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Sun pharma report_construction_rollover analysis_bond vector nov 09 edel Visit us _ money.umakant.info Powered By Docstoc
					India Equity Research

Daily November 25, 2009

First Call

India

Change in % 24-Nov-09 1-d (0.3) (0.3) (0.5) 1-mo 1.9 1.9 1.8 3-mo 9.3 9.2 10.1 5,091 17,131 4,179

Contents
Latest Research Analysis Beyond Consensus Annual Report Analysis Sun

Nifty Sensex CNX 500 Global Indices

Pharmaceuticals Construction – regulatory makeover to speed-up NHAI project award Rollover Analysis Bond Vector – Bond prices supported by sustained buying; SDLs report aggressive cut offs Regular Features Stocks In The News

24-Nov-09 DJIA NASDAQ Hang Seng Nikkei 225 Net Inv (INR Bn) 20-Nov-09 FII Cash FII F&O MF Cash 10,434 2,169 22,376 9,405

1-d (0.2) (0.3) (0.2) 0.0

1-mo 4.6 0.7 (0.9) (8.5)

3-mo 9.4 7.2 9.5 (10.4)

Buy 19.5 149.5 6.8

Sell 20.2 151.3 4.6

Net (0.7) (1.8) 2.2

Value Traded - India (INR Bn)

Change in % 1-mo (6.8) (7.9) 3-mo (1.3) 2.3

Results For The Day
BSE Cash

24-Nov-09 47.8 153.7 914.3 NSE Cash NSE F&O

1-d 9.4 12.7 (30.5)

Sales Trader’s Commentary Insider Trades & Bulk Deals Technical Updates Eye Catchers

Forex/Money Market 24-Nov-09 INR/USD USD/EUR USD/YEN 10 Yr G-Sec 46.4 1.5 0.0 7.2 1-d 0.2 (0.1) (0.2) (0.4)

Change in % 1-mo 0.5 (0.7) (4.2) (3.7) 3-mo 4.8 (4.6) (6.2) (1.9)

Commodities (USD/Mt ton) 24-Nov-09 Copper Aluminium *Gold *Silver **NYMEX
*USD/Troy Ounce

Change in % 1-d (1.1) (0.6) 0.7 1.0 (2.1) 1-mo 3.2 2.7 11.5 5.7 (6.4) 3-mo 6.5 5.2 24.6 30.9 1.5

6,840.8 1,990.5 1,177.0 18.7 75

**USD/bbl

Agri Commodities (INR/QT) 24-Nov-09 Sugar Cotton^
^INR/Maund

Change in % 1-d 0.2 0.4 1-mo 9.7 8.5 3-mo 16.6 9.4

3,578.2 2,630

^^INR/KG

Sectoral Movements 24-Nov-09 Banking IT Pharmaceuticals Oil Power Auto Metals Real Estate FMCG Capital Goods 10,282 5,486 4,762 10,358 3,007 7,056 16,217 3,825 2,887 13,435 1-d (0.4) 0.5 0.3 (0.8) (0.7) 1.4 (0.8) (0.6) (0.9) (0.0) 1-mo 0.5 7.0 8.2 3.5 (4.2) 9.1 5.2 (15.4) 2.2 (0.1)

% Change 3-mo 22.8 22.4 23.2 6.1 1.7 23.2 28.4 (5.9) 10.0 3.5 1-y 135.6 133.5 69.0 91.5 85.7 209.2 280.3 141.6 51.9 110.4

O p en Int er est ( IN R mn) V o lume Futures Call Put Total Put C all R at io s V o lume PCR WPCR OI PCR Total OI/ Volume
Nif t y IVs at 22 - 26%levels. FII Act ivit y* (INR Mn) ( 23-Nov)

2 4 - N o v- 0 9 516,955 288,193 430,052 1,235,199

2 3 - N o v- 0 9 % C hang e 507,266 284,869 423,873 1,216,007 1.9 1.2 1.5 1.6

2 4 - N o v- 0 9 1.23 0.76 1.51 1.35

2 3 - N o v- 0 9 % C hang e 1.15 0.56 1.50 1.50 6.1 35.3 0.4 (9.7)

Edelweiss Research is also available on www.edelresearch.com ,Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset.

Edelweiss Securities Limited 1

STOCKS IN THE NEWS
Electric Indica within 12-14 months: Tata Motors (ET) PNB to spend $18-20 mn to acquire Dana bank. (ET) Hindalco mops up $600 m via QIP. (ET) NTPC's power plant in Bundelkhand to come up in 6 years. (ET) Jindal Steel unit to set up 1,600 MW power plant. (ET) Reliance reopens 900 gas stations(ET) Essar Oil to enter into ATF marketing in next 6-9 months. (ET) Lyondell should consider Reliance offer: Creditors. (ET) BHEL gets $1.2 bn power plant order. (ET) JSW Steel may sell 40% in Bengal unit. (ET) Indian Hotels Company is reviewing its overseas portfolio and has put Blue, its 100-room hotel in Australia . (ET) Bhushan Steel may sell stake to Sumitomo.(BS) Essar may seal refinery deal with Shell in a month. (BS) Infosys may acquire European cos for $400-500 mn. (BS) Gujarat Fluor chemicals Ltd plans to invest Rs 500 crore for doubling its existing capacities.(BL) Bayer CropScience and GVK Biosciences (GVK BIO) have entered into a research cooperation in the area of early discovery.(BL)

Edelweiss Securities Limited 2

SALES TRADERS COMMENTARY
After a two-day rally, consolidation was seen throughout the session on Tuesday and benchmark indices closed with modest losses. Volatility was witnessed on account of F&O expiry on Thursday. The index proceeded to trade in the negative for most part of the day on the back of sustained selling seen in blue chip stocks. The market moved up and down on bouts of selling and buying after touching a high of 17230.86 and a low of 17027.52. Weak opening of the European markets also weighed on the market in the second half .The sell-off in oil & gas exploration, power, metal, FMCG, select capital goods, and banking & financial companies' shares kept the market down. However, buying in telecom, technology, auto, and oil marketing companies' shares along with L&T, Cipla, and Ambuja Cements capped the losses to some extent. The Sensex closed at 17131.08, down 49.10 points, and the Nifty lost 13 points to settle at 5090.55. The sugar space saw a good rally on Tuesday. Bajaj Hindusthan and Balrampur Chini gained 5-6%. Among others, Andhra Sugar, Bannariamman, Dwarikesh Sugar, Mawana Sugars, Oudh Sugar Mill, Rajshree Sugars, Shree Renuka, Triveni Engg, Upper Ganges, and Uttam Sugar were up 1-3%. ICICI Bank, PNB, and SBI were up 0.7-1.3%, while Bank of Baroda and HDFC Bank gained 0.7-1.2% in the banking space. HDIL, Indiabulls, and Unitech slipped over 1% each. However, DLF was up just 0.23% in the realty space. . In the power space, Reliance Infrastructure, Power Grid Corp, Torrent Power, Suzlon Energy, and Neyveli Lignite declined 1.2-2.2%. Reliance Power and NHPC fell 0.8%. Auto stocks continued their rally. Maruti, Hero Honda, and M&M gained 2.1-2.6%. Bajaj Auto and Tata Motors were up 0.6-1.0%. However, Ashok Leyland fell 2%. In the oil & gas space, ONGC and GAIL declined 1% each. Cairn India was down 0.69% and HPCL was down 0.17%, while BPCL rallied 2.55%. IOC was up 0.16%. Metal saw weakness in Tuesday’s trade .Tata Steel, Jindal Steel, Sterlite Industries, and Jindal Saw fell 1.7-2.7%. NALCO and SAIL were marginally in the red. In the midcap space, Max India, Bharat Forge, Gujarat Flourochem, Chambal Fertilisers, and Videocon Industries gained 6.4-7.0% while Sobha Developers, KGN Industries, SKF India, GMDC, and Exide Industries slipped 4-5%. In the smallcap space, Indo Tech Transformers, Eveready Industries, and Manaksia rose 1011%, while Cambridge Solutions, Tata Sponge Iron, Jindal Worldwide, Take Solutions, and PVP Ventures declined 5-9%. Globally, Asian markets ended on a weak note while European markets were trading lower.

3
Edelweiss Securities Limited 3

ANALYSIS BEYOND CONSENSUS
... the new ABC of research Sun Pharmaceutials Annual Report Analysis
November 24, 2009

Debtors outstanding for more than six months jump 93.4% Sun Pharmaceuticals’ (Sun) debtors outstanding for more than six months increased 93.4% to INR 964.4 mn in FY09 (FY08: INR 496.87 mn), despite a steep 37.9% decrease in total debtors to INR 8810.9 mn (FY08: INR 14,176.7 mn) and average debtor days decreasing 16 days to 98 days sales (FY08: 114 days). Provision for doubtful debts/ advances made during the year is INR 24.4 mn (FY08: Nil). Lower operating margin and financial investments yield dent ROE by 820bps
Manoj Bahety, CFA + 91-22-6623 3362
manoj.bahety@edelcap.com

Return on average equity (ROAE) for the year decreased 820bps to 29.0% (FY08: 37.2%) owing to lower operating margin, higher financial investments, and lower yield on financial investments:

Kunal L. Kalantri + 91-22-4063 5534 kunal.kalantri@edelcap.com
• •

Return on net operating assets (RNOA) dipped 400bps to 43.8% (FY08: 47.8%) due to lower operating margin that decreased 230bps to 40.0% (FY08: 42.3%). Return from leverage fell 490bps to (15.2%) (FY08: (10.3%)), due to higher net financial investments and lower yield thereon.

