SEP+02

Morning Notes Sept 2nd September 2008 From Our Research Desk - TWO WHEELER SALES VOL UPDATE - AUG 2008 Corporate News Aban Offshore through its subsidiary company Venture Drilling AS signed a 18 month contract with Maersk Oil Angola for a drilling project at an operating day rate of $ 495,000 (around Rs 2 crore) – BS Union Bank of India is planning to raise Rs 1000 crore via From our Technical Desk Nifty Pivot Point Table Trade Details of Bulk Deals Forthcoming Events Market Statistics INDEX CLOSING 1D (%) 3 M (%) SENSEX 14,498.5 (0.5) (9.2) NIFTY 4,348.7 (0.3) (7.8) SECTORAL INDICES CLOSING 1D (%) 3 M (%) Mid-Cap 5,742.0 (0.0) (12.3) Small Cap 6,891.4 (0.0) (12.6) Auto 3,989.4 (0.3) (8.7) Health 4,310.4 (0.0) (1.1) FMCG 2,220.6 0.2 (7.6) IT 3,954.2 (0.3) (12.4) PSU 6,768.2 0.3 0.6 Bankex 7,021.4 0.2 (5.1) Oil&Gas 9,688.6 0.3 (7.0) Metals 12,214.1 (1.1) (24.8) Capital Goods 11,863.8 (0.2) (5.3) Power 2,592.7 (0.4) (5.9) WORLD INDICES CLOSING 1D (%) 3 M (%) NASDAQ 2,367.5 (1.8) (5.4) DOW 11,543.6 (1.5) (6.8) Niekkei 12,897.3 0.5 (10.7) Hang Seng 20,972.5 0.3 (13.1) INDIAN ADR CLOSING 1D (%) 3 M (%) Tata Comm 18.6 1.7 (17.6) Infosys 41.3 (0.3) (11.6) Wipro 11.6 (0.1) (15.7) Satyam 2.9 (2.2) (37.7) Dr Reddy Lab 13.7 1.6 (14.8) VALUE TRADED (Rs Cr)01-Sep-08 % CHG Cash BSE 4,854.1 (10.6) Cash NSE 9,850.1 (7.3) Derivative 37,943.2 (12.1) NET INFLOW (Rs Cr) 01-Sep-08 MTD YTD FII (257.0) (5,744.2) (33,749.5) MF (As on 29.08.08) 398.4 (427.3) 12,393.2 ADVANCE/DECLINES(BSE) A B S Advance 85 846 237 Decline 117 843 204 Unchanged 2 73 12 COMMODITY 01-Sep-08 1D (%) 3M (%) Crude (USD/Bbl) 111.1 (4.2) (9.2) Gold (USD/Oz) 817.3 (1.4) (7.1) Silver (USD/Oz) 13.3 (2.2) (21.2) DEBT/FOREX 01-Sep-08 1D (%) 3M (%) Rs/USD 43.8 0.3 (2.7) 10 Year G sec Yield 8.6 (0.7) (5.7) Source : Reuters debt in a month’s time – ET The Rs 15,000-crore steel and power project of the Videocon Group in West Bengal is on track despite the Singur 6 M (%) (12.4) (11.6) 6 M (%) (19.3) (21.8) (17.7) 10.3 (0.5) 5.4 (13.6) (21.3) (6.2) (23.7) (19.2) (22.4) 6 M (%) 6.6 (4.1) (2.4) (10.2) 6 M (%) (21.2) 11.5 2.9 (35.8) (3.1) controversy – BS Shriram EPC Limited has acquired a 55% stake in Blackstone Group Technologies (BGT). – BL Gammon Infrastructure Projects Ltd has received the letter of allotment for the development of the Youngthang Khab Hydro Electric Project on BOOT basis from the Himachal Pradesh government. - BL Jagran Prakashan has decided to defer the launch of business paper in regional languages due to prevailing market conditions. – BL Macro Economic News Government on Monday ruled out an immediate reduction in petrol and diesel prices as state-run firms are still running into daily loss of over Rs 400 crore despite softening in international oil prices. - ET Global Cues Oil extended losses on Tuesday after a steep $4 plunge a day ago on speculation that a surprisingly weak Hurricane Gustav likely spared key Gulf oil infrastructure - Reuters TOP FIVE GAINERS(NSE) HCLTECH SUNPHARMA HEROHONDA ABB ITC TOP FIVE LOSERS(NSE) RANBAXY TATA STEEL BHARTI AIRTEL MARUTI SIEMENS PRICE 242.4 1508.4 848.0 894.6 192.0 PRICE 500.0 584.2 816.2 633.5 537.3 % CHG 4.0 2.5 2.3 2.1 1.7 % CHG (3.6) (2.8) (2.5) (2.5) (2.0) VOL (MN) 0.7 0.2 0.3 0.2 2.4 VOL (MN) 3.6 2.1 1.6 1.1 0.3 Total 1,329 1,255 96 6M (%) 5.3 (16.2) (33.8) 6M (%) (8.4) (12.5) Source: ET = Economic Times, BS = Business Standard, FE = Financial Express, BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange Reliance Money House, Plot No - 250 - A - 1, Baburao Pendharkar Marg, Off Annie Besant Road, Behind Doordarshan Tower, Worli, Mumbai - 400025 2nd September 2008 Monthly Update Umesh Karne umesh.karne@relianceada.com +91 22 30443305 Gaurant Dadwal gaurant.dadwal@relianceada.com +91 22 30443321 Two Wheeler Sales Volume Update - August 2008 Low base effect leads to positive growth in August 2008. August 2008 saw two wheeler companies registering minor growth on the back of new models launched. Hero Honda the largest player in the two wheeler industry registered a growth of 27% y-o-y while BAL and TVS registered a growth of 3% y-o-y and 11% yo-y. We believe the growth in the month August 2008 was more because of lower sales volume base in August 2007 and not because of a revival in the industry. We believe that exports will continue to play a very important role, keeping in mind the challenging scenario in the domestic two wheeler industry. Exports of TVS and BAL have grown by 51% y-o-y and 27% y-o-y respectively in the month of August 2008 and have supported the increase in sales volumes. Industry Sales Volume Segment Motorcycles Total 2 Wheeler Aug-07 362,123 513,812 Aug-08 428,486 596,468 % YoY 18.3 16.1 YTD 2007 2,307,482 2,606,499 YTD 2008 2,654,494 2,954,311 % YoY 15.0 13.3 Source: Company/ * Cumulative Sales volume for HH,TVS, BAL. Industry Highlights Hero Honda is planning to launch 11 two wheelers models in the next 13 months across various categories. Bajaj Auto Ltd will launch three more bikes on the 125cc and above platform as it seeks to boost sales and protect margins. Hero Electric is planning to set up 10,000 e-bike charging stations across the August 2008 witnessed all 3 major two wheelers companies posting positive growth country over the next two years. KTM Power Sports is developing three intra-city transportation models - a Trike, a budget car and a scooter - in a joint collaboration with Bajaj Auto. Hero Electric is planning to introduce an electric passenger car in the India by 2013, besides introducing battery driven three- wheeler. Yamaha is expecting to launch FZ, which is an air-cooled bike in the 150 cc segment in the month of October this year. Eicher Motors has decided that it will increase the prices of its Royal Enfield motorbike models from September 1, 2008. Hero Electric has decided to foray into overseas market starting with exports of e-bikes to SAARC countries this year. Honda Motorcycle & Scooter India (HMSI) is planning to enter into the highpowered motorcycle segment of 800cc and above, by the end of the current financial year. Contd.... 2 2nd September 2008 COMPANY WISE SALES PERFORMANCE Bajaj Auto Ltd (BAL) Product Motorcycles Total 2 W 3 Wheelers Exports Source: Company Aug-07 Aug-08 % YoY 3.8 (4.6) 26.0 Jul-08 MoM % 3.8 3.9 2.5 3.7 5.7 169971 23,733 67,253 YTD -08 821,406 833,259 119,929 953,188 259,974 YTD -09 % YoY 902,743 908,579 106,175 1,014,754 337,075 9.9 9.0 (11.5) 6.5 29.7 167,483 175,274 170,203 176,631 25,504 56,452 24,324 71,105 4.7 168,836 Total 2 & 3 W 195,707 200,955 2.7 193,704 Motorcycle sales up by 5% y-o-y BAL’s overall sales for the month of August 2008 have registered growth of 3% y-o-y to 2, 00,955 units as against 1,95,707 units in the month of August 2007. Growth in overall sales was attributed by 5% y-o-y growth in the motorcycles segment. On a cumulative basis for the period April- August 2008 the motorcycle sales of