July 27, 2011

Indian market Sensex Nifty BSE 100 BSE 200 CNX Midcap BSE Smallcap Developed market Dow Jones Nasdaq S&P 500 FTSE CAC DAX Hang Seng* Nikkei* S&P/ASX200*
* Markets are open

Last close 18,518 5,575 2,301 7,245 8,119 8,438 Last close 12,501 2,840 1,332 5,930 3,788 7,349 22,578 10,041 4,560

1 day (1.9) (1.9) (1.6) (1.6) (1.2) (0.8) 1 day (0.7) (0.1) (0.4) 0.1 (0.7) 0.1 0.0 (0.6) (0.3)

% change 3 mth (4.8) (4.4) (4.2) (4.0) (2.6) (5.2) % change 3 mth (1.5) (1.0) (1.7) (2.3) (6.9) (0.7) (5.5) 3.6 (6.4) % change 3 mth (7.6) (10.4) (4.0) (1.9) (1.3) (2.6) (0.2)

Recovering from the shock!

YTD (9.7) (9.1) (9.2) (9.0) (8.3) (12.7) YTD 8.0 7.1 5.9 0.5 (0.4) 6.3 (2.0) (1.8) (3.9)

To get into the best society nowadays, one has either to feed people, amuse people, or shock people - Oscar Wilde It's neither amusing nor interesting. It's a bit shocking. Some call the RBI's move a big leap of faith while many industries are moaning on their fate. Dr. D. Subbarao has upped the ante in the battle against inflation by jacking up rates by an aggressive 50 bps. Whats more, the central bank doesnt seem to be lowering its guard either. It is ready to sacrifice a little bit of growth in the near term to improve long-term prospects. So, a further 25-50 bps hike is not ruled out. Lets hope for some big relief on the inflation front. We expect a better start today and hopefully an improved close. The SGX Nifty futures in Singapore is pointing to a steady opening. Asian markets are slightly in the red though. US stocks extended losses amid no sign of a compromise between the Obama regime and the GOP. European markets finished mixed. Results will of course continue to pour in today as well. So, the action could largely be stock centric. Immediate support for the Nifty is seen at ~5550, below which selling pressure could aggravate and take it to ~5430. Sensex intra-day
19,000 18,900 18,800

Emerging market Shanghai Comp Brazil Bovespa Mexico Bolsa Kospi* Micex Taiwan* Straits*
* Markets are open

Last close 2,704 59,340 35,341 2,165 1,722 8,813 3,177

1 day 0.0 (1.1) (0.4) (0.2) (0.3) 0.2 (0.3)

YTD (3.7) (14.4) (8.3) 5.6 2.0 (1.8) (0.4)

Institutional activity (Rs cr) FIIs MFs FIIs Prov. MFs Prov. Commodities Crude (US$/bbl) Gold (US$/oz) Copper (US$/mt) Aluminium (US$/mt) Zinc (US$/mt) Advance/Decline stocks (Nos) Adv Dec Unch A/D ratio (x)*
*A/D excluding Unch

Cash 240 307 (178) 31 Last close 99.2 1,622 9,798 2,627 2,503 A 33 169 3 0.2

F&O 687 -

MTD 11,126 926

YTD 9,600 3,990

1 day (0.4) 0.2 1.7 1.3 2.5 B 729 1,443 84 0.5

% change 3 mth (12.0) 6.2 2.9 (4.0) 11.6 S 238 272 29 0.9

YTD 8.6 14.2 1.5 6.8 2.4 Total 1,000 1,887 117 0.5

18,700 18,600 18,500 18,400 18,300 18,200

Trade value (Rs cr) Cash NSE Cash BSE Total Cash Delivery (%) Derivatives Currency Rs/US$ Rs/EUR US$/GBP US$/EUR Yen/US$ Bond market 10yr Gsec Call rate Last close 44.19 63.99 1.64 1.45 77.87

12,297 2,853 15,150 41.5 233,748 1 day (0.5) 0.3 0.2 (0.1) (0.0) % change 3 mth 0.8 1.6 (1.2) (1.9) 5.5

% chg 7.1 (2.9) 5.0 50.5 YTD 1.2 (6.5) 5.2 8.4 4.2 Bps chg 0.04 0.35

9:00

10:05

11:10

12:15

13:20

14:25

15:30

ADR/GDR Dr. Reddys HDFC Bk ICICI Bk ITC Infosys Ranbaxy Reliance Wipro SBI Tata Motors Sterlite L&T Latest (US$) 35.3 36.3 47.1 4.5 63.2 12.4 39.5 12.4 112.5 22.0 15.2 40.0 Price % chg (0.4) (0.3) (2.1) (1.7) 0.5 (4.2) 0.0 (0.3) (1.4) (2.2) (1.9) (3.9) % Prem/Disc (1.1) 7.2 0.1 0.0 (0.4) 1.0 0.1 33.1 1.6 (0.0) 299.4 (0.6)

Last Close (%) 8.32 7.90

News
Corporate snippets Comptroller and Auditor General of India rejected Reliance Industries claim that it was not given enough time to respond to observations relating to its KG-D6 gas field. (ET) Hindustan Petroleum Corporation is planning to raise US$300mn in the second half of the current fiscal and has appointed Bank of Tokyo-Mitsubishi, State Bank of India and Sumitomo Mitsui Banking as advisors. (ET) Cairn India has decided to seek shareholders nod on the governments riders for approving the deal. (BS) Tata Teleservices announced unification of two divisions offering services based on CDMA and GSM raising fears of job cuts. (ET) Mahindra Aerospace and Mahindra Satyam signed a memorandum of understanding for a trade partnership with the Eurocopter Group. (BL) Cox & Kings is in talks to acquire UK travel firm Holidaybreak, which provides residential outdoor education and adventure trips for school children. (ET) Walt Disney Co plans to buy the rest of UTV Software Communications it does not own and delist the company in a deal potentially valued at US$454mn. (BS) United Phosphorus has acquired 51% stake in the Brazilian firm DVA Agro Brazil for US$150mn. (ET) Jindal Saw will invest US$600mn over the next two years to expand its capacity and buy stakes in firms based in the Middle East, the US and the European Union.(ET) Tata Steel, JSW Steel and Jindal Steel and Power Ltd are three private players that SAIL has roped in to form a consortium to bid for Hajigak mines in Afghanistan. NMDC and RINL are the State-owned companies in the consortium. (BL) The home affairs committee of the House of Commons of UK has asked HCL Technologies to provide information about its relationship with Rupert Murdoch's News International. (ET) Everonn announced the launch of master resource centre in Chennai. (FE) Economy snippets RBI raised the repo rate for the 11th time, by 50 basis points to 8%. The reverse repo was raised by the same amount to 7%. (BS) The government is expected to soon appoint a highpower committee headed by the Cabinet Secretary for fast-track clearance of overseas asset buys by PSUs without going to Cabinet. (ET) Government may decide on allowing more sugar exports after September. (ET) The Commerce and Industry Ministry has restored the incentives on export of cotton and cotton yarn following a sharp fall in domestic and international prices of the commodities. (BL) Results table
Rs m BHEL Glenmark JSW Steel Maruti Shriram Transport Revenues 72,715 8,685 70,694 85,293 13,932 % yoy 10.2 26.8 51.0 2.6 12.9 PAT 8,155 2,101 5,783 5,492 3,473 % yoy 22.1 23.2 65.1 18.0 20.2

Market Mantra

Technicals
dNifty price/volume
NSE Nifty [N59901] 5688.45, 5702.25, 5560.15, 5574.85, 595110656 -1.86% Price Avg3(S,100,S,200,S,50) 31 Log IRIS 6400 6200 6000 5800 5600 5400 Source : www.SpiderSoftwareIndia.Com Vol 16 Cr 5200

100 50.00

Ruchi Soya Industries (BUY, above Rs102.50, Target Rs106.50): On the daily chart, the stock has given an upside breakout, considered to be an important bullish signal. The stock is poised for further gains in the next few trading sessions. The undertone is reasonably strong and is likely to push price higher. After consolidating in the range of Rs100-95 for last three weeks, the stock closed above the peak of its trading range yesterday. The upside breakout is well accompanied with decent volumes. Based on above mentioned technical evidences, we recommend traders to buy the stock above Rs102.50 with stop loss of Rs100.50 for target of Rs106.50.
Dly

10:N

11:J

Markets succumbed to selling pressure on Tuesdays trading on account of RBI raising key rates by 50 bps. This led to formation of Bearish Engulfing line pattern on the candlestick in the Nifty after it tested levels of 5,700 in the opening trade. Immediate support for Nifty is seen at 5,550 levels, below which selling pressure could aggravate further till 5,430 levels. Support/Resistance levels
Nifty Sensex Close 5,575 18,518 Support 5,530 18,350 Resistance 5,610 19,690

Abnormal change in delivery

Stock Polaris Mindtree Rcf Orchidchem Radico NSEDely (%) 31.6 49.0 44.4 27.1 64.2 Prev NSEDely (%) 12.8 23.5 22.4 14.1 34.4 Price % chg (2.1) 3.8 (2.2) (4.5) 1.6

Karnataka Bank (SELL, below Rs119.50, Target Rs114.50): On the daily charts, the stock has given a downside breakdown after giving a close below the support of its ascending trendline. Infact, the stock had been moving in a symmetrical triangle formation since June 2011 with ascending trendline acting as a strong support on several occasions. However, the candlestick patterns formed in the recent past support the bears closing below its 50-DMA. Selling pressure could intensify in the counter below the levels of Rs119. We recommend traders to sell Karnataka Bank August Futures below Rs119.50 for an initial target of Rs114.50. It is advisable to maintain a stop loss of Rs122 on all the short positions.

