Weekly review 08-05-10

Please refer to important disclosures at the end of this report

WWWWWeekly Revieweekly Revieweekly Revieweekly Revieweekly ReviewMay 8, 2010

Global fears bring the markets downThe Indian stock markets lost major ground during the current week oftrade, amidst sessions marked by high volatility, with both the benchmarkindices, the BSE Sensex and the NSE Nifty, ending lower by 4.5% and 4.9%,respectively. The BSE Mid- and Small-cap indices were also party to a similarfate, ending lower by 4.9% and 5.4%, respectively. The Indian markets playedproxy to weak global stocks, which fell on lingering worries about sovereigndebt issues in the euro zone. On the sectoral front, all the major sectoralindices ended in the red, with the BSE Metal index losing the maximum of9.6%, followed by the BSE Realty index, which lost 9.5%.

BSE Metal Index - high beta play

The BSE Metal Index lost 9.6% over the previous week, underperforming theSensex by 5.1%, on the back of the Chinese Central Bank hiking the reserveratio by 50bp, debt fears in Greece, a correction in metal prices on the LME,and reports that the Australian and Chinese governments may impose amining tax. SAIL and JSW Steel outperformed the BSE Metal Index by 4.8%and 1.0%, respectively, on reports that JSW Steel has increased its productprices by 1.5%, and that SAIL is close to signing a JV deal with POSCO tobuild a 1.5mn tonnes steel plant. While Jindal Steel underperformed thebenchmark metal index by 3.0%, Tata Steel's performance was in line withthe BSE Metal Index. On the iron ore front, both NMDC and Sesa Goaoutperformed the metal index by 1-3%, on the back of stable iron ore prices.In the Non-Ferrous pack, Nalco and Hindalco outperformed the Metal indexby 7.8% and 1.0%, respectively, while Sterlite and Hindustan Zincunderperformed by 4.2% and 3.7%, respectively. Among the large caps,Among the large caps,Among the large caps,Among the large caps,Among the large caps,we prefer , JSW Steel and Sterlite.we prefer , JSW Steel and Sterlite.we prefer , JSW Steel and Sterlite.we prefer , JSW Steel and Sterlite.we prefer , JSW Steel and Sterlite.

Inside This WeeklySpiceJet - Initiating Coverage:SpiceJet - Initiating Coverage:SpiceJet - Initiating Coverage:SpiceJet - Initiating Coverage:SpiceJet - Initiating Coverage: SpiceJet is one of the fastest growing airlinesin the aviation industry, with a market share of around 12%. Given its strongexpansion plans, revival in the economy and strong passenger growth, wehave assigned a target multiple of 9x FY2012E EPS of Rs9.3 to arrive at atarget price of Rs84, implying an upside of 33%. Hence, we Initiate Coveragewe Initiate Coveragewe Initiate Coveragewe Initiate Coveragewe Initiate Coverageon the stock with a Buy recommendation.on the stock with a Buy recommendation.on the stock with a Buy recommendation.on the stock with a Buy recommendation.on the stock with a Buy recommendation.

Jagran PJagran PJagran PJagran PJagran Prakashan - Event Update: rakashan - Event Update: rakashan - Event Update: rakashan - Event Update: rakashan - Event Update: Jagran Prakashan (JPL) has approvedthe acquisition of Print Media business of Mid-day Multimedia (MML). Basedon the share swap of 7:2, the deal values the acquired Print business ofMML at ~Rs175cr and would lead to dilution of ~5% in JPL. Jagran'scombined offerings are likely to boost its advertising revenues due to bundlingeffect. WWWWWe maintain a Buy on Jagran, with a Te maintain a Buy on Jagran, with a Te maintain a Buy on Jagran, with a Te maintain a Buy on Jagran, with a Te maintain a Buy on Jagran, with a Target Parget Parget Parget Parget Price of Rs160.rice of Rs160.rice of Rs160.rice of Rs160.rice of Rs160.

RIL - RNRL Case VRIL - RNRL Case VRIL - RNRL Case VRIL - RNRL Case VRIL - RNRL Case Verdict:erdict:erdict:erdict:erdict: The Supreme Court has delivered its final verdicton the RIL-RNRL legal wrangle, in favour of RIL. The judgment removes theoverhang on the RIL stock, as the Earnings visibility of the E&P Segment isexpected to improve (post FY2013E). The judgment will also accelerate themonetisation plan of RIL's E&P portfolio, which would be a positive triggerfor its stock. W W W W We maintain a Buy on RIL with a Te maintain a Buy on RIL with a Te maintain a Buy on RIL with a Te maintain a Buy on RIL with a Te maintain a Buy on RIL with a Target Parget Parget Parget Parget Price of Rs1,260.rice of Rs1,260.rice of Rs1,260.rice of Rs1,260.rice of Rs1,260.

Note: Stock Prices are as on Report release date; Refer all Detailed Reports on Angel website

Global Indices

Indices April May Weekly YTD

30, 10 7, 10 (% chg)

BSE 30 17,559 16,769 (4.5) (4.0)

NSE 5278 5018 (4.9) (3.5)

Nasdaq 2,512 2,266 (9.8) (0.2)

DOW 11,167 10,380 (7.0) (0.5)

Nikkei 11,057 10,365 (6.3) (1.7)

HangSeng 21,109 19,920 (5.6) (8.9)

Straits Times 2,948 2,821 (4.3) (2.6)

Shanghai Composite 2,871 2,688 (6.3) (18.0)

KLSE Composite 1,346 1,333 (1.0) 4.7

Jakarta Composite 2,971 2,739 (7.8) 8.1

KOSPI Composite 1,742 1,648 (5.4) (2.1)

(Rs crore)Cash Futures Net

As on (Equity) Activity

Apr 30 539 319 858

May 03 (236) (1,377) (1,613)

May 04 105 (873) (769)

May 05 (1,389) (1,038) (2,428)

May 06 (919) (919)

NetNetNetNetNet (982) (982) (982) (982) (982) (3,889) (3,889) (3,889) (3,889) (3,889) (4,870) (4,870) (4,870) (4,870) (4,870)

FII activity

Indices April May Weekly YTD

30, 10 7, 10 (% chg)

BANKEX 11,155 10,506 (5.8) 4.7

BSE AUTO 7,800 7,515 (3.7) 1.1

BSE IT 5,358 5,135 (4.2) (1.0)

BSE PSU 9,113 8,907 (2.3) (6.6)

Sectoral Watch

(Rs crore)As on Purchases Sales Net Activity

Apr 29 1,037 732 305

Apr 30 321 657 (336)

May 03 418 861 (443)

May 04 856 753 103

NetNetNetNetNet 2,632 2,632 2,632 2,632 2,632 3,003 3,003 3,003 3,003 3,003 (371) (371) (371) (371) (371)

Mutual Fund activity (Equity)

Note: FII Cash Equity data for 6th May not updated in SEBI

Note: Mutual Fund data for 5th and 6th May not updated in SEBI

May 8, 2010

For Private Circulation Only | Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP00000154 6 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946 2

FFFFFundamental Fundamental Fundamental Fundamental Fundamental Focus |ocus |ocus |ocus |ocus |

Flying into Clear Skies

SpiceJet is one of the fastest growing airlines in the aviationindustry, with a market share of around 12%. Given its strongexpansion plans, revival in the economy and strong passengergrowth, we have assigned a target multiple of 9x FY2012E EPSof Rs9.3 to arrive at a target price of Rs84, implying an upsideof 33%. Hence, we Initiate Coverage on the stock with a Buyrecommendation.

LLLLLoad factors expected to remain healthy: oad factors expected to remain healthy: oad factors expected to remain healthy: oad factors expected to remain healthy: oad factors expected to remain healthy: Driven by huge losses,most airlines reduced fleets and no new capacities were addedsince FY2009. With FCCs like Air India and Kingfisher stillmaking huge losses, and Jet Airways barely breaking even, weexpect negligible fleet additions over FY2010-11E. But demandhas bounced back sharply in 9MFY2010 and Low-Cost Carriers(LCCs) have been reporting 80%+ load factors. Given that thedemand is expected to outpace supply, the load factors areexpected to remain around 77% for FY2011E.

Higher LHigher LHigher LHigher LHigher Load Foad Foad Foad Foad Factor to increase Pactor to increase Pactor to increase Pactor to increase Pactor to increase Profitability:rofitability:rofitability:rofitability:rofitability: With the Aviationindustry characterised by very high operating leverage, animprovement in the load factor is expected to drive a substantialspurt in Profits. With 80% (66% in 3QFY2009) load factors,SpiceJet's Net Profit shot up to Rs109cr in 3QFY2010 vs. Rs43crloss in 3QFY2009. Additionally, aided by a strong fleet addition(19% CAGR over FY2010-12E), we expect SpiceJet's Net Profitto grow at a 51% CAGR to Rs377cr in FY2012E.

Increasing fleet and strengthening Balance Sheet: Increasing fleet and strengthening Balance Sheet: Increasing fleet and strengthening Balance Sheet: Increasing fleet and strengthening Balance Sheet: Increasing fleet and strengthening Balance Sheet: SpiceJet isexpected to build a strong cash reserve of Rs874cr as onFY2011E and of Rs1,311cr by FY2012E. In a worst-casescenario, even if SpiceJet witnesses a load factor of just 50%(lowest load factor till date of 67% in FY2009), it would haveenough cash to sustain its operational expenditure for 14months, without diluting any equity. With US $79.8mn FCCBsgetting converted by December 2010 and ~Rs350cr of QIP(not factored), Balance Sheet strength will go up further, with aNet Worth of Rs989.4cr in FY2012E.

Outlook and Valuation

SpiceJet is present in a high growth industry and is one of thefastest growing LCCs, and, given the change in preference fromFCCs to LCCs, it is best placed to benefit from the economicrecovery and the growing passenger traffic demand. Going

SpiceJet - Buy

Initiating Coverage

Price - Rs62Target Price - Rs84

Target Price - Rs356

Research Analyst - Sharan Lillaney

forward, with hardly a 5% growth expected in capacity inFY2011E, the whole domestic aviation sector is going toexperience high load factors. Historically, SpiceJet has beenreporting better load factors than the industry, and we expectthis trend to continue in the future, as well.

With strong expansion plans, robust passenger growth andlower capacity additions, SpiceJet is expected to experience loadfactors of around 77% for FY2010E, 81% in FY2011E and 80%in FY2012E. SpiceJet will be taking delivery of about 9 planesby FY2012E based on its existing orders, taking its total fleetsize to 27 planes.

The increase in capacity and strong load factors will provide astrong revenue visibility for SpiceJet and it is expected to registera CAGR of 20% in revenues over FY2010E-FY2012E. SpiceJetis expected to build a strong cash reserve of Rs1,311cr and NetWorth of Rs989.4cr as on FY2012E. With the revival in theeconomy, strong passenger growth, high load factors,strengthening balance sheet and strong revenue visibility, weweweweweinitiate coverage on the stock with a Buy recommendation andinitiate coverage on the stock with a Buy recommendation andinitiate coverage on the stock with a Buy recommendation andinitiate coverage on the stock with a Buy recommendation andinitiate coverage on the stock with a Buy recommendation anda target multiple of 9x FY2012E EPS of Rs9.3, to arrive at aa target multiple of 9x FY2012E EPS of Rs9.3, to arrive at aa target multiple of 9x FY2012E EPS of Rs9.3, to arrive at aa target multiple of 9x FY2012E EPS of Rs9.3, to arrive at aa target multiple of 9x FY2012E EPS of Rs9.3, to arrive at atarget price of Rs84, implying a upside of 33%.target price of Rs84, implying a upside of 33%.target price of Rs84, implying a upside of 33%.target price of Rs84, implying a upside of 33%.target price of Rs84, implying a upside of 33%.

Source: Company, Angel Research, Price as on May 3, 2010

Key Financials

Net SalesNet SalesNet SalesNet SalesNet Sales 1,6891,6891,6891,6891,689 2,2062,2062,2062,2062,206 2,6872,6872,6872,6872,687 3,1583,1583,1583,1583,158

% chg 30.5 30.6 21.8 17.5

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit (352.6) (352.6) (352.6) (352.6) (352.6) 165.7 165.7 165.7 165.7 165.7 300.5 300.5 300.5 300.5 300.5 376.5 376.5 376.5 376.5 376.5

% chg 164.1 (147.0) 81.3 25.3

FDEPS (Rs)FDEPS (Rs)FDEPS (Rs)FDEPS (Rs)FDEPS (Rs) (14.6) (14.6) (14.6) (14.6) (14.6) 4.1 4.1 4.1 4.1 4.1 7.4 7.4 7.4 7.4 7.4 9.3 9.3 9.3 9.3 9.3

EBITDA Margin (%) (24.8) 5.9 11.9 12.6

P/E (x) (4.3) 9.1 8.4 6.7

P/CEPS (x) (4.4) 8.7 8.2 6.6

RoE (%) - - 172.2 47.0

RoCE (%) - 86.3 74.0 48.5

P/BV (x) (3.5) (5.7) 4.1 2.6

EV/Sales (x) 1.0 0.7 0.6 0.4

EV/EBITDA (x) (4.0) 11.2 5.2 3.1

Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E

May 8, 2010



Good-Days ahead for Jagran

Jagran acquires PJagran acquires PJagran acquires PJagran acquires PJagran acquires Print Media business of Mid-rint Media business of Mid-rint Media business of Mid-rint Media business of Mid-rint Media business of Mid-day via shareday via shareday via shareday via shareday via shareswap:swap:swap:swap:swap: Jagran Prakashan (JPL) in its board meeting held on 5thMay, 2010, has approved the acquisition of Print Media businessof Mid-day Multimedia (MML) via a share swap of 7:2 (foreach 7 shares of MML, its shareholders will get 2 shares ofJagran). The scheme of arrangement, subject to necessaryapprovals, will result into de-merger of the Print business fromMML which will get transferred to a wholly owned subsidiary ofJagran with effect from 1st April, 2010. The Print business isrun by MML through its wholly owned subsidiary Mid-DayInfomedia Ltd and has publications like Mid-Day (Mumbai,Pune, Bangalore and Delhi), Sunday Mid-Day, GujaratiMid-Day and The Inquilab (largest read Urdu newspaper in thecountry) along with all internet properties. Jagran has indicatedthat the current management of Mid-Day including TariqueAnsari and Manajit Ghoshal would continue to run thepublication business.

Deal values PDeal values PDeal values PDeal values PDeal values Print business at Rs175crrint business at Rs175crrint business at Rs175crrint business at Rs175crrint business at Rs175cr, to lead to a ~5% dilution, to lead to a ~5% dilution, to lead to a ~5% dilution, to lead to a ~5% dilution, to lead to a ~5% dilutionin JPLin JPLin JPLin JPLin JPL: : : : : Based on the share swap of 7:2, at the CMP of Rs115for Jagran, the deal values the acquired Print business of MMLat ~Rs175cr and would lead to dilution of ~5% in JPL. Hence,Jagran will issue 1.51cr equity shares under the share swap toMML shareholders and its equity base will expand to 31.63cr shares.

Mid-Day to fill the gap in JPL's portfolio, bundling to boostMid-Day to fill the gap in JPL's portfolio, bundling to boostMid-Day to fill the gap in JPL's portfolio, bundling to boostMid-Day to fill the gap in JPL's portfolio, bundling to boostMid-Day to fill the gap in JPL's portfolio, bundling to boostrevenues: revenues: revenues: revenues: revenues: Mid-Day with its presence in markets like Mumbai,Delhi, Bangalore and Pune (recently launched) is likely to fillthe gap in JPL's portfolio vs. its peers HT Media (HT andHindustan) and DB Corp (Dainik Bhaskar and DNA) which offerboth English and Hindi publications to its advertisers. Hence,JPL's combined offerings are likely to boost its advertisingrevenues due to bundling effect.

FFFFFinancial Implications of the deal:inancial Implications of the deal:inancial Implications of the deal:inancial Implications of the deal:inancial Implications of the deal: For FY2010, the Printbusiness of Mid-Day registered a de-growth in its Top-line toRs94.9cr (Rs102cr) on account of consistent loss in readershipand competitive pressures (from HT Mumbai and DNA).However, the company has witnessed strong growth in EBIT (onaccount of cost efficiencies and lower newsprint prices), reportingan EBIT of Rs16.9cr (loss of Rs13.1cr) and EBIT Margin of 17.8%in FY2010.

Jagran Prakashan - Buy

Event Update

Research Analyst - Anand Shah/Chitrangda Kapur

Modeling in a debt of Rs25cr for Mid-day, we arrive at an EV of~Rs200cr, resulting in a valuation of 2.1xEV/Sales and12xEV/EBIT on FY2010 financials. This in our opinion is areasonable valuation, considering a ~30-40% discount to itspeers Jagran and HT Media. Moreover, while the acquisition islikely to dilute JPL's Margins to an extent (as MML's Print businessoperates at 18% EBIT Margins vis-à-vis JPL's 24%), we believethe deal is likely to be Earnings accretive to the tune of ~2% onFY2011E financials.

Maintain Jagran as our TMaintain Jagran as our TMaintain Jagran as our TMaintain Jagran as our TMaintain Jagran as our Topopopopop-Pick in P-Pick in P-Pick in P-Pick in P-Pick in Print, Buy with a Trint, Buy with a Trint, Buy with a Trint, Buy with a Trint, Buy with a TargetargetargetargetargetPPPPPrice of Rs160:rice of Rs160:rice of Rs160:rice of Rs160:rice of Rs160: While we have not factored the deal in JPL'snumbers (await complete clarity), we believe the deal is likelyto be Earnings accretive by ~2% in FY2011E. Moreover, withBlackstone's recent investment of Rs225cr (not utilized for thecurrent deal) and a wider portfolio (including Mid-Dayspublications), we believe Jagran is well poised to benefit fromsteady growth in Print Media. WWWWWe believe underperformancee believe underperformancee believe underperformancee believe underperformancee believe underperformanceof the stock provides a good entry point and maintain a Buyof the stock provides a good entry point and maintain a Buyof the stock provides a good entry point and maintain a Buyof the stock provides a good entry point and maintain a Buyof the stock provides a good entry point and maintain a Buy,,,,,with a Twith a Twith a Twith a Twith a Target Parget Parget Parget Parget Price of Rs160, based on a P/E multiple of 20xrice of Rs160, based on a P/E multiple of 20xrice of Rs160, based on a P/E multiple of 20xrice of Rs160, based on a P/E multiple of 20xrice of Rs160, based on a P/E multiple of 20xFY2012E (in-line with historical valuations).FY2012E (in-line with historical valuations).FY2012E (in-line with historical valuations).FY2012E (in-line with historical valuations).FY2012E (in-line with historical valuations).