the company reported a growth of 10% y-o-y to 9,02,743 vehicles which was due strong performance of 125cc bikes and also due to DTSI bikes. However, on a MoM basis the motorcycle sales of the company grew by a mere 4% y-o-y. The company had launched Discover 135 DTSi, in August 2008 which generated decent volumes of 27,091 units in the month of its debut. Total two wheeler sales of the company during the month reported a growth of 4% y-o-y which was lower than the overall motorcycle sales of the company. BAL’s three wheeler sales, which had shown positive growth in the pervious month, after recording a continuous fall in the previous few months reported a fall 5% y-o-y and on sequential basis, three wheeler sales during the month went up by 3% y-o-y. Exports for the month of August 2008 continued to show strong momentum and registered an impressive growth of 26% y-o-y to 71,105 units as compared to 56,452 vehicles in the same month last year. As part of the new launch strategy BAL has launched Bajaj Discover DTS-i in the month of August 2008. Furthermore, in order to strengthen its position in the 125cc market, BAL will be starting production of Platina 125 DTS-Si electric launch in the month of September 2008 and has set a target of 10,000 units in the very first month of September 2008. The management has also reiterated with the launch of four bikes in the current fiscal, the company would improve its market share in the Executive segment to 45% as against current 25%. Apart from the two wheeler launches, the company also has plans of launching 2 commercial vehicles in the current Fiscal. BAL’s overall sales reported a growth of 2.7% y-o-y in August 08. BAL’s Motorcycle sales went up by 4.7% y-o-y in August 2008 Hero Honda Motors Ltd (HH) Product Total Sales Aug-07 Aug-08 % YoY Jul-08 MoM % YTD 2007 8.6 1,244,919 YTD 2008 % YoY 1,481,077 19.0 240,875 305,516 26.8 281,317.0 Source: Company Hero Honda sales jumps by 27% y-o-y Hero Honda Motors Ltd has posted a very impressive 27% y-o-y growth in its sales volume for the month of August 2008, amidst challenging conditions faced by two wheeler industry. HH’s strategy of focusing on rural and semi urban areas have helped the company in outperforming the industry and its peers. The recent launch of new splendor NXG has also pushed the sales of the company in the deluxe segment wherein the company is a market leader. While, in the premium segment Hunk and CBZ X-treme continue to generate good volumes. Hero Honda’s scooter Pleasure has also been growing strongly and the company generated sales volume of more than 12,000 units during the month of August 2008. Due to strong branding and focus on rural and semi urban areas the market share of the company in motorcycles segment has gone up to 55%. On a cumulative basis for the period April- August 2008 the company has managed to grow at 19% y-o-y to 14,81,077 units. Contd.... HHML’s sales volumes for the month of August jumped by 27% y-o-y 3 2nd September 2008 TVS Motors Company Ltd (TVS) Product Motorcycles Scooterate & Moped Total Exports Source: Company Aug-07 Aug-08 YoY% 46,235 56,499 52,304 62,017 13.1 9.8 11.3 50.6 Jul-08 54,042 64,503 118,545 16,015 YoY% FY08 YTD FY09 YTD YoY% (3.2) (3.9) (3.6) 12.9 241,157 287,164 528,321 49,614 270,674 293,981 564,655 73,392 12.2 2.4 6.9 47.9 102,734 114,321 12,006 18,083 Motorcycle sales up by 13% y-o-y TVS Motors registered an overall sales volume growth of 11% y-o-y