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					                                 Money Morning                                                                                  Aditya Birla Money
                                              08 February 2012


             Index

                                                Page No.                                            Page No.         Indian Indices                                   % Change
                                                                                                                                                Last Close   1 Day         MTD        YTD
              Corporate News                       2                Board Meetings                      4
                                                                                                                     Sensex                        17,622     (0.5)         2.5       14.0
              Macro Economic News                  2                Bulk Deals                          5          Nifty                          5,335     (0.5)         2.6       15.4
              Derivative Corner                    3                Insider Trades                      5          CNX Midcap                     7,355     (1.1)         3.6       20.3
                                                                                                                     CNX IT                         6,309     (1.0)         1.9        2.8
              Event Calendar                       4                Volume Shockers                     5
                                                                                                                     Bankex                        10,325      0.5          4.1       29.6
              Corporate Actions                    4                Result Reckoner                     6
                                                                                                                     Auto                           9,498     (1.1)         2.8       16.6
                                                                                                                     Metal                         11,856     (1.8)         3.1       27.6
             What they said                                                                                          FMCG                           4,133      0.3          1.4        2.4

                                                                                                                     Global Indices                                   % Change
          “There is a big enough challenge for central banks to balance price                                                                   Last Close   1 Day         MTD        YTD
          stability, growth and financial stability.” – D Subbarao, RBI Governor                                     Shanghai                       2,292     (1.6)         0.0        4.5
                                                                                                                     Nikkei 225                     8,918      0.6          2.0        6.2
                                                                                                                     Straits Times                  2,958      0.9          2.1       12.1

          Nifty vs Institutional Movement                                                                            Hang Seng                     20,699      0.6          2.1       12.9
                                                                                                                     DJIA                          12,878      0.3          1.9        5.4
         (` Mn)                               Provisional Figures for Investments                                    S&P 500                        1,347      0.2          2.6        7.1
         25000                                                                                                5400   FTSE                           5,890     (0.0)         3.7        5.7
                                                                                  5362
         20000                                                                                     5335              Dollar Index                      79      0.1         (0.9)      (2.0)
                                                                   5326                                       5350
         15000                                                                                                       Live Markets                                As on 0730 hours IST
                                                                                                              5300                                                              Hang
         10000
                                                                                                                                                 Shanghai    Nikkei SGX Nifty   Seng
                                         5236
             5000                                       5270                                                  5250   Current Quote                  2,294    8,979        5,377     20,827
                0                                                                                                    % Change                         0.1%    0.7%         0.4%       0.6%
                                                                                                              5200
          (5000)        5199                                                                                         Volumes                                   Moving Average (Rs bn)
                                                                                                              5150
        (10000)                                                                                                                                              1 Day        5 Day     30 Day
        (15000)                                                                                               5100   BSE CASH                                  35            36        25
                       31-Jan         1-Feb        2-Feb           3-Feb          6-Feb      7-Feb                   NSE CASH                                 142           157       112
                                                                                                                     NSE F&O                                 1196           909      1016
                                       FII (LHS)           MF (LHS)                  Nifty (RHS)
                                                                                                                     Institutional Activities (Net)                   Spot market
                                                                                                                                                             1 Day         MTD        YTD
        Source: NSE
                                                                                                                     FII     (Rs bn)                           6.2         68.2      179.1
                                                                                                                     MF      (Rs bn)                          (8.5)       (24.6)     (41.6)
          Nifty vs India VIX
                                                                                                                     Bond Market                                       Historical Data (%)

         5400                                                                       5362                  26.0                                               1 Day           1M       1 Yr
                                                                           5326               5335                   10Yr Yield (G-Sec)                       8.19          8.28      8.57
                                                           5270                                           25.0
         5300                                                                                                        Currency Market                                  % Change
                                                   5236
                     5205      23.5     5199                                         24.6    24.9                                               Last Close   1day          MTD        YTD
                                                                                                          24.0
         5200                                                                                                        INR/USD                        49.21     (0.3)         0.5        7.8
                                                                           24.1
                                                               23.7                                       23.0       INR/EURO                       64.57     (0.8)         1.1        6.5
         5100                                       22.9                                                             INR/GBP                        77.82     (0.7)         0.3        5.9
                                        22.7                                                              22.0
                               5087                                                                                  Commodities Update                               % Change
         5000        21.7                                                                                 21.0
                                                                                                                                         Unit       Close    1 Day         MTD        YTD

         4900                                                                                             20.0       Crude Oil(NYME $/Bbl              99      0.4          0.4        0.0

