Sharekhan ValueGuide 1 February 2010

CONTENTS

From Sharekhan’s Desk ValueGuide Index

Global tremors add to the market’s woes INVESTMENT INSIGHTS
The first month of
the new year was
0 3 Sharekhan Top Picks 7
eventful for the Stock Ideas 11
market. Third Stock Update 16
quarter results (of
good, bad and ugly Mutual Funds 36
varieties); some Sector Update 37
positive economic
data flow; and
monetary tightening by the central bank—the market was
witness to all. The result season began on a good note
with information technology companies reporting better
REGULAR FEATURES
than expected numbers and guiding for an improved Report Card 4
performance in the next quarter too.
Earnings Guide I

06 TRADER'S TECHNIQUES
Sharekhan Special 3 8 Sensex 39

Monthly economy review Guarseed 39

India’s trade deficit in November 2009 came in at USD9.7
Copper 40
billion, declining on a year-on-year (y-o-y) basis but increasing
on a month-on-month (m-o-m) basis. On a y-o-y basis, the Derivatives view 40
trade deficit fell by 21.4% whereas the sequential increase in
the same stood at 10%. Notably, exports registered a y-o-y
growth of 18.2% in November 2009, after contracting for 13 COMMODITIES CORNER
consecutive months. Meanwhile imports continued to
contract albeit at a slower pace of 2.6% year on year (yoy). 41

35 Chana 42

PREMIER IDEAS
4 3 Smart Trades Ideas 44
Nifty Ideas 44
Derivatives Ideas 44

February 2010 2 Sharekhan ValueGuide

Sharekhan ValueGuide 3 February 2010
 REPORT CARD
STOCK IDEAS STANDING (AS ON FEBRUARY 05, 2010)
COMPANY RECO PRICE RECO CURRENT PRICE AS ON GAIN- ABSOLUTE PERFORMANCE RELATIVE TO SENSEX
PRICE TARGET DATE RECO 05-FEB-10 LOSS (%) 1M 3M 6M 12M 1M 3M 6M 12M
EVERGREEN
HDFC 2700.0 2866.0 19-Nov-07 Hold 2390.0 -11.5 -9.6 -8.7 -3.4 70.3 -2.1 -10.6 -6.2 -4.6
HDFC Bank 358.0 1860.0 23-Dec-03 Buy 1573.0 339.4 -5.2 -0.4 10.1 83.7 2.6 -2.5 6.9 3.0
Infosys Technologies 689.1 2822.0 30-Dec-03 Hold 2354.0 241.6 -7.0 8.6 19.4 92.0 0.6 6.4 16.0 7.6
Larsen & Toubro 1768.0 1658.0 18-Feb-08 Hold 1425.0 -19.4 -14.6 -6.6 -4.2 122.0 -7.6 -8.5 -6.9 24.5
Reliance Ind 283.5 1148.0 5-Feb-04 Hold 979.7 245.6 -5.2 6.1 0.5 56.8 2.5 4.0 -2.3 -12.1
Tata Consultancy Services 426.3 867.0 6-Mar-06 Hold 722.9 69.6 -1.5 18.4 40.1 201.2 6.6 16.0 36.2 68.8
APPLE GREEN
Aditya Birla Nuvo 714.0 1030.0 6-Dec-05 Buy 828.8 16.1 -6.5 4.4 -4.5 101.3 1.2 2.3 -7.2 12.8
Apollo Tyres 37.0 66.0 27-Jul-09 Buy 52.4 41.5 7.4 15.0 29.7 225.4 16.2 12.7 26.1 82.4
Bajaj Auto 586.2 2129.0 15-Nov-05 Buy 1683.8 187.2 -2.8 16.7 27.4 276.5 5.2 14.3 23.8 111.1
Bajaj Finserv 545.0 398.0 26-May-08 Buy 346.9 -36.4 -5.5 12.3 0.8 122.1 2.3 10.0 -2.1 24.5
Bajaj Holdings 741.9 919.0 26-May-08 Buy 553.7 -25.4 -12.3 17.7 13.1 156.3 -5.1 15.3 9.9 43.7
Bank of Baroda 239.0 589.0 25-Aug-06 Buy 559.8 134.2 10.5 10.7 31.6 136.4 19.6 8.5 27.8 32.5
