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					                                                                                                           Morning Notes
                                                                                                                  uly
                                                                                                            30th July 2008


    From Our Research Desk                                           Corporate News
    - TVS Motors                                                       Hindustan Construction Company has bagged a contract
    - Ranbaxy Laboratories Ltd                                         worth Rs 639.27 crore from Andhra Pradesh Government for
    - Sobha Developers Ltd.                                            building a barrage. – ET
    - Godrej Consumer Products Limited
                                                                       ABB on Tuesday has bagged orders worth Rs 455 crore from
    From our Technical Desk
                                                                       Vedanta Aluminium Ltd to provide products, systems and
    From our Derivatives Desk
                                                                       solutions for expansion of their aluminium smelter plant at
    Nifty Pivot Point Table
                                                                       Jharsuguda in Orissa. – ET
    Trade Details of Bulk Deals
    Forthcoming Events                                                 Dr Reddy’s Laboratories will form a joint venture with one of
                                                                       the world’s biggest biotech companies to make biosimilars
Market Statistics
                                                                       or generic versions of patented biotech drugs – BS
INDEX               CLOSING 1D (%)         3 M (%)       6 M (%)
SENSEX                13,791.5      (3.9)    (20.2)        (21.9)
                                                                       UK-based Genesis Asset Managers has picked up 5 per cent
NIFTY                  4,189.9      (3.3)    (18.9)        (18.4)
                                                                       stake in pipe manufacturer Welspun Gujarat for over Rs 300
SECTORAL INDICES    CLOSING 1D (%)         3 M (%)       6 M (%)
Mid-Cap                5,488.6      (2.5)    (23.1)        (29.3)
                                                                       crore from the secondary market. – BL
Small Cap              6,831.0      (1.2)    (22.1)        (32.5)
Auto                   3,573.2      (4.0)    (24.4)        (26.1)      Exide Industries will increase exports from its Sri Lankan
Health                 4,133.1      (1.7)      (3.3)         14.7      subsidiary to India by 15 to 20 per cent this fiscal to take
FMCG                   2,136.3        0.1    (13.2)         (1.4)      advantage of tax benefits in trade among South Asian
IT                     3,588.6      (0.5)    (15.8)         (3.3)
                                                                       Association for Regional Cooperation (SAARC) countries. BS
PSU                    6,514.8      (3.1)    (19.4)        (20.4)
Bankex                 6,199.6      (8.3)    (29.7)        (42.1)
Oil&Gas                9,303.6      (3.6)    (19.1)        (13.1)
                                                                       Titagarh Wagons Limited (TWL) was looking at increasing
Metals                12,130.4      (1.9)    (24.7)        (20.8)      its wagon out-run this fiscal togther with designing and
Capital Goods         11,320.6      (4.9)    (18.7)        (30.9)      manufacturing special units for the defence ministry at its
Power                  2,473.8      (4.1)    (25.9)        (33.9)      Uttarpara facility. - BS
WORLD INDICES       CLOSING 1D (%)         3 M (%)       6 M (%)
NASDAQ                 2,319.6        2.5      (6.5)        (3.9)    Macro Economic News
DOW                   11,397.6        2.4    (12.4)        (10.6)      Seeking to bring down inflation to 7 per cent from around 12
Niekkei               13,315.7        1.2      (3.3)        (1.3)
                                                                       per cent level by March 2009, the central bank has raised
Hang Seng             22,605.9        1.6    (12.2)         (6.3)
                                                                       banks' Cash Reserve Ratio by 0.25 per cent and short term
INDIAN ADR          CLOSING 1D (%)         3 M (%)       6 M (%)
Tata Comm                 20.4        6.5    (18.5)        (23.2)      lending rate to banks or repo rate by 0.50 per cent. - FE
Infosys                   39.4        4.2     (11.0)        (9.4)
Wipro                     11.1        4.1    (15.5)        (11.9)    Global Cues
Satyam                     2.8      (1.4)    (44.7)        (47.6)      U.S. crude dropped $2.54 to settle at $122.19 a barrel after
Dr Reddy Lab              14.3      (2.1)      (8.1)          2.4      dipping as low as $120.42 .Oil fell to its lowest level in nearly
VALUE TRADED (Rs Cr) 29-Jul-08 % CHG                                   three months on Tuesday, extending a steep slide since mid-
Cash BSE               5,103.0      10.2
                                                                       July on mounting evidence high prices and a souring economy
Cash NSE              12,190.7        9.8
                                                                       were cutting into world energy demand. -Reuters
Derivative            64,804.2      44.0
NET INFLOW (Rs Cr)   29-Jul-08      MTD        YTD                   TOP FIVE GAINERS(NSE)                    PRICE         % CHG      VOL (MN)
FII                    (538.3) (3,972.6) (23,653.6)                  NALCO                                     444.0            3.6          0.5
MF (As on 28.07.08)      203.7     782.6 10,399.2
                                                                     HUL                                       237.8            3.0          1.7
ADVANCE/DECLINES(BSE)        A          B          S        Total
                                                                     STERLITE                                  591.6            1.7          2.2
Advance                     17       644        169           963
                                                                     SUNPHARMA                                1413.7            1.1          0.2
Decline                    188     1,097        265        1,672
                                                                     CAIRN                                     228.6            0.7          7.9
Unchanged                    1         49         10            72
                                                                     TOP FIVE LOSERS(NSE)                     PRICE         % CHG      VOL (MN)
COMMODITY            29-Jul-08 1D (%)       3M (%)        6M (%)
Crude (USD/Bbl)          121.8      (2.8)        8.2         36.9    HDFC BANK                                1029.3          (8.7)          2.5
Gold (USD/Oz)            916.4      (1.2)        8.0           0.8   ICICI BANK                                607.7          (8.4)         11.8
Silver (USD/Oz)           17.3      (0.5)        7.5           3.0   PNB                                       452.1          (7.9)          1.0
DEBT/FOREX           29-Jul-08 1D (%)       3M (%)        6M (%)     REL INFRA                                 909.1          (7.9)          3.4
Rs/USD                    42.4        0.4      (4.5)        (7.3)    MARUTI                                    566.4          (7.3)          0.7
10 Year G sec Yield        9.4        3.4    (15.2)        (20.2)    Source: ET = Economic Times, BS = Business Standard, FE = Financial Express,
Source : Reuters                                                     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
                                                                                                                                                             30th July 2008



TVS Motors                                                                                                                                               Result Update
                                                                                                                                      Q1FY09 Result Update
REDUCE
Umesh Karne
umesh.karne@relianceada.com
                                                                                         EBITDA margins improvement in Q1FY09
+91 22 30443305
                                                                                         TVS Motors results were better than our expectations. For Q1FY09 net sales
Gaurant Dadwal                                                                           of the company reported a surprise growth of 16% y-o-y and EBITDA margins
gaurant.dadwal@relianceada.com                                                           during the quarter improved by 99bps y-o-y to 3.4%. During the current
+91 22 30443321                                                                          quarter the company has launched a TVS Apache, which we believe will
                                                                                         help the company in improving volumes along with margins in the
                                                                                         forthcoming quarters. Although two wheeler market witnessed growth of
                                                                                         7% during Q1FY09, we believe rising interest rates and lesser availability of
                                                                                         finance will continue to impact the overall sector. We recommend a Reduce
Price:                                                                      Rs.31
                                                                                         with price target of Rs.28.
12M Target Price:                                                           Rs.28
% Upside / (Downside)                                                       -10%
                                                                                         Q1FY09 net sales improve by 16% y-o-y
                                                                                         TVS reported 16% y-o-y growth in net sales for Q1FY09 which is better than our
                                                                                         expectations. The jump in net sales of the company was on account of improvement
                                                                                         in net sales realiastion by 12.2% y-o-y to Rs.27,459 per vehicle. Sales volume for
                               Stock details
                                                                                         Q1FY09 reported growth of 3.6% y-o-y to 331,789 vehicles, which was due to
 BSE Code                                                                   532343       impressive exports and launch of Flame. Net sales of the company for Q1FY09
 NSE Code                                                          TVSMOTOR              went up by 16% y-o-y to Rs.9.1bn as compared to Rs.7.83bn in Q1FY08.
 Bloomberg Code                                                         TVSL IN
 Reuters Code                                                        TVSM BO             Launch of flame in March and launch of three wheeler has helped the company in
 Market Cap (Rs bn)                                                                 7    registering a marginal growth in the net sales of the company during the quarter.
 Free Float (%)                                                                   43     In Q1FY09 the sales volume of the company reported a 3.3% growth which was
 52-wk Hi/Lo (Rs)                                                           79 / 23      largely on account of improved performance of motorcycles segment (up by 9%)
 Avg Daily Vol (BSE)                                                    431,534          and exports Segment (up by 50%). However, sales of scooterate and moped for
 Avg Daily Vol (NSE)                                                    849,137          Q1FY09 were marginally negative (down by 1.3%).In Q1FY09 the net sales
 Shares o/s (mn) FV Rs 1                                                        238      realizations of the company reported a fall of 1.3% as the company did not take
Source:Reliance Money Research                                                           any significant hike in its products.

                                                                                         EBITDA Margin improves by 99bps y-o-y
                                                                                         TVS reported improvement in EBITDA margins for Q1FY09 by 99bps y-o-y to
                                                                                         3.4% (as against our estimate of 3.2%). EBITDA for Q1FY09 registered increase
 Shareholding pattern (30th June 2008)                                                   of 63% y-o-y to Rs.312mn. The improvement in EBITDA margins was on account
                                                                                         lower employee cost and other expenditure.

           Public & Others
                 27%
                                                                                         Q1FY09 adjusted net profit declines by 7% y-o-y
                                                                                         In Q1FY09 the depreciation cost of the company went up only by 6% y-o-y and
                                                                                         interest cost declined by 2% y-o-y to Rs.96mn. TVS’ adjusted net profit for Q1FY09
                                                                                         declined by 7% y-o-y to Rs.70mn.

  Financial
 Institutions
                                                                                         We recommend REDUCE
     13%             Foreign                                          Promoters
                                                                         56%
                                                                                         At current market price, the TVS stock is available at 0.2x of Market cap/Sales
                       4%
                                                                                         and the current market cap of Rs.7.3bn is very low (compared to Gross Block of
                                                                                         Rs.17bn and Net Block of Rs.9.2bn – FY08E). But we prefer business valuation
Source:Reliance Money Research
                                                                                         method (earnings/cash flow method) than asset valuation method. Considering
                                                                                         the lower margins of 2.6% in FY09E and 3.4% in FY09E compared to its peers
                                                                                         like Bajaj Auto and Hero Honda and poor ROCE of 5% in FY09E and 7% in
                                                                                         FY10E we recommend REDUCE with a target price to Rs.28.

      Stock Performance (Rel to sensex)                                                  Financials Summary                                                      Rs. Mn
                                                                                                                            FY07A     FY08E        FY09E         FY10E
 90                                                                              25000
                                                 BSE                                     Net Sales                           38,550   32,195        36,586       44,034
 80
                                                                                         EBITDA margin %                        3.6      2.2           2.6          3.4
                                                                                 20000
 70
                                                                                         Net Profit                             667      317           261          556
 60
                                                                                         EPS (Rs)                               2.8      1.3           1.1           2.3
                                                                                 15000
 50                                                                                      CEPS (Rs)                              6.5      5.8           5.9           8.2
 40
                                                                                 10000
                                                                                         EV/EBITDA                              6.8     13.3           9.8           5.8
 30                        TVS Motor                                                     ROE %                                  8.5      3.9           3.1           6.5
 20                                                                               5000
                                                                                         ROCE %                                 9.5      3.4           4.9           7.3
  Jul-07    Sep-07    Oct-07   Dec-07   Jan-08   Mar-08   Apr-08   Jun-08    Jul-08
                                                                                         P/E (x)                               11.0     23.2          28.2         13.2
Source: Capitaline                                                                       Market cap/Sales (x)                   0.2      0.2           0.2           0.2
                                                                                         Source: Company / Reliance Money Research                                  Contd...
                                                                                                                                                                           2
                                                                                                                       30th July 2008


                                         Q1FY09 Financial Performance                                                       Rs Mn
                                                               Q1FY08       Q1FY09     YoY (%)        FY07        FY08     YoY (%)
                                         Net Sales             7,833.3       9,110.7        16.3   38,549.6    32,195.0      (16.5)
                                         Other Income            182.3         136.7      (25.0)      732.3       719.0       (1.8)
                                         Total Income          8,015.6      9,247.4         15.4   39,281.9    32,914.0      (16.2)
                                         Total Expenditure     7,642.1      8,798.3         15.1   37,176.6    31,592.7      (15.0)
                                         Operating Profits       191.2         312.4        63.4    1,373.0       602.3      (56.1)
                                         OPM (%)                   2.4           3.4        98.8        3.6         1.9     (169.1)
                                         Interest                 97.8          95.6       (2.2)      320.8        21.9      (93.2)
                                         Depreciation            239.0         253.3         6.0      876.0       945.9         8.0
                                         PBT                      36.7         100.2      173.1       908.5       353.5      (61.1)
                                         Provision for tax        33.5          30.0      (10.4)      242.5        36.0      (85.2)
                                         PAT                       3.2          70.2    2,094.7       666.0       317.5      (52.3)
                                         EO Items                 72.2             -    (100.0)           -           -           -
                                         Adj PAT                  75.4          70.2       (6.9)      666.0       317.5      (52.3)
                                         Equity Capital          237.5         237.5           -      237.5       237.5           -
                                         EPS (Rs)                  0.3           0.3       (6.9)        2.8         1.3      (52.3)
                                         Source: Company



                                         Q1FY09 net sales up by 16% y-o-y on the back of jump in sales
                                         realisation
                                         TVS reported 16% y-o-y growth in net sales for Q1FY09 which is better than our
                                         expectations. The jump in net sales of the company was on account of improvement in
Net sales of the company in Q1FY09
                                         net sales realiastion by 12.2% y-o-y to Rs.27,459 per vehicle. Sales volume for Q1FY09
reported a growth of 16.3% y-o-y
                                         reported growth of 3.6% y-o-y to 331,789 vehicles, which was due to impressive exports
                                         and launch of Flame. Net sales of the company for Q1FY09 went up by 16% y-o-y to
                                         Rs.9.1bn as compared to Rs.7.83bn in Q1FY08.

                                         Launch of flame in March 2008 has helped the company in registering a marginal
                                         growth in the net sales of the company during the quarter. In Q1FY09 the sales volume
                                         of the company reported a 3.3% growth which was largely on account of improved
                                         performance of motorcycles segment (up by 9%) and exports Segment (up by 50%).
                                         However, sales of scooterate and moped for Q1FY09 were marginally negative (down
                                         by 1.3%).

                                         TVS’ sales were hit as the overall two wheeler industry is witnessing weak demand
                                         due to rising interest rates and stringent financing norms adopted by financial institutions.
                                         Apart from this delay in launch of new products has led to lower market share during
                                         the quarter. Flame was launched in the month of March 2008 and this along with the
                                         new launch of TVS Apache RTR FI 160cc is likely to improve the sales volumes of the
                                         company in the coming quarters.