                    27-Jan 30-Jan 31-Jan           1-Feb   2-Feb          3-Feb     6-Feb    7-Feb                   Gold (OTC)         $/Oz        1,747      0.1          0.6       11.7
                                                                                                                     Copper (LME)       $/MT        8,456     (0.2)         1.9       11.4
                                       Nifty Spot (LHS)             INDIA VIX (RHS)
                                                                                                                     Aluminum (LME) $/MT            2,215      1.5          0.6       11.1
                                                                                                                     Sugar (LIFFE)      $/MT          647      0.7          2.6        7.5
        Source: NSE
                                                                                                                     Zinc (LME)         $/MT        2,120     (0.5)         0.7       14.9
                                                                                                                     Baltic Dry Index                 660      1.9         (2.9)     (62.0)

                                                                                                                     Source: Bloomberg




                                                                             Aditya Birla Money Limited
                        2nd   Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400
                                                                                          Page No: 1
                              Money Morning                                                                     Aditya Birla Money
                                        08 February 2012


        Corporate News/Results Corner

        M&M Q3 broadly in-line with estimates – Subdued tractors outlook for Q4 as well; Post Q2 results underperformance (~20%)
        provides an opportunity for the investors to accumulate the stock on dips.

        During Q3FY12, M&M’s consolidated (M&M and MVML) top line continued to post an impressive growth of 33.9% to Rs. 82.15 bn as
        against Rs. 61.34 bn (YoY), thanks to robust demand witnessed in auto segment (43.2%) on YoY basis. EBITDA increased by 16.3% to
        Rs. 11.29 bn from Rs. 9.71 bn on YoY basis, with margin erosion of 209 bps to 13.7 % on YoY basis. The company has taken another 1-
        2% of price hike to mitigate the raw material pressure in Jan’12. Adjusted PAT increased by 15.5% to Rs. 7.05 bn vs Rs. 6.11 bn on YoY
        basis.
        Post last quarter Q2 results, the stock had underperformed the index by ~20% on the back of muted tractors numbers and the fear of
        taxation on diesel vehicles. The management has commented about Tractors volume is likely to remain muted in Q4 and may revive in
        FY13. Barring the market apprehension on diesel vehicles tax talks, the SUV segment (XUV-500 & Scorpio) is continue to do well. M&M’s
        product superiority, diversified portfolio and current underperformance make us believe that M&M is a good opportunity for the investors to

        accumulate the stock on dips.




        Macro Economic and Other News                                                     International News

        Govt. predicts weakest economic growth at 6.9%                                    Bernanke stick with fed plan to keep low rates
        Govt. forecasted 6.9% annual growth for FY12, as aggressive                       Ben Bernanke says the job market isn’t as strong as the steadily
        monetary tightening at home and a shaky global economy                            declining unemployment rate might suggest. He noted that the
        crimped industrial activity. It expects farm output to grow 2.5%                  unemployment rate doesn’t capture the plight of millions of people
        and manufacturing at 3.9%                                                         who have stopped looking for work or part-timers who can’t find
                                                                                          full-time jobs.
        Direct tax collection grew 16%, slower than required 35%

        India's direct tax collection grew 16% in first 10 months of fiscal               RBA Unexpectedly Retains Cash Rate At 4.25%
        FY12, sharply lower than the 35% pace needed to meet the                          Reserve bank of Australia kept interest rates unchanged at 4.25%,
        govt.’s full-year projection. The direct tax receipts grew to Rs                  highest among the world’s major developed economies, as two
        3600bn, against the govt.'s full-year projection of Rs 5800 bn.                   cuts late last year help the economy weather Europe’s debt crisis.


                                                                                          Germany        industrial      production   output   way    below
                                                                                          expectations
                                                                                          German industrial production fell 2.9% in Dec’11, far worse than
                                                                                          street expectations, and was up 0.9%YoY. Manufacturing output
                                                                                          fell 2.7% after -0.3% in the previous month. Output in energy was
                                                                                          down 2.2% while construction fell 6.4%.
        Source: Economic Times, Business Line, Business Standard, Times of India, DNA Money, Mint, Financial Express, Bloomberg




                                                                  Aditya Birla Money Limited
                     2nd   Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400
                                                                             Page No: 2
                                                   Money Morning                                                                                                               Aditya Birla Money
                                                                    08 February 2012


