winners a long-term competitive advantage.
10-Apr-2010 Pan-India cement dispatch data Cement sector We expect cement dispatch data to be strong till onset of monsoon in July - FY11E Pritesh Vinay
cement consumption forecast at 11% yoy
12-Apr-2010 February IP We expect the strength in industrial activity to continue Tushar Poddar
14-Apr-2010 March WPI inflation We expect WPI inflation to be higher than 10% in the March reading Tushar Poddar
20-Apr-2010 RBI Monetary Policy Financials Credit growth guidance for FY2010-FY2011. We expect RBI to begin its policy Tabassum Inamdar
Sector tightening cycle through rate hikes
20-Apr-2010 RBI Monetary policy meeting We expect the RBI to hike the reverse repo and repo rates by 25 bp each at its Tushar Poddar
next policy meeting. We expect a cumulative increase in effective policy rates
of 300 bp in 2010, in part by hiking the repo and reverse repo rates and in part
by moving the effective rate from the floor of the corridor (reverse repo) to the
ceiling (repo).
April-10 Arbitration hearing on the terms of sale of the STRL.BO Sterlite Industries (India) Buy 14% A slow progress on strategic issues like minority stake buyout in Balco and Hindustan Pritesh Vinay
government's residual 49% stake in Bharat Zinc have been an overhang on the stock price, any positive development could act as a
Aluminium Company (Balco) to Sterlite catalyst and pave the way for potential restructuring in Vedanta Group
April-10 Expected commissioning of L&T - MHI LART.BO Larsen & Toubro Neutral -12% This would be the first instance of a private player commissioning power Ishan Sethi
Turbine generators' Surat facility equipment manufacturing capacity in India and would add 4,000 MW to India's
power equipment manufacturing capacity which is currently dominated by
BHEL"s 15,000 MW capacity
April-10 RIL-RNRL court case verdict RELI.BO Reliance Industries Buy* 10% We estimate the court case decision could potentially swing valuation by about Nilesh Banerjee
Rs50/sh either way. If RIL were to win, it would likely re-rate the stock
significantly
April-10 RIL-RNRL court case verdict RPOL.BO Reliance Power Sell -21% If RNRL were to win, it could potentially add Rs431 to our valuation for R-Infra; Durga Dath
an adverse decision could potentially reduce valuation by Rs205
April-10 RIL-RNRL court case verdict RLIN.BO Reliance Infrastructure Buy 38% If RNRL were to win, it could potentially add Rs90 to our valuation for RPWR; Durga Dath
an adverse decision could potentially reduce valuation by Rs41
April-10 Salem - Kumarapalyam and Jalandhar - IVRC.BO IVRCL Infrastructure and Buy* 44% As operations stabilize we expect daily collections of Rs1.5-1.7 mn on each of these two Ishan Sethi
Amritsar projects to start tolling Projects BOT projects.
10-May-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay
12-May-2010 March IP We expect the strength in industrial activity to continue Tushar Poddar
14-May-2010 April WPI inflation We expect headline WPI inflation to remain high, although food prices begin to moderate Tushar Poddar
21-May-2010 GDP release We expect 4Q FY10 GDP to be above 8%, in line with very strong readings on Tushar Poddar
IP, PMI and other co-incident indicators.
May-10 Commissioning of Amarkantak Phase II LAIN.BO Lanco Infratech Buy 13% Durga Dath
May-10 Completion of evaluation of techno- BHEL.BO Bharat Heavy Electricals Sell* -27% In stage - 1, NTPC has received 2 bids for boiler supply and 5 for turbine - Ishan Sethi
commercial bids for NTPC's bulk generator sets. We expect BHEL would not be L-1 on the price bids. Thus, we
equipment order and invitation of price expect BHEL to win only 5 of the 11 units at a price matching the lowest bid.
bids thereafter
May - June 2010 Approval of GVK's real estate development GVKP.BO GVK Power and Infrastructure Neutral 7% We expect the company to provide more clarity on the phases of development, timelines Ishan Sethi
plan for the Mumbai Airport by MMRDA and financial details for the real estate development at the airport once the approval has
been secured
10-Jun-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay
12-Jun-2010 April IP We expect the strength in industrial activity to continue Tushar Poddar
14-Jun-2010 May WPI inflation We expect headline WPI inflation to remain high, although food prices begin to moderate Tushar Poddar
30-Jun-10 JLR pension revaluation TAMO.BO Tata Motors Neutral -11% Sandeep Pandya
30-Jun-10 Nissan Micra (compact car) launch MRTI.BO Maruti Suzuki India Neutral 1% Evidence of increasing competition in Indian compact car market Sandeep Pandya
30-Jun-10 Skoda Fabia (compact car) lower priced MRTI.BO Maruti Suzuki India Neutral 1% Evidence of increasing competition in Indian compact car market Sandeep Pandya
version launch
1QFY2011 Cairn India pipeline CAIL.BO Cairn India Ltd. Buy 17% We believe completion and commissioning of the crude pipeline to Salaya Nilesh Banerjee
along with the completion of trains 2 and 3 of Rajasthan crude oil terminal in
1QFY11E could lead to an increase in production volumes at Mangala to
150Kb/d by end-FY11E. With the commissioning of this pipeline, we believe,
Cairn would be able to initiate sales through the pipeline to private refiners
also in 2HCY2010. Cairn already plans to start sales via pipeline to Indian Oil
Corporation in 1QFY11E.
1QFY2011 Announcement of financial terms of JSTL.BO JSW Steel Buy* 8% In our view, strategic alliance with JFE Holdings could eventually lead to JFE Pritesh Vinay
agreement between JFE and JSW investing capital directly in JSW or in JSW's new 10mn tonne expansion project
in Bengal which would be a positive
1QFY2011 At-risk launch of Levodopa SUN.BO Sun Pharmaceutical Industries Sell -32% 30-month stay on Novartis' Levodopa ends in 1Q FY11; depending upon Sun's risk Balaji Prasad
appetite, there could be a potential at-risk launch, which could be positive for the stock.
1QFY2011 Fondaparinux ANDA approval REDY.BO Dr. Reddy's Laboratories Neutral -6% This is one of 2-3 most important products for DRL for 2010. Approval here would have a Balaji Prasad
positive impact on the stock
1QFY2011 Summary judgment from NY Court on SUN.BO Sun Pharmaceutical Industries Sell -32% If the verdict is favorable for Sun, could eliminate some of the Taro overhang on the Balaji Prasad
litigation with Taro stock.
1QFY2011 Commissioning of the first unit of its 600 STRL.BO Sterlite Industries (India) Buy 14% Timely commissioning of the plant could be a potential catalyst as it will Pritesh Vinay
MW commercial power plant enhance the growth and return profile of the company over the medium term.
25% of its 2400 MW capacity (600 MW) will be available for sale on merchant
basis in the first few years and we expect Sterlite Energy to contribute
15%/26% to Sterlite's EBITDA in FY2011E/FY2012E.
1QFY2011 Court hearing on Tarka GLEN.BO Glenmark Pharmaceuticals Neutral 16% 30-month stay on Tarka ends in May and should come up for hearing; significant positive Balaji Prasad
if Glenmark can launch this product in June 10
1QFY2011 Commissioning of the key downstream JSTL.BO JSW Steel Buy* 8% As the downstream facilities come on-stream, we expect the share of semis to Pritesh Vinay
project - 3.5mn Hot Strip Mill come down to as low as 2% in FY2011E. This would result in margin expansion
— for every tonne of semis converted into hot-rolled steel, there is a positive
delta of US$80 per tonne at the EBITDA level
2Q FY2010 FDA reinspection of Dewas plant and its RANB.BO Ranbaxy Laboratories Sell -38% Positive results could remove the overhang on the company Balaji Prasad
1HFY2011 Policy on Banking license Financials Sector Increased competition for Expand banking services to more areas. Tabassum Inamdar
private banks.
April Event Ticker Company Market Impact Analyst Sector
First Week (Apr 5 - Apr 11)
9-Apr-2010 Auction of pan-India 3G and BWA Telecom sector We consider 3G licensing to be a key event which will give the Sachin Salgaonkar Telecom
spectrum spectrum winners a long-term competitive advantage.
10-Apr-2010 Pan-India cement dispatch data Cement sector We expect cement dispatch data to be strong till onset of Pritesh Vinay Cement
monsoon in July - FY11E cement consumption forecast at 11%
yoy
Second Week (Apr 12 - Apr 18)