                                         EBITDA Margin improves by 99bps y-o-y
                                         TVS reported improvement in EBITDA margins for Q1FY09 by 99bps y-o-y to 3.4% (as
                                         against our estimate of 3.2%). EBITDA for Q1FY09 registered increase of 63% y-o-y to
EBITDA for Q1FY09 increased by 63%
                                         Rs.312mn. The improvement in EBITDA margins was on account of higher net sales
y-o-y
                                         realisations, lower employee cost and other expenditure. The company has taken price
                                         hikes on its products ranging from Rs.500-1000 in the month of April 2008. Employee
                                         cost and other expenditure as a percentage of sales declined by 41bps y-o-y and
                                         95bps y-o-y respectively during the quarter. It is noteworthy that although raw material
                                         costs are going up, TVS could improve its margins by 99bps y-o-y.

                                         Q1FY09 adjusted net profit declines by 7% y-o-y
Net Profit for Q1FY09 declined by 6.9%
                                         In Q1FY09 the depreciation cost of the company went up only by 6% y-o-y and interest
y-o-y
                                         cost declined by 2% y-o-y to Rs.96mn. TVS’ adjusted net profit for Q1FY09 declined by
                                         7% y-o-y to Rs.70mn.


                                                                                                                               Contd...

                                                                                                                                      3
                                                                                                                       30th July 2008


                                          Launch of Flame , Apache and three wheeler
                                          In the month of March 2008, TVS launched much awaited three wheeler in Indian
                                          markets (Initially at Kerala). The company also launched TVS FLAME in the same
                                          month and the motorcycles segment during the quarter witnessed improvement
Launch of Flame, Apache and three         because of this launch. Motorcycle sales of the company during the quarter reported
wheeler to improve performance going      a growth of 9.2% y-o-y. The company has now launched TVS Apache RTR FI in the
forward                                   Month of July 2008 which we believe should also contribute towards the sales volume
                                          of the company. We estimate TVS to sell ~1,200 three wheelers p.m. in FY09E and it
                                          would help the company to improve its margins in FY09E and FY10E. We estimate
                                          TVS to report EBITDA margins of 2.6% and 3.4% in FY09E and FY10E respectively
                                          compared to 2.2% in FY08A.


                                                                        EBITDA per vehicle continues to decline in FY08A
                                                                        1,600   1,483                                    7.0
                                                                        1,400                                            6.0
                                              EBITDA per vehicle (Rs)




                                                                        1,200
                                                                                                                         5.0
                                                                                                               955




                                                                                                                               EBITDA (%)
                                                                        1,000           899
                                                                                                                         4.0
                                                                         800                           697
                                                                                                559                      3.0
                                                                         600
                                                                                                                         2.0
                                                                         400

                                                                         200                                             1.0

                                                                         -                                               -
                                                                                FY06    FY07   FY08A   FY09E   FY10E

                                          Source:Reliance Money Research



                                          Company Background
                                          TVS, the flagship company of the TVS Group was incorporated in the year 1982. TVS
                                          is third largest two-wheeler company in India. TVS manufactures two-wheeler like
                                          mopeds, motorcycles & scooterates. The company offers motorcycle brands like Victor,
TVS is the third largest company in two   StaR and Apache. In scooterate segment it offers famous brand Scooty. TVS enjoys
wheeler segment                           strong market share in southern India market and has a network of around 600 dealers
                                          and 2000 authorized service centers across India. TVS operates through two
                                          manufacturing plants based in Hosur & Mysore and has an installed capacity of 2mn
                                          vehicles per annum. The company has recently set up a plant in Himachal Pradesh for
                                          two wheelers with an installed capacity of 400,000 vehicles.

                                          Valuation
                                          In FY08 the domestic two wheeler industry witnessed drop of ~8% in sales volume
                                          mainly because of rising interest rates, stringent policies adopted by financing
                                          institutions. In Q1FY09 two industry reported growth of 7.4% y-o-y and motorcycle
                                          segment grew by 8.3% y-o-y during this period and TVS reported growth of 9.2% y-o-
                                          y in motorcycle segment. TVS has reported better than expectation results in Q1FY09
We estimate TVS to report decline of      mainly on account of higher sales realizations. During Q1FY09, TVS improved its
18% y-o-y in net profit for FY09E         market share in premium category to 9.5% compare to 7.4% in Q1FY08. In executive
                                          category it has launched Flame which received good response, but in economy segment
                                          the company lost market share 3.6% y-o-y.

                                          But challenges in terms of rising interest rates and stringent financing norms adopted
                                          by financing institutions remain even for near future. In the month of June 2008,
                                          financing companies have already hiked the interest rates by 50bps-100bps. Today
                                          RBI has announced one more CRR hike of 25bps which we believe will again induce
                                          higher interest rates. We believe the overall two wheeler industry will continue to face
                                          problems in near future as well.

                                          We estimate TVS to report decline of 18% y-o-y in net profit for FY09E. We expect
                                          TVS’ margins to improve on the back of launch of its three wheeler. In FY10E we
                                          estimate TVS’ margins to improve up to 3.4%.                                Contd...
                                                                                                                                            4
                                                                                                              30th July 2008



                                             ROCE and EBITDA margins continue to fall in FY08A
                                                    21.0   18.8                                                  7.0
                                                    18.0                                                         6.0
                                                    15.0                                                         5.0




                                                                                                                        EBITDA (%)
                                         ROCE (%)
                                                    12.0                9.5                                      4.0
                                                     9.0                                               7.3       3.0
                                                     6.0                                   4.9                   2.0
                                                                                3.4
                                                     3.0                                                         1.0
                                                    -                                                            -
                                                           FY06A       FY07A   FY08E      FY09E       FY10E

                                     Source:Reliance Money Research



                                     Financials
                                      Year Ended March                            FY08A           FY09E          FY10E
                                      Net Sales (Rs Mn)                                           36,586        44,034.2
                                      EBITDA (Rs Mn)                                                 959             1,515.1
                                      EBITDA (%)                                                      2.6                3.4
                                      PAT (Rs Mn)                                                    261              556.5
                                      EPS (Rs)                                                        1.1                2.3
                                      P/E (x) @ CMP Rs.29                                            26.4              12.4
                                     Source: Reliance Money Research


                                     At current market price, the TVS stock is available at 0.2x of Market cap/Sales and the
                                     current market cap of Rs.7.3bn is very low (compared to Gross Block of Rs.17bn and
                                     Net Block of Rs.9.2bn – FY08E). But we prefer business valuation method (earnings/
We recommend a Reduce with a price
                                     cash flow method) than asset valuation method. Considering the lower margins of
target of Rs.28
                                     2.6% in FY09E and 3.4% in FY09E compared to its peers like Bajaj Auto and Hero
                                     Honda and poor ROCE of 5% in FY09E and 7% in FY10E we recommend Reduce
                                     with a target price to Rs.28.




                                                                                                                        Contd...
                                                                                                                                     5
                                                                                                                          30th July 2008


Profit & loss statement (Rs mn)                                    Balance sheet (Rs mn)
Y
Year to Mar              FY07       FY08      FY09E      FY10E     YYear to Mar              FY07        FY08       FY09E       FY10E
Net Sales             38,550.1    32,194.9   36,585.6   44,034.2   Equity Cap                237.5       237.5       237.5       237.5
% Growth                   19.2     (16.5)      13.6        20.4   Reserves                7,858.0     8,103.1     8,173.0      8,538.2
EBIDTA                  1,373.5     720.8      959.3     1,515.1   Networth                8,095.5     8,340.6     8,410.5      8,775.7
% Growth                 (32.2)     (47.5)      33.1       57.9    Secured loans           4,461.6     4,611.6     3,911.6      3,211.6

Other Income             732.3      719.2      896.3      896.3    Unsecured loans         1,874.0     1,874.0     1,874.0      1,874.0
                                                                   Total loans             6,335.6     6,485.6     5,785.6      5,085.6
Interest                 320.8        21.9     392.7      347.9
                                                                   Total Liability        14,431.1    14,826.2    14,196.1    13,861.3
Depreciation             876.0      945.9     1,144.5    1,384.9
                                                                   Net Block              10,029.1    11,283.2    11,238.7    10,853.8
PBT                      909.0      472.2      318.4      678.6
                                                                   Investments             3,447.4     3,447.4     3,447.4      3,447.4
% Growth                 (46.0)     (48.1)     (32.6)     113.1
                                                                   Deffered Tax Assets    (1,590.1)   (1,590.1)   (1,590.1)   (1,590.1)
Tax                      242.5        36.0      57.3      122.1
                                                                   Inventory               3,965.6     3,448.0     3,858.2      4,786.8
Adj PAT                  666.5      436.2      261.1      556.5
                                                                   Debtors                 1,114.0       554.5       619.9       795.1
% Growth                 (43.0)     (34.6)     (40.2)     113.1
                                                                   Cash balance              868.4       833.6       260.8       274.2
Extra-ordinary                -    (119.2)          -          -
                                                                   Other CA                2,278.8     1,903.1     2,162.7      2,603.0
Reported PAT             666.5      317.0      261.1      556.5    Current Liabilities     5,770.2     5,508.0     6,234.6      7,677.1
% Growth                 (35.8)     (52.4)     (17.6)     113.1    Provisions                497.3       130.9       152.2       217.1
Dividend (%)             201.9      166.3      166.3      166.3    NCA                     1,959.3     1,100.3       514.7       564.9
EPS (Rs)                    2.8        1.3        1.1        2.3   Misc Exp                  585.4       585.4       585.4       585.4
BVPS (Rs)                  34.1      35.1       35.4       37.0    Total Assets           14,431.1    14,826.2    14,196.1    13,861.3


Ratio Analysis                                                     Cash Flow Statement (Rs mn)
YYear to Mar             FY07      FY08       FY09E      FY10E     Year to Mar              FY07         FY08      FY09E        FY10E
 OPM %                      3.6       2.2         2.6        3.4   PAT                      666.5        436.2       261.1        556.5
 NPM %                      1.7       1.0         0.7        1.3
                                                                   Depreciation             876.0        945.9     1,144.5      1,384.9
 ROE %                      8.5       3.9         3.1        6.5
                                                                   Change in WC           (647.2)        824.2        12.7        (36.7)
 ROCE %                     9.5       3.4         4.9        7.3
 Int. Cover (x)             3.8      22.5         1.8        3.0   Operating CF             895.3      2,206.4     1,418.4      1,904.6

 D/E (x)                    0.8       0.8         0.7        0.6   Capex                 (2,834.6)    (2,200.0)   (1,100.0)    (1,000.0)
 Asset Turnover (x)         2.3       1.7         1.8        2.1   Misc Exp                 316.7             -           -            -
 Debtors Days             10.4        6.2         6.1        6.5
                                                                   Investing CF          (2,517.9)    (2,200.0)   (1,100.0)    (1,000.0)
 Inventory Days           49.2       51.0        50.0       52.0
                                                                   Dividends              (232.2)      (191.2)     (191.2)      (191.2)
 Valuation ratios
 P/E (x)                   11.0      23.2        28.2       13.2   Debt                   2,485.2        150.0     (700.0)      (700.0)

 P/CF per share (x)         4.8       5.3         5.2        3.8   Investments               (5.5)            -           -            -
 EV/EBIDTA (x)              6.8      13.3         9.8        5.8   Financing CF           2,247.5        (41.2)    (891.2)      (891.2)
 EV/Sales (x)               0.2       0.3         0.3        0.2
                                                                   Net Change               624.9        (34.8)    (572.8)         13.4
 Mkt Cap/Sales(x)           0.2       0.2         0.2        0.2
                                                                   Opening Cash             243.5        868.4       833.6        260.8
 CEPS (Rs)                  6.5       5.8         5.9        8.2
 P/ BV (x)                  0.9       0.9         0.9        0.8   Closing Cash             868.4        833.6       260.8        274.2

Source: Reliance Money Research




                    HOME
                                                                                                                                          6
                                                                                                                                                               30th July 2008



Ranbaxy Laboratories Ltd                                                                                                                                   Result Update
                                                                                                                                          Q2CY2008 Result Update
 BUY
Surya Narayan Patra                                                                         Forex loss overshadows core performance
surya.patra@relianceada.com
+91 22 30443303
                                                                                            Ranbaxy Laboratories ltd reported 13% year on year (yoy) growth in its
Vinod Pushpanathan                                                                          consolidated revenues to Rs18212mn in Q2CY08, which was in line with
vinod.pushpanathan@relianceada.com                                                          our expectations. The growth in revenues was attributable to 44% growth in
+91 22 30443320
                                                                                            the CIS sales and 18% improvement in the North America revenues.


Price:                                                                     Rs.475           The OPM witnessed 350bps expansion to 16.9% largely due to higher revenue
12M Target Price:                                                          Rs.632           contribution from the better margin business from emerging markets. To be
% Upside / (Downside)                                                          33%          specific, the emerging markets contributed about 53% of the global sales
                                                                                            during the quarter. Also higher revenue realization from international sales
                                                                                            due to rupee depreciation (by 7.5%) has partially supported the margin
                               Stock details
 Bloomberg Code                                                            RBXY IN
                                                                                            expansion, resulting in impressive 44% rise in operating income that was
 Reuters code                                                         RAMB.BO               better than our expectations.
 BSE Code                                                                     500359
 NSE code                                                             RANBAXY
 Market Cap (Rs bn)                                                           177.15        But the reversal in the Rupee (Re) movement (against US$), which caused a
 Free Float (%)                                                                65.16        notional forex translation loss of Rs 1931mn in Q2CY08 against a gain of
 52-wk Hi/Lo (Rs)                                                          614 / 300
                                                                                            Rs 2014mn in the corresponding previous period, has overshadowed the
 Avg Daily Vol (BSE)                                                       1505206
 Avg Daily Vol (NSE)                                                       3538061          core operating performance of the company. Thus the resultant net profit
 Shares o/s (mn) FV Rs 5                                                      373.23        stood at Rs 292mn, registering a dismal show at the botomline.
 Source:Reliance Money Research


                                                                                            Valuation & View
                                                                                            Though Ranbaxy delivered subdued performance in Q2CY08 caused by notional
 Shareholding pattern (30th June 2008)                                                      M-to-M forex loss, going forward we believe with its diversified business model
                                                                                            Ranbaxy can deliver better revenue growth on the back of improving revenue mix
                      Public & Others
                            8%
                                                                     Promoters              (i.e higher revenue about 53% coming from relatively better margin business of
                                                                        35%
                                                                                            emerging markets) and backed by the monetization of FTF opportunities for next
                                                                                            4-5 years. Thus we get a fair value of Rs 632 per share for Ranbaxy.
 Financial
Institutions
    40%                                                                                     Further the strategic association of the company with a leading research based
                                                                     FII
                                                                    17%                     global pharma innovator like Daiichi Sankyo put Ranbaxy on a new and much
                                                                                            stronger platform and may surprise our estimates going forward. But looking at
Source:Reliance Money Research                                                              the scheduled open offer (from 8th Aug08 to 27th Aug08) at a price of Rs 735
                                                                                            (against CMP of Rs 475), we expect some sort of volatility in the share prices in
                                                                                            the short-term. Thus, we continue to recommend investors to tender the stock in

    Stock Performance (Rel to sensex)                                                       the open offer and reenter subsequently.