          Nifty Grid % Change in Price

                                               <

                                                                                                                                                                                                                                                       Long Built
              Short
                                                                                                                                                        CAIRN               KOTAKBANK                                                                  Up
              Covering                                    2
                                                                                                                                                          PNB
                                                                                                                                                           ITC
                                                                                                                                                       AXISBANK                                                   ACC
                                                                                                                                                       ICICIBANK                                                 ONGC
                                                                                                                                                       RELIANCE
                                                                                                                                                       RANBAXY
                                                          1
                      Daily Price Change (%)




                                                                                                                                                         SBIN
                                                                                                                              HDFCBANK                   TCS
                                                                                                                              RELINFRA                  CIPLA
                                                                                                                                                        WIPRO
                                                          0
                                                                                                                                                      BAJAJ-AUTO
                                                                                                                            SIEMENS                      NTPC
                                                                                                                                                                               SAIL
                                                                                                  HCLTECH                 JINDALSTEL                    MARUTI                                                    BPCL
                                                                                                                                                                            SUNPHARMA
                                                                                                                         HEROMOTOCO                    DRREDDY
                                                                                                                                                      TATAPOWER
                                                        (1)
                                                                                                                           HINDALCO                      LT                    INFY
                                                                                                    HDFC                                                                                                     AMBUJACEM
                                                        (2)                                                               POWERGRID                    RPOWER               HINDUNILVR

                                                                                                                                                           DLF
                                                                                                                                 STER                 JPASSOCIAT            BHARTIARTL
                                                                                                 RELCAPITAL                      M&M                    SUZLON                RCOM                                BHEL
                                                                                                                               SESAGOA                    IDFC                 GAIL
              Profit                                                                                                                                                                                                                                    Short Built
                                                                                                                                                       TATASTEEL
              Booking/                                                                                                                                                                                                                                  Up
              long
                                                                <                                                                                                                                                                          >
                                               <




                                                                                          -10                            -5                       0                    5                                 10
              Unwinding
                                                                                           Daily % Change in Open Interest* (Futures Current month)

                                                                                                                                              
        Note: Summation of three series of future




          Nifty open interest built up (Current expiry)                                                                                                  FII Deri Watch

         8000000                                                                                                                                         3000                                                                                                       5400
         7000000                                                                                                                                         2000                                                                                                       5350
                                                                                                                                                         1000                                                                                                       5300
         6000000                                                                                                                                            0
                                                                                                                                                        (1000)                                                                                                      5250
         5000000
                                                                                                                                                        (2000)                                                                                                      5200
         4000000                                                                                                                                        (3000)                                                                                                      5150
         3000000                                                                                                                                        (4000)                                                                                                      5100
                                                                                                                                                        (5000)
         2000000                                                                                                                                        (6000)                                                                                                      5050
                                                                                                                                                        (7000)                                                                                                      5000
         1000000
                                                                                                                                                        (8000)                                                                                                      4950
                  0
                                                                                                                                                                   25-Jan

                                                                                                                                                                             27-Jan

                                                                                                                                                                                         30-Jan

                                                                                                                                                                                                    31-Jan

                                                                                                                                                                                                              1-Feb

                                                                                                                                                                                                                        2-Feb

                                                                                                                                                                                                                                   3-Feb

                                                                                                                                                                                                                                               6-Feb

                                                                                                                                                                                                                                                          7-Feb
                                      4800

                                                 4900

                                                         5000

                                                                5100

                                                                         5200

                                                                                5300

                                                                                          5400

                                                                                                   5500

                                                                                                          5600

                                                                                                                  5700

                                                                                                                              5800




                                                                       Put OI          Call OI                                                                                        FII FUT B/S                     FII FUT OI                       Nifty Spot


        Source: NSE                                                                                                                                    Source: NSE




                                                                                                                 Aditya Birla Money Limited
                             2nd               Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400
                                                                                                                                     Page No: 3
                                Money Morning                                                                       Aditya Birla Money
                                          08 February 2012

          Event Calendar
         Economy         Monday 06 Feb                    Tuesday 07 Feb                Wednesday 08 Feb              Thursday 09 Feb              Friday 10 Feb
         Domestic                                         FY12 Annual GDP Govt.         SIAM Passenger Car                                        IIP YoY Dec (Prior 5.9%)
                                                          Estimate (Actual 6.9%)        Sales Domestic Jan (Prior
                                                                                        159325)