Financial highlights Consolidated sales increased 27.1% to INR 42.7 bn (FY08: INR 33.6 bn). EBITDA increased 20% to INR 18.6 bn in FY09 (FY08: INR 15.5 bn). EBITDA margin decreased 260bps to 43.6% (FY08: 46.2%) due to higher material, personnel, and other Market Data
52-week range (INR): 1,600 / 953 Share in issue (mn): M cap (INR bn/USD mn): 207.1 302 / 6,499 386.3

operating expenses. Profit for the year increased 22.1% to INR 18.2 bn (FY08: INR 14.9 bn). Cash and cash equivalents increased INR 4.1 bn to INR 16.6 bn (FY08: INR 12.4 bn):
•

Avg. Daily vol. BSE (’000):

Cash from operating activities stood at INR 21.6 bn (FY08: INR 5.0 bn) primarily comprising operating cash profits of INR 23.3 bn.

Share Holding Pattern (%)
Promoters MFs, FIs & Banks FIIs Others : : : : 63.7 5.9 19.0 11.3

•

Cash used in investing activities stood at INR 14.8 bn (FY08: cash used INR 6.6 bn) primarily comprising capex of INR 6.1 bn and net investments (primarily current investments in mutual funds) of INR 9.7 bn.

•

Cash used in financing activities stood at INR 2.7 bn (FY08: cash used INR 661.2 mn) primarily comprising dividends (including dividend tax) of INR 2.4 bn.

The group is engaged in a legal battle to acquire control of Israel-based pharmaceutical company Taro Pharmaceutical (TARO). The group holds ~ 36.4% equity of TARO, stated at INR 5.3 bn (market value: INR 6.5 bn). Sun has invested USD 25 mn (INR 1.3 bn) in credit-linked notes of Deutsche Bank, London. The maturity value of the instrument is dependent on the performance of the reference entity and inter-alia on happening of certain credit events defined therein. No trigger event has materialised and the instrument is carried at cost. The group has short positions aggregating USD 85 mn in currency forward contracts. Contingent liabilities include disputed claims against company (statutory and others) aggregating INR 2.8 bn, ~ 4 % of net worth.
Analysis Beyond Consensus (ABC) is our initiative to provide a differentiated perspective to our clients on various non-routine and intricate issues. This unit of research works independent of the sector/stock research team and views expressed in this report may vary with that of respective sector/stock analyst.
Edelweiss Securities Limited 1

India Equity Research

|

Construction

Sector Update

CONSTRUCTION
xxx Regulatory makeover to speed-up NHAI project award

We recently met with National Highway Authority of India (NHAI) to understand the recent developments in the roads space. Key takeaways:

November 24, 2009

Changes in regulatory framework to aid road project developers
The government has announced a slew of amendments to the regulatory framework to attract more developers in upcoming road BOT projects at the central level. It is now discussing measures to enhance financing options available to developers, to meet the massive fund requirement for the Indian road sector. Also, on the cards are changes to the legal framework. We believe that over the past six months, the government has more than backed its ambitious talks about improving road infrastructure with solid decision making on the ground. For a more detailed report on the Indian roads space, please refer our comprehensive sector report ‘Road development: ‘New Era, new momentum’, dated, October 1, 2009.

Chaturvedi Committee report addresses developers’ concerns
The prime minister had set up a meeting under Mr. B.K. Chaturvedi (Member, Planning Commission) to resolve procedural issues impeding road project award as well as developing a financing plan. The committee has submitted its report, addressing concerns for developers such as ‘conflict of interest’ clause, ‘exit clause’, ‘termination clause’, pre-qualification guidelines etc. The government has approved recommendations of the committee. Besides, attention has also been paid to work plan for future years, financing and modes of delivery (toll, annuity or EPC) of the road development programme. The government has given ‘in principle’ approvals to a host of measures targeted at augmenting financial resources available with NHAI. In addition, the government is contemplating a host of proposals such as liberalisation of ECB guidelines, exemption from dividend distribution tax for SPVs, relaxation of FDI policies etc, to improve financing for road development.

Outlook: Advantage road developers; IRB Infra preferred pick
We reckon that many regulatory irritants have now been weeded out, paving the way for a substantial improvement in the pace of NHAI project award. The opportunity at the NHAI level is ~37,000 km over the next few years. This is in addition to the huge opportunity available for road development at the state level with states like Karnataka (INR 1,770 bn opportunity in 200915), Andhra Pradesh and Gujarat taking steps to improve road infrastructure. Road developers are, thus, set to benefit from the impending road boom in India. IRB Infrastructure our top pick in road space: Though the company’s valuations look a bit stretched, we believe that leaders deserve a premium. The company is well positioned for future project wins; fund raising, if any, will boost prospects. Other beneficiaries include IVRCL (BUY), Nagarjuna (BUY), GMR (REDUCE), Reliance Infra (BUY), Gammon (BUY), Sadbhav Engineering (NOT RATED), Madhucon Projects (NOT RATED), and Gayatri Projects (NOT RATED).
Parvez Akhtar Qazi +91-22-4063 5405 parvez.qazi@edelcap.com

Edelweiss Research is also available on www.edelresearch.com, Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset.

Edelweiss Securities Limited

India Alternative Research

ROLLOVER ANALYSIS
November 24, 2009

Chart 1: Market-wide OI (D-2 Days): Market-wide rollover 50%; Nifty rollovers 54%
6,000 5,000 4,000 3,000 2,000 1,000 Jan-09 Mar-09 May-09 Dec-08 Sep-09 Apr-09 Aug-09 Feb-09 Jun-09 Nov-09 Jul-09 Oct-09 Marketwide Futures OI Nifty Futures OI Nifty (LHS) 525 425 OI in Value (in INR bn) 325 225 125 25 (75)

Yogesh Radke +91-22-6620 3199 yogesh.radke@edelcap.com Saifullah Rais +91-22-4063 5415 saifullah.rais@edelcap.com

Market wide rollovers were seen at ~50% of the total positions (in value terms) compared to the 40-45% positions rolled by the D-2 of the last few expiries. In October, we had seen ~48% positions rolled by D-2. Current futures OI stands at INR 516 bn which, in value terms, is around 2.3% more than the D-2 of the October expiry. The stock futures roll cost* for the market has been hovering ~15-20bps in the last two trading sessions. Nifty has around 54% of its outstanding positions in the mid month, which is significantly more than the average of 46% as seen on D-2 of previous expiries. Comparing on a monthly basis, the last expiry had seen ~51% positions being rolled into November by D-2. The current Nifty OI stands at ~648,000 contracts (INR 165bn) compared to ~636,000 contracts (INR 155bn) on D-2 of October, which is 2% higher than the last expiry. In value terms, the Open interest has risen by ~7% since then. Interestingly, Nifty OI has risen by 5% since yesterday alone. Around 102,000 Nifty contracts got rolled today, while ~27,000 contracts got added in the mid month. The roll cost was ~15-20 bps in today’s trading session.

Chart 2: Market wide & Nifty Rollovers with Roll cost for past 5 Days
60 50 Rollovers (%) 40 30 20 10 18-Nov 19-Nov 20-Nov 23-Nov 24-Nov Mkt Rollovers Mkt Rollcost
Edelweiss Securities Limited 1

25 20 Rollcost (bps) 15 10 5 Nifty Rollovers

Source: Edelweiss Research

Nifty Rollcost

Note - * Stock futures roll cost is rolled OI weighted roll cost
Edelweiss Research is also available on Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset.

Rollover Analysis

Chart 3: Sectoral Rollovers: FMCG, Auto and Cement have shown strong rollovers
60% 50% Mid/Total 40% 30% 20% 10% 0% FMCG Auto 7% -1% Power Textile Telecom Cement 5% 5% -2% Banking Sugar IT Eng & Cap Goods 11% 10% 9% 7% 4% -1% Construction Oil & Gas Chemicals Metals & Pharma Mining 6% 11% 6%

Sectoral Rollover

45% 40% 5 Day OI Chg
Edelweiss Securities Limited 2

35% 30% 25% 20% 15% 12% 10% 5% 0% -5%

Source: Edelweiss Research

Total

OI chg

FMCG, Auto and Cements have witnessed strong rollovers with the same rising to 55%, 55% and 52% respectively. Prominent counters are Maruti (71%), Hindustan Unilever (75%) and Ambuja Cements (64%). Besides this, Textile and Telecom have shown spurt in rollovers with the same rising to 50% (as against 28% yesterday) and 51% (as against 34%) respectively. Counters where rolls have picked up are RCOM (51%/33%) and Bharti Airtel (51%/36%). Pharma and Construction remains laggard with 42% and 40% of the positions getting rolled over into the next expiry respectively.