12-Apr-2010 February IP We expect the strength in industrial activity to continue Tushar Poddar Economics
13-Apr-2010 4QFY10 results INFY.BO Infosys Technologies Guidance for FY11 and outlook on IT spending budgets and Balaji Prasad IT Services
14-Apr-2010 March WPI inflation We expect WPI inflation to be higher than 10% in the March Tushar Poddar Economics
reading
16-Apr-2010 FY2010 results CCRI.BO Container Corporation of India Ishan Sethi Capital Goods
18-Apr-2010 4QFY10 results CHMB.BO Chambal Fertilisers and Durga Dath Utilities & Fertilizer
18-Apr-2010 4QFY10 results UNPO.BO United Phosphorus Durga Dath Utilities & Fertilizer
Third Week (Apr 19 - Apr 25)

19-Apr-2010 4QFY10 results TCS.BO Tata Consultancy Services Ltd. Balaji Prasad IT Services
19-Apr-2010 4QFY10 results TTPW.BO Tata Power Company Durga Dath Utilities & Fertilizer
20-Apr-2010 RBI Monetary policy meeting We expect the RBI to hike the reverse repo and repo rates by Tushar Poddar Economics
25 bp each at its next policy meeting. We expect a cumulative
increase in effective policy rates of 300 bp in 2010, in part by
hiking the repo and reverse repo rates and in part by moving
the effective rate from the floor of the corridor (reverse repo)
to the ceiling (repo).
20-Apr-2010 RBI Monetary Policy Financials Sector Credit growth guidance for FY2010-FY2011. We expect RBI to Tabassum Financials
begin its policy tightening cycle through rate hikes Inamdar
20-Apr-2010 FY2010 results SESA.BO Sesa Goa Pritesh Vinay Metals
21-Apr-2010 4QFY10 results BAJA.BO Bajaj Auto We expect EBITDA margin at about 21% for FY10 Sandeep Pandya Autos
21-Apr-2010 4QFY10 results HROH.BO Hero Honda Motors Should show evidence of sustainability of above-trend margins Sandeep Pandya Autos
21-Apr-2010 FY2010 results ULTC.BO Ultratech Cement Pritesh Vinay Cement
22-Apr-2010 1QFY2010 results ACC.BO ACC Pritesh Vinay Cement
22-Apr-2010 1QFY2010 results ABUJ.BO Ambuja Cements Pritesh Vinay Cement
22-Apr-2010 4QFY10 results YESB.BO Yes Bank Tabassum Financials
22-Apr-2010 4QFY10 results WIPR.BO Wipro Ltd. Balaji Prasad IT Services
22-Apr-2010 3QFY10 results HCLT.BO HCL Technologies Ltd. Balaji Prasad IT Services
22-Apr-2010 FY2010 results ZEE.BO Zee Entertainment Enterprises We expect a strong performance in advertising revenues this Ishan Sethi Media
quarter - reflecting the ad-rate hikes that the company
undertook earlier in 2010. Revenues from the 6 regional GECs
would also be consolidated into reported results.
22-Apr-2010 FY2010 results HZNC.BO Hindustan Zinc Pritesh Vinay Metals
22-Apr-2010 4QFY10 results RPOL.BO Reliance Power Durga Dath Utilities & Fertilizer
22-Apr-2010 4QFY10 results RLIN.BO Reliance Infrastructure Durga Dath Utilities & Fertilizer
23-Apr-2010 4QFY10 results HDBK.BO HDFC Bank Tabassum Financials
23-Apr-2010 4QFY10 results LICH.BO LIC Housing Finance Tabassum Financials
23-Apr-2010 4QFY10 results IDEA.BO Idea Cellular Sachin Salgaonkar Telecom
24-Apr-2010 4QFY10 results CIPL.BO Cipla Balaji Prasad Healthcare
24-Apr-2010 4QFY10 results PIRA.BO Piramal Healthcare Balaji Prasad Healthcare
24-Apr-2010 1QFY10 results RANB.BO Ranbaxy Laboratories Balaji Prasad Healthcare
24-Apr-2010 4QFY10 results MRTI.BO Maruti Suzuki India Sandeep Pandya Autos
24-Apr-2010 4QFY10 results RELI.BO Reliance Industries Nilesh Banerjee Oil & Gas
25-Apr-2010 4QFY10 results ICBK.BO ICICI Bank Tabassum Financials
Fourth Week (Apr 26 - Apr 30)

