BSEIndia: All Stock Market News: Money Times May 12

Page 1

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A TIME COMMUNICATIONS PUBLICATION

VOL. XVII No. 26 Monday, May 12 – 18, 2008

Pages 18

Markets lack conviction

as confidence goes missing at higher levels

By Sanjay R. Bhatia

As indicated, the markets have displayed weakness and triggered a short-term correction on the back of negative global

cues. Rise in crude oil prices, which touched a record high and surpassed the $124 level has affected the market sentiment

negatively and triggered profit-booking and selling pressure. Traders and speculators were seen booking profits and also

going short on these concerns. FIIs remained marginal buyers in the cash segment but were big sellers in the derivatives

segment. Mutual Funds, too, were marginal buyers. The breadth of the market has remained negative on the back of

higher volumes, which is a negative sign for the markets.

The global cues have remained negative. Crude price

continued its uptrend on the supply concerns. Global

markets, too, turned negative on the back of crude

concerns, which have inflationary consequences. On the

domestic front, the inflation rate continued to move up to

touch 7.61% for the week ended 26

April 2008, which is a

42-month high. The Indian basket of crudes has touched

$117.83 per barrel. It is unlikely that we may see any major

softening in the inflation rate in the immediate future even

after the measures taken by the government.

The markets lack conviction and confidence at higher

levels. The negative sentiment is likely to continue, as

domestically except for the monsoon we do not have any triggers, which can help in unfolding a rally. In the meanwhile,

the markets would continue to take cues from the global markets and crude prices, which can rise even further. The

inflation rate would continue to impact the sentiment domestically. Stock specific activity will continue amidst occasional

bouts of volatility and choppiness

Technically, the BSE Sensex and Nifty have slipped below their respective 200-day SMA. On the upside, the Sensex faces

resistance at the 17,300, 17,600 and 17,824 levels and has support at the 16,608 and 16,372 level. On the upside, the Nifty

faces resistance at the 5025 and 5156 levels while 4899 and 4838 are its important support levels.

Investors are advised to stay away from taking long positions.

Start thinking…seriously!

BAZAR.COM

By Fakhri H. Sabuwala

The economy given its growth rate, price rise, high inflation, sub prime woes, rising interest rates has turned out to be a

pain in the head, neck and the stomach! So much for the worrisome days ahead…seriously.

Are you worried? You better be! Those in their fifties are certainly stressed out big time according to a recent retirement

survey. In fact, knowing what you are fretting about - the state of your finances, may be the most productive thing you

can do to weather today's uncertain economic times.

Page 2

Embrace your financial angst…

This threat-onomics approach may sound bully-ish but there is some sound science behind the benefits of embracing

one's concerns.

A Yale University professor discovered that financial angst - specifically the threat of losing money – was the most

effective motivator for him and other dieters to lose weight. In other words, the prospects of losing capital get people to

do things.

Negative incentives? Check. That'd be tanking portfolios, diminished savings and an endangered quality of life. As if you

need a reminder! A goal to strive for? Check. Avert financial disaster at all costs.

Now that I've gotten you all worked up about the state of your financial affairs, let's do something constructive with all

that built-up angst.

Face your 'Frightmare at Dalal Street' instead of rocking back and forth on the floor in the foetal position, try this

Behavioural Psyche 101 style exercise.

Think all the way through the likely outcome of your worst economic fears. Ask yourself: "What would happen

if…(insert a dreaded event)…were to actually take place?". Cover all the scenarios that keep you awake at night – house

values flooring in your neighbourhood; you or your spouse losing the job; your hard earned savings of 700K remaining

stagnant for five years. Push through all these pains and keep tissues on stanby.

As you perform this fire drill, you're pinpointing specific vulnerabilities in your financial plan.

Congratulations, you've just laid the ground work for your scary – scenario survival 'to do' list (write it all down!): the

stuff you need to do to improve the outcome of whatever frightens you.

Relax….by now you know what you need to do to dampen the effect of those economic jitters. You may have even

discovered those macro economic messes disrupting your sleep are not as big a threat to your way of life as you feared. If

so, there is plenty to worry about, like T/20 cricket series, your son's CAT ranks, the suspense that the 'saas' unfolds on

'bahus' in soap operas.

And finally, buy some bonds and mutual fund units cash for good measure. Above all retain cash. Come on start

thinking…..seriously.

Twenty20

Money spinning ideas:

World Steel Dynamics (WSD) Steel Benchmarker reports a continued upward movement in steel prices globally with the

US leading the trend again. Over the last twenty days, Hot Rolled Coil (HRC) prices have increased by US $94 per tonne

in USA and by US $59 per tonne in Europe and US $14 per tonne in China. During the same period Cold Rolled Coil

(CRC) prices have increased by US $76 per tonne in USA, by US $63 per tonne in Europe and US $6 per tonne in China.

This is the twelfth straight increase in HRC prices reported by WSD in US since October 2007. HRC prices in USA

increased from US $577 per tonne in October 2007 to US $1097 per tonne in April 2008 - an increase of US $520 per tonne

or 90% in the last 6 months.

Such an increase in the US market is primarily driven by increasing raw material costs and shortage of physical metal.

The key beneficiaries of this Twenty20 match are Tata Steel (a company with 75% of its consolidated capacity in Europe

i.e. Corus) followed by JSW Steel due to its plant and pipe mill operation in the US.

A leading broking house thus maintains a strong buy on both these stocks and targets Rs.1083 for Tata Steel at 10 times its

FY09 earning of Rs.108.3 and Rs.1583 for JSW at 10 times its FY09 EPS of Rs.158.3.

Pull-back rise terminated

TRADING ON TECHNICALS

By Hitendra Vasudeo

The Sensex last week opened at 17687 attained a high at 17735.70

during the week and fell to a low of 16678.94. The Sensex finally

closed the week at 16737.07 and thereby showed a net fall of 862

points on week to week basis. As a result of the weekly

movement, the Sensex has also formed an Engulfing Bear

candlestick pattern on the weekly charts which suggest that if

the high of 17735 is not crossed at the earliest we can see a

sustained fall in the market.

The entire expected weakness can be eliminated only if the high

of the Engulfing Bear weekly candle is crossed and preferably a

close above it will confirm further strength in the market. The

high of the Engulfing Bear is 17735.

Page 3

Last week, we had

indicated that fall and

close below 16978 can

terminate the pull back

rise. Since its low of

14677, the Sensex had not

fallen below the previous

week's low. Last week,

we saw that happen,

which is an indication of

the termination of the

rising upmove from 14677

to 17735.

WEEKLY UP TREND STOCKS

Further, any fall from

hereon can either create a

higher bottom to rebound

back to test the high of

Let the price move below Center Point or Level 2 and when it move back above Center Point or Level 2 then buy

with what ever low registered below Center Point or Level 2 as the stop loss. After buying if the price moves to

Level 3 or above then look to book profits as the opportunity arises. If the close is below Weekly Reversal Value

then the trend will change from Up Trend to Down Trend. Check on Friday after 3.pm to confirm weekly reversal

of the up Trend.

Last

Center

Relative

Weekly

Close

Point

Strength Reversal Trend

Scrips

Level 1 Level 2

Level 3 Level 4

Value

Date

Stop

Loss

Buy

Price

Buy

Price

Book

Profit

Book

Profit

REI AGRO

1600.00 1375.0

1525.0

1600.0

1675.0

1825.0

78.8

1560.5

28/03/08

GLENMARK PHAR

649.00 554.3

621.3

660.7

688.3

755.3

78.3

618.1

28/03/08

NESTLE INDIA

1812.00 1591.3

1726.3

1775.7

1861.3

1996.3

74.7

1670.5

28/03/08

CAIRN INDIA

273.95 219.6

254.4

269.7

289.2

324.0

70.9

259.6

09/05/08

STERLING BIOTEC 194.95 168.3

187.3

198.7

206.3

225.3

70.6

193.6

14/03/08

WEEKLY DOWN TREND STOCKS

17735 or to cross it or to

make a lower top. In both

these

situations,

the

subsequent result is a

slide. It is a situation of

now or later and it ought

to happen.

Weekly resistance will be

17050-17422-17735.

Weekly support will be at

16365-15308-14677.

If the Sensex creates a

higher bottom of the rise

from 14677 to 17735 and

moves to cross 17735 then

expect the rise to get

Let the price move above Center Point or Level 3 and when it move back below Center Point or Level 3 then sell

with what ever high registered above Center Point or Level 3 as the stop loss. After selling if the prices moves to

Level 2 or below then look to cover short positions as the opportunity arises. If the close is above Weekly Reversal

Value then the trend will change from Down Trend to Up Trend. Check on Friday after 3.pm to confirm weekly

reversal of the Down Trend.

Last

Center

Relative

Weekly

Down

Close

Point

Strength Reversal Trend

Scrips

Level 1 Level 2

Level 3 Level 4

Value

Date

Cover

Short

Cover

Short

Sell

Price

Sell

Price

Stop

Loss

SOBHA DEVELOP

570.60

466.2

543.1

592.6

620.0

696.9

29.05

596.20

09/05/08

THERMAX

478.20

426.1

464.7

489.7

503.3

541.9

29.20

500.28

07/03/08

BGR ENERGY SYS 445.65

399.8

432.3

451.4

464.8

497.3

29.23

449.64

09/05/08

INDIA CEMENTS

161.05

136.7

154.7

166.4

172.8

190.8

29.39

171.89

17/04/08

KALPATARU POW 1035.00 909.7

999.7

1054.3

1089.7

1179.7

30.38

1082.00 09/05/08

extended towards 18193-

18426.