  700

                         BSE
                                                                                   25000
                                                                                            Financials Summary                                                     Rs. Mn
                                                                                            Year to Dec                            CY06     CY07     CY08E          CY09E
  600

                                                                                   20000    Total Revenue              61315.61           69822.46   76386.9        90877.3
                                                                                            Growth %                        17.3              13.9      10.0           19.0
  500

                                                                                            EBITDA                       8706.74           9147.11   11731.1        14869.3
                                                                                   15000

  400
                                                                                            EBITDA margin %                 14.2              13.1      15.4           16.4
                                                                                            Net Profit                   5251.45           7744.85   7723.32       10235.10
                                                          Ranbaxy
  300                                                                               10000   PAT excluding forex gain     5095.99           9274.49    7447.3        11264.6
    Jul-07   Sep-07   Oct-07   Dec-07   Jan-08   Mar-08    Apr-08    Jun-08    Jul-08
                                                                                            Core EPS excluding forex gain   13.7              23.2      15.3           23.2
Source: Capitaline                                                                          Source: Company / Reliance Money Research

                                                                                                                                                                       Contd...
                                                                                                                                                                              7
                                                                                                                        30th July 2008


                                          Q2CY08 Earnings                                                                  (Rs in Mn)
                                                                         Q2CY08       Q2CY07      % Gr.    H1CY08    H1CY07     % Gr.
                                           Net Sales                      18,212       16,110      13.0     34,349    31,645        8.5
                                           Other Operating Income          1,074          743      44.5      1,923     1,029      86.9
                                           Total Operating income         19,286       16,853      14.4     36,272    32,674      11.0
                                           Cost of Sales                   9,633        9,009       6.9     18,149    17,376        4.4
                                           Selling, General & Administrative5,308       4,642      14.3     10,306     9,377        9.9
                                           R & D Expenditure               1,084          937      15.7      2,004     1,748      14.6
                                           Total Expenditure              16,025       14,588       9.9     30,459    28,501        6.9
                                           Operating profit                3,261        2,265      44.0      5,813     4,173      39.3
                                           OPM %                             16.9        13.4      25.8       16.0      12.8      25.5
                                           Interest and Other Income           99          37     167.6       184        82      124.4
                                           Interest                          465          351      32.5       849       664       27.9
                                           Forex (Gain) / Loss             1,931       (2,014)   (195.9)     2,729   (2,573)   (206.1)
                                           Depreciation & Amortisation       672          565      18.9      1,293     1,122      15.2
                                           Operating Profit before Tax       292        3,400     (91.4)     1,126     5,042    (77.7)
                                           Exceptional Items                    0           0                 895         0      100.0
                                           Profit before Tax                 292        3,400     (91.4)     2,021     5,042    (59.9)
                                           Tax                                 63         738     (91.5)      424      1,093    (61.2)
                                           Profit after Tax                  229        2,662     (91.4)     1,597     3,949    (59.6)
                                          Source: Company / Reliance Money Research


                                          BRICS & North America drives revenue growth
The growth in revenues was attributable   In Q2CY08, Ranbaxy reported 11% growth in its global consolidated sales to $440mn,
to 44% growth in the CIS sales and 18%    while the sales growth in Rupee terms was 13% at Rs18212mn in Q2CY08. The growth
improvement in the North America          in revenues was attributable to 44% growth in the CIS sales and 18% improvement in
revenues.                                 the North America revenues.


                                          The Company’s market mix remained steady during the quarter with the emerging
                                          markets contributing 53% to global sales and recording a growth of 9%. The developed
                                          markets contributed 40% to global sales and recorded a growth of 12%.


                                          Revenue Break-up                                                                 (Rs in Mn)
                                           Revenue Break-up              Q2CY08       Q2CY07      % Gr.    H1CY08    H1CY07     % Gr.
                                           Dosage Forms
                                           India & Middle East                 98          93         6       190       171          11
                                           CIS (Russia & Ukraine Belt)         25          18        44        49        36         36
                                           Rest of Asia Pacific                24          23         3        49        42         18
                                           Asia Pacific Total                148          134        10       288       249         16
                                           Europe (inc.Romania)                89          86         4       172       179         (4)
                                           Africa                              31          31         1        62        55         12
                                           Latin America                       20          18        15        36        26         35
                                           North America                     120          102        18       230       193         19
                                           Dosage Forms- Total               408          370        10       787       702         12
                                           APIs                                32          25        31        62        48         29
                                           Net Sales                         440          395        11       849       750         13
                                          Source: Company / Reliance Money Research


                                          Continues progress in US operation
The overall market share of Ranbaxy       In Q2CY08, USA operation recorded 12% sales growth to USD 106 Mn, which was
in the US generic market (in the          driven by new product introductions by the Company and the continuing volume growth
molecules Ranbaxy is present)             across the generics, branded generics and OTC segments of the business. The overall
remained at 10.3% in the quarter.         market share of Ranbaxy in the US generic market (in the molecules Ranbaxy is
                                          present) remained at 10.3% in the quarter.



                                                                                                                                Contd...
                                                                                                                                        8
                                                                                                                                        30th July 2008


                                        Alongside, Ranbaxy continues to strengthen its US product pipeline and presently has
                                        93 ANDA’s pending approval with the US FDA. These products, at an innovator market
                                        size, are valued at USD 55 Bn and comprise a well-balanced mix of plain vanilla generics,
                                        niche & potential First to File products.

                                        Romania to see steady progress
                                        Romania recorded sales of USD 31 Mn for the Quarter, a growth of 5% over the
                                        corresponding previous period, while in H1, sales were at USD 57 Mn, a decline of
                                        14%. Sales in Romania were impacted as a result of the ongoing healthcare reforms in
                                        the market place However, sales in the current quarter grew 17% versus the trailing
                                        quarter i.e. Q1 2008, signaling the gradual improvement in operations and the positive
                                        impact of branded prescribing which was introduced from April 1, 2008.

                                        FTF opportunities to Power earning growth
The Company believes that it has a      The Company believes that it has a First to File status on approximately 19 Para IV
First to File status on approximately   ANDA filings, with an innovator market size in excess of USD 27 Bn. It expects to
19 Para IV ANDA filings, with an        monetise at least one FTF opportunity every year in next 4-5 years. It has FTF opportunity
innovator market size in excess of      for Imitrex in FY08, Valtrex in CY09, Atorvastatin in CY11 and Nexium in 2014. The
USD 27 Bn.                              nearest one is Imitrex (the generic name – Sumatriptan Succinet), which would start
                                        from the Dec2008. We estimate the product can add $106mn and $40mn to revenue
                                        and bottom line during the 6months of exclusivity period (that would spread between
                                        CY08-CY09).

                                        Regains Numero Uno position in domestic market
                                        In Q2CY08, Ranbaxy delivered flat revenues growth to USD 79 Mn. During the Quarter,
                                        the Company launched 26 new products across several therapies like antibiotics,
                                        cardiovascular, asthma, orthopedics and gastrointestinal. During the Moving quarter
                                        (Mar - May 08), the Company garnered a market share of 5.28% (5.05% on MAT basis)
                                        and regained its Numero Uno position in domestic market since April 2008.

                                        Progressive margin improvement
The OPM witnessed 350bps                The OPM witnessed 350bps expansion to 16.9% largely due to higher revenue
expansion to 16.9% largely due to       contribution from the better margin business from emerging markets. To be specific,
higher revenue contribution from the    the emerging markets contributed about 53% of the global sales during the quarter.
better margin business from emerging    Also higher revenue realization from international sales due to rupee depreciation (by
markets.                                7.5%) has partially supported the margin expansion, resulting in impressive 44% rise in
                                        operating income that was better than our expectations.



                                              1 8 .0

                                              1 7 .0                                                                                         1 6 .9

                                              1 6 .0                                           1 6 .0
                                                                                                              1 5 .6
                                              1 5 .0                                                                         1 5 .0

                                              1 4 .0
                                                                                1 3 .4
                                              1 3 .0

                                              1 2 .0             1 2 .1

                                              1 1 .0
                                                        Q 1 CY 07         Q 2 CY 07      Q 3CY 07       Q 4CY 07       Q 1 CY 08      Q 2 CY 0 8



                                        Source:Reliance Money Research




                                                                                                                                                Contd...
                                                                                                                                                      9
                                                                                30th July 2008




       Forex Translation loss hits the bottom line
       The reversal in the Rupee (Re) movement (against US$), which caused a notional
       forex translation loss of Rs 1931mn in Q2CY08 against a gain of Rs 2014mn in the
       corresponding previous period, has overshadowed the core operating performance of
       the company. Thus the resultant net profit stood at Rs 292mn, registering a 91% fall.

       Valuation & View
       Though Ranbaxy delivered subdued performance in Q2CY08 caused by notional M-
       to-M forex loss, going forward we believe with its diversified business model Ranbaxy
       can deliver better revenue growth on the back of improving revenue mix (i.e higher
       revenue about 53% coming from relatively better margin business of emerging markets)
       and backed by the monetization of FTF opportunities for next 4-5 years. Thus we get
       a fair value of Rs 632 per share for Ranbaxy.

       Further the strategic association of the company with a leading research based global
       pharma innovator like Daiichi Sankyo put Ranbaxy on a new and much stronger platform
       and may surprise our estimates going forward. But looking at the scheduled open
       offer (from 8th Aug08 to 27th Aug08) at a price of Rs 735 (against CMP of Rs 475), we
       expect some sort of volatility in the share prices in the short-term. Thus, we continue
       to recommend investors to tender the stock in the open offer and reenter subsequently.




HOME

                                                                                           10
                                                                                                                      30th July 2008


         Result Update                      Sobha Developers Ltd.
Sirish Hisaria
Tel.: +91 22 30443308
                                            (Rs.242, FY09 - P/E : 6.3x, Unrated)
sirish.hisaria@relianceada.com

                                            Key Takeaways

                                              Sobha’s total Land Bank stands at 4029.70 acres (220.40 mn sq. ft of SBA) as on 30th
                                              June 08 (Unchanged from 31st March 2008). Outstanding amount to be paid over next
                                              2 years for the land acquired is Rs. 560 cr.

                                              Land Reserve break up of the company is as follows Bangalore 1600 acres, Mysore
                                              66 acres, Thrissur 49 acres Pune 177 acres, Hosur 719 acres, Cochin 514 acres,
                                              Chennai 540 acres, Coimbatore 66 acres, Hyderabad 78 acres and Gurgaon 220
                                              acres


No new projects were launched in              No new projects were launched in Q1FY09. Ongoing projects stand at 10.3 mn sq. ft.
Q1FY09. Ongoing projects stand at             and company plans to develop 23.4 mn sq. ft over next 2 years.
10.3 mn sq. ft. and company plans to
develop 23.4 mn sq. ft over next 2 years.     Sobha in its contractual business has 33 projects under construction (7.76 mn sq. ft )
                                              with a billing value of Rs.7387 mn

                                              Average Realization for Q1FY09 stands at Rs. 3500 per sq. ft (compared to Rs. 3200
                                              per sq. ft for FY08) and average construction cost is at Rs. 1800 per sq. ft (compared
                                              to Rs. 1600 per sq. ft for FY08) for Q1FY09.

                                              Average cost of Debt is 12%

                                              During Q1FY09, Sobha generated 66% of its revenues from Real estate business,
                                              21% business from contractual and 13% from manufacturing business. 85% of the
                                              contract business is from Infosys.
During the first quarter company sold
0.53 mn sq. ft compared to 0.50 mn in         Company has changed its accounting policy for revenue recognition for sale undivided
Q1FY08.                                       share of land (group housing) on the basis of collection of dues (20%+) from the
                                              customer rather than criteria relating to the project reaching a significant level of
                                              completion. This has been resulted in additional revenue recognition and higher profit
                                              before taxes of Rs 321 million and Rs 150 million respectively for Q1FY09.


Sobha has announced rights issue of           During the first quarter company sold 0.53 mn sq. ft compared to 0.50 mn in Q1FY08.
Rs. 350 cr to bring down its debt equity
level.                                        Sobha has announced rights issue of Rs. 350 cr to bring down its debt equity level.


                                            Revenue Break up                                                             (Rs. mn)
                                                                                        Q1FY09     Q1FY08          Change (%)
                                             Real estate                                  2294         1530                   50
                                             % of total                                    66%          57%
                                             Contractual Income                            744          893                  -17
                                              % of total                                   21%          33%
                                             Manufacturing Income                          456          275                   66
                                              % of total                                   13%          10%
                                             Total Income                                 3494         2698                   30
                                            Source: Company / Reliance Money Research




                                                                                                                              Contd...
                                                                                                                                   11
                                                                        30th July 2008


Completed projects (Real Estate Business)
Description       Area         Types                 No. of Projects Total Area (Sft)
Residential       Bangalore    Apartments                  31               7404249
                               Row house                   5                 645168
                               Vilas                       1                   89986
                  Coimbatore   Plotted Development         1                1164359
Sub Total                                                  38               9303762
Others            Bangalore    Factories                   6                3104492
(Commercial                    Commercials                 2                 109178
Shops,                         Shops & Educational         3                   38211
 Factories)
Sub Total                                                  11               3251881
Grand Total                                                49              12555643
Source:Company



Ongoing Projects (Real Estate Business)
Description       Area         Types                 No. of Projects Total Area (Sft)
Residential       Bangalore    Apartments                  21               6224135
                               Row house                    3                205368
                               Villas (Plots)              1                1170972
                  Coimbatore   Plotted Development         1                 265759
                  Pune         Apartments                  1                 301060
                  Thrissur     Apartments                  3                1606214
                               Villas (Plots)              1                 126475
Sub Total                                                  31               9899983
Others (Office,   Bangalore    Club House,                 5                3104492
Club House)                    Apartments Office                             109178
                  Thrissur     Club house                  1
                  Coimbatore   Club House                  1                   38211
Sub Total                                                   7               3251881
Grand Total                                                38              13151864
Source:Company




                                                                               Contd...
                                                                                   12
                                                                                                                    30th July 2008


                                        Q1FY09 Performance                                                               Rs Mn
                                                                   Q1FY08       Q1FY09      YoY (%)      Q4FY08      QoQ (%)
                                         Net Sales                      2678        3468        29.50       4,741          (27)
                                         Total Expenditure              2008        2452        22.14       3,661          (33)
                                         EBIDTA                       670.44       1016         51.54       1,080           (6)
                                         EBIDTA Margin (%)             25.04       29.30                       23
                                         Other Income                  14.98          20        33.51          24          (17)
                                         Interest                     101.66         267       162.64         192            39
                                         Depreciation                  82.86          89         7.41          92           (3)
                                         PBT                             501         680        35.76         820          (17)
                                         Provision for tax                93         175        88.17         118            48
                                         PAT                             408         505        23.80         702          (28)
                                         Extraordinary Items               0           0                        -
                                         Prior Period Items                0           0                        -
                                         Adj PAT                         408         505        23.80         702          (28)
                                         Equity Capital                  729         729                      729
                                         EPS (Rs)                       5.60        6.93                       10
                                         Net Profit Margin             15.23       14.56                       15
                                        Source: Company



                                        Top line increased by 29.50% to Rs. 3468 mn in Q1FY09 compared
                                        to Rs. 2678 mn in Q1FY08.
Top line increased by 29.50% to Rs.     Better sale’s realization of Rs. 3500 per sq.ft and change in accounting policy led to
3468 mn in Q1FY09 compared to Rs.       a 29.50% growth in topline for Q1FY09. Change in accounting policy has resulted in
2678 mn in Q1FY08.                      additional revenue recognition of Rs. 321 mn for Q1FY09. Sobha sold 40% stake in
                                        a residential project to PAN Atlantic, Dubai for USD 10 mn during the quater.