Bank of India 358.0 321.0 29-Oct-09 Reduce 335.0 6.1 -10.6 0.5 5.2 50.0 -3.2 -1.5 2.2 -15.9
Bharat Electronics 1108.0 2144.0 25-Sep-06 Hold 1950.6 76.0 2.4 31.0 35.2 131.2 10.8 28.4 31.4 29.6
Bharat Heavy Electricals 602.0 2568.0 11-Nov-05 Buy 2300.0 282.1 -1.9 10.3 2.4 77.1 6.1 8.1 -0.5 -0.7
Bharti Airtel 313.0 350.0 8-Jan-07 Hold 298.0 -4.8 -6.5 -0.5 -24.1 -3.9 1.2 -2.5 -26.3 -46.1
Corp Bank 218.0 483.0 19-Dec-03 Buy 428.0 96.3 1.7 5.5 24.2 157.4 10.0 3.3 20.7 44.3
Crompton Greaves 88.1 478.0 19-Aug-05 Hold 415.0 370.8 -3.3 15.9 47.7 225.3 4.6 13.6 43.5 82.3
Glenmark Pharmaceuticals 599.0 325.0 17-Jul-08 Buy 253.0 -57.8 -6.3 18.8 4.1 113.0 1.4 16.3 1.1 19.4
Godrej Consumer 145.0 318.0 7-May-09 Buy 250.0 72.4 -10.7 -11.8 3.7 88.4 -3.4 -13.6 0.7 5.6
Grasim 1119.0 2877.0 30-Aug-04 Hold 2565.0 129.2 3.6 21.4 -5.5 106.3 12.1 19.0 -8.2 15.6
HCL Technologies 103.0 391.0 30-Dec-03 Hold 338.0 228.2 -8.9 17.8 34.8 180.9 -1.4 15.5 31.0 57.4
Hindustan Unilever 172.0 289.0 24-Nov-05 Buy 228.8 33.0 -12.7 -16.0 -20.5 -11.4 -5.5 -17.7 -22.8 -50.4
ICICI Bank 284.0 1026.0 23-Dec-03 Buy 796.0 180.3 -5.8 0.1 8.5 115.8 1.9 -1.9 5.5 21.0
Indian Hotel Company 76.6 110.0 17-Nov-05 Buy 87.3 14.0 -14.5 14.7 26.4 139.6 -7.5 12.3 22.9 34.3
ITC 69.5 303.0 12-Aug-04 Buy 248.0 256.8 -0.1 -0.5 2.8 42.5 8.1 -2.5 -0.1 -20.1
Lupin 403.5 1602.0 6-Jan-06 Buy 1545.0 282.9 4.5 21.2 64.7 169.9 13.1 18.8 60.1 51.3
M&M 232.0 1202.0 1-Apr-04 Hold 972.0 319.0 -10.0 9.4 9.7 266.7 -2.6 7.2 6.6 105.5
Marico 7.7 110.0 22-Aug-02 Hold 97.6 1,167.5 0.2 2.3 19.2 73.4 8.4 0.2 15.9 -2.8
Maruti Suzuki 360.0 1639.0 23-Dec-03 Hold 1352.0 275.6 -12.0 -6.6 -8.3 127.4 -4.8 -8.5 -10.9 27.5
Nicholas Piramal 146.0 473.0 16-Mar-04 Buy 360.5 146.9 2.1 -6.2 12.9 83.6 10.5 -8.1 9.7 2.9
Punj Lloyd 519.0 203.0 12-Dec-07 Hold 176.3 -66.0 -12.6 -7.0 -24.3 109.9 -5.4 -8.9 -26.4 17.6
SBI 476.0 2460.0 19-Dec-03 Hold 1897.5 298.6 -15.0 -10.3 4.9 80.5 -8.0 -12.1 1.9 1.2
Sintex Industries 286.0 321.0 26-Sep-08 Buy 248.9 -13.0 -6.0 24.3 20.9 108.6 1.7 21.8 17.5 16.9
Tata Tea 789.0 1006.0 12-Aug-05 Hold 932.3 18.2 -1.1 10.9 5.8 68.1 7.0 8.6 2.8 -5.8
Wipro 418.0 768.0 9-Jun-06 Hold 642.0 53.6 -5.6 9.6 35.8 195.5 2.2 7.4 32.0 65.7
EMERGING STAR
3i Infotech 66.0 105.0 6-Oct-05 Buy 79.5 20.5 -7.6 3.6 5.8 135.0 0.0 1.5 2.9 31.7
Allied Digital Services 189.5 272.0 14-Aug-09 Buy 211.9 11.8 -7.9 -0.3 15.2 59.0 -0.4 -2.3 11.9 -10.9
Alphageo India 150.0 297.0 29-Nov-06 Buy 196.8 31.2 -14.0 -8.8 38.7 119.2 -6.9 -10.7 34.7 22.9
Axis (UTI) Bank 229.4 1244.0 24-Feb-05 Buy 1037.0 352.1 5.7 13.5 17.2 169.5 14.4 11.2 13.9 51.1
Balrampur Chini 98.0 148.0 8-Jun-09 Buy 117.0 19.4 -13.4 -12.8 0.0 105.6 -6.3 -14.6 -2.8 15.3
Cadila Healthcare 297.5 765.0 21-Mar-06 Buy 677.5 127.7 3.1 23.8 51.5 166.4 11.6 21.3 47.2 49.3
EMCO 81.2 115.0 29-Jun-09 Buy 88.5 9.0 2.6 21.5 11.5 246.1 11.0 19.0 8.3 94.0