Key Financials

Net SalesNet SalesNet SalesNet SalesNet Sales 823 823 823 823 823 928 928 928 928 928 1,092 1,092 1,092 1,092 1,092 1,267 1,267 1,267 1,267 1,267

% chg 9.8 12.7 17.7 16.0

Net PNet PNet PNet PNet Profit (Adj)rofit (Adj)rofit (Adj)rofit (Adj)rofit (Adj) 91.6 91.6 91.6 91.6 91.6 173.0 173.0 173.0 173.0 173.0 201.3 201.3 201.3 201.3 201.3 240. 240. 240. 240. 240.2

% chg (6.6) 88.8 16.4 19.3

OPM (%) 19.0 29.3 29.7 30.2

EPS (Rs)EPS (Rs)EPS (Rs)EPS (Rs)EPS (Rs) 3.0 3.0 3.0 3.0 3.0 5.7 5.7 5.7 5.7 5.7 6.7 6.7 6.7 6.7 6.7 8.0 8.0 8.0 8.0 8.0

P/E (x) 37.8 20.0 17.2 14.4

P/BV (x) 6.2 5.7 5.3 4.8

RoE (%) 16.7 29.7 31.8 34.7

RoCE (%) 16.6 28.9 33.6 38.4

EV/Sales (x) 4.3 3.8 3.2 2.8

EV/EBITDA (x) 22.5 13.0 10.9 9.3


May 8, 2010


RIL Triumphs

In the much-awaited decision on the RIL-RNRL legal wrangle,

the Supreme Court (SC) delivered its final verdict on

May 7, 2010. A three-judge SC bench passed a 2:1 judgment

in favour of RIL. RNRL has been seeking to achieve supply of

28mmscmd of natural gas for 17 years at US $2.34/mmbtu

for its green-field power plant to be located at Dadri, in the

northern part of India as opposed to the government-approved

price of US $4.2/mmbtu. The supply was to be made from the

KG-D6 block being operated by RIL.

The SC ruled that the family MoU under which RNRL claimed

cheap gas was not binding and that the government regulation

overrides the MoU. The SC has given RIL and RNRL six weeks to

renegotiate the gas supply agreement in line with the

government regulations. The SC verdict squashed the Bombay

High Court judgment given on June 15, 2009, which had

directed RIL to supply RNRL 28mmscmd of gas at

US $2.34/mmbtu for a period of 17 years post commissioning

of Reliance Power's Dadri plant. We had earlier factored in a

hit of Rs50 in our Target Price for RIL following the Bombay

High Court judgment. Pending more clarity regards

the re-negotiations, we maintain our Target Price on RIL. We

expect more clarity to emerge over the next six weeks regards

details of the re-negotiation.

Key Excerpts of Supreme Court judgment

SC rules MoU to be a private pact between members ofSC rules MoU to be a private pact between members ofSC rules MoU to be a private pact between members ofSC rules MoU to be a private pact between members ofSC rules MoU to be a private pact between members of

Ambani family and not binding on RILAmbani family and not binding on RILAmbani family and not binding on RILAmbani family and not binding on RILAmbani family and not binding on RIL::::: The SC ruled that the

government owns all the gas assets till it reaches the users. The

Production Sharing Contract (PSC) between the government

and RIL will override all the prior agreements including the family

MoU, which is therefore not binding.

Court directs the parties to renegotiate within six weeks:Court directs the parties to renegotiate within six weeks:Court directs the parties to renegotiate within six weeks:Court directs the parties to renegotiate within six weeks:Court directs the parties to renegotiate within six weeks:

The apex court has ordered RIL to initiate re-negotiation of the

terms of the Gas Sale Master Agreement (GSMA) with RNRL.

However, such renegotiations would have to be within the

framework of the government policy and approvals regarding

price, quantity and tenure for supply of gas. The renegotiations

Reliance Industries - Buy

Event Update - RIL-RNRL Case Verdict

shall commence within eight weeks from the judgment date at

RIL's initiative and shall be completed within a period of six

weeks from the day of commencement of negotiations. We

believe that RIL can sell gas to RNRL only at the government

approved price of US $4.2/mmbtu. If the renegotiation efforts

fail, then the matter could be taken to the Company Law Board.

Amidst such a scenario, we expect it to be a long-drawn matter.

However, with the apex court directing the negotiation to be in

line with the government policy, we expect the overhang on RIL

to diminish, as uncertainty regards the gas prices is expected to

get resolved in favour of RIL.

Government ultimate power for gas pricing and utilisation:Government ultimate power for gas pricing and utilisation:Government ultimate power for gas pricing and utilisation:Government ultimate power for gas pricing and utilisation:Government ultimate power for gas pricing and utilisation:

The SC has stated that the Empowered Group of Ministers

(EGoM) decision regarding utilisation of the natural gas and

the price formula/basis, etc. does not suffer from any legal or

constitutional infirmities and would apply to all supply of natural

gas under the PSC. The parties are bound by the government

policy and approvals regarding price, quantity and tenure for

supply of gas.

RIL a mere contractor for producing natural gas:RIL a mere contractor for producing natural gas:RIL a mere contractor for producing natural gas:RIL a mere contractor for producing natural gas:RIL a mere contractor for producing natural gas: The SC

has also stated under the PSC that the contractor (RIL in this

case) does not become the owner of natural gas, and there is

nothing like specified physical quantity of natural gas to be

shared by the government and the contractor. Thus , the apex

court directed that the share in profit petroleum will be given to

operator in cash and not in kind.

Comprehensive PComprehensive PComprehensive PComprehensive PComprehensive Policy/suitable legislation required:olicy/suitable legislation required:olicy/suitable legislation required:olicy/suitable legislation required:olicy/suitable legislation required: The

SC has directed the government to frame a comprehensive

policy/suitable legislation regards the energy security of the

country and supply of natural gas under PSCs.

Overrides Bombay High Court judgment: Overrides Bombay High Court judgment: Overrides Bombay High Court judgment: Overrides Bombay High Court judgment: Overrides Bombay High Court judgment: The SC verdict

has squashed the Bombay High Court judgment of June 15,

2009, which directed RIL to supply RNRL 28mmscmd of gas at

US $2.34/mmbtu for 17 years post commissioning of Reliance

Power's Dadri plant. The parties can go for a review petition

within two weeks of the SC judgment. However, RNRL

management has said that it would not file a review petition

against the verdict.

Price - Rs1,034Target Price - Rs1,260


May 8, 2010


Research Analyst - Deepak Pareek/Amit Vora

Impact Analysis

We view the Court's verdict as favourable for RIL, while it is a

negative for RNRL and Reliance Power. The judgment has lifted

the overhang from the RIL stock. However, we do not expect

RIL's near-term financial performance to get boosted by this

verdict, as even in case of RNRL's victory, the gas supplies would

have only commenced post FY2013E.

The judgment could result in an upside of Rs35 to our Target

Price for RIL. Post the High Court judgment we had reduced

our Target Price for RIL by Rs50. With this favourable outcome,

the risks arising from the RIL-RNRL dispute have almost

dissipated for the RIL stock, though the RIL-NTPC litigation (to

supply 12 mmscmd at US $2.34/mmbtu) will continue to

negatively impact it, albeit marginally. Moreover, the Bombay

High Court is likely to take up the RIL-NTPC matter in

July 2010. Pending more clarity regards re-negotiation between

RIL and RNRL, we maintain our Target Price on RIL at Rs1,260.

We had earlier envisaged that RNRL's future is not only

dependent on the outcome of the legal tussle with RIL, but also

on uncertainties regarding matters such as the level of Marketing

Margins allowed to be charged. We had advised caution to

investors given lack of clarity on RNRL’s business model. We

remain skeptical on the company’s growth plans and believe

that the stock could witness significant downsides from current

levels. The stock is Not Rated by us.

As the SC has ruled that the government has the ultimate rights

in terms of pricing of the gas, there are some concerns expressed

by certain sections of the market regarding the regulation of

gas pricing in India by the government. However, we believe

given the fact that the KG-D6 gas price of US $4.2/mmbtu was

evolved after working out a formulae and through a market

evaluation process, the government will continue to be friendly

towards private investments in the E&P Segment in the country.

Also, given SC's verdict is unlikely to impact the flow of gas to

priority sectors going ahead, thus the stocks in the user industries,

viz. power and fertiliser, are unlikely to be impacted.


The judgment removes the overhang on the RIL stock price, as

the Earnings visibility of the E&P Segment is expected to improve

(post FY2013E). The judgment should also accelerate the

monetisation plan of RIL's E&P portfolio, which would be a

positive trigger for its stock. Post the verdict, we believe that the

company's focus should shift towards inorganic growth given

the huge cash flow likely to be generated along with low

Debt/Equity ratio. Thus, we expect the company's inorganic

growth plans along with discovery and monetisation of its

upstream portfolio to keep it on high-growth orbit going ahead.

We expect improvement in Refining Margins and increased gas

production to drive RIL's Earnings growth over the next couple

of years. On the valuation front, the stock is relatively under

valued trading at 1.8x FY2012E P/BV. Hence, we maintain awe maintain awe maintain awe maintain awe maintain a

Buy on RILBuy on RILBuy on RILBuy on RILBuy on RIL, with a T, with a T, with a T, with a T, with a Target Parget Parget Parget Parget Price of Rs1,260, translating into anrice of Rs1,260, translating into anrice of Rs1,260, translating into anrice of Rs1,260, translating into anrice of Rs1,260, translating into an

upside of 21.8% from current levels.upside of 21.8% from current levels.upside of 21.8% from current levels.upside of 21.8% from current levels.upside of 21.8% from current levels.

Reliance Industries - Buy


Key Financials (Consolidated)


% chg 10.3 34.7 15.2 3.8

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit 14,96914,96914,96914,96914,969 15,89815,89815,89815,89815,898 22,74322,74322,74322,74322,743 28,55028,55028,55028,55028,550

% chg (23.3) 6.2 43.1 25.5

EPS (Rs)EPS (Rs)EPS (Rs)EPS (Rs)EPS (Rs) 45.845.845.845.845.8 48.648.648.648.648.6 69.569.569.569.569.5 87.387.387.387.387.3

EBITDA Margin (%) 15.5 15.2 17.6 20.0

P/E (x) 22.6 13.8 14.9 11.8

RoE (%) 14.5 11.9 14.7 16.1

RoCE (%) 8.4 8.0 11.4 13.8

P/BV (x) 2.8 2.3 2.1 1.8

EV/ Sales (x) 2.6 1.8 1.5 1.4

EV/ EBITDA (x) 16.7 12.1 8.6 6.9



May 8, 2010


Auto Sector Update - April 2010

Short-supply of spares impact Sales sequentially

Auto Sales touched record highs in FY2010 on positive consumersentiment and partially due to advanced buying at the dealers'end in anticipation of price hike due to change in the Emissionnorms from April 1, 2010. However, first month of FY2011began with mom slippage in volumes owing to increase inproduct prices and short-supply of spare parts. This was largelydue to the sustained hike in commodity prices, change inEmission norms and excise duty hike. Hence, most auto majorspassed on the cost impact with the hike in prices. Volumes ofmost players showed signs of tapering off growth for the month.Nonetheless, pick up in economic activities is expected to keepdemand strong, albeit more normalised across segments,considering demand may have peaked in the past few monthsprior to the expected price hikes post the excise duty hike andspurt in raw material prices.

Tata Motors

TML registered a 52.5% yoy growth in Total sales to 57,202units (37,518) in April 2010.

The CV Segment recorded robust 40.9% yoy growth aidedby the M&HCV Segment, registering a substantial yoy growthof 63.1%.

Indica sales stood at 9,036 units, while Indigo recordedsales of 7,201 units, up 5% yoy and 180% yoy, respectively.

The Sumo/Safari/Xenon XT range accounted for sales of3,340 units, a rise of 51% yoy.

The PV Segment reported a decent 72.8% yoy growth, withthe Nano selling 3,525 units.

Maruti Suzuki

Maruti registered record high Sales in April 2010 registering29.7% yoy growth to 93,058 units (71,748).

The A2 Segment grew 20.5% yoy; C Segment sales increased37.9% yoy following launch of its the Eeco.

The company reported 89% yoy increase in Exports to13,024 units (6,891).

During the month, Maruti Suzuki launched the all newWagonR, which aided growth in the A2 Segment.

The company registered marginal growth in the Domesticmarket, while Export sales fell by around 17% mom.

Ashok Leyland

ALL reported Total sales of 6,500 units (1,750), a growthof 271.4% yoy.

The Bus Segment grew 129.1% yoy, whereas the TruckSegment grew by a stupendous 357.1% yoy, led by domesticsales.

Source: Company, Angel Research

Exhibit 1: Tata Motors

Segment April FYSegment April FYSegment April FYSegment April FYSegment April FY

20102010201020102010 20092009200920092009 %chg%chg%chg%chg%chg FYFYFYFYFY1010101010 FY09FY09FY09FY09FY09 %chg%chg%chg%chg%chg

TTTTTata Motorsata Motorsata Motorsata Motorsata Motors 57,202 57,202 57,202 57,202 57,202 37,518 37,518 37,518 37,518 37,518 52.5 52.5 52.5 52.5 52.5 642,407 642,407 642,407 642,407 642,407 498,147 498,147 498,147 498,147 498,147 29.0 29.0 29.0 29.0 29.0

M&HCV 13,976 8,567 63.1 167,598 122,984 36.3

LCV 19,673 15,318 28.4 233,652 168,466 38.7

TTTTTotal CVotal CVotal CVotal CVotal CV 33,649 33,649 33,649 33,649 33,649 23,885 23,885 23,885 23,885 23,885 40.940.940.940.940.9 401,250 401,250 401,250 401,250 401,250 291,450 291,450 291,450 291,450 291,450 37.737.737.737.737.7

Utility Vehicles 3,367 2,215 52.0 34,124 39,981 (14.6)

Cars 20,186 11,418 76.8 207,033 166,716 24.2

TTTTTotal PVotal PVotal PVotal PVotal PV 23,553 23,553 23,553 23,553 23,553 13,633 13,633 13,633 13,633 13,633 72.8 72.8 72.8 72.8 72.8 241,157 241,157 241,157 241,157 241,157 206,697 206,697 206,697 206,697 206,697 16.7 16.7 16.7 16.7 16.7

Exports (Inc Above )Exports (Inc Above )Exports (Inc Above )Exports (Inc Above )Exports (Inc Above ) 3,1373,1373,1373,1373,137 1,2611,2611,2611,2611,261 148.8 148.8 148.8 148.8 148.8 33,862 33,862 33,862 33,862 33,862 33,410 33,410 33,410 33,410 33,410 1.4 1.4 1.4 1.4 1.4

Exhibit 2: Ashok Leyland




Ashok LAshok LAshok LAshok LAshok Leylandeylandeylandeylandeyland 6,5006,5006,5006,5006,500 1,7501,7501,7501,7501,750 271.4271.4271.4271.4271.4 63,93063,93063,93063,93063,930 54,44454,44454,44454,44454,444 17.417.417.417.417.4

MDV Passenger 1,448 632 129.1 18,480 19,745 (6.4)

MDV Goods 5,001 1,094 357.1 44,353 33,349 33.0

LCV 51 24 112.5 1,097 1,350 (18.7)

Export (Inc Above )Export (Inc Above )Export (Inc Above )Export (Inc Above )Export (Inc Above ) 510510510510510 135135135135135 277.8277.8277.8277.8277.8 5,9345,9345,9345,9345,934 6,8126,8126,8126,8126,812 (12.9) (12.9) (12.9) (12.9) (12.9)

Mahindra & Mahindra

M&M reported healthy monthly sales, with a growth of21.8% yoy to 42,197 units (34,645).

The Tractor Segment grew by a healthy 40.1% yoy, aided bya strong 68.5% yoy growth in Tractor Exports.

The Automotive Segment grew 12.6% yoy led by the 97.7%yoy growth in the Domestic Three-Wheeler Segment and121.2% yoy growth in the Auto-Export Segment.

The UV (including the Xylo, Bolero and Pick-Ups) reported amarginal decline of 2.4% yoy, while the LCV Segmentreported 32.7% yoy growth.

The UV Segment registered subdued growth mainly due tothe high base effect.

Exhibit 3: Maruti Suzuki




Maruti SuzukiMaruti SuzukiMaruti SuzukiMaruti SuzukiMaruti Suzuki 93,058 93,058 93,058 93,058 93,058 71,748 71,748 71,748 71,748 71,748 29.7 29.7 29.7 29.7 29.7 1,018,365 1,018,365 1,018,365 1,018,365 1,018,365 795,170 795,170 795,170 795,170 795,170 28.1 28.1 28.1 28.1 28.1

A1 M800 2,258 2,345 (3.7) 33,028 52,383 (36.9)

C Omni, Versa, Eeco 10,654 7,724 37.9 101,325 77,948 30.0

A2 Alto, Wagon R, Zen,Swift , A-Star, Ritz 56,416 46,817 20.5 633,190 511,396 23.8

A3 SX4, Dezire 9,994 7,066 41.4 99,315 75,931 30.8

TTTTTotal Potal Potal Potal Potal Passenger Carsassenger Carsassenger Carsassenger Carsassenger Cars 79,322 79,322 79,322 79,322 79,322 63,952 63,952 63,952 63,952 63,952 24.0 24.0 24.0 24.0 24.0 866,858 866,858 866,858 866,858 866,858 717,658 717,658 717,658 717,658 717,658 20.820.820.820.820.8

MUV Gypsy, Vitara 712 905 (21.3) 3,932 7,489 (47.5)

DomesticDomesticDomesticDomesticDomestic 80,034 80,034 80,034 80,034 80,034 64,857 64,857 64,857 64,857 64,857 23.4 23.4 23.4 23.4 23.4 870,790 870,790 870,790 870,790 870,790 725,147 725,147 725,147 725,147 725,147 20.1 20.1 20.1 20.1 20.1

ExportsExportsExportsExportsExports 13,024 13,024 13,024 13,024 13,024 6,891 6,891 6,891 6,891 6,891 89.0 89.0 89.0 89.0 89.0 147,575 147,575 147,575 147,575 147,575 70,023 70,023 70,023 70,023 70,023 110.8110.8110.8110.8110.8


May 8, 2010


Bajaj Auto

BAL reported overall Sales growth of 85.4% yoy to 313,472units (169,119).