         Global          Australia: Retail Sales s.a.     Australia: RBA Cash           Japan: Trade Balance -       Japan: Machine Orders        Germany: CPI (MoM) Jan
                         (MoM) Dec (Actual -0.1%,         Target (Actual 4.25%, Exp     BOP Basis Dec (Actual -      (MoM) Dec (Exp -5.0%,        F (Exp -0.40%, Prior -
                         Exp 0.20%, Prior 0.01%)          4.0%, Prior 4.25%)            ¥145.8B, Exp -¥135.0B,       Prior 14.8%)                 0.40%)
                         Australia: Retail Sales Ex       Germany: Industrial           Prior -¥585.1B)              YoY (Exp 8.5%, Prior         Germany: CPI (YoY) Jan
                         inflation (QoQ) 4Q (Actual       Production MoM (sa) Dec       US: MBA Mortgage App.        12.5%)                       F (Exp 2.0%, Prior 2.00%)
                         0.4%, Exp 0.60%, Prior           (Actual -2.9%, Exp 0.0%,      (Prior -2.9%)                South Korea: 7-Day Repo      US: Trade Balance Dec
                         0.6%)                            Prior 0.0%)                                                Rate (Exp 3.25%, Prior       (Exp -$48.5B, Prior -
                         Brazil: Central Bank             Germany: Industrial Prod.                                  3.25%)                       $47.8B)
                         Weekly Economists                YoY (nsa wda) Dec                                          China: PPI (YoY) Jan         US: U. of Michigan
                         Survey                           (Actual 0.9%, Exp 4.3%,                                    (Exp 0.7%, Prior 1.7%)       Confidence Feb P (Exp
                         Indonesia: Annual GDP            Prior 4.4%)                                                China: CPI (YoY) Jan         74.7, Prior 75)
                         2011(Actual 6.46%, Prior                                                                    (Exp 4.0%, Prior 4.10%)      China: Trade Balance Jan
                         6.2%)                                                                                       UK: BOE Asset Purchase       (Exp $10.4B, Prior
                                                                                                                     Target Feb (Exp 325B,        $16.52B)
                                                                                                                     Prior 275B)                  China: Exports Jan (Exp -
                                                                                                                     UK: BOE Rate Meet (Exp       1.4%, Prior 13.4%)
                                                                                                                     0.50%, Prior 0.50%)          China: Imports Jan (Exp -
                                                                                                                     Euro Zone: ECB Interest      3.6%, Prior 11.8%)
                                                                                                                     Rates (Exp 1.0%, Prior
                                                                                                                     1.0%)
                                                                                                                     US: Initial Jobless Claims
                                                                                                                     (Exp 370K, Prior 367K)
                                                                                                                     US: Continuing Claims
                                                                                                                     (Exp 3500K, Prior 3437K)


        Source: Bloomberg


          Corporate Actions                                                                     Board Meetings

         Ex Date    Company                             Purpose                                 Date      Company                                 Results     Dividend
                    Power Finance                                                               08-Feb    Bharat Forge Limited                       
         08-Feb                                         Interim Dividend
                    Corporation Limited
                    Financial Technologies                                                      08-Feb    Jubilant Foodworks Limited                 
         09-Feb                                         3rd Interim Dividend
                    (India) Limited
                                                        Interim Dividend Rs.2/- Per             08-Feb    Bharti Airtel Limited                      
         09-Feb     IDBI Bank Limited
                                                        Share                                             A2Z Maintenance & Engineering
                                                                                                08-Feb                                               
                                                        2nd Interim Dividend Re.1/-                       Services Limited
         09-Feb     NMDC Limited
                                                        Per Share                                         Orchid Chemicals &
                                                                                                08-Feb                                               
                                                                                                          Pharmaceuticals Limited
         09-Feb     BF Utilities Limited                Annual General Meeting
                                                                                                08-Feb    Tech Mahindra Limited                      
         10-Feb     VIP Industries Limited              Interim Dividend                                  Power Grid Corporation Of India
                                                                                                08-Feb                                                             
                                                                                                          Limited
                    Tube Investments of India           Interim Dividend Rs.2/- Per             08-Feb    Globus Spirits Limited                     
         10-Feb
                    Limited                             Share
                                                                                                09-Feb    Venky'S (India) Limited                    
         13-Feb     Ambuja Cements Limited              Final Dividend
                                                                                                09-Feb    Hindalco Industries Limited                
         Source: NSE
                                                                                                09-Feb    Tata Steel Limited                         
                                                                                                Source: NSE




                                                                        Aditya Birla Money Limited
                       2nd   Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400
                                                                                   Page No: 4
                                  Money Morning                                                                            Aditya Birla Money
                                            08 February 2012