to 114,321 units as compared to 102,734 units in the same month last year. Growth in overall sales was supported by strong volumes growth in the motorcycles segment which grew by 13% yo-y to 52,304 units. Growth in motorcycles segment was due to recent new launches of RTR variant of ‘APACHE’ RTR FI 160 and the ‘FLAME’. Both the models have been well received since their respective debuts and have helped the company in generating good volumes. We expect that the newly launched APACHE i.e. RTR FI 160 will continue to contribute handsomely towards the sales volumes of the company going forward. Apart from this the company has also said that they will launch four new vehicles during this fiscal. TVSM’s scooterate and moped segments grew by 10% y-o-y to 36,625 vehicles. This growth was largely on account of good volumes generated in the moped sales, which went up by 15% y-o-y. On a cumulative basis for the period April- August 2008 scooterate and moped sales went up by mere 2% y-o-y. While, exports for the month of August grew impressively by 51% y-o-y to 18,083 vehicles. On a cumulative basis for the period April- August2008 the company has registered overall sales volume growth of 7% y-o-y to 564,655 vehicles largely driven by strong sales volume growth in the motorcycles segment along with exports which registered a cumulative growth of 12% y-o-y and 48% y-o-y respectively. TVS Motor’s overall sales grew by 11.3% in the month of August 2008. TVS Motors exports witnessed a growth of over 51 % y-o-y to 18,083 units. Business Outlook and Valuation – We believe that the sales of volumes of the company will continue to remain under pressure owing the credit squeeze in the economy. We also expect two wheeler manufacturers to hike the prices of the remaining models in near future. In the month of June 2008, financing institutions have hiked interest rates by 50-100bps and the recent CRR hike announced by RBI is also likely to push interest rates upwards. We believe sales volumes of two wheeler industry would remain under pressure in the near future as well. Financial Estimates Bajaj Auto Year Ended Net Sales (Rs Mn) EBITDA (Rs Mn) EBITDA (%) PAT (Rs Mn) EPS (Rs) CMP (Rs) P/E (x) Hero Honda Mar09E 117,631 14,767 12.6 11,046 55.3 848 15.3 TVS Motor Mar09E 36,586 959 2.6 261 1.1 33 30.1 Mar09E 94,485 10,937 11.6 6,951 48.0 585 12.2 Mar10E 104,551 12,175 11.6 7,870 54.4 585 10.8 Mar10E 132,227 16,081 12.2 12,291 61.5 848 13.8 Mar10E 44034.2 1515.1 3.4 556.5 2.3 33 14.4 Source: Reliance Money Research We believe that Two wheeler manufacturers will hike the prices of their products in near future. At the current market price of Rs.585, the BAL stock is trading at a P/E of 12x and 11x on FY09E and FY10E earnings. We recommend a Reduce with a target price of Rs.569 At the current market price of Rs.848, the HH stock trades at a PE multiple of 15x and 14x on our FY09E and FY10E earnings. We recommend a Reduce with a target price of Rs.775 At current market price of Rs.33, the TVS stock trades at a PE multiple of 30x and 14x on FY09E and FY10E estimated earnings. We recommend a SELL with a target price of Rs.28 4 HOME 2nd September 2008 FROM OUR TECHNICAL DESK INDICES Indices Sensex Nifty S&P CNX 500 BSE-500 MIDCAP SMLCAP PSU OIL&GAS FMCG BANKEX REALTY HC CG AUTO IT POWER TECk CD METAL Previous Close 14,564.5 4,360.0 3,489.1 5,631.5 5,742.3 6,891.6 6,747.1 9,659.5 2,215.6 7,009.7 4,995.3 4,311.7 11,886.6 4,001.2 3,966.8 