The Motorcycle Segment grew 84.4% led by the two game-changer brands, Pulsar and Discover.The Three-wheeler Segment reported a healthy 98% yoygrowth to 37,350 units (18,867).Strong sales growth was supported by the increase in marketshare in the last 3-4 months.

Hero Honda

HH sold 371,652 units (370,575), registering a marginalgrowth of 0.3% yoy.

Management has indicated that, in April, the company hada shortage of batteries, which negatively impacted dispatchesby around 50,000 units. The problem is expected to besorted out by the second week of May.

HH launched two new models - Glamour and Glamour FI -in April 2010.

HH crossed 1 lakh villages under its rural coverage initiative.

Research Analyst - Vaishali Jajoo

TVS Motor

TVS clocked 27.9% yoy growth to 144,683 units (113,119)Domestic sales grew 21.8% yoy to 125,465 units (102,985)

The Scooter Segment recorded 42.7% yoy growth to 26,860units (18,819)

The Motorcycle Segment grew 24% yoy to 66,000 units(53,235)

Exports grew 89.6% to 19,218 units (10,134)

Newly launched TVS Jive and TVS Wega supported the bettervolume growth

Three-wheeler sales continued to excel, registering sales of2,483 units (706)

Auto Sector Update - March 2010

Exhibit 5: Bajaj Auto


Segment AprilSegment AprilSegment AprilSegment AprilSegment April FY FY FY FY FY


TTTTTotal Salesotal Salesotal Salesotal Salesotal Sales 313,472 313,472 313,472 313,472 313,472 169,119 169,119 169,119 169,119 169,119 85.485.485.485.485.4 2,852,634 2,852,634 2,852,634 2,852,634 2,852,634 2,194,108 2,194,108 2,194,108 2,194,108 2,194,108 30.030.030.030.030.0

Motorcycles 276,095 149,733 84.4 2,506,847 1,907,810 31.4

Scooters 27 519 (94.8) 4,851 11,772 (58.8)

TTTTTotal 2 Wheelersotal 2 Wheelersotal 2 Wheelersotal 2 Wheelersotal 2 Wheelers 276,122 276,122 276,122 276,122 276,122 150,252 150,252 150,252 150,252 150,252 83.883.883.883.883.8 2,511,698 2,511,698 2,511,698 2,511,698 2,511,698 1,919,582 1,919,582 1,919,582 1,919,582 1,919,582 30.830.830.830.830.8

Three Wheelers 37,350 18,867 98.0 340,936 274,526 24.2

Export (Incl Above) 113,911 51,887 119.5 891,098 772,519 15.3

Exhibit 6: Hero Honda




T T T T Total Salesotal Salesotal Salesotal Salesotal Sales 371,652 371,652 371,652 371,652 371,652 370,575 370,575 370,575 370,575 370,575 0.3 0.3 0.3 0.3 0.3 4,600,130 4,600,130 4,600,130 4,600,130 4,600,130 3,722,000 3,722,000 3,722,000 3,722,000 3,722,000 23.6 23.6 23.6 23.6 23.6

Outlook

We remain positive on the Indian Auto Sector. We estimateoverall Auto Volumes to register a CAGR of around 10% yoyover FY2010-12E, aided by the improved economicenvironment for the sector. Over the longer term, comparativelylow penetration levels, a healthy economic environment andfavourable demographics, supported by higher per-capitaincome levels are likely to help the Auto companies in sustainingtheir Top-line growth. However, increase in input costs andinterest rates are anticipated headwinds for the Volume andEarnings growth of the sector. We expect rising input costs torestrict profitability, despite the positive view on demand. Ahigher-than-expected increase in input and Emission-relatedcosts will impact Margins in FY2011E. Among the pack, weAmong the pack, weAmong the pack, weAmong the pack, weAmong the pack, wecontinue to maintain Overweight on M&M, Maruti Suzuki andcontinue to maintain Overweight on M&M, Maruti Suzuki andcontinue to maintain Overweight on M&M, Maruti Suzuki andcontinue to maintain Overweight on M&M, Maruti Suzuki andcontinue to maintain Overweight on M&M, Maruti Suzuki andTTTTTata Motors.ata Motors.ata Motors.ata Motors.ata Motors.

Exhibit 4: Mahindra & Mahindra




TTTTTotal Salesotal Salesotal Salesotal Salesotal Sales 48,012 48,012 48,012 48,012 48,012 36,675 36,675 36,675 36,675 36,675 30.930.930.930.930.9 472,121 472,121 472,121 472,121 472,121 349,523 349,523 349,523 349,523 349,523 35.1 35.1 35.1 35.1 35.1

Utility Vehicles 20,914 19973 4.7 214,128 153,655 39.4

LCV 948 770 23.1 9,792 8,604 13.8

Logan 537 962 (44.2) 5,332 13,983 (61.9)

Three wheelers 7,695 4043 90.3 57,424 44,533 28.9

Exports 1,754 461 280.5 10,815 9,057 19.4

TTTTTotal Automotive Salesotal Automotive Salesotal Automotive Salesotal Automotive Salesotal Automotive Sales 31,84831,84831,84831,84831,848 26,209 26,209 26,209 26,209 26,209 21.521.521.521.521.5 297,491 297,491 297,491 297,491 297,491 229,832 229,832 229,832 229,832 229,832 29.4 29.4 29.4 29.4 29.4

Domestic Tractor Sales 15,039 10217 47.2 149,924 109,151 37.4

Exports Tractor Sales 1,125 249 351.8 24,706 10,540 134.4

TTTTTotal Total Total Total Total Tractor Salesractor Salesractor Salesractor Salesractor Sales 16,164 16,164 16,164 16,164 16,164 10,466 10,466 10,466 10,466 10,466 54.4 54.4 54.4 54.4 54.4 174,630 174,630 174,630 174,630 174,630 119,691 119,691 119,691 119,691 119,691 45.945.945.945.945.9

Exhibit 7: TVS Motors




TTTTTotal Salesotal Salesotal Salesotal Salesotal Sales 144,683 144,683 144,683 144,683 144,683 113,119 113,119 113,119 113,119 113,119 27.927.927.927.927.9 1,522,002 1,522,002 1,522,002 1,522,002 1,522,002 1,329,707 1,329,707 1,329,707 1,329,707 1,329,707 14.5 14.5 14.5 14.5 14.5

Motorcycles 66,000 53,235 24.0 641,208 635,905 0.8

Scooters 26,860 18,819 42.7 309,501 256,156 20.8

Mopeds 51,823 41,065 26.2 571,293 437,646 30.5

Export (Incl Above) 19,218 10,134 89.6 167,651 193,398 (13.3)


May 8, 2010



Performance Highlights

3i Infotech declared strong 4QFY2010 performance on aconsolidated basis registering 5.4% qoq growth in Top-line ledby strong growth in the IT Services (9.9% qoq) and IT Products(5% qoq) Segments. The Transaction Services Segment Revenuesgrew 2.6% qoq to Rs245cr. While Operating Profit grew 3.6%to Rs124cr during the quarter, EBIDTA Margins fell 35bp qoqon lower Fx realisations during the quarter. The company wroteoff Rs260cr as it exited the Citizen Service Center (CSC) businessin 4QFY2010. Thus, Depreciation was reversed during thequarter and stood at a mere Rs1cr as against Rs22cr in theprevious quarter. Profit after Tax adjusted for Extraordinaryitems grew 3% qoq. However, on reported basis, the companybooked a Loss of Rs167cr. We believe that post the one-timehit (Kiosk business), the company would now focus on its corebusiness going ahead.

One-time Expense impacted performance: 3i Infotechregistered Top-line growth of 5.4% qoq (3.5% yoy) during thequarter, with IT Services leading the growth recording 9.9%qoq jump in Revenues to Rs181cr, and contributed 28% to TotalRevenues. Order Book stood at Rs1,654cr, up 3.9% qoq and14.4% yoy, indicating strong business visibility. OperatingMargins however contracted by 35bp qoq (up 10bp yoy) duringthe quarter mainly due to the 347bp qoq (133bp yoy) increasein SG&A costs. The company reported a sharp 374.2% qoq(284.7% yoy) decline in Bottom-line due to the one-timeextraordinary expense of Rs260cr incurred towards settlementof the Kiosk business. The loss has been valued as the differencebetween reported asset value in 3QFY2010 and disposablevalue as of 4QFY2010.


3i Infotech ended FY2010 registering Revenue growth of 7%yoy as it focused on streamlining its services and productofferings. The company achieved the desired Revenue mix onthe back of 30%+ contribution by the Products, Services andTransaction Segments. The company also exited thecapital-intensive CSC business and expects to concentrate oncross sell/up sell opportunities in the IT Segment going ahead.The company got access to large BFSI clients in the US marketthrough its acquisitions in the transaction services segment

3i Infotech - Buy

4QFY2010 Result Update

Price - Rs72Target Price - Rs129Target Price - Rs356

Research Analyst - Rahul Jain/Vibha Salvi

Source: Company, Angel Research, Price as on May 5 , 2010



% chg 89.6 7.1 11.7 16.9

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit 282282282282282 3333333333 290290290290290 351351351351351

% chg 59.7 (88.2) 771.7 21.2

EBITDA Margin (%) 19.3 19.7 19.4 19.0

FDEPS (Rs)FDEPS (Rs)FDEPS (Rs)FDEPS (Rs)FDEPS (Rs) 21.621.621.621.621.6 1.71.71.71.71.7 14.514.514.514.514.5 17.617.617.617.617.6

P/E (x) 3.5 37.9 5.1 4.2

P/BV (x) 0.8 0.9 0.8 0.7

RoE (%) 28.8 2.5 16.9 16.7

RoACE (%) 14.4 12.3 13.1 15.1

EV/Sales (x) 1.2 1.2 1.0 0.7

EV/EBITDA (x) 6.2 5.9 4.9 3.8

Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E

(Regulus and JP Morgan Retail Lock box) and would work on topitch more integrated IT offerings, which would result in higherefficiencies for the clients (benefits of bundled selling).

The company has been registering higher traction in its on-linebanking transactions, which may help it improve segmentalmargin as costs involved in on-line banking transactions arelower whereas the Revenue per transaction is constant at aroundUS $0.1. The company has guided Top-line growth in the rangeof Rs2,740-2,814cr for FY2011E, a yoy growth of 11-14%,indicating better outlook. Guidance on the upper band appearsrobust compared to the guidance by peers and Tier-I companies.

We expect 3i Infotech to bank on its strong traction in theTransaction Services to clock Revenue CAGR of 14% overFY2010-12E. Bottom-line adjusted for Exceptional items is likelyto register 15% CAGR over FY2010-12E, while EPS (diluted)would grow at a slower 13% during the period, as we expectsome dilution on account of the FCCB conversion. The companyhas achieved its desired service offering portfolio and wouldnow concentrate on geographical expansion and cross sellingopportunities. In view of the transition phase of the company'sIn view of the transition phase of the company'sIn view of the transition phase of the company'sIn view of the transition phase of the company'sIn view of the transition phase of the company'snew Service offerings, we maintain our Tnew Service offerings, we maintain our Tnew Service offerings, we maintain our Tnew Service offerings, we maintain our Tnew Service offerings, we maintain our Target Parget Parget Parget Parget Price of Rs129rice of Rs129rice of Rs129rice of Rs129rice of Rs129on the stock, implying 7x FY2012E EPS of Rs17.6, andon the stock, implying 7x FY2012E EPS of Rs17.6, andon the stock, implying 7x FY2012E EPS of Rs17.6, andon the stock, implying 7x FY2012E EPS of Rs17.6, andon the stock, implying 7x FY2012E EPS of Rs17.6, andtranslating into an upside of 76% from current levels.translating into an upside of 76% from current levels.translating into an upside of 76% from current levels.translating into an upside of 76% from current levels.translating into an upside of 76% from current levels.

May 8, 2010



CESC recorded a 2.1% yoy growth in net sales to Rs770cr in4QFY2010, aided by a 1.7% yoy increase in the sales volume.The growth in the Top-line is expected to be aided by a highertariff of Rs4.57/unit charged by the company in 4QFY2010(Rs3.91/unit in 4QFY2009) in the regulated area. DuringFY2010, the Top-line grew by 8% to Rs3,351cr. The company'sOPM improved by 409bp yoy to 26% during the quarter, aidedby a substantial reduction in other expenses. The net profit roseby 6.4% yoy to Rs100cr during the quarter.

Bottom-line up by 6.4% yoyBottom-line up by 6.4% yoyBottom-line up by 6.4% yoyBottom-line up by 6.4% yoyBottom-line up by 6.4% yoy, aided by robust operating, aided by robust operating, aided by robust operating, aided by robust operating, aided by robust operatingperformance:performance:performance:performance:performance: CESC's Top-line grew by a marginal 2.1% yoyduring the quarter to Rs770cr (Rs754cr). The sales volumesincreased by 1.7% yoy to 1,668MU. On the operating front,the company clocked a 21.2% growth in profit to Rs200cr. Thecompany's OPMs improved inspite of the increase in its powerpurchase costs. CESC clocked a net profit of Rs100cr duringthe quarter, up by 6.4% yoy. Spencer's Retail (Spencer's), theretail arm of CESC, has clocked a turnover of close to Rs900crin FY2010. The company's sales per sq ft, which stood at Rs660per sq ft in March 2009, increased to Rs811/sq ft in March2010.

Operational Highlights

CESC's total power generation during FY2010 stood at7,836MU (7,901MU), a decline of 0.8% as compared toFY2009. The overall PLF stood at 92.8% (97.3%), during theyear, resulting in a decline of 450bp. The power purchased bythe company increased by 26.4% during FY10 to 1,775MU(1,404MU). The company's T&D losses during the year remainedflat at 13.3%.

Key Developments

CESC commenced operations at the 250MW third unit of theBudge Budge plant. With the commissioning of this plant, thecompany's total power generation capacity increased to1,225MW.

The company is planning to revive the 600MW Balagarh plantin West Bengal, which was shelved in the mid 1990's, byinvesting Rs3,200cr.

CESC - Buy



Research Analyst - Rupesh Sankhe/V Srinivasan

Source: Company, Angel Research, Price as on April 30, 2010

Key Financials (Standalone)

Net SalesNet SalesNet SalesNet SalesNet Sales 3,098 3,098 3,098 3,098 3,098 3,291 3,291 3,291 3,291 3,291 4,166 4,166 4,166 4,166 4,166 4,8874,8874,8874,8874,887

% chg 9.5 6.2 26.6 17.3

Adj. Net PAdj. Net PAdj. Net PAdj. Net PAdj. Net Profitrofitrofitrofitrofit 410 410 410 410 410 433 433 433 433 433 540 540 540 540 540 689 689 689 689 689

% chg 19.1 5.6 24.8 27.5

OPM (%) 21.9 22.9 23.7 23.9

EPS (Rs)EPS (Rs)EPS (Rs)EPS (Rs)EPS (Rs) 32.6 32.6 32.6 32.6 32.6 34.5 34.5 34.5 34.5 34.5 43.0 43.0 43.0 43.0 43.0 54.854.854.854.854.8

P/E (x) 12.4 11.8 9.4 7.4

P/BV (x) 1.5 1.3 1.2 1.0

RoE (%) 12.9 11.9 13.2 14.8

RoCE (%) 8.1 7.5 9.3 8.8

EV/Sales (x) 2.4 2.2 2.0 2.4

EV/EBITDA (x) 10.9 9.5 8.5 10.0




At Rs406, the stock is trading at 7.4x FY2012E EPS and at 1.0xFY2012E P/BV. We have assigned a 1.1x FY2012E blendedP/BV multiple to the company's existing power business,considering its lower ROE and higher cash component. Thetotal value of the power business works out to Rs425/share.We have valued Spencer's Retail using the Market cap/Salesmethod, after considering the Market cap/Sales of peers likePantaloon Retail, Shopper's Stop and Trent. On a one-yearforward Market cap/Sales basis, the peers are trading broadlyin the range of 0.3-0.6x. Due to the low Margin business modeland cash losses, we have assigned Spencer's a Market cap/Sales ratio of 0.2x its FY2012E Sales, which is at a significantdiscount to the average of its peers. The total value of the Retailbusiness works out to Rs23/share for CESC. We have valuedthe company's mall at Central Kolkata and the land at Mulajore(35 acres) on an NAV basis, and have arrived at a price ofRs12/share for CESC's Real Estate business. Hence, we havewe havewe havewe havewe havearrived at an SOarrived at an SOarrived at an SOarrived at an SOarrived at an SOTP TTP TTP TTP TTP Target Parget Parget Parget Parget Price of Rs460. Wrice of Rs460. Wrice of Rs460. Wrice of Rs460. Wrice of Rs460. We maintain a Buye maintain a Buye maintain a Buye maintain a Buye maintain a Buyon the stock.on the stock.on the stock.on the stock.on the stock.

May 8, 2010



Cadila Healthcare (Cadila), one of the most diversified Pharmacompanies in our coverage universe, continued its strongperformance and reported good set of numbers for 4QFY2010driven by the Export Formulation Segment, viz. the US andEurope. On the Domestic Formulation front, the company hired600 sales force during FY2010 to increase the penetration-ledgrowth in the market and is now targeting 15% growth. ForFY2011E, the company has guided for US $1bn on theTop-line front, implying a growth of 27-28% with OPMimprovement of 100bp from current levels of 19.5%. Werecommend a Buy on the stock.