          Bulk Deal

        Company                           Acquirer                                             Qty     Price      Seller                                               Qty      Price
                                          Fnil A/C. Copthall Mauritius Investment
        Cholamandalam In & Fin Co                                                          756250          160 N.A.
                                          Ltd.
                                                                                                                Blackstone Asia Advisors L.L.C. A\C The
        Core Education & Tech Ltd         N.A.                                                                                                                      758917        264
                                                                                                                India Fund Inc

        Gati Limited                      N.A.                                                                  The Infrastructure Fund Of India Llc Fdi            462300      32.49

        N.A. = Not Available

        Source: BSE & NSE

          Insiders Trades *
        Company                                              Acquirer/Seller                                                            Bought/Sold                              Qty
        Anant Raj Industries Ltd                             Amit Sarin (Director & CEO)                                                         B                            226750
        DLF Ltd                                              Devinder Singh                                                                      B                             22000
        DS Kulkarni Developers Ltd                           D S Kulkarni (Chairman & Managing Director)                                         B                             99510
        ITC Ltd                                              Pillappakkam B Ramanujam (Director)                                                 B                             20000
        Jayant Agro Organics Ltd                             Jayant Finvest Ltd                                                                  B                            120000
        Jyothy Laboratories Ltd                              M P Ramachandran (Chairman & Managing Director)                                     B                             50000
        Kamat Hotels (India) Ltd                             Clearwater Capital Partners (Cyprus) Ltd                                            B                           1954196
        LKP Finance Ltd                                      Sea Glimpse Investment Pvt Ltd                                                      B                            433880
        Lupin Ltd                                            Naresh Kumar Gupta                                                                  B                             20000
        Mahindra & Mahindra Ltd                              Mahindra & Mahindra Employees Stock Option Trust                                    B                             33573
        Panchsheel Organics Ltd                              Mahendra A Turakha (Chairman & Managing Director)                                   B                             82670
        Shasun Pharmaceuticals Ltd                           Lifecell International Pvt Ltd                                                      B                            284530
        Shriram Transport Finance Co.                        Shriram Capital Ltd                                                                 B                             61258
        Sterling Biotech Ltd                                 Prabal Investrade Pvt Ltd                                                           B                           2979132
        Sterling Holiday Resorts                             M Balasubramaniyan (Company Secretary)                                              B                             88000
        Tata Motors Ltd                                      Tata AIG Life Insurance Co Ltd                                                      B                            400000
        TV Today Network Ltd                                 Aroon Purie (Chairman & Managing Director)                                          B                             42346
        Zee Entertainment Enterprises                        Cyquator Media Services Pvt Ltd                                                     B                     241402908
        Source: BSE & Capitaline
        Note: The above insiders Trades might include ESOPs conversion.
        * The above trades are historical and as reported to the BSE exchange yesterday.

          Price Shockers
        Gainers                                                                               Losers
                                                   Close          Change             Change                                             Close          Change                 Change
        Company                                  price (`)        Price (`)         Price (%) Company                                 price (`)        Price (`)             Price (%)
         Jet Air India                             341.2              43.2             14.5    Manappuram Finance                         45.5             (11.4)               (20.0)
         TTK Prestige                            2,818.0            323.6              13.0    ADANI POWER                                74.4              (7.8)                (9.4)
         Central Bank                               98.9               9.4             10.4    Adani Enter                              402.3              (32.9)                (7.6)
         Pantaloon Retl                            192.8              18.0             10.3    United Spirits                           702.6              (49.6)                (6.6)
         IOB                                        96.3               4.5               4.8   ADANI PORTS                              139.4               (8.9)                (6.0)
         MMTC                                      904.1              41.2               4.8   Neyveli Lignite                            89.4              (5.3)                (5.6)
         Syndicate Bank                            106.7               4.7               4.6   Sintex Inds                                94.2              (5.6)                (5.6)
         Kotak Mah Bank                            536.1              16.3               3.1   JUBL FOOD                                919.5              (52.8)                (5.4)
         Glaxosmithkl Phar                       2,040.0              58.1               2.9   Indraprastha Gas                         333.0              (18.3)                (5.2)
         Max India                                 171.6               4.8               2.9   IRB Infra                                169.3               (9.2)                (5.2)
         IDBI Bank                                 105.7               2.9               2.8   Indian Hotels                             70.5               (3.7)                (5.0)
         Corporation Bank                          472.0              12.4               2.7   Alstom Projects                          360.0              (18.0)                (4.8)
         Hindustan Copp                            304.4               7.8               2.6   MOIL                                     263.9              (13.0)                (4.7)
         Cairn India                               366.0               8.9               2.5   Muthoot Fin                              174.0               (7.9)                (4.3)
         Marico                                    164.7               3.9               2.4   JSW Ispat                                  14.3              (0.6)                (4.3)
        Source: BSE