                                        EBITDA Margin improved by 426 bps and stands at 29.30% for
                                        Q1FY09 compared to 25% for Q1FY08 on sequential basis margins
                                        decline 630 bps.
                                        Increase in raw material prices lead to a rise in construction and manufacturing cost
                                        from Rs. 1289 mn in Q1FY08 to Rs. 1604 mn a growth of 24%. Construction cost for
                                        the company for the first quarter was at Rs. 1800 per sq.ft compared to Rs. 1600 per
                                        sq. ft for FY09.

                                        Net profit margin at 14.5% for Q1FY09 compared to 15.23% Q1FY08.
Net profit margin at 14.5% for Q1FY09   Net profit increased from Rs. 408 mn in Q1FY08 to Rs. 505 mn in Q1FY09 rise of
compared to 15.23% Q1FY08.              24%. However, due to rise in interest cost and higher tax provisioning net profit margin
                                        of the company declined by 67 bps from 15.23% in Q1FY08 to 14.56 in Q1FY09.

                                        Business Background
                                        Sobha Developers is a Bangalore based company incorporated in 1995; It is one of
                                        the leading real estate development and construction companies in India, which
                                        focuses on residential and contractual projects. In the area of Real Estate, the company
                                        plans to be present in over 10 cities across India. Company has a ‘backward integration’
                                        model, which helps them to deliver a project from its conceptualization to completion.
                                        Company has been successfully able to complete projects in a timely and cost efficient
                                        manner without compromising on quality. This backward integration includes an
                                        architectural and design studio, concrete block-making plant, metal and glazing factory,
                                        interiors and wood working factory, mechanical, electrical and plumbing division, and
                                        project implementation team. Sobha is planning to diversify its presence in varied
                                        industries including Hotels & Resorts, Hypermarkets, Home Stores, and Building
                                        Materials.

                                        Business Outlook And Valuations
                                        Sobha Developers is a regional player with major concentration in Bangalore (40% of
                                        Land bank). Company mainly targets upper segment of the business. Due to its
                                        backward integration model sobha is not dependant on third party suppliers for its
                                        key products and services in the process & development and construction of projects.
                                        The company is planning to extend its reach in 10 cities going ahead.


                                                                                                                            Contd...
                                                                                                                                  13
                                                                                                                    30th July 2008


                                         Rising raw material and interest cost remains concerns for the company going ahead.
Regional slowdown and high
                                         Bangalore market has shown decline/correction in property prices due to oversupply
dependence of the Bangalore market
                                         in the region which is a cause of concern. Regional slowdown and high dependence
on IT/ITES sector remains a concern.     of the Bangalore market on IT/ITES sector remains a concern.


                                         Financials - Standalone
                                          Year Ended                        FY07                FY08    FY09*            FY10*
                                          Net Sales (Rs Mn)                11,865           14,226       19,504          26,587
                                          EBITDA (Rs Mn)                    2,562               3,527     4,884           6,838
                                          EBITDA (%)                           22                 25         25              26
                                          PAT (Rs Mn)                       1,615               2,283     2,783           4,055
                                          EPS (Rs)                              22                31         38              56
                                          P/E (x) @ Rs.242                    10.9                7.7       6.3              4.3
                                         *Consensus numbers / Source: Reliance Money Research



We don’t have any active rating on the   At Current market price of Rs. 242 , stock is trading at PE multiple of 6.3x of its FY09E
stock.                                   consensus earnings. We don’t have any active rating on the stock.




             HOME

                                                                                                                               14
                                                                                                                 30th July 2008



         Result Update                   Godrej Consumer Products Limited (GCPL)
Surya Narayan Patra
surya.patra@relianceada.com
                                        (Rs.120, Unrated )
+91 22 30443303

Priyadarshini Dembla                 On a consolidated basis GCPL reported a robust volume driven growth of 26%
priyadarshini.dembla@relianceada.com from 2862.9mn in Q1FY08 to 3616mn in Q1 FY09 primarily on the back of strong
91-22-3044 3315
                                     growth witnessed in toiletries segment which grew by 66% and 40% growth in
                                     liquid detergent segment. However the operating margins declined by almost 415
GCPL reported a robust volume driven bps due to steep rise in the advertisement & promotional expenses which grew
growth of 26%.                       by 66% during the quarter along with the rise in inflation and crude oil prices.
                                     Even though the operating profits declined, PBT grew by 9.4% in Q1FY09 with
                                     133% decline in interest expenses and 174% surge in other income. However with
                                     an upward shift in tax provisioning net profit grew by mere 1% during the quarter
                                     from 386mn in Q1FY09 to 391mn in Q1FY08.


                                        Q1FY09 Performance                                                            (Rs Mn)
                                                                         Q1FY09        Q1FY08        Grth (%)           FY08
                                         Net Sales                        3,616.3       2,862.9         26.32       11,025.70
                                         Other Income                        34.6          12.6         174.6           40.30
                                         Total Expenditure                3,120.5       2,351.5          32.7         8,880.7
                                         Operating Profits                  495.8         511.4          (3.1)        2,145.0
                                         OPM (%)                             13.7          17.9        (415.3)           19.5
                                         Interest                          (11.50)         34.9        (133.0)         128.7
                                         Depreciation                        55.0          44.2          24.4          181.7
                                         PBT                                486.9         444.9           9.4         1,874.9
                                         Provision for tax                   95.9          58.5          63.9           282.5
                                         PAT                                391.0         386.4           1.2         1,592.4
                                         Adj PAT                            391.0         386.4           1.2         1,592.4
                                         Equity Capital                     258.1         225.8          14.3           225.8
                                         EPS (Rs)                             1.5           1.7         (11.5)            7.1
                                         Net Profit Margin                   10.8          13.5        (268.5)           14.4
                                        Source: Company



                                        Volume driven sales
                                      On a consolidated basis, GCPL reported 26.32% revenue growth from 2862.9 mn in
                                      Q1FY08 to 3616.3mn in Q1FY09 backed by 15% growth in domestic operations and
Strong growth witnessed in toiletries significant growth from international brands like Keyline and Rapidol. Growth in domestic
segment which grew by 66% and 40% business was primarily on the back of 66% growth in toiletries with re-launch of Cinthol
growth in liquid detergent segment.   range of Deo’s and Talcs. Liquid detergents grew by 40% while soaps grew by mere
                                      13% in Q1FY09. Hair color witnessed a strong volume growth of 15% in this quarter
                                      with minimal price hike led growth.

                                        Higher Ad spends hit margins
                                      EBITDA margins fell sharply by 415bps to 13.7% on account of cost pressures due to
EBITDA margins fell sharply by 415bps rise in vegetable oil prices and significant rise in the ad spends. For Q1FY09, vegetable
to 13.7% on account of cost pressures oil prices were higher by 40% YoY along with this the absence of major price increases
and higher as spends.                 impacted the company’s margins. The management has guided a 5%-7% price increase
                                      (incl. weight reduction) across all brands, going forward. The company’s gross margins
                                      dropped 352bps to 54.7% and A&SP spends increased by 213bps partly on account of
                                      expenses arising from the re-launch of Cinthol.




                                                                                                                         Contd...
                                                                                                                              15
                                                                                                                    30th July 2008


                                         Bottomline remains flat
                                         Even though the margins declined, GCPL’s consolidated PBT grew by 9.4% from 444.9
Net profit after tax grew by mere 1%     mn in Q1FY08 to 486.9mn in Q1FY09 with a decline of 133% in interest expense and
to 391mn in Q1FY09.                      174% rise in other income on account profit from processing of soaps on contract
                                         basis. However with an upward shift in tax provisioning from 13% , the Net profit after
                                         tax grew by mere 1% from 386mn in Q1FY08 to 391mn in Q1FY09.


                                         Segment Revenue                                                                (Rs Mn)
                                         Segment Revenue                  Q1FY09        Q1FY08        Grth (%)            FY08
                                         Soaps                              1,853.0       1,628.1           13.8         5,689.9
                                         Hair Colours                        733.4          637.5           15.0         2,518.3
                                         Toiletries                          908.5          547.1           66.1         2,229.7
                                         Liquid Detergents                    15.6           11.1          40.5           384.7
                                         By-Products                         105.8           39.1         170.6           203.1
                                         Total                            3,616.30       2,862.90           26.3      11,025.70
                                         Source: Company



                                         Personal and Household care segment
                                         The company has only one business segment in which it operates viz. personal and
                                         household care.

                                         Soaps
Soaps reported a growth of 14% from      GCPL continues to be the second largest toilet soaps player with a market share of
1628 mn in Q1FY08 to 1853 mn in          9.1% for Q1FY09 and contributes 66% of the net sales of GCPL. The segment has
Q1FY09 on the back of the Cinthol        reported a growth of 14% from 1628 mn in Q1FY08 to 1853 mn in Q1FY09 on the back
range.                                   of the Cinthol range which was relaunched with new range of soaps, talcs and deo
                                         sprays. However according to AC Neilsen the overall soap category growth has slowed
                   Industry    GCPL      down. Further high vegetable oil prices and high A&P impacted the margins in this
                    Growth     sales     segment.
               (AC Nielsen)   growth
Toilet soaps         13.6%     13.8%     Hair Colorants
Hair Colours         11.8%     15.0%
                                         Hair colour business witnessed a robust growth of 15% in Q1FY009 on the back of
                                         improved performance especially from Godrej Expert Powder Hair Dye, Godrej Kesh
                                         Kala and Renew. Godrej Expert Powder Hair Dye that was relaunched early in this
Hair colour business witnessed a         calendar year has continued to receive an encouraging response from consumers.
robust growth of 15%.                    Hair colour contributes 22% of the net sales and the market share for this quarter stands
                                         at 34.2%.

                                         Toiletries
Toiletries witnessed a healthy growth    This segment witnessed a healthy growth 66% from 547mn in Q1FY08 to 908 mn in
66% with relaunch of Cinthol talcs and   Q1FY09 as against the ooverall category growth of 28%. All offerings including the
deo’s.                                   Cinthol range of talc and deo sprays and Godrej Deluxe shaving cream continued to
                                         deliver strong growth.

                                         Liquid Detergents
                                         Liquid detergents surged by 40% from 11.5mn in Q1FY08 to 15 mn in Q1FY09. The
                                         market share however has gone down from 81% in Q1FY08 to 75.6% in Q1FY09.




                                                                                                                           Contd...
                                                                                                                               16
                                                                                                                  30th July 2008


                                         International Business Division (IBD)

                                         Godrej Netherlands B.V.
                                       This comprises performance of Godrej Netherlands BV, Godrej onsumer Products
Keyline brands witnessed strong growth (UK) Limited, Keyline Brands Limited, Inecto Limited & Inecto Manufacturing Limited.
due to bad base effect in the previous Revnue for the quarter reported a growth of 55% from GBP 4.89 mn to GBP 7.56 mn.
corresponding quarter.                 PAT for the quarter stood at GBP 0.80 million compared to GBP 0.23 million, in Q1FY08.
                                       Keyline brands witnessed strong growth due to bad base effect in the previous
                                       corresponding quarter. Keyline Brands relaunched Rieimann range of Perspirex
                                       products.

                                         Rapidol Pty Ltd.
                                      Rapidol's sales for quarter grew from ZAR 19.04 mn in Q1FY08 to ZAR 21.56 million
Rapidol sales were stagnant, impacted in Q1FY09 up by 13%. PAT for the quarter was ZAR 2.66 million compared to ZAR
by 6% on account of currency 2.17 million in Q1 FY2007-08 up 23%. Rapidol sales were stagnant, impacted by 6%
fluctuation.                          on account of currency fluctuation.

                                         Godrej SCA Hygiene Ltd.
                                         Godrej SCA Hygiene's recently introduced "Libero" baby diapers continue to receive
                                         an encouraging response. The brand has been introduced in the top 50 cities across
                                         India in packs of 2s, 5s and 10s alongwith "Tena" incontinent diapers, a world leader
                                         in absorbent incontinence products. The Company launched its Sanitary Napkin Brand
                                         'Libresse'. Libresse forms part of SCA's global portfolio. The brand offerings include
                                         Classic Regulars (8+1 pack), Classic Singles (10 pcs pack), Extra Thick Regular with
                                         wings (8 pcs pack), Extra Thick Large (8 pcs pack), Ultra Thin (8 pcs pack). Godrej
                                         SCA Hygiene Ltd. has procured 10 acres of land at Sinnar, Nasik for construction of its
                                         factory

                                         Kinky Group (Proprietary) Ltd. (Kinky)
                                         This represented the first quarter of performance of the Company as a subsidiary of
                                         GCPL. For the quarter under review the Company's sales amounted to ZAR 20.39.
                                         There was a decline in the revenue growth as against FY08 due to restructuring and
                                         merger of smaller companies in the parent company.

                                         Business Background
                                         Godrej Consumer Products Limited was promoted by Godrej & Boyce Manufacturing
                                         Company and was formed in November 2000 to take over the consumer products
                                         division of Godrej Soaps pursuant to a scheme of demerger which was effective from
                                         1st April, 2001.

                                         The company manufactures personal and household products. The company operates
                                         in two segments namely soaps and personal care. It is the second-largest toilet soap
                                         marketer after Hindustan Lever with a 10% market share. The soap segment includes
                                         the Godrej brand and other brand toilet soaps and personal care segment includes
                                         hair color, shaving cream and gel, talcum powder, deodorant, fairness cream, liquid
                                         detergent and other toiletries. The company also undertakes contract manufacturing
                                         of toilet soap for third parties.

                                         Major brands of the company are Cinthol, Fairglow, Allcare, Ezee and Nikhar. In 2003-
                                         2005, it launched new products including hair colors/dyes, shaving gel, deo saop,
                                         diapers and sanitizer.
                                         The Company has manufacturing facilities at Malanpur (Madhya Pradesh) Baddi- Thana
                                         (Himachal Pradesh), Baddi- Katha (Himachal Pradesh), Sikkim and Guwahati (Assam).




                                                                                                                          Contd...
                                                                                                                               17
                                                                                                                       30th July 2008


                                            Business Outlook and Valuation
                                            GCPL is a major player in the toilet soap and hair colour categories in the Indian
International business continues to         FMCG market. It is a leader in the hair colour category. International business continues
contribute significantly to the top line.   to contribute significantly to the top line. GCPL recently acquired Kinky, one of the
                                            leaders in the South African hair products business making an effort to expand its
                                            geographic presence. Revenues from the recently acquired Kinky stood at Rs108mn
                                            in Q1FY09. Similarly Keyline and Rapidol have witnessed strong growth during the
                                            quarter.

                                            Soaps business which is the largest segment for GCPL contributing close to 66%
Company expects to witness a                continues to maintain its position as the second largest player in this segment. Even
slowdown in volume growth in the            though the growth in this segment has been in line with the industry growth the company
soaps category with increasing              expects to witness a slowdown in volume growth in this category with increasing
competition especially from HUL and         competition especially from HUL and ITC. However with necessary price hikes the
ITC.                                        company expects to achieve value growth and in turn maintain the margins.