27-Apr-2010 4QFY10 results BOB.BO Bank of Baroda Tabassum Financials
27-Apr-2010 FY2010 results JAIA.BO Jaiprakash Associates Expect strong volume growth in the cement segment and Ishan Sethi Infrastructure
strong pick-up in realizations from real estate sales
27-Apr-2010 4QFY10 results PLNG.BO Petronet LNG Nilesh Banerjee Oil & Gas
28-Apr-2010 4QFY10 results BION.BO Biocon Balaji Prasad Healthcare
28-Apr-2010 4QFY10 results CADI.BO Cadila Healthcare Balaji Prasad Healthcare
28-Apr-2010 4QFY10 results MAHM.BO Mahindra & Mahindra Not Covered by GS Autos
28-Apr-2010 4QFY10 (Standalone) TAMO.BO Tata Motors Sandeep Pandya Autos
28-Apr-2010 4QFY10 results IDFC.BO Infrastructure Development Tabassum Financials
Finance Corp. Inamdar
28-Apr-2010 FY2010 results STRL.BO Sterlite Industries (India) Pritesh Vinay Metals
28-Apr-2010 4QFY10 results BRTI.BO Bharti Airtel Sachin Salgaonkar Telecom
28-Apr-2010 4QFY10 results MTNL.BO Mahanagar Telephone Nigam Sachin Salgaonkar Telecom
28-Apr-2010 4QFY10 results TTCH.BO Tata Chemicals Durga Dath Utilities & Fertilizer
29-Apr-2010 4QFY10 results DABU.BO Dabur India Vishnu Gopal Consumer
29-Apr-2010 4QFY10 results BOI.BO Bank of India Tabassum Financials
29-Apr-2010 FY2010 results GVKP.BO GVK Power and Infrastructure Ishan Sethi Infrastructure
29-Apr-2010 4QFY10 results RLCM.BO Reliance Communications Sachin Salgaonkar Telecom
30-Apr-2010 4QFY10 results AXBK.BO Axis Bank Tabassum Financials
30-Apr-2010 FY2010 results GATE.BO Gateway Distriparks Ishan Sethi Capital Goods
30-Apr-2010 4QFY10 results DLF.BO DLF We look for signs of pick-up in activity in 4Q, particularly Vishnu Gopal Real Estate
looking out for office absorption momentum. Also to look for
30-Apr-2010 4QFY10 results LAIN.BO Lanco Infratech Durga Dath Utilities & Fertilizer
April-10 Expected commissioning of L&T - MHI LART.BO Larsen & Toubro This would be the first instance of a private player Ishan Sethi Capital Goods
Turbine generators' Surat facility commissioning power equipment manufacturing capacity in
India and would add 4,000 MW to India's power equipment
manufacturing capacity which is currently dominated by
April-10 Salem - Kumarapalyam and Jalandhar - IVRC.BO IVRCL Infrastructure BHEL"s 15,000stabilize
As operations MW capacity
we expect daily collections of Rs1.5- Ishan Sethi Infrastructure
Amritsar projects to start tolling 1.7 mn on each of these two BOT projects.
April-10 Arbitration hearing on the terms of sale STRL.BO Sterlite Industries (India) A slow progress on strategic issues like minority stake buyout Pritesh Vinay Metals
of the government's residual 49% stake in Balco and Hindustan Zinc have been an overhang on the
in Bharat Aluminium Company (Balco) to stock price, any positive development could act as a catalyst
Sterlite and pave the way for potential restructuring in Vedanta Group
April-10 RIL-RNRL court case verdict RELI.BO Reliance Industries We estimate the court case decision could potentially swing Nilesh Banerjee Oil & Gas
valuation by about Rs50/sh either way. If RIL were to win, it
would likely re-rate the stock significantly
April-10 RIL-RNRL court case verdict RPOL.BO Reliance Power If RNRL were to win, it could potentially add Rs431 to our Durga Dath Utilities & Fertilizer
valuation for R-Infra; an adverse decision could potentially
April-10 RIL-RNRL court case verdict RLIN.BO Reliance Infrastructure If RNRL were to win, it could potentially add Rs90 to our Durga Dath Utilities & Fertilizer
valuation for RPWR; an adverse decision could potentially
May
First Week (May 1 - May 7)
4-May-2010 4QFY10 results HDFC.BO HDFC Tabassum Financials
5-May-2010 4QFY10 results INBK.BO Indusind Bank Tabassum Financials
7-May-2010 4QFY10 results UNBK.BO Union Bank Tabassum Financials
7-May-2010 FY2010 results JSTL.BO JSW Steel Pritesh Vinay Metals
Second Week (May 8 - May 15)