Focus Stocks
GAIL: Rollovers have picked up from 24% yesterday to 47% today. This is higher than the 41% positions rolled by D-2 of the October expiry. It currently holds a total OI of 3.3mn shares out of which 1.5mn shares have been rolled into the December series. The counter is currently rolling at a cost of 35-40bps. Welspun Gujarat: Nearly 63% of the positions have got rolled into the next series, which is higher than the 30% rolls witnessed in the scrip by D-2 of October. The open interest is currently ~18.8mn shares, which is 18% more than the open interest in the previous expiry. The counter rolled at a cost of 5-10bps in today’s trading session Power Grid: The counter has seen a 16% increase in the open interest since the D-2 of the October expiry. The counter holds an OI of around 19.3mn shares out of which 70% of the positions have been rolled into the next series. Comparatively, only 57% of the total positions had been rolled into the next month by D-2 of the last expiry. The stock was rolling at a profit of 10-15 bps in today’s trading session. Ashok Leyland: The scrip has witnessed weak rollovers with only 25% of the positions being rolled into the December series as compared to 40% seen by D-2 of the October expiry. In addition, the open interest has increased by 45% since then to 9.3mn shares. The stock was rolling at a cost of ~25-30bps

Daily Rollover (Change in OI on a daily basis)
Chg in Near Instrument BANK Nifty CNX IT Mini Nifty CNX NIFTY MID CAP 50 S&P CNX Nifty Maruti Udyog Ltd. Mahindra & Mahindra Ltd. Hero Honda Motors Ltd. Bharat Forge Co Ltd Tata Motors Ltd. Ashok Leyland Ltd Bajaj Auto Ltd. ICICI Bank Ltd. Housing Development Finance Corporation Ltd. Reliance Capital Ltd State Bank of India Punjab National Bank Canara Bank AXIS Bank Ltd. Kotak Mahindra Bank Ltd. HDFC Bank Ltd. Dena Bank Vijaya Bank Bank of Baroda Infrastructure Development Finance Company Ltd. Union Bank of India IFCI Ltd. Allahabad Bank Federal Bank Ltd. Syndicate Bank Bank of India Uco Bank Indian Bank Industrial development bank of India Ltd. Oriental Bank of Commerce Power Finance Corporation Ltd. Andhra Bank India Infoline Limited LIC Housing Finance Ltd Indian Overseas Bank Yes Bank Limited Ultratech Cement Ltd. Ambuja Cements Ltd. India Cements Ltd. Associated Cement Co. Ltd. Grasim Industries Ltd. Tata Chemicals Ltd Nagarjuna Fertiliser & Chemicals Ltd. Index Index Index Index Index Auto Auto Auto Auto Auto Auto Auto Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Banking Cement Cement Cement Cement Cement Chemicals Chemicals Sector Mid/Total 51% t 30% 100% 53% 71% 66% 63% 59% 45% 25% 19% 62% 59% 55% 54% 54% 53% 53% 52% 48% 47% 44% 43% 42% 42% 39% 38% 38% 37% 35% 33% 33% 33% 30% 28% 28% 27% 26% 26% 21% 66% 64% 54% 48% 45% 45% 42% Mth OI (190,300) (2,300) (84,840) (20,700) (5,121,150) (350,800) (212,160) (215,800) (556,000) (1,424,600) (76,400) (59,400) (2,615,550) (217,800) (736,644) (681,648) (896,400) (524,800) (243,900) (56,100) (146,200) 467,250 (1,511,100) (242,900) (1,746,400) (55,650) (5,334,760) (387,100) (207,644) (262,200) (214,700) (710,000) (325,600) (1,437,600) (120,000) (150,000) (278,300) (1,267,500) (209,100) (212,400) (176,000) (112,800) (3,938,420) (1,915,450) (380,512) (272,096) (5,400) (2,220,750) Chg in Mid Mth OI 216,500 2,900 24,480 20,700 6,495,500 427,800 269,568 310,400 642,000 1,536,800 678,050 51,000 2,760,450 279,600 868,848 599,412 928,200 317,600 343,800 154,550 309,400 2,252,250 1,366,200 302,400 2,073,850 93,450 7,840,600 431,200 331,039 323,000 292,600 1,340,000 173,800 950,400 130,800 110,400 131,100 1,305,000 142,375 171,100 305,800 114,400 5,369,448 1,519,600 490,304 296,208 106,650 2,898,000 Near Month Mth OI 577,900 21,300 823,360 15,076,900 608,200 1,077,960 972,400 1,596,000 8,793,250 6,914,200 361,200 4,967,200 1,124,700 2,243,604 1,771,440 1,512,900 699,200 1,422,450 964,150 1,264,800 6,730,500 6,713,700 1,245,300 8,068,250 785,400 48,068,000 2,562,700 845,043 1,565,600 1,755,600 5,260,000 1,548,800 7,188,000 873,600 744,000 947,600 5,837,500 1,130,925 1,498,600 3,546,400 256,800 7,579,912 7,795,200 1,639,736 656,656 623,700 8,583,750 Mid Month OI 597,600 5,800 357,640 20,700 17,134,100 1,480,800 2,118,168 1,658,600 2,280,000 7,219,900 2,339,750 84,600 7,943,600 1,610,850 2,731,848 2,075,304 1,765,500 804,000 1,585,350 1,049,950 1,164,400 6,016,500 5,285,400 956,200 5,959,000 575,400 30,992,040 1,592,500 524,216 927,200 926,250 2,645,000 774,400 3,556,800 378,000 289,200 363,400 2,135,000 390,575 516,250 941,600 487,600 13,390,628 9,145,150 1,516,408 532,752 507,600 6,189,750 0.18% 0.02% 0.22% -0.30% 0.34% -0.78% 0.28% 0.40% 0.17% 0.02% 0.03% 0.08% 0.25% -0.08% 0.19% 0.03% 0.28% 0.62% 0.27% -0.06% 0.26% -0.16% 0.40% 0.43% 0.33% 0.37% -0.20% 0.43% 0.32% 0.31% 0.26% 0.36% 0.26% 0.35% 0.40% 0.38% 0.22% 0.20% 0.17% 0.48% -0.11% 0.16% 0.34% 0.64% *Roll Cost 23-Nov-09 0.13% -0.09% 0.17% Roll Cost 24-Nov-09 -0.01% 0.05% 0.16% 0.40% 0.21% -0.13% 0.24% -0.67% 0.16% -0.78% 0.29% 0.44% -0.06% 0.09% 0.03% 0.08% 0.46% -0.33% 0.24% 0.16% 0.33% 0.12% 0.63% -0.36% 0.30% -0.85% 0.50% 0.61% 0.37% 0.42% -0.26% 0.51% 0.23% 0.40% 0.09% 0.12% 0.30% 0.50% 0.39% 0.47% 0.10% 0.23% 0.06% 0.48% -0.15% 0.29% 0.29% 0.31% Instrument Chambal Fertilizers Ltd. United Phosphorous Ltd Gtl Infra.Ltd DLF Limited Lanco Infratech Ltd. IVRCL Infrastructure & Projects Ltd. Nagarjuna Constrn. Co. Ltd. Gvk Pow. & Infra Ltd. Jaiprakash Associates Ltd. Unitech Ltd Noida Toll Bridge Co Ltd Housing Development and Infrastructure Ltd. Sintex Industries Ltd Indiabulls Real Est. Ltd Hindustan Construction Co Bharat Heavy Electricals Ltd. GMR Infrastructure Ltd. ABB Ltd. Bharat Electronics Ltd. Bharat Earth Movers Ltd. Praj Industries Ltd. Siemens Ltd Punj Lloyd Ltd. Larsen & Toubro Ltd. Cummins India Ltd Crompton Greaves Ltd. Voltas Ltd. Patel Engineering Ltd. MICO Ltd Hindustan Unilever Ltd ITC Ltd. Colgate Palmolive (I) Ltd. Tata Tea Ltd. Titan Industries Ltd. United Spirits Ltd. Asian Paints Dabur India Ltd. GTL Ltd. Infosys Technologies Ltd. Educomp Solutions Ltd Mphasis Ltd. HCL Technologies Ltd. Tata Consultancy Services Ltd ICSA (India) Limited Firstsource Solu. Ltd. I-FLEX Solutions Ltd. Tech Mahindra Limited Wipro Ltd. Sorted on Ascending order the alphabet Sector Chemicals Chemicals Construction Construction Construction Construction Construction Construction Construction Construction Construction Construction Construction Construction Construction Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good Engineering & Capital Good FMCG FMCG FMCG FMCG FMCG FMCG FMCG FMCG IT IT IT IT IT IT IT IT IT IT IT Mid/Total 39% 38% 63% 50% 46% 45% 43% 42% 39% 38% 36% 32% 31% 29% 28% 67% 56% 56% 47% 39% 39% 39% 37% 37% 33% 30% 27% 21% 7% 75% 46% 45% 38% 28% 28% 17% 13% 92% 58% 49% 43% 42% 42% 42% 41% 40% 38% 33% Chg in Near Mth OI (921,150) (484,400) (7,163,450) (2,072,000) (229,042) (175,000) (422,000) (4,137,250) (1,630,125) (3,942,000) (1,213,600) (732,204) (5,600) (440,700) (598,500) (194,250) (3,222,500) (337,500) 9,660 (21,375) (833,800) (136,864) (696,000) (741,400) (15,200) (46,000) (124,200) (105,000) (100) (1,687,000) (1,869,750) (17,600) (156,200) (19,776) (120,750) (600) (137,700) (208,500) (422,000) (329,250) (153,600) (331,500) (617,000) (424,800) (3,676,500) (45,300) (114,000) (283,200) Chg in Mid Mth OI 990,150 252,000 6,760,900 1,158,400 146,102 245,000 302,000 4,688,250 1,759,500 9,873,000 1,328,400 771,678 63,000 669,500 583,800 85,650 147,500 205,500 9,660 28,125 743,600 166,944 981,000 742,000 14,250 82,000 143,100 106,000 1,347,000 2,437,875 20,350 121,000 22,248 120,500 800 59,400 186,000 688,600 544,875 385,600 341,900 583,000 292,800 2,945,000 60,900 156,600 375,600 Near Month OI 5,637,300 1,344,000 14,273,550 7,896,800 974,226 1,673,000 926,000 17,617,750 8,112,375 44,743,500 6,018,800 4,726,818 438,200 5,795,400 4,741,800 908,100 16,810,000 874,000 129,996 88,125 5,075,400 671,536 5,436,000 2,890,800 149,150 382,000 1,628,100 680,000 2,600 3,614,000 6,805,125 173,800 710,050 78,486 442,250 5,800 766,800 457,500 1,289,200 1,623,375 2,419,200 876,200 3,168,000 1,227,600 15,133,500 329,400 607,800 1,713,600 Mid Month OI 3,570,750 809,200 24,133,600 7,864,800 822,382 1,373,000 700,000 12,673,000 5,262,750 27,945,000 3,452,200 2,195,064 198,800 2,403,700 1,814,400 1,803,150 21,307,500 1,094,500 116,196 57,000 3,282,400 432,400 3,162,000 1,666,800 75,050 160,000 612,900 176,000 200 10,630,000 5,690,250 140,250 435,600 30,900 171,500 1,200 118,800 5,067,000 1,780,400 1,529,625 1,806,400 644,800 2,292,000 878,400 10,374,000 219,900 379,800 835,200 Roll Cost 23-Nov-09 0.38% 0.43% 0.30% 0.08% 0.21% 0.10% 0.15% 0.48% 0.33% 0.31% 0.54% 0.19% 0.44% 0.40% 0.32% 0.12% -0.15% -0.03% 0.13% 0.18% 0.45% 0.24% 0.40% 0.27% 0.46% 0.33% 0.23% 0.37% 0.77% 0.09% 0.26% -0.17% 0.30% 0.08% 0.22% 0.24% 0.15% 0.57% 0.01% -0.27% 0.32% -0.10% 0.18% 0.43% 0.27% 0.32% 0.24% 0.28% Roll Cost 24-Nov-09 0.27% 0.31% 0.44% -0.07% 0.21% 0.16% 0.18% 0.38% 0.37% 0.13% 0.56% 0.24% 0.39% 0.38% 0.39% 0.08% 0.00% -0.18% 0.22% 0.43% 0.22% 0.39% 0.45% 0.40% 0.45% 0.33% 0.43% 0.41% 0.75% 0.14% 0.34% -0.17% 0.31% 0.00% 0.16% 0.21% 0.33% 0.61% 0.13% -0.93% 0.34% 0.13% 0.11% 0.35% 0.41% 0.42% 0.04% 0.30%