                                            Going forward the company expects to see softening in the raw material prices. Also
                                            the advertisement spends for the coming quarter will be lowered as a result the company
                                            expects to see improvement in margins in the coming quarter.

                                            Financial
                                             Year Ended                                 Mar06A           Mar07A          Mar08A
                                             Net Sales (Rs Mn)                           6997.2            9515.2         11025.7
                                             EBITDA (Rs Mn)                              1412.6            1796.9            2145
                                             EBITDA (%)                                  20.2%             18.9%           19.5%
                                             PAT (Rs Mn)                                  1213             1440.4          1592.4
                                             EPS (Rs)                                       4.7               5.6              6.2
                                             P/E (x) @ Rs.120                              25.5              21.5            19.4
                                            Source: Company / Reliance Money Research



                                            At Current market price of Rs 120, the stock trades at a PE multiple of 15.2x on FY09CE
                                            of Rs 7.9 and 13.3x on FY10CE of Rs 9 respectively.




                HOME
                                                                                                                                     18
                                                                                                                      30th July 2008



 FROM OUR TECHNICAL DESK
                     INDICES
Indices            Previous        Current      % Chg
                      Close         Close
Sensex              14,349.1       13,791.5       (3.9)
Nifty                4,332.1        4,189.9       (3.3)
S&P CNX 500          3,469.4        3,350.5       (3.4)
BSE-500              5,204.0        5,260.2         1.1
MIDCAP               5,239.4        5,257.0         0.3
SMLCAP               6,455.9        6,438.0       (0.3)
FMCG                 2,135.1        2,136.3         0.1
IT                   3,606.8        3,588.6       (0.5)
CD                   3,660.7        3,621.6       (1.1)
TECk                 2,981.9        2,934.4       (1.6)
HC                   4,202.7        4,133.1       (1.7)
METAL               12,366.7       12,130.4       (1.9)
PSU                  6,724.4        6,514.8       (3.1)
OIL&GAS              9,652.9        9,303.6       (3.6)
AUTO                 3,723.8        3,573.2       (4.0)
POWER                2,579.8        2,473.8       (4.1)
CG                  11,906.8       11,320.6       (4.9)
REALTY               5,079.1        4,797.7       (5.5)
BANKEX               6,761.8        6,199.6       (8.3)
                   Key Levels
                       Sensex                  Nifty
Day’s High              14,153.1          4,332.2
Day’s Low               13,727.1          4,159.2
20 D EMA                14,013.0              4,206.0
50 D EMA                14,613.0              4,366.0
200 D SMA               17,267.0              5,143.0


INDEX COMMENTS:
BEARS once again dominated today's trade as RBI hikes rates. In monetary policy announced today, RBI raised CRR by 25
basis points while repo rate was hiked by 50 basis points. Markets which had started on a weaker note saw sharp wave of sell-
off no sooner monetary policy announcement was made. NIFTY closed the day LOOSING 142.25 points or -3.28% at 4189.85
levels. SENSEX closed the day LOOSING 557.57 points or -3.89% at 13791.54 levels.


Strong sell-off was observed in sectoral indices. BSE BANKEX (-8.31%) as well as BSE REALITY (-5.54%) ended the session
loosing the most. BSE FMCG (+1.17%) was highest gainers.


Turnover in NSE Cash segment improved a bit & stood at Rs.12190.70 crores vis-à-vis turnover of Rs.11097.96 crores, observed
in earlier trading session. Market Breadth turned in favor of BEARS. Out of 2707 stocks traded on BSE, 963 stocks advanced,
1672 stocks declined while 72 stocks remained unchanged.


                                        Key Levels To Watch for NIFTY (spot):
                                    Support at 4086 levels. Resistance at 4225 levels.


MARKET VIEW:
Negative global cues combined with negative domestic triggered shocked investor who resumed to fresh sell-off. It is clearly
seen that market needs to find some equilibrium point around current levels to make a fresh UP MOVE. However, in near term
with so much uncertainty surrounding the market, it is unlikely to hold on to any particular levels for time being. All in all, with
major negative news out of market we may see indices trying to find support around 4000 levels. With market getting cooled-off
from near term high fresh investment opportunity will be visible soon. Investors who were waiting on sideline may re-enter once
NIFTY stabilize above 4000 levels. Traders should keep strict stop loss till indices do not show any signs of stabilization.


                                                                                                                             Contd...
                                                                                                                                   19
                                                                                                                  30th July 2008


SECTOR INDICES:

BSE POWER (2473.81)
For the day we are covering BSE POWER index. Yesterday this sector had closed loosing 106 points or -4.11% at 2473.81
levels. From past few day's action it is clearly visible that traders are using any move above 2650 to book profits and EXIT. On
downside levels of 2000 remains good support. We continue to like Suzlon(214/-) (previously mentioned around 185/- levels)
with strict stop loss at 200/-.




 Bhavin Y Mehta
 Technical Analyst                                                                                       HOME


                                                                                                                             20
                                                                                                                          30th July 2008



FROM OUR DERIVATIVES DESK
KNEE-JERK REACTION.
Markets opened on very 'weak' note, with NIFTY having a 'gap-down' opening, on the back of 'Negative' global cues. Further
blow came in the noon from RBI, in terms of CRR and REPO RATE hike. Markets reacted adversely to this step and were
pushed further down in deep Red. NIFTY finally closed with heavy losses of 142 points or 3.28% lower at 4189.85. CNX NIFTY
JULY FUTURE closed the day with 139 points loss or 3.19% lower at 4198.90. CNX NIFTY JULY FUTURE 'Premium' widened
to 9 points from that of 5 points in the previous trading session.
Volumes in F&O were higher, with total turnover rising to Rs.64,804 crs. Vs. Rs. 45,000 crs. in the previous session. The Top
gainers in the F&O were NAT.ALUM., STER. BIO., HIND. UNILEVER, TVS MOTORS and HIND. ZINC. The Top losers AXIS
BANK, BOI, KOTAK BANK, SUN TV and VIJAYA BANK.

Indices
                              Cash Market                           Futures                             Open Interest (for 3 mts)
                                                                                           Basis
                 29/July/08   28/July/08     % Chg    29/July/08   28/July/08   % Chg                29/July/08     28/July/08 % Chg
BANKNIFTY          5422.15      5919.15       -8.40     5418.95      5911.20     -8.33    -10.77        297700         302250   -1.51
CNX100             3983.05      4130.50       -3.57         0.00         0.00     0.00 -18250.00            200            200   0.00
CNXIT              3645.00      3664.00       -0.52     3650.85      3672.55     -0.59     29.29         45450          46100   -1.41
JUNIOR             6650.65      7024.80       -5.33     6801.00          0.00     0.00    412.57          1200             425 182.35
NFTYMCAP50         2084.00      2157.30       -3.40     2090.00          0.00     0.00     52.54            975            975   0.00
Source NSE

Nifty Futures                                                                   PUT CALL RATIO (PCR-OI)
          Prev. Close     Close    Change     Volume (Rs.Cr.)         OI        Nifty        29/July/08           28/July/08   % Chg
Spot         4332.10    4189.85    -142.25                  -          -        Call OI            704456            664078      6.08
JULY         4337.15    4198.90    -138.25           5901.70 1,94,92,250
                                                                                Put OI             880429            905106      -2.73
AUG          4333.10    4188.70    -144.40           5901.70 1,94,92,250
SEPT         4330.45    4183.05    -147.40             61.09    2,82,850        PCR (OI)             1.25              1.36      -8.09

Index Futures and Index Options
Index futures saw a trading volume of Rs.15,104.74 crores arising out of 7,28,543 contracts and Index options saw 4,88,161
contracts getting traded at a notional value of Rs.10,714.37 crores.

Futures on individual securities
The total number of contracts traded was 10,31,655 with a traded value of Rs. 18,118.45 crores.

Options on individual securities
The total number of contracts traded was 56,036 with a notional value of Rs. 1063.34 crores.

   NIFTY AUG Cost of Carry slipped but still in ‘Positive’, at ‘+0.89’ vis-à-vis ‘+1.53’ in the previous trading session.
   NIFTY JULY FUTURES ‘Premium’ rose to 9 points vis-à-vis ‘Premium’ of 5 points in the previous trading session.
   NIFTY AUG FUTURES closed at a just 1 point ‘Premium’ to the spot.
   NIFTY Open Interest fell by Rs.825 crs( -1.60%), now at Rs.50,489 crs.(FUTURES OI-Rs.17,287 cr and OPTIONS OI- Rs.33,202 cr).

Implied Volatility
NIFTY 4400 AUG CALL-IV is at 34.76% (HV: 55.51%) and NIFTY 4400 AUG PUT IV at 40.01%.

Put Call Ratio Analysis
PCR of NIFTY (OI) slipped by about 8% to 1.25 from 1.36 in the previous trading session.

Roll-Over
   Market-wide Roll-over picking up, now at 43%; NIFTY Roll-over, bit higher around 47%.
   Highest Roll-over seen in GTL (81%), BOB(81%), ULTRATECH (79%), LUPIN(78%) and INDIA CEM(7
        6%).
   Lowest Roll-over seen in WELSPUN(13%), CHAMBAL FERT(16%), BHARTI(24%), ESSAR OIL(26%), and RENUKA(27%).

Other Highlights:
   FIIs were Net SELLers for Rs.1457 crs in F&O with their Net OI, now stand at 21,37,323 contracts in Index (Futures and
   Options), and at 10,32,516 contracts. in Stock Futures.
   NIFTY-CALLs added 20.19 L shares to the OI, NIFTY- PUTs shed 12.33 L shares from the OI; NIFTY-FUTURES added
   12.67 L shares to OI.
   NIFTY-CALLs OI rose by 6.08% whereas NIFTY- PUTs OI fell by 2.73%. NIFTY FUTURES OI increased by 3.17%.
   NIFTY 4200 CALLs JULY added 7.50 L shares to OI; NIFTY 4500 CALLs AUG added 2.70 L shares to OI .
   NIFTY 4400 CALLs AUG added 2.51 L shares to OI; NIFTY 4100 CALLs JUL added 2.42 L shares to OI .
   Stock Futures shed 70 L shares from the Open Interest, Total OI now at 105.81 cr shares
   Stock Futures OI value at Rs. 24,487 crs.- ‘DOWN’ by Rs.965 crs.( -3.79%)                                        Contd...

                                                                                                                                         21
                                                                                                                                                 30th July 2008


                   INCREASE IN OI FUTURE                                                             DECREASE IN OI FUTURE
Script                  OI Change % Price Movement %                             Script                  OI Change % Price Movement %
BATAINDIA                               19.45                         0.67       3IINFOTECH                             -11.08                           -4.47
AXISBANK                                13.72                       -11.13       DENABANK                               -10.87                           -5.35
BANKINDIA                               10.66                       -12.53       IFCI                                    -9.46                           -5.26
STERLINBIO                               8.53                         3.39       UNITECH                                 -8.06                           -6.35
LITL                                     5.54                       -10.59       BANKBARODA                              -8.31                           -9.49

                  INCREASE IN OI - OPTIONS                                                              HIGHEST OI - FUTURES
Script                 OI Change-Shares OI Change %                              Script             Shares (crs) Script      Shares (crs)
CAIRN- CALLS                               1928750                      74.69    NIFTY                        12.05     RNRL                              4.29
IDFC- CALLS                                 525100                      26.51    RPL                           7.46     TTML                              4.34
LT- CALLS                                    95100                      14.65    IFCI                          5.85     IDEA                              2.65
RPOWER- CALLS                               287500                      11.05    ISPAT                         5.71     SAIL                              2.45
ISPATIND-CALLS                             1149550                      10.31    NTPC                          4.97     POWERGRID                         2.19

Market Outlook:
Finally the axe of RBI action had fallen on markets. And the reaction too was in expected fashion. However market doesn't seem
to have gone excessively 'short'. Unwinding of positions both on INDEX as well as STOCK FUTURES was witnessed and was
bit on the lower side. NIFTY OI PCR has eased off to 1.25. Roll-overs are picking up now but still on the lower side, with NIFTY
roll-over around 47%. Mild build-up of fresh 'LONG' positions was observed around 'at-the-money' strikes, of this month as well
as next series. All in all, now that uncertainty about RBI-action getting over and with 'Positive' global cues this morning
from global arena, we could see recovery happening in markets. As mentioned previously, the 'recent lows' of NIFTY
are now likely to act as 'intermediatary bottom' at least for near term.

FII's Derivative Statistics for 29/July/2008
                                                                             Open Interest             Open Interest               Change in FIIs Open
                          Buy                       Sell                                             as on 28/July/2008                 Interest
                                                                           as on 29/July/2008
                  No. of        Amt in      No. of         Amt in          No. of        Amt in       No. of          Amt in        No. of           Amt in
FII               Contr.         Crs.       Contr.          Crs.           Contr.         Crs.        Contr.           Crs.         Contr.            Crs.
Index Futures    287952         6066.86     358376         7537.30         992191      20748.98       910121         19696.97        82070          1052.01
Index Options      31334         659.20         13072          280.56     1145132      23874.61       1139866        24583.29         5266           -708.68
Stock Futures    202097         3644.28     226770         4039.23         966212      17040.12       963161         17633.69         3051           -593.57
Stock Options       1805          29.76            3             0.05       66304        1207.11      64590           1225.09         1714            -17.98
Cash Market                     2207.80                    2746.07
DII                              811.16                    1065.75
Source NSE


                      Lowest Cost of Carry                                                              Highest Cost of Carry
Scrip                    Cash Price       Futures Price             COC %        Scrip                  Cash Price          Futures Price              COC %
PIRHEALTH                     314.40                       -                -    MCDOWELL-N                  1256.05                1256.25               2.91
CNX100                      3983.05                        -                -    SRF                           127.45                 127.5               7.16
REDINGTON                     304.20                       -                -    MPHASIS                       202.15                202.25               9.03
NAUKRI                        853.60                       -                -    IDEA                           88.45                     88.5           10.32
CHAMBLFERT                     70.90                69.35           -398.98      PNB                           452.05                 452.4              14.13

                   Most active Calls                                    Most active Puts                                Top traded stock futures
Scrip           Expiry         Strike      No Of Scrip                  Expiry           Strike     No Of     Scrip              Expiry                 No Of
                               Price      Shares                                         Price     Shares                        Price                 Shares
NIFTY           31-Jul-2008     4300      6769200 NIFTY                 31-Jul-2008       4200     6779300    NIFTY              31-Jul-2008         35728400
NIFTY           31-Jul-2008     4200      6047950 NIFTY                 31-Jul-2008       4300     4287650    RNRL               31-Jul-2008         32461140
NIFTY           31-Jul-2008     4400      2648450 NIFTY                 31-Jul-2008       4100     3891500    IFCI               31-Jul-2008         30692600
CAIRN           28-Aug-2008      240      1906250 NIFTY                 31-Jul-2008       4000     1245450    RPL                31-Jul-2008         28158425
ISPATIND        31-Jul-2008       25      1361200 NIFTY                 31-Jul-2008       4400     1152400    POLARIS            31-Jul-2008         27322400