February 2010 4 Sharekhan ValueGuide

 REPORT CARD
STOCK IDEAS STANDING (AS ON FEBRUARY 05, 2010)
COMPANY RECO PRICE RECO CURRENT PRICE AS ON GAIN/ ABSOLUTE PERFORMANCE RELATIVE TO SENSEX
PRICE TARGET DATE RECO 05-FEB-10 LOSS (%) 1M 3M 6M 12M 1M 3M 6M 12M
Greaves Cotton 266.0 365.0 24-Dec-09 Buy 273.0 2.6 -0.3 34.5 86.7 321.4 7.9 31.8 81.4 136.2
Max India 212.0 295.0 24-Nov-09 Buy 202.0 -4.7 -12.4 12.5 -7.7 77.2 -5.2 10.3 -10.3 -0.7
Network 18 Fincap 476.0 126.0 20-Jun-07 Buy 98.4 -79.3 12.1 47.4 -3.5 15.0 21.4 44.4 -6.3 -35.6
Opto Circuits India 199.0 250.0 13-May-08 Buy 211.0 6.0 -5.5 10.5 17.2 157.4 2.3 8.3 13.9 44.3
Patels Airtemp 88.2 101.0 7-Dec-07 Buy 89.1 1.0 23.1 48.4 70.8 247.1 33.2 45.4 65.9 94.6
Thermax 124.2 662.0 14-Jun-05 Hold 620.0 399.2 3.5 18.3 49.7 306.6 12.0 15.9 45.5 128.0
Zydus Wellness 184.0 342.0 15-Oct-09 Buy 295.3 60.5 16.5 78.4 166.1 359.6 26.0 74.8 158.6 157.6
Ugly Duckling
BASF 220.0 465.0 18-Sep-06 Hold 376.0 70.9 -6.8 18.8 36.1 116.8 0.8 16.4 32.2 21.5
Deepak Fert 50.6 115.0 17-Mar-05 Buy 105.0 107.5 -6.1 21.9 32.3 102.1 1.6 19.4 28.6 13.3
India Cements 113.0 102.0 25-Jan-10 Reduce 111.6 1.3 -7.2 8.3 -24.4 11.7 0.5 6.2 -26.6 -37.4
Ipca Laboratories 660.0 1470.0 5-Nov-07 Buy 1170.0 77.3 11.0 30.6 97.9 249.5 20.1 27.9 92.3 95.9
ISMT 43.0 62.0 8-Oct-09 Buy 53.0 23.3 -0.1 15.3 52.5 208.4 8.1 12.9 48.2 72.9
Jaiprakash Associates 16.7 183.0 30-Dec-03 Hold 125.4 652.2 -14.7 -7.4 -19.2 185.4 -7.7 -9.3 -21.5 60.0
Mold Tek Technologies 46.0 112.0 19-Dec-07 Buy 72.7 57.9 5.4 18.7 -16.4 215.5 14.1 16.3 -18.8 76.9
Orbit Corporation 800.0 393.0 17-Dec-07 Buy 256.5 -67.9 -12.5 14.9 51.4 596.9 -5.4 12.6 47.1 290.7
Pratibha Industries 326.0 450.0 18-Jan-10 Buy 311.5 -4.4 7.7 68.3 87.6 421.1 16.6 64.9 82.3 192.1
Punjab National Bank 180.0 934.0 19-Dec-03 Hold 853.7 374.3 -4.5 3.4 25.0 127.2 3.4 1.3 21.5 27.4
Ratnamani Metals 54.0 149.0 8-Dec-05 Buy 104.3 93.1 -1.5 19.8 29.2 166.3 6.5 17.3 25.6 49.3
Selan Exploration 58.0 360.0 20-Mar-06 Hold 399.7 589.1 12.1 32.6 111.2 226.3 21.3 29.9 105.2 82.9
Shiv-Vani Oil & Gas 370.0 433.0 4-Oct-07 Buy 362.0 -2.2 8.1 17.1 4.6 249.4 16.9 14.7 1.6 95.9
SEAMEC 190.0 235.0 12-Oct-06 Hold 200.5 5.5 -6.4 0.9 5.1 413.4 1.3 -1.1 2.2 187.8
Subros 41.2 58.0 26-Apr-06 Buy 43.9 6.6 -1.3 22.0 43.3 215.3 6.8 19.5 39.3 76.7
Sun Pharmaceutical 302.0 1616.0 24-Dec-03 Hold 1460.0 383.4 -0.5 9.0 30.8 44.9 7.6 6.8 27.1 -18.8
Torrent Pharma 185.0 554.0 4-Oct-07 Buy 466.5 152.2 15.7 28.1 101.7 261.4 25.2 25.5 96.0 102.6
UltraTech Cement 384.0 ** 10-Aug-05 Hold 930.0 142.2 -0.4 31.1 19.8 134.7 7.8 28.4 16.4 31.5
Union Bank of India 46.0 284.0 19-Dec-03 Hold 240.0 421.7 -5.9 0.5 7.0 76.7 1.8 -1.5 4.0 -0.9
United Phosphorus 163.0 215.0 27-Aug-09 Buy 153.6 -5.8 -10.2 10.5 -11.5 71.0 -2.8 8.3 -14.1 -4.2
Zensar Technologies 342.0 351.0 18-Jun-07 Hold 288.0 -15.8 -11.4 29.8 74.9 345.3 -4.1 27.2 69.9 149.6
VULTURE'S PICK
Esab India 60.0 ** 21-May-04 Buy 555.0 825.0 1.9 29.5 32.8 140.6 10.2 26.9 29.0 34.9
Mahindra Lifespace 799.0 497.0 9-Jan-08 Buy 375.0 -53.1 12.8 17.2 18.2 221.5 22.0 14.8 14.9 80.2
Orient Paper 21.4 58.0 30-Aug-05 Buy 44.7 108.6 -10.7 5.8 -14.7 110.9 -3.4 3.7 -17.1 18.2
Tata Chemicals 411.0 351.0 31-Dec-07 Hold 284.7 -30.7 -8.3 13.1 16.7 113.1 -0.7 10.8 13.4 19.5
Unity Infraprojects 692.0 680.0 26-Feb-08 Buy 560.0 -19.1 8.1 34.5 66.7 503.9 16.9 31.7 62.0 238.5
Cannonball
Allahabad Bank 73.0 144.0 25-Aug-06 Hold 132.1 81.0 5.3 15.1 50.9 197.2 13.9 12.8 46.6 66.6
Andhra Bank 85.0 135.0 25-Aug-06 Buy 97.2 14.4 -5.3 -10.9 10.2 98.7 2.5 -12.7 7.1 11.4
Dhampur Sugar 120.0 191.0 9-Nov-09 Buy 121.0 0.8 -14.2 16.0 75.4 300.3 -7.1 13.6 70.4 124.4
IDBI Bank 106.0 169.0 19-Jun-09 Buy 115.0 8.5 -9.4 5.0 10.5 123.0 -2.0 2.9 7.3 25.0
Madras Cement 111.0 95.0 28-Jan-10 Reduce 105.0 5.7 -5.9 5.7 -5.5 72.0 1.8 3.6 -8.2 -3.6
Phillips Carbon Black 135.0 205.0 21-Aug-09 Buy 178.9 32.5 15.7 28.7 75.3 467.0 25.1 26.1 70.4 217.9
Shree Cement 445.0 2150.0 17-Nov-05 Hold 2000.0 349.4 -0.3 24.2 13.2 280.4 7.9 21.7 10.0 113.2
TFCI 17.1 34.0 25-Jun-07 Buy 25.9 51.5 9.6 29.9 33.0 103.9 18.5 27.3 29.3 14.3
** Price under review

Sharekhan ValueGuide 5 February 2010

 FROM SHAREKHAN’S DESK

from sharekhan’s desk Global tremors add to the market’s woes

The first month of the new year was eventful for the market. Third quarter results (of good, bad and
ugly varieties); some positive economic data flow; and monetary tightening by the central bank—the
market was witness to all. The result season began on a good note with information technology
companies reporting better than expected numbers and guiding for an improved performance in the
next quarter too. However, the third quarter performance turned out to be mixed bag with banks and
automobile companies reporting good numbers but infrastructure (Larsen and Toubro, Punj Lloyd)
and some specific companies like State Bank of India and Oil and Natural Gas Corporation
disappointing with a weaker than expected performance. This put a damper on market sentiments
and in the last few sessions the market turned southward after remaining flat for most part of the
month. The market ended January 2010 with a loss of over 1,000 points.