PUNTER'S PICKS

Note: Positional trade and exit at stop loss or target which ever is earlier. Not an intra-day trade. A delivery

based trade for a possible time frame of 1-7 trading days. Exit at first target or above.

Scrips

BSE

CODE

Last

Close

Buy Price

Buy On

Rise

Stop Loss Target 1 Target 2

Risk

Reward

GULSHAN SUGARS

524184

49.80

49.40

49.90

43.25

54.0

60.7

0.64

Sensex Wave Analysis

Wave I-2594 to 3758

Wave II-3758 to 2904

Wave III- Internals as

follows:

Wave 1- 2904 to 6249

Wave 2-6249 to 4227

Wave 3-4227 to 12671

Wave IV- 12671 to 8799

Wave V- 8799 to 21206

Wave A-21206 to 14677

Wave B-14677 to 17735

Wave C- 17735 to 16678

(Current ongoing move)

Alternative Count of

Wave B

EXIT LIST

Scrip

Last Close Sell Price Sell Price Sell Price Stop loss Target 1 Target 2

Monthly

RELIANCE INDUSTRIES

2528.00 2585.25 2608.50

2631.75

2707.00 2388.3

2191.3

36.58

WELSPUN-GUJARAT STAH

388.20

396.61

400.50

404.39

417.00

363.6

330.6

41.81

ASIAN PAINTS

1219.00 1250.96 1263.00

1275.04

1314.00 1149.0

1047.0

44.80

SESA GOA

4020.00 4071.73 4132.50

4193.27

4390.00 3556.7

3041.7

47.36

TRANSWORLD INFOTECH

216.45

235.61

242.75

249.89

273.00

175.1

114.6

50.20

NATIONAL ALUMINIUM C

438.85

443.46

447.00

450.54

462.00

413.5

383.5

52.79

EVEREST KANTO CYLIND

334.00

337.49

341.02

344.56

356.00

307.5

277.6

54.91

Wave a-14677 to 17735

Wave b-17735 to 16678

Once this Wave b is complete then expect Wave c to move higher beyond 17735.

Conclusion

Page 4

Till the high of 17735 is not crossed, every rise will be a rise to create a lower top to surrender the gains. A slide to a lower

range will possibly test the low of 14677.

Strategy for the week

Exit long positions and sell on rally to 17050-17422 with a stop loss of 17736. Expect the lower range of 16365-15308 to be

tested. Since the fall on Friday was sharp and long, we could see a some retracement to 17050-17422 before it slides down

further.

* While Goldman Sachs forecasts crude oil at $200 per barrel, many experts opine that the world economy may collapse at

$135 and do not rule out a world war if crude oil crosses $150 per barrel.

TOWER TALK

* JB Chemicals is lying low on indifferent performance over the last two quarters but is expected to do well in FY09,

which is why the management is buying back shares at Rs.70.

* With crude oil price shooting up the best bets are exploration and service companies. Mid cap stocks to watch are Selan

Exploration and Asian Oilfield Services.

* A noted brokerage has given a buy call on Bihar Tubes. The company is adding capacities by acquisitions in

Maharashtra.

* Ansal Housing has come down to very attractive levels and is a fundamentally strong stock.

* There is some buzz about Autoline Industries' offer of preferential warrants to a leading investor. The company has a

grand target of Rs.500 cr. revenue in the near future.

* Bodal Chemicals has risen dramatically after the rights issue having caught the imagination of discerning investors.

* Sintex Industries' robust performance in FY08 and acquisition of Wausaukee Composites (USA), Automotives Business

Division of Bright Brothers and NIEF Plastion (France) paves the way for this scrip to scale to a 4-digit peak in coming

months. Only a matter of a smart investor marrying this damsel!

* The government's decision to disinvest 10% in profitable PSUs when listed PSUs are nursing their wounds inflicted by

government's interference will not go well with primary market investors.

* Arena T&D India is attracting the interest of local funds at the behest of a smart angler. A price target of Rs.2500 in a

year does not look out of place.

* Logix Microsystems's 80% rise in net profit for FY08 and a supportive dollar conversion rate makes it a scrip to watch in

the IT sector.

* Kouton's, a retailer in the attire business, is on an expansion spree and is winning candidate in readymades.

* Shipping companies stand to gain tremendously by the crude oil price rise as they earn freight on ad valorem rate.

* Flat Products has declared very poor performance for the March 2008 quarter. Exit immediately.

* JK Lakshmi Cement share may shoot up once its Q4FY08 results are out on 14

May. Its one of the safe bets with

negligible risk of any downfall.

* Stone India is looking for merger and acquisition options for future growth. Buy for short-term trading gains.

* High rubber prices will indirectly benefit Indag Rubber as its re-treading business will flourish in such a scenario. Keep

a watch on this counter.

* Southern Online Biotechnologies is on a firm footing with 50% of its biodiesel capacity sold to AP Roadways and

another 25% marked from next month.

* Grey market premium for IPOs softened sharply in keeping with the secondary market with Gokul Refoils quoting

Ra.15/16 and Anu's Labs around Rs.18/20 per share.

* Proxy IPO application forms for Rs.1 lakh retail application are quoting at Rs.1500/1600 for Gokul Refoils and

Rs.1400/1500 for Anu's Labs.

By Saarthi

BEST BETS

Ansal Housing & Construction Ltd. (Code: 507827 )

Rs.143.10

Incorporated in 1983, Ansal Housing & Construction Ltd. (AHCL) – part of the high profile Ansal Group is one of the

reputed real estate developers with a predominant presence in North India. AHCL is the pioneer of large integrated

residential townships in the country. Moreover, it was the first to enter Tier - II & III cities like Ghaziabad, Noida,

Allahabad, Lucknow, Ludhiana, Agra, Bhopal, Haridwar etc. Till now, the company has constructed a massive 67.6

million sq. ft. of commercial and residential project across India. Despite residential segment being the biggest

contributor, AHCL is now seeing increased activity in commercial space since it has aggressively forayed into shopping

malls and retail space. In collaboration with Radisson worldwide, it is setting up a chain of restaurants across India with

'The Great Kebabs Factory' and 'Superstars' already operational in Noida. It also owns and manages club houses under

the 'Chancellor' brand name in these Ansal townships. As a part of diversification, the company has also forayed in

Page 5

automobile business through a joint venture with Itochu Corporation of Japan. And on the back of excellent prospects, it

is now setting up state-of-the-art sales cum service centre facility for Honda Cars at Ghaziabad.

Out of the total development till date, more than 95% has been carried out in the Tier II or Tier III cities, which stands out

as the USP of the company. Some of the popular townships developed by the company are Aashiana – Lucknow (477

acres), Golf Link I & II - Greater Noida (140 acres), Tronica city – Ghaziabad (87 acres), Bachittar Enclave – Ludhiana (34

acres) etc. In the commercial space, Imperial Tower, Majestic Tower, Classique Tower, Vikas Deep etc. in Delhi and Ansal

Plaza – Ghaziabad (5,45,000 sq. ft.), Fortune Arcade – NCR (91,35,000 sq. ft.), Mega Arcade – Noida (750,00 sq. ft.) are

some of its landmark creations.

On the back of the boom in the housing sector and the strong demand for commercial property, AHCL is aggressively

expanding and has launched residential townships branded as 'Ansal Town' across seven cities namely Agra, Indore,

Jammu, Rewari, Karnal, Meerut and Ghaziabad at an investment of Rs.2000 cr. and spread over 1400 acres. In all, the

company has lined up a gigantic 56.10 million sq. ft of development (80% in the residential segment) spread over 22 cities

in the next five years. Interestingly, it has construction plans in much smaller towns like Kurukshetra, Narnaul, Yamuna

Nagar, Rewri & Panchkula in Haryana, Ajmer & Alwar in Rajasthan, Muzzaffarnagar & Jhansi in UP, Parwanoo & Poanta

Sahib in HP. At the same time, it has ongoing projects in Mumbai metro whereby it is building two towers under the

name 'Whispering Meadows' and 'Ansal Heights' at Mulund and Worli respectively. It is also constructing three high

premium towers with super luxurious facilities under the 'Ansals Tanushree' project at Ghaziabad (UP). The company

also intends to develop Holiday Homes in Shahpur - Thane spread over 150 acres.

Currently, AHCL has a rich land bank of 2500 acres with about 50% under its own name while the rest are under firm

collaborator's agreement. Importantly, the acquisition cost of these lands is reasonably low because of which the company

has been able to register a better profit margin compared to its peers. Financially, its topline increased by 60% to Rs.199 cr.

and the PAT has more than doubled to Rs.42.75 cr. for FY07, posting an EPS of Rs.25 on its equity of Rs.16.80 cr.

Incidentally, AHCL follows the percentage of completion method of accounting and hence the revenue is recognized in

proportion to the actual cost incurred. It reported encouraging result for the first three quarters and is expected to end

FY08 with revenue of Rs.260 cr. and net profit of Rs.55 cr. i.e. EPS of Rs.31 on its current equity of Rs.17.50 cr. To fund its

various projects, AHCL has recently allotted 17 lakh warrants to the promoter group at Rs.208 per warrant and Rs.29.50

lakh warrants to others at Rs.225 per warrant. After all conversions, its diluted equity is estimated to be around Rs.21.50

cr. Considering its massive land bank, huge order book position and 52-week high/low at Rs.405/190, AHCL is trading

fairly cheap at an current enterprise value of merely Rs.500 cr. Investors are strongly recommended to buy the scrip at

current levels as it can easily appreciate 50% in a year's time.