Another strong quarter:Another strong quarter:Another strong quarter:Another strong quarter:Another strong quarter: Cadila reported Net Sales of Rs815.9cr(Rs702.6cr), up 16.1% driven by the Export Segment. On theExport front, the US market grew 42.3% while Europe grew by50.0% yoy. However, the Domestic business grew by a modest8.4% on the back of introduction of new divisions. Cadilaclocked OPM of 19.4% (18.3%), which was in line with ourestimate. However, Gross Margins came in at 64.4% (65.5%),which was lower on account of higher Raw Material cost. OtherExpenses were flat yoy. The company reported Net Profit ofRs118.8cr (Rs52.9cr), which more than doubled on a yoy basisalbeit on a low base but was driven by low Interest and Taxcharges. For FY2010, the company reported Net Sales ofRs3,574cr (Rs 2,862cr) was up 24.9%, with OPM of 19.5%and Net Profit of Rs505.8cr (Rs303.0cr)

OPM expansion in line with estimate: OPM expansion in line with estimate: OPM expansion in line with estimate: OPM expansion in line with estimate: OPM expansion in line with estimate: Cadila clocked OPM of19.4% (18.3%) for the quarter, which was in line with ourestimate. Gross Margins at 64.4% (65.5%) came in lower onthe back of higher Raw Material costs. However, Other Expenseswere flat at Rs258.4cr (Rs257.2cr) yoy. Employee expenses forthe year increased 44.3% to Rs108.2cr (Rs75.0cr).

Bottom-line driven by lower Interest and TBottom-line driven by lower Interest and TBottom-line driven by lower Interest and TBottom-line driven by lower Interest and TBottom-line driven by lower Interest and Tax charges: ax charges: ax charges: ax charges: ax charges: Cadilareported Net Profit of Rs118.8cr (Rs52.9cr) for the quarter, whichmore than doubled on a yoy basis albeit on a low base but wasdriven by low Interest and Tax charges. Financial cost for thequarter came in at Rs16.8cr (Rs31.1cr), down by 45.8% yoywhile Tax charges came in at Rs6.8cr (Rs15.8cr), down 57.2%yoy on reversal of deferred tax liability and commencement ofoperations at Sikkim.

Cadila Healthcare - Buy



Research Analyst - Sarabjit Kour Nangra/Sushant Dalmia

Source: Company, Angel Research, Price as on April 30, 2010

Key Financials

Net SalesNet SalesNet SalesNet SalesNet Sales 2,862 2,862 2,862 2,862 2,862 3,574 3,574 3,574 3,574 3,574 4,308 4,308 4,308 4,308 4,308 5,100 5,100 5,100 5,100 5,100

% chg 26.3 24.9 20.5 18.4

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit 303.0 303.0 303.0 303.0 303.0 505.8 505.8 505.8 505.8 505.8 626.2 626.2 626.2 626.2 626.2 810.4 810.4 810.4 810.4 810.4

% chg 17.6 66.8 23.9 29.4

EPSEPSEPSEPSEPS 14.8 14.8 14.8 14.8 14.8 24.7 24.7 24.7 24.7 24.7 30.6 30.6 30.6 30.6 30.6 39.6 39.6 39.6 39.6 39.6

EBITDA Margin (%) 18.9 19.5 20.1 21.0

P/E (x) 38.0 22.8 18.4 14.2

RoE (%) 29.1 37.0 34.8 34.7

RoCE (%) 18.4 20.4 23.4 26.0

P/BV (x) 9.7 7.4 5.7 4.4

EV/Sales (x) 4.4 3.5 2.9 2.3

EV/EBITDA (x) 23.2 17.9 14.2 11.2




Cadila is one of the most diversified Pharma companies in ourcoverage universe, which provides investors exposure to allbusiness segments, viz. Global Generic, Branded Generic,Domestic Formulations, Consumer Division, CRAMS and R&D.The company is poised to achieve robust growth after havingconsolidated its business across key geographies. Cadila'sbusiness in the US, RoW region and its Consumer Division islikely to clock strong growth on the back of new launches,economy of scale and vertical consolidation resulting inOperating Margin expansion. Further, traction in the CRAMSSegment (in the Hospira JV) has emerged a key catalyst for thecompany.

We expect Net Sales to post CAGR of 19.4% to Rs5,100cr andEPS to clock CAGR of 26.6% to Rs39.6 over FY2010-12E. Thestock is trading at 18.4x and 14.2x FY2011E and FY2012EEarnings, respectively. WWWWWe recommend a Buy on the stock, withe recommend a Buy on the stock, withe recommend a Buy on the stock, withe recommend a Buy on the stock, withe recommend a Buy on the stock, witha Ta Ta Ta Ta Target Parget Parget Parget Parget Price of Rs634, valuing the company at 16x FY2012Erice of Rs634, valuing the company at 16x FY2012Erice of Rs634, valuing the company at 16x FY2012Erice of Rs634, valuing the company at 16x FY2012Erice of Rs634, valuing the company at 16x FY2012EEarnings.Earnings.Earnings.Earnings.Earnings.

May 8, 2010




India Cements (INC) posted an 8.6% yoy growth in the Top-line during 4QFY2010 to Rs974cr. The revenue from the cementbusiness stood at Rs920cr. The growth in the Top-line wasprimarily on account of a healthy 26.5% yoy increase in thesales volume, even as the realisation declined by 19.4% yoy toRs2,488/tonne. On the operating front, the margins of thecompany declined by 941bp yoy to 15.2%, on account of asurge in the raw material and freight costs. The Net profitdeclined by 59.2% yoy to Rs38cr, primarily on account of apoor operating performance.

A steep decline in realisations drags the net profit:A steep decline in realisations drags the net profit:A steep decline in realisations drags the net profit:A steep decline in realisations drags the net profit:A steep decline in realisations drags the net profit: INC's4QFY2010 net sales were up by 8.6% to Rs974cr (Rs897cr),in-line with our estimates. The growth in the top-line was onaccount of a 26.5% yoy growth in cement sales volumes to2.9mn tonnes. However, the realisation was down by 19.4%yoy to Rs2,488/tonne, on account of over capacity in thesouthern region, coupled with poor demand. The OPM wasdown by 941bp yoy,. On the Bottom-line front, the companyreported a net profit of Rs38cr, down 59.2% yoy. The companymade a forex translation gain of Rs12cr on outstanding FCCBsduring the quarter (as against a forex translation loss of Rs14.9crmade during 4QFY2009), which bolstered its bottom-line toan extent.

Key Developments

QIP Issue: QIP Issue: QIP Issue: QIP Issue: QIP Issue: India Cements raised US $65mn (Rs295.6cr) via theQIP route, during the quarter. The QIP involved an issue of2,45,94,000 equity shares at a price of Rs120.2/ share. Thecompany expects to utilise the money raised for repaying itsexisting debt, for capital expenditure and for general corporatepurposes.


All the frontline states in the southern region, like AndhraPradesh, Tamil Nadu and Karnataka, had been witnessing lowdemand in the recent months. The industry had also witnessedaggressive inter-regional stock movement, pending theexpansions in the other regions, which exerted pressure on theprices and profitability. Overall, the cement companies havebeen reporting strong sales volumes, on the back of new

India Cements - Buy






Key Financials


% chg 12.1 10.1 18.8 12.7

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit 432432432432432 354354354354354 310310310310310 357357357357357

% chg (32.2) (18.0) (12.4) 15.1

OPM (%) 29.1 21.9 19.4 18.9


P/E (x) 7.8 10.3 11.8 10.2

P/BV (x) 1.1 1.0 0.9 0.9

RoE (%) 14.7 9.0 7.1 7.7

RoCE (%) 14.1 9.6 8.5 8.9

EV/Sales (x) 1.5 1.4 1.2 1.1

EV/EBITDA (x) 5.3 6.6 6.4 5.7

Installed Capacity (mtpa) 14.3 14.3 15.8 15.8


capacities coming on stream, which has enabled most of thecement manufacturers to increase their total cement production.Cement capacity addition in India during FY2010 stood at 27mntonnes, taking the total capacity of the sector to around 252mtpaat the end of FY2010. Going ahead, we expect the industry toadd around 76mn tonnes of capacity through FY2010-12E.

All-India demand is expected to remain robust, but acceleratedcapacity additions and the stabilisation of new capacities wouldexert pressure on prices after May 2010.

At the CMP of Rs119, India Cements is trading at an EV/EBITDAof 5.7x and an EV/tonne of US $68/tonne, according to itsFY2012E estimates. We have arrived at a Target Price ofRs138/share for the stock, by valuing its Cement business atan average of a Target EV/EBITDA of 5x and Target EV/Tonneof US $65. WWWWWe recommend a Buy on the stock.e recommend a Buy on the stock.e recommend a Buy on the stock.e recommend a Buy on the stock.e recommend a Buy on the stock.

May 8, 2010




Strong operational performance:Strong operational performance:Strong operational performance:Strong operational performance:Strong operational performance: JSW Steel's 4QFY2010 top-line grew by 54.6% yoy to Rs5,441cr, in line with our estimateof Rs5,262cr. Blended realisations increased by 7% qoq and13.2% yoy to Rs34,447/tonne. While total sales volumesincreased by 41.4% yoy and 5.3% qoq to 1.5mn tonnes, saleof semis as a % of total sales fell to 17.4% as against 19.1% in3QFY2010. EBITDA margins increased to 24.3%, as comparedto 6.7% in 4QFY2009. Adjusting for the forex gain of Rs96cr,included in other income, the net profit came in at Rs546cr, in-line with our estimate of Rs548cr. US operations are also onthe path of recovery, with the company posting a positive EBITDAof US $2.2mn (against a loss of US $8.4mn in 3QFY2010).

Acquisition of Coking coal assets in USAcquisition of Coking coal assets in USAcquisition of Coking coal assets in USAcquisition of Coking coal assets in USAcquisition of Coking coal assets in US::::: The company is in thefinal leg of acquiring coking coal assets in the US, which islikely to be completed by the month's end. While the totalestimated resources are at 123mn tonnes, the acquisition costis likely to be US $100mn. The average FOB cost is expected tobe US $85-110/tonne. The management intends to produce1mn tonnes of coking coal in the first year (FY2011E). Sincethe acquisition is not completed, we have not factored the costsavings arising from the same in our estimates.

Key Result highlights and Analyst Meet Takeaways

The management is targeting production and sales volumeof 7mn tonnes and 6.75mn tonnes, respectively, for FY2011E.The company missed its FY2010 volume guidance of 6.1mntonnes, due to floods in October-November 2009, whichdisrupted the company's operations in Karnataka.

Inventory as on March 31, 2010 was down at 300kt, asagainst 315kt as on December 31, 2009.

The rollover volumes of high-cost coking coal inventory stoodat 632kt. The management indicated that 87% of the volumewill be utilised in FY2011E, while the balance will be consumedin FY2012E.

The HSM mill has commenced its operations in April 2010.Due to the commencement of the beneficiation plant and the3.5 mtpa HSM mill, the management expects cost savings ofRs1,000/tonne. The management indicated that the averageiron ore cost for FY2011E is likely to be around Rs 2,700/tonne.

JSW Steel - Buy




Research Analyst - Paresh Jain/Pooja Jain




% chg 28.7 19.0 27.9 21.4

Adj Net PAdj Net PAdj Net PAdj Net PAdj Net Profitrofitrofitrofitrofit 804804804804804 1,3211,3211,3211,3211,321 1,9171,9171,9171,9171,917 2,4172,4172,4172,4172,417

% chg 5.1 7.0 7.9 8.2

OPM (%) 18.8 22.2 23.3 23.6


P/E (x) 29.9 17.9 12.2 9.7

P/BV (x) 2.8 2.4 2.0 1.6

RoE (%) 10.7 16.1 19.4 20.2

RoCE (%) 9.8 14.3 13.8 15.6

EV/Sales (x) 2.4 2.0 1.7 1.3

EV/EBITDA (x) 12.5 8.8 7.1 5.5


Capacity utilisation at the pipe mill has improved to 28%,versus ~20% in 3QFY2010. The management has guided fora capacity utilization of 35-40% for FY2011E.

Capex guidance for FY2011E and FY2012E is Rs7,000crand Rs1,500cr, respectively.

The board has approved the allotment of 1.75cr warrantsto the promoters to raise Rs 2,100cr, which will be used toreduce the leverage and to meet the capital expenditure plansof the company. Currently, we have not factored the warrantconversion and the cash inflow in our estimates


At Rs1,143, the stock is trading at 7.1x FY2011E and 5.5xFY2012E EV/EBITDA, respectively. Going ahead, we believethat JSW is well poised to benefit from: 1) strong domesticdemand, 2) margin expansion on account of sales-mixenrichment, and 3) recovery in US operations. Approval of theHadimpade iron ore mines in Karnataka can provide potentialupside to the stock. Hence, we recommend a Buy on the stock,we recommend a Buy on the stock,we recommend a Buy on the stock,we recommend a Buy on the stock,we recommend a Buy on the stock,with a Twith a Twith a Twith a Twith a Target Parget Parget Parget Parget Price of Rs1,360, at which the stock would traderice of Rs1,360, at which the stock would traderice of Rs1,360, at which the stock would traderice of Rs1,360, at which the stock would traderice of Rs1,360, at which the stock would tradeat 6.5x FY2012E EV/EBITDat 6.5x FY2012E EV/EBITDat 6.5x FY2012E EV/EBITDat 6.5x FY2012E EV/EBITDat 6.5x FY2012E EV/EBITDAAAAA.....

May 8, 2010




Lupin, one of the best plays in the Generic space, reported astrong set of numbers for 4QFY2010. Net Sales came in aboveour expectations, with a growth of 23.1%, on the back of strongAdvanced Markets. The US market recorded another greatquarter, on the back of the launch of the generic version ofLotrel. The OPM, at 19.4% (18.1%), also surprised positively.Lupin has filed 37 ANDAs during FY2010, and 86 are pendingapproval. Lupin plans to launch 80+ products in the US in thenext three years, targeting the less competitive OC, Controlledrelease, Ophthalmic and Dermat spaces. We recommend aBuy on the stock, and reiterate Lupin as one of our Top Picks inthe Sector.

Another strong quarterAnother strong quarterAnother strong quarterAnother strong quarterAnother strong quarter: Lupin reported Net Sales of Rs1,285cr(Rs1,043cr), up 23.1% yoy, and higher than our estimate ofRs1,223cr, driven by the US market. The Advanced market (US,EU and Japan) sales grew by 33% yoy to Rs713.4cr for thequarter. For FY2010, the company reported Net Sales ofRs4,741cr (Rs3,776cr) up 25.5% yoy. On the Advanced marketfront for FY2010, the US business grew by a strong 39.3% toRs1,649cr (Rs1,184cr), on the back of the launch of Antara onthe Branded generic front and Lotrel on the Generic front. Whilethe Domestic Formulation business grew by 18.1% yoy toRs1,301cr (Rs1,101cr). The company reported an OPM of19.4% (18.1%), up 130bp for the quarter, on the back of betterproduct-mix. For the quarter, Lupin recorded a Net profit ofRs220.6cr (Rs157.7cr), up 39.9%, driven by the Top-line growth,OPM expansion and lower tax rate. For FY2010, the companyreported a Net profit of Rs681.4cr (Rs502.2cr), up 35.7% yoy.

OPM expansion ahead of estimates:OPM expansion ahead of estimates:OPM expansion ahead of estimates:OPM expansion ahead of estimates:OPM expansion ahead of estimates: Lupin reported an OPMof 19.4% (18.1%), up 130bp for the quarter, on the back ofbetter product mix (Lotrel launched in US). The companyreported a healthy Gross margin of 62.0% (53.0%). Employeeexpenses for the quarter increased by 19.1% to Rs162.4cr. ForFY2010, the company reported an OPM of 18.0% (17.2%), up80bp, on the back of higher Gross Margins.

Bottom-line up 40% for the quarter:Bottom-line up 40% for the quarter:Bottom-line up 40% for the quarter:Bottom-line up 40% for the quarter:Bottom-line up 40% for the quarter: Lupin reported Net profitof Rs220.6cr (Rs157.7cr), up 39.9%, driven by the Top-linegrowth, OPM expansion and lower tax rate. Further, Interestcosts during the quarter came in at Rs7.8cr (Rs12.4cr), down

Lupin - Buy




Research Analyst - Sarabjit Kour Nangra/Sushant Dalmia

by 37.1%, due to lower interest rates. Lupin reported a tax chargeof 11.5% during the quarter, against an estimated 17-18%.For FY2010, the company reported Net profit of Rs681.4cr(Rs502.2cr), up 35.7% yoy.


Lupin is one of the best plays in the Generic space, given itsstrong execution capabilities, improving financial performanceand diversifying business model. The high-Margin BrandedGeneric business has been the key differentiator for Lupin inthe Indian Pharma space. The company has also cemented itsposition in this segment by acquiring the rights for two products,viz. Allernaze and Antara, in 1HFY2010. Further, the companyhas been among the few Indian companies which have built aformidable presence in the second largest pharmaceuticalmarket in the world, Japan, with Kyowa's acquisition in FY2008.Further, Lupin is among the few players globally which areaggressively targeting the low-competitive, Oral Contraceptivemarket of US $3-4bn, which will bear fruits for the companyover the next 2-3 years.

The stock is trading at 19.5x and 15.6x FY2011E and FY2012EEarnings, respectively. WWWWWe recommend a Buy on the stock, withe recommend a Buy on the stock, withe recommend a Buy on the stock, withe recommend a Buy on the stock, withe recommend a Buy on the stock, witha Ta Ta Ta Ta Target Parget Parget Parget Parget Price of Rs2,099 (Rs1,863), valuing the company atrice of Rs2,099 (Rs1,863), valuing the company atrice of Rs2,099 (Rs1,863), valuing the company atrice of Rs2,099 (Rs1,863), valuing the company atrice of Rs2,099 (Rs1,863), valuing the company at18x FY2012E Earnings.18x FY2012E Earnings.18x FY2012E Earnings.18x FY2012E Earnings.18x FY2012E Earnings.