But the key drag on the equity markets globally and in India as well now are the growing concerns
related to the fragile economic condition of certain countries in Europe. It all began with Greece.
The Greek government’s inability to push through the Euro8 billion auction of government bonds
resulted in a spike in its credit default swap spreads. The contagion soon spread to the other fragile
European countries such as Portugal, Spain and Ireland, thereby spooking the global financial and
equity markets.

To add to our market’s woes, the recent economic data coming out of the USA also was unexpectedly
weak. For instance, the first-time jobless claims in the USA saw an increase of 8,000 to 480,000
against a forecast of a decline of 10,000 for the week ended January 31, 2010. Moreover, deficit woes
are weighing heavily on the USA as well. Though propped by the massive public spending unleashed
by the US government last year the US economy grew by 5.7% in the fourth quarter of 2009 (at the
fastest pace in six years), uncertainty regarding the state of the economy persists.

Apart from the global issues, all eyes will definitely be trained on the finance minister (FM) who
is scheduled to present the Union Budget for FY2011 on 26th of this month. It would be a tough
act of sustaining economic growth momentum in the face of growing global uncertainties and
addressing domestic issues of rising inflation and ballooning fiscal deficit at the same time. The
market would keenly watch for the fiscal slippage this financial year and the roadmap for fiscal
consolidation. Some of the other expectations are: a partial roll-back of fiscal stimulus in terms of
excise duty cuts done earlier and more clarity on the implementation of tax reforms, both the
direct tax code and the goods and services tax. We shall outline the key expectations from the
budget in our detailed pre-budget note soon.

Given the growing global concerns and the many domestic events and issues, we see a challenging
market environment over the next few months. This is in line with our view stated in the latest Market
Outlook report (“2010: A tale of two halves” released on January 2, 2010). However, we continue to
believe in the India growth story and remain bullish on the equity markets in the long term. Therefore,
long-term investors will do well to ride out the volatility and look upon corrections as an opportunity
to build a strong portfolio for handsome returns in the next sustained bull market. 

February 2010 6 Sharekhan ValueGuide

 SHAREKHAN TOP PICKS

SHAREKHAN TOP PICKS

Sharekhan top picks
In January 2010, policy overhang and edgy equity markets globally to have cash allocation of 20% as the markets are likely to remain
dragged down the domestic bourses out of the narrow range of the volatile and edgy in the near term. This is in line with our view (given
previous two months. The benchmark indices Sensex and Nifty in the Market Outlook report titled "2010: A tale of two halves"
declined by 6.3% and 6.1% respectively during the month. released on January 2, 2010) that we expect a challenging market
However, amid the volatility the returns from the top picks basket environment in the first half of the year 2010.
were quite stable with a marginal decline of 0.4% in January 2010.
Since the beginning of this financial year, ie April 2009, our basket
In fact, nine out of the ten stocks in the top picks basket outperformed
of top picks has given cumulative returns of 100.3% compared
the benchmark indices.
with the returns of 58.3% and 52.2% given by the Sensex and the
For February 2010 we are not making any changes in the top picks Nifty respectively over the same period. 
basket. Though we retain all the top pick stocks, we advise investors

NAME CMP* PER ROE (%) TARGET UPSIDE

(RS) FY09 FY10E FY11E FY09 FY10E FY11E PRICE (%)
Apollo Tyres 53 18.9 6.3 7.1 7.9 22.4 16.7 66 24.8%
BHEL 2,407 37.5 26.6 20.6 24.3 27.4 28.1 2,568 6.7%
Dhampur 130 12.2 3.0 4.1 12.1 38.6 22.2 191 47.1%
Godrej Consumer 235 35.1 21.2 17.5 46.9 43.8 39.8 318 35.3%
Greaves Cotton 269 24.0 12.2 9.4 13.9 24.3 26.7 365 35.9%
ITC 250 29.1 23.2 19.9 25.3 27.2 27.0 303 21.1%
Lupin 1,421 22.1 18.6 15.1 37.5 29.0 27.4 1,602 12.8%
Reliance Industries 1,047 21.5 20.1 14.2 12.3 12.4 14.9 1,148 9.7%
Shiv Vani Oil & Gas 357 8.1 7.3 6.2 14.7 14.4 14.4 433 21.4%
Torrent Pharma 442 16.0 14.9 11.2 40.4 32.6 32.5 554 25.3%
* CMP as on January 29, 2010
Note: For Apollo Tyres and Godrej Consumer RoE is on stand-alone basis due to non availability of consolidated balance sheet post recent acquisitions.

NAME CMP PER ROE (%) TARGET UPSIDE

(RS) FY09 FY10E FY11E FY09 FY10E FY11E PRICE (%)

APOLLO TYRES 53 18.9 6.3 7.1 7.9 22.4 16.7 66 24.8%

Remarks:  Apollo Tyres Ltd (APL) is the market leader in truck & bus tyres and light truck tyres in India. The company also enjoys significant market share in the passenger
car tyre segment. The strong demand environment in replacement and OEM markets augurs well for the company’s growth going forward.
 To improve its market share and expand further, the company is increasing its capacity in India from 850 tonne per day to around 1,000 tonne per day by
establishing a new greenfield plant in Chennai. In international markets, APL has presence in South Africa. To further augment its international presence, the
company has recently acquired Vredestein Banden BV, a high-end passenger car tyre manufacturer in Netherlands. We believe the above-mentioned organic
and inorganic expansions coupled with improving business environment in the domestic market would help APL post strong growth in the coming years.
 Natural rubber prices have increased sharply in recent times, sustenance of rubber prices at these levels remain a key risk to the company’s performance.
Also, the near-term performance of the recently acquired European business is susceptible to difficult business environment in these markets.
 At the current market price the stock trades at 6.3x and 7.1x its consolidated FY2010E and FY2011E earnings. We maintain our Buy recommendation on the
stock.