Tamil Nadu Newsprint & Papers Ltd. (Code: 531426 )

Rs.101.30

Incorporated in 1979, Tamil Nadu Newsprint & Papers Ltd. (TNPL) was promoted by the Government of Tamil Nadu,

which still holds around 35% stake in the company. In spite of being a public sector company, TNPL pioneered the

concept of producing paper from bagasse, namely sugarcane waste thereby using as little wood as possible. Today apart

from being one of the lowest cost manufacturer, the company boasts of having the world's largest bagasse based paper

mill with a capacity of 2,45,000 TPA. It is also the largest exporter of wood free paper from India. TNPL basically

manufactures printing and writing paper

comprising cream wove, copier and mapiltho

paper for business stationery, classical

writing, computer stationery and other

commercial and quality printing. It offers a

range of high-quality surface sized maplitho

paper to suit any kind of printing - sheet-fed

or web-offset. It is the undisputed market

leader for computer stationery in domestic

market. It also derives nearly 2% revenue

from newsprint. Presently, the company's

product is exported to over 20 countries across

Asia-Pacific, Australia, Middle East, the

Mediterranean and the African continent.

TNPL is acknowledged as the world leader in

technology for the manufacture of paper from

bagasse and has the most modern paper mill

in the country with an unique bagasse

procurement, storing, preserving, handling,

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Page 6

processing and pulping system. It continues to enjoy its relatively low reliance on wood because of its vision to make

paper primarily from bagasse - a sugarcane waste product, which is abundant and cheap as compared to wood, which is

scarce and expensive. Due to this technology, it actually avoids the chopping down of trees in about 30,000 acres of forest

land every year. However, it maintains a relationship of 65:35 for bagasse and wood pulp in its production to ensure high

quality of paper. To cater to the increasing paper demand and become a global player, TNPL has implemented Phase-I of

Mill Development Plan, which is almost completed. The evaporator, recovery boiler, lime kiln and few other plants were

commissioned during September 2007 and the 20 MW turbo generator during October 2007. Accordingly, the company

has increased its captive pulp production capacity from 170,000 TPA to 260,000 TPA with element chlorine free (ECF)

bleaching and a rise in the paper production capacity by 15,000 tonnes to 245,000 TPA. In order to further de-risk its

exposure to volatile wood pulp prices, TNPL intends to increase the pulpwood plantation by another 12,000 acres from

19,349 acres presently through farm forestry and captive plantation schemes. Importantly, TNPL is self-sufficient in

power with in-house captive power generation capacity of 86.12 MW and another 35.50 MW through wind farms. In fact,

it has been supplying surplus power to the Tamil Nadu State grid.

Considering the robust outlook for paper industry and to maintain its future growth, TNPL is now contemplating to

further hike its paper production capacities from 245,000 to 400,000 TPA by March 2010. Besides, the company has

entered into carbon trading by having got its Bio-methanation plant registered as a CDM project with UNFCCC and is

expected to get 37000 CER as carbon credit till 2013. Moreover, it is setting up a mini cement plant with a capacity of 400

TPD for producing high grade cement using the lime sludge and fly ash – the waste material generated in the process of

manufacture of paper. It is also contemplating to construct an IT Park measuring an office area of 4 lakh sq. ft. on its

surplus land in a suburb of Chennai.

Financially as well as fundamentally the company is on a strong footing. However, it has a huge debt of more than Rs.550

cr. For FY08, the company is expected to clock a turnover of Rs.930 cr. with net profit of Rs.115 cr., which translates into

an EPS of Rs.17 on its equity of Rs.69.40 cr. On the back of the increased pulp capacity, rise in paper manufacturing

capacity and increase in power generation coupled with robust paper prices, TNPL has the potential post an EPS of Rs.20

for FY09. Considering the company's eco-friendly technology, cash EPS of Rs.30, dividend yield of 4% and massive

reserves of more than Rs.500 cr., the scrip is available relatively cheap at an enterprise value of Rs.1300 cr. Hence investors

can buy with a price target of Rs.175 in 15 months.

Rain Commodities Ltd.: Sure to be re-rated

ANALYSIS

By Devdas Mogili

Rain Commodities Ltd. (RCL), formerly known as Priyadarshini Cement, is a 34-year old Hyderabad based company

incorporated in 1974. Following various schemes of amalgamations and mergers, RCL has emerged as the holding

company. The Cement Division of the group was transferred to Rain Industries Ltd. (RIL), a wholly-owned subsidiary.

RIL is primarily engaged in the manufacture and sale of cement including Ordinary Portland Cement (OPC) and

Pozzolona Portland Cement (PPC). In the domestic market, RIL operates through a network of dealers for the sale of its

products. Its major markets include Andhra Pradesh, Karnataka and Tamil Nadu. Considering the robust growth in

cement consumption, the company has undertaken a capacity expansion of 1.5 million tonnes, which is likely to

commence commercial production shortly. Post expansion, its total capacity will increase to 3 million tonnes.

Its Cement Division produces OPC 33 grade, 43 grade and 53 grade, PPC and Sulphate-Resistant Portland Cement (SRPC)

is sold under the brand name 'Priya'. RIL commissioned its first ready-mix concrete plant located at Uppal, Hyderabad in

December 1999. The second ready-mix concrete plant has been set up at Miyapur, also in Hyderabad. It had set up two

manufacturing plants with a rated capacity of 7200 cubic metres per month. N. Radhakrishna Reddy is the chairman

while N. Jagan Mohan Reddy is the managing director of the company.

RCL's wholly-owned subsidiaries are Rain Calciner Ltd, which is engaged in the business of manufacture and sale of

Calcined Petroleum Coke (CPC) and Cogeneration and supply of Power (Rain Calcining Ltd. was amalgamated with the

RCL w.e.f. 1

April 2007 and was renamed Rain Calciner Ltd.); and Rain Global Services LLC, USA, is engaged in the

business of trading and sale of Green Petroleum Coke (GPC) and CPC. Its other subsidiaries include Rain CII Carbon

(India) Ltd., Moonglow Company Business Inc. in The British Virgin Islands, Rain Commodities (USA) Inc. in USA and

Rain CII Carbon L.L.C. USA and its associate – Petroleum Coke Industries Company, Kuwait.

Performance: RCL's performance in the past has been lacKlustre. The company came out of the purview of BIFR and a

package was worked out to bail out of the company. Strategic moves of amalgamations and mergers saw the company

through difficult times and it made a smart turnaround in 2006.

The company came out with highly encouraging results for the year ended 31

December 2007. It posted a consolidated

net sales figure of Rs.1592.80 cr. with net profit of Rs.45.40 cr. netting an EPS of Rs.23.99.

Page 7

Financial Highlights:

(Rs. in cr.)

Latest

Results:

The

company has announced

fabulous results for the QE

31/03/08. It registered a net

sales of Rs.810.02 cr. with

net profit of Rs.111.13 cr.

recording a basic and

diluted EPS of Rs.12.36

before extraordinary items.

The basic and diluted EPS

after extraordinary income is

Rs.16.40. The EPS works out

Rs.49.44

before

extraordinary items and

Rs.65.60 after extraordinary

items.

Particulars

QE 31/03/08

QE 31/03/07

YE 31/12/07

Net Sales/Income

810.02

142.33

1592.80

Other Income

0.15

10.06

41.15

Total Income

810.17

152.39

1633.95

Total Expenditure

639.47

102.92

1390.62

Interest

66.80

15.86

157.76

PBT, extraordinary item

103.90

33.61

85.57

Tax Expense

20.12

14.02

8.01

PAT, extraordinary item

83.78

19.59

77.56

Extraordinary item

(27.36)

33.61

31.64

Net Profit

111.13

53.20

45.92

Share of loss from Associate companies

(0.52)

Net Profit

111.13

53.20

45.40

Paid up equity FV: Rs.10

70.47

32.11

Res Exc Rev Reserves

339.65

83.57

202.63

Basic EPS (Rs) B Ex Item

12.36

6.10

23.99

Basic EPS (Rs) A Ex item

16.40

16.57

14.14

Diluted Before Ext Item

12.36

5.98

10.44

Diluted After Ext Item

16.40

16.26

6.15

Financials: The company's equity expanded from Rs.31.11 cr. to Rs.70.47 cr. following the amalgamation of Rain

Calcining Industries with the company and a book value of Rs.58.20 and a low debt : equity ratio of 0.15.

Share Profile: The company's shares with a face value of Rs.10 are listed and traded on the BSE and NSE under the B1

group. Its share price touched a 52-week high/low of Rs.309/Rs.109. At its CMP of Rs.216.25, it has a market

capitalization of Rs.1635 cr. The share has a beta value of 0.7, which indicates low volatility.

Dividends: The company paid a dividend of 35% for YE 31/12/07 and declared a dividend of 28% on its expanded

capital for the YE 31/12/07.

Shareholding Pattern: As on 31

March 2008, the promoter holding in the company was 40.90% while the balance 59.10%

was held by non-corporate promoters, institutions, mutual funds and the investing public. Among mutual funds, UTI,

Tata Mutual Fund, HDFC Mutual Fund have been adding the company's share to their various scheme for the last one

year.

Prospects: The outlook for the Cement industry continues to be good in 2007-08. India is the second largest producer of

cement in the world after China with an installed capacity of 165.7 million tonnes. South India is the largest cement

producing region with an installed capacity of 50 million tones and it is witnessing an upsurge in cement consumption.