Key Financials

Net SalesNet SalesNet SalesNet SalesNet Sales 3,776 3,776 3,776 3,776 3,776 4,7414,7414,7414,7414,741 5,6455,6455,6455,6455,645 6,5796,5796,5796,5796,579

% chg 39.5 25.5 19.1 16.5

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit 502.2502.2502.2502.2502.2 681.4681.4681.4681.4681.4 828.6828.6828.6828.6828.6 1,034.41,034.41,034.41,034.41,034.4

% chg 22.8 35.7 21.6 24.8


EBITDA Margin (%) 17.2 18.0 18.9 19.5

P/E (x) 30.1 23.7 19.5 15.6

RoE (%) 37.1 36.7 31.8 31.2

RoCE (%) 20.8 23.3 24.2 23.9

P/BV (x) 10.6 7.1 5.5 4.3

EV/Sales (x) 4.3 3.6 3.0 2.6

EV/EBITDA (x) 25.0 20.0 15.9 13.3


May 8, 2010




Madhucon Projects (MPL) posted bad set of standalone numbersfor 4QFY2010, which were way below our expectations.Top-line witnessed robust growth led by the Power Segment.However, Operating Margins hit historical lows mainly due toheavy sub-contracting done in the Power Segment. We believethat one of the major catalysts to look out for would be thecompany's Order Inflow - it has started bidding for Road projects- and fund raising plans for Madhucon Infra. However, we expectthe company to face Margin pressure in the near term due tothe ongoing heavy sub-contracting owing to which the stockperformance would be under pressure. Hence, the stock is nolonger our Top Pick in the Infra Sector. We maintain a Buy onthe stock.

Margins plunge:Margins plunge:Margins plunge:Margins plunge:Margins plunge: For 4QFY2010, Revenues grew a robust85.5%, which was way beyond our expectation. This was mainlyon account of the heavy sub-contracting in the Power Segmentand it contributed Rs225cr to the Top-line for the quarter.However, this heavy sub-contracting adversely impacted EBITDAMargins, which plunged to its lowest in the last eight years to6.4%. The major reason for the sub-contracting was to meet itsdeadline on the Power front. Going ahead, we expect this trendto continue and hence we are downgrading our Marginestimates.

Order Book Analysis

MPL has an Order Book backlog of Rs4,860cr, spread acrossthe Power (49.8%), Irrigation (26.7%), Road (12.3%), Real Estate(8.2%) and Mining Segments (2.9%). The average executionperiod of the Order Book is 36 months. Majority of the ordersare from the company's own SPVs (around 48%). We do notexpect the recently bagged orders from the Power Segment ofRs1,200cr to start contributing to Revenues in the near term,and would depend on the money raising schedule of thecompany (via private equity).

MPL has started bidding for the Road projects and we expect itto bag orders worth Rs800-1,000cr over the next couple ofmonths, which would enhance Revenue visibility given the currentlow Order Book-to-Sales (2.2x FY2011 Revenues), (excludingRs1,200cr worth of Orders from the Power segment) ratio andheavy dependence on the Power Segment.

Madhucon Projects - Buy



Research Analyst - Shailesh Kanani/Aniruddha Mate


MPL's Order Book of Rs4,860cr (around 48% in-house) isdiversified across the Power, Irrigation, Road, Real Estate andMining Segment. This Order Book lends Revenue visibility overthe next couple of years. The near-term Revenue visibility comesfrom the Power Segment, given problems in AP (affecting theirrigation segment) and its higher domination in the order book.We expect MPL to post Top-line and Bottom-line CAGR of 27.3%and 29.8% respectively, over FY2010-12E mainly driven by itscurrent Order Book and Internal order flows. We have valuedMPL on SOTP basis. We have valued its Core Constructionbusiness at 10x FY2012E Earnings, which is at a discount to itslisted peers owing to scale of operations and heavy dependenceon internal orders, contributing Rs98.4/share to our Target Price.The company's stake in Madhucon Infra has been valued onP/BV basis and fetches Rs88.1/share. We continue to value MPL'sland parcel at 50% discount to the acquisition cost, and itcontributes Rs3.6/share. W W W W We maintain a Buy on the stock, withe maintain a Buy on the stock, withe maintain a Buy on the stock, withe maintain a Buy on the stock, withe maintain a Buy on the stock, witha revised SOa revised SOa revised SOa revised SOa revised SOTP TTP TTP TTP TTP Target Parget Parget Parget Parget Price of Rs190 (Rs214).rice of Rs190 (Rs214).rice of Rs190 (Rs214).rice of Rs190 (Rs214).rice of Rs190 (Rs214).




% chg 38.9 27.5 30.1 24.6

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit 46.9 46.9 46.9 46.9 46.9 43.2 43.2 43.2 43.2 43.2 47.7 47.7 47.7 47.7 47.7 72.8 72.8 72.8 72.8 72.8

% chg (0.7) (7.8) 10.4 52.7

FDEPS (Rs)FDEPS (Rs)FDEPS (Rs)FDEPS (Rs)FDEPS (Rs) 6.3 6.3 6.3 6.3 6.3 5.8 5.8 5.8 5.8 5.8 6.4 6.4 6.4 6.4 6.4 9.8 9.8 9.8 9.8 9.8

EBITDA Margin (%) 12.1 10.3 8.9 9.8

P/E (x) 25.3 27.4 24.8 16.3

RoE (%) 9.1 7.8 8.0 11.2

RoCE (%) 10.3 9.7 9.2 11.0

P/BV (x) 2.2 2.1 1.9 1.7

EV/Sales (x) 1.4 1.1 1.0 0.8

EV/EBITDA (x) 11.5 11.0 11.5 8.6


May 8, 2010



Tech Mahindra reported better-than-expected 4QFY2010results, with revenue de-growth of 0.3% qoq at Rs1,183cr, asagainst our estimate of Rs1,164cr. Revenue growth in constantcurrency was 4% at US $ 264mn; however, the sharp fall in theGBP (6%) resulted in revenue underperformance in the reportedcurrency. EBIDTA margins remained flat on a qoq basis at23.6%, despite rupee appreciation and strong net manpoweraddition of 3,120 employees. Profit after tax was up 31.3%qoq, on account of lower interest costs (down 32.3% qoq) andhigh other income of Rs74cr (including US $13.5mn on accountof Fx gains). We maintain our Buy recommendation on thestock.

Growth-backed by strong volumes from BTGrowth-backed by strong volumes from BTGrowth-backed by strong volumes from BTGrowth-backed by strong volumes from BTGrowth-backed by strong volumes from BT::::: The Revenue growthwas largely driven by strong volume growth of about ~6.5%qoq in the Top account (BT), whereas the rest of the clientsrecorded a cumulative volume growth of 1.8% qoq. The growthin BT was supported by a short-term (non-recurring) project in4QFY2010, and would continue its GBP 70-72mn run-rate inthe coming quarters.The company marked a net client additionof 3 clients to 113, largely in the RoW (Rest of the World) market.Geography-wise, the growth momentum came from Europe,where the total contribution grew by 1% qoq to 57% in4QFY2010, despite a severe Fx headwind (in terms of GBPdepreciation against the USD). The operating profit remainedflat at Rs279cr (as against Rs281cr in 3QFY2010), despite anegative Fx impact of ~4.5%. The lower realisations on revenueswere compensated to a certain extent, as the company manageda US $13.5mn profit on account of exchange gains. The interestcost was down by 32% qoq, as it paid another Rs350cr of loansfrom the restructuring fee received in 3QFY2010. Thus, thebottom-line grew by 31.3% qoq to Rs227cr.


Tech Mahindra has been consistently winning big deals in thetelecom space and has emerged as a preferred vendor of choicein the telecom vertical. The company has been constantlyexpanding its focus into North America and Asia to cover upfor its stagnant revenue stream from the European market. Webelieve that the uncertainty on restructuring with BT (46% oftotal revenues) has posed a severe overhang on the future

Tech Mahindra - Buy


Price - Rs744Target Price - Rs1,168


Research Analyst - Rahul Jain/Vibha Salvi



Key Financials (Consolidated excl. Mahindra Satyam)


% chg 3.6 7.9 14.3 15.0

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit 1,0891,0891,0891,0891,089 709709709709709 763763763763763 876876876876876

% chg 207.5 (31.0) 8.9 14.8

EBITDA Margin (%) 29.0 24.5 24.0 23.0

FDEPS (Rs)FDEPS (Rs)FDEPS (Rs)FDEPS (Rs)FDEPS (Rs) 77.677.677.677.677.6 53.653.653.653.653.6 58.358.358.358.358.3 67.067.067.067.067.0

P/E (x) 8.9 13.0 12.2 11.0

P/BV (x) 4.6 3.5 2.7 2.1

RoE (%) 63.0 30.6 24.9 22.0

RoACE (%) 85.9 76.7 82.7 73.4

EV/Sales (x) 1.8 1.5 1.3 1.0

EV/EBITDA (x) 6.2 5.9 5.3 4.3


revenue growth of the company. However, the company hasbeen clocking strong revenue traction in the Non-BT business,registering a CQGR of 7% over 1QFY2008-4QFY2010. Themanagement is confident of maintaining the businessmomentum with BT, with an expected annual run-rate of GBP~285mn; thus, the revenue growth would largely remain afunction of non-BT business in FY2011E. The Net Profitabilityhas dropped by 760bp in FY2010 over FY2009 to 15.1%. Weexpect the company to maintain its profitability, as it hasheadroom for efficiency in utilisation (73%) and S&M expenses,in view of its higher business visibility (assured volume on theBT Strada project), which would cushion margin pressures.

We expect Tech Mahindra to record an 11% CAGR in itsTop-line over FY2010-12E (excluding Mahindra Satyam), whilethe Bottom-line is expected to grow at a compounded rate of11.6% over FY2010-12E. We have valued TechM on an SOTPbasis, valuing Tech Mahindra (excluding Satyam) at 13x of itsexpected FY2012E EPS of Rs67.8, at a 40% discount to ourInfosys target multiple of 22x (Historical discount of 22%), andvaluing Satyam's stake at Rs274 per share, based on a Marketcap basis, applying a 25% holding company discount, to arriveat a target price of Rs1,168. Hence, we maintain our BuyHence, we maintain our BuyHence, we maintain our BuyHence, we maintain our BuyHence, we maintain our Buyrecommendation.recommendation.recommendation.recommendation.recommendation.

May 8, 2010



Ultratech (ULTC) posted a 2.5% yoy growth in net sales to

Rs1,909cr during 4QFY2010. The growth in the net sales was

aided by a 9.9% growth in sales volume to 5mn tonnes.

However, the realisations were down by 5.6% yoy during the

quarter. The OPM of the company declined by 748bp yoy to

21.6%, primarily on account of an increase in the raw material

costs. On the Bottom-line front, the company's net profit declined

by 26.1% yoy to Rs229cr.

Bottom-line down by 26.1% yoyBottom-line down by 26.1% yoyBottom-line down by 26.1% yoyBottom-line down by 26.1% yoyBottom-line down by 26.1% yoy, due to poor operating, due to poor operating, due to poor operating, due to poor operating, due to poor operating

performance:performance:performance:performance:performance: ULTC posted a modest 2.5% yoy growth in its

Top-line, despite a 9.9% yoy growth in the sales volume. The

growth in the Top-line was muted on account of a 5.6% yoy

decline in realisations, due to the fall in prices in the Southern

region, where the company has a significant presence. ULTC's

operating profit declined by 23.8% yoy, due to a decline in

revenue, and an increase in the raw material and freight costs,

and higher advertisement expenses. The net profit was down

by 26.1% yoy during the quarter, largely due to poor operating

performance.

Operational Highlights: Operational Highlights: Operational Highlights: Operational Highlights: Operational Highlights: ULTC's despatches were higher by 9.9%

yoy during the quarter at 5mn tonnes. The company's per tonne

cement realisation was down by 5.6% yoy during the quarter.

The raw material cost per tonne increased by 29.9% yoy to

Rs723. The freight and forwarding costs per tonne also

increased by 4.5% yoy to Rs697. The operating costs per tonne

declined by 29.9% yoy to Rs832.

ULULULULULTTTTTC acquires Dubai's ETC acquires Dubai's ETC acquires Dubai's ETC acquires Dubai's ETC acquires Dubai's ETA Star: A Star: A Star: A Star: A Star: The company's board has

approved the acquisition of the Dubai-based, ETA Star cement

company (ETA). ETA's manufacturing facilities include a 2.3mtpa

clinkerisation plant and a 2.1mtpa grinding capacity in the UAE,

and 0.4mtpa and 0.5mtpa of grinding facilities in Bahrain and

Bangaladesh, respectively. The Enterprise Value of the assets

works out to around Rs1,700cr, which translates into an

EV/tonne of US$ 125. However, ETA is an unlisted private

company, whose financials are not publicly available. Hence,

the contours of the deal are unclear and unverifiable.

Ultratech Cement - Accumulate


Price - Rs950Target Price - Rs1,084




All the frontline states in the southern region, like AndhraPradesh, Tamil Nadu and Karnataka, had been witnessing lowdemand in the recent months. The industry had also witnessedaggressive inter-regional stock movement, pending theexpansions in the other regions, which exerted pressure on theprices and profitability. Overall, the cement companies havebeen reporting strong sales volumes, on the back of newcapacities coming on stream, which has enabled most of thecement manufacturers to increase their total cement production.Cement capacity addition in India during FY2010 stood at 27mntonnes, taking the total capacity of the sector to around 252mtpaat the end of FY2010. Going ahead, we expect the industry toadd around 76mn tonnes of capacity through FY2010-12E.

All-India demand is expected to remain robust, but acceleratedcapacity additions and the stabilisation of new capacities wouldexert pressure on prices after May 2010.The stock trades at aP/E of 9.6x, at an EV/EBITDA of 5.9x and at an EV/tonne of US$91/tonne, according to its FY2012E estimates. We have valuedUltratech at an average of a Target EV/EBITDA of 6.5x and anEV/tonne of US $105/tonne, to arrive at a fair value of Rs1,084.WWWWWe maintain our Accumulate view on the stock.e maintain our Accumulate view on the stock.e maintain our Accumulate view on the stock.e maintain our Accumulate view on the stock.e maintain our Accumulate view on the stock.




% chg 15.9 11.3 3.2 17.1

Adj. Net PAdj. Net PAdj. Net PAdj. Net PAdj. Net Profitrofitrofitrofitrofit 977977977977977 1,0931,0931,0931,0931,093 964964964964964 1,2311,2311,2311,2311,231

% chg (3.0) 11.9 (11.8) 27.7

OPM (%) 26.7 28.5 24.4 27.1


P/E (x) 12.1 10.8 12.3 9.6

P/BV (x) 3.3 2.6 2.2 1.8

RoE (%) 31.0 26.8 19.2 20.5

RoCE (%) 24.2 23.9 17.1 20.2

EV/Sales (x) 2.2 1.9 1.8 1.6

EV/EBITDA (x) 8.1 6.7 7.5 5.9

Installed Cap, (mtpa) 21.9 23.1 25.1 26.6



May 8, 2010


TTTTTechnical Picks |echnical Picks |echnical Picks |echnical Picks |echnical Picks |

Global tremors dampen positive sentiment

Sensex (16769) / Nifty (5018)

In our previous Weekly report, we had mentioned that indicesare likely to trade in the range of 17345 / 5200 on the downsideand 18050 / 5400 on the upside. We had also cautioned thatany close below the crucial support of 17256 / 5160 wouldindicate reversal of trend and indices could test lower levels of16888 - 16730 / 5050 - 5000. The week began on a pessimisticnote and selling continued till the end of the week which led theindices to test the low of 16684 / 4984 levels. The Sensex endedwith a net loss of 4.50% whereas the Nifty lost 4.93% vis-à-visthe previous week.

Future Outlook

The fact that the markets have retraced 61.8% Fibonacci number(16567 / 4952) of the previous up move from 16153 to18048 / 4675 to 5400 levels and current market prices areclose to 200-day SMA, indicates near-term support. Hence, wefeel that a bounce up to 17050 - 17200 / 5100 - 5150 levelscannot be ruled out in the initial part of the week. However, ifindices after the bounce fail to sustain higher levels and thenbreach 16567 / 4950 levels, it could test lower levels of16200 - 16150 / 4850 - 4800.

Pattern Formation

On the Daily chart, the move which started from 16153 to18048 / 4675 to 5400 levels has retraced almost to 61.8%Fibonacci number (16567 / 4952). Further, prices are close tothe 200-day SMA and well extended below the 5 & 20 daysEMA. Hence, a bounce cannot be ruled out.

On the Weekly chart, the indices have taken support onthe upward sloping trendline joining the two significant lowsof 13220 and 15652 / 3919 and 4675. Only a close below16684 / 4984 levels would violate the trendline and indicesmay test 16200 - 16150 / 4850 - 4800 levels.

Upward sloping trendline

Source: Falcon

Exhibit 1: Sensex Weekly chart

200 day SMA

Source: Falcon

Exhibit 2: Sensex Daily chart

May 8, 2010


TTTTTechnical Picks |echnical Picks |echnical Picks |echnical Picks |echnical Picks |

Technical Research Team

Weekly Pivot Levels For Nifty 50 Stocks

SENSEXNIFTYBANK NIFTY

A.C.C.ABB LTD.AMBUJACEM

AXISBANKBHARAT PETROBHARTIARTL

BHELCAIRNCIPLA

DLFGAILHCL TECHNOLO

HDFC BANKHERO HONDAHINDALCO

HINDUNILVRHOUS DEV FINICICI BANK

IDEAIDFCINFOSYS TECH

ITCJINDL STL&POJPASSOCIAT

KOTAK BANKLTMAH & MAH

MARUTINTPCONGC CORP.

PNBPOWERGRIDRANBAXY LAB.