Positive breakout
Company name Tamil Nadu Newsp Kirloskar Brothe Bilcare Ltd Cairn India Niit Ltd Oberoi Realty Omaxe Ltd Everonn Educatio Jk Lakshmi Cemen Piramal Healthca CMP 121.8 174.0 409.4 323.1 56.5 239.8 140.3 549.8 44.3 402.4 10 Days MVG avg 120.1 171.8 404.8 319.6 55.9 237.5 139.1 545.6 43.9 399.6 Price % chg 1.5 1.3 1.1 1.1 1.0 1.0 0.9 0.8 0.7 0.7 20 Days MVG avg 118.6 166.2 403.7 318.2 55.5 239.5 136.3 541.6 43.8 396.8

Negative breakout
Company name Tata Chemicals Cmc Ltd Infotech Ent Kalpataru Power Uco Bank Mrf Ltd Jaiprakash Assoc Nesco Ltd Colgate Palmoliv United Breweries CMP 370.9 1,145.3 135.2 129.1 87.0 7,454.7 74.8 649.9 978.1 143.8 10 Days MVG avg 379.9 1,172.1 138.2 131.8 88.8 7,602.4 76.2 661.4 994.5 146.2 Price % chg (2.4) (2.3) (2.2) (2.1) (2.0) (1.9) (1.8) (1.7) (1.7) (1.7) 20 Days MVG avg 378.3 1,158.2 139.5 129.9 91.0 7,322.3 78.2 640.8 998.7 150.8

Market Mantra

Technicals
Pivot table
Company Pivot Res 1 Res 2 ABB 879 893 908 ACC 998 1,009 1,019 Ambuja Cem 130 132 133 BHEL 1,940 1,988 2,036 BPCL 665 672 679 Bharti 427 431 435 Cairn 325 329 333 Cipla 314 317 320 DLF 238 244 250 Gail 463 469 474 Grasim 2,197 2,213 2,230 HCL Tech 515 521 526 HDFC Bank 501 507 513 Hero Honda 1,825 1,843 1,862 Hindalco 179 181 184 HUL 328 332 336 HDFC 698 710 722 ICICI Bank 1,051 1,069 1,087 Idea 91 92 93 Infosys 2,804 2,821 2,838 ITC 202 205 208 L&T 1,805 1,837 1,869 M&M 728 743 758 Maruti 1,178 1,201 1,224 Nalco 79 80 81 NTPC 182 184 186 ONGC 278 281 284 Powergrid 109 110 112 PNB 1,173 1,194 1,215 Ranbaxy 541 546 550 Rcom 103 106 108 Reliance 877 885 892 Reliance Infra 581 590 599 Reiance Power 117 116 114 118 119 121 Satyam 87 86 84 87 88 89 Siemens 943 936 929 943 950 957 SBI 2,446 2,407 2,345 2,468 2,507 2,547 SAIL 132 130 127 133 134 136 Sterlite 168 165 159 171 174 177 Sunpharma 516 504 486 522 534 545 Suzlon 53 52 50 53 54 55 Tata Com. 226 222 216 228 232 235 TCS 1,145 1,131 1,120 1,141 1,155 1,169 Tata Motors 973 955 926 984 1,002 1,021 Tata Power 1,300 1,287 1,269 1,305 1,318 1,331 Tata Steel 583 577 568 587 593 598 Unitech 34 34 32 35 36 36 Wipro 410 406 403 409 413 418 Zee 133 130 126 134 138 141 A pivot is a level at which the market direction changes for the day. These points can be critical support and resistance levels for that day. Pivot levels are only broad indicators and not necessarily our view on the stock or index. CMP (Rs) 875 995 130 1,904 662 425 323 312 234 461 2,185 515 498 1,821 178 327 694 1,040 90 2,802 201 1,778 718 1,177 79 180 277 109 1,166 540 102 872 576 Supp 1 860 984 128 1,856 655 420 319 309 228 456 2,168 510 492 1,802 175 323 682 1,022 89 2,785 198 1,746 703 1,154 78 178 274 108 1,145 536 99 864 567 Supp 2 841 970 126 1,771 646 414 312 304 218 448 2,140 504 483 1,780 172 319 666 993 87 2,765 194 1,687 678 1,130 77 175 270 106 1,116 530 95 851 552

Top gainers
Company Dcm Shriram Cons Alembic Ltd Ruchi Soya Indus Asian Star Co Shree Ram Urban Price (Rs) 53.9 23.1 102.2 1,340.0 159.3 Price % chg 13.5 5.5 4.4 4.4 4.1 % YTD chg 5.6 (65.9) (15.1) 45.8 (9.8)

Top losers
Company Mastek Ltd Lanco Infratech Reliance Communi Indiabulls Real Gvk Power & Infr Price (Rs) 118.7 19.0 101.7 109.9 18.6 Price % chg (6.2) (6.2) (5.7) (5.2) (5.1) % YTD chg (35.4) (70.1) (30.1) (21.1) (54.3)

Volume Toppers
Company Dalmia Bharat Su Dcm Shriram Cons Pidilite Inds Orient Paper Niit Tech Ltd Price (Rs) 19.0 53.9 172.2 64.0 232.3 Price % chg 3.0 13.5 (3.1) 8.8 3.8 Vol % chg 25,052.6 5,130.0 2,236.6 1,626.4 1,435.2

Sector watch
BSE Indices BSE Bankex BSE Realty BSE HC BSE Metals BSE Oil & Gas BSE Auto BSE IT BSE Power BSE FMCG BSE PSU BSE Cap Goods BSE CD BSE 200 BSE 500 BSE Mid Cap BSE Small Cap CNX 500 Last close 12,694 2,144 6,455 14,744 9,125 8,790 5,929 2,539 4,014 8,484 13,396 6,718 2,301 7,245 7,009 8,438 4,505 1 day (2.5) (3.6) (0.6) (1.3) (1.3) (2.1) (0.1) (1.9) (1.6) (1.4) (3.5) (1.1) (1.6) (1.6) (1.0) (0.8) (1.6) Price % chg 1 week 1 mth 0.8 (5.4) 7.8 (7.2) 2.4 4.1 0.3 (11.1) (0.5) (9.2) 1.2 (9.0) (1.5) (4.9) (0.9) (6.1) 3.8 6.8 (0.9) (7.9) (1.4) (1.1) 3.8 3.2 1.2 (4.2) 1.5 (4.0) 4.2 (3.2) 5.7 (5.2) 1.5 (3.9) 50 DMA 12,643 2,167 6,180 15,362 9,558 8,972 6,109 2,606 3,765 8,658 13,218 6,395 2,299 7,219 6,869 8,284 4,485

Note: Ideas given under the Technicals section are for intraday purpose or up to a period of three trading sessions. Stocks recommended under this heading are not necessarily part of our fundamental buy or sell list.

Market Mantra

Deals
Bulk deals
Date 26/7/2011 26/7/2011 26/7/2011 26/7/2011 26/7/2011 Scrip name Monnet Ispat Ltd MindTree Limited MindTree Limited Monnet Ispat Monnet Ispat Client name Blackstone Management Partners Ashok Soota Coffee Day Resorts Pvt Ltd Blackstone Management Partners Swiss Finance Corporation Mauritius B/S B S B B S Qty ('000) 526 823 900 774 774 Avg price (Rs) 496 440 439 496 496 Deal size (Rs m) 260.8 362.0 394.7 384.0 383.7

Insider trades
Company name
Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Envair Electrodyne Ltd Lupin Ltd Lupin Ltd Lupin Ltd Lupin Ltd Lupin Ltd Lupin Ltd Matra Realty Ltd Pondy Oxides & Chemicals Ltd Pondy Oxides & Chemicals Ltd Sharp Industries Ltd Sharp Industries Ltd Sterling Holiday Resorts India Ltd Sterling Holiday Resorts India Ltd Sterling Holiday Resorts India Ltd Surana Telecom And Power Ltd Emmbi Polyarns Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd

Acquirer
Mrs. Mandakini P Bhagwati Mrs. Mandakini P Bhagwati Mrs. Mandakini P Bhagwati Mrs. Mandakini P Bhagwati Mrs. Mandakini P Bhagwati Reena P Bhagwati Reena P Bhagwati Reena P Bhagwati Reena P Bhagwati Reena P Bhagwati Shripad Mirashi Dhansukh M Gandhi Gautam Pareek Gautam Pareek Krishan Chandra Sharma Poonam Parwani Shaji George K Albula Investment Fund Ltd Manju Bansal Neelam Bansal Ashwin Sheth Ashwin Sheth M N Rangamani R Mohan Ramesh Ramanathan Vinita Surana Makrand Appalwar Mrs. Mandakini P Bhagwati Mrs. Mandakini P Bhagwati Mrs. Mandakini P Bhagwati Mrs. Mandakini P Bhagwati Mrs. Mandakini P Bhagwati Reena P Bhagwati