Sharekhan ValueGuide 7 February 2010

SHAREKHAN TOP PICKS

NAME CMP PER ROE (%) TARGET UPSIDE

(RS) FY09 FY10E FY11E FY09 FY10E FY11E PRICE (%)

BHEL 2,407 37.5 26.6 20.6 24.3 27.4 28.1 2,568 6.7%

Remarks:  Bharat Heavy Electricals Ltd (BHEL) is a premier power generation equipment manufacturer and leading EPC company. It has emerged as the prime
beneficiary of the four-fold increase in the investments in the power sector in India.

 BHEL currently has strong orders worth Rs134,000 crore on hand which provide revenue coverage for the next three to four years. With more than 80% of the
orders coming from the government and state utilities, the risk of order cancellation is minimal. The company is also looking at various new initiatives like
transmission, distribution and renewable energy for sustaining robust growth in its business in the long term. However, the key challenge for BHEL would be
the timely execution of projects.

 The company’s programme to expand its capacity to 15GW is largely on track and the new capacity should be available from March 2010. In our view, the
stabilisation of the new capacity coupled with the de-bottlenecking of the supply chain would aid BHEL’s revenues to grow at a CAGR of 26% over FY2009-11
with the profits growing at a CAGR of 35% over FY2009-11E.

 At the current market price the stock trades at 26.6x and 20.6x FY2010E and FY2011E earnings respectively. We continue to like BHEL because of its resilient
business model that is expected to provide the highest revenue and profit growth among the Sensex stocks. We, therefore, maintain BHEL amongst our Top
Picks and have a Buy recommendation on the stock.

DHAMPUR SUGAR MILLS 130 12.2 3.0 4.1 12.1 38.6 22.2 191 47.1%

Remarks:  Dhampur Sugar Mills is the fifth largest sugar producer in India with integrated facilities and is going to be a key beneficiary of the current upturn in the sugar
cycle. We expect the profits to quadruple in FY2010 (ending September 2009) due to higher profits from its sugar business led by a higher sugar realisation,
and refining and sale of raw sugar imported at a low cost.

 The hefty cash flow generation in FY2009-11 due to a rampant increase in its business profits will help the company to bring down its debt-equity ratio to 1x
in SY2010 and from 2.6x in SY2009. However, despite the stupendous profit growth the stock trades at 3.0x FY2010E earnings, which is at a steep discount
to its peers that are trading at ~7.5x their FY2010E earnings.

 A higher than expected sugar-cane price, possible further government interventions and likelihood of a bumper sugar crop in FY2011 remain the key risks to
our estimates.

 At the current market price of Rs130 the stock trades at 3.0x and 4.1x its FY2010E and FY2011E EPS respectively and 2.3x and 2.9x FY2010E and FY2011E
EV/EBIDTA respectively. We maintain our Buy recommendation on the stock with the price target of Rs191.

GODREJ CONSUMER 235 35.1 21.2 17.5 46.9 43.8 39.8 318 35.3%

Remarks:  GCPL is a major player in the Indian FMCG market with presence in soap, hair dye and hair colour, liquid detergent and toiletry categories. The acquisition of 49%
stake in Sara Lee shall broaden the product portfolio and immensely improve the growth prospects of the company in the long run. With an increase in its reach
in the rural market, thrust on growing its market share in states other than north, GCPL will continue to gain market share in the soap and hair colour segments
and would post a steady volume growth in the coming quarters. Thus, we expect GCPL’s top line to grow at a CAGR of 17.9% over FY2009-12 (excluding Sara
Lee’s financials).

 With a lower raw material cost, the margins of the company have improved substantially. Thus, we expect a hefty 63.8% y-o-y growth in its net profit in FY2010.

 With strong cash flows GCPL has healthy cash on books (Rs400 crore as on March 31, 2009); further, the company recently took a board resolution to enable
it to raise up to Rs3,000 crore as it eyes big-ticket acquisitions. We believe acquisitions in the near term could act as additional triggers for the stock.

 We believe a significant uptick in palm oil prices, increased competitive activity in the soap segment and the impact of high food inflation on the demand for
its products are the key risks to the company’s profitability.

 With a 40.2% CAGR over FY2009-12 (including Sara Lee’s financials) GCPL will outperform the industry and remains one of the better performing companies
in the FMCG space. At the current market price the stock trades at 17.5x its FY2011E earnings. We have a Buy recommendation on the stock.

February 2010 8 Sharekhan ValueGuide

 SHAREKHAN TOP PICKS

NAME CMP PER ROE (%) TARGET UPSIDE

(RS) FY09 FY10E FY11E FY09 FY10E FY11E PRICE (%)

GREAVES COTTON 269 24.0 12.2 9.4 13.9 24.3 26.7 365 35.9%

Remarks:  Greaves Cotton Ltd (GCL)’s core competencies are in three-wheeler diesel/petrol engines, power gensets, agro engines and pumpsets (the engine segment)
and construction equipment (the infrastructure equipment segment).
 GCL is likely to be the key beneficiary of the uptick in the demand for the three-wheeler engines (which constitute 60% of the company’s total revenues). The
infrastructure equipment business (constitutes about 15% of the company’s total revenues) is a direct play on the growth in the construction and road building
activity in the country. We believe with much improved fund availability, low interest rates, and a pick-up in industrial and real estate sectors, the business is
in for a sharp revival.
 GCL has a strong balance sheet and is a zero net debt company. Moreover, the company does not have any major capex plans in the near future. With a hefty
increase in its profits and a low capex the company is expected to generate free cash flows in excess of Rs100 crore in FY2010 and FY2011.
 We believe that a slower than expected recovery in the construction and road building activity in the country could affect the revival of sales for GCL’s
construction equipment division and thus poses a risk to our estimates. Also, the lower than expected sales of three-wheelers by Piaggio (which accounts
for a high proportion of sales in the automotive engine division) may have a direct impact on the performance of the automotive engine segment.
 We expect GCL to post a robust CAGR of 20.5% in revenues and that of 59.9% in its net profit over FY2009-11. At the current market price, the stock trades at
12.2x and 9.4x its FY2010E and FY2011E EPS respectively. We have a Buy recommendation on the stock.