2,604.1 3,073.6 3,840.8 12,348.0 Current Close 14,498.5 4,348.7 3,481.6 5,617.1 5,742.0 6,891.4 6,768.2 9,688.6 2,220.6 7,021.4 5,000.0 4,310.4 11,863.8 3,989.4 3,954.2 2,592.7 3,046.3 3,800.6 12,214.1 % Chg (0.5) (0.3) (0.2) (0.3) (0.0) (0.0) 0.3 0.3 0.2 0.2 0.1 (0.0) (0.2) (0.3) (0.3) (0.4) (0.9) (1.0) (1.1) Key Levels Sensex Day’s High Day’s Low 20 D EMA 50 D EMA 200 D SMA 14,547.0 14,281.0 14,496.0 14,605.0 16,789.0 Nifty 4,365.0 4,281.4 4,349.5 4,379.1 5,015.1 INDEX COMMENTS: Indices after witnessing a GAP down opening in morning trades remained ranged for most part of the session after an initial selloff. However, emergence of value buying helped indices to make smart recovery in the last one hour of trades. NIFTY finally closed the volatile session loosing just 11.35 points or -0.26% to end the session at 4348.65 levels. SENSEX closed the session loosing 66.02 points or -0.45% to end the session at 14498.51 levels. Amongst sectoral indices sectors like BSE METAL (-1.08%) and BSE CD (-1.05%) lost the most in yesterday's trade while BSE PSU (+0.31%) remained top gainer. Market Breadth remained in favor of BULLS. Out of 2680 stocks traded on BSE, 1329 stocks advanced, 1255 stocks declined while 96 stocks remained unchanged. Key Levels To Watch for NIFTY (spot): Support: 4280 levels. Resistance: 4340 and 4420 level. MARKET VIEW: Last hour of recovery helped indices to recover almost 70 points in yesterday's session. On daily chart NIFTY continues to remain below its 20/50 day EMA placed at levels of 4349 and 4379.10. In yesterday's trade we once again saw levels of 4280 playing important role as NIFTY made low of 4281 and bounced back. With lack of any major events ahead, we may see indices taking direction initially from global cues however stock specific action may gain momentum in late part of the trades. All in all for today's trade, intra day support continues to exist around levels of 4280 while intra day resistance exists around levels of 4340 and then at 4420. Bhavin Y Mehta Technical Analyst HOME 5 2nd September 2008 DAILY NIFTY PIVOT POINT Support 2 S&P CNX Nifty CNX IT CNX Nifty Junior S&P CNX Defty BANK Nifty CNX Midcap S&P CNX 500 CNX 100 Nifty Midcap 50 ABB LTD. ACC LIMITED AMBUJA CEMENTS LTD BHARTI AIRTEL LIMITED BHEL BHARAT PETROLEUM CORP LT CAIRN INDIA LIMITED CIPLA LTD DLF LIMITED DR. REDDY’S LABORATORIES GAIL (INDIA) LTD GRASIM INDUSTRIES LTD HCL TECHNOLOGIES LTD HDFC LTD HDFC BANK LTD HERO HONDA MOTORS LTD HINDALCO INDUSTRIES LTD HINDUSTAN UNILEVER LTD. ICICI BANK LTD. IDEA CELLULAR LIMITED INFOSYS TECHNOLOGIES LTD ITC LTD LARSEN & TOUBRO LTD. MAHINDRA & MAHINDRA LTD MARUTI SUZUKI INDIA LTD. NATIONAL ALUMINIUM CO LTD NTPC LTD OIL AND NATURAL GAS CORP. PUNJAB NATIONAL BANK POWER GRID CORP. LTD. RANBAXY LABS LTD RELIANCE COMMUNICATIONS L RELIANCE INDUSTRIES LTD RELIANCE INFRASTRUCTU LTD RELIANCE PETROLEUM LTD. STEEL AUTHORITY OF INDIA SATYAM COMPUTER SERVICES STATE BANK OF INDIA SIEMENS LTD STERLITE INDS (IND) LTD SUN PHARMACEUTICALS IND. SUZLON ENERGY LIMITED TATA COMMUNICATIONS LTD TATA MOTORS LIMITED TATA POWER CO LTD TATA STEEL LIMITED TATA CONSULTANCY SERV LT UNITECH LTD WIPRO LTD ZEE ENTERTAINMENT ENT LTD Source: NSE 4248.02 3857.20 6981.67 3326.92 5846.02 5641.82 3413.22 4059.53 2117.82 Support 1 4298.33 3895.55 7045.83 3371.58 5987.43 5679.98 3447.38 4105.32 2136.33 Pivot 4331.67 3930.60 7086.47 3400.62 6082.87 5702.17 3469.67 4135.58 2148.32 Resistance 1 4381.98 3968.95 7150.63 