Transaction date
11/7/2011 12/7/2011 13/07/2011 14/07/2011 15/07/2011 11/7/2011 12/7/2011 13/07/2011 14/07/2011 15/07/2011 12/07/2011 15/07/2011 15/07/2011 15/07/2011 19/07/2011 1/0/1900 19/07/2011 13/07/2011 20/05/2010 06/01/2011 20/05/2010 06/01/2011 --14/07/2011 07/07/2011 08/07/2011 14/07/2011 20/04/2011 15/07/2011 05/07/2011 14/07/2011 11/7/2011 12/7/2011 13/07/2011 14/07/2011 15/07/2011 11/7/2011

B/S
B B B B B B B B B B B S S S S S B B B S S B S B B B B B B B B B

Qty ('000)
0.1 0.1 420.3 0.1 0.1 0.1 0.1 0.2 0.1 0.1 3.1 6.0 1.2 1.2 1.0 0.0 0.1 200.0 40.3 39.2 430.0 430.0 412.0 30.2 485.0 34.4 36.1 0.1 0.1 420.3 0.1 0.1 0.1

Shares transactions (%)

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 1.6 0.4 0.4 2.2 2.2 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Holding after transaction (%)

9.2 9.2 9.2 9.2 9.2 11.9 12.0 12.0 12.0 12.0 55.1 0.0 0.0 0.0 0.0 0.0 0.0 5.6 0.0 0.0 3.5 3.5 1.7 0.0 0.0 0.6 0.0 9.2 9.2 9.2 9.2 9.2 11.9

FIIs trades
Scrip name Union Bank Bank of Baroda PNB Pantaloon Volume ('000) 64.4 55.1 29.8 114.3 Price (Rs) 304.0 906.0 1175.0 359.0 Prem/Disc (%) (0.0) 0.7 0.9 9.1

Market Mantra

Derivatives
Nifty volatility Index declined to 17.91 from 18.75, decreased by 4.48%. Total Nifty futures shed 0.22mn shares in open interest. Call open interest for July series shed 7.41mn shares in Open Interest. Put open interest for July series added 3.34mn shares in Open Interest. Nifty put call ratio of open interest now stands at 1.24 vs 1.08. Nifty put call ratio of volume now stands at 0.93 vs 0.98. Maximum open interest in calls for July series is at 5,800 strike prices. Maximum open interest in Puts for July series is at 5,500 strike prices. Nifty July 5,600 Call shed 3.32mn shares in open interest. Nifty July 5,600 Put added 2.56mn shares in open interest. Strategies Long Voltas Aug Future in range of Rs144 145 for the Target price of Rs150 with a Stop loss placed at Rs142. Lot size: 2000 Remarks: Net maximum profit of Rs12,000 and net maximum loss of Rs6,000. Short SBI Aug Future in range of Rs2460 2470 for the Target price of Rs2390 with a Stop loss placed at Rs2500. Lot size: 125 Remarks: Net maximum profit of Rs10,000 and net maximum loss of Rs5,000.
Nifty snapshot
Near month price Near month Pre/Disc Mid month price Mid month Pre/Disc OI* (000) Volume (000) PCR (OI) PCR (Vol) Roll-over (%) Current 5,574 (0.5) 5,590 15.3 25,525 40,579 1.1 1.0 39.4 % Chg (2.0) (104.8) (2.0) (40.7) 7.2 86.6 (18.2) (1.7) 68.1

FII derivative data

(Rs cr) Index Futures Index Option Stock Futures Stock Options Buy 7,841 14,950 7,341 255 Sell 8,153 13,041 8,237 269 Net (312) 1,910 (897) (14) Contracts 96,308 47,901 22,220 (1,330) OI % chg 23 3 2 (3)

Institutional activity
(Rs cr) FII's MF's FIIs Prov. MFs Prov. Cash 240.2 306.7 (177.8) 31.5 F&O 687.3 MTD 11,125.5 926.4 YTD 9,600.2 3,989.6

Overall market
Index Future (Rs cr) Stock Future (Rs cr) Index Options (Rs cr) Stock Options (Rs cr) Index Future (Cont '000) Stock Future (Cont '000) Index Options (Cont '000) Stock Options (Cont '000) PCR (OI) PCR (VOI) 26-Jul11 26,520 30,772 171,394 5,061 987 1,087 6,056 179 1.0 0.5 25-Jul-11 14,307 24,974 111,306 4,714 531 861 3,924 159 1.0 0.4 22-Jul11 13,705 20,466 115,090 4,943 521 694 4,081 160 0.9 0.4 Value % chg 85.4 23.2 54.0 7.4 85.9 26.3 54.3 12.9 (1.6) 28.5

Nifty open interest chart

900 750 600 450 300 150 0 29-Apr-11 26-May-11 22-Jun-11 19-Jul-11 5,000 4,500 4,000 OI & Vol (lacs) Nifty 6,500 6,000 5,500

Nifty strikes open interest

16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 5300 5400 5500 5600 5700 5800 5900 OI in Call ('000)
Put

Sector-wise OI
4 2 0 -2 -4 % Chg

Real Estate

Metals

FMCG

Textile

Power

Sugar

IT

Automobiles

Market Mantra

Total Stock Future

Logistics

Cement

Capital goods & Infra

Pharma

Fertilizers

Banking

Oil & Gas

Telecom

Others

Media

Derivatives
Futures open interest gainers
Scrip Ioc Ekc Bhel Indianb Sbin Cesc Lt Aban Hdil Ashokley Beml OI ('000) 4,271.0 4,600.0 2,904.9 1,169.0 4,336.4 934.0 4,307.3 3,055.0 20,632.0 13,976.0 452.0 % change 20.9 18.9 18.0 16.3 14.2 13.1 10.2 10.2 8.9 8.2 7.7 CMP (Rs) 319.7 92.8 1,905.4 239.9 2,441.4 346.6 1,779.7 517.3 152.3 51.9 556.4 % change (2.3) (0.1) (4.8) 1.0 (2.7) (1.1) (4.1) (1.3) (3.3) (1.7) (3.4) Volume ('000) 876.0 6,016.0 4,040.9 726.0 4,727.8 978.0 3,208.0 1,141.0 13,614.0 7,564.0 164.0 % change 31.9 157.5 341.6 153.0 107.3 7.1 47.1 22.0 30.4 74.1 127.8 Prem/Disc (Rs) (0.3) (0.3) (1.7) (0.8) 4.7 (1.2) (1.4) (0.7) 0.0 0.7 1.0

Futures open interest losers

Scrip Educomp Chamblfert Federalbnk Petronet Suzlon Reliance Mediaworks Federalbnk M&M Gtl Dlf Patni Most active stock calls Scrip Sbin Reliance Reliance Sbin Ifci Sbin Sbin Bhel Dlf Icicibank Strike 2500 880 900 2550 48 2600 2450 2000 240 1100 OI ('000) 348.9 751.3 1,264.0 208.5 5,748.0 365.3 110.9 88.8 1,845.0 1,164.5 % change 26.1 6.1 (4.4) 17.3 2.6 10.3 76.0 58.1 27.9 (3.3) CMP(Rs) 5.6 5.3 1.6 1.1 0.3 1.2 16.9 2.2 1.0 1.8 Volume ('000) 6,608.0 6,110.0 5,730.0 2,921.0 3,933.0 2,113.0 2,073.0 2,390.0 2,354.0 1,998.0 OI ('000) 6,311.5 7,956.0 533.0 7,452.0 103,128.0 1,852.0 533.0 3,436.0 4,559.0 23,904.0 985.5 % change (6.4) (7.9) (9.8) (10.2) (10.5) (10.3) (9.8) (9.4) (8.8) (8.7) (8.6) CMP (Rs) 369.7 86.5 448.8 172.0 52.1 129.3 448.8 718.9 71.0 231.7 323.1 % change (1.4) (1.9) (2.2) (0.1) (4.2) (3.9) (2.2) (3.9) (3.6) (4.3) 0.2 Volume ('000) 3,482.5 4,660.0 386.0 7,922.0 42,696.0 756.0 386.0 2,735.5 1,153.5 19,669.0 525.5 % change 80.6 (42.2) 67.8 (5.0) (60.1) (51.5) 67.8 0.5 (3.4) 42.7 (73.2) Prem/Disc (Rs) (1.0) 0.0 0.8 0.1 0.5 (0.1) 0.8 (1.1) 0.1 2.3 (0.6)

Most active nifty calls Strike 5700 5600 5800 5500 5900 5700 5800 5600 5900 6000 OI ('000) 10,359.3 8,853.3 10,917.6 5,699.8 3,493.0 3,076.5 2,483.8 2,041.0 1,836.0 2,931.6 % change 13.9 53.0 3.4 76.0 (20.4) 2.8 11.0 31.3 18.8 (17.2) CMP(Rs) 4.0 21.6 1.4 82.8 0.6 66.5 36.1 109.0 19.1 0.5 Volume('000) 47,552.4 42,433.3 18,843.6 13,020.2 5,798.0 5,506.0 4,391.9 3,936.8 2,974.2 1,791.4