                                                                                                                     Nilesh Kulkarni
                HOME                                                                                                 Senior Derivative Analyst
                                                                                                                                                            22
                                                                               30th July 2008



 DAILY NIFTY PIVOT POINT
                             Support 2   Support 1    Pivot    Resistance 1   Resistance 2
 S&P CNX Nifty                 4054.02     4121.93   4227.07        4294.98        4400.12
 CNX IT                        3458.20     3551.60   3606.85        3700.25        3755.50
 CNX Nifty Junior              6421.28     6535.97   6742.38        6857.07        7063.48
 S&P CNX Defty                 3302.92     3356.43   3434.47        3487.98        3566.02
 BANK Nifty                    5122.65     5272.40   5544.70        5694.45        5966.75
 CNX Midcap                    5337.07     5389.88   5478.37        5531.18        5619.67
 S&P CNX 500                   3276.38     3313.42   3371.48        3408.52        3466.58
 CNX 100                       3886.45     3934.75   4006.85        4055.15        4127.25
 Nifty Midcap 50               2035.07     2059.53   2101.07        2125.53        2167.07
                             Support 2   Support 1    Pivot    Resistance 1   Resistance 2
 ABB LTD.                       744.95      758.80    778.90         792.75         812.85
 ACC LIMITED                    546.23      557.37    571.18         582.32         596.13
 AMBUJA CEMENTS LTD              77.32       78.43     80.17          81.28          83.02
 BHARTI AIRTEL LIMITED          746.03      761.97    778.98         794.92          811.93
 BHEL                          1536.83     1565.32   1604.48        1632.97        1672.13
 BHARAT PETROLEUM CORP LT       295.45      303.00    311.50         319.05         327.55
 CAIRN INDIA LIMITED            215.58      222.07    227.93         234.42         240.28
 CIPLA LTD                      212.45      215.70    220.60         223.85         228.75
 DLF LIMITED                    447.33      459.67    477.33         489.67         507.33
 DR. REDDY’S LABORATORIES       558.33      575.57    598.28         615.52         638.23
 GAIL (INDIA) LTD               344.43      353.87    365.53         374.97         386.63
 GRASIM INDUSTRIES LTD         1719.65     1754.20   1784.55        1819.10        1849.45
 HCL TECHNOLOGIES LTD           194.03      196.77    200.73         203.47         207.43
 HDFC LTD                      1976.00     2042.00   2121.00        2187.00        2266.00
 HDFC BANK LTD                  933.97      981.63   1050.67        1098.33        1167.37
 HERO HONDA MOTORS LTD          707.85      721.70    740.85         754.70         773.85
 HINDALCO INDUSTRIES LTD        132.20      135.70    141.55         145.05         150.90
 HINDUSTAN UNILEVER LTD.        222.67      230.23    234.62         242.18         246.57
 ICICI BANK LTD.                575.10      591.40    619.55         635.85         664.00
 IDEA CELLULAR LIMITED           84.05       86.25     88.00          90.20          91.95
 INFOSYS TECHNOLOGIES LTD      1493.50     1517.10   1531.50        1555.10        1569.50
 ITC LTD                        181.60      185.60    188.25         192.25         194.90
 LARSEN & TOUBRO LTD.          2419.75     2483.20   2588.60        2652.05        2757.45
 MAHINDRA & MAHINDRA LTD        465.68      482.77    505.63         522.72         545.58
 MARUTI SUZUKI INDIA LTD.       531.73      549.07    576.53         593.87         621.33
 NATIONAL ALUMINIUM CO LTD      402.53      423.27    436.63         457.37         470.73
 NTPC LTD                       170.03      174.27    179.38         183.62         188.73
 OIL AND NATURAL GAS CORP.      929.28      956.37    987.68        1014.77        1046.08
 PUNJAB NATIONAL BANK           418.22      435.13    463.52         480.43         508.82
 POWER GRID CORP. LTD.           91.08       92.67     95.08          96.67          99.08
 RANBAXY LABS LTD               456.10      465.80    477.90         487.60         499.70
 RELIANCE COMMUNICATIONS L      473.22      482.03    494.02         502.83         514.82
 RELIANCE INDUSTRIES LTD       2021.73     2052.42   2105.68        2136.37        2189.63
 RELIANCE INFRASTRUCTU LTD      853.03      881.07    928.03         956.07        1003.03
 RELIANCE PETROLEUM LTD.        156.05      157.75    159.70         161.40         163.35
 STEEL AUTHORITY OF INDIA       125.57      128.43    132.22         135.08         138.87
 SATYAM COMPUTER SERVICES       360.05      364.80    368.95         373.70         377.85
 STATE BANK OF INDIA           1235.08     1276.87   1347.78        1389.57        1460.48
 SIEMENS LTD                    480.45      496.80    520.35         536.70         560.25
 STERLITE INDS (IND) LTD        549.28      570.42    586.18         607.32         623.08
 SUN PHARMACEUTICALS IND.      1344.55     1379.10   1404.55        1439.10        1464.55
 SUZLON ENERGY LIMITED          202.87      207.43    211.67         216.23         220.47
 TATA COMMUNICATIONS LTD        389.37      397.03    404.07         411.73         418.77
 TATA MOTORS LIMITED            363.45      379.90    407.45         423.90         451.45
 TATA POWER CO LTD             1008.42     1024.73   1041.32        1057.63        1074.22
 TATA STEEL LIMITED             561.88      573.17    589.08         600.37         616.28
 TATA CONSULTANCY SERV LT       783.12      796.03    804.92         817.83         826.72
 UNITECH LTD                    142.65      149.85    159.40         166.60         176.15
 WIPRO LTD                      306.68      354.67    380.33         428.32         453.98
 ZEE ENTERTAINMENT ENT LTD      203.80      210.60    215.20         222.00         226.60
Source: NSE


                    HOME
                                                                                              23
                                                                                                        30th July 2008



BULK DEALS   TRADE DETAILS OF BULK DEALS
             Deal        Scrip Name         Client Name                                   Deal      Quantity   Price **
             Date                                                                         Type
             29-Jul-08   Akanksh Finv       Rita Rajkumar Singh.                              S       25200      10.44
             29-Jul-08   Anku Dr Ph         Morgan Stanley Mauritius Co Ltd                   B       50000     234.22
             29-Jul-08   Bihar Tubes        Apl Infrastructure Private Lim                    B      476487     162.44
             29-Jul-08   Bihar Tubes        Securocrop Securities India P                     S      460000     162.49
             29-Jul-08   Cybermat Inf       Basmati Securities Pvt Ltd                        B     2122692       4.49
             29-Jul-08   Cybermat Inf       S V Enterprises                                   B      574989       4.51
             29-Jul-08   Cybermat Inf       S V Enterprises                                   S      574989       4.46
             29-Jul-08   Dmc Inter          J A Financial And Management Consult P L          B       28500      10.44
             29-Jul-08   Gremac Infra       Sophia Growth A Class Of Somerset India F         S      100000         88
             29-Jul-08   Ifl Prmoter        J A Financial And Management Consult P L          B       16000      19.98
             29-Jul-08   Indocity Inf       Anil Jain Huf                                     B       70518       5.44
             29-Jul-08   Infotech Enr       Courage Cap Mgt Llc Ssif                          B      463817        205
             29-Jul-08   Infotech Enr       Citigroup Global Markets Mauritius Pvt Ltd        S      463817        205
             29-Jul-08   Jaisal Secur       Venugopal Reddy S                                 B       25000         37
             29-Jul-08   Jaisal Secur       Canos Trading Pvt Ltd.                            S       25000         37
             29-Jul-08   Prerna Infr        Vijay Chandulal Shah                              S       39000       15.5
             29-Jul-08   South India        Courage Cap Mgt Llc Ssif                          B      629039        107
             29-Jul-08   South India        Citigroup Global Markets Mauritius Pvt Ltd        S      629039        107
             29-Jul-08   Spanc Telesy       Kapil Puri                                        B      100054      96.68
             29-Jul-08   Tyche Periph       Nandini Pasari                                    B      200000      66.55
             Source : BSE / * B - Buy, S - Sell / ** = Weighted Average Trade Price / Trade Price




   HOME
                                                                                                                     24
                                                                                  30th July 2008



FORTHCOMING EVENTS   BOARD MEETINGS
                     Effective Summary          Action Type
                     Date
                     30-Jul-08   21Cen Man Se   Results
                     30-Jul-08   A V Cottex I   Results
                     30-Jul-08   Aadi Indus L   Results
                     30-Jul-08   Abc Paper      Dividend,   Results
                     30-Jul-08   Abg Shipyard   Results
                     30-Jul-08   Abm Knowledg   Results
                     30-Jul-08   Accel Frontl   Results
                     30-Jul-08   Ace India Lt   Results
                     30-Jul-08   Action Fin     Results
                     30-Jul-08   Adarsh Pla P   Results
                     30-Jul-08   Adlabs Films   Dividend
                     30-Jul-08   Advanta        Results
                     30-Jul-08   Adven Com Se   Results
                     30-Jul-08   Aftek Ltd      Results
                     30-Jul-08   Agro Tech F    Results
                     30-Jul-08   Aimco Pestic   Results
                     30-Jul-08   Aishwarya Te   Results
                     30-Jul-08   Ajanta Pharm   Results
                     30-Jul-08   Ajcon Global   Results
                     30-Jul-08   Alcobex Met    Results
                     30-Jul-08   Alfred Herbe   Results
                     30-Jul-08   Allied Digit   Results
                     30-Jul-08   Almondz Cms    Dividend,   Results
                     30-Jul-08   Alna Trad.     Results
                     30-Jul-08   Alok Industr   Results
                     30-Jul-08   Amarjot Sp M   Results
                     30-Jul-08   Ambika Coton   Results
                     30-Jul-08   Amit Securit   Results
                     30-Jul-08   Amrit Corp     Dividend,   Results
                     30-Jul-08   Andhra Petro   Dividend,   Results
                     30-Jul-08   Anka India L   Results
                     30-Jul-08   Anna Infra     Results
                     30-Jul-08   Ansal Infras   Results
                     30-Jul-08   Anshuni Com.   Results
                     30-Jul-08   Aplab Ltd      Results
                     30-Jul-08   Arex Ind.      Results
                     30-Jul-08   Aroni Comm     Results
                     30-Jul-08   Arrow Webtex   Results
                     30-Jul-08   Arshyia Intl   Dividend,   Employees Stock Option Plan, Results
                     30-Jul-08   Artefact Pr    Results
                     30-Jul-08   Artheon        Results
                     30-Jul-08   Arvin Remedi   Results
                     30-Jul-08   Arvind Inter   Results
                     30-Jul-08   Asahi India    Results
                     30-Jul-08   Asahi Infr P   Results
                     30-Jul-08   Ashiana Hou    Results
                     30-Jul-08   Ashiana Ispa   Results
                     30-Jul-08   Ashirw Ste I   Results
                     30-Jul-08   Ashis Polypl   Results
                     30-Jul-08   Asia Cerc In   Results
                     30-Jul-08   Asia Ind Net   Results
                     30-Jul-08   Asian Hotels   Results
                     30-Jul-08   Astra Micro    Results
                     30-Jul-08   Atlas Cyc Hr   Results
                     30-Jul-08   Aurobindo Ph   Results
                     30-Jul-08   Autoind        Results
                     30-Jul-08   Automat Axle   Results
                     30-Jul-08   Avant Feed L   Results
                     30-Jul-08   Avantel Soft   Results
                     30-Jul-08   Avaya Global   Results
                     30-Jul-08   Axon Infotec   Results
                     30-Jul-08   B2B Software   Results
                     30-Jul-08   Bafin Eng Pr   Results
                     30-Jul-08   Bag Fil Med    Results
                     30-Jul-08   Bagalkot Udy   Results
                     30-Jul-08   Bal Pharma L   Results
                     30-Jul-08   Balaji Distl   Results
                     30-Jul-08   Balasore All   Results
                     30-Jul-08   Balmer Lawri   Results
                     30-Jul-08   Balmr Law In   Results
                     30-Jul-08   Bata Indi Lt   Results
                     30-Jul-08   Bcc Fuba Ind   Results
                     30-Jul-08   Bdh Industri   Results
                     30-Jul-08   Bemco Hydrau   Results


                                                                                          Contd...
                                                                                               25
                                               30th July 2008


30-Jul-08   Berge Paint*   Results
30-Jul-08   Bgr Energy     Results
30-Jul-08   Bhageri Dyec   Results
30-Jul-08   Bhagwand Met   Results
30-Jul-08   Bhagwat Gase   Results
30-Jul-08   Bhagwati Oxy   Results
30-Jul-08   Bhagyashree    Results
30-Jul-08   Bhand Hos Ex   Results
30-Jul-08   Bharat Ferti   Results
30-Jul-08   Bhartiya Int   Results
30-Jul-08   Bhilwara Spi   Results
30-Jul-08   Bin.Tex.Pr(P   Results
30-Jul-08   Binny Ltd.     Results
30-Jul-08   Bio Green I    Results
30-Jul-08   Bio Whgo Ind   Results
30-Jul-08   Bkv Industrs   Results
30-Jul-08   Bloom Dekor    Results
30-Jul-08   Bloom Indust   Results
30-Jul-08   Blue Bl.Fin.   Results
30-Jul-08   Blue Chi Tex   Results
30-Jul-08   Bnr Udyog Lt   Dividend, Results
30-Jul-08   Bobshell Ele   Results
30-Jul-08   Bodal Chem     Results
30-Jul-08   Bom.Oxygen     Results
30-Jul-08   Bombay Burma   Results
30-Jul-08   Bongaigaon R   Results
30-Jul-08   Bosch Cha Sy   Results
30-Jul-08   Brabourne      Results
30-Jul-08   Brad Mor Eng   Results
30-Jul-08   Brilliant Se   Results
30-Jul-08   Bsl Limited    Results
30-Jul-08   Cambridge      Results
30-Jul-08   Camlin Fine    Dividend
30-Jul-08   Camp Alli Pr   Results
30-Jul-08   Capita Trust   Results
30-Jul-08   Carn Nut Ana   Results
30-Jul-08   Carol Info*    Results
30-Jul-08   Cat Technol    Results
30-Jul-08   Cdr Industri   Results
30-Jul-08   Celebrityfas   Results
30-Jul-08   Cent 21St Po   Results
30-Jul-08   Century Ext    Results
30-Jul-08   Cera Sanitry   Results
30-Jul-08   Cerebra Int    Results
30-Jul-08   Cesc Ltd       Results
30-Jul-08   Cg Vak Sof E   Results
30-Jul-08   Chamanl Seti   Results
30-Jul-08   Chambal Fert   Dividend
30-Jul-08   Champagn Ind   Results
30-Jul-08   Champagne Vn   Results
30-Jul-08   Chand Prab I   Results
30-Jul-08   Chd Dev Ltd    Results
30-Jul-08   Chi Invest     Results
30-Jul-08   Choksi Imag    Results
30-Jul-08   Chola Dbs      Results
30-Jul-08   Citurgia Bio   Results
30-Jul-08   City Union B   Results
30-Jul-08   Class Diam I   Results
30-Jul-08   Claurs         Results
30-Jul-08   Clio Infote    Results
30-Jul-08   Cmi Limited    Results
30-Jul-08   Cni Res Ltd    Results
30-Jul-08   Coastal Road   Results
30-Jul-08   Cochin Min R   Results
30-Jul-08   Combat Drugs   Results
30-Jul-08   Comp Disc In   Results
30-Jul-08   Contech Soft   Results
30-Jul-08   Contil I Ltd   Results
30-Jul-08   Coral Labora   Results
30-Jul-08   Cords Cable    Results
30-Jul-08   Country Cond   Results
30-Jul-08   Coven Coilom   Results
30-Jul-08   Ct Coton Yar   Results
30-Jul-08   Cupid Ltd      Results
30-Jul-08   Cupid Trade    Results
30-Jul-08   Dagger Forst   Results
30-Jul-08   Dai Ich Kark   Results
30-Jul-08   Daulat Secui   Results
30-Jul-08   Dcm Limited    Results
30-Jul-08   Dcwltd.        Results
30-Jul-08   Decolight Ce   Results
                                                      Contd...
                                                          26
                                                            30th July 2008