ITC 250 29.1 23.2 19.9 25.3 27.2 27.0 303 21.1%

Remarks:  ITC’s cigarette business that has dominance in the category continues to be a cash cow for the company. ITC endeavours to make a mark in the Indian FMCG
market with successful brands such as Bingo, Sunfeast and Aashirwaad, which are already reckoned among the best in the industry. With the company’s new
portfolio of personal care products its FMCG business competes with the likes of Hindustan Unilever and Procter & Gamble.
 After a sharp increase in the excise duty on cigarettes in the last two Union Budgets, the government was less lethal in the Union Budget FY2009-10 and did
not increase the excise duty. This augurs well for ITC’s cigarette business and has led to a significant increase in its cigarette sales volumes. The rationalisation
of the company’s biscuit portfolio and an increase in the scale of its personal care business would further lower the losses in the non-cigarette FMCG business
going ahead. While the hotel business is staging a strong revival the agri-business’ profitability has improved sharply.
 An increase in excise levy and the government’s intention to curb consumption of tobacco products remain the key risks to ITC’s cigarette business over the
longer term.
 We expect ITC’s bottom line to grow at a CAGR of 20.0% over FY2009-12. At the current market price, ITC trades at 19.9x its FY2011E earnings. We maintain
our Buy recommendation on the stock.

LUPIN 1,421 22.1 18.6 15.1 37.5 29.0 27.4 1,602 12.8%

Remarks:  Global dominance in certain products, focus on niche, less-commoditised products, a geographically diversified presence in newer markets, such as Japan,
and a presence in the US branded segment distinguish Lupin among the mid-cap players in the generic space.
 With a leadership position in the anti-TB and other anti-infective segments, and a growing exposure to the chronic therapy segments, Lupin is one of the fastest
growing pharmaceutical companies in the domestic market.
 A focus on niche products like oral contraceptives and ophthalmology products along with a strong presence in the branded space through a paediatric
antibiotic, Suprax, and a medical inhalation device, Aerochamber, has enabled Lupin’s US business to grow at a staggering CAGR of 77% over FY2004-08. With
the expansion in the branded portfolio through the recent addition of Antara and the launch of Allernaze, we expect the US branded business to grow at a CAGR
of 30% over FY2010-12.
 With a strong business in India and the USA, Lupin has also made inroads into the other regulated markets of the UK and France. Further, it has entered markets
like Japan, Germany, Australia and South Africa through acquisitions in order to extend its global reach. We anticipate a CAGR growth of 37% in the emerging
markets over FY2010-12.
 The strong core business and a differentiated strategy auger well for Lupin and now the clean chit of the Mandideep facility from the USFDA would drive the
performance of the stock.
 We expect Lupin to report an earnings CAGR of 22% over FY2010-12 with strong margins at the operating level. At 18.6x FY2010E and 15.1x FY2011E earnings,
Lupin is among the cheapest front-line pharmaceutical stocks. We maintain our Buy recommendation on the stock with a price target of Rs1,602.

Sharekhan ValueGuide 9 February 2010

SHAREKHAN TOP PICKS

NAME CMP PER ROE (%) TARGET UPSIDE

(RS) FY09 FY10E FY11E FY09 FY10E FY11E PRICE (%)

RELIANCE IND 1,047 21.5 20.1 14.2 12.3 12.4 14.9 1,148 9.7%
Remarks:  With the start of the commercial production of gas in April 2009 and that of crude oil in September 2008 (both from the KG basin), Reliance Industries Ltd
(RIL) holds a great promise in the E&P business. The E&P business is expected to add significantly to the company’s earnings and to its cash flow from FY2010
onwards with the majority of the earnings coming from the less volatile natural gas business. The company is currently producing 60mmscmd of gas and
targets to ramp the output to 80mmscmd by the end of March 2010. At present, the company’s reserves are estimated at 9 billion barrels of oil equivalents.
 We expect the gross refining margin (GRM) of RIL to contract in the near term, as new refineries with total capacity of 1.5-2.0 million barrel per day (including
Reliance Petroleum Ltd [RPL]) are expected to come on-stream in the environment of weak demand. However, we expect RIL to fetch a premium over
Singapore Complex’ GRM due to its superior refinery complexity and benefit of using captive gas from KG D-6. The refining volumes were also doubled as RPL’s
has been merged with RIL with effect from April 1, 2008.
 We believe that RIL’s all cash but not binding bid to buy a controlling stake in the world’s third largest petrochemical company, LynodellBasell (LB), if successful
would have synergistic effect for RIL. It would help RIL gain access to LB’s ready market of USA and Europe. Further, after the deal RIL would become near
global monopoly in the polypropylene and polyethylene sectors. However, we await details on the bid price and the valuation.
 We believe that RIL would be able to maintain superior margin in the petrochemical business, given its increased focus on the domestic market (a strong
demand and a high price realisation environment).
 A delay in the ramp-up of the KG D-6 gas production and an adverse verdict of the Supreme Court of India on its legal feud with RNRL and another legal case
with National Thermal Power Corporation (NTPC) are the key risks to our estimates. Further, there is still ambiguity related to the likely change in the section
80IB, which could take away the benefit of the seven-year tax holiday from gas production. Any further fall in the refining and petrochemical margins could
result in deviation from our estimates.
 At the current market price, the stock is trading at 14.2x FY2011E consolidated earnings.