9-May-2010 4QFY10 results SBI.BO State Bank of India Tabassum Financials
10-May-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay Cement
11-May-2010 FY2010 results SNTX.BO Sintex Industries Ishan Sethi Capital Goods
12-May-2010 March IP We expect the strength in industrial activity to continue Tushar Poddar Economics
12-May-2010 4QFY10 results KTKM.BO Kotak Mahindra Bank Tabassum Financials
13-May-2010 4QFY10 results SRTR.BO Shriram Transport Finance Tabassum Financials
14-May-2010 April WPI inflation We expect headline WPI inflation to remain high, although food Tushar Poddar Economics
14-May-2010 4QFY10 results PARV.BO Parsvnath Developers Vishnu Gopal Real Estate
14-May-2010 4QFY10 results UNTE.BO Unitech We look for signs of pick-up in activity in 4Q, particularly Vishnu Gopal Real Estate
looking out for office absorption momentum.
15-May-2010 4QFY10 results ASOK.BO Ashok Leyland Not Covered by GS Autos
15-May-2010 FY2010 results EKCL.BO Everest Kanto Cylinder Ishan Sethi Capital Goods
Third Week (May 16 - May 22)

18-May-2010 FY2010 results PUJL.BO Punj Lloyd Ishan Sethi Capital Goods
19-May-2010 FY2010 results GRAS.BO Grasim Industries Pritesh Vinay Cement
19-May-2010 4QFY10 results SOBH.BO Sobha Developers Vishnu Gopal Real Estate
20-May-2010 4QFY10 results PNBK.BO Punjab National Bank Tabassum Financials
21-May-2010 4QFY10 results ITC.BO ITC To look for updates on price increases to cover increased Vishnu Gopal Consumer
excise duty
21-May-2010 GDP release We expect 4Q FY10 GDP to be above 8%, in line with very Tushar Poddar Economics
strong readings on IP, PMI and other co-incident indicators.
21-May-2010 FY2010 results IRBI.BO IRB Infrastructure Developers We expect high yoy sales and EPS growth, driven by traction in Ishan Sethi Infrastructure
the construction business.
Fourth Week (May 23 - May 31)
23-May-2010 1QFY10 results NEST.BO Nestle India Vishnu Gopal Consumer
24-May-2010 4QFY10 results NTPC.BO NTPC Durga Dath Utilities & Fertilizer
24-May-2010 4QFY10 results PGRD.BO Power Grid Durga Dath Utilities & Fertilizer
25-May-2010 4QFY10 results HLL.BO Hindustan Unilever To look for impact of price reductions on margins and also Vishnu Gopal Consumer
whether pricing strategy has led to increase in
volumes/market shares
25-May-2010 2QFY10 results MBFL.BO Mphasis Balaji Prasad IT Services
25-May-2010 4QFY10 results HDIL.BO Housing Development & We look for updates on status of Airport project, updates on Vishnu Gopal Real Estate
Infrastructure TDR sales/prices
26-May-2010 4QFY10 (Consolidated) TAMO.BO Tata Motors Sandeep Pandya Autos
26-May-2010 4QFY10 results TATA.BO Tata Communications Sachin Salgaonkar Telecom
27-May-2010 FY2010 results BHEL.BO Bharat Heavy Electricals We expect strong revenue performance ( historically Q4 is the Ishan Sethi Capital Goods
strongest) and margin performance similar to 3QFY10 -
structural thesis of declining margins/returns stays.
27-May-2010 4QFY10 results CAIL.BO Cairn India Ltd. Nilesh Banerjee Oil & Gas
28-May-2010 FY2010 results LART.BO Larsen & Toubro We expect 28% yoy growth in Q4FY10 vs company's guidance Ishan Sethi Capital Goods
of 35% yoy growth
28-May-2010 4QFY10 results COLG.BO Colgate Palmolive (India) To look for increases in effective tax rate as deduction allowed Vishnu Gopal Consumer
on production from Baddi set to expire.
28-May-2010 FY2010 results SAIL.BO Steel Authority of India Pritesh Vinay Metals
29-May-2010 FY2010 results IVRC.BO IVRCL Infrastructure and Projects We expect strong performance with execution in other states Ishan Sethi Infrastructure
offsetting the slow execution in Andhra Pradesh.
29-May-2010 4QFY10 results BPCL.BO Bharat Petroleum Nilesh Banerjee Oil & Gas
29-May-2010 4QFY10 results IOC.BO Indian Oil Corp. Nilesh Banerjee Oil & Gas
30-May-2010 FY2010 results GMRI.BO GMR Infrastructure Ishan Sethi Infrastructure
30-May-2010 FY2010 results DSTV.BO Dish TV India Ishan Sethi Media
30-May-2010 FY2010 results SUTV.BO Sun TV Network Company has witnessed exceptionally strong growth over the Ishan Sethi Media
last two quarters. Any change in momentum would be
30-May-2010 4QFY10 results RSTC.BO Rashtriya Chemicals & Fertilisers relevant. Durga Dath Utilities & Fertilizer
May-10 Completion of evaluation of techno- BHEL.BO Bharat Heavy Electricals In stage - 1, NTPC has received 2 bids for boiler supply and 5 Ishan Sethi Capital Goods
commercial bids for NTPC's bulk for turbine - generator sets. We expect BHEL would not be L-1
equipment order and invitation of price on the price bids. Thus, we expect BHEL to win only 5 of the 11
bids thereafter units at a price matching the lowest bid.
May-10 Commissioning of Amarkantak Phase II LAIN.BO Lanco Infratech Durga Dath Utilities & Fertilizer
June
2-Jun-2010 4QFY10 results HPCL.BO Hindustan Petroleum Nilesh Banerjee Oil & Gas
3-Jun-2010 FY2010 results NALU.BO National Aluminium Company Pritesh Vinay Metals
4-Jun-2010 4QFY10 results INRL.BO Indiabulls Real Estate Limited We look for news on Indiabulls Power milestones and status of Vishnu Gopal Real Estate
Mumbai projects
10-Jun-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay Cement
12-Jun-2010 April IP We expect the strength in industrial activity to continue Tushar Poddar Economics
14-Jun-2010 May WPI inflation We expect headline WPI inflation to remain high, although food Tushar Poddar Economics
15-Jun-2010 4QFY10 results GAIL.BO Gas Authority of India Nilesh Banerjee Oil & Gas
24-Jun-2010 4QFY10 results ONGC.BO Oil & Natural Gas Corp. Nilesh Banerjee Oil & Gas