                                                                        Aditya Birla Money Limited
                         2nd   Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400
                                                                                    Page No: 5
                               Money Morning                                                                  Aditya Birla Money
                                         08 February 2012

          Result Reckoner

                                                                                                    EBITDA
                                               Sales Dec’11E       Sales Dec’10                                    PAT Dec’11E        PAT Dec’10      YoY %
            Date             Company                                                                Dec’11E
                                                  (Rs. Mn.)          (Rs. Mn.)        YoY %         (Rs. Mn.)         (Rs. Mn.)         (Rs. Mn.)
           8-Feb      Bharat Forge*               11,819.1            7,540.2            57%         2,338.1           1,045.5            826.1       27%
           8-Feb      Bharti Airtel               184,588.7          157,560.0           17%        63,024.6          13,332.8          13,033.0       2%
           8-Feb      Jubilant Food*               2,647.6            1,856.4            43%          474.5             263.0             189.6       39%
           8-Feb      Kalpataru Pw*                8,250.4            7,896.6            4%           959.1             496.4             507.8        -2%
           8-Feb      ONGC*                       210,776.5          185,864.1           13%       130,548.8          67,294.9          70,832.3       -5%
           8-Feb      Power Grid*                 24,221.2            20,521.2           18%        20,286.2           7,388.2           5,911.9      25%
           8-Feb      Tech Mah.                   14,804.7            11,812.3           25%         2,457.6           2,009.1           2,020.2       -1%
        Source: Bloomberg
        * Standalone No.




                                                                  Aditya Birla Money Limited
                      2nd   Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400
                                                                            Page No: 6
                                Money Morning                                                                 Aditya Birla Money
                                          08 February 2012


                                                                                Research Team
                                      Vivek Mahajan                                                           Hemant Thukral
                                      Head of Research                                                        Head – Derivatives Desk
                                      022-42333522                                                            022-42333483
                                      vivek.mahajan@adityabirla.com                                           hemant.thukral@adityabirla.com



         Fundamental Team
         Avinash Nahata                   Head of Fundamental Desk                     022-42333459              avinash.nahata@adityabirla.com
         Akhil Jain                       Metals & Mining                              022-42333540              akhil.jain@adityabirla.com
         Sunny Agrawal                    FMCG/Cement                                  022-42333458              sunny.agrawal@adityabirla.com
         Sumit Jatia                      Banking & Finance                            022-42333460              sumit.jatia@adityabirla.com
         Shreyans Mehta                   Construction/Real Estate                     022-42333544              shreyans.m@adityabirla.com
         Dinesh Kumar                     Information Technology/Auto                  022-42333531              dinesh.kumar.k@adityabirla.com
         Pradeep Parkar                   Database/Production                          022-42333597              pradeep.parkar@adityabirla.com



         Quantitative Team
         Rizwan Khan                      Technical and Derivative Strategist          022-42333454              rizwan.khan@adityabirla.com
         Jyoti Nangrani                   Sr. Technical Analyst                        022-42333454              jyoti.nangrani@adityabirla.com
         Raghuram                         Technical Analyst                            022-42333537              raghuram.p@adityabirla.com
         Rahul Tendolkar                  Derivatives Analyst                          022-42333532              rahul.tendolkar@adityabirla.com
         Amit Somani                      Derivative Analyst                           022-42333532              amit.somani@adityabirla.com



         Advisory Support
         Indranil Dutta                   Advisory Desk – HNI                          022-42333494              indranil.dutta@adityabirla.com
         Suresh Gardas                    Advisory Desk                                022-42333535              suresh.gardas@adityabirla.com
         Sandeep Pandey                   Advisory Desk                                022-30442104              sandeep.pandey@adityabirla.com


        ABML research is also accessible in Bloomberg at ABMR




                                                                   Aditya Birla Money Limited
                       2nd   Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400
                                                                                Page No: 7
                               Money Morning                                                                 Aditya Birla Money
                                         08 February 2012


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                                                                  Aditya Birla Money Limited
                      2nd   Floor, Sheil Estate, Dani Corporate Park, 158 CST Road, Kalina, Santacruz (East), Mumbai 400 098 | Tel: +91 22 42333400
                                                                            Page No: 8

				
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