*Rollover Cost: Cost of rolling over the near month future to the next month

Daily Rollover (Change in OI on a daily basis) Contd….
Chg in Near Instrument Moser-Baer (I) Ltd Rolta India Ltd Opto Circuits (I) Ltd. Financial Technologies (I) Ltd Patni Computer Syst Ltd Polaris Software Lab Ltd. Tulip IT Services Ltd Welspun Guj St. Ro. Ltd. Tata Steel Ltd. National Aluminium Co. Ltd. Hindalco Industries Ltd. Jindal Saw Hindustan Zinc Jindal Steel & Power Ltd JSW Steel Ltd. Sesa Goa Ltd. Sterlite Industries (I) Ltd Ispat India Ltd Steel Authority of India Ltd. BHUSHAN STEEL & STRIPS LT Great Offshore Indian Hotels Co. Ltd. Zee Entertainment Enterprises Ltd. Kingfisher Airlines Mercator Lines Limited Everest Kanto Cylinder Ltd Tv18 India Limited Dish Tv India Ltd. Pantaloon Retail (I) Ltd Hotel Leela Ventures Ltd The Great Eastern Shipping Co. Ltd. Shipping Corporation of India Ltd. Sun TV Network Ltd. Deccan Chronicle Hold Ltd Container Corp Of Ind Ltd Cairn India Limited K S Oils Limited Bharat Petroleum Corporation Ltd. Oil & Natural Gas Corp. Ltd. Mangalore Refinery and Petrochemicals Ltd. GAIL (India) Ltd. Aban Offshore Ltd. Reliance Industries Ltd. Hindustan Petroleum Corporation Ltd. Indian Oil Corporation Ltd. Essar Oil Ltd. Petronet LNG Limited Chennai Petroleum Corporation Ltd. IT IT IT IT IT IT IT Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Metals & Mining Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Sector Mid/Total 32% 32% 32% 30% 28% 28% 22% 63% 55% 50% 50% 44% 43% 38% 38% 36% 36% 36% 36% 31% 61% 49% 40% 39% 38% 37% 37% 35% 31% 26% 26% 25% 18% 17% 0% 66% 56% 54% 51% 48% 47% 45% 44% 43% 41% 40% 38% 38% Mth OI (284,625) (388,800) (177,480) (107,250) (202,800) (257,600) (12,000) (6,657,600) (2,286,652) (519,800) (383,462) (299,000) (22,500) (932,160) (345,668) (1,023,000) (791,028) (7,781,250) (1,363,500) (100,500) (163,000) (2,457,306) (477,400) (2,290,750) (1,009,400) (436,000) (689,850) (8,203,950) (179,350) (202,500) (307,200) (84,000) (53,000) (285,600) (3,521,250) (3,652,100) (425,700) (310,725) (898,900) (766,125) (114,800) (1,178,700) (326,300) (163,200) (2,732,220) (1,628,000) (214,200) Chg in Mid Mth OI 504,900 270,000 214,200 72,750 74,100 193,200 1,500 6,073,600 2,902,436 564,075 4,513,594 255,000 60,500 1,144,320 450,728 1,252,500 864,612 8,515,800 765,450 75,500 191,000 2,605,428 385,000 2,235,500 1,185,800 486,000 719,050 5,335,400 270,300 300,000 309,600 91,200 30,000 336,600 3,928,750 3,717,000 411,400 429,525 863,300 754,875 120,000 1,271,400 438,100 256,800 2,824,000 1,166,000 127,800 Near Month Mth OI 3,316,500 2,595,600 1,162,800 349,950 1,223,300 2,310,000 103,500 6,899,200 5,573,380 678,500 12,731,642 1,448,000 130,500 4,343,040 1,902,204 9,382,500 3,673,506 52,862,700 5,123,250 326,500 529,000 4,804,470 1,097,600 8,410,750 6,022,100 1,714,000 3,420,050 20,095,300 1,416,100 3,555,000 1,671,600 1,226,400 261,000 4,073,200 1,000 5,425,000 6,678,800 805,750 1,023,975 3,199,550 1,750,500 1,402,000 3,859,050 1,926,600 1,612,800 10,561,760 5,148,000 1,009,800 Mid Month OI 1,581,525 1,218,600 536,520 150,750 466,700 879,200 29,000 11,900,800 6,735,424 669,875 12,566,296 1,147,000 99,000 2,640,960 1,153,600 5,373,000 2,103,276 29,979,600 2,825,550 145,000 819,000 4,663,944 721,000 5,461,250 3,728,900 1,010,000 1,967,350 10,778,950 647,700 1,260,000 590,400 403,200 58,000 819,400 10,578,750 8,366,200 946,000 1,081,800 2,977,050 1,527,750 1,127,200 2,995,200 1,446,900 1,108,800 6,997,872 3,203,200 626,400 0.21% 0.70% 0.31% -0.71% 0.38% 0.17% -0.43% 0.16% 0.23% 0.31% 0.36% 0.36% 0.46% 0.32% 0.24% 0.23% 0.38% -0.16% 0.47% -0.27% 0.37% 0.41% 0.38% 0.51% 0.37% 0.32% 0.37% 0.34% 0.37% 0.47% 0.49% 0.20% 0.49% 0.23% 0.43% -0.24% 0.47% -0.25% 0.37% 0.32% 0.48% 0.45% 0.48% 0.41% 0.51% 0.28% 0.61% 0.46% 0.36% -1.52% 0.23% 0.75% 0.37% -0.68% 0.38% 0.36% -0.38% 0.26% 0.06% 0.24% 0.33% 0.36% 0.12% *Roll Cost 23-Nov-09 0.48% 0.37% 0.23% 0.34% -0.29% 0.39% 0.17% 0.18% -0.18% -0.95% -0.04% 0.28% -0.21% 0.32% -0.25% Roll Cost 24-Nov-09 0.49% 0.43% 0.31% 0.37% 0.20% 0.29% 0.75% 0.07% -0.14% -1.02% -0.11% 0.41% -0.39% 0.33% -0.24% Instrument Gujarat State Petro Ltd Rel. Nat. Resources Ltd. Glaxosmithkline Pharma Ltd. Aurobindo Pharma Ltd. Ranbaxy Laboratories Ltd. Orchid Chemicals Ltd. Sun Pharmaceuticals India Ltd. Cipla Ltd. BIOCON LIMITED. Sterling Biotech Ltd Divi's Laboratories Ltd. Lupin Ltd. PIR Health Dr. Reddy's Laboratories Ltd. Power Grid Corp Reliance Power National Thermal Power Corporation Ltd. Tata Power Co. Ltd. Reliance Energy Ltd. Jaiprakash Hydro-Power Ltd. Suzlon Energy Ltd. Ptc India Limited Neyveli Lignite Corporation Ltd. Alstom Projects India Ltd Rural Electric Ltd. CESC Ltd. Bajaj Hindustan Ltd. Triveni Engg. & Inds. Ltd. Shree Renuka Sugars Ltd. Balrampur Chini Mills Ltd. Idea Cellular Ltd. Reliance Communications Ltd. Bharti Airtel Ltd Tata Teleserv(Maharastra) Mahanagar Telephone Nigam Ltd. Tata Communication Bombay Rayon Fashions Ltd Aditya Birla Nuvo Limited Century Textiles Ltd Oil & Gas Oil & Gas Pharma Pharma Pharma Pharma Pharma Pharma Pharma Pharma Pharma Pharma Pharma Pharma Power Power Power Power Power Power Power Power Power Power Power Power Sugar Sugar Sugar Sugar Telecom Telecom Telecom Telecom Telecom Telecom Textile Textile Sector Mid/Total 38% 37% 81% 63% 45% 43% 38% 38% 38% 35% 34% 32% 30% 26% 70% 67% 65% 49% 49% 47% 41% 40% 37% 35% 27% 13% 52% 46% 45% 43% 53% 51% 51% 50% 45% 24% 62% 49% 44% 44% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Chg in Near Mth OI (2,177,700) (3,618,912) (1,500) (101,500) (544,000) (777,000) (72,900) (1,010,000) (412,200) (360,000) (157,480) (147,700) (10,500) (96,400) (1,732,500) (3,462,000) (1,615,250) (351,400) (554,208) (1,484,375) (9,630,000) (1,311,300) (325,975) (66,600) (204,750) (24,200) (2,361,225) (962,500) (1,162,500) (3,355,200) (9,844,200) (4,540,200) (4,614,500) (3,741,100) (1,305,600) (166,425) (1,674,400) (471,200) (697,056) (319,200) Chg in Mid Mth OI 1,348,100 4,262,592 1,200 161,700 553,600 1,045,800 92,700 918,750 396,000 277,500 81,840 137,900 24,000 72,800 3,551,625 3,712,000 1,465,750 420,000 721,740 1,687,500 7,743,000 1,003,450 275,825 55,200 79,950 29,700 1,413,600 858,550 1,367,500 2,724,000 11,477,700 4,452,700 4,235,000 4,399,450 1,312,000 92,925 1,623,800 427,200 596,992 325,800 Near Month OI 7,509,100 20,590,608 14,700 528,500 1,915,200 2,759,400 366,750 4,341,250 1,512,000 1,600,000 564,200 386,750 60,000 508,000 5,759,600 7,334,000 5,372,250 1,072,400 2,617,584 6,618,750 36,201,000 3,468,600 2,062,050 417,600 959,400 584,100 5,882,400 2,864,400 4,545,000 9,470,400 19,923,300 12,438,300 14,356,000 11,892,100 6,150,400 751,275 2,216,050 962,400 2,011,456 981,000 Mid Month OI 4,648,200 12,226,344 64,500 900,200 1,536,800 2,112,600 228,375 2,701,250 912,600 877,500 285,200 178,150 25,500 182,800 13,519,275 15,136,000 10,094,500 1,036,600 2,513,256 5,931,250 25,407,000 2,298,300 1,212,450 228,600 362,700 84,700 6,270,000 2,487,100 3,772,500 7,082,400 22,407,300 12,908,700 14,678,000 11,683,100 4,969,600 238,350 3,582,250 928,000 1,601,024 783,600 Roll Cost 23-Nov-09 -0.63% 0.42% 0.78% -0.48% 0.09% 0.42% 0.35% 0.22% 0.41% -0.46% 0.26% 0.27% 0.95% 0.13% -0.09% 0.40% 0.19% 0.11% 0.26% 0.48% 0.21% 0.54% 0.33% 0.47% 0.36% 0.37% 0.42% -0.29% 0.45% 0.44% 0.31% 0.41% 0.38% 0.38% 0.47% 0.40% 0.31% 0.40% 0.42% 0.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Roll Cost 24-Nov-09 -0.47% 0.56% 0.32% -0.83% 0.28% 0.42% 0.39% 0.38% 0.50% 0.15% 0.39% 0.23% -0.05% 0.09% -0.14% 0.20% 0.09% 0.24% 0.35% 0.28% 0.21% 0.40% 0.40% 0.41% 0.42% 0.75% 0.26% -0.19% 0.31% 0.37% 0.10% 0.29% 0.05% 0.58% 0.40% 0.45% 0.42% 0.36% 0.31% 0.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Textile #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A *Rollover Cost: Cost of rolling over the near month future to the next month Sorted on Ascending order the alphabet