Most active stock puts Scrip Sbin Sbin Sbin Reliance Icicibank Reliance Rcom Bhartiartl Bhel Strike 2400 2450 2500 880 1050 860 100 420 1950 OI ('000) 371.1 111.6 105.6 399.3 308.0 509.0 854.0 328.0 25.4 104.0 % change (2.0) (23.9) (20.4) (12.1) (16.0) (17.6) (37.4) (30.7) (28.8) (29.1) CMP(Rs) 12.6 32.6 67.7 14.5 14.5 4.4 1.1 2.8 51.0 8.0 Volume ('000) 4,203.0 3,559.0 2,358.0 2,580.0 1,611.0 1,768.0 1,838.0 869.0 1,408.0 947.0

Most active nifty puts Strike 5600 5700 5500 5400 5600 5300 5500 5400 5700 5800 OI ('000) 7458.0 4481.6 11178.0 5776.2 1903.0 6579.1 2712.1 3107.1 1108.0 392.2 % change (30.5) (46.8) (2.9) (20.9) (14.0) 2.1 23.8 9.5 (9.5) (51.4) CMP(Rs) 43.1 123.0 9.2 2.8 117.5 1.5 77.3 49.5 171.6 220.0 Volume('000) 49810.2 26883.6 27093.0 10378.1 6562.3 5866.1 4335.4 2969.9 2610.0 2295.9

Axisbank 1300 *OI= Open Interest

Market Mantra

Mutual Funds
Fund focus ICICI Prudential Dynamic Fund
Fund manager Latest NAV NAV 52 high/low Latest AUM Class Options Sanjay Parekh Rs109.9 Rs236/176 Rs3,783cr Equity diversified Growth & dividend Min investment Entry load Exit load Benchmark Asset allocation Expense ratio

Invest
Rs5,000 Nil 1% before 1 year S&P Nifty Equity (87%), Cash (13%) 1.8% (Absolute returns (in %) are based on previous close)

Top Recommended Funds

Equity Diversified/Largecap HDFC Top 200 Fund (G) Fidelity Equity Fund (G) ICICI Prudential Dynamic - (G) Equity Midcap DSP-BR Small & Mid Cap - (G) HDFC Mid-Cap Opp Fund (G) IDFC Premier Fund (G) Equity Tax saving Fidelity Tax Advantage (G) HDFC Tax Saver (G) ICICI Prudential Tax Plan (G) Hybrid DSP-BR Balanced Fund (G) HDFC Prudence Fund (G) Reliance RSF - Balanced (G) Debt Money market DSP-BR Money Manager -RP (G) HDFC Cash Mgmt Fund TA (G) Reliance Money Manager (G) Debt Floating rate ICICI Pru Floating Rate -D (G) Kotak Floater LTP (G) Tata Floater Fund (G) 4,083 3,991 5,375 149.6 16.0 15.1 0.1 0.1 0.1 0.7 0.7 0.7 2.2 2.2 2.2 537 6,023 1,842 1,381.0 21.8 1,360.6 0.1 0.1 0.1 0.7 0.6 0.7 2.1 2.1 2.1 1,240 3,114 1,323 22.4 238.7 145.0 1.1 0.8 0.9 3.3 2.6 4.1 (1.2) (0.1) 0.1 1,208 1,297 1,119 18.6 16.8 19.3 0.3 (0.4) 0.2 8.1 4.8 6.3 2.2 5.9 1.5 Assets (Rs Cr) 10,508 3,302 3,783 NAV (Rs) 214.2 36.0 109.9 1wk 0.8 0.8 0.9 1mth 2.1 2.7 3.3 3mth (2.0) (1.6) (0.8)

6mth 3.0 2.6 3.7

1yr 7.6 5.5 8.3

2yr 39.1 44.0 48.4

3yr 72.4 63.5 59.3

5yr 148.9 138.0 134.8

7.4 10.7 7.8

8.1 13.5 7.4

72.4 75.1 60.1

86.9 91.2 114.0

----

2.9 3.3 4.1

5.9 6.6 6.4

47.7 50.9 56.5

67.9 73.6 64.5

140.8 111.9 100.2

742 6,131 829

67.9 221.3 22.7

0.1 0.8 0.2

3.7 3.0 3.9

0.2 1.4 0.1

4.1 5.9 1.9

6.7 10.4 4.4

36.6 54.8 34.1

50.4 89.2 73.8

118.2 149.0 107.8

4.1 4.2 4.3

7.5 7.6 7.6

11.4 12.6 12.6

19.7 20.9 21.6

-41.3 --

4.4 4.4 4.4

8.0 7.9 8.1

13.1 13.3 13.3

21.8 22.7 22.4

-44.2 43.7

NFO Update
Fund name DWS FTF Series 87 Reliance Fixed Horizon Fund XX Series 23 SBI Debt Fund Series 90 Days-48 Birla Sun Life Fixed Term Plan - Series DI Kotak FMP Series 55 2-year
#OE: Open Ended, CE: Close Ended

Open date 15-Jul 21-Jul 29-Jul 3-Aug 28-Jul

Close date 27-Jul 1-Aug 2-Aug 6-Aug 9-Aug

Type CE CE CE CE CE

Class Debt - FMP Debt - FMP Debt - FMP Debt - FMP Debt - FMP

Recent Actions

Escort Mutual Fund declares dividend in Escorts Income-DM (Rs0.07), Escorts Short Term Debt-D (Rs0.10), Escorts Income Bond-D (Rs0.10) and Escorts Balanced-D (Rs0.20). The record date is August 1st, 2011. Edelweiss Absolute Return Fund declares dividend. The quantum of dividend has been fixed as Re. 0.18 per unit. The record date is July 29th, 2011. Reliance Fixed Horizon Fund XVIII Series 10 and Reliance Fixed Horizon Fund XIV Series 2 declares dividend. The quantum of declaration will be 100% of the distributable surplus. The record date is July 28th, 2011. Franklin Templeton India Dynamic PE Ratio Fund of Funds declares dividend. The quantum of dividend will be Re. 0.440 and Re. 0.377 for Individuals & HUF and others, respectively. The record date is July 29th, 2011. Edelweiss Absolute Return Fund declares dividend. The quantum of dividend will be Re. 1 per unit. The record date is July 27th, 2011. HDFC FMP 370(D) July 2010 (1) declares dividend. The quantum of declaration will be 100% of the distributable surplus. The record date is July 27th, 2011.
Disclaimer: Mutual Fund is subject to market risk, please read the offer document carefully before investing.

Market Mantra

House Recommendations
House Recommendations

The large cap Buys and Sells are relative outperformer and underperformer bets vis--vis the Nifty respectively. Reduce portfolio weight in stocks with Sell rating. Midcap Buys are based on absolute return expectations. Top Large-cap Buys
Stock Axis Bank Bharti Airtel L&T M&M REC Sterlite Industries Tata Steel Sector Banking Telecom Infrastructure Automobiles NBFC Metals Metals Sector View Neutral Neutral Positive Positive Positive Neutral Neutral CMP (Rs) 1,320 425 1,778 718 219 168 583 M-Cap (Rs bn) 543.5 1,612.4 1,084.8 440.7 216.5 564.8 559.6

Source: India Infoline Research

Best Mid-cap Buys

Stock Glenmark Pharma Muthoot Finance OnMobile Radico Khaitan
Source: India Infoline Research

Sector Pharmaceuticals NBFC Telecom Breweries

CMP (Rs) 338 182 98 133

M-Cap (Rs bn) 91.2 67.8 11.6 17.6

Top Sells
Stock ABB Ashok Leyland DLF GSK Pharma NALCO Titan Industries United Breweries Sector Capital goods Automobiles Infrastructure Pharmaceuticals Metals Consumer durables Breweries Sector View Negative Neutral Negative Neutral Neutral Neutral Positive CMP (Rs) 875 53 234 2,316 79 220 475 M-Cap (Rs bn) 185.3 69.9 397.2 196.1 203.3 195.7 120.9

Source: India Infoline Research

Market Mantra

Sterlite BUY
(Q1 FY12)
Sector: Metals & Mining Sensex: CMP (Rs): Target price (Rs): Upside (%): 52 Week h/l (Rs): Market cap (Rscr) : 6m Avg vol (000Nos): No of o/s shares (mn): FV (Re): Bloomberg code: Reuters code: BSE code: NSE code:
Prices as on 26 Jul, 2011