SHIV VANI OIL & GAS 357 8.1 7.3 6.2 14.7 14.4 14.4 433 21.4%

Remarks:  Shiv-Vani Oil & Gas Explorations is India’s largest onshore oil and gas service provider in the private sector having a fleet of 40 rigs and ten seismic survey
crews. The company offers a wide range of services including seismic, drilling and other specialised services, such as work over, gas compression services
and coal bed methane (CBM) integrated services.
 The extremely strong order book of Rs3,700 crore, which is close to 4.2x its FY2009 revenues, renders strong visibility to the company’s earnings. The
company has gone for timely expansion of its assets in the past and all its assets are already backed by contracts in hand.
 The company has shown an exponential growth in its financial performance in M9FY2010 and the same is likely to be maintained in the last quarter of the fiscal
with the deployment of all the eight rigs for a large order worth Rs1,610 crore from ONGC. The company is also planning to raise money (an amount not
exceeding UDS20 million or Rs100 crore) through the issue of new equity shares to Franklin Templeton. Further, the company is planning to raise additional
funds of Rs600 crore through a QIB issue to augment its fleet.
 Softening day rates, and curtailment and deferment of worldwide E&P capex pose a risk to the company’s revenue going forward. Moreover, any delay in
contracts or any renegotiation of contracts going forward could potentially hamper its cash flows and thus remain a risk for the company. However, we see
little probability of renegotiation of the contracts, as the bulk of contracts are from public enterprises like ONGC and OIL.
 At the current market price, the stock trades at 6.2x its FY2011E earnings. We maintain our Buy recommendation on the stock with a price target of Rs433.

TORRENT PHARMA 442 16.0 14.9 11.2 40.4 32.6 32.5 554 25.3%

Remarks:  Torrent Pharmaceuticals (Torrent Pharma) is a well-known name in the domestic branded formulation market with strong focus on the fast-growing chronic
lifestyle segment.
 Torrent Pharma has been one of the under-owned stocks in the mid-cap pharma space due to realignment in domestic formulations, impending turnaround
in the Heumann business and lower margins at the operating levels.
 However, with the domestic market back on track, the completion of the investment phase in the emerging markets and the turnaround in the Heumann
business, we expect Torrent Pharma's earnings to post a CAGR of 24% over FY2010-12E. The cost restructuring initiatives will lead to operational efficiencies
in the long term, resulting in the expansion of the operating profit margins.
 With the completion of the investment phase, robust field presence and new product introductions, we expect Torrent Pharma’s emerging market (Brazil,
Russia and Europe) business to post a strong CAGR of 19% over FY2010-12E. Further, a scale-up in the US business would add to its growth. We believe the
company has been trading at a significant discount (at 11.4x its FY2011E) to its peers and should get higher valuation.
 We believe Torrent Pharma is on the right track for good revenue growth and a significantly higher earnings growth driven by margin expansion. At the current
market price of Rs442, the stock is discounting its FY2010E earnings by 14.9x and its FY2011E earnings by 11.2x. On account of continued traction in the
growth we maintain our Buy recommendation on the stock with a price target of Rs554.

February 2010 10 Sharekhan ValueGuide

 Stock Pratibha Industries 12

Ideas
Sharekhan ValueGuide 11 February 2010
STOCK IDEAS Pratibha Industries

PRATIBHA INDUSTRIES
UGLY DUCKLING BUY; CMP: RS326 JANUARY 19, 2010
Orders galore, more to come
COMPANY DETAILS KEY POINTS
Price target: Rs450
 Strong and diversified order book: Pratibha Industries (Pratibha) is one of the
fastest growing companies among the small construction companies. Its pend-
Market cap: Rs544 cr ing order book of Rs3,500 crore (over 4x FY2009 revenues) provides strong
visibility to its revenue growth. It also has a healthy order pipeline with “L1”
52-week high/low: Rs349/53
status in orders worth Rs900 crore. Apart from its strong position in irriga-
NSE volume (No of shares): 1.4 lakh tion and water management projects, it is also benefiting from its efforts to
diversify into high-growth segments such as urban infrastructure, power and
BSE code: 532718
oil & gas. Consequently, we expect its order book to grow at a CAGR of 53%
NSE code: PRATIBHA over FY2009-12.

Sharekhan code: PRATIND  Backward integration provides an edge: Given its dominance in the water seg-
ment, Pratibha entered into the manufacturing of HSAW pipes in FY2008.
Free float (No of shares): 0.64 cr This backward integration enables the company to bid for pipeline related
projects at a very competitive rate. About 90% of the production is currently
SHAREHOLDING PATTERN
used in-house for its water projects and the balance is supplied to the oil & gas
segment.
 Strong impetus on irrigation and water-management projects: Infrastructure
Institutions development would continue to be a secular growth story in India, and irriga-
18% tions and water management projects form a key component of the overall
government spending on infrastructure development in the country. As per the
planning commission, irrigation and water management projects constitute a
significant portion of the $500-billion worth of investments envisaged in infra-
Public & structure development in the 11th Five-Year Plan. The budgetary allocation
for this segment through various schemes like the AIBP, the Rajiv Gandhi
others Promoters
Drinking Water Project and the JNNURM has been stepped up significantly.
21% 61%
 Cheapest among its peers: Pratibha enjoys superior operating profit margin
(12-13%) and return ratios compared with its peers. Its sales and net profit
have grown at a CAGR of 58% and 65% respectively over the last five years.
Going forward, we expect its sales and PAT to grow at a CAGR of 37% and
PRICE CHART
33% respectively over FY2009-12 led by healthy order inflows. Given its strong
400 growth outlook and relatively better return ratios, Pratibha is attractively val-
350 ued at 6.7x FY2011E earnings as compared to its peers. We recommend a Buy
300 on the stock with a price target of Rs450 (P/E multiple of 8x its average earn-
250 ings of FY2011E and FY2012E).
200 KEY FINANCIALS
150 Particulars FY2008 FY2009 FY2010E FY2011E FY2012E
100 Net sales (Rs cr) 565.1 805.8 1125.0 1578.9 2083.3
50
% y-o-y growth 88.1 42.6 39.6 40.4 31.9
0
Adj. net profit (Rs cr) 34.3 44.7 58.0 81.6 106.0
Jul-09
Jan-09