RCOMREL.CAPITALRELIANCE

RELINFRARPOWERSIEMENS

STATE BANKSTEEL AUTHORSTER

SUN PHARMA.SUZLONTATA POWER

TATAMOTORSTATASTEELTCS

UNITECH LTDWIPRO

SCRIPS R2 R1 PIVOT S1 S2

17,849.00 17,309.00 16,997.00 16,457.00 16,144.00 5,388.00 5,203.00 5,094.00 4,909.00 4,800.00

10,083.00 9,680.00 9,460.00 9,056.00 8,836.00

938.00 899.00 876.00 838.00 814.00 828.00 755.00 712.00 640.00 596.00 132.00 121.00 113.00 102.00 93.00

1,330.00 1,261.00 1,221.00 1,152.00 1,113.00 597.00 573.00 541.00 518.00 486.00 307.00 297.00 290.00 281.00 274.00

2,553.00 2,467.00 2,409.00 2,323.00 2,265.00 338.00 312.00 295.00 269.00 253.00 367.00 355.00 341.00 329.00 315.00

323.00 304.00 293.00 274.00 263.00 441.00 431.00 423.00 412.00 404.00 419.00 402.00 392.00 375.00 365.00

2,039.00 1,943.00 1,890.00 1,794.00 1,741.00 1,986.00 1,936.00 1,894.00 1,843.00 1,802.00

185.00 174.00 166.00 155.00 147.00

250.00 242.00 235.00 227.00 220.00 2,914.00 2,820.00 2,755.00 2,662.00 2,597.00

990.00 933.00 901.00 844.00 812.00

69.00 66.00 63.00 60.00 57.00 182.00 168.00 160.00 147.00 139.00

2,754.00 2,686.00 2,646.00 2,578.00 2,538.00

279.00 269.00 257.00 247.00 235.00 791.00 720.00 673.00 602.00 554.00 155.00 142.00 135.00 122.00 115.00

776.00 744.00 726.00 694.00 676.00 1,663.00 1,590.00 1,537.00 1,464.00 1,411.00

554.00 539.00 521.00 506.00 488.00

1,334.00 1,306.00 1,270.00 1,243.00 1,206.00 211.00 207.00 204.00 200.00 197.00

1,084.00 1,065.00 1,042.00 1,022.00 999.00

1,220.00 1,117.00 1,042.00 939.00 864.00 112.00 109.00 107.00 104.00 102.00 484.00 467.00 448.00 431.00 413.00

173.00 163.00 156.00 146.00 139.00 767.00 726.00 701.00 660.00 635.00

1,107.00 1,070.00 1,023.00 986.00 939.00

1,191.00 1,085.00 1,028.00 922.00 866.00 175.00 158.00 146.00 129.00 118.00 754.00 709.00 665.00 619.00 575.00

2,356.00 2,291.00 2,255.00 2,190.00 2,153.00 230.00 219.00 210.00 199.00 190.00 866.00 790.00 750.00 674.00 634.00

1,627.00 1,579.00 1,548.00 1,500.00 1,469.00 74.00 71.00 68.00 65.00 63.00

1,404.00 1,343.00 1,304.00 1,243.00 1,204.00

926.00 844.00 801.00 720.00 677.00 658.00 608.00 580.00 531.00 503.00 790.00 766.00 750.00 726.00 711.00

90.00 82.00 76.00 68.00 63.00 705.00 671.00 651.00 617.00 597.00

May 8, 2010


Derivatives Review |Derivatives Review |Derivatives Review |Derivatives Review |Derivatives Review |

HBEPHBEPHBEPHBEPHBEP: : : : : Rs. 247.00/-LBEPLBEPLBEPLBEPLBEP: : : : : Rs. 223.00/-

Max. Risk:Max. Risk:Max. Risk:Max. Risk:Max. Risk: Unlimited Max. PMax. PMax. PMax. PMax. Profit: rofit: rofit: rofit: rofit: Rs. 7000.00/-If Stock continues to trade above HBEP and below LBEP If stock expires between Rs.230 and Rs.240.

NONONONONOTETETETETE::::: Profit can be booked before expiry, if stock moves in the desired range and time value decay.

Market may drop down further; avoid fresh longs

Nifty spot has closed at 50185018501850185018 this week, against a close of 52785278527852785278 last week. The Put-Call Ratio has decreased from 1.151.151.151.151.15 to 1.111.111.111.111.11 levelsand the annualized Cost of Carry (CoC) is positive 0.64 0.64 0.64 0.64 0.64%. The Open Interest in Nifty Futures has increased by 18.2818.2818.2818.2818.28%.

The Nifty PCR has decreased from 1.15 to 1.11 levels. Due touncertainties over the large European economies, NiftyCorrected by more than 5% in a week and closed at 5018.Most of the calls and puts have added significant open interestwhile, some profit booking have been observed in, in-the-moneyput options. Over the week, FII's sold equities worth Rs. 4,252crand were net sellers to the tune of Rs. 4196 cr in the indexfutures, while were net buyers of Rs.6735 cr in Index Options.We may see further correction in the market around 4850 levels.

Put-Call Ratio Analysis Futures Annual Volatility Analysis

The Historical Volatility of the Nifty has increased from 15.39to 16.99%. IV of at the money options has increased from18.00% to 25.00%. Some liquid counters where HV hasincreased significantly are RNRL, RPOWER, PATNI, RELINFRAand JINDALSAW. Stocks where HV has declined areBAJAJ-AUTO, ADANIENT, HEROHONDA, M&M andGTOFFSHORE.

The May Future closed at a premium of 1.75 points as againsta discount of 15.20 points last week and June future closed ata discount of 0.80 points. Some liquid counters where CoCturned from negative to positive are IDEA, HINDZINC, STER,ABB and TATAMOTORS. Counters where CoC turned frompositive to negative are RNRL, GRASIM, PNB, PATNI andGTLINFRA.

The total Open Interest of the market is Rs.1,24,399 cr, asagainst Rs. 1,02,748 cr last week, and the Stock Futures' openinterest has increased from Rs. 34,888 cr to Rs.35,189 cr. AsCrude has tumbled from $86 to $75 per barrel, which hasnegative correlation with oil marketing companies, buy on dipsstrategy is advisable in BPCL, IOC, HINDPETRO. Stocks whereopen interest has increased are PATNI, FEDERALBNK,ADANIENT, JINDALSTEL and EKC.

Open Interest Analysis Cost-of-Carry Analysis

Derivative Strategy

Scrip : HINDUNILScrip : HINDUNILScrip : HINDUNILScrip : HINDUNILScrip : HINDUNILVRVRVRVRVR CMP : Rs. 234.60/-CMP : Rs. 234.60/-CMP : Rs. 234.60/-CMP : Rs. 234.60/-CMP : Rs. 234.60/- LLLLLot Size : 1000ot Size : 1000ot Size : 1000ot Size : 1000ot Size : 1000 Expiry Date (F&O) : Expiry Date (F&O) : Expiry Date (F&O) : Expiry Date (F&O) : Expiry Date (F&O) : 27th May, 2010

Expected PayoffView: Range Bound

Rs. 210.00

Rs. 220.00

Rs. 230.00

Rs. 240.00

Rs. 250.00

Rs. 260.00

Strategy: Short Strangle

Buy/SellBuy/SellBuy/SellBuy/SellBuy/Sell QtyQtyQtyQtyQty ScripScripScripScripScrip StrikeStrikeStrikeStrikeStrike SeriesSeriesSeriesSeriesSeries OptionOptionOptionOptionOption RateRateRateRateRatePPPPPricericericericerice TTTTTypeypeypeypeype (Rs.)(Rs.)(Rs.)(Rs.)(Rs.)

Sell 1000 HINDUNILVR 240 May Call 3.00

Sell 1000 HINDUNILVR 230 May Put 4.00

Closing PClosing PClosing PClosing PClosing Pricericericericerice ExpectedExpectedExpectedExpectedExpectedPPPPProfit/Lrofit/Lrofit/Lrofit/Lrofit/Lossossossossoss

(Rs. 13.00)

(Rs. 3.00)

Rs. 7.00

Rs. 7.00

(Rs. 3.00)

(Rs. 13.00)

May 8, 2010


Mutual FMutual FMutual FMutual FMutual Fund Fund Fund Fund Fund Focus |ocus |ocus |ocus |ocus |Mutual FMutual FMutual FMutual FMutual Fund Fund Fund Fund Fund Focus |ocus |ocus |ocus |ocus |

Diversify your Portfolio with Proper Asset Mix

The Healthy growth rate of the economy which ismaintained over the years shows its resilience and itsgreat long term potential.

Equity Market Scenario

The Indian economy is expected to grow at 7.2% in FY10 and8% plus levels in FY11.

Recent Growth driven by higher government spending,increased private consumption and investment.

From close to 0.6% in April'09, industrial production has grownto 15% in Feb'10 due domestic recovery, inventory restockingand fiscal stimulus.

In coming months good IIP numbers are expected on lowerbase and revival of domestic demand.

Debt Market Scenario

The government has begun withdrawing most of the policymeasures announced during the global credit crisis. This canbe reflected in the following,

- Hike in SLR by 100 bps in Oct 2009 and CRR ratio by 75bps in Jan 2010.

- RBI raised key policy rates - repo and reverse repo by 50bpssince March.

It is expected that the process of monetary normalization willcontinue in coming months to contain inflation.

Credit growth which was at 10% in Oct'09 has now improvedto 17% by March'10 end.

Deposit growth has been coming down and is now presently at17% by Mar 10 from 22% in Apr 09.

Money Supply is also down to 17% from 20% at the start offinancial year.

Opportunity in both the MarketsDebt Market:

The short to medium tenor of the yield curve is still steep andoffers value in terms of roll down effect and higher accrual inrising interest rate scenario.

Inflation is expected to remain high in coming months andthereafter come down slowly on base effect.

Government is slowly withdrawing the stimulus to containinflation.

This gives an excellent opportunity to enter the debt markets tolock-in long term gains.

Equity Market:India is among the few economies globally which continues todeliver strong broad based growth on a large scale.

Industrial production, which was major growth-driver in FY10,is likely to grow at close to double-digit in FY11.

Markets are currently in the phase of consolidation after a sharprise in the last 12 months.

Thus this will present an opportunity to enter the equity marketsto create a strong portfolio.

What should be the Investment strategy?Ideal strategy in the current scenario will be a proper assetallocation that will provide both steady returns and capitalappreciation.

Investors need an investment strategy which keeps in mind boththe country's growth as well as its inflationary conditions.

On the debt side the product should take advantage of thecurrent high bond yields and steepness of short to mediumtenor of the yield curve.

On the equity side the product should take advantage oftemporary volatility created by the international events whichwill give an excellent opportunity to create a good qualityportfolio.

Disclaimer: Angel Broking Ltd. is not responsible for any error or inaccuracy or any losses suffered on account of information contained in this report. Data source is Reliance AMC. Mutual Fundinvestments are subjected to market risk. Please read the Statement of Additional Information and Scheme Information document carefully before investing.

Indian Economic Growth Trend

Source: - Reliance AMC; Note: *(E)-Expected

Dual Advantage in Single Portfolio

Source: Angel Research

The above asset allocation is a must in investor's portfolio in currentThe above asset allocation is a must in investor's portfolio in currentThe above asset allocation is a must in investor's portfolio in currentThe above asset allocation is a must in investor's portfolio in currentThe above asset allocation is a must in investor's portfolio in currentmarket scenario to prevent capital erosion, steady returns andmarket scenario to prevent capital erosion, steady returns andmarket scenario to prevent capital erosion, steady returns andmarket scenario to prevent capital erosion, steady returns andmarket scenario to prevent capital erosion, steady returns andadditional boost to the overall portfolio.additional boost to the overall portfolio.additional boost to the overall portfolio.additional boost to the overall portfolio.additional boost to the overall portfolio.

6.44

4.35

5.81

3.84

8.52

7.47

9.52 9.759.01

6.77.2

0

2

4

6

8

10

12

FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 E*

GDP Growth Rate (% yoy)

GDP Growth Rate (% yoy)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Capital Appreciation

20% Equity

80% Debt

Steady Returns

Asset Allocation

May 8, 2010


Mutual FMutual FMutual FMutual FMutual Fund Fund Fund Fund Fund Focus |ocus |ocus |ocus |ocus |Mutual FMutual FMutual FMutual FMutual Fund Fund Fund Fund Fund Focus |ocus |ocus |ocus |ocus |

Reliance Dual Advantage Fixed Tenure Fund Plan A - NFO Analysis

Fund Features NFO Period: - 4th May to 17th May 2010

Investment Strategy

The main aim of the investment process is to meet fund specificinvestment objectives and to develop a well-diversified, highcredit portfolio that minimizes liquidity risk and credit risk.

The investment process is intensely research oriented. Itcomprises of qualitative as well as quantitative measures.

Debt Strategy

The debt portiondebt portiondebt portiondebt portiondebt portion will be invested in high quality fixed incomesecurities that are generally maturing in line with the duration ofthe scheme.

Equity Strategy

The equity portion equity portion equity portion equity portion equity portion of the scheme will invest in diversified portfolioof stocks across market capitalization. The funds will follow abottom-up approach bottom-up approach bottom-up approach bottom-up approach bottom-up approach to stock-picking and choose companies acrosssectors

USPs of the Fund

TTTTTwin advantage: Stability of debt + Pwin advantage: Stability of debt + Pwin advantage: Stability of debt + Pwin advantage: Stability of debt + Pwin advantage: Stability of debt + Power of equity:ower of equity:ower of equity:ower of equity:ower of equity:Hybrid fund which seeks to benefit from both the worlds ofequity & debt.

In house research capabilities & fund management expertiseIn house research capabilities & fund management expertiseIn house research capabilities & fund management expertiseIn house research capabilities & fund management expertiseIn house research capabilities & fund management expertiseof the country largest fund house:of the country largest fund house:of the country largest fund house:of the country largest fund house:of the country largest fund house:Being close ended in nature, the entire corpus of the fund islocked in for 3 years which gives fund managers the liberty toexecute calls/views.

Edge from other comparable products from returns perspective:Edge from other comparable products from returns perspective:Edge from other comparable products from returns perspective:Edge from other comparable products from returns perspective:Edge from other comparable products from returns perspective:There is a range of assured returns products like fixed deposits,RBI Bonds, Post Office Schemes, other small savings schemebut the returns from such products are generally moderate innature and being locked in for relatively longer time period.

Reduced LReduced LReduced LReduced LReduced Loss of Carry:oss of Carry:oss of Carry:oss of Carry:oss of Carry:The close ended nature reduces the need to maintain liquidity,which normally bring down the portfolio yield in similar openended products.

Superior PSuperior PSuperior PSuperior PSuperior Post Tost Tost Tost Tost Tax Returns & Indexation Benefitsax Returns & Indexation Benefitsax Returns & Indexation Benefitsax Returns & Indexation Benefitsax Returns & Indexation Benefits

Ideal for investors

Investors looking at higher than Fixed Deposits Returns.

Investors looking for steady returns but still wants someparticipation in equities for capital appreciation.

Investors looking to diversify their Portfolio.

*Debt Securities will also include Securitized Debt, which may go up to 40% of the portfolio.

Scheme Objective The Scheme seeks to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that arematuring on or before the maturity of the Scheme along with capital appreciation through equity exposure.

Type of Scheme A close - ended income schemeBench Mark Index CRISIL MIP Blended IndexMinimum Investment Minimum of Rs. 5,000/- and in multiples of Rs. 1/- thereafterScheme Duration 3 years from the date of allotmentListing Units of Scheme will be listed on one or more recognized stock exchanges within 30 days from closure of NFO.Entry load/Exit Load Nil (Redemption/repurchase not allowed prior to maturity of scheme. Investors may exit through stock exchange mode)Options Growth and Dividend Payout OptionFund Manager Ms Anju Chhajer & Mr. Shailesh BhanAsset Allocation Instruments Indicative Allocation Risk Profile

(% of Total Assets)

Debt Securities and money market instruments* 80-95 Low to Medium

Equity & Equity Related instruments 5-20 High

Source ICRA MFI Explorer; Note: Returns (%) are ABSOLUTE for <=1 yr and COMPOUND ANNUALIZEDfor >1 Yrs.

Performance (% Returns) of some funds managed by Fund Manager's

SchemesSchemesSchemesSchemesSchemes 33333 66666 11111 22222 SinceSinceSinceSinceSinceMonthsMonthsMonthsMonthsMonths MonthsMonthsMonthsMonthsMonths YYYYYearsearsearsearsears YYYYYearsearsearsearsears InceptionInceptionInceptionInceptionInception

Reliance Equity Linked SavingFund - Series I 12.16 13.62 66.26 13.47 14.27

Reliance Equity Opportunities Fund 14.32 24.88 98.86 15.77 25.36

Reliance Medium Term Fund 1.21 2.36 4.93 6.51 6.98

Reliance Money Manager Fund 1.11 2.22 4.84 6.74 7.42

Disclaimer: Angel Broking Ltd is not responsible for any error or inaccuracy or any losses suffered on account of information contained in this report. Data source is from MFI Explorer and RelianceAMC. Mutual Fund investments are subjected to market risk. Please read the Statement of Additional Information and Scheme Information document carefully before investing.

RDRDRDRDRDAFTF Plan AAFTF Plan AAFTF Plan AAFTF Plan AAFTF Plan A FFFFFixed Depositixed Depositixed Depositixed Depositixed DepositIndexationIndexationIndexationIndexationIndexation

Amount of Investment (Rs.) 10,000 10,000

Post Expenses Yield (p.a) (%) 8.00 8.00

Tenor (in months) 36 36

Final Maturity- Amt (Rs) 12,597 12,597

Gain (Rs) 2,597 2,597

Indexed Cost (Rs) 12,597 N.A

Tax Rate (%) 22.66 33.99

Tax - 883

Post Tax Gain (Rs) 2597 1714

Post Tax Annualised Returns (%) 8.00 5.42

Superior Post-Tax Returns compared to Fixed Deposits

This table is for illustration purpose only to explain the tax efficiency of the schemeover a fixed deposit (FD) Source: Reliance AMC

May 8, 2010


Commodities Center |Commodities Center |Commodities Center |Commodities Center |Commodities Center |

Gold Shines

Sr. Research Analyst (Commodities) - Reena Walia Nair

Gold prices gain 2.5% in the last week

Spot Gold prices have gained despite dollar strength as demandfor the yellow metal has increased as it is considered as theasset of last resort. Investors have become susceptible over theuncertain financial market scenario and troubles on the Eurozone front. This has dented appetite for riskier investment assetsand led to rise in demand for gold as a traditional safe-havendespite a stronger dollar. We expect gold prices to trade withan upside bias in the short-term. At the same time, the dollar isexpected to strengthen further. Hence, sharp gains in the yellowmetal could be capped due to stronger dollar.

Spot Gold Weekly Price Chart

Source: Telequote

The EuroEuroEuroEuroEuro slumped sharply in the last few weeks as marketsremained uncertain over the Greece issue. Even though theGreece has been offered a bailout by the EU and the IMF,concern over other members debt woes continues. Spain,Portugal, Italy and Ireland stand next in line with their debtissues. These worries lowered the appeal of the euro whichtouched a low of 1.2520 in the last week. On the other hand,the US dollarUS dollarUS dollarUS dollarUS dollar gained more than 3% in the last week as economicconcerns in the Euro zone led to financial uncertainty. This ledto demand for the low-yielding dollar as a safe-haven. Thedollar also gained on the back of positive economic data whichraised hopes of a rise in interest rates in the coming months.