18,518 168 210 24.9 196 / 149 56,527 5,043 3,361 1 STLT IB STRL.BO 500900 STER

Q1 FY12 revenue jumped 65.2% yoy to Rs98.6bn, above our expectation of Rs94.7bn, aided by outperformance in international zinc division Improved performance in copper business was aided by increase in sales of by-products BALCOs aluminium business EBIT decreased 18.4% qoq on account of rising input costs Zinc domestic division EBIT outperformance was largely due to higher silver content in concentrate sales Contribution from international zinc assets to the companys consolidated EBIDTA increased from Rs4.4bn to 5.2bn Power business EBIT margins were under pressure due to high coal costs; Power cost of production under SEL increased from Rs2.34/unit in Q4 FY11 to Rs2.86/unit Zinc to drive earnings over the next two years, maintain BUY with a 9-month price target of Rs210
Q1 FY12 98,607 (45,244) (3,850) (21,930) 27,583 28.0 (4,200) (1,740) 8,416 30,059 (6,137) 20.4 (7,481) 16,442 16.7 (44) 16,397 19.5 Q4 FY11 100,561 (45,184) (3,675) (21,108) 30,594 30.4 (3,520) (1,041) 7,254 33,287 (5,663) 17.0 (8,050) 19,575 19.5 (325) 19,250 22.9 % qoq (1.9) 0.1 4.8 3.9 (9.8) (245) bps 19.3 67.1 16.0 (9.7) 8.4 (7) (16.0) (279) bps (86) (14.8) (14.8) Q1 FY11 59,703 (26,772) (2,837) (15,070) 15,024 25.2 (2,170) (1,409) 6,915 18,360 (3,685) 20.1 (4,541) 10,135 17.0 10,135 12.1 % yoy 65.2 69.0 35.7 45.5 83.6 281 bps 93.5 23.5 21.7 63.7 66.6 65 62.2 (30) bps 61.8 61.8

Shareholding pattern June '11 Promoters Institutions Non promoter corp hold Public & others Performance rel. to sensex (%) Sterlite HZL Hindalco NALCO 1m 3.8 7.8 1.1 (5.5) 3m (3.3) 1.2 (15.8) (12.4) 1yr (7.1) 40.4 10.9 (31.0) (%) 53.2 21.6 6.0 19.2

Result table
(Rs m) Net sales Raw material costs Personnel costs Other overheads Operating profit OPM (%) Depreciation Interest Other income PBT Tax Effective tax rate (%) Other prov / minority etc Adjusted PAT Adj. PAT margin (%)

Share price trend

140 120 100 80 60 40 20 0 Jul-10 Sterlite Sensex

Nov-10

Mar-11

Jul-11

Extra ordinary items Reported PAT Ann. EPS (Rs)

Source: Company, India Infoline Research

Revenue of Rs98.6bn was above our expectation of Rs94.7bn, aided by outperformance in international zinc division Sterlites Q1 FY12 revenue jumped 65.2% yoy to Rs98.6bn, higher than our revised estimate of Rs94bn. The outperformance was largely due to by-product sales in the standalone entity and strong contribution from the international zinc and lead assets. Aluminium production during the quarter declined marginally on a qoq basis. Power division revenue was higher due to the full impact of the 600MW power plant under SEL which was commissioned in March. The impact of lower mined metal output in HZL was negated by higher content of silver in concentrate sales during the quarter.

July 27, 2011

Sterlite (Q1 FY12)

Quarterly revenue trend

120 Rs bn 100 80 60 40 20 0 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Revenue qoq grow th % 40 30 20 10 0 (10) (20)

Quarterly production trend

100 90 80 70 60 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Copper (L) tons Aluminium Zinc tons 220 200 180 160 140 120 100 80 60

(30)

Source: Company, India Infoline Research

Quarterly operating profit trend

Operating profit 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 0 Rs mn OPM % 40 30 20 10

Quarterly LME price trend

Copper (L) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 1,000 1,750 US$/ton Aluminium Zinc US$/ton 3,250

2,500

Source: Company, India Infoline Research

Segmental performance
Q1 FY12 Sales (Rs m) Copper 45,039 7,567 27,840 6,146 1,042 87,634 2,911 1,594 18,126 866 6,519 30,015 6.5 21.1 65.1 14.1 34.3 Q4 FY11 48,156 8,382 31,815 2,231 999 91,583 2,980 1,953 18,289 476 6,334 30,032 6.2 23.3 57.5 21.3 32.8 % qoq (6.5) (9.7) (12.5) 175.5 4.3 (4.3) (2.3) (18.4) (0.9) 81.9 2.9 (0.1) bps qoq 28 (223) 762 (725) 146 Q1 FY12 Q4 FY11 Sales Contribution (%) 51.4 52.6 8.6 9.2 31.8 34.7 7.0 2.4 1.2 1.1 EBIT contribution (%) 9.7 9.9 5.3 6.5 60.4 60.9 2.9 1.6 21.7 21.1

Aluminium Zinc and lead Power Others

Total EBIT (Rs m) Copper Aluminium Zinc and lead Power Others Total EBIT margins (%) Copper Aluminium Zinc and lead Power Total

Source: Company, India Infoline Research

Result Update

Sterlite (Q1 FY12)

Aluminium business EBIT margins under pressure from rising input costs BALCOs aluminium division during the quarter registered a decrease of 9.7% qoq in topline on account of lower aluminium volumes and a decline in product premiums. Aluminium production of 61,000 tons during the quarter was lower on a qoq basis. Average LME aluminium prices were higher by 3.6% on a qoq basis and 23% on a yoy basis. EBIT for the aluminium division decreased 18.4% qoq to Rs1.6bn on account of lower product premiums and jump in input costs. Aluminium cost of production increased sharply from US$1,781/ton in Q4 FY11 to US$1,981/ton. Aluminium EBIT margins contracted by 223bps qoq to 21.1% in Q1 FY12. In view of the final clearance not being granted for Niyamgiri mines, the first metal tapping from the 325ktpa aluminium smelter project at BALCO which was expected to be in Q4 FY11 has been deferred to Q4 FY12. However, the construction of the 1,200MW captive power plant at BALCO is progressing well and the company expects to sell the entire output from the power plant on a merchant basis. The commissioning of the first unit of 300MW of 1,200MW is also delayed by a quarter and is now expected to be commissioned in Q2 FY12. Under VAL, aluminium metal production increased 3.7% qoq to 112,000 tons in Q1 FY12 from 108,000 tons in Q4 FY11. Cost of aluminium metal production under VAL remained high due to high alumina and coal costs. Aluminium cost of production under VAL increased from US$2,089/ton in Q4 FY11 to US$2,344/ton in Q4 FY11. Alumina production continued to report strong volume growth, increasing 21.7% qoq to 224,000 tons from 184,000 tons in Q4 FY11. Sterlites share of loss from VAL, as an associate, for Q4 FY11 increased sharply on a qoq basis from Rs800mn to Rs1.1bn. Due to a power outage at the Jharsuguda 0.5mtpa smelter in June 11, around 170 pots were impacted. Production is expected to be lower in Q2 and Q3 FY12 and the smelter is expected to return to normal operations by the end of Q3 FY12. The expansion projects under VAL have been deferred after the Government ordinance on Niyamigiri. Copper business EBIT was flat on qoq basis Revenue of Rs45bn from the copper division was lower by 6.5% on a qoq basis and also higher than our estimate of Rs41bn. The outperformance in topline was boosted by higher sales of by-products. Copper production declined from 81,500 tons in Q4 FY11 to 74,000 tons in Q1 FY12 during the quarter due to lower concentrate grade and reduced plant availability on account of unscheduled maintenance shutdowns. EBIT during the quarter declined marginally by 2.3% qoq as the impact of lower volumes was offset by higher by-product revenue. Tc/Rc margins during the quarter increased from 11.2USc/lb in Q4 FY11 to 13.9USc/lb. Acid realizations increased on a qoq basis to Rs,486 from Rs3,846/ton in the previous quarter. The construction of the captive power plant at Tuticorin is in progress and the first unit is scheduled for commissioning in Q4 FY12. The 0.4mtpa copper smelter expansion project at Tuticorin, is awaiting consent from the State Pollution Control Board. Mined copper output increased marginally from 5,000 tons in Q4 FY11 to 6,000 tons. HZL EBIT boosted by higher silver content in lead concentrate sales HZLs topline of Rs28.5bn was 12.1% lower on a qoq basis on account of lower zinc prices and a decrease in mined metal output. Mined metal output unexpectedly declined sharply by 18.5% qoq to 188,403 in Q1 FY12. The decline in mined metal output was due to an unplanned shutdown at Rampura Agucha mine. As a result, concentrate sales during the quarter declined from 23,533 tons in Q4 FY12 to 5,418 tons in Q1 FY12. Metal production too was impacted during the quarter. Refined zinc metal sales remained flat on a qoq basis, whereas that of lead declined 15.2% qoq. The impact of lower metal sales and lower realization was lowered on account of higher product premiums. Product premiums on both the metals increased on a qoq basis. Silver sales declined from 44,325kg in Q4 FY11 to 40,908kg in Q1 FY12. Operating profit decreased by 19.1% qoq to Rs15.9bn (higher than our estimate of Rs14.8bn). OPM declined by 488bps to 55.9% on account of lower metal prices, lower concentrate sales and rising power costs. Stores and spares per ton of mined metal increased from Rs10,367 in Q4 FY11 to Rs12,556 in Q1 FY12. Power costs per ton of refined metal too increased on a qoq basis due to the price hikes announced by Coal India Net zinc metal cost without royalty, during the quarter jumped sharply on a qoq basis to US$874/ton from US$784/ton in Q4 FY11. The commissioning of the 0.1mtpa Lead smelter at Dariba has started and is expected to produce saleable lead by mid-Q2 FY12. The lead smelter will feed HZLs new 350 ton silver refinery and it expects the saleable silver production from this refinery by end Q2 FY12. The expansion in wind power generation capacity to 273MW is progressing well and is on schedule to be commissioned by Q2 FY12.
Result Update