25-Jun-2010 FY2010 results TISC.BO Tata Steel Focus would be on Tata Steel Europe's (Corus) earnings Pritesh Vinay Metals
27-Jun-2010 FY2010 results ICMN.BO India Cement Pritesh Vinay Cement
30-Jun-2010 4QFY10 results APLH.BO Apollo Hospitals Balaji Prasad Healthcare
30-Jun-2010 4QFY10 results REDY.BO Dr. Reddy's Laboratories Balaji Prasad Healthcare
30-Jun-2010 4QFY10 results FOHE.BO Fortis Healthcare Balaji Prasad Healthcare
30-Jun-2010 4QFY10 results GLEN.BO Glenmark Pharmaceuticals Balaji Prasad Healthcare
30-Jun-2010 4QFY10 results LUPN.BO Lupin Balaji Prasad Healthcare
30-Jun-2010 4QFY10 results SUN.BO Sun Pharmaceutical Industries Balaji Prasad Healthcare
30-Jun-2010 Skoda Fabia (compact car) lower priced MRTI.BO Maruti Suzuki India Evidence of increasing competition in Indian compact car Sandeep Pandya Autos
version launch market
30-Jun-2010 Nissan Micra (compact car) launch MRTI.BO Maruti Suzuki India Evidence of increasing competition in Indian compact car Sandeep Pandya Autos
30-Jun-2010 JLR pension revaluation TAMO.BO Tata Motors Sandeep Pandya Autos
30-Jun-2010 FY2010 results HALC.BO Hindalco Industries Pritesh Vinay Metals
30-Jun-2010 4QFY10 results GSPT.BO Gujarat State Petronet Nilesh Banerjee Oil & Gas
30-Jun-2010 4QFY10 results OILI.BO Oil India Nilesh Banerjee Oil & Gas
1QFY2011 Cairn India pipeline CAIL.BO Cairn India Ltd. We believe completion and commissioning of the crude Nilesh Banerjee Oil & Gas
pipeline to Salaya along with the completion of trains 2 and 3
of Rajasthan crude oil terminal in 1QFY11E could lead to an
increase in production volumes at Mangala to 150Kb/d by end-
FY11E. With the commissioning of this pipeline, we believe,
Cairn would be able to initiate sales through the pipeline to
private refiners also in 2HCY2010. Cairn already plans to start
sales via pipeline to Indian Oil Corporation in 1QFY11E.
1QFY2011 Fondaparinux ANDA approval REDY.BO Dr. Reddy's Laboratories This is one of 2-3 most imp products for DRL for 2010. Balaji Prasad Healthcare
Approval here would have a positive impact on the stock
1QFY2011 Summary judgment from NY Court on SUN.BO Sun Pharmaceutical Industries If the verdict is favorable for Sun, could eliminate some of the Balaji Prasad Healthcare
litigation with Taro Taro overhang on the stock.
1QFY2011 IPO of Glenmark Generics Ltd - its GLEN.BO Glenmark Pharmaceuticals Clarity on future generics business for Glenmark Balaji Prasad Healthcare
generic business
1QFY2011 Court hearing on Tarka GLEN.BO Glenmark Pharmaceuticals The 30-month stay on Tarka ends in May and should come up Balaji Prasad Healthcare
for hearing; significant positive if Glenmark can launch this
product in June 10
1QFY2011 At-risk launch of Levodopa SUN.BO Sun Pharmaceutical Industries 30-month stay on Novartis' Levodopa ends in 1Q FY11; Balaji Prasad Healthcare
depending upon Sun's risk appetite, there could be a potential
at-risk launch, which could be positive for the stock.
1QFY2011 Listing of Samruddhi Cement (Grasim's GRAS.BO, ULTC.BO Grasim/Ultratech Timely listing of Samruddhi Cement would ensure that the Pritesh Vinay Cement
cement subsidiary) entire consolidation process would be completed by
2QFY2011; implying potential rerating for Ultratech Cements.
Post consolidation,Ultratech Cements would emerge as India’s
largest cement company with a total capacity of 49 mtpa
representing 20% of all-India capacity.
1QFY2011 Commissioning of the first unit of its 600 STRL.BO Sterlite Industries (India) Timely commissioning of the plant could be a potential Pritesh Vinay Metals
MW commercial power plant catalyst as it will enhance the growth and return profile of the
company over the medium term. 25% of its 2400 MW capacity
(600 MW) will be available for sale on merchant basis in the
first few years and we expect Sterlite Energy to contribute
15%/26% to Sterlite's EBITDA in FY2011E/FY2012E.
1QFY2011 Commissioning of the key downstream JSTL.BO JSW Steel As the downstream facilities come on-stream, we expect the Pritesh Vinay Metals
project - 3.5mn Hot Strip Mill share of semis to come down to as low as 2% in FY2011E. This
would result in margin expansion— for every tonne of semis
converted into hot-rolled steel, there is a positive delta of
US$80 per tonne at the EBITDA level
1QFY2011 Announcement of financial terms of JSTL.BO JSW Steel In our view, strategic alliance with JFE Holdings could Pritesh Vinay Metals
agreement between JFE and JSW eventually lead to JFE investing capital directly in JSW or in
JSW's new 10mn tonne expansion project in Bengal which
would be a positive
1QFY2011 Approval of GVK's real estate GVKP.BO GVK Power and Infrastructure We expect the company to provide more clarity on the phases Ishan Sethi Infrastructure
development plan for the Mumbai of development, timelines and financial details for the real
Airport by MMRDA estate development at the airport once the approval has been
2Q FY2010 FDA reinspection of Dewas plant and its RANB.BO Ranbaxy Laboratories secured results could remove the overhang on the company
Positive Balaji Prasad Healthcare
results
1HFY2011 Policy on Banking license Financials Sector Increased competition for private Expand banking services to more areas. Tabassum Financials
banks. Inamdar
Goldman Sachs India Coverage - Earnings Calendar (4QFY2010 / 1QCY2010)
Material Implication
April Ticker Company Market Impact Analyst Sector Event
First Week (Apr 5 - Apr 11)
Second Week (Apr 12 - Apr 18) 4 companies