Last year, as compared to an overall growth of 10% in cement consumption on an all India basis, cement consumption

grew by 19% in Karnataka, 16% in Tamil Nadu and 10% in Andhra Pradesh.

The demand for cement has grown by around 10% supported by the Government's sustained focus on infrastructure

development, irrigation projects worth Rs.46,000 cr., expansions undertaken by in both manufacturing and services

companies and the real estate boom empowered by the rising income levels of individuals in the region.

The government's impetus on infrastructure development, the strong demand from housing segment and the thrust on

capacity expansion by companies across industries is driving the growth in cement consumption. Southern states are

witnessing huge investments in real estate, primarily in residential complexes and various technology parks. The

growth is happening in both Tier I cities like Hyderabad, Bangalore, Chennai and also in Tier II cities like Mysore, Vizag,

Coimbatore etc.

Conclusion: RCL is operating in cement and CPC markets. Since there are no capacity additions in CPC, the company's

realizations are expected to increase and the margins are likely to shoot up which should add up to the bottomline of the

company significantly.

At its CMP of Rs.216.25, its share price is discounted less than 4 times against the industry average P/E ratio of 9, which is

the P/E ratio for the South based cement units. Since the company is a major player in CPC, a fair comparison with the

company could be Gujarat NRE Coke, which has a P/E multiple of over 25. Going forward and assuming a conservative

P/E multiple of just 10 against a P/E multiple of more than 25 for Gujarat NRE Coke, the RCL share has the potential to

race towards the Rs.650 mark. The scrip is likely to be re-rated sooner than later.

The market plunges and loses 863 points

MARKET REVIEW

By Ashok D. Singh

The market declined in all the five trading sessions and reversed the course for the week ended 9 May 2008 after clocking

gains for four straight weeks earlier as rising crude oil prices and inflation marred the sentiment. Indian bourses more or

less tracked the global markets. The BSE Sensex plunged 863.05 points or 4.9% to 16,737.07 for the week and NSE Nifty

Page 8

fell 245.6 points or 4.69% to 4,982.60 for the week. The corporate results announced so far have been more or less in line

with market expectations.

The BSE Mid-Cap index declined 244.81 points or 3.38% to 6,992.66 in the week. The BSE Small-Cap index slumped 316.07

points or 3.58% to 8,472.67.

Crude oil for June 2008 delivery hit a record high $125.12 a barrel in electronic trading on the New York Mercantile

Exchange (NYMEX) on Friday, 9 May 2008 as strong diesel demand outweighed signs of rising OPEC supplies. It is set for

the biggest weekly gain since March last year as concerns about violence in Nigeria may cut-off supplies spurred

speculative buying.

Meanwhile in a meeting held on 8 May 2008, the Bank of England and the European Central Bank both kept interest rates

unchanged at 5% and 4% respectively as expected. Most experts now predict that both central banks are likely to cut rates

by the end of the year to shore up stumbling economies.

The wholesale price index rose 7.61% in the 12 months to 26 April 2008, marginally higher than the previous week's

annual rise of 7.57% government data showed on Friday, 9 May 2008. The rate was the highest since an annual reading of

7.68% on 13 November 2004. Finance Minister (FM), P Chidambaram, on 9 May 2008, said the government has asked

cement companies to reduce prices to curb inflation.

The Reserve Bank of India (RBI) on Thursday, 8 May 2008, eased lending norms for infrastructure projects. In a

notification, RBI said bank loans to infrastructure projects would be treated as sub-standard only if commercial

production is delayed by more than two years over the date originally envisaged instead of the present norm of one year.

The market regulator, SEBI, on 5 May 2008 relaxed margining in the cash market segment, which it called as an initial step

towards cross margining in the cash market and futures segment. Cross margin facility will be available in case where a

market participant has a position in the cash market with an off-setting stock futures position in the derivatives segment.

Cross margining benefit will initially be available to institutional investors only.

Indian steel makers on Wednesday, 7 May 2008, agreed to cut prices to support government's efforts to rein in inflation.

The public and private steel makers said they would cut the price of long products used in construction by Rs.2,000 a

tonne, or 5.5%, and that of flat products by Rs.4,000 a tonne, or about 10%. Steel makers have also decided to hold the

price line for the next three months. Steel makers, however, urged the government to discourage iron ore exports and

withdraw the tax on steel exports.

FIIs sold shares worth Rs.75.10 cr. in the first few days in the month of May 2008. They sold shares worth Rs.10433.20 cr.

in calendar year 2008 (CY08) till 7 May 2008. Domestic funds bought shares worth Rs.15.90 cr. in first few days of May

2008.

The BSE Sensex fell 109.22 points or 0.62% at 17,490.90 on Monday 5 May 2008. After trading within a narrow range

earlier in the day, the market declined in late trading as US stock futures indicated a lower opening on Wall Street. Realty

and healthcare stocks outperformed the market. Consumer durables and IT stocks dropped. Small-cap and mid-cap

counters were active throughout the session with their barometer indices outperforming the Sensex.

The BSE Sensex fell 117.89 points or 0.67% at 17,373.01 on Tuesday, 6 May 2008. The key benchmark indices ended lower

as investors resorted to profit booking due to lack of positive triggers in the market. Selling pressure was seen in mid-cap

and small-cap counters with their barometers underperforming the Sensex. Realty and power stocks rose whereas FMCG

and metal stocks gained. IT pivotals recovered at the fag end of the session after the rupee slipped to an 8-month low

against the dollar.

The BSE Sensex fell 33.70 points or 0.19% at 17,339.31 on Wednesday, 7 May 2008. Weakness in Asian markets and a surge

in crude oil prices spoiled the sentiment. IT and Oil & Gas stocks rose whereas capital goods stocks and the shares of PSU

firms suffered the most.

The BSE Sensex fell 258.66 points or 1.49% at 17,080.65 on Thursday, 8 May 2008. The market succumbed to selling

pressure as weak global equities and soaring crude oil prices worried investors. All sectoral indices on BSE, barring the

BSE Metal index, were in the red. Software and banking shares were the worst hit.

The BSE Sensex lost 343.58 points or 2.01% at 16,737.07 on Friday, 9 May 2008. The market tumbled as it was hit by a

series of bad news on the domestic and global front. India's inflation surged to more than 3-year high, global markets

declined and crude oil hit yet another record high near $125 a barrel. All the sectoral indices on BSE, barring FMCG index,

were in the red. Oil & Gas, realty and banking stocks declined sharply.

The Sensex lost 863.05 points to close at 16,737.07 last week. The recent rally in crude oil may weigh on the market

sentiments in coming weeks. The key data that the market will be eyeing at the start of the week is industrial production

data for March 2008 due on Monday 12 May 2008. Industrial production had risen 8.6% in February 2008 bouncing from

January's upwardly revised figure of 5.8%. The market will also track global equities in the absence of major domestic

trigger. The corporate results announced so far have been more or less in line with market expectations. Inflation data will

also be eyed as it remains as a major worry and hindrance for domestic growth. High inflation may compel the

government to take more fiscal measures to rein in prices in addition to a slew of measures taken recently.

Page 9

Parliamentary elections are due next year and the government has taken a number of measures in response to soaring

food prices. The government has eliminated import tariffs on several commodities, including wheat, wheat flour and

palm oil. It has also tried to crack down on hoarding food. The Union government suspended futures trading in soybean

oil, potatoes, rubber and chickpeas for four months from 8 May 2008. These four commodities account for a trading

volume valued at nearly Rs.15,000 cr. every month (Rs.600 cr. daily) out of the total volume estimated at Rs.1,64,080 cr.

(about Rs.6,500 cr. daily). Last year, the government banned trading in rice and wheat futures.

Importance of behavioural science and perceptions

MARKET

By Suryadevara

The recent death of K. Ravindra Babu of Zen Securities Ltd. and the tributes he received in the print and electronic media

made me realise my mistake. If you are wondering why this should be told through the column of an investment weekly,

just read on, it will be worth your reading time.

In my formative years as, an investor (1987-1991), I relied on 'Prudential Investments Pvt. Ltd., Tenali, the start-up firm of

K. Ravindra Babu for market transactions and 'Money Opportunities' weekly especially the column of G. S. Roongta for

market guidance. I have to admit now that those four years were the most beneficial for me as an investor-I was almost

insulated from committing mistakes during that period and was guided to be a walking investor rather than to be a

running trader. The care, concern and individual attention to a client, however small, at Ravindra Babu's firm is really

unique and incomparable. Later, when I was transferred to Hyderabad, factors like nearness to my office and residence

(which were important for delivery/pick-up of physical share certificates in those days) weighed on me and to opt for

different brokerage for my market operations. For market guidance, I continued to follow G. S. Roongta, whom I consider

my guru, in 'Money Opportunities'. My subsequent transfer to Mumbai gave me a rare opportunity to share space in the

leading investment weekly - 'Money Times' with my guru G. S. Roongta. Even after getting such an opportunity, my

mistake of not reviving my links with K. Ravindra Babu troubles me within. 'May his soul rest in peace and let his legacy

carry on for the benefit of a large number of investors.'

This also brings to mind the importance of behavioural science in investment decisions. All our investment decisions are

not logical. This explains why the Indian market witnessed a steeper fall during January - March 2008 period than the fall

in the US market, even though the US economy was passing through a severe crisis. Before going further, let me list the

valuable advice I got from K. Ravindra Babu, in the late Eighties, for the benefit of readers:

(1) Do not be carried away by the past of a company. Look ahead objectively for its potential performance ahead.

(2) Do not look for speculative gains. Aim for investment gains.