The global economy continues to face a dilemma as on onehand markets witness a host of positive economic dataannouncements from the US. But on the other hand, debt issuesin the Euro Zone are making investors wary over the strengthof the recovery. Issues in the Euro Zone are expected toaccelerate further and this will deteriorate sentiments in thefinancial markets. The US is witnessing a better economicscenario as companies start hiring on the back of better businessprospects. The housing market in the US has also improved

and led to better sentiments across global markets. But a majordriver which is China, has dented market sentiments further byraising interest rates in order to curb escalating growth. Higherinterest rate in the fast growing economy is raising fear ofslowdown after a long recession which was mainly being seenin the Western World.

Fundamental Outlook

Economic concerns in the Euro zone will continue to hauntsentiments in the financial markets. Mixed sentiments willcontinue to prevail as markets cope with two separatedevelopments - 1) Positive US economic data and 2) economicworries in the Euro area. Economic data from the US is expectedto be positive and that will help markets gain some strength.

This positive economic data could boost hopes of a rise in interestrates in the US and lead to strength in the dollar. The dollar willalso gain on the back of existing economic worries in the Eurozone. Despite the rescue package provided to Greece, marketswill now question and doubt the debt situation of other Euromember nations namely, Spain, Portugal, Ireland and Italy. Thisongoing financial uncertainty regarding Euro Zone will continueto provide upside to gold prices despite dollar strength aseconomic worries will raise demand for gold as a safe-have.

Major economic data releases in May which will help to set theMajor economic data releases in May which will help to set theMajor economic data releases in May which will help to set theMajor economic data releases in May which will help to set theMajor economic data releases in May which will help to set thetrend in the markets aretrend in the markets aretrend in the markets aretrend in the markets aretrend in the markets are Manufacturing PMI, ECB PressConference, Unemployment Claims, US Unemployment Rate,Retail Sales Consumer Confidence and FOMC Meeting Minutes.

S1S1S1S1S1 S2S2S2S2S2 R1R1R1R1R1 R2R2R2R2R2 TTTTTrendrendrendrendrend

Spot Gold ($) 1,170 1,136 1,230 1,250 Up

Gold MCX July (Rs) 17,650 17,350 18,300 18,420 Up

Technical Levels for the coming week

May 8, 2010


Commodities Center |Commodities Center |Commodities Center |Commodities Center |Commodities Center |

Sr. Technical Analyst (Commodities) - Abhishek Chauhan

Last week, Gold prices opened the week at 17139 levels initiallymoved lower but found strong support at 17102 levels. Laterprices recovered sharply higher throughout the week breakingkey resistances and made a high of 17995 and finally endedthe week with huge gain of Rs.819 to close at 17944 ascompared with previous close of 17125.

Trend : Up

Trading Levels:

This week market is expected to find very good support at17680-17700 levels. And strong support is seen at17350-17370 levels.

Trading below 17350 would lead to lower prices initially towards17150 then 16980 and then finally towards the major supportat 16750.

Resistance is observed in the range of 18260-18300 and strongresistance is seen at 18415.

Trading above 18415 would lead to higher prices initiallytowards 18690 and then finally towards the major resistanceat 18900.

Recommendation: Recommendation: Recommendation: Recommendation: Recommendation: Neutral

MCX June Gold

Last week, Silver prices opened the week at 28220 initially fellsharply lower , and as expected found good support at 26740later prices recovered shaply higher breaking key resistancesthroughout the week ,and made a high of 28980 and finallyended the week with a gain of Rs.333 to close at 28630 ascompare with previous close of 28297.

Trend : Up

Trading Levels:

This week market is expected to find good support at28130-28150 levels and strong support is seen at27250-27300 levels.

Trading below 27250 would lead to lower prices initially towards26740 then 26450 and then finally towards the major supportat 25870 levels.

Resistance is observed in the range of 28950-29000 and strongresistance is seen at 29450-29500.

Trading above 29500 would lead to higher prices initiallytowards 30070 then 30470 and then finally towards 30950.

Recommendation:Recommendation:Recommendation:Recommendation:Recommendation: Neutral

MCX July Silver

Bullion

Last week, Copper prices opened the week on its high at 330.05levels. Since then prices fell sharply lower breaking key supportsthroughout the week and made a low of 301.30 .Later pricesrecovered slightly higher towards 322 levels but finally endedthe week with a huge loss of Rs 13.90 to close at 317 ascompared with previous close of 330.90.

Trend : Down

Trading Levels:

This week market is expected to find good support in the rangeof 300-302 levels. And strong support is seen at 287-290 levels.

Trading below 290 would lead to lower prices initially towards282 and then finally towards 275 levels.

Resistance is observed in the range of 325-327 levels and strongresistance is seen at 330-332 levels.

Trading above 332 would lead to higher prices initially towards337 then 345 and then finally towards the major resistance at359 levels.

Recommendation:Recommendation:Recommendation:Recommendation:Recommendation: Neutral

MCX June Copper

Last week, Crude prices opened the week at 3819 initially movedhigher but found strong resistance at 3875 level. Later pricesfell sharply lower throughout the week breaking key supportsand made a low of 3418 and finally ended the week withhuge loss of Rs.370 to close at 3444 as compared with previousclose of 3814.

Trend : Down

Trading Levels:

This week market is expected to find good support in the rangeof 3280-3300 levels. And strong support is seen at3100-3125 levels.

Trading below 3100 would lead to lower prices initially towards3000 then 2940 and finally towards the major support at 2700.

Resistance is observed in the range of 3580-3600 levels andstrong resistance is seen at 3740-3750.

Trading above 3750 would lead to higher prices initially towards3900 then 4025 and then finally towards 4100.

Recommendation:Recommendation:Recommendation:Recommendation:Recommendation: Sell MCX Crudeoil May Between 3550-3570with strict stop-loss above 3675 for a target 3390 and then3350.

MCX May Crude

Stoc

k W

Stoc

k W

Stoc

k W

Stoc

k W

Stoc

k W

atch

|at

ch |

atch

|at

ch |

atch

| M

ay 8

, 201

0

For

Priv

ate

Circ

ulat

ion

Onl

y |

Ange

l Br

okin

g Ltd

: BS

E Se

bi

Regn

No

:

INB

0109

9653

9 /

CDSL

Re

gn

No:

IN

- DP

-

CDSL

-

234

- 20

04

/ PM

S Re

gn

Code

: PM

/INP0

0000

154

6

Ange

l Se

curit

ies

Ltd:B

SE:

INB0

1099

4639

/INF0

1099

4639

NS

E:

INB2

3099

4635

/INF2

3099

4635

Me

mber

ship

nu

mber

s: BS

E 02

8/NS

E:09

946

24

Com

pan

y N

am

eRe

coC

MP

Targ

etM

kt C

ap

Sale

s (R

s cr

)O

PM (

%)

EPS

(Rs)

PER (

x)P/

BVRoE

(%)

(R

s)Pr

ice

(Rs)

(Rs

cr)

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

Ag

ro C

hem

/ Fe

rtili

sers

Ralli

s In

dia

Acc

umul

ate

1,4

65 1

,464

1,8

99 1

,050

1,2

56 1

9.1

18.

4 1

09.0

153

.0 1

3.4

9.6

3.7

3.0

30.

4 3

0.2

Avi

atio

nSp

iceJ

etBu

y 5

4 8

4 1

,300

2,6

87 3

,158

11.

9 1

2.6

7.4

9.3

8.4

6.7

3.6

2.2

172

.2 4

7.0

Au

to &

Au

to A

nci

llary

Apo

llo T

yres

Buy

65

93

3,5

05 9

,003

10,

108

12.

5 1

3.1

9.0

11.

0 7

.2 5

.9 1

.4 1

.2 1

9.9

19.

8A

utom

otiv

e A

xle^

Buy

380

528

626

635

750

13.

5 1

3.5

29.

5 3

5.2

12.

9 1

0.8

2.8

2.5

22.

1 2

2.8

Bosc

h#A

ccum

ulat

e 4

,984

5,3

74 1

5,33

9 5

,846

6,6

71 1

7.7

18.

3 2

36.7

268

.7 2

1.1

18.

5 4

.1 3

.6 1

9.7

19.

2C

EAT

Buy

132

199

496

3,3

58 3

,730

8.4

8.6

36.

9 4

4.2

3.6

3.0

0.6

0.5

17.

0 1

7.3

Exid

e In

dust

rieA

ccum

ulat

e 1

20 1

32 1

0,37

0 4

,549

5,2

82 2

2.0

21.

3 7

.1 8

.0 1

6.7

14.

9 3

.8 3

.1 2

4.5

22.

7FA

G B

earin

gs*

Buy

562

712

947

1,0

12 1

,148

15.

0 1

5.4

51.

3 5

9.4

10.

9 9

.5 1

.7 1

.5 1

4.5

14.

5H

ero

Hon

daA

ccum

ulat

e 1

,890

2,0

85 3

9,84

0 1

7,33

2 1

9,00

9 1

6.5

16.

3 1

20.3

130

.3 1

5.7

14.

5 7

.9 6

.6 3

7.9

33.

4JK

Tyr

e &

Ind

Buy

172

267

813

5,4

47 6

,049

11.

0 1

1.2

45.

5 5

3.5

3.8

3.2

0.7

0.6

17.

3 1

7.1

Mah

and

Mah

Buy

523

651

30,

426

21,

600

24,

126

13.

0 1

2.8

35.

7 3

7.9

14.

6 1

3.8

4.4

3.8

23.

2 2

0.7

Mar

uti S

uzuk

iBu

y 1

,275

1,6

94 3

6,98

2 3

3,59

3 3

9,23

8 1

1.3

11.

3 9

3.3

105

.9 1

3.7

12.

0 2

.5 2

.1 1

7.5

16.

5M

othe

rson

Sum

iBu

y 1

31 1

62 5

,076

7,7

19 8

,522

10.

0 1

0.3

7.7

9.5

17.

1 1

3.8

3.9

3.5

22.

8 2

5.3

Subr

osBu

y 4

7 6

1 2

85 1

,007

1,1

19 1

0.3

10.

3 5

.4 6

.2 8

.7 7

.6 1

.2 1

.1 1

4.2

14.

4Ta

ta M

otor

sA

ccum

ulat

e 7

63 9

38 4

7,50

8 1

06,7

06 1

16,9

93 9

.5 9

.9 5

5.7

69.

5 1

3.7

11.

0 5

.1 4

.0 3

0.2

29.

7Ba

nki

ng

Axi

s Ba

nkBu

y11

90.2

1,4

59 4

8,14

6 6

,154

7,7

39 3

.1 3

.1 7

0.8

95.

1 1

6.8

12.

5 2

.7 2

.3 1

6.7

19.

6D

ena

Bank

Buy

84.9

98

2,4

35 1

,295

1,4

81 2

.4 2

.3 1

9.4

21.

9 4

.4 3

.9 0

.8 0

.7 1

9.2

18.

4Fe

dera

l Ban

kBu

y27

9.9

342

4,7

86 1

,615

1,9

21 3

.3 3

.2 3

4.9

45.

3 8

.0 6

.2 0

.9 0

.8 1

2.1

14.

4H

DFC

Ban

kBu

y18

47.4

2,2

20 8

4,42

2 1

0,52

6 1

3,47

0 4

.4 4

.5 8

6.1

87.

1 2

1.5

21.

2 3

.4 2

.9 1

7.2

20.

4IC

ICI B

ank

Buy

876.

4 1

,166

97,

677

9,3

78 1

1,53

8 2

.5 2

.5 4

4.8

60.

7 1

9.5

14.

4 1

.8 1

.7 1

1.5

15.

0So

uth

Ind

BkBu

y14

7.1

171

1,6

62 6

80 7

97 2

.5 2

.5 2

2.2

28.

4 6

.6 5

.2 1

.0 0

.9 1

6.0

17.

8C

ap

ital G

ood

sBG

R En

ergy

Buy

559

641

4,0

25 4

,067

5,5

08 1

1.4

11.

4 3

3.9

45.

8 1

6.5

12.

2 4

.4 3

.3 2

9.9

30.

9C

rom

pton

Gre

aves

Buy

246

307

15,

774

10,

728

12,

213

12.

8 1

2.5

13.

5 1

5.3

18.

2 1

6.0

5.0

4.0

30.

8 2

7.4

Gra

phite

Indi

aBu

y 9

4 1

17 1

,611

1,6

03 1

,913

24.

4 2

4.2

12.

1 1

4.0

7.8

6.7

1.2

1.0

16.

5 1

6.5

Jyot

i Str

uctu

res

Buy

157

220

1,2

90 2

,508

2,9

08 1

0.9

10.

8 1

4.2

16.

9 1

1.1

9.3

2.1

1.8

20.

9 2

0.7

KEC

Int

Buy

513

698

2,6

37 4

,563

5,2

23 1

0.0

10.

0 4

1.9

49.

8 1

2.2

10.

3 3

.0 2

.4 2

7.6

26.

2M

cNal

ly B

hara

t Eng

gBu

y 3

12 4

67 9

67 2

,444

3,0

46 9

.7 9

.6 2

6.3

33.

3 1

1.9

9.4

2.7

2.2

28.

0 2

5.9

Ther

max

Buy

671

754

7,9

89 4

,432

5,6

18 1

2.1

11.

8 3

0.3

37.

7 2

2.1

17.

8 6

.1 4

.8 3

0.7

30.

3C

emen

tG

rasi

mA

ccum

ulat

e 2

,555

2,8

61 2

3,42

3 1

9,34

0 2

1,09

6 2

4.9

27.

0 2

63.0

325

.0 9

.7 7

.9 1

.4 1

.2 1

9.5

19.

4In

dia

Cem

ents

Buy

117

138

3,5

81 4

,479

5,0

50 1

9.4

18.

9 1

0.1

11.

6 1

1.5

10.

1 0

.9 0

.9 7

.1 7

.7JK

Lak

shm

iCem

enBu

y 6

5 8

8 7

96 1

,434

1,6

53 2

4.8

27.

2 1

3.0

16.

3 5

.0 4

.0 0

.8 0

.7 1

5.2

17.

1M

adra

s C

emen

tsBu

y 1

10 1

41 2

,619

3,3

04 3

,963

27.

7 2

9.2

13.

3 1

6.1

8.3

6.8

1.4

1.2

23.

6 2

6.2

Ultr

aTec

hCem

ent

Acc

umul

ate

944

1,0

84 1

1,74

9 7

,334

8,5

87 2

4.4

27.

1 7

7.5

98.

9 1

2.2

9.5

2.2

1.8

19.

2 2

0.5

Con

stru

ctio

nC

onso

lidat

ed C

oBu

y 8

0 9

2 1

,475

2,5

72 2

,920

9.3

9.4

6.9

7.7

11.

6 1

0.4

2.6

2.2

19.

0 1

8.1

IRB

Infr

aA

ccum

ulat

e 2

66 2

89 8

,836

3,3

52 3

,916

37.

3 3

8.0

13.

8 1

5.3

19.

3 1

7.4

3.6

3.1

20.

5 1

9.2

IVRC

L In

fras

Buy

159

240

4,2

55 7

,570

8,7

41 9

.4 9

.5 1

1.6

12.

9 1

3.7

12.

4 1

.8 1

.5 1

4.0

13.

5Ja

ipra

kash

Ass

oBu

y 1

30 1

94 2

7,62

0 1

5,13

4 1

8,72

9 3

2.2

30.

8 9

.8 1

1.5

13.

3 1

1.3

3.1

2.6

21.

2 2

0.4

Mad

huco

n Pr

ojec

tBu

y 1

54 1

90 1

,135

1,7

01 2

,120

8.9

9.8

6.4

9.8

24.

0 1

5.7

1.8

1.7

8.0

11.

2

Stoc

k W

Stoc

k W

Stoc

k W

Stoc

k W

Stoc

k W

atch

|at

ch |

atch

|at

ch |

atch

| M

ay 8

, 201

0

For

Priv

ate

Circ

ulat

ion

Onl

y |

Ange

l Br

okin

g Ltd

: BS

E Se

bi

Regn

No

:

INB

0109

9653

9 /

CDSL

Re

gn

No:

IN

- DP

-

CDSL

-

234

- 20

04

/ PM

S Re

gn

Code

: PM

/INP0

0000

154

6

Ange

l Se

curit

ies

Ltd:B

SE:

INB0

1099

4639

/INF0

1099

4639

NS

E:

INB2

3099

4635

/INF2

3099

4635

Me

mber

ship

nu

mber

s: BS

E 02

8/NS

E:09

946

25

Com

pan

y N

am

eRe

coC

MP

Targ

etM

kt C

ap

Sale

s (R

s cr

)O

PM (

%)

EPS

(Rs)

PER (

x)P/

BVRoE

(%)

(R

s)Pr

ice

(Rs)

(Rs

cr)

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

Nag

arju

na C

onst

Acc

umul

ate

168

186

4,3

13 5

,913

6,7

58 9

.7 1

0.1

9.7

10.

1 1

7.3

16.

6 1

.8 1

.6 1

0.5

10.

7Pa

tel E

ngBu

y 4

12 5

69 2

,875

3,6

19 4

,219

16.

2 1

5.8

31.

3 3

3.3

13.

2 1

2.4

2.1

1.8

17.

3 1

5.7

Punj

Llo

ydBu

y 1

51 2

61 4

,993

14,

037

15,

868

9.5

9.9

14.

7 1

7.6

10.

2 8

.6 1

.2 1

.1 1

3.7

14.

4Si

mpl

ex In

fra

Buy

494

586

2,4

43 5

,783

6,7

30 9

.7 1

0.0

33.

3 4

1.0

14.

8 1

2.0

2.1

1.8

15.

4 1

6.4

Lars

en&

Toub

roBu

y 1

,519

1,7

61 8

9,23

8 4

5,20

4 5

5,49

6 1

1.8

11.

9 5

5.6

69.

2 2

7.3

22.

0 4

.5 3

.9 1

7.1

18.

4FM

CG

God

rej C

onsu

mer

Acc

umul

ate

304

329

9,3

57 2

,412

2,7

20 2

0.2

20.

3 1

2.7

14.

2 2

3.8

21.