13-Apr-2010 INFY.BO Infosys Technologies Guidance for FY11 and outlook on IT Balaji Prasad IT Services 4QFY10 results
16-Apr-2010 CCRI.BO Container Corporation of India spending budgets and hiring Ishan Sethi Capital Goods FY2010 results
18-Apr-2010 CHMB.BO Chambal Fertilisers and Chemicals Durga Dath Utilities & Fertilizer 4QFY10 results
18-Apr-2010 UNPO.BO United Phosphorus Durga Dath Utilities & Fertilizer 4QFY10 results
Third Week (Apr 19 - Apr 25) 24 companies

19-Apr-2010 TCS.BO Tata Consultancy Services Ltd. Balaji Prasad IT Services 4QFY10 results
19-Apr-2010 TTPW.BO Tata Power Company Durga Dath Utilities & Fertilizer 4QFY10 results
20-Apr-2010 SESA.BO Sesa Goa Pritesh Vinay Metals FY2010 results
21-Apr-2010 BAJA.BO Bajaj Auto We expect EBITDA margin at about 21% Sandeep Pandya Autos 4QFY10 results
for FY10
21-Apr-2010 HROH.BO Hero Honda Motors Should show evidence of sustainability Sandeep Pandya Autos 4QFY10 results
of above-trend margins
21-Apr-2010 ULTC.BO Ultratech Cement Pritesh Vinay Cement FY2010 results
22-Apr-2010 ACC.BO ACC Pritesh Vinay Cement 1QFY2010 results
22-Apr-2010 ABUJ.BO Ambuja Cements Pritesh Vinay Cement 1QFY2010 results
22-Apr-2010 YESB.BO Yes Bank Tabassum Inamdar Financials 4QFY10 results
22-Apr-2010 WIPR.BO Wipro Ltd. Balaji Prasad IT Services 4QFY10 results
22-Apr-2010 HCLT.BO HCL Technologies Ltd. Balaji Prasad IT Services 3QFY10 results
22-Apr-2010 ZEE.BO Zee Entertainment Enterprises We expect a strong performance in Ishan Sethi Media FY2010 results
advertising revenues this quarter -
reflecting the ad-rate hikes that the
company undertook earlier in 2010.
Revenues from the 6 regional GECs
would also be consolidated into reported
results.
22-Apr-2010 HZNC.BO Hindustan Zinc Pritesh Vinay Metals FY2010 results
22-Apr-2010 RPOL.BO Reliance Power Durga Dath Utilities & Fertilizer 4QFY10 results
22-Apr-2010 RLIN.BO Reliance Infrastructure Durga Dath Utilities & Fertilizer 4QFY10 results
23-Apr-2010 HDBK.BO HDFC Bank Tabassum Inamdar Financials 4QFY10 results
23-Apr-2010 LICH.BO LIC Housing Finance Tabassum Inamdar Financials 4QFY10 results
23-Apr-2010 IDEA.BO Idea Cellular Sachin Salgaonkar Telecom 4QFY10 results
24-Apr-2010 CIPL.BO Cipla Balaji Prasad Healthcare 4QFY10 results
24-Apr-2010 PIRA.BO Piramal Healthcare Balaji Prasad Healthcare 4QFY10 results
24-Apr-2010 RANB.BO Ranbaxy Laboratories Balaji Prasad Healthcare 1QFY10 results
24-Apr-2010 MRTI.BO Maruti Suzuki India Sandeep Pandya Autos 4QFY10 results
24-Apr-2010 RELI.BO Reliance Industries Nilesh Banerjee Oil & Gas 4QFY10 results
25-Apr-2010 ICBK.BO ICICI Bank Tabassum Inamdar Financials 4QFY10 results
Fourth Week (Apr 26 - Apr 30) 20 companies
27-Apr-2010 BOB.BO Bank of Baroda Tabassum Inamdar Financials 4QFY10 results
27-Apr-2010 JAIA.BO Jaiprakash Associates Expect strong volume growth in the Ishan Sethi Infrastructure FY2010 results
27-Apr-2010 PLNG.BO Petronet LNG cement segment and strong pick-up in Nilesh Banerjee Oil & Gas 4QFY10 results
28-Apr-2010 BION.BO Biocon realizations from real estate sales Balaji Prasad Healthcare 4QFY10 results
28-Apr-2010 CADI.BO Cadila Healthcare Balaji Prasad Healthcare 4QFY10 results
28-Apr-2010 MAHM.BO Mahindra & Mahindra Not Covered by GS Sandeep Pandya Autos 4QFY10 results
28-Apr-2010 TAMO.BO Tata Motors Sandeep Pandya Autos 4QFY10