(3) Respect the market. Never try to swim against the market tide.

(4) Quality of management is equally important as the fundamentals of the company. Do not commit your investments to

the companies whose management quality is poor.

(5) When you commit a mistake, accept it and cut-down your loss at the earliest and catch a winner in its place.

(6) Closely monitor your investments on continual basis the way farmers monitor their crops with passion.

(7) Do not develop attachment to scrips. Just take care to book profits at higher levels to buy at lower levels.

All these appear very simple but it is really difficult to follow them, and the disciplined few who can follow these can

really be successful in investments.

Now, to look at the present market conditions merely relying on fundamentals and investment logic cannot bring us good

results. Concepts of behavioural sciences are so important that they cannot be ignored. Look at the past events, when a

house is on fire, logic demands protection of valuables by shifting them out of the burning house to a safer place. Taking

that logic for granted, I had given the article 'Prime Advantage India' in the third week of September 2007 when our

markets were falling in August - September 2007 on the fear of the sub prime crisis in USA. Although the market

recovered subsequently to record a new high in January 2008, the fall in our market during January - March 2008 was

steeper than the fall in the US market, which was passing through severe crisis. This was because US funds had pressed

for massive sales in January 2008 ignoring the investment logic of moving securities to safer zones from the troubled

home. This resulted in FIIs dumping shares madly ignoring the strong fundamentals of Indian companies. When share

prices deteriorate steeply without any negative developments in their fundamentals, investment logic demands

immediate 'Buy' calls. Still, majority of investors simply dumped the falling shares establishing the role of behavioural

sciences in investment decisions. That was why 48 months low prices were recorded by scrips like Orchid Chemicals and

Ind-Swift Ltd. in March 2008, ignoring the impressive progress made by these companies in the last 48 months. However,

after the panic subsided in USA thanks to the prompt action taken by the US Federal Reserve, FIIs started returning to our

markets. That is why we saw a remarkable recovery in our markets even though the crude oil prices are virtually on the

boil. Now, can we conclude that the worst is behind us and that better things are in store for us?

Page 10

Although things are looking up in USA after the frequent interest rate cuts to the present 2% from 5.25%, a Swift recovery

in the US economy cannot be visualised. The US economy may have to witness a longer period of a low growth similar to

Japan. Adding to the existing crisis, the boiling prices of crude oil is causing concern to the US authorities - they have

started to blame India and China for this rise, conveniently forgetting that the real reason for this is the US prolonged

war thrust on Iraq. I feel that but for the Iraq war, oil prices would not have crossed $75 per barrel level. In view of the

uncertainty of supplies from Iran and Nigeria, some analysts project a price of around $200 per barrel for crude, which

induces speculative buying and further aggravates the position. However, the present high levels of crude oil prices and

the low growth/recession in the US economy cannot exist in parallel. Crude oil prices should fall steeply in coming

months, if not weeks, in view of the highly speculative element in its prices in the commodities futures market .When that

happens, the Indian markets will witness really exciting times. Until then, investors need to be on guard. However,

investors can pursue profitable opportunities in the most happening sector - the Pharma sector, which will not be affected

by the financial crisis of USA or our governments actions to fight inflation for the time being. Even the quarterly results

from the Pharma sector justify our confidence in this sector.

Moreover, mergers and acquisitions in the global pharma space are becoming the order of the day. Dr. Reddy's

Laboratories and Jubilant Organosys have gone for real big-ticket global acquisitions in the recent past. Dr. Reddy's Labs

has acquired Dow Pharma's UK, units for $30 million (expected revenues of around $25 million a year) and an Italian

generic company, Jet Genericisri. It is also acquiring US based BASF'S manufacturing unit for $40 million with expected

revenue of $43 million in CY 2008.

Jubilant Organosys had acquired Hollister Stier of USA last year for US $125 million. Recently, it is acquiring Canada's

NASDAQ-listed Draxis Health for $255 million. Please note that this Canadian company recorded sales of $70 million in

2007 and is expected to record around $94 million in 2008. US bio-pharma company, Millennium Pharmaceuticals Inc.

was bought for $8.60 billion by Japan's largest drug maker 'Takeda Pharmaceuticals' by cash payment of $25 per share

which was 53% above the closing market price of Millennium. Indian pharma major Ranbaxy Labs is pursuing a different

strategy of picking up stakes in upcoming R&D focussed Indian pharma companies and entering business contracts with

them.

Looking at these developments, the observations of readers like Subhadra Challa and Usha Rani on the probability of

pharma majors developing a takeover interest in Ind-Swift Ltd. sounds really interesting. Just imagine the price any

acquiring company would like to bid for this Rs.500 cr. company, if at all such a takeover happens. If such a thing

unfolds, it can be a multi-bagger from the current levels of around Rs.28. Even in the absence of such a development, its

present fundamentals point to its gross under discounting, which cannot last longer. As per the available unaudited

results (given in the table), Ind-Swift Ltd. recorded revenues of Rs.506.35 cr. with net profit of Rs.27.99 cr. for FY08 with

an EPS of Rs.7.53 on its Rs.2 paid-up share. Even a P/E ratio of 10 against the industry average P/E multiple of above 21

should give its share a market price of above Rs.75 for this pharma company.

Amount (Rs. in cr.)

2007-08

2006-07

2005-06

2004-05

REVENUE

506.35

386.1

286.29

258.22

NET PROFIT

27.99

22.29

17.64

28.12

EQUITY

7.44

7.28

Even the earlier low-profile biopharma company, Jupiter Biosciences Ltd. from Hyderabad is going in for global

acquisitions. It had recorded satisfactory results for the year ended 31-3-2008 on a stand alone basis.

Amount (Rs. in cr.)

2007-08

2006-07

2005-06

2004-05

REVENUE

129.95

103.99

78.59

70.75

NET PROFIT

30.72

25.33

20.57

18.40

EQUITY

18.13

9.86

8.86

Although, the results appear satisfactory, the market expected better results from this company as it had bought one

manufacturing unit from Aurobindo Pharma last year. The expected improvement by takeover of Aurobindo units is not

visible from these results. Moreover, its inordinate delay in its NSE Listing is depriving it the deserved market rating. Is

its management aware of the poor perception of the market about its company? Price movements of Orchid Chemicals

during March - April 2008 are a testimony to the importance of market perceptions. Believe it or not, its share price

recorded a 48-month low by end March 2008 but touched a 52-week high in the third week of April 2008!

Improved perception resulted in such unbelievable trebling of price within a few weeks without any change in its

fundamentals. Will the management turn pro-active to improve the perceptions about the company or will it continue to

be indifferent to market perceptions? Having said this, I'd like to keep my fingers crossed.

MARKET

Page 11

Market in correction

By G. S. Roongta

The stock market drifted lower last week having failed to sustain the Sensex level of 17,500 as it could not move above

17,600. Its attempt to do so met with heavy selling pressure, which ultimately pushed it back near to the breakout levels of

16,980 on the Sensex and 5050 on the CNX Nifty as identified in this column 3/4 weeks back. Thus the stock markets

struggled hard throughout the week but the bear operators did not allow it to reach the 17,900 level on the BSE Sensex

and the CNX Nifty, too, was no exception.

Although several analysts had issued a positive guidance for last week, I had clearly stated well in

advance four weeks back that the markets must face selling pressure after it attains the Sensex level of

17,500. Regular readers of this column may remember this forecast and must have observed that the

market turned cautious beyond 17,500 before reacting to the current level of 16,737 on the Sensex or 4983

on the Nifty.

The market was on a losing spree the whole of last week after the handsome profit of 313 points it posted

on Friday, 2

May 2008 after the reduction by 25 bps in the US Federal rate, which had a salutary effect

on global markets. This was, however, temporary as evident by last week's movements and the market has once again

turned weak on lack of any positive triggers after the season of corporate results that seems to have come to an end and

weak global cues.

G.S. Roongta

Examining the market movements over the last fortnight, we find that the Sensex, which had closed at a high of 17,600

with a net rise of 522 points for the week ended Friday, 2

May 2008, closed last week on Friday, 9

May 2008 with a loss

863 points at 16,737 in sharp contrast. Thus it has shed all gains of the earlier weeks and signalled some more reaction as

higher levels attracted profit-booking.

According to me, this so called reaction is most essential as the market is currently in a consolidation phase, which after

consolidating around 16,000, it could bounce back to the 17,000 level. Thereafter, if it crosses the 17,600 level, its next

target can be around 18,700.

The next big trigger for the market is the monsoon, which according to all reports till date is expected to be normal

leading to good rainfall throughout the country. Since our economy is based on agricultural output with nearly 80% of the

population dependent on a good crop, this is very reassuring news and the markets are bound to respond positively as

the monsoon nears. Last year, the country had a record harvest of 230 million tonnes of food grains on a 98% monsoon. If

the monsoon is equally good this year, the BSE Sensex may once again touch 18,700, which does not appear to be difficult

in the present market scenario wherein the Sensex fluctuates between 400 to 600 points a week.

Last week, stocks like Infosys, TCS, Satyam, BHEL, L&T together with the stocks from the Steel and Cement sectors were

under pressure. Banks stocks, too, faced a similar trend whereas Automobile and Auto Ancillaries stocks met with profit-

booking. Telecom stocks also faced some weakness. Metal stocks like Hindustan Zinc, Hindalco, Nalco, SAIL and Sterlite

Industries also lost grounds on lack of support.

This week may bring about support to the market with greater liquidity thanks to the receipt of dividend payouts and

interest on debentures, which will help consolidate the market at its peak of about 17,600.