4 9

.6 7

.9 4

5.4

40.

5IT

CA

ccum

ulat

e 2

59 3

00 9

8,87

2 1

9,67

1 2

1,67

3 3

4.7

34.

8 1

2.1

13.

4 2

1.4

19.

4 5

.4 4

.7 2

5.1

24.

2KS

Oils

Buy

63

94

2,4

99 5

,838

7,0

35 1

1.2

11.

6 8

.1 1

0.4

7.8

6.1

1.8

1.4

14.

4 1

6.0

Nes

tle*

Acc

umul

ate

2,7

30 2

,865

26,

326

6,0

15 6

,956

19.

4 1

9.7

81.

5 9

8.5

33.

5 2

7.7

35.

2 3

0.9

118

.2 1

18.6

Hote

lsTa

j GVK

Hot

els

Buy

154

240

968

298

342

40.

6 4

2.8

9.0

12.

2 1

7.2

12.

7 2

.8 2

.4 1

7.7

20.

3In

form

atio

n T

ech

nolo

gy

3i In

fote

chBu

y70

129

1,3

38 2

,734

3,1

97 1

9.4

19.

0 1

4.5

17.

6 4

.8 4

.0 0

.7 0

.6 1

6.8

16.

5Ed

ucom

p So

lBu

y62

7 9

26 5

,953

1,5

67 2

,085

45.

2 4

2.0

36.

5 4

6.3

17.

2 1

3.5

3.5

2.8

22.

9 2

3.1

Ever

onn

Edu

Buy

375

602

567

393

496

34.

0 3

2.5

36.

5 4

3.0

10.

3 8

.7 2

.4 2

.0 1

8.8

18.

1H

CL

Tech

Acc

umul

ate

387

420

26,

098

13,

611

15,

903

21.

0 2

0.5

22.

5 2

7.2

17.

2 1

4.2

3.7

3.1

22.

3 2

3.5

Info

sys

Buy

2620

3,0

89 1

49,8

64 2

5,65

8 3

1,07

1 3

4.3

33.

5 1

18.8

140

.4 2

2.1

18.

7 5

.4 4

.5 2

6.7

26.

1In

fote

ch E

nter

Buy

383

464

2,1

26 1

,132

1,3

06 2

1.6

21.

5 3

3.4

38.

7 1

1.5

9.9

1.9

1.6

18.

2 1

7.8

Mph

asis

Buy

641

872

1343

559

9070

4325

.225

.554

.564

.511

.89.

9 3

.4 2

.632

.729

.2N

IITA

ccum

ulat

e68

72

1,1

16 1

,335

1,4

69 1

3.0

13.

1 5

.4 6

.0 1

2.5

11.

3 2

.0 1

.8 1

7.4

17.

1TC

SBu

y74

2 9

21 1

45,2

54 3

3,35

1 3

8,82

1 2

8.7

28.

2 3

7.9

41.

9 1

9.6

17.

7 5

.8 4

.9 3

1.9

29.

8Te

ch M

ahin

dra

Buy

713

1,1

68 8

,714

4,9

89 5

,704

24.

0 2

3.0

58.

3 6

7.0

12.

2 1

0.6

2.6

2.1

24.

9 2

2.0

Wip

roBu

y63

9 7

90 9

3,66

8 3

1,03

4 3

7,31

7 2

1.3

20.

7 3

4.0

39.

5 1

8.8

16.

1 4

.2 3

.5 2

4.6

23.

6La

min

ate

sG

reen

ply

Inds

Buy

181

291

401

1,0

44 1

,292

14.

0 1

5.0

21.

8 3

6.4

8.3

5.0

1.3

1.0

13.

7 1

4.4

Log

istic

sG

atew

ay D

istr

iBu

y 1

20 1

60 1

,299

696

847

28.

4 2

9.5

10.

2 1

2.5

11.

8 9

.6 2

.1 1

.8 1

5.8

17.

2M

edia

Cin

emax

Indi

aBu

y 6

2 1

06 1

73 2

24 2

76 2

1.9

22.

5 6

.0 8

.2 1

0.2

7.6

1.0

0.9

9.8

12.

4D

ecca

n C

hron

icle

Buy

143

216

3,4

65 1

,038

1,1

92 4

8.1

48.

0 1

2.4

14.

7 1

1.5

9.8

2.3

2.0

20.

4 2

0.9

HT

Med

iaBu

y 1

41 1

70 3

,308

1,6

02 1

,807

18.

3 1

8.6

7.1

8.5

19.

8 1

6.6

2.9

2.5

14.

2 1

5.1

INO

X Le

isur

eBu

y 6

1 8

1 3

77 2

90 3

54 2

1.2

22.

6 4

.2 5

.8 1

4.7

10.

5 1

.1 1

.0 7

.8 9

.8Ja

gran

Pra

kash

anBu

y 1

09 1

60 3

,286

1,0

92 1

,267

29.

7 3

0.2

6.7

8.0

16.

3 1

3.7

5.0

4.5

31.

8 3

4.7

PVR

Buy

158

211

363

445

562

14.

9 1

6.4

8.5

15.

0 1

8.5

10.

5 1

.3 1

.1 6

.8 1

0.8

TV T

oday

Net

wor

kBu

y 1

07 1

40 6

15 3

14 3

60 2

4.9

26.

3 9

.9 1

1.7

10.

7 9

.1 1

.5 1

.3 1

3.7

14.

0M

etals

Elec

tros

teel

Cas

tings

Buy

47

72

1,5

42 1

,706

1,8

18 2

6.2

28.

0 5

.6 6

.6 8

.4 7

.2 0

.9 0

.8 1

2.8

13.

6G

odaw

ari P

ower

Buy

246

307

690

1,0

60 1

,122

27.

0 2

6.5

59.

0 6

6.1

4.2

3.7

1.0

0.8

10.

5 1

0.7

Hin

d Zi

ncBu

y 1

,080

1,3

99 4

5,64

4 9

,764

12,

884

60.

0 6

0.2

119

.8 1

62.4

9.0

6.7

2.0

1.5

24.

7 2

6.1

Hin

dalc

oBu

y 1

63 2

07 3

1,17

7 6

5,93

0 6

9,73

1 1

3.1

13.

8 2

0.8

22.

6 7

.8 7

.2 1

.2 1

.1 1

7.2

15.

9JS

W S

teel

Buy

1,1

21 1

,360

20,

964

24,

499

30,

127

22.

5 2

2.9

97.

2 1

22.7

11.

5 9

.1 1

.3 1

.2 1

9.4

20.

1St

erlit

e In

dBu

y 7

14 9

80 6

0,03

4 2

8,84

5 3

2,99

4 2

9.7

31.

6 6

8.4

76.

7 1

0.4

9.3

1.3

1.0

13.

5 1

2.9

Tata

Ste

elBu

y 5

59 6

97 4

9,56

4 1

17,5

40 1

23,0

12 1

2.1

12.

4 6

1.2

57.

5 9

.1 9

.7 1

.5 1

.3 1

7.0

14.

1

Stoc

k W

Stoc

k W

Stoc

k W

Stoc

k W

Stoc

k W

atch

|at

ch |

atch

|at

ch |

atch

| M

ay 8

, 201

0

For

Priv

ate

Circ

ulat

ion

Onl

y |

Ange

l Br

okin

g Ltd

: BS

E Se

bi

Regn

No

:

INB

0109

9653

9 /

CDSL

Re

gn

No:

IN

- DP

-

CDSL

-

234

- 20

04

/ PM

S Re

gn

Code

: PM

/INP0

0000

154

6

Ange

l Se

curit

ies

Ltd:B

SE:

INB0

1099

4639

/INF0

1099

4639

NS

E:

INB2

3099

4635

/INF2

3099

4635

Me

mber

ship

nu

mber

s: BS

E 02

8/NS

E:09

946

26

Sour

ce:

Com

pany

, Ang

el R

esea

rch,

* e

stim

ates

for

CY1

0E a

nd C

Y11E

; ^

est

imat

es f

or S

Y10E

and

SY1

1E;

Not

e: F

or e

ntire

Sto

ck W

atch

ref

er A

ngel

web

-site

Com

pan

y N

am

eRe

coC

MP

Targ

etM

kt C

ap

Sale

s (R

s cr

)O

PM (

%)

EPS

(Rs)

PER (

x)P/

BVRoE

(%)

(R

s)Pr

ice

(Rs)

(Rs

cr)

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

FY11E

FY12E

Oil

& G

as

Cai

rn In

dia

Acc

umul

ate

286

- 5

4,19

7 7

,908

14,

980

82.

0 8

4.5

22.

9 4

5.8

12.

5 6

.2 1

.5 1

.4 1

2.8

24.

4G

AIL

Buy

419

553

53,

206

36,

858

41,

305

14.

7 1

6.7

28.

4 3

3.7

14.

8 1

2.4

9.1

7.8

19.

8 2

0.3

Guj

Gas

Acc

umul

ate

285

306

3,6

51 1

,665

2,0

42 2

1.2

20.

6 1

7.0

20.

4 1

6.8

13.

9 4

.0 3

.3 2

5.8

25.

8G

uj S

tate

Pet

roBu

y 9

3 1

21 5

,203

1,1

34 1

,208

93.

4 9

3.3

7.7

8.4

12.

1 1

1.0

2.7

2.3

22.

6 2

0.9

Petr

onet

LN

GA

ccum

ulat

e 8

0 8

8 5

,993

12,

872

18,

011

8.2

6.2

6.3

6.7

12.

6 1

1.9

2.4

2.1

19.

9 1

8.8

Relia

nce

Buy

1,0

34 1

,260

339

,744

234

,754

243

,596

17.

6 2

0.0

69.

5 8

7.3

14.

9 1

1.8

2.0

1.8

14.

6 1

6.0

Shiv

Van

i Oil

Buy

424

510

1,8

60 1

,667

1,7

25 4

1.9

41.

8 5

8.6

63.

7 7

.2 6

.7 1

.4 1

.2 2

1.1

18.

9Pa

ckagin

gEs

sel P

ropa

ckBu

y 4

6 5

8 7

20 1

,350

1,8

11 1

9.5

20.

3 4

.0 9

.9 1

1.5

4.6

0.9

0.8

8.4

18.

5Ph

arm

ace

utic

als

Ale

mbi

cA

ccum

ulat

e 4

8 5

2 6

35 1

,286

1,4

45 1

3.5

13.

4 5

.4 6

.4 8

.8 7

.4 1

.1 1

.0 1

3.4

14.

2C

adila

Hea

lthBu

y 5

73 6

34 1

1,70

9 4

,308

5,1

00 2

0.1

21.

0 3

0.6

39.

6 1

8.7

14.

5 5

.8 4

.4 3

4.8

34.

7C

ipla

Acc

umul

ate

342

360

27,

459

5,9

67 6

,723

19.

8 2

0.0

15.

1 1

7.2

22.

6 1

9.9

4.0

3.5

19.

2 1

8.8

Dis

hman

Pha

rma

Buy

217

311

1,7

51 1

,236

1,4

78 2

4.7

25.

3 1

9.7

23.

9 1

1.0

9.1

1.8

1.5

17.

6 1

8.3

Dr

Redd

ys L

abs

Acc

umul

ate

1,2

07 1

,313

20,

379

8,4

16 9

,797

18.

9 1

9.4

59.

1 7

8.1

20.

4 1

5.5

4.4

3.5

23.

8 2

5.2

Indo

co R

emed

ies

Buy

417

487

512

443

517

16.

2 1

7.4

40.

5 5

4.2

10.

3 7

.7 1

.5 1

.4 1

5.2

17.

5Ip

ca L

abs

Acc

umul

ate

253

282

634

1,7

96 2

,117

21.

2 2

1.2

19.

3 2

3.5

13.

1 1

0.8

3.2

2.6

27.

0 2

6.8

Lupi

nBu

y 1

,797

2,0

99 1

5,98

1 5

,645

6,5

79 1

8.9

19.

5 9

3.4

116

.6 1

9.2

15.

4 5

.5 4

.3 3

1.8

31.

2Pl

ast

ics

Sint

ex In

dust

ries

Buy

296

369

4,0

34 3

,845

4,5

95 1

6.9

17.

5 2

7.7

33.

6 1

0.7

8.8

1.9

1.6

16.

3 1

6.6

Pow

erC

ESC

Buy

384

460

4,8

01 4

,166

4,8

87 2

3.7

23.

9 3

8.3

50.

1 1

0.0

7.7

1.1

1.0

11.

3 1

3.1

Guj

Ind

Pow

erBu

y 1

17 1

35 1

,762

1,2

17 1

,528

23.

2 2

3.3

7.6

10.

7 1

5.3

10.

9 1

.1 1

.0 7

.3 9

.3N

TPC

Acc

umul

ate

202

230

166

,270

55,

659

65,

379

28.

1 2

8.7

12.

1 1

4.4

16.

7 1

4.0

2.2

1.9

11.

9 1

2.9

Pow

er -

Cab

les

Fino

lex

Cab

les

Buy

52

85

791

1,9

94 2

,398

10.

2 1

0.4

5.7

9.2

9.1

5.6

1.1

1.0

13.

0 1

8.4

Pow

er -

Tra

din

gPT

C In

dia

Buy

109

136

3,2

09 1

0,90

6 1

3,69

8 1

.3 1

.3 5

.1 6

.5 2

1.4

16.

8 1

.5 1

.4 6

.8 8

.2Re

al E

state

Ana

nt R

aj In

dsBu

y 1

20 1

96 3

,532

467

785

91.

7 9

2.3

11.

8 1

7.6

10.

1 6

.8 0

.9 0

.8 9

.7 1

2.9

HD

ILBu

y 2

38 3

56 8

,244

1,7

75 3

,106

49.

2 5

2.3

19.

7 3

5.2

12.

1 6

.8 1

.1 1

.0 9

.9 1

5.4

Reta

ilPa

ntal

oon

Ret

Acc

umul

ate

394

469

8,1

32 1

0,70

4 1

3,13

7 1

0.1

10.

1 1

5.6

20.

4 2

5.3

19.

3 2

.5 2

.3 1

0.4

12.

2Sh

ippin

gA

BG S

hipy

ard

Buy

243

354

1,2

36 1

,927

2,5

59 2

1.0

21.

0 2

3.7

39.

8 1

0.2

6.1

1.3

1.1

13.

8 1

9.7

GE

Ship

ping

Buy

288

396

4,3

79 2

,993

3,8

43 3

2.7

37.

2 4

5.1

69.

5 6

.4 4

.1 0

.7 0

.6 1

1.9

16.

5Su

gar

Tele

com

Bhar

ti A

rtl

Buy

288

360

109

,153

42,

773

47,

328

35.

3 3

5.6

22.

0 2

4.9

13.

6 1

2.0

2.2

1.9

18.

6 1

7.9

Relia

nce

Com

mBu

y 1

53 1

97 3

1,54

9 2

4,10

5 2

6,65

7 3

1.5

32.

0 1

6.2

18.

6 9

.4 8

.2 0

.7 0

.6 7

.3 7

.9

Weekly Review

Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Ratings (Returns) :

Disclaimer

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision.Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigationsas they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document(including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment.

Angel Securities Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investmentdecisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document arethose of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and tradingvolume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sourcesbelieved to be true, and is for general guidance only. Angel Securities Limited has not independently verified all the information containedwithin this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents ordata contained within this document. While Angel Securities Limited endeavours to update on a reasonable basis the information discussedin this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributedor passed on, directly or indirectly.

Angel Securities Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or otheradvisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

Neither Angel Securities Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or inconnection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section).

Weekly Review

Research Team

Fundamental:

Sarabjit Kour Nangra VP-Research, Pharmaceutical [email protected]

Vaibhav Agrawal VP-Research, Banking [email protected]

Vaishali Jajoo Automobile [email protected]

Shailesh Kanani Infrastructure, Real Estate [email protected]

Anand Shah FMCG , Media [email protected]

Deepak Pareek Oil & Gas [email protected]

Puneet Bambha Capital Goods, Engineering [email protected]

Sushant Dalmia Pharmaceutical [email protected]

Rupesh Sankhe Cement, Power [email protected]

Param Desai Real Estate, Logistics, Shipping [email protected]

Sageraj Bariya Fertiliser, Mid-cap [email protected]

Viraj Nadkarni Retail, Hotels, Mid-cap [email protected]

Paresh Jain Metals & Mining [email protected]

Amit Rane Banking [email protected]

Rahul Jain IT, Telecom [email protected]

Jai Sharda Mid-cap [email protected]

Sharan Lillaney Mid-cap [email protected]

Amit Vora Research Associate (Oil & Gas) [email protected]

V Srinivasan Research Associate (Cement, Power) [email protected]

Aniruddha Mate Research Associate (Infra, Real Estate) [email protected]

Mihir Salot Research Associate (Logistics, Shipping) [email protected]

Chitrangda Kapur Research Associate (FMCG, Media) [email protected]

Vibha Salvi Research Associate (IT, Telecom) [email protected]

Pooja Jain Research Associate (Metals & Mining) [email protected]

Technicals:

Shardul Kulkarni Sr. Technical Analyst [email protected]

Mileen Vasudeo Technical Analyst [email protected]

Derivatives:

Siddarth Bhamre Head - Derivatives [email protected]

Jaya Agarwal Derivative Analyst [email protected]

Sandeep Patil Jr. Derivative Analyst [email protected]

Institutional Sales Team:

Mayuresh Joshi VP - Institutional Sales [email protected]

Abhimanyu Sofat AVP - Institutional Sales [email protected]

Nitesh Jalan Sr. Manager [email protected]

Pranav Modi Sr. Manager [email protected]

Sandeep Jangir Sr. Manager [email protected]

Ganesh Iyer Sr. Manager [email protected]

Jay Harsora Sr. Dealer [email protected]

Meenakshi Chavan Dealer [email protected]

Gaurang Tisani Dealer [email protected]

Production Team:

Bharathi Shetty Research Editor [email protected]

Dharmil Adhyaru Assistant Research Editor [email protected]

Bharat Patil Production [email protected]

Dilip Patel Production [email protected]

Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.Tel : (022) 3952 4568 / 4040 3800

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

Date post:	28-Jul-2015
Category:	Documents
Upload:	angel-broking
View:	843 times
Download:	9 times

Weekly review 08-05-10

Documents