(Standalone)
28-Apr-2010 IDFC.BO Infrastructure Development Finance Tabassum Inamdar Financials 4QFY10 results
28-Apr-2010 STRL.BO Sterlite Industries (India) Pritesh Vinay Metals FY2010 results
28-Apr-2010 BRTI.BO Bharti Airtel Sachin Salgaonkar Telecom 4QFY10 results
28-Apr-2010 MTNL.BO Mahanagar Telephone Nigam Sachin Salgaonkar Telecom 4QFY10 results
28-Apr-2010 TTCH.BO Tata Chemicals Durga Dath Utilities & Fertilizer 4QFY10 results
29-Apr-2010 DABU.BO Dabur India Vishnu Gopal Consumer 4QFY10 results
29-Apr-2010 BOI.BO Bank of India Tabassum Inamdar Financials 4QFY10 results
29-Apr-2010 GVKP.BO GVK Power and Infrastructure Ishan Sethi Infrastructure FY2010 results
29-Apr-2010 RLCM.BO Reliance Communications Sachin Salgaonkar Telecom 4QFY10 results
30-Apr-2010 AXBK.BO Axis Bank Tabassum Inamdar Financials 4QFY10 results
30-Apr-2010 GATE.BO Gateway Distriparks Ishan Sethi Capital Goods FY2010 results
30-Apr-2010 DLF.BO DLF We look for signs of pick-up in activity in Vishnu Gopal Real Estate 4QFY10 results
4Q, particularly looking out for office
absorption momentum. Also to look for
30-Apr-2010 LAIN.BO Lanco Infratech Durga Dath Utilities & Fertilizer 4QFY10 results
May
First Week (May 1 - May 7) 4 companies
4-May-2010 HDFC.BO HDFC Tabassum Inamdar Financials 4QFY10 results
5-May-2010 INBK.BO Indusind Bank Tabassum Inamdar Financials 4QFY10 results
7-May-2010 UNBK.BO Union Bank Tabassum Inamdar Financials 4QFY10 results
7-May-2010 JSTL.BO JSW Steel Pritesh Vinay Metals FY2010 results
Second Week (May 8 - May 15) 6 companies

9-May-2010 SBI.BO State Bank of India Tabassum Inamdar Financials 4QFY10 results
11-May-2010 SNTX.BO Sintex Industries Ishan Sethi Capital Goods FY2010 results
12-May-2010 KTKM.BO Kotak Mahindra Bank Tabassum Inamdar Financials 4QFY10 results
13-May-2010 SRTR.BO Shriram Transport Finance Tabassum Inamdar Financials 4QFY10 results
14-May-2010 PARV.BO Parsvnath Developers Vishnu Gopal Real Estate 4QFY10 results
14-May-2010 UNTE.BO Unitech We look for signs of pick-up in activity in Vishnu Gopal Real Estate 4QFY10 results
4Q, particularly looking out for office
absorption momentum.
Third Week (May 16 - May 22) 8 companies

15-May-2010 ASOK.BO Ashok Leyland Not Covered by GS Sandeep Pandya Autos 4QFY10 results
15-May-2010 EKCL.BO Everest Kanto Cylinder Ishan Sethi Capital Goods FY2010 results
18-May-2010 PUJL.BO Punj Lloyd Ishan Sethi Capital Goods FY2010 results
19-May-2010 GRAS.BO Grasim Industries Pritesh Vinay Cement FY2010 results
19-May-2010 SOBH.BO Sobha Developers Vishnu Gopal Real Estate 4QFY10 results
20-May-2010 PNBK.BO Punjab National Bank Tabassum Inamdar Financials 4QFY10 results
21-May-2010 ITC.BO ITC To look for updates on price increases to Vishnu Gopal Consumer 4QFY10 results
cover increased excise duty
21-May-2010 IRBI.BO IRB Infrastructure Developers We expect high yoy sales and EPS Ishan Sethi Infrastructure FY2010 results
growth, driven by traction in the
construction business.
Fourth Week (May 23 - May 31) 20 companies