Sectoral stocks like ACC, Grasim, India Cement, UltraTech and Shree Cement are good and do not have much downward

risk at the current market price despite repeated interferences from the government.

Metal stocks like Hindalco, Hindustan Zinc, Nalco, Sterlite Industries and Madras Aluminium look quite attractive.

The Tea sector is good. Think of Tata Tea first followed by Jayshree Tea, Harrisons Malyalam, McLeod Russell and Sarda

Plywood.

The Textile sector is being rejuvenated after a long lull as garment exports have started picking up to the Far East, UK and

USA as Indian textiles get preference over China. It should not surprise one if the Textile sector starts booming within the

next 6 months. The stocks to watch are Arvind Mills, Alok Textiles and Garden Silk Mills, which are prices much below

their worth.

Power Generation & Distribution stocks together with Power Equipment stocks look good.

Investors should start buying these stocks as they have great potential in 2008-09.

Scheme Analysis

MUTUAL FUNDS

Reliance Natural Resources Fund: Worth a look

By Devangi Bhuta

Our Recommendation – 21

January 2008

(NFO Closing Date – 30

January 2008)

Caveat Emptor: Investors seeking to invest in NFOs may note that the level of the market at which these schemes will be

deploying their funds is more relevant compared to the smaller per unit cost. These schemes may commence deploying

Page 12

funds around the presentation Budget 2008-09 and investors may be better off entering the schemes after listing in view of

the volatile market conditions till the budget.

The Price Movement:

As forecast, the scheme dropped below its issue

NAV of Rs.10 and provided a decent buying

opportunity to investors in March/April 2008.

This open ended scheme with an asset size of

Rs.5,589.25 cr. as on 30

April 2008 has now

disclosed its portfolio. The scheme invested only

37% of its funds in equities and holds 63% in

derivatives, cash and other receivables.

The primary investment objective of the scheme is

to generate capital appreciation and provide long-

term growth opportunities by investing in

companies principally engaged in the discovery,

development, production, or distribution of

natural resources and the secondary objective is to generate consistent returns by investing in debt and money market

securities. The stocks include:-

This far, the company appears to have picked

fundamentally good stocks with focus on large cap stocks

like the Tata companies, Reliance and ONGC. These

companies may provide stable growth over the long-term.

Cairn India, too, is an attractive pick for the long term. Punj

Lloyd with its strong presence in the infrastructure space

has a well-diversified business model in terms of business

verticals as well as geographies.

Its overseas investments add to the risk of the scheme and

retail investors will have to depend entirely on the fund

manager's expertise.

Again, the markets are at a juncture where the direction will

be set by the monsoon in the near term but how good it

remains is anyone's guess. Further, the portfolio must be

monitored on a regular basis as approximately 63% remains

to be invested and the fund's strategy will only clear up

over a period of time.

The risk is certainly high but returns over a long-term

horizon could be good. Hence purchasing units in a

staggered manner will be a good strategy.

Stocks

Weightage %

Tata Steel Ltd

4.7

Reliance Industries Ltd

4.1

Oil & Natural Gas Corp Ltd

2.6

Hindalco Industries Ltd

2.6

Reliance Energy Ltd

2.2

Cairn India Ltd

2.1

Associated Cement Companies Ltd

2.0

Jaiprakash Associates Ltd

1.7

Tata Power Co Ltd

1.6

Gujarat Narmada Valley Fertilisers Co Ltd

1.5

Punj Lloyd Ltd

1.1

Overseas Equity Investments

1.1

Equity Less Than 1% of Corpus

10.0

Derivatives, Cash And Other Receivables

62.8

Grand Total

100.0

By Saarthi

STOCK WATCH

Although Accurate Transformers Ltd. (Code: 530513) (Rs.130) is unable to fully capitalise on the boom in the power

sector and registered a normal growth it's still a value buy at the current level. For Q4FY08, it posted 10% rise in sales as

well as net profit to Rs.95 cr. and Rs.3.40 cr. respectively. Accordingly for FY08, sales improved by 15% to Rs.197 cr. and

PAT grew by 25% to Rs.7.90 cr. This translates into a healthy EPS of Rs.27 on its very tiny equity of Rs.2.97 cr. Due to

shortage of working capital funds, the company is running at a very low capacity utilisation. Earlier, it tried to raise

capital by a preferential allotment of around 31 lakh warrants at Rs.56 to promoters but it did not get SEBI approval due

to some technical reason. The company has huge manufacturing facilities spread across Ghaziabad, Sikandrabad, Greater

Noida, Dehradun and Haridwar with an installed capacity to manufacture nearly 8000 MVA of transformers. At a very

modest discounting by 6-7 times, the share price can move up to Rs.175 in 6-9 months.

******

On an year-on-year (YoY) basis, Q4FY08 results of Tera Software Ltd. (Code: 590020) (Rs.50.50) look very disappointing

as revenue declined by nearly 50% to Rs.16 cr. and PAT fell by 40% to Rs.3 cr. But if we examine quarter-on-quarter (QoQ)

basis, it posted the highest sale among all the four quarters of FY08. This implies that the company may have completed

some big e-governance project in Q4FY07. Still for FY08, it posted marginal growth in revenue to Rs.59 cr. and 15%

increase in PAT to Rs.12.25 cr. after making the highest tax provision of 38%. It reported an EPS of Rs.11 on its equity of

Rs.12.50 cr. and may declare 25% dividend for FY08. Of late, the company has been empanelled as a vendor for the rollout

Page 13

of IT services in the government sector through National Informatics Centre Services Inc. for a period of one year, which

can be extended by another year. Looking at its strong order book position, it may end FY09 with sales of Rs.75 cr. and

profit of Rs.16 cr. i.e. an EPS of Rs.13. Also as per reliable sources, the company is planning to dispose off its 20 acres

surplus land in Hyderabad, which is worth Rs.40 cr. Once the deal is finalised, its share price will shoot up.

******

Amar Remedies Ltd. (Code: 532664) (Rs.29.40) is a well-known manufacturer of ayurvedic, herbal and cosmetic dental

care, personal care, skin care, beauty care & healthcare products like tooth pastes, toothpowders, shampoos, creams,

lotions, shaving gels, balm & pain relieving ointments. Besides, it has successfully developed 24 different ayurvedic and

herbal medicines and has also obtained the FDA approval for the manufacture and sale of these medicines, which include

medicines for hypertension, diabetes, and heart ailments. Recently, it came out with excellent results for the December

2007 quarter as sales jumped by 70% to Rs.73 cr. and PAT increased by 40% to Rs.5.60 cr. However, the company is yet to

start commercial production at its newly set up Dehradun facility as it is awaiting the clearance certificate the from

pollution control authorities. On the back of aggressive capex, it has tripled its gross block from Rs.35 cr. to almost Rs.100

cr. For FY08 ending 30

June 2008, it can register sales of Rs.300 cr. with PAT of Rs.20 cr. i.e. an EPS of Rs.8 on its equity of

Rs.26.20 cr. A safe bet in the current market sentiments.

******

Mazda Ltd. (Code: 523792) (Rs.73.35) is among the few engineering companies in the world manufacturing very

specialized, high technology and critical equipments for various industries like power, refineries, fertilisers, chemicals,

nuclear, sugar, paper, food, pharma etc. Broadly, its product profile is segmented into Vacuum systems, Valves, Air

pollution control equipment, Crystallisers and Evaporators. It came out with satisfactory results for Q4FY08 and ended

FY08 on quite a buoyant note. For FY08, its sales improved by 15% to Rs.60.50 cr. whereas profit increased by 30% to

Rs.6.60 cr. Hence it registered a very healthy EPS of Rs.15.50 on its small equity of Rs.4.26 cr. Importantly, the company

has technical collaboration with world renowned Croll-Reynolds Inc., USA, which holds 12% stake in the company. To

cater to the increasing demand, it is setting up a third unit at an investment of approx.

Rs.5.6 cr. Despite the promising future, this hi-tech engineering company is available very cheap at an enterprise value of

around Rs.40 cr. and is a screaming buy.

By Kukku

FIFTY FIFTY

Investment Call

* Saregama India Ltd. (SIL) (Rs.128.05), earlier known as The Gramophone Company of India, was incorporated in 1946

and was taken over by the RPG Group in 1985 from EMI, UK. The company is currently managed by R. P. Goenka,

chairman. SIL is into retail selling of audio cassettes and CDs.

During FY07, the publishing and new media business registered a phenomenal growth of over 130% earning revenues of

over Rs.39 cr. The major contributors were revenues from ring-tones and FM Radio. With the mobile business continuing

its stupendous growth, especially due to its vast and rich catalogue, SIL is better placed to take advantage of management

of music on the mobile. It continues to have the largest market share of about 40% by revenue received from mobile, radio

and other streams of revenues.

SIL is the single largest owner of music tracks in India. Its catalogue offerings were revamped with implementation of

new brands like Music Cafe. The existing brands like 'Golden Collection', 'Anmol Ratan', 'Bombay Talkies' and 'Box

Office' have been given a fresh new look keeping in view the requirements of young consumers. It has 3 lakh tracks in its

music library and is the leader in the industry.

Radio opportunity: The biggest boost to the Indian music industry comes in the form of opening up of the FM Radio

space. With 400 FM stations to be operational by end of CY08, the music industry will potentially garner Rs.120 cr. in the

form of royalties. Saregama with a market share of 35% in the historical Hindi movie song library and 15% of the new

marketable library will be the key gainer.

The company is also into the film business, home video, T V software.