Sterlite (Q1 FY12)

Global zinc assets contribute Rs4.4bn at operating level Sterlite completed the acquisition of Skorpion Zinc, Namibia in early December 2010 and then in February acquired the Black Mountain and Lisheen Mines. The recently acquired zinc assets from Anglo American produced 80,000 tons and 39,000 tons of mined and refined zinc in Q1 FY12. Revenues and operating profit from zinc international for Q1 FY12 was Rs10.6bn and 5.2bn, respectively against previous quarters Rs8.7bn, Rs4.4bn and Rs2.7bn, respectively. COP of US$1,189/ton was slightly lower on a qoq basis and also lower than our estimate. The Black Mountain mine delivered record mine production during this quarter. Power division margins were under pressure on account of high coal costs Revenue from the power division jumped 176% qoq to Rs6.1bn led by a sharp 140% increase in power volumes. Average realizations too increased on a qoq basis from Rs3.2/unit in Q4 FY11 to Rs3.7/unit. Power generation during the quarter was 1,652mn units higher than the 687mn units in Q4 FY11. The increase in power volumes was due to the commissioning of the 1st unit of 600MW under SEL by the end of Q4 FY11. EBIT jumped 82% on a qoq basis to Rs866mn, lower than our estimate. Cost of production at SEL increased sharply from Rs2.34/unit to Rs2.86/unit on account of high coal costs. The company met 30% of its requirement through linkage and the rest of the coal was bought through e-auctions. The second unit of the 2,400MW (4x600MW) Sterlite Energy Ltd (SEL) power project was capitalized during the quarter. Work on remaining two 600MW units at the 2,400 MW Jharsuguda power plant is progressing well and the units are expected to be synchronized in Q3 and Q4 of FY12, respectively. Work at the 2,640MW power project at Talwandi Sabo is progressing as scheduled with the first unit targeting synchronization by Q4 FY13. Piling has been completed and the construction of boiler foundation, coal handling plant, switchyard and other areas is in progress. Earnings to take centre stage; maintain BUY Sterlite has significantly underperformed the market and its peers over the last one year due to the various regulatory hurdles the company has faced. Events ranging from denial of the Niyamigiri bauxite mines, environmental notice to suspend its existing copper smelter, arbitration panel ruling for minority buyout did not go in companys favor and no permission to expand Lanjigarh refinery have hindered the companys performance. The delay in the commissioning of power plant and the availability of coal has added onto the downward pressure. However, we believe much of the bad news appears discounted at the current price and the only lingering concern at the current moment is the unavailability of linkage coal for SEL and rising coal prices for its aluminium business. We have lowered our power earnings factoring in higher coal prices. This impact is negated by the upgrade in earnings of the international zinc business. The stock is trading at 4x FY13E EV/EBIDTA, which is at a steep discount to its peers and is also below its historical multiples. We believe the focus would now shift to the strong earnings growth and would drive the stock performance over the next one year. We maintain our BUY rating on the stock with a 9-month price target of Rs210. Financial summary
Y/e 31 Mar (Rs m) Revenues yoy growth (%) Operating profit OPM (%) Pre-exceptional PAT Reported PAT yoy growth (%) EPS (Rs) P/E (x) Price/Book (x) EV/EBITDA (x) Debt/Equity (x) RoE (%) RoCE (%) FY10 244,103 15.4 60,718 24.9 41,463 38,494 5.9 12.3 13.6 1.5 10.3 0.3 13.2 15.2 FY11 304,285 24.7 80,495 26.5 50,993 50,425 31.0 14.8 11.3 1.4 8.5 0.4 12.7 14.9 FY12E 408,200 34.2 121,497 29.8 66,044 66,044 31.0 19.6 8.6 1.2 5.2 0.4 14.8 16.7 FY13E 456,090 11.7 146,293 32.1 83,034 83,034 25.7 24.7 6.8 1.0 4.0 0.4 16.2 17.9

Source: Company, India Infoline Research

Result Update

Maruti Suzuki MP
(Q1 FY12)
Sector: Automobiles Sensex: CMP (Rs): Target price (Rs): Upside (%): 52 Week h/l (Rs): Market cap (Rscr) : 6m Avg vol (000Nos): No of o/s shares (mn): FV (Rs): Bloomberg code: Reuters code: BSE code: NSE code:
Prices as on 26 Jul, 2011

18,518 1,178 1,252 6.3 1600 / 1087 34,032 426 289 5 MSIL IB MRTI.BO 532500 MARUTI

Net sales rise 3.6%yoy driven by 4% yoy realization growth. Volumes were lower by 0.6% yoy and 18% on sequential basis owing to strike at Manesar plant OPM at 9.5% (a fall of 8bps yoy and 46bps qoq) was better than our expectations owing to higher than expected realizations and lower other expenditure Net profit jumped 18% yoy against expectation of a decline as other income surged 80% on yoy basis Higher interest rates, rising competition and increasing input prices are major headwinds for near term earnings growth Maintain Market Performer with a 9-month target price of Rs1,252

Result table
(Rs m) Volumes Realisation (Rs) Net sales Material costs Purchases Personnel costs Other overheads Operating profit OPM (%) Depreciation Interest Other income PBT Tax Effective tax rate (%) Reported PAT PAT margin (%) Ann. EPS (Rs) Q1 FY12 281,526 295,529 85,293 (63,496) (3,421) (1,794) (8,438) 8,144 9.5 (2,425) (58) 1,801 7,463 (1,970) 26.4 5,493 6.4 76.0 Q1 FY11 283,324 284,151 82,315 (61,347) (2,756) (1,610) (8,678) 7,925 9.6 (2,417) (80) 1,002 6,430 (1,777) 27.6 4,654 5.7 64.4 % yoy (0.6) 4.0 3.6 3.5 24.1 11.4 (2.8) 2.8 (8)bps 0.3 (27.9) 79.7 16.1 10.9 18.0 79bps 18.0 Q4 FY11 343,340 287,288 100,922 (74,820) (3,809) (1,534) (10,662) 10,097 10.0 (2,967) (64) 1,199 8,266 (1,667) 20.2 6,599 6.5 91.4 % qoq (18.0) 2.9 (15.5) (15.1) (10.2) 16.9 (20.9) (19.3) (46)bps (18.3) (9.4) 50.2 (9.7) 18.2 (16.8) (10)bps (16.8)

Shareholding pattern June '11 Promoters Institutions Non promoter corp hold Public & others Performance rel. to sensex (%) Maruti M&M Tata Motors Ashok Ley 1m 3.3 6.6 1.2 12.6 3m (5.1) 0.7 (16.9) 3.6 1yr (4.9) 13.2 18.9 (28.1) (%) 54.2 36.7 6.3 2.8

Share price trend

Maruti 140 130 120 110 100 90 80 Jul-10 Nov-10

Sensex

Source: Company, India Infoline Research

Mar-11

Jul-11

Net sales rise 4% yoy on higher realizations During Q1 FY12, Maruti Suzuki India Ltd (MSIL) reported net sales growth of 3.6% yoy driven by 4% yoy rise in realizations. Volumes for the quarter were lower by 0.6% on yoy basis and 18% on a sequential basis on account of the strike at Manesar plant. Domestic volumes were higher by 3.2% on yoy basis. Export volumes fell 24% yoy as sales to European countries were substantially lower. Rural sales accounted for more than 20% of the domestic volumes for MSIL. Better realizations in the domestic market were lead by increased penetration of diesel vehicles. Total volume breakup marketwise
Q1 FY12 250,683 30,843 281,526 Volumes Q1 FY11 242,887 40,437 283,324 yoy (%) 3.2 (23.7) (0.6) Contribution (%) Q1 FY12 Q1 FY11 89.0 85.7 11.0 14.3 100.0 100.0

Domestic Exports Total

Source: Company, India Infoline Research

July 27, 2011

Maruti Suzuki (Q1 FY12)

Domestic volume breakup category wise

Q1 FY12 6,613 171,090 30,612 117 40,749 1,502 250,683 Volumes Q1 FY11 6,906 170,513 28,958 33,521 2,989 242,887 yoy (%) (4.2) 0.3 5.7 21.6 (49.7) 3.2 Contribution (%) Q1 FY12 Q1 FY11 2.6 2.8 68.2 70.2 12.2 11.9 0.0 0.0 16.3 13.8 0.6 1.2 100.0 100.0