0 0 0 0 0 0 0 0

5 Day Rollover (Change in OI on a 5 day horizon)
Chg in Near Instrument BANK Nifty CNX IT Mini Nifty CNX NIFTY MID CAP 50 S&P CNX Nifty Aban Offshore Ltd. ABB Ltd. Aditya Birla Nuvo Limited Associated Cement Co. Ltd. Allahabad Bank Ambuja Cements Ltd. Andhra Bank Alstom Projects India Ltd Ashok Leyland Ltd Asian Paints Aurobindo Pharma Ltd. AXIS Bank Ltd. Bajaj Auto Ltd. Bajaj Hindustan Ltd. Balrampur Chini Mills Ltd. Bank of Baroda Bank of India Bharat Electronics Ltd. Bharat Earth Movers Ltd. Bharat Forge Co Ltd Bharti Airtel Ltd Bharat Heavy Electricals Ltd. BHUSHAN STEEL & STRIPS LT BIOCON LIMITED. MICO Ltd Bharat Petroleum Corporation Ltd. Bombay Rayon Fashions Ltd Cairn India Limited Canara Bank Century Textiles Ltd CESC Ltd. Chambal Fertilizers Ltd. Chennai Petroleum Corporation Ltd. Cipla Ltd. Colgate Palmolive (I) Ltd. Container Corp Of Ind Ltd Crompton Greaves Ltd. Cummins India Ltd Dabur India Ltd. Deccan Chronicle Hold Ltd Dena Bank Dish Tv India Ltd. Divi's Laboratories Ltd. Mid/Total 51% 21% 30% 100% 53% 45% 56% 49% 48% 38% 64% 28% 35% 25% 17% 63% 53% 19% 52% 43% 43% 35% 47% 39% 59% 51% 67% 31% 38% 7% 54% 62% 66% 53% 44% 13% 39% 38% 38% 45% 0% 30% 33% 13% 17% 47% 35% 34% Mth OI (472,500) (6,900) (185,200) (20,700) (10,267,750) (758,800) (438,000) (949,200) (983,616) (1,043,700) (9,068,676) (384,100) (242,400) (2,301,550) (7,000) (405,300) (994,050) (111,600) (6,255,750) (6,148,800) (797,300) (190,000) (113,712) (39,000) (1,512,000) (7,288,000) (513,600) (185,500) (880,200) (400) (798,600) (2,771,500) (9,223,750) (788,800) (1,615,440) (83,600) (2,984,250) (738,000) (387,500) (43,450) (88,000) (89,300) (297,000) (187,000) (1,113,000) (11,427,850) (336,040) Chg in Mid Mth OI 535,850 4,700 135,040 20,700 12,747,300 790,000 342,500 854,400 1,040,768 1,558,200 12,726,664 333,500 228,000 1,862,250 800 616,700 1,266,750 81,600 5,871,000 6,672,000 879,900 768,550 114,816 55,500 2,026,000 11,099,500 615,750 140,500 856,800 100 812,900 2,929,050 9,617,500 719,200 1,550,992 77,000 2,908,350 576,000 2,218,750 122,100 146,000 72,200 91,800 805,800 5,386,500 7,519,000 254,200 Near Month Mth OI 577,900 21,300 823,360 15,076,900 1,402,000 874,000 962,400 1,639,736 2,562,700 7,579,912 947,600 417,600 6,914,200 5,800 528,500 1,422,450 361,200 5,882,400 9,470,400 1,245,300 1,755,600 129,996 88,125 1,596,000 14,356,000 908,100 326,500 1,512,000 2,600 805,750 2,216,050 5,425,000 699,200 2,011,456 584,100 5,637,300 1,009,800 4,341,250 173,800 1,000 382,000 149,150 766,800 4,073,200 6,730,500 20,095,300 564,200 Mid Month OI 597,600 5,800 357,640 20,700 17,134,100 1,127,200 1,094,500 928,000 1,516,408 1,592,500 13,390,628 363,400 228,600 2,339,750 1,200 900,200 1,585,350 84,600 6,270,000 7,082,400 956,200 926,250 116,196 57,000 2,280,000 14,678,000 1,803,150 145,000 912,600 200 946,000 3,582,250 10,578,750 804,000 1,601,024 84,700 3,570,750 626,400 2,701,250 140,250 160,000 75,050 118,800 819,400 6,016,500 10,778,950 285,200 0.12% 0.92% 0.03% -0.69% 0.47% 0.49% 0.37% 0.80% 0.44% 0.25% -0.12% 0.24% 0.35% -0.22% 0.34% 0.32% 0.23% -0.01% 0.19% 0.13% 0.47% 0.16% 0.16% -0.42% 0.22% -0.37% -0.01% 0.53% -0.08% 0.41% 0.12% 0.60% 0.62% 0.19% -0.54% -0.95% 0.08% 0.12% 0.20% 0.07% -0.52% -0.27% *Roll Cost 18-Nov-09 -0.01% 0.44% 0.21% Roll Cost 24-Nov-09 -0.01% 0.05% 0.16% 0.40% 0.21% -0.38% -0.18% 0.36% -0.15% 0.61% 0.06% 0.30% 0.41% 0.29% 0.21% -0.83% 0.24% 0.44% 0.26% 0.37% -0.36% -0.26% 0.22% 0.43% 0.16% 0.05% 0.08% 0.43% 0.50% 0.75% 0.37% 0.42% 0.23% -0.33% 0.31% 0.75% 0.27% 0.12% 0.38% -0.17% -1.52% 0.33% 0.45% 0.33% 0.36% 0.12% 0.48% 0.39% DLF Limited Dr. Reddy's Laboratories Ltd. Educomp Solutions Ltd Everest Kanto Cylinder Ltd Essar Oil Ltd. Federal Bank Ltd. Financial Technologies (I) Ltd Firstsource Solu. Ltd. GAIL (India) Ltd. The Great Eastern Shipping Co. Ltd. Glaxosmithkline Pharma Ltd. GMR Infrastructure Ltd. Grasim Industries Ltd. Gujarat State Petro Ltd GTL Ltd. Gtl Infra.Ltd Great Offshore Gvk Pow. & Infra Ltd. Hindustan Construction Co HCL Technologies Ltd. Housing Development Finance Corporation Ltd. HDFC Bank Ltd. Housing Development and Infrastructure Ltd. Hero Honda Motors Ltd. Hindalco Industries Ltd. Hindustan Petroleum Corporation Ltd. Hindustan Unilever Ltd Hindustan Zinc Hotel Leela Ventures Ltd Indiabulls Real Est. Ltd ICICI Bank Ltd. ICSA (India) Limited Industrial development bank of India Ltd. Idea Cellular Ltd. Infrastructure Development Finance Company Lt IFCI Ltd. Indian Hotels Co. Ltd. India Cements Ltd. India Infoline Limited Indian Bank Infosys Technologies Ltd. Indian Overseas Bank Indian Oil Corporation Ltd. Ispat India Ltd ITC Ltd. IVRCL Infrastructure & Projects Ltd. Jindal Saw Jindal Steel & Power Ltd Sorted on Descending order of Mid/Total OI Instrument Mid/Total 50% 26% 49% 37% 40% 38% 30% 41% 47% 26% 81% 56% 45% 38% 92% 63% 61% 42% 28% 42% 59% 48% 32% 63% 50% 43% 75% 43% 26% 29% 62% 42% 33% 53% 42% 39% 49% 54% 27% 33% 58% 26% 41% 36% 46% 45% 44% 38% Chg in Near Mth OI (4,728,800) (217,200) (777,750) (726,000) (6,310,228) (470,603) (234,750) (8,958,500) (857,250) (570,000) (300) (8,132,500) (447,392) (4,129,700) (2,337,750) (16,509,400) (550,000) (14,197,750) (2,024,400) (313,300) (775,200) (646,600) (226,008) (670,600) (3,324,510) (1,037,400) (6,608,000) (23,000) (675,000) 191,100 (4,707,500) (806,400) (3,333,600) (12,069,000) (2,920,500) (18,368,280) (4,174,002) (6,374,200) (2,247,500) (734,800) (713,000) (8,850) (484,800) (18,824,400) (1,118,250) (1,098,000) (944,000) (1,696,320) Chg in Mid Mth OI 4,232,000 167,600 991,875 916,000 6,218,448 508,898 143,400 8,702,000 1,362,375 481,200 3,000 6,995,000 511,456 4,056,500 2,556,750 14,874,950 763,000 12,060,250 1,677,900 479,700 1,018,500 990,200 2,034,072 410,800 11,778,264 1,132,950 6,631,000 94,000 952,500 2,220,400 6,695,500 718,800 2,553,600 20,004,300 4,593,150 19,077,480 4,341,114 6,867,200 2,042,500 763,400 1,321,800 480,850 825,600 20,467,800 4,075,875 1,296,000 834,000 2,255,040 Near Month OI 7,896,800 508,000 1,623,375 1,714,000 10,561,760 845,043 349,950 15,133,500 1,750,500 1,671,600 14,700 16,810,000 656,656 7,509,100 457,500 14,273,550 529,000 17,617,750 4,741,800 876,200 1,124,700 1,264,800 4,726,818 972,400 12,731,642 1,926,600 3,614,000 130,500 3,555,000 5,795,400 4,967,200 1,227,600 7,188,000 19,923,300 8,068,250 48,068,000 4,804,470 7,795,200 5,837,500 1,548,800 1,289,200 1,498,600 1,612,800 52,862,700 6,805,125 1,673,000 1,448,000 4,343,040 Mid Month OI 7,864,800 182,800 1,529,625 1,010,000 6,997,872 524,216 150,750 10,374,000 1,527,750 590,400 64,500 21,307,500 532,752 4,648,200 5,067,000 24,133,600 819,000 12,673,000 1,814,400 644,800 1,610,850 1,164,400 2,195,064 1,658,600 12,566,296 1,446,900 10,630,000 99,000 1,260,000 2,403,700 7,943,600 878,400 3,556,800 22,407,300 5,959,000 30,992,040 4,663,944 9,145,150 2,135,000 774,400 1,780,400 516,250 1,108,800 29,979,600 5,690,250 1,373,000 1,147,000 2,640,960 Roll Cost 18-Nov-09 -0.14% 0.08% -0.23% 0.75% 0.35% 0.75% 0.44% 0.38% 0.30% 0.35% 0.27% -0.44% 0.15% -0.44% 0.55% 0.16% 0.35% 0.40% 0.35% -0.18% 0.17% 0.14% 0.26% -0.09% 0.19% 0.37% 0.07% 0.75% 0.25% 0.11% 0.08% 0.47% 0.35% 0.29% 0.28% 0.19% 0.46% 0.40% 0.14% 0.94% 0.15% 0.13% 0.31% 0.24% 0.23% 0.16% 0.13% 0.32% Roll Cost 24-Nov-09 -0.07% 0.09% -0.93% 0.48% 0.33% 0.37% 0.37% 0.41% 0.36% 0.28% 0.32% 0.00% 0.29% -0.47% 0.61% 0.44% -0.24% 0.38% 0.39% 0.13% 0.09% 0.33% 0.24% -0.67% -0.11% 0.06% 0.14% -0.39% 0.51% 0.38% -0.06% 0.35% 0.40% 0.10% 0.30% 0.50% 0.47% 0.48% 0.50% 0.23% 0.13% 0.47% 0.24% 0.49% 0.34% 0.16% 0.41% 0.33%