With the changing face of the music industry as it goes into the digital era, the company is well placed to leverage its

systems, network and catalogue strength.

With satellite and cable television as well as the ever increasing number of regional channels, the outlook for the T V

software industry seems to be promising.

SIL has investments in CESC and some other group companies. While its investment cost is around Rs.40 cr., the market

value of only the listed companies is above Rs.75 cr.

For FY08, SIL's estimated sales is likely to be around Rs.144 cr. with estimated net profit of around Rs.14 cr. The projected

sales for FY09 is likely to be around Rs.160 cr. with net profit of around Rs.20 cr. on its equity base of Rs.14.68 cr.

Sonata Investments belonging to the Reliance group holds 11.48% in the company.

Page 14

The book value of the SIL share is Rs.59 and the stock has reacted from a high of Rs.388 to the current level where it looks

very attractive. Long-term investors can accumulate this stock at the current level as it is likely to cross the Rs.200 mark

over the next 6-8 months.

* Assam Company (Rs.27.10), which is the oldest tea company in the world, has also entered into the Oil & Gas

exploration business a few years back.

Oil, Tea, Power and SEZs are the focus areas for the company at present.

In the tea business, sales realization at Rs.86.50 per kg in 2006 was better than the previous year's Rs.76.28 per kg. And

this happened after a period of almost 4 years, when the tea market trends were very unfavourable. Current tea prices are

still better by 10% compared to the previous year.

To increase exports further, the company will improve its price realization and target higher production of Orthodox teas.

The company management is looking at inorganic growth in the Oil & Gas sector including acquiring assets overseas. But

it will need to raise capital to finance these projects.

As part of its plans to expand the tea business, the company is planning to set up more tea bars - joints retailing ready-to-

drink tea.

It plans to have 100 tea bars in 3 years from now. Of the 8 tea bars that the company currently operates, seven are in

Kolkata and one in Mumbai. The tea bars, operating under the name Camellia, will be set up under both company and

franchisee-owned models.

The company also recently started producing oil condensate and natural gas from the Amguri field in Assam.

For the year ended 31

December 2007 (CY07), the company reported total sales of Rs.151 cr. against Rs.149.5 cr. in CY06

while net profit went up to Rs.10.45 cr. from Rs.7.45 cr. on its equity of Rs.30.46 cr.

Its outlook is encouraging as current tea prices are firm and the outlook for the Oil & Gas exploration industry is good.

The stock having reacted from the high of Rs.57 to the current price looks very attractive at current price.

Market Guidance

* Ruby Mills (Rs.1376.85) - There is talk of placement at higher levels. Investors who bought the scrip at lower levels can

book part profits at higher levels and stay invested with the remaining quantity. There is fear in the market that there

may be oversupply of lease rental space over the next 18 months.

* Hinduja Foundry (Rs.200.65) stock has shot up. Investors can book profit as margins are under pressure. Investors can

think of switching to Saregama or Cords Cable.

* Religare Enterprises (Rs.389.80) stock is under accumulation by knowledgeable smart investors.

* Tata Metaliks (Rs.175.30) has been actively pursuing tie-ups with various State Governments for raw material linkages.

It is also keen to acquire an iron ore mining lease in Karnataka and to set up an end use plant. Investors are advised to

stay invested. The stock is cum 70% cum dividend at present.

* Shree Bhawani Paper (Rs.10.15) - There is regular buying by management circles in the last few weeks. In spite of raw

material prices shooting up, paper industry margins seem to be better in view of firm paper prices. The company

expanded its capacity last year but the benefit of the same will come in from current year onwards. It has received

approximately Rs.200 lakh from sale of 22,515 Certified Emission Reductions (CERs) issued for its CDM Project of rice

husk based cogeneration Power Plant I at Rae Bareli, Uttar Pradesh. Stay invested or add on dips.

* Arrow Webtex (Rs.54.55) was recommended a few months back. Investors are advised to stay invested for better times

ahead.

* Tribhuvan Housing (Rs.59.75) was recommended at Rs.24 a few weeks back. Now it is at Rs.59 level. Investors are

advised to book 50% of profit and switching

the same to First Leasing Company as a safe

investment.

* Rohit Ferro Alloys (Rs.127.70) is firm in the

falling market and has given a good breakout.

The company is likely to report sales of above

Rs.600 cr. with an EPS of Rs.20 for FY08. If the

current prices of chrome ore and ferro chrome

is any indication, then current year EPS is

likely to be around Rs.35-40 on sales of

around Rs.1000 cr. The stock has shot up by

more than 100% from lower levels. Investors

can book part profits.

* Revathi Equipment (Rs.1147.20) has

acquired 70% in the equity capital of Semac

Pvt. Ltd., Bangalore, a company providing

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Page 15

engineering design solutions for industrial/commercial and infrastructure constructions at a consideration of Rs.45.50 cr.

Semac serves its customers from its offices in Bangalore, Delhi, Hyderabad and the Middle East. Semac is a leading Indian

multi-disciplinary consulting firm providing integrated architectural and engineering services with sales of above Rs.100

cr. enjoying attractive margins.

The Semac acquisition is likely to create good wealth for the company and its shareholders in the long run.

* Shiv Vani Oil (Rs.630.50), which reported encouraging results for FY08, is likely to achieve sales of around Rs.975 cr.

and net profit of Rs.170 cr. in the current year. Stay invested for target of Rs.800 plus over next one year's time. The stock

was advised in October 2007 at Rs.380 level onwards and has outperformed the market.

* Cairn India (Rs.273.95) may see further upside. Stay invested those holding from lower levels.

* Kirloskar Pneumatic (Rs.4.40) has received an order for supply of an air conditioning plant for a prestigious ship from

Cochin Shipyard Ltd. This order is worth Rs.80 cr. taking the total order for ACR & Process Gas Division to the tune of

Rs.273 cr. in hand. Besides this division, the company has orders worth of Rs.500 cr. in the Transmission & Compression

Systems Division. Long-term investors are likely to benefit in the long run. Stay invested or add on dips.

Note: Rising crude oil prices resulting in runaway inflation is a serious cause of concern. Investors need to be very

selective in buying. Retail participation in the market is very poor and higher levels may not be sustained.

Industry is not able to absorb higher input cost. Hence margins are likely to be under pressure in the current quarter.

Avoid all speculative/fundamentally weak stocks.

Investors are advised to book part profits in stocks that have shot up by 50-125% in the last few weeks and lock it out of

the market in fixed maturity plans (FMP) giving better returns than bank fixed deposits.

By V. H. Dave

EXPERT EYE

The shares of SAAG RR Infrastructure Ltd. (SAAG) (Rs.59.55) (Code: 531374) are being acquired by the knowledgeable

persons in anticipation of its great potential in the Oil & Gas industry. The share trades near to its 52-week high and

provides good opportunity for decent gains in the medium-to-long-term as it is likely to cross the three digit mark in the

near future.

Originally formed as a property development company in 1995, SAAG has evolved into a highly competent infrastructure

company controlled by SAAG Consolidated (M) BHD, Malaysia. The parent is a key player in the Oil & Gas sector in

Malaysia and the Southern East Asian region for over 20 years since its inception in 1982. As a company, principally

providing investment holding and management services, SAAG through its group of companies and strategic

partnerships, is involved in upstream and downstream activities in the Oil & Gas industry.

With a well-earned reputation as an innovative player in the manufacture, supply and service of equipment and

machinery in the Oil & Gas industry in Malaysia, SAAG has been growing rapidly and currently represents more than 20

established manufacturers of Oil & Gas equipment and machinery, including Flowserve, Burgess Manning, Leistritz,

Lubrizol and FMC Smithmeter. Together with Flowserve, SAAG Oil and Gas Sdn Bhd in Malaysia is involved in the

manufacture and assembly of mechanical seals since 1992.

SAAG's areas of business include customized solutions for large scale infrastructure projects, which include Oil & Gas

projects, pipeline projects, workover rig services, water treatment plants, sewage treatment plants, pipeline works and

residential, industrial and commercial projects.

SAAG's clients include NTPC, Railways, District Rural Development Agency (DRDA) of the Government of Tamil Nadu,

Airport Authority of India, Chennai Petroleum, Almech Engineers, ONGC, Hindustan Petroleum, Sara Lee, Bhel,

Government of India, Department of Space, Bangalore (ISRO), Purvankara, Mantri Housing and Hiranandani

Construction among others.

SAAG in technical collaboration with SAAG Drilling & Well Services (SDWS) provides and operates offshore modular

conventional electric workover rigs in India, which improve the efficiency and productivity of oil wells.

During FY07, SAAG earned 18% higher net profit of Rs.3.2 cr. on 42% increased income of Rs.46 cr. During Q3FY08,

although income advanced by 91% to Rs.22 cr. net profit shot up by 156% to Rs.1.7 cr. During the first nine months of

FY08, its net profit went up by 53% to Rs.3.4

cr. on 54% increased income of Rs.46.7 cr.

The company's equity capital is just Rs.10.6 cr.

and with reserves of Rs.8.5 cr., the book value

of the share works out to Rs.18. The

promoters hold 50% in the equity capita,

PCBs hold 7% leaving 43% with the investing

public.

SAAG has won projects from prestigious

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Page 16

public sector and MNC clients including ISRO, NTPC, ICMR, BEML, HPCL, CMWSSB, B Braun Medical India and

Degremont. It is currently executing projects for Puravankara, Hiranandani and Mantri Developers, which are multi-

million dollar development projects in real estate.