30-Jul-08   Dev Crbank     Results
30-Jul-08   Devinsu Trad   Results
30-Jul-08   Dgp Securiti   Results
30-Jul-08   Dham Sugar     Results
30-Jul-08   Dhandapan Fi   Results
30-Jul-08   Dhar Mor Che   Results
30-Jul-08   Dhp India      Results
30-Jul-08   Dhunse Tea I   Results
30-Jul-08   Diana Tea Co   Consolidation of Shares
30-Jul-08   Dic India      Results
30-Jul-08   Dishman Phar   Results
30-Jul-08   D-Link India   Results
30-Jul-08   D-Link India   Dividend
30-Jul-08   Dmc Inter      Results
30-Jul-08   Dunlop India   Results
30-Jul-08   Duroflex Eng   Results
30-Jul-08   Dynam Por Ma   Results
30-Jul-08   Dynamatic Te   Results
30-Jul-08   East C.Steel   Results
30-Jul-08   Elcid Inv      Dividend, Results
30-Jul-08   Electra Fina   Results
30-Jul-08   Elf Trading    Results
30-Jul-08   Elnet Techno   Results
30-Jul-08   Emmso Intern   Results
30-Jul-08   Empire Ind.    Results
30-Jul-08   Envair Elect   Increase in Authorised Capital, Results, Rights
30-Jul-08   Euro Ceramic   Results
30-Jul-08   Everedy Indl   Results
30-Jul-08   Everest Buil   Results
30-Jul-08   Everest Fint   Results
30-Jul-08   Everest Kant   Results
30-Jul-08   Excel Indust   Results
30-Jul-08   Exelon Infra   Results
30-Jul-08   Explicit Fin   Results
30-Jul-08   Facor Alloys   Results
30-Jul-08   Facor Steels   Results
30-Jul-08   Falcon Tyre    Dividend, Results
30-Jul-08   Fem Care Pha   Results
30-Jul-08   Fenoplast Lt   Results
30-Jul-08   Ferro Allo C   Dividend, Results
30-Jul-08   Fics Consult   Results
30-Jul-08   Filmcit Medi   Results
30-Jul-08   Financ Eye I   Results
30-Jul-08   Fir Cust Fun   Results
30-Jul-08   Flex Foods L   Results
30-Jul-08   Flex Foods L   Dividend
30-Jul-08   Fluidomat Lt   Results
30-Jul-08   Foods & Inns   Results
30-Jul-08   Fortis Healt   Results
30-Jul-08   Freshtrop Fr   Results
30-Jul-08   Fsl            Results
30-Jul-08   Fusion Fitin   Results
30-Jul-08   Futura Polys   Results
30-Jul-08   Future Cap     Results
30-Jul-08   G V Films Lt   Results
30-Jul-08   G. K. Consul   Results
30-Jul-08   G.P.Electron   Results
30-Jul-08   Garwa Mari I   Results
30-Jul-08   Gccl Con Rea   Results
30-Jul-08   Gccl Infrast   Results
30-Jul-08   Geekay Finan   Results
30-Jul-08   Gemini Commu   Results
30-Jul-08   Geometric L    Results
30-Jul-08   Global Vect    Results
30-Jul-08   Glodyne Tech   Dividend, Increase in Authorised Capital, Results
30-Jul-08   Gmr Ferro      Results
30-Jul-08   Gmr Indstrs    Results
30-Jul-08   Gokul Refoil   Results
30-Jul-08   Gold.Leg.Lea   Results
30-Jul-08   Gonterm Peip   Results
30-Jul-08   Goodrick Grp   Results
30-Jul-08   Gopala Polyp   Results
30-Jul-08   Great Offsh    Results
30-Jul-08   Gremac Infra   Results
30-Jul-08   Grm Overseas   Results
30-Jul-08   Gsl (India)    Results
30-Jul-08   Gtn Indus      Results
30-Jul-08   Guj Alkali     Results
30-Jul-08   Guj Apo Ind    Results
30-Jul-08   Guj Cred Cor   Results
30-Jul-08   Guj Min Devl   Results
                                                                    Contd...
                                                                         27
                                               30th July 2008


30-Jul-08   Guj Narmada    Results
30-Jul-08   Gujara Cap V   Results
30-Jul-08   Gujara Sid C   Results
30-Jul-08   Gujarat Boro   Results
30-Jul-08   Gujarat Gas    Results
30-Jul-08   Gulsha Sug C   Results
30-Jul-08   Gulshan Poly   Results
30-Jul-08   Haldyn Gla G   Results
30-Jul-08   Hanjer Fibre   Results
30-Jul-08   Hansaflon Pl   Results
30-Jul-08   Harita Seat    Results
30-Jul-08   Harita Seat    Dividend
30-Jul-08   Harya Capfin   Results
30-Jul-08   Hb Lea Fin C   Results
30-Jul-08   Hb Stockholi   Results
30-Jul-08   Hcl Techno     Dividend, Results
30-Jul-08   Hem Holdings   Results
30-Jul-08   Hemadri Cem    Results
30-Jul-08   Heritage Fo*   Results
30-Jul-08   Him.Fibre(P)   Results
30-Jul-08   Himla Intern   Results
30-Jul-08   Hind Housing   Results
30-Jul-08   Hind Sanitar   Results
30-Jul-08   Hind.Oil Exp   Dividend
30-Jul-08   Hinduja Vent   Results
30-Jul-08   Hindus Dor O   Results
30-Jul-08   Hipolin Ltd    Results
30-Jul-08   Hiran Orgoch   Results
30-Jul-08   Hmt Ltd        Results
30-Jul-08   Hov Services   Results
30-Jul-08   Hyderbd Flex   Results
30-Jul-08   I T C Ltd      Results
30-Jul-08   Ibretails      Results
30-Jul-08   Ifb Agro Ind   Results
30-Jul-08   Ifl Prmoter    Results
30-Jul-08   Ikab Secu In   Results
30-Jul-08   Ikf Financ L   Results
30-Jul-08   Impex Ferro    Results
30-Jul-08   In Hou Prod    Results
30-Jul-08   Inca Finleas   Results
30-Jul-08   Incon Engine   Results
30-Jul-08   Ind Cem Cap    Results
30-Jul-08   Ind Tourism    Results
30-Jul-08   Indag Rubber   Results
30-Jul-08   Indagiv Comm   Results
30-Jul-08   Indbul Real    Results
30-Jul-08   India Cement   Results
30-Jul-08   India Glycol   Dividend
30-Jul-08   India Hume P   Results
30-Jul-08   India Niveh    Results
30-Jul-08   Indiaco Ven    Results
30-Jul-08   Indian Oil C   Results
30-Jul-08   Indo Asi Fu    Results
30-Jul-08   Indo Asian H   Results
30-Jul-08   Indo Gulf In   Results
30-Jul-08   Indo Texprnt   Results
30-Jul-08   Indocastle M   Results
30-Jul-08   Indocity Inf   Results
30-Jul-08   Indoco Rem     Results
30-Jul-08   Indotechtr     Results
30-Jul-08   Ind-Swift La   Results
30-Jul-08   Ind-Swift Lt   Results
30-Jul-08   Indtradeco L   Results
30-Jul-08   Indus.Cables   Results
30-Jul-08   Infotrek Sys   Results
30-Jul-08   Ingersol Rnd   Final Dividend
30-Jul-08   Innov Tec Pa   Results
30-Jul-08   Intedigital    Results
30-Jul-08   Inter Digi     Results
30-Jul-08   Intern Comb    Results
30-Jul-08   Intern Conve   Dividend, Results
30-Jul-08   Intra Infotc   Results
30-Jul-08   Io System      Results
30-Jul-08   Iol Net Com    Results
30-Jul-08   Iqms Softwar   Results
30-Jul-08   Ircon Intern   Results
30-Jul-08   Ishwar Bhuv.   Results
30-Jul-08   Ishwarshakti   Results
30-Jul-08   Ist Limited    Results



                                                      Contd...
                                                           28
                                                   30th July 2008


30-Jul-08   Iti Limited    Results
30-Jul-08   Ivr Prime      Results
30-Jul-08   Ivrcl Inf Pr   Results
30-Jul-08   J&K Bank       Results
30-Jul-08   Jain Studio    Results
30-Jul-08   James Hotels   Results
30-Jul-08   Jaus Polymer   Results
30-Jul-08   Jbf.Ind.Ltd    Results
30-Jul-08   Jeet Machine   Results
30-Jul-08   Jindal Onlin   Results
30-Jul-08   Jmc Project    Results
30-Jul-08   Jmg Corp Ltd   Results
30-Jul-08   Jolly Boards   Dividend
30-Jul-08   Josts Eng Co   Results
30-Jul-08   Jupiter Bios   Results
30-Jul-08   Kaira Can Co   Dividend, Results
30-Jul-08   Kakat Cem Sg   Results
30-Jul-08   Kalptaru       Results
30-Jul-08   Kamadgi Synt   Results
30-Jul-08   Kampani Cons   Results
30-Jul-08   Kamper Conca   Results
30-Jul-08   Karnav Alf I   Results
30-Jul-08   Karuturi Glo   Results
30-Jul-08   Kaushal Infr   Results
30-Jul-08   Kaveri Seed    Results
30-Jul-08   Kbs Cap Mana   Results
30-Jul-08   Kddl Ltd       Results
30-Jul-08   Kedia Const    Results
30-Jul-08   Keerthi        Results
30-Jul-08   Kerala Che&P   Results
30-Jul-08   Kerala Rubbr   Results
30-Jul-08   Khaitan Elct   Results
30-Jul-08   Khatau Exim.   Results
30-Jul-08   Kiduja India   Results
30-Jul-08   Kinetic Engi   Results
30-Jul-08   Kinetic Trus   Results
30-Jul-08   Kirloskar El   Results
30-Jul-08   Kisan Mouldg   Results
30-Jul-08   Klg Capi Ser   Results
30-Jul-08   Koa Tool In    Results
30-Jul-08   Kohinorfoods   Results
30-Jul-08   Koltepatil     Results
30-Jul-08   Kopran Ltd.    Results
30-Jul-08   Kothari Ferm   Results
30-Jul-08   Krishna Fila   Results
30-Jul-08   Ksb Pumps Lt   Results
30-Jul-08   Kushagra So    Results
30-Jul-08   Lafan Petroc   Results
30-Jul-08   Lahot Overse   Results
30-Jul-08   Lalit Poly     Results
30-Jul-08   Lanco Infra    Results
30-Jul-08   Lead Financ    Results
30-Jul-08   Leena Cons.    Results
30-Jul-08   Livingroom L   Results
30-Jul-08   Lohia Securi   Results
30-Jul-08   Longvi Tea C   Results
30-Jul-08   Luminai Tech   Results
30-Jul-08   Madras Cemnt   Results
30-Jul-08   Mafatla Indu   Results
30-Jul-08   Magico Exp.    Results
30-Jul-08   Magna Elec C   Dividend
30-Jul-08   Magnum Vent    Results
30-Jul-08   Maharash Sea   Results
30-Jul-08   Mahashree      Results
30-Jul-08   Mahindra & M   Amalgamation, Results
30-Jul-08   Majestic Aut   Results
30-Jul-08   Malu Paper     Results
30-Jul-08   Manap Gen Fi   Results
30-Jul-08   Mangal Ven     Results
30-Jul-08   Master Trust   Results
30-Jul-08   Maytas Infra   Results
30-Jul-08   Mayu Uniquot   Results
30-Jul-08   Medi-Caps Lt   Dividend, Results
30-Jul-08   Mefcom Cap M   Results
30-Jul-08   Meghmani       Results
30-Jul-08   Merck Ltd      Results
30-Jul-08   Mercury Trad   Results
30-Jul-08   Metro Indust   Results
30-Jul-08   Mideas Por M   Results
30-Jul-08   Mile Global    Results
30-Jul-08   Millennium B   Results
                                                          Contd...
                                                               29
                                               30th July 2008


30-Jul-08   Mindteck Ind   Results
30-Jul-08   Mini Diamond   Results
30-Jul-08   Mirza Inter    Results
30-Jul-08   Moldtek Tech   Results
30-Jul-08   Monotona Sec   Results
30-Jul-08   Monotype Ind   Results
30-Jul-08   Morarjetex     Results
30-Jul-08   Morgan Cru     Results
30-Jul-08   Mro-Tek Ltd    Results
30-Jul-08   Mrugesh Trad   Results
30-Jul-08   Mtz Polyfilm   Results
30-Jul-08   Mukand Eng     Results
30-Jul-08   Muller & Phi   Results
30-Jul-08   Munjal Show    Results
30-Jul-08   Murli Indu     Results
30-Jul-08   Murudeshwar    Results
30-Jul-08   N.S.Duncan     Results
30-Jul-08   Nat.Oxygen     Dividend, Results
30-Jul-08   Nationa Plyw   Results
30-Jul-08   Natraj Proti   Results
30-Jul-08   Natural Caps   Results
30-Jul-08   Ncj Internat   Results
30-Jul-08   Ncl Industri   Results
30-Jul-08   Neelkanth Ro   Results
30-Jul-08   Neemtek Org    Results
30-Jul-08   Network Ltd    General
30-Jul-08   New Bombay P   Results
30-Jul-08   Ngl Fine Chm   Results
30-Jul-08   Nicco Corp     Results
30-Jul-08   Nila Infrast   Results
30-Jul-08   Nirlon Ltd     Results
30-Jul-08   Nissan Coper   Dividend, Results
30-Jul-08   Nitin Alloy    Results
30-Jul-08   Nitinspinner   Results
30-Jul-08   Niyat Indust   Results
30-Jul-08   Noble Exploc   Results
30-Jul-08   Northgate Te   Results
30-Jul-08   Npr Finance    Results
30-Jul-08   Nuc Net Gis    Results
30-Jul-08   Nuc Net Gis    Dividend
30-Jul-08   Numech Embal   Results
30-Jul-08   Numeri Po Sy   Results
30-Jul-08   Oasis Securi   Results
30-Jul-08   Ok Play Indi   Results
30-Jul-08   Omkar Overse   Results
30-Jul-08   Online Media   Results
30-Jul-08   Orchid Chem    Results
30-Jul-08   Oricon Ent     Results
30-Jul-08   Orie Car Che   Results
30-Jul-08   Oriental       Results
30-Jul-08   P.H.Capital    Results
30-Jul-08   Pacific Cots   Results
30-Jul-08   Panam Petroc   Results
30-Jul-08   Panch.Steel    Results
30-Jul-08   Pankaj Polym   Results
30-Jul-08   Paramo Commu   Results
30-Jul-08   Parijat        Results
30-Jul-08   Parsh Hous     Results
30-Jul-08   Pasupati Acr   Results
30-Jul-08   Paushak Ltd    Results
30-Jul-08   Pbm Polytex    Results
30-Jul-08   Pearl Eng Po   Results
30-Jul-08   Pearl Fashon   Results
30-Jul-08   Pearl Global   Results
30-Jul-08   Permanent Ma   Results
30-Jul-08   Pfl Infotech   Results
30-Jul-08   Pharmasia      Results
30-Jul-08   Phil Car Blk   Results
30-Jul-08   Phoenix Inte   Results
30-Jul-08   Photoquip In   Results
30-Jul-08   Pioneer Agro   Results
30-Jul-08   Pithampur St   Results
30-Jul-08   Pitti Lamina   Results
30-Jul-08   Pokarna Ltd    Results
30-Jul-08   Polyspin Exp   Dividend
30-Jul-08   Power Grid     Results
30-Jul-08   Powersoft      Results
30-Jul-08   Praveen Prop   Results
30-Jul-08   Prem Som Fin   Results