3445.28 6224.28 5740.33 3503.83 4181.37 2166.83 Resistance 2 4415.32 4004.00 7191.27 3474.32 6319.72 5762.52 3526.12 4211.63 2178.82 Support 2 853.18 548.92 78.23 794.40 1623.28 286.63 242.85 233.10 468.82 560.77 379.87 1820.27 225.00 2234.53 1225.43 811.33 119.52 234.88 632.20 79.90 1665.83 181.68 2499.37 558.97 602.77 368.18 167.27 981.52 465.50 89.62 484.73 374.50 2074.25 939.05 153.33 147.42 410.82 1330.07 513.48 599.60 1447.52 208.23 389.90 423.32 1013.05 565.40 800.98 152.37 416.12 208.90 Support 1 873.87 556.33 79.17 805.30 1672.82 294.27 245.50 235.40 481.43 570.43 389.18 1880.53 233.70 2286.97 1261.87 829.67 120.83 238.42 648.60 80.75 1694.57 186.82 2532.73 565.93 618.13 373.37 170.23 1006.33 475.90 90.98 492.37 381.70 2107.95 961.05 155.87 150.73 417.33 1372.83 525.37 612.00 1477.93 212.47 398.35 430.53 1026.50 574.80 807.97 155.43 425.08 213.45 Pivot 886.68 562.42 79.83 821.15 1700.78 299.63 248.65 237.80 488.62 582.67 395.32 1915.27 238.80 2322.98 1285.93 840.33 122.42 242.13 659.30 81.60 1730.63 189.88 2558.37 571.97 633.87 379.18 172.27 1025.72 482.45 91.87 503.18 389.35 2136.70 975.20 158.03 153.32 422.52 1403.77 545.13 623.50 1496.47 216.23 406.45 435.22 1036.75 586.40 813.98 157.47 432.47 217.60 Resistance 1 907.37 569.83 80.77 832.05 1750.32 307.27 251.30 240.10 501.23 592.33 404.63 1975.53 247.50 2375.42 1322.37 858.67 123.73 245.67 675.70 82.45 1759.37 195.02 2591.73 578.93 649.23 384.37 175.23 1050.53 492.85 93.23 510.82 396.55 2170.40 997.20 160.57 156.63 429.03 1446.53 557.02 635.90 1526.88 220.47 414.90 442.43 1050.20 595.80 820.97 160.53 441.43 222.15 Resistance 2 920.18 575.92 81.43 847.90 1778.28 312.63 254.45 242.50 508.42 604.57 410.77 2010.27 252.60 2411.43 1346.43 869.33 125.32 249.38 686.40 83.30 1795.43 198.08 2617.37 584.97 664.97 390.18 177.27 1069.92 499.40 94.12 521.63 404.20 2199.15 1011.35 162.73 159.22 434.22 1477.47 576.78 647.40 1545.42 224.23 423.00 447.12 1060.45 607.40 826.98 162.57 448.82 226.30 HOME 6 2nd September 2008 BULK DEALS TRADE DETAILS OF BULK DEALS Deal Date 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 01-Sep-08 Scrip Name Archies Ltd Archies Ltd Archies Ltd Archies Ltd G.S. Auto G.S. Auto G.S. Auto G.S. Auto Intens Tech Koff Br Pict Koff Br Pict Nutek India Nutek India Nutek India Nutek India Nutek India Nutek India Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere Resurgere S.S.Organics S.S.Organics Usher Agro Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vintage Card Vishal Info Vishal Info Client Name Deal Type B B S S B S S S S B S B B B S S S B B B B B B B B B B S S S S S S S S S B S B B B B B B B B S S S S S S S B S Quantity 71482 34303 71482 34303 39485 21137 50000 34186 200000 30737 29769 370726 313882 94724 269414 313882 93724 149880 266792 449865 652444 397133 1855535 600000 267485 192807 176125 266792 449865 652444 396487 1855535 215283 271086 170821 176125 100000 97600 148566 10551 39821 26852 3000 3200 3000 8329 20928 10551 39821 26852 3200 3000 10590 64049 64049 Price ** 125.56 126.48 126.16 127.17 88.61 88.09 87.98 91.12 15.29 29.41 29.57 202.43 205.46 207.91 199.99 205.97 207.5 295.64 487.21 436.84 424.76 447.61 414.9 324.33 411.3 471.49 457.69 489.46 437.45 431.81 445.49 415.7 417.2 413.7 464.83 459.54 8.74 8.71 128.44 120.41 120.19 119.97 117.92 116.95 119.63 123.1 120.5 120.68 119.99 119.93 119.75 122.3 123.5 300.55 300.56 Mbl And Company Limited Mansukh Stock Brokers Ltd Mbl And Company Limited Mansukh