A1 A2 A3 A4 C MUV Domestic Total

Source: Company, India Infoline Research

Lower other expenditure and better realizations result in higher than expected realizations During Q1 FY12, OPM for MSIL fell 8bps yoy and 46bps qoq. Margins were better than our expectations. Operating profit for Q1 FY12 increased 2.8% yoy but decreased 19% sequentially. Performance was better than our expectations as 1) realizations increased on the back of increased proportion of diesel vehicles to the total volumes (increased from 19% in Q4 FY11 to 21% in Q1 FY12), 2) better cost management, 3) lower ad spends, 4) lower ocean freight owing to fall in exports. Other expenditure as a percentage of net sales was down 65bps yoy and 67bps qoq. Other income was higher by 80% on the back of higher yields on the cash balance and higher capital gains (Rs410mn v/s negligible in Q1 FY11). Resultantly PAT growth was at 18% against our expectation of a decline. Cost Analysis
Material costs Purchases Personnel Costs Other overheads Total costs Q1 FY12 74.4 4.0 2.1 9.9 90.5 Q1 FY11 74.5 3.3 2.0 10.5 90.4 bps yoy (8) 66 15 (65) 8 Q4 FY11 74.1 3.8 1.5 10.6 90.0 bps qoq 31 24 58 (67) 46

Source: Company, India Infoline Research

Trend in volumes and realizations

Volumes (LHS) 380,000 350,000 320,000 290,000 260,000 230,000 200,000 170,000 140,000 110,000 Rs mn Realizations (RHS) 310,000 Rs/vehcile 290,000 270,000 250,000 230,000 210,000 190,000 170,000 150,000 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q1 FY12

Trend in sales and operating profit/vehicle

Sales (LHS) 120,000 105,000 90,000 75,000 60,000 45,000 30,000 15,000 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q1 FY12 Rs mn OP/vehicle (RHS) 40,000 Rs/vehcile 35,000 30,000 25,000 20,000 15,000 10,000 5,000 -

Source: Company, India Infoline Research

Result Update

Maruti Suzuki (Q1 FY12)

Key takeaways from the conference call Although footfalls have been rising but the conversion to sales has slowed down The company has received 30,000 bookings for the new Swift, which will be launched in August 2011 Discounts have been higher on a yoy basis but have declined sequentially. Going ahead the company expects the discounts to increase considering the rising level of competition MSIL has hedged its Yen exposure for Q1 and Q2 FY12 Production capacity of diesel cars will increase from 250,000 to 290,000 over the next two months The company is incurring a capex of Rs40bn in FY12, majority of which will be spent on the Manesar plant The current indirect Yen denominated imports are to the tune of 15% of the net sales. The company aims to reduce this by 2-3% every year Maintain Market Performer rating The automobile space is witnessing multiple headwinds 1) rising interest rates, 2) increased prices of vehicles per se (12-15% increase in prices across product categories over the past one year), 3) rising fuel prices. This has lead to a marked slowdown in volume growth for the industry. Rural sales have also started slowing down. For MSIL, increasing competition is another threat. We expect a 7% and 9% growth in MSIL volumes in FY12 and FY13 respectively. Margins would revive from Q2 FY12 as the volumes improve after the impact of strike and festive season approaches. We maintain our Market Performer rating with a revised 9-month price target of Rs1,252. Financial summary
Y/e 31 Mar (Rs m) Revenues yoy growth (%) Operating profit OPM (%) Reported PAT yoy growth (%) EPS (Rs) P/E (x) Price/Book (x) EV/EBITDA (x) Debt/Equity (x) RoE (%) RoCE (%) FY10 296,230 41.6 39,542 13.3 24,975 104.9 86.4 13.6 2.9 8.8 0.1 23.6 31.5 FY11E 370,401 25.0 36,644 9.9 22,886 (8.4) 79.2 14.9 2.4 9.4 0.1 17.8 22.6 FY12E 400,254 8.1 42,063 10.5 25,300 10.5 87.5 13.5 2.1 8.6 0.1 16.8 21.4 FY13E 442,690 10.6 47,519 10.7 27,825 10.0 96.3 12.2 1.8 7.5 0.1 15.9 19.8

Source: Company, India Infoline Research

Result Update

Cairn India MP
(Q1 FY12)
Sector: Oil & Gas Sensex: CMP (Rs): Target price (Rs): Downside (%): 52 Week h/l (Rs): Market cap (Rscr) : 6m Avg vol (000Nos): No of o/s shares (mn): FV (Rs): Bloomberg code: Reuters code: BSE code: NSE code:
Prices as on 26 Jul, 2011.

18,518 323 293 9.3 372 / 285 61,454 5,320 1,902 10 CAIR IB CAIN.BO 532792 CAIRN

Net sales witness quantum jump as Mangala field achieves maintains its peak production rate of 125,000 barrels of oil per day (bopd) Realization for Rajasthan crude continues to be at 10-15% discount to Brent much in line with companys guidance OPM jumps 852bps yoy on account of benefits of operating leverage Company is holding a postal ballot of all the shareholders to consider the conditions imposed by the GoI such as royalty being made cost recoverable and ending the arbitration on cess These steps will erode Rajasthan field NPV by Rs45/share. Maintain Market Performer rating with a revised 9-month target price of Rs293 Result table

Shareholding pattern June '11 Promoters Institutions Non promoter corp hold Public & others Performance rel. to sensex (%) Cairn ONGC Reliance Oil India 1m 2.4 (0.4) (1.7) (2.8) 3m (2.9) (4.5) (7.8) (0.9) 1yr (6.8) (13.0) (20.8) (7.2) (%) 62.2 14.8 20.3 2.8

Share price trend

Cairn 120 110 100 90 80 Jul-10

Sensex

(Rs m) Net sales Inc/(dec) in stock Personnel costs Operating expense Admin expense Operating profit OPM (%) Depreciation Exploration w/off Interest Other income Extra ordinary items PBT Tax Effective tax rate (%) Adjusted PAT Adj. PAT margin (%) Ann. EPS (Rs)

Q1 FY12 37,127 (56) (191) (4,257) (875) 31,748 85.5 (3,460) (187) (446) 528 (8) 28,175 (909) 3.2 27,266 73.4 11.5

Q1 FY11 8,406 670 (189) (2,188) (227) 6,472 77.0 (1,660) (322) (493) 281 (413) 3,866 (1,052) 27.2 2,814 33.5 1.2

% yoy 341.7 (108.4) 0.9 94.5 285.3 390.6 852 bps 108.5 (41.7) (9.5) 88.1 (98.1) 628.7 (13.6) 868.9 3996 bps 866.4

Q4 FY11 36,545 (89) (301) (4,149) (624) 31,382 85.9 (4,643) (707) (393) 384 (464) 25,558 (980) 3.8 24,578 67.3 10.4

% qoq 1.6 (36.5) (36.5) 2.6 40.2 1.2 (36) bps (25.5) (73.5) 13.3 37.6 (98.3) 10.2 (7.2) 10.9 618 bps 10.6

Source: Company, India Infoline Research

Nov-10 Mar-11

Jul-11

Ramp up of Mangala field to its peak production rate drives 10fold jump in net revenues Cairn India recorded net sales of Rs37.1bn for Q1 FY12 against our expectations of Rs39.2bn. During the quarter, working interest sales volumes were at 99,640boepd v/s 94,129boepd in Q4 FY11. Production at the Mangala field is being maintained at the peak production rate of 125,000boepd. Realizations for the Rajasthan field continued to be at an average discount of 10-15% of the average Brent price. Overall realizations for crude oil were at US$105.9/bbl in Q1 FY12 as compared to US$71.8/bbl in Q1 FY11. Gas realizations remained flat on yoy basis at US$4.5/tscf. Average gross production from the Ravva field was at 37,819boepd v/s 37,042boepd in Q1 FY11. Cambay basin produced 8,855boepd v/s 13,527boepd in Q1 FY11.

July 27, 2011

Cairn India (Q1 FY12)

OPM rises 852bps yoy on higher production During Q1 FY12, Cairn reported five-fold yoy jump in operating profit and 852bps yoy surge in OPM. This was primarily on account of multi-fold jump in volumes as Rajasthan production commenced from September 2010. On a sequential basis OPM fell by 32bps, which was on account of higher administration expenses. Key takeaways from the conference call A total of 148 Mangala development wells have been drilled, of which 96 are complete. Currently, 64 wells are producing and 25 injector wells are injecting water into the reservoirs

Current capacity is up to 150,000bopd at the Mangala field. However, the ramp up would depend on government approvals. Company expects to end FY11 with a production rate of 175,000bopd Construction of Train Four has been on track and commissioning is expected in Q4 CY11 to take MPT nameplate capacity to 205,000bopd Production commenced from the Saraswati oil field on 29 May, 2011. The field is currently producing 250bopd and the oil is being trucked to the MPT for sale through the pipeline. The construction work is ongoing on the remaining 80km Salaya to Bhogat section of the pipeline including the Bhogat terminal and marine facility. This is expected to be completed during H2 CY12. Work on the development of the Bhagyam field is ongoing with the construction work nearing completion for the initial phase. Production is expected to commence in Q4 CY11 and achieve the currently approved plateau rate of 40,000bopd by end CY11, subject to GoI approval. A total of 33 Bhagyam development wells have been drilled to date. In line with the objective of monetising the EOR potential, the first phase of the EOR pilot, in the Mangala field, consisting of four injectors, one producer and three observation wells are drilled, completed and hooked up to the facilities. The water injection phase commenced in December 2010 and continues to perform as per expectations. The EOR pilot is on track with the start of the trial polymer injection run in one well in July 2011. A pilot hydraulic fracturing programme to test the potential of the Barmer Hill Formation is planned subject to GoI approval. Company is currently assessing higher production potential and design optimisation of Aishwariya field; plan to commence production in H2 CY12, subject to JV and GoI approval