*Rollover Cost: Cost of rolling over the near month future to the next month

5 Day Rollover (Change in OI on a 5 day horizon) Contd….
Chg in Near Instrument Jaiprakash Associates Ltd. Jaiprakash Hydro-Power Ltd. JSW Steel Ltd. Kingfisher Airlines Kotak Mahindra Bank Ltd. K S Oils Limited LIC Housing Finance Ltd Lanco Infratech Ltd. Larsen & Toubro Ltd. Lupin Ltd. Mahindra & Mahindra Ltd. Maruti Udyog Ltd. United Spirits Ltd. Mercator Lines Limited Moser-Baer (I) Ltd Mphasis Ltd. Mangalore Refinery and Petrochemicals Ltd. Mahanagar Telephone Nigam Ltd. Nagarjuna Constrn. Co. Ltd. Nagarjuna Fertiliser & Chemicals Ltd. National Aluminium Co. Ltd. Neyveli Lignite Corporation Ltd. Noida Toll Bridge Co Ltd National Thermal Power Corporation Ltd. I-FLEX Solutions Ltd. Oil & Natural Gas Corp. Ltd. Opto Circuits (I) Ltd. Orchid Chemicals Ltd. Oriental Bank of Commerce Pantaloon Retail (I) Ltd Patel Engineering Ltd. Patni Computer Syst Ltd Petronet LNG Limited Power Finance Corporation Ltd. PIR Health Punjab National Bank Polaris Software Lab Ltd. Power Grid Corp Praj Industries Ltd. Ptc India Limited Punj Lloyd Ltd. Ranbaxy Laboratories Ltd. Reliance Communications Ltd. Rural Electric Ltd. Reliance Capital Ltd Reliance Industries Ltd. Reliance Energy Ltd. #N/A Mid/Total 39% 47% 38% 39% 52% 56% 26% 46% 37% 32% 66% 71% 28% 38% 32% 43% 48% 45% 43% 42% 50% 37% 36% 65% 40% 51% 32% 43% 30% 31% 21% 28% 38% 28% 30% 54% 28% 70% 39% 40% 37% 45% 51% 27% 55% 44% 49% 44% Mth OI (2,359,125) (2,640,625) (1,400,800) (4,636,750) (1,003,200) (7,493,000) (306,425) (747,736) (850,000) (164,850) (619,632) (549,600) (192,750) (2,915,500) (764,775) (468,800) (1,695,450) (3,100,800) (896,000) (4,667,250) (598,575) (759,625) (2,230,400) (4,273,750) (225,600) (265,500) (371,280) (478,800) (78,000) (524,450) (146,000) (497,900) (3,374,800) (435,600) (6,000) (1,200,600) (775,600) (5,028,100) (2,433,200) (2,333,550) (2,440,500) (1,220,000) (9,487,100) (497,250) (1,696,848) (1,717,500) (1,078,608) (645,600) Chg in Mid Mth OI 3,652,875 3,906,250 1,076,144 4,968,250 1,008,700 8,195,100 347,225 700,524 1,389,400 162,400 749,424 568,400 152,750 2,660,700 1,376,100 1,668,000 2,790,150 3,417,600 680,000 5,223,750 643,425 800,925 3,042,200 4,992,000 213,900 785,925 414,120 2,058,000 331,200 593,300 171,000 362,700 2,640,000 271,200 25,500 1,426,800 624,400 4,317,775 2,065,800 2,241,900 2,658,000 1,285,600 10,338,300 323,700 2,535,336 2,308,350 2,029,428 639,600 Near Month Mth OI 8,112,375 6,618,750 1,902,204 8,410,750 964,150 6,678,800 1,130,925 974,226 2,890,800 386,750 1,077,960 608,200 442,250 6,022,100 3,316,500 2,419,200 3,199,550 6,150,400 926,000 8,583,750 678,500 2,062,050 6,018,800 5,372,250 329,400 1,023,975 1,162,800 2,759,400 873,600 1,416,100 680,000 1,223,300 5,148,000 744,000 60,000 1,512,900 2,310,000 5,759,600 5,075,400 3,468,600 5,436,000 1,915,200 12,438,300 959,400 2,243,604 3,859,050 2,617,584 981,000 Mid Month OI 5,262,750 5,931,250 1,153,600 5,461,250 1,049,950 8,366,200 390,575 822,382 1,666,800 178,150 2,118,168 1,480,800 171,500 3,728,900 1,581,525 1,806,400 2,977,050 4,969,600 700,000 6,189,750 669,875 1,212,450 3,452,200 10,094,500 219,900 1,081,800 536,520 2,112,600 378,000 647,700 176,000 466,700 3,203,200 289,200 25,500 1,765,500 879,200 13,519,275 3,282,400 2,298,300 3,162,000 1,536,800 12,908,700 362,700 2,731,848 2,995,200 2,513,256 783,600 *Roll Cost 18-Nov-09 0.19% 0.57% 0.17% 0.47% -0.02% 0.23% 0.14% 0.36% 0.24% -0.09% 0.14% -0.04% 0.13% 0.32% 0.57% 0.30% 0.55% 0.39% 0.44% 0.48% -0.96% 0.32% 0.39% 0.14% 0.47% -0.79% 0.14% 0.30% 0.46% -0.01% 0.78% -0.01% 0.50% 0.08% 0.25% 0.37% 0.14% -0.14% 0.27% 0.23% 0.24% 0.11% 0.03% 0.40% 0.06% 0.26% 0.26% 0.33% Roll Cost 24-Nov-09 0.37% 0.28% -0.24% 0.37% 0.16% 0.75% 0.39% 0.21% 0.40% 0.23% 0.24% -0.13% 0.16% 0.32% 0.49% 0.34% 0.38% 0.40% 0.18% 0.31% -1.02% 0.40% 0.56% 0.09% 0.42% -0.68% 0.31% 0.42% 0.09% 0.41% 0.41% 0.20% 0.36% 0.12% -0.05% 0.46% 0.29% -0.14% 0.22% 0.40% 0.45% 0.28% 0.29% 0.42% 0.03% 0.26% 0.35% 0.45% Instrument Shree Renuka Sugars Ltd. Rel. Nat. Resources Ltd. Rolta India Ltd Reliance Power Steel Authority of India Ltd. State Bank of India Shipping Corporation of India Ltd. Sesa Goa Ltd. Siemens Ltd Sintex Industries Ltd Sterlite Industries (I) Ltd Sterling Biotech Ltd Sun Pharmaceuticals India Ltd. Sun TV Network Ltd. Suzlon Energy Ltd. Syndicate Bank Tata Chemicals Ltd Tata Communication Tata Motors Ltd. Tata Power Co. Ltd. Tata Steel Ltd. Tata Tea Ltd. Tata Consultancy Services Ltd Tech Mahindra Limited Titan Industries Ltd. Triveni Engg. & Inds. Ltd. Tata Teleserv(Maharastra) Tulip IT Services Ltd Tv18 India Limited Uco Bank Ultratech Cement Ltd. Union Bank of India United Phosphorous Ltd Unitech Ltd Vijaya Bank Voltas Ltd. Welspun Guj St. Ro. Ltd. Wipro Ltd. Yes Bank Limited Mid/Total 45% 37% 32% 67% 36% 54% 25% 36% 39% 31% 36% 35% 38% 18% 41% 37% 45% 24% 45% 49% 55% 38% 42% 38% 28% 46% 50% 22% 37% 33% 66% 42% 38% 38% 44% 27% 63% 33% 21% Chg in Near Mth OI (3,420,000) (8,167,584) (1,166,400) (7,024,000) (1,275,750) (1,743,984) (400,800) (3,759,000) (160,176) (46,200) (1,379,262) (775,000) (92,925) (104,000) (19,179,000) (729,600) (271,350) (261,975) (3,863,250) (741,600) (3,952,936) (446,050) (1,709,000) (336,600) (30,900) (2,286,900) (8,579,450) (42,000) (1,525,700) (1,200,000) (690,800) (429,450) (564,200) (9,090,000) (4,726,500) (699,300) (10,923,200) (298,200) (561,000) Chg in Mid Mth OI 3,485,000 8,346,384 745,200 7,800,000 2,172,150 1,615,548 316,800 4,450,500 366,976 183,400 1,946,910 765,000 199,575 57,000 18,330,000 881,600 480,600 195,825 3,441,650 835,600 5,976,772 403,700 1,826,000 355,800 28,428 2,121,350 9,823,000 18,500 1,606,000 2,470,000 464,000 509,250 774,200 21,019,500 4,491,900 523,800 11,740,800 711,600 739,200 595,000 Near Month OI 4,545,000 20,590,608 2,595,600 7,334,000 5,123,250 1,771,440 1,226,400 9,382,500 671,536 438,200 3,673,506 1,600,000 366,750 261,000 36,201,000 1,565,600 623,700 751,275 8,793,250 1,072,400 5,573,380 710,050 3,168,000 607,800 78,486 2,864,400 11,892,100 103,500 3,420,050 5,260,000 256,800 785,400 1,344,000 44,743,500 6,713,700 1,628,100 6,899,200 1,713,600 3,546,400 1,097,600 Mid Month OI 3,772,500 12,226,344 1,218,600 15,136,000 2,825,550 2,075,304 403,200 5,373,000 432,400 198,800 2,103,276 877,500 228,375 58,000 25,407,000 927,200 507,600 238,350 7,219,900 1,036,600 6,735,424 435,600 2,292,000 379,800 30,900 2,487,100 11,683,100 29,000 1,967,350 2,645,000 487,600 575,400 809,200 27,945,000 5,285,400 612,900 11,900,800 835,200 941,600 721,000 Roll Cost 18-Nov-09 0.23% 0.41% 0.33% 0.23% 0.19% 0.06% 0.10% -0.95% 0.30% 0.31% 0.23% 0.22% 0.27% 0.39% 0.14% 0.66% 0.23% 0.27% -0.88% 0.31% 0.15% 0.57% 0.23% 0.48% -0.80% 0.05% 0.56% 0.88% 0.51% 0.61% 0.80% -0.98% 0.48% 0.23% 0.70% 0.53% 0.21% 0.15% -0.40% -0.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.39% 0.39% 0.20% 0.15% 0.39% 0.46% 0.21% 0.42% 0.29% 0.45% -0.78% 0.24% -0.14% 0.31% 0.11% 0.04% 0.00% -0.19% 0.58% 0.75% 0.45% 0.51% 0.23% -0.85% 0.31% 0.13% 0.63% 0.43% 0.07% 0.30% 0.10% -0.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Roll Cost 24-Nov-09 0.31% 0.56% 0.43% 0.20% 0.23% 0.08% 0.61%