                                                      Contd...
                                                           30
                                               30th July 2008


30-Jul-08   Prime Indust   Results
30-Jul-08   Provogue Ind   Results
30-Jul-08   Pulsar Inter   Results
30-Jul-08   Punit Commer   Results
30-Jul-08   Punj Alk Che   Results
30-Jul-08   Punjab Natbk   Results
30-Jul-08   Punjab Tract   Amalgamation
30-Jul-08   Puravankara    Results
30-Jul-08   Pyramid Saim   Results
30-Jul-08   R S Softw I    Results
30-Jul-08   Radico Khait   Results
30-Jul-08   Raj Agro Mls   Results
30-Jul-08   Rajapal Mill   Final Dividend
30-Jul-08   Rajdarsha In   Results
30-Jul-08   Rajen.Mech.    Results
30-Jul-08   Rajes Found    Results
30-Jul-08   Rajesh Strip   Results
30-Jul-08   Ram Ratn Wir   Results
30-Jul-08   Ramco Indusr   Results
30-Jul-08   Ramco System   Results
30-Jul-08   Rane Holdin    Results
30-Jul-08   Ranklin Solu   Results
30-Jul-08   Rapicu Carbi   Dividend, Results
30-Jul-08   Rashel Agrot   Results
30-Jul-08   Rasoi Ltd      Results
30-Jul-08   Rayban Sun O   Results
30-Jul-08   Real Strip L   Results
30-Jul-08   Regency Cera   Results
30-Jul-08   Reliance Cap   Results
30-Jul-08   Remi Metals    Results
30-Jul-08   Remi Process   Results
30-Jul-08   Ren Jewelery   Results
30-Jul-08   Respon Ind     Results
30-Jul-08   Riba Textile   Results
30-Jul-08   Rich Cap Fin   Results
30-Jul-08   Richa Knits    Results
30-Jul-08   Rico Aut Ind   Results
30-Jul-08   Rohit Pulp P   Results
30-Jul-08   Roopa Indust   Results
30-Jul-08   Rotam Comm.    Results
30-Jul-08   Roto Pumps L   Results
30-Jul-08   Rswm Ltd       Results
30-Jul-08   Ruchi Soya.    Results
30-Jul-08   S A L Steel    Results
30-Jul-08   S.S.Organics   Results
30-Jul-08   S.V.Electric   Results
30-Jul-08   Saag Rr Infr   Results
30-Jul-08   Sadha Nit Ch   Dividend, Results
30-Jul-08   Sahil Financ   Results
30-Jul-08   Sakuma Expo    Results
30-Jul-08   Sambhaav Med   Results
30-Jul-08   Sanco Trans    Results
30-Jul-08   Sandesh Ltd    Results
30-Jul-08   Sandur Man     Results
30-Jul-08   Sangam India   Results
30-Jul-08   Sanjay Leas    Results
30-Jul-08   Sanjiva Para   Results
30-Jul-08   Sarasw.Comm.   Results
30-Jul-08   Sarda Papers   Results
30-Jul-08   Satyam Silk    Results
30-Jul-08   Sbec Systems   Results
30-Jul-08   Scooters Ind   Results
30-Jul-08   Se Investm     Results
30-Jul-08   Sg Global Ex   Results
30-Jul-08   Sh Raja Synt   Results
30-Jul-08   Sh.Precoated   Results
30-Jul-08   Sha Eng Pla    Results
30-Jul-08   Shah Alloy L   Results
30-Jul-08   Shakti Press   Results
30-Jul-08   Shakti Pumps   Results
30-Jul-08   Shalimar Pro   Results
30-Jul-08   Shanthi Gear   Results
30-Jul-08   Shilchar Tec   Results
30-Jul-08   Shilp Gravue   Results
30-Jul-08   Shr Jagd Pol   Results
30-Jul-08   Shreenath      Results
30-Jul-08   Shreenath In   Results
30-Jul-08   Shrenuj &Com   Results
30-Jul-08   Shukr Bull     Results
30-Jul-08   Shukra Jew     Results
30-Jul-08   Si Cap.&Fina   Results
                                                       Contd...
                                                            31
                                               30th July 2008


30-Jul-08   Sika Interp    Results
30-Jul-08   Silver Anima   Results
30-Jul-08   Silverline T   Results
30-Jul-08   Simplex Cast   Results
30-Jul-08   Sinclair Hot   Results
30-Jul-08   Singer Indi    Results
30-Jul-08   Sinnar Bidi    Results
30-Jul-08   Sip Indust L   Results
30-Jul-08   Sir Shadi La   Results
30-Jul-08   Siyar Silk M   Results
30-Jul-08   Sks Log Ltd    Results
30-Jul-08   Smc Credit     Results
30-Jul-08   Smruthi Org    Dividend, Results
30-Jul-08   Sms Pharmace   Results
30-Jul-08   Solar Expl     Results
30-Jul-08   Solid Stone    Results
30-Jul-08   Soma Tex Ind   Results
30-Jul-08   South Asia E   Results
30-Jul-08   Southbiotec    Results
30-Jul-08   Southern Isp   Results
30-Jul-08   Sovereign Di   Results
30-Jul-08   Sparc System   Results
30-Jul-08   Spectra Indu   Results
30-Jul-08   Spice Tele     Results
30-Jul-08   Spicejet Ltd   Results
30-Jul-08   Sps Internat   Results
30-Jul-08   Sreechem Res   Results
30-Jul-08   Srei Infra     Results
30-Jul-08   Sri Laks Sar   Results
30-Jul-08   St Trad Corp   Results
30-Jul-08   Stanrose Maf   Dividend
30-Jul-08   Star Paper     Results
30-Jul-08   Stelco Strip   Results
30-Jul-08   Sterling Too   Dividend
30-Jul-08   Sterlite Pro   Results
30-Jul-08   Stocknet Int   Results
30-Jul-08   Stone Indi L   Results
30-Jul-08   Sturdy Inds    Results
30-Jul-08   Subhkam Cap    Results
30-Jul-08   Subway Fin.    Results
30-Jul-08   Summit Sec     Results
30-Jul-08   Sun Ir Steel   General
30-Jul-08   Sundarammul    Results
30-Jul-08   Sundram Fast   Results
30-Jul-08   Sunraj Dia E   Results
30-Jul-08   Super House    General
30-Jul-08   Surab.Che.&I   Results
30-Jul-08   Su-Raj Diamo   Results
30-Jul-08   Surat Textil   Results
30-Jul-08   Surbhi Ind     Results
30-Jul-08   Sutlej Tex     Results
30-Jul-08   Suzlonenergy   Results
30-Jul-08   Sybly Indusr   Results
30-Jul-08   Syschem Indi   Results
30-Jul-08   Systel Infot   Results
30-Jul-08   T. Spiritual   Results
30-Jul-08   Tajgvk Hotel   Results
30-Jul-08   Take Solut     Dividend
30-Jul-08   Talbro Aut C   Results
30-Jul-08   Tamiln Telco   Results
30-Jul-08   Tanu Heal      Results
30-Jul-08   Tarrif Cine    Results
30-Jul-08   Tasty Bite     Results
30-Jul-08   Tata Chemica   Results
30-Jul-08   Tata Coffee    Dividend
30-Jul-08   Tata Comm      Results
30-Jul-08   Tata Motors    Results
30-Jul-08   Techtran Pol   Results
30-Jul-08   Texmaco Ltd    Results
30-Jul-08   Thacker        Results
30-Jul-08   Thana Ele Su   Results
30-Jul-08   Thyrocar Lab   Results
30-Jul-08   Time Guarant   Results
30-Jul-08   Titan Biotec   Results
30-Jul-08   Tivoli Const   Results
30-Jul-08   Today Writ     Results
30-Jul-08   Torent Cable   Results
30-Jul-08   Tornt Power    Results
30-Jul-08   Trans Asiac    Results
30-Jul-08   Transcorp In   Results
30-Jul-08   Transwarrant   Results
                                                      Contd...
                                                           32
                                                       30th July 2008


       30-Jul-08   Trent          Results
       30-Jul-08   Trigyn Techn   Results
       30-Jul-08   Trijal Indus   Results
       30-Jul-08   Trish Elec I   Results
       30-Jul-08   Triumph In F   Results
       30-Jul-08   Triveni Engi   Results
       30-Jul-08   Tudor India    Results
       30-Jul-08   Tulip Tele     Results
       30-Jul-08   U G Hotels R   Results
       30-Jul-08   U P Hotels L   Results
       30-Jul-08   Uni Legewear   Results
       30-Jul-08   Uni Royal In   Results
       30-Jul-08   Unitech Ltd    Results
       30-Jul-08   Unity Infra    Results
       30-Jul-08   Univ Prime A   Results
       30-Jul-08   Univer Starc   Results
       30-Jul-08   Upasana Fin.   Results
       30-Jul-08   Usha Martin    Results
       30-Jul-08   Ushamrtn Inf   Results
       30-Jul-08   Vadilal Ente   Results
       30-Jul-08   Vadilal Indu   Results
       30-Jul-08   Vaghani        Results
       30-Jul-08   Valecha Engi   Bonus, Results
       30-Jul-08   Valuemart In   Results
       30-Jul-08   Venus Vent     Results
       30-Jul-08   Victoria Mil   Dividend, Results
       30-Jul-08   Victory Pape   Results
       30-Jul-08   Vij.Shanti B   Results
       30-Jul-08   Vijay Textil   Results
       30-Jul-08   Vikas Wsp Lt   Results
       30-Jul-08   Vikram Therm   Dividend, Results
       30-Jul-08   Vimta Labs L   Results
       30-Jul-08   Vintage Card   Results
       30-Jul-08   Vintage Secu   Results
       30-Jul-08   Vintron Infm   Results
       30-Jul-08   Vinyoflex Lt   Results
       30-Jul-08   Vip Industri   Results
       30-Jul-08   Vippy Spinpr   Results
       30-Jul-08   Vishal Expo    Results
       30-Jul-08   Vishal Retai   Results
       30-Jul-08   Vishvprab Tr   Results
       30-Jul-08   W H Brady Co   Results
       30-Jul-08   W.Ministil     Results
       30-Jul-08   Warren Tea L   Results
       30-Jul-08   Watson Softw   Results
       30-Jul-08   West Ind Cot   Results
       30-Jul-08   Western Indi   Results
       30-Jul-08   Wheels India   Results
       30-Jul-08   Winro Commr.   Results
       30-Jul-08   Woolite Merc   Results
       30-Jul-08   Yenkey Dru P   Results
       30-Jul-08   Yes Bank       Results
       30-Jul-08   Zee Enter      Buy Back of Shares
       30-Jul-08   Zenit Healtc   Results
       30-Jul-08   Zenotech Lab   Results
       30-Jul-08   Zf Steering    Results
       30-Jul-08   Zicom Ele Se   Results
       30-Jul-08   Zodiac Cloth   Results
       Source : BSE / NSE




HOME
                                                                   33
                                                                                                                                              30th July 2008



Reliance Money Research and Sales
Research                   Sectors                                                         Telephone              EmailID
Avinash Gorakshakar     Head of Research                                                   91-22-3044 3302        avinash.gorakshakar@relianceada.com
Analyst
Umesh Karne             Autos,Auto Components, Capital Goods & Power Equip                 91-22-3044   3305      umesh.karne@relianceada.com
Sanjeev Hota            IT, Media and Education                                            91-22-3044   3304      sanjeev.hota@relianceada.com
Surya Patra             Pharma, FMCG & Liqour                                              91-22-3044   3303      surya.patra@relianceada.com
Rabindranath Nayak      Power Utilities & Telecom                                          91-22-3044   3309      rabindra.n.nayak@relianceada.com
Sirish Hisaria          Real Estate, Construction & Infrastructure                         91-22-3044   3308      sirish.hisaria@relianceada.com
Pankaj Bobade           Metals & Mining                                                    91-22-3044   3319      pankaj.bobade@relianceada.com
Dikshit Mittal          Oil and Gas                                                        91-22-3044   3314      dikshit.mittal@relianceada.com
Associates
Gaurant Dadwal          Autos & Auto Components                                            91-22-3044   3321      gaurant.dadwal@relianceada.com
Atul Pandit             Engineering                                                        91-22-3044   3316      atul.pandit@relianceada.com
Priyadarshini Dembla    FMCG                                                               91-22-3044   3315      priyadarshini.dembla@relianceada.com
Poonam Bisht            Liquor                                                             91-22-3044   3318      poonam.bisht @relianceada.com
Vinod Pushpanathan      Pharma                                                             91-22-3044   3320      vinod.pushpanathan@relianceada.com
Anwit Goswami           Power Utilities, Telecom                                           91-22-3044   3317      anwit.goswami@relianceada.com
Technical & Derivatives Desk
Nilesh Kulkarni         Sr. Derivatives Analyst                                            91-22-3044 3312        nilesh.kulkarni@relianceada.com
Bhavin Mehta            Technical Analyst                                                  91-22-3044 3311        bhavin.y.mehta@relianceada.com
India Equity Sales Desk
Vijay Pandya            Sales - Institutional Equity                                       91-22-30443488         vijay.pandya@relianceada.com
Vijay Shah              Sales - Institutional Equity                                       91-22-30457000         vijay.shah@relianceada.com
Suresh Parmar           AVP - Institutional Equity                                         91-22-30443489         suresh.parmar@relianceada.com
Asia Pacific Sales Desk
Ankur Sharma               Country Head - Hong Kong                                        +852 9528 2165         ankur.sharma@relianceada.com
                                                                                                                  ankur@goldride.com




Reliance Money Stock Rating
 Rating                                                                          Stock Performance
 BUY                                                                Appreciate more than 15% in next 12 months
 HOLD                                                                  Appreciate upto 15% in next 12 months
 REDUCE                                                                Depreciate upto 10% in next 12 months
 SELL                                                               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


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 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.
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