SAAG made its entry in the Oil & Gas sector by securing firm orders from ONGC for charter hire of two offshore modular

workover rigs for about Rs.288 cr. for 3 years.

Over the next three to five years, the Government of India plans to lay more than 15,000 km of Oil & Gas pipelines.

Recently, some major companies in this industry, both private and public, have struck Oil & Gas reserves and the Gas

Authority of India (GAIL) is planning to form a network of pipelines across the country.

The government has announced various ambitious projects in the Oil & Gas sector. New blocks have been given to

private players and the government has recently announced its New Licensing Policy inviting private participation in

exploration of new blocks.

Some of the projects require substantial prequel conditions for eligibility to bid. For the purpose of bidding for large

projects, SAAG will form joint ventures with large Oil & Gas companies in the world to enable it to use their pre-qualified

status to bid for such projects. This will provide the company with a platform for to gain experience in executing large

sized projects and thereby enable it to bid for them directly in its own name.

Apart from these new opportunities, the existing infrastructure requires support services in terms of consulting, revamp,

reconstruction and maintenance. The Oil & Gas companies have invited suggestions and consulting for upgrading their

existing technology and equipments.

The company has formed a new division to focus on Oil & Gas projects. SAAG, being a services company catering to the

needs of Oil & Gas sector in Malaysia and the region, will pass on its expertise and contacts to SAAG RR to capitalize on

the growing oil & gas sector in India.

SAAG has positioned itself to take advantage of the growing needs of the Infrastructure and Oil & Gas sector through

proper financial and human resource management.

During FY08, SAAG is likely to notch revenues of Rs.72 cr. and earn a net profit of Rs.5.8 cr., which would give an EPS of

Rs.5.4. During FY09, its income is likely to go up to Rs.90 cr. with net profit increasing to Rs.12 cr. when the EPS would go

up to Rs.11.2. This EPS can further go up to Rs.16 in FY10.

The SAAG share is traded at a P/E of 12.5 on FY08 estimated EPS of Rs.5.4 and 6 times its FY09 projected EPS of Rs.11.2.

The industry average P/E currently rules firm at a staggering 27, which leaves good scope for the scrip to rise in the

future. Investment in this share is likely to fetch a decent gains of over 50% in 6-9 months. The 52-week high/low of the

share has been Rs.69/27.

By Nayan Patel

TECHNO FUNDA

Tanfac Industries

BSE Code: 506854

Last Close: Rs.62.75

Tanfac, incorporated in 1972, is one of India's largest

suppliers of Fluorine chemicals. It is a joint sector

company promoted by the Aditya Birla Group of

Companies i.e. Grasim Industries, Hindalco Industries,

Pilani Industries & Investment Corporation and Tamil

Nadu Industrial Development Corporation. Its plant

and facilities are spread over 60 acres in the chemical complex of SIPCOT at Cuddalore near Pondicherry, about 200 kms

from Chennai, India. Tanfac is engaged in the manufacture of inorganic Fluorine based chemicals such as Aluminium

Fluoride, Anhydrous Hydrofluoric acid, Sodium Silico Fluoride, Ammonium Bifluoride, Potassium Fluoride, Cryolite and

various other Organic Fluorine based chemicals.

Review

- Last week we recommended Novopan Industries at

Rs.51.40. During the week, the stock kissed Rs.56.35.

- Gandhi Special Tubes recommended at Rs.100.95 level

touched Rs.113.50 level.

- Lanco Global recommended at Rs.95.50 level reached

Rs.103.85 level during the week.

- Few days ago we recommended Lloyd Electric at Rs.109.50

level. It kissed Rs.131 last week.

The company has equity of just Rs.9.98 cr. and declared a mind blowing Q4FY08 results. Net sales jumped 58.15% to

Rs.54.07 cr. while net profit jumped 145.24% to Rs.5.15 cr. For FY08, its net sales jumped 33.59% to Rs.164.49 cr. while net

profit jumped 82.41% to Rs.12.24 cr. from Rs.6.71 cr. The company recorded an EPS of Rs.12.27 for FY08 v/s Rs.6.72 for

FY07. As its yearly EPS, this Aditya Birla stock is available at a P/E ratio of just 4.8. It declared 17.50% dividend against

15% last year.

The stock is highly undervalued at its current level. Investors can grab this jackpot with stop loss of Rs.55. On the upper

side, above Rs.65, its share price will go up to Rs.77 and Rs.86 in coming days.

Jayshree Chemicals

BSE Code: 506520

Last Close: Rs.27.20

Page 17

Jayshree Chemicals is an Orissa based chlor-alkali and soda ash manufacturer with equity of just Rs.5.33 cr. The

promoters hold 52.56% stake in the company, LIC holds 1,44,810 shares, IFCI holds 70,388 shares, IDCO holds 2,03,036

shares in the company.

The company announced very good Q4FY08 results. Net profit jumped 59.84% to Rs.2.03 cr. and the company posted an

EPS of Rs.6.74 on yearly basis. It declared a maiden dividend of 10% for FY08. At the current level, the stock is available at

P/E ratio of just 4.

Buy with stop loss of Rs.22. On the upper side, the stock will go up to Rs.31 and cross over will take it to Rs.35/40 level in

the medium-to-long-term.

Anu's Labs. IPO rated 'below average fundamentals'

MONEY FOLIO

Anu's Laboratories Ltd. (ALL), engaged in the manufacture of basic, advanced intermediates and fine chemicals and

supplying them to various drug manufacturers, will enter the capital markets with a public issue of 38,20,000 equity

shares of Rs.10 each through 100% book building process in the price band Rs.200 to Rs.210 per equity. The issue opens on

Monday, 12

May and closes on Thursday, 15

May 2008. The IPO has been graded by ICRA as 'ICRA IPO Grade 2'

signifying below average fundamentals.

ALL was incorporated in 1996 to manufacture Bulk Active Pharma Ingredients (APIs) and Intermediates for drug

molecules and was promoted by Mr. K. Hari Babu. It has manufacturing facilities for key intermediates like 2,4-Dichloro-

5-Fluoro Acetophenone (DCFA) (an intermediate for synthesizing quinolone antibiotics like ciprofloxacin);

Chlorohexanone (key intermediate in the manufacture of cardio vascular medicine) and Methyl-4 (4-Chloro 1 oxo

butane), a Di-Methyl Acetate (an intermediate in the manufacture of Fexofenadine an anti allergic drug). The company

started exports to Israel in 2002 followed by exports to Italy, Japan, France, USA and Singapore. Currently, its exports

comprise of 19.97% of its total turnover.

In order to diversify and expand its business by means of forward integration, the company has decided to set up a new

plant for manufacturing drug intermediates including APIs at Vishakhapatnam at an estimated cost of Rs.55.09 cr. and

setting up a pilot plant for carrying out Contract Research and Manufacturing (CRAM) at Vishakhapatnam at an

estimated cost of Rs.8.34 cr. The long term working capital requirements would be Rs.16.67 cr.

The company's total income in FY07 was Rs.121.3 cr. as against Rs.95.34 cr. in FY07. The net profit during FY06 was

Rs.13.59.cr. against Rs.55.7 cr. The total income and the net profit for the nine months period ended 31

December 2007

were Rs.113.82.cr. and Rs.13.12.cr. respectively.

MAAC in joint venture with Toon Club

In a movie aimed to revolutionise the animation education segment and bring animation to young pupils countrywide,

leading animation–training institute Maya Academy of Advanced Cinematics (MAAC) has tied up with pioneering

children's animation education Toon Club. The new joint venture will be co-branded as MAAC Junior - Toon Club.

MAAC, the education division of Maya Entertainment Ltd. (MEL) is the pioneer of 3D animation and visual effects

education in India and operates about 60 centres and has serviced more than 30,000 students in Nepal and Middle East. It

has an association with Cambridge International Examination (CIE), London to validate its diploma courses. The institute

has pioneered animation training in the country and has also taken initiatives for the growth and development of the

industry by promoting young talents trough events like 24 FPS Animation Awards – an annual event conceptualised by

MAAC that helps in seeking the finest talents in animation in the country. MEL is owned by a group of investors

including Enam Securities, Intel Capital, Concept Advertising and Bhukhanvala Holding.

Union Bank excels

Union Bank of India has reported record growth in net profit of 64.14% YoY to Rs.1387 cr. in FY08. Operating profit grew

by 28.94% YoY to Rs.2580 cr. in FY08.

On a quarterly basis, the bank's net profit for Q4FY08 grew by 128.51% to Rs.512 cr. from Rs.228 cr. in Q4FY07. The

growth in Q4FY08 net profits is one of the highest in the industry.

Focus on asset quality, stringent credit review and monitoring mechanism together with robust recoveries has brought

about a significant reduction in both Gross and Net NPAs of the bank to 2.18% and 0.17% for FY08 from 2.94% and 0.96%

in FY07.

The Net NPA% for March 2008 is among the best in the industry.

The cost to income ratio, which reflects the operating efficiency of the bank, further reduced to 38.17% as of March 2008

from 42.45% in the previous year and is one of the lowest among peer banks.

Page 18

Disclaimer: Investment recommendations made in Money Times are for information purposes only and derived from sources

that are deemed to be reliable but their accuracy and completeness are not guaranteed. Money Times or the analyst/writer does

not accept any liability for the use of this column for the buying or selling of securities. Readers of this column who buy or sell

securities based on the information in this column are solely responsible for their actions. The author, his company or his

acquaintances may/may not have positions in the above mentioned scrip.

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BSEIndia: All Stock Market News

Saturday, May 10, 2008

Money Times May 12 – 18, 2008

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