Stock Brokers Ltd Yuvak Share Trading Pvt.Ltd. Abn India Equity Research Private Limited Sangeeta Pareekh Comet Investment Pvt Ltd Citigroup Global Markets Mauritius Pvt. Ltd. Laxmi Cap Broking Pvt Ltd Laxmi Cap Broking Pvt Ltd Aditya S Shah H.J.Securities Pvt.Ltd. Yuvak Share Trading Pvt.Ltd. Aditya S Shah H.J.Securities Pvt.Ltd. Yuvak Share Trading Pvt.Ltd. Pr Vyapaar Private Limited Marwadi Shares And Finance Limited Eureka Stock And Share Broking Services L R M Shares Trading Pvt Ltd B K Shah Co H.J.Securities Pvt.Ltd. Mavi Investment Fund Ltd Yuvak Share Trading Pvt Ltd Khandwala Tradelink Amu Shares And Sec Ltd Marwadi Shares And Finance Limited Eureka Stock And Share Broking Services L R M Shares Trading Pvt Ltd B K Shah Co H.J.Securities Pvt.Ltd. Meenal Nitish Thakur Yuvak Share Trading Pvt Ltd Khandwala Tradelink Amu Shares And Sec Ltd Avinash Reddy Ch Aryavart Savings Unit Limited Manharlal Narottamdas Shah Mbl And Company Limited Mansukh Stock Brokers Ltd Mansukh Securities And Finance Ltd Viragkumar Suresh Patel Sanjay Gupta Mathews P K Yuvak Share Trading Pvt.Ltd. Setu Securities Pvt Ltd Mbl And Company Limited Mansukh Stock Brokers Ltd Mansukh Securities And Finance Ltd Sanjay Gupta Mathews P K Yuvak Share Trading Pvt.Ltd. Mbl And Company Limited Mbl And Company Limited Source : BSE / * B - Buy, S - Sell / ** = Weighted Average Trade Price / Trade Price HOME 7 2nd September 2008 FORTHCOMING EVENTS BOARD MEETINGS Effective Date 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 02-Sep-08 Summary Alok Industr Bosch Ltd Gangotri I&S Ghcl Hindpetro Jkil Sonasteer Brescon Corp Rathi Udyo L Ster Hol Res Glance Finan Hcl Infosys Koutons Ret Bosch Ltd Ccs Infotech Cifco Fin. Action Type Dividend, Results Buy Back Of Shares Results Agm/Dividend - 24% Agm/Dividend - 30% Agm/Dividend - 15% Fv Split Rs.2/- To Re.1/Dividend of Rs. 2.5/Results Results Results Dividend, Results Results Buy Back Of Shares Results Results Source : BSE / NSE HOME 8 2nd September 2008 Reliance Money Stock Rating Rating BUY HOLD REDUCE SELL Stock Performance Appreciate more than 15% in next 12 months Appreciate upto 15% in next 12 months Depreciate upto 10% in next 12 months Depreciate More than 10% in next 12 months Reliance Money : Reliance Money House, Plot No - 250 - A - 1, Baburao Pendharkar Marg, Off Annie Besant Road, Behind Doordarshan Tower, Worli, Mumbai - 400025 Tel.: 91-22-30443301, Fax No.: 30443306 Equities: Trading through Reliance Securities Limited | NSE SEBI Registration Number Capital Market :- INB 231234833 | BSE SEBI Registration Number Capital Market :- INB 011234839 | NSE SEBI Registration Number Derivatives :- INF 231234833 Commodities : Trading through Reliance Commodities Limited | MCX member code: 29030 | NCDEX member code: NCDEX-CO-05-00647| NMCE member code: CL0120 Mutual Funds : Reliance Securities Limited | AMFI ARN No.29889 DISCLAIMER: This document has been prepared by Reliance Money Limited, Mumbai and is to be used by the recipient and not to be circulated. The information provided should not be reproduced, distributed or published, in whole or in part without prior permission from the company. The information and the opinions contained in the document have been compiled from source believed to be reliable. The company does not warrant its accuracy, completeness and correctness. This document is not and should not be construed as an offer to sell or solicitation to buy any securities. HOME 9