23-May-2010 NEST.BO Nestle India Vishnu Gopal Consumer 1QFY10 results
24-May-2010 NTPC.BO NTPC Durga Dath Utilities & Fertilizer 4QFY10 results
24-May-2010 PGRD.BO Power Grid Durga Dath Utilities & Fertilizer 4QFY10 results
25-May-2010 HLL.BO Hindustan Unilever To look for impact of price reductions on Vishnu Gopal Consumer 4QFY10 results
margins and also whether pricing
strategy has led to increase in
volumes/market shares
25-May-2010 MBFL.BO Mphasis Balaji Prasad IT Services 2QFY10 results
25-May-2010 HDIL.BO Housing Development & Infrastructure We look for updates on status of Airport Vishnu Gopal Real Estate 4QFY10 results
project, updates on TDR sales/prices
26-May-2010 TAMO.BO Tata Motors Sandeep Pandya Autos 4QFY10
(Consolidated)
26-May-2010 TATA.BO Tata Communications Sachin Salgaonkar Telecom 4QFY10 results
27-May-2010 BHEL.BO Bharat Heavy Electricals We expect strong revenue performance Ishan Sethi Capital Goods FY2010 results
( historically Q4 is the strongest) and
margin performance similar to 3QFY10 -
structural thesis of declining
27-May-2010 CAIL.BO Cairn India Ltd. margins/returns stays. Nilesh Banerjee Oil & Gas 4QFY10 results
28-May-2010 LART.BO Larsen & Toubro We expect 28% yoy growth in Q4FY10 Ishan Sethi Capital Goods FY2010 results
vs company's guidance of 35% yoy
28-May-2010 COLG.BO Colgate Palmolive (India) growth
To look for increases in effective tax Vishnu Gopal Consumer 4QFY10 results
rate as deduction allowed on production
from Baddi set to expire.
28-May-2010 SAIL.BO Steel Authority of India Pritesh Vinay Metals FY2010 results
29-May-2010 IVRC.BO IVRCL Infrastructure and Projects We expect strong performance with Ishan Sethi Infrastructure FY2010 results
29-May-2010 BPCL.BO Bharat Petroleum execution in other states offsetting the Nilesh Banerjee Oil & Gas 4QFY10 results
29-May-2010 IOC.BO Indian Oil Corp. slow execution in Andhra Pradesh. Nilesh Banerjee Oil & Gas 4QFY10 results
30-May-2010 GMRI.BO GMR Infrastructure Ishan Sethi Infrastructure FY2010 results
30-May-2010 DSTV.BO Dish TV India Ishan Sethi Media FY2010 results
30-May-2010 SUTV.BO Sun TV Network Company has witnessed exceptionally Ishan Sethi Media FY2010 results
strong growth over the last two
quarters. Any change in momentum
would be relevant.
30-May-2010 RSTC.BO Rashtriya Chemicals & Fertilisers Durga Dath Utilities & Fertilizer 4QFY10 results
June 16 companies
2-Jun-2010 HPCL.BO Hindustan Petroleum Nilesh Banerjee Oil & Gas 4QFY10 results
3-Jun-2010 NALU.BO National Aluminium Company Pritesh Vinay Metals FY2010 results
4-Jun-2010 INRL.BO Indiabulls Real Estate Limited We look for news on Indiabulls Power Vishnu Gopal Real Estate 4QFY10 results
milestones and status of Mumbai
15-Jun-2010 GAIL.BO Gas Authority of India projects Nilesh Banerjee Oil & Gas 4QFY10 results
24-Jun-2010 ONGC.BO Oil & Natural Gas Corp. Nilesh Banerjee Oil & Gas 4QFY10 results
25-Jun-2010 TISC.BO Tata Steel Focus would be on Tata Steel Europe's Pritesh Vinay Metals FY2010 results
(Corus) earnings
27-Jun-2010 ICMN.BO India Cement Pritesh Vinay Cement FY2010 results
30-Jun-2010 APLH.BO Apollo Hospitals Balaji Prasad Healthcare 4QFY10 results
30-Jun-2010 REDY.BO Dr. Reddy's Laboratories Balaji Prasad Healthcare 4QFY10 results
30-Jun-2010 FOHE.BO Fortis Healthcare Balaji Prasad Healthcare 4QFY10 results
30-Jun-2010 GLEN.BO Glenmark Pharmaceuticals Balaji Prasad Healthcare 4QFY10 results
30-Jun-2010 LUPN.BO Lupin Balaji Prasad Healthcare 4QFY10 results
30-Jun-2010 SUN.BO Sun Pharmaceutical Industries Balaji Prasad Healthcare 4QFY10 results
30-Jun-2010 HALC.BO Hindalco Industries Pritesh Vinay Metals FY2010 results
30-Jun-2010 GSPT.BO Gujarat State Petronet Nilesh Banerjee Oil & Gas 4QFY10 results
30-Jun-2010 OILI.BO Oil India Nilesh Banerjee Oil & Gas 4QFY10 results
Reg AC
I, Vikram Sahu, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or c
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Event Expected Date Ticker Company Market Impact
We expect MNP to be implemented in Metros in next two to
three months (slight delay from official timeline, 31 December
2009, given the time required to set up a clearing house) and
Implementation of MNP 31-Dec-2009 Telecom sector expect a muted response from it

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Goldman Sachs India Coverage - Events Calendar

Impacted stocks / sector Material Implication

Vikram Sahu Rishi Jhunjhunwala

Events by Sector Events Chronology

Consumer Economics Financials

Media Metals & Oil & Gas

Goldman Sachs Research estimates, DataStream

Autos Expected Date Event Material Implication

15-May-10 4QFY10 results Not Covered by GS ASOK.BO Ashok Leyland

26-May-10 4QFY10 (Consolidated) TAMO.BO Tata Motors

strongest) and margin performance similar to 3QFY10 -

of 35% yoy growth

27-Jun-2010 FY2010 results ICMN.BO India Cement

12-May-2010 March IP We expect the strength in industrial activity to continue

prices begin to moderate

29-Apr-2010 4QFY10 results BOI.BO Corp. of India

5-May-2010 4QFY10 results INBK.BO IndusInd Bank

12-May-2010 4QFY10 results KTKM.BO Kotak Mahindra Bank

for hearing; significant positive if Glenmark can launch this

22-Apr-2010 4QFY10 results WIPR.BO Wipro Ltd.

22-Apr-2010 3QFY10 results HCLT.BO HCL Technologies Ltd.

offsetting the slow execution in Andhra Pradesh.

30-May-2010 FY2010 results GMRI.BO GMR Infrastructure

converted into hot-rolled steel, there is a positive delta of

to Salaya along with the completion of trains 2 and 3 of

increase in production volumes at Mangala to 150Kb/d by end-

29-Apr-2010 4QFY10 results RLCM.BO Reliance Communications

28-Apr-2010 4QFY10 results MTNL.BO Mahanagar Telephone Nigam

3rd week of the Telecom subscriber data release Telecom sector

valuation for RPWR; an adverse decision could potentially

24-May-2010 4QFY10 results NTPC.BO NTPC

24-May-2010 4QFY10 results PGRD.BO Power Grid

Impacted stocks / sector Potential Material Implication

Second Week (Apr 12 - Apr 18)

Third Week (Apr 19 - Apr 25)

Fourth Week (Apr 26 - Apr 30)

Second Week (May 8 - May 15)

Third Week (May 16 - May 22)

Second Week (Apr 12 - Apr 18) 4 companies

Third Week (Apr 19 - Apr 25) 24 companies

28-Apr-2010 TAMO.BO Tata Motors Sandeep Pandya Autos 4QFY10

Second Week (May 8 - May 15) 6 companies

Third Week (May 16 - May 22) 8 companies

Fourth Week (May 23 - May 31) 20 companies

mpanies in different sectors and markets.

. Volatility is measured as trailing twelve-month volatility adjusted for dividends.

shed at irregular intervals as appropriate in the analyst's judgment.

ities Finance Company.

f the realization of the return.

of, or income derived from, certain investments.

Impacted stocks / sector Material Implication

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