Postal ballot for approval to make royalty cost recoverable As per a letter dated 26 July, 2011, the transaction between Cairn Energy and Vedanta has been approved by the GoI subject to certain conditions. According to the management, the conditions are similar to what it was mentioned as per a release by CCEA on June 30, 2011. The Company has also received a requisition from Cairn UK Holdings Limited on 21 July, 2011 under Section 169 of The Companies Act, 1956, to convene an extraordinary general meeting of the Company to consider the conditions imposed by the GoI. Based on the abovementioned requisition, the Cairn India Board has decided to hold a postal ballot of all the shareholders to consider the conditions imposed by the GoI. Extract from the release on CCEA website The Cabinet Committee on Economic Affairs considered the recommendation of the GOM constituted to examine the transaction and approved the proposal to grant consent to the sale of majority shareholding by Cairn Energy Plc in Cairn India Limited (CIL) to Vedanta Resources Plc in respect of (i) Seven (7) PSCs under NELP; (ii) Three (3) PSCs under pre-NELP subject to the conditions that (i) CIL and its subsidiaries to obtain No Objection Certificates from its partner, (ii) Vedanta Resources Plc providing the performance and financial guarantees as required, and (iii) Vedanta Resources Plc to obtain such other necessary approvals as required from regulatory bodies such as SEBI, etc., and in respect of Pre-NELP block in Rajasthan, (iv) cost recovery of royalty by ONGC to be agreed to by CIL and its subsidiaries and Vedanta Resources Plc as per the provisions of the PSC, and (v) CIL and its subsidiary to withdraw the Cess arbitration case. Further, the grant of consent for all the NELP and preNELP blocks is also subject to the condition that necessary security clearance is accorded by Ministry of Home Affairs to Vedanta Resources Plc to acquire the shareholding.
Source: CCEA website

Result Update

Cairn India (Q1 FY12)

Maintain Market Performer rating but reduce target price If the results of postal ballot goes in favour of the CCEA conditions, we believe the NPV of the Rajasthan field could fall by Rs45/share. As per the management, if the royalty is made cost recoverable it would lead to a decline in the revenues and profit after tax for Q1 FY12 by Rs12,916mn. We are factoring the conditions in our estimates by making the royalty cost recoverable and cess would continue at Rs2,630/ton. We have raised our crude oil price estimates. These changes have lead to a downward revision in our target price to Rs293/share. We maintain our Market Performer rating.

Result Update

Economy
GDP growth (Quarterly)
14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Mar-11 5.0 7.0 9.0 GDP (LHS) (Rs bn) (%) 11.0 GDP Growth % (RHS) 13.0

Inflation
12.0 10.0 8.0 6.0 4.0 2.0 0.0 (2.0) Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 (%)

G-Secs yield
9.5 8.5 7.5 6.5 5.5 4.5 3.5 May-10 May-11 Mar-10 Aug-09 Oct-09 Jan-10 Sep-10 Oct-10 Dec-09 Dec-10 Feb-11 Apr-11 Jul-10 Jul-11 (%) 10 Yr Gsecs 1 Yr Gsecs

M3 growth
70,000 65,000 60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 Sep-10 Nov-10 Feb-11 Dec-10 Jun-11 Apr-11 Jul-10 0.0 ` 15.0 10.0 5.0 M3 (LHS) (Rs bn) M3 yoy % (RHS) (%) 25.0 20.0

CRR, Repo
8.0 7.5 7.0 6.5 6.0 5.5 (%) CRR Repo

IIP and Six key infra industry growth

12 10 8 6 4 IIP growth Six key infra ind growth (%) 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 (2.0) 0
May-10 May-11 Mar-10

5.0 4.5 4.0 Oct-09 Aug-09 Feb-10 Sep-10 Oct-10 Feb-11 Dec-09 Dec-10 Apr-11 Jul-10 Jul-11

(4.0) Apr-09 Apr-10 Aug-09 Dec-09 Aug-10 Dec-10 Apr-11

Market Mantra

10

15

20

25

30

35

40

45

FDI

1,000

2,000

3,000

4,000

5,000

150

350

550

750

950

(650)

(450)

(250)

(50)

Mar-06 Sep-06 Mar-07 Sep-07

May-09

Sep-09 (US$ mn) Nov-09 Jan-10 Mar-10

(US$ bn)

(Rs bn)

Economy

Market Mantra

Fiscal deficit

Jul-09

Sep-09

Nov-09

Jan-10

Mar-08
May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11

Trade deficit (Quarterly)

Mar-10

Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11

May-10

Jul-10

Sep-10

Nov-10

Jan-11

Mar-11

May-11

10

15

20

150

200

250

300

350

(5)

(10)

100.0

20.0
Jul-09 Sep-09 Oct-09 Dec-09 Jan-10 Mar-10 May-10 Jun-10 Aug-10 Oct-10 Nov-10 Jan-11 Feb-11 Apr-11 Jun-11 (US$ bn) INR/USD INR/GBP INR/EURO INR/100 Yen

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Jun-09

Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11

(US$ bn)

Jul-09

Sep-09

Nov-09

RBI forex reserves

Jan-10

Currency movement

Mar-10

May-10

Jun-10

Aug-10

Oct-10

Current account deficit (Quarterly)

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Event Calender
Monday Tuesday Wednesday Thursday Friday Saturday

July 04

July 05
- US factory orders 0.8% vs -1.2%

July 06
- US MBA mortgage application -5.2% vs -2.7%

July 07
- US initial jobless claims 418k vs 428k - US ADP employment change 157k vs 38k

July 08
- US change in nonfarm payrolls 18k vs 54k - US unemployment rate 9.2% vs 9.1%% - HDFC, Goa Carbon, IndusInd Bank

July 09
- US consumer credit $5.07B VS $6.24B

- Essar Ship

July 11

July 12
- India May IIP data 5.6% vs 6.3% - US trade balance -$50.2b vs -$43.7b

July 13
- US MBA mortgage application -5.1% vs -5.2% - US import price index yoy -0.5% vs 0.2% - Bajaj Finserve, Bajaj Finance

July 14
- India June inflation data yoy% 9.44% vs 9.06% - US initial jobless claims 405k vs 418k - Bajaj Auto, Bajaj Holdings, TCS, DCB, SJVN

July 15
- US consumer price index yoy 3.6% vs 3.6% - US empire manufac -3.76% vs -7.79% - US June IIP data 0.2% vs 0.1% - Guj NRE Coke, Tata Sponge

July 16

- Infosys

- HT Media

July 18

July 19
- US housing starts mom% - Building permits mom%

July 20
- US MBA mortgage application 15.5% vs -5.1% - US existing home sales mom -0.8% vs -3.8% - Wipro, Dr Reddy, Dish Tv, IRB Infra, Mindtree, Infotech Ent, LIC Hous, Petronet Lng, Exide

July 21
- US initial jobless claims 418k vs 405kl - US house price index mom 0.4% vs 0.8% - 3i Infotech, Biocon, DB Corp, Hero Honda, Hind Zinc, Info Edge, KPIT, Noida Toll, Rallis India, Sesa Goa, Yes Bk, Zee

July 22

July 23

- BASF, GHCL, Goa Carbon, ING Vysya Bk

- HDFC Bk, Crompton Greaves, Ashok Ley, Cadila, SKF India, Chambal Fert, NIIT Tech

- Axis Bk, Colgate, Godrej Prop, Jet Air, Thermax, Union Bk, Tata Elxsi, Praj Ind, Ispat Ind, Albk

- Godrej Cons, GDL, Balrampur Chini,

July 25

July 26
- RBI policy meet Reverse Repo 7% vs 6.5% Repo Rate 8% vs 7.5% - US consumer confidence 59.5 vs 58.5 - US new home sales mom -1% vs -2.1% - Asian Paints, JSW Steel, Cairn India, Maruti, Opto Circuit, Pidilite, Shriram Trans, APIL, BHEL, Cairn, Glenmark

July 27
- US MBA mortgage application - US durable goods order

July 28
- US initial jobless claims - US pending home sales yoy

July 29
- US GDP qoq

July 30
- EKC, Grasim, Suzlon, Srei Infra

- Mastek, REC, Sterlite, RIL, BOI, HCL Tech, Patni, NTPC, OBC

- Dabur, Hexaware, IDFC, Lupin, Marico, BOB, Can Bk, Marico, Ultratech Cem, Gail, Oil India

- Ambuja Cem, Bajaj Elect, Dishman, Titan, HCC, HUL, IFCI, NMDC, ONGC, Titan, Sun Pharma, ITC

- ICICI Bk, M&M Fin, PFC, Siemens, Motherson Sumi, NDTV, TVS Mot, Voltas, CESC

Emami Aug 13 MOIL Aug 05

Blue: Economic data, Black: results

Market Mantra

Recommendation parameters for fundamental reports: Buy Absolute return of over +10% Market Performer Absolute return between -10% to +10% Sell Absolute return below -10%

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