Zee Entertainment Enterprises Ltd. 40% (911,400) #N/A #DIV/0! #N/A #DIV/0! #N/A #DIV/0! #N/A #DIV/0! #N/A #DIV/0! #N/A #DIV/0! #N/A #DIV/0! #N/A #DIV/0! *Rollover Cost: Cost of rolling over the near month future to the next month Sorted on Descending order of Mid/Total OI

India Fixed 000 -+ Income Research

Daily

BOND VECTOR
November 2 4 , 2009

Bond prices supported by sustained buying; SDLs report aggressive cut offs
n

Rahul Chokshi +91-22-6620 3019 rahul.chokshi@edelcap.com Varda Pandey +91-22-6620 3072 varda.pandey@edelcap.com

Government bond yields were contained on the back of sustained buying by market participants, supported both by global cues (US 10-year bond yield softened from yesterday’s 3.40% to hold currently at 3.34%) and total supplies of only INR 67 bn of government papers for the rest of the month. Total volumes on the NDS-OM platform stood at INR 119.70 bn, with the 11-year bond being the most liquid counter for INR 39.75 bn (33% of total volumes). The 10-year benchmark bond yield closed marginally lower at 7.21%, while the next in line benchmark (6.35% GoI 2020) closed 36bps over the former at 7.57%. Excess cash in the banking system under RBI’s LAF stood above INR 1 tn after a gap of 7 days, while overnight money market volumes stood undeterred at INR 963.29 bn. While credit growth is expected to pick in H2, cash comfort of the system is expected to reverse gradually. Short-term rates were largely unmoved, with trades hinting an upside on CD rates; one-year CD rates rose 5bps to close at 5.20%. UBI was the sole issuer in the certificate of deposit segment, raising INR 3 bn for April 2010 maturity at 4.50%. Secondary CD volumes, however, amounted to INR 4.65 bn. The INR 67.15 bn worth of 10 year State Development loan for seven states concluded with cut off yields as per market expectations. While the most aggressive pricing was seen for the Punjab state paper at 8.03% (semi-annual), the other end of cut off was observed for West Bengal at 8.10%. Tamil Nadu state government mopped up INR 22.96 bn (including the INR 2 bn of green shoe), taking the total accepted bids to INR 69.15 bn.

n

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Yield Curve 23-Nov Govt. Bonds 7.32% 2014 7.02% 2016 6.90% 2019 8.28% 2032 CD 1 mth 3 mth 1 yr Corp. Bond 5 yrs 3.00% 3.40% 5.15% 8.14% 8.57% 3.75% 4.95% 5.95% 93.17 91.50 814 6716 8.07% 8.55% 3.75% 4.95% 5.95% 93.20 91.54 329 6696 -7 -2 0 0 0 0.03 0.04 -485 -20
# Contracts

24-Nov 6.90% 7.17% 7.21% 7.57% 3.00% 3.45% 5.20%

Change* -2 -1 -1 -3 0 5 5

6.92% 7.18% 7.22% 7.59%

n

Yield curve—India and developed markets
10.0 8.0 (%) 6.0 4.0 2.0 0.0 1.21 0.77
2 yr 3 yr
US

5.47 1.65

6.90 2.63 2.16
5 yr
UK

7.21 3.65 3.34
10 yr
INDIA

8.41 4.26

10 yrs C P 3 mth 6 mth 12 mth IRF Dec 09 Mar 10 Volume# Open Interest#

30 yr

Yield curve—Domestic markets
10.00 8.00

* Changes are in basis point

(%)

6.00 4.00 2.00 91-day
OIS

Money Market CBLO Call Repo

WAR 24-Nov 3.00% 3.27% 3.10%

Volume (INR bn) 627.48 88.89 246.92

182-day
G-secs

1-year
Bank

5-year
PSU

10-year
LAF Bids Accepted Amt. (INR bn) Reverse repo (3.25%) Repo (4.75%) 1,080.70 0 Number 54 0

Non-PSU

Source: RBI, NSE and Edelwiess Fixed Income research

Edelweiss Fixed Income research is also available on Bloomberg EDEL <GO>, Thomson First Call, Reuters and Fact set

Edelweiss Securities Limited 1

Events & Updates 23-Nov Interest payment flows US, Existing Home Sales (M-o-M), October Eurozone, PMI Manufacturing, November A 24-Nov Interest payment flows GDP (Q-o-Q) Annualised, CYQ3 US, Personal Consumption, CYQ3 US, Consumer Confidence, November US, House Price Index, September UK, GDP (Q-o-Q), CYQ3P 25-Nov US, Personal Income, October US, Personal Spending, October US, Initial Jobless claims US, New Home sales (M-o-M), October UK, Total Private Consumption, CYQ3P UK, Government Spending, CYQ3P 27-Nov Interest payment flows Redemption flows Japan, Jobless rate, October

Expected 2.3% 51.20 2.90% 3.20% 47.50 0.10% -0.30% 0.20% 0.50% 500K 0.80% -0.20% 0.50% 5.40%

Actual INR 7.958 bn 51.00 INR 7.113 bn INR 5.49 bn INR 70 bn -

Previous 9.4% 50.70 3.50% 3.40% 47.70 -0.30% -0.40% 0.00% -0.50% 505K -3.60% -0.60% 0.60% 5.30%

Market activity in corporate debt 23-Nov CD Primary CD Secondary CP Total Corporate Bonds Total 0.00 1.70 3.30 15.40 20.40 24-Nov 3.00 4.65 1.00 N.A 8.65

Cash Reserve Ratio (5.0%) For fortnight ended Actual CRR maintained * 19-Nov 20-Nov
* For Scheduled Commercial Banks

20-Nov 104% 102%
Source: Edelweiss research

*CD - Certificate of Deposits, *CP - Commercial Papers

Participant FII Mutual Funds
*Flows in Debt segment

Date 20-Nov 23-Nov 20-Nov 23-Nov

Net Flow* 0.82 (5.83) 7.27 5.38

Month till date (4.91) 141.78
(INR bn)

Corporate bond spread (bps) Tenor 1 yr 5 yrs 10 yrs AAA 81 105 122 AA+ 183 171 236 AA 211 213 280

*AA+ and AA spread as per Bloomberg pricing

G-Sec volumes
150 120 (INR bn) 90 60 30 0
7.02% GS 2016 6.90% GS 2019
G-Secs

119.70

Others Crude (USD/Barrel) INR/USD JPY/USD USD/EUR Sensex Nifty MIBOR (o/n) LIBOR (1mth)

38.70 18.05

23-Nov 78.4 46.4825 88.85 1.4973 17180.18 5103.55 3.30% 0.24%

24-Nov 77.08 46.405 88.65 1.4966 17131.08 5090.55 3.30% 0.24%

Total Vol.

* Figures are as on 17:30 hrs IST

Source for above charts : CCIL, Bloomberg and Edelweiss Fixed Income research

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PLEDGED SHARES

Company Name

Name of the Entity

Pledged Quantity

Reporting Date

Pledged %of the total captial

Alok Industries Asian Paints Cinemax India EIH Escorts Escorts Indage Vintners Star Paper Mills UTV Software Communications UTV Software Communications

Alok Finance Geetanjali Trading & Investments Rasesh B Kanakia Oberoi Hotels Escotrac Finance & Investments Escorts Finance Investments & Leasing Sham G Chougule Silent Valley Investments Unilazer Exports and Management Consultants Rohinton Screwvala

18,076,470 8,790,214 5,992,000 7,603,401 7,008,950 3,650,742 5,000 675,934 3,137,612 1,569,076

24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09

2.98% 9.16% 21.40% 1.93% 7.43% 3.87% 0.03% 4.33% 9.18% 4.59%

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INSIDER TRADES & BULK DEALS
Insider Trades
Company Name Maral Overseas Maral Overseas GTL Infrastructure Sumeet Industries Cinemax India Cinemax India KNR Constructions Cinemax India Cinemax India Graphite India Manaksia Manaksia Ramkrishna Forgings Man Industries (India) Acquirer/Seller Jyoti Knits Essay Marketing Co Vinod B. Agarwala Sushil Kumar Somani Rupal R. Kanakia Hiral H. Kanakia K Narsimha Reddy Rasesh B. Kanakia Himanshu B. Kanakia FMR LLC & FIL Vineet Agrawal Varun Agrawal Ramkrishna Forgings Employee Welfare Trust Ramesh Mansukhani B/S acquired acquired acquired acquired acquired acquired acquired acquired acquired acquired acquired acquired acquired acquired acquired sold sold sold Kind of Qty Traded Deal 1,320,000 1,040,000 450,000 109,600 78,704 78,704 70,690 67,704 67,704 50,000 30,000 26,000 25,355 20,000 17,128 5,000,000 2,360,000 271,000

Almondz Global Securities Almondz Capital & Management Services Ind Tra Deco Maral Overseas Ajmera Realty & Infra India ECE Industries Solectron EMS India Punj Lloyd Varsha Industrial Township Organisers HEG Passport India Investments (Mauritius) Limited ECE Industries ICICI Prudential Mutual Fund Vimal Kishore Kaushik

sold sold sold

200,000 72,000 22,500

5
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Bulk Deals
Date 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 24-Nov-09 Company Name Austin Engineering Company Gangotri Iron & Steel Company Gangotri Iron & Steel Company Acquirer/Seller Aum Securities Gbk Resources Aristro Capital Markets B/S Buy Sell Sell Buy Buy Sell Buy Sell Buy Buy Sell Sell Sell Buy Sell Buy Sell Sell Sell Sell Buy Buy Buy Sell Qty Traded 20,196 118,000 44,773 52,000 356,576 350,000 200,000 72,012 31,000 100,000 55,000 25,000 40,000 63,600 1,700,000 115,331 190,013 250,000 27,300 85,000 348,902 89,536 1,916,290 26,612 Price 77.1 35.2 34.3 76.1 320.1 320.1 8.9 402.4 45.2 45.8 45.9 45.9 43.7 36.5 8.3 116.7 111.6 107.5 49.4 24.6 18.6 18.7 88.0 306.4

Indo Borax & Chemicals Sainath Herbal Care Marketing Jindal Poly Films Jindal Poly Films Kay Pulp & Paper Mills Kirloskar Pneumatic Company Omkar Overseas Omkar Overseas Omkar Overseas Omkar Overseas Omkar Overseas Poddar Pigments Radhe Developers (India) Ramco Systems Ramco Systems Ramco Systems Ranklin Solutions Todays Writing Products Tricom India Tricom India UFLEX India Well Pack Papers & Containers Jindal Poly Films Saif Ii Mauritius Company B.S.Khandelwal Pratima Sanjay Kirloskar Dharmendra Harilal Bhojak Pathik Nayanbhai Shah Archanadevi Satyanarain Agarwal Manjulata Shankarlal Agarwal Tushar Ramnikbhai Patel Poddar Pigments Jayendra Thakkar Jasmine Hitesh Shashikant Jhaveri Platinum Asset Management Platinum Investment Management Devaianh Mondi Yes Bank Sunil Roshanlal Behki Behki Sunil Roshanlal Dilipkumar B. Lakhi Pandya Yaminiben M

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TECHNICAL UPDATES
`
Nifty The nifty opened on a flat note and declined to test low of 5053 from where it bounced back to consolidate for remaining part of the day. Intraday attempt to advance past 5110 were met with constant supply while support remained at 5090. Broader market remained lackluster with no significant leaders emerging in the trade. Overall advance decline in broader market remained close at 5.5:7 while for the Nifty scrips the AD ratio remained at 9:16. The nifty depicted signs of weakness on short term charts with formation of distributive patterns. Short term oscillators have been depicting sign of weakness for some time. Despite the divergence the index so far continued to form higher peaks and troughs. Failure to rally past 5110 would lead to increasing weakness in the index. Short term supports are placed at 5050 and below that at 5020 while 5110 remain crucial supply zone. Trend decider level remains at 4900 and 5185 which may lead for unfolding of a bigger move. The Oscillators on the daily chart remained in bullish territory with RSI, Stochastic and MACD in bullish mode. Daily stochastic has remained in overbought mode. ADX remains in downward slope and depicting a non trending market, and +DI & -DI have flattened out depicting lack of direction

©

Nifty Resistance: 5110 / 5140 Support: 5045 / 5018

Nifty Index
Bloomberg Code Spot Price Resistance 1 Resistance 2 Support 1 Support 2 NIFTY Index 5090 5110 5140 5045 5018
Indicator Candlestick Stochastic Moving Avg RSI ADX MACD Aggregate Outlook Positive Positive Negative Neutral Neutral Neutral Positive Points* 1 1 (1) 0 0 0 1

* Points Range:- 1 to 1

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EYE CATCHERS
Futures Snapshot
Top OI Rises
% OI C hg 27 20 20 1 9 1 0 1 0 1 0 1 0 % % P ric e F ut ure C hg V o l C hg 3.5 3.0 1 .0 3.0 (2.2) 2.2 3.9 2.7 80 41 37 258 1 31 1 50 95 32

Top OI Falls
% OI C hg (1 2) (1 0) (9) (8) (8) (7) (7) % % P ric e F ut ure C hg V o l C hg 3.8 5.0 1 .9 (1 .0) (0.3) 0.9 (0.7) 89 30 72 (27) (47) (4) (35)

S c rip Dena B ank Hindustan Zinc Ltd Hindalco P iramal Healthcare Lim P o wer Grid Federal B ank Sintex Industries Ltd Tata Chemicals

OI 1 2,752 230 25,298 86 1 9,306 1 ,369 637 1 31 ,1

S c rip Canara B ank United P ho spho rus REC Divi's Lab Dabur India GM R Infrastructure Tulip IT

OI 1 ,503 2,1 55 1 ,324 849 886 38,1 53 1 33

Edelweiss Securities Limited 8

Edelweiss Securities Limited, 14th Floor, Express Towers, Nariman Point, Mumbai – 400 021,
Board: (91-22) 2286 4400, Email: research@edelcap.com

Naresh Kothari Vikas Khemani

Co-Head Co-Head

Institutional Equities Institutional Equities Research

naresh.kothari@edelcap.com vikas.khemani@edelcap.com

+91 22 6620 3030 +91 22 6623 3311

Nischal Maheshwari Head

nischal.maheshwari@edelcap.com +91 22 6623 3411

Access the entire repository of Edelweiss Research on www.edelresearch.com
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