Jan-10
Oct-09
Apr-09

Shares in issue (cr) 1.7 1.7 1.7 1.7 1.7

EPS (Rs) 20.5 26.8 34.8 48.9 63.5
% y-o-y growth 44.1 30.6 29.7 40.7 29.8
PRICE PERFORMANCE PER (x) 15.9 12.2 9.4 6.7 5.1
P/BV (Rs) 3.0 2.4 2.0 1.5 1.2
(%) 1m 3m 6m 12m
EV/EBIDTA (x) 8.1 7.9 5.7 4.6 3.9
Absolute 17.9 50.7 98.6 424.5
RoCE (%) 19.7 19.5 17.0 18.5 18.8
Relative 13.3 47.4 60.5 167.0
RoNW (%) 24.6 21.9 23.0 25.7 26.0
to Sensex

February 2010 12 Sharekhan ValueGuide

Pratibha Industries STOCK IDEAS
COMPANY BACKGROUND Pratibha has also entered into a joint venture with ITD of Thailand
in order to bid for the airport projects.
Established in 1982 Pratibha is one of the fastest growing companies
among the small construction companies with expertise in water, sur- ORDER BOOK AND BOOK-TO-BILL RATIO
face transport and civil construction. It has gradually diversified into 8000 4.5
other segments like urban infrastructure, tunneling and oil & gas. 7000
It was initially engaged in the manufacturing of pre-cast products. In 4.0
6000
1992, the company extended its presence in the civil construction 5000 3.5
industry by bagging an order from CIDCO, Maharashtra. In 1994,
4000
it made a foray into water related projects in joint venture with
3000 3.0
Coromondal Prescrete (P) Ltd, a Hyderabad based contractor. Since
then, it has become a dominant player in the water segment, which 2000
2.5
contributes about 60% to its order book and revenues. Recently it 1000
has diversified into other segments like urban infrastructure, surface 0 2.0
transport, oil and gas and hydrocarbon. In FY2008, it started manu- FY 2007 FY 2008 FY 2009 FY 2010E FY 2011E FY 2012E
facturing helically submerged arc welded (HSAW) pipes that are cur- Order book Book to bill ratio
rently being used for its in-house water projects.
Water projects formed 60% of the company’s FY2009 order book
INVESTMENT ARGUMENTS (Rs2,100 crore) with 20% and 11% coming from urban infra-
structure and surface transport segments respectively. The balance
Strong and diversified order book 9% comes from the SAW pipe, hydrocarbon and energy divisions.
Pratibha currently has a strong order book of Rs3,500 crore which
is over 4x its FY2009 revenue. It also has a healthy order pipeline Backward integration to provide an edge
with “L1” status in orders worth Rs900 crore. We expect the order Since Pratibha is predominantly present in the water segment, it
book to grow at a compounded annual growth rate (CAGR) of made a foray into the manufacturing of HSAW pipes in FY2008 in
53% over the three-year period FY2009-12 largely on the back of order to reap the benefits of backward integration. HSAW pipes
increased spending in infrastructure development and the are mainly used in the water and irrigation, and oil & gas segments.
company’s efforts to diversify into various fast-growing segments.
The company currently has a capacity of 92,000 tonne per annum.
The company traditionally had a presence in the water segment,
About 90% of its total production is currently used in-house by
which still comprises 60% of its order book and revenue. It had a
for water related projects and the balance it plans to supply to the
small presence in surface transport and mass housing projects.
oil & gas segment. However, going forward, with huge investments
However, in the last couple of years, the company has consciously
expected in the oil & gas segment, the company plans to increase its
diversified from being a purely water segment company to a fully-
exposure to this segment to ~50%. Pratibha also commissioned its
fledged infrastructure development company. It has diversified into
color coating plant recently with a capacity of 1.7 million square
other segments, such as urban infrastructure, surface transport,
feet per annum.
power projects, oil & gas, tunneling, airports and hydrocarbon. In
order to get required pre-qualification and technical competence, With this backward integration, the company is able to bid for
Pratibha has entered into various joint ventures both domestically pipeline related projects at a very competitive rate and does not
and internationally. It recently formed a joint venture with Austria- have to depend on other contractors for the same. Moreover, the
based Ostu-Stettin to bid for tunneling projects. Ostu-Stettin is one management also believes that the lower dependence on suppliers
of the leading infrastructure companies in tunneling technologies. mitigates the execution risk to a large extent.

ORDERS WON RECENTLY

Project Date Rs Execution
(crore) time
(months)
Comprehensive Water Supply Scheme at village Chandu Budhera, district Gurgaon, from Haryana Urban 17-Dec-09 129.89 24
Development Authority
Construction of three conventional underground multi-level car parking from Municipal Corporation of Delhi 15-Dec-09 104.2 15
Comprehensive Water Supply Scheme to Guledgudda town and villages enroute from Karnataka Urban 24-Nov-09 30.37 20
Water Supply and Drainage Board
Procurement, fabrication and laying of clear water main from Bangalore Water Supply & Sewerage Board 23-Nov-09 309.46 26
Circulating water and make-up water system civil works package for Mauda Super Thermal Power Project (2x 500MW) 19-Nov-09 59 21
from NTPC
Meerut Water Supply Project from Uttar Pradesh Jal Nigam, Meerut 18-Nov-09 294 24
BOT project for the construction of a multi-level parking with commercial development at New Delhi Railway 29-Oct-09 150 15
Station-cum-Airport terminal of Airport Express Line from Delhi Metro Rail Corporation
Supply of API grade pipes from GAIL (India) 5-Oct-09 25 N.A.
Supply, installation and maintenance of automatic meter reading water meters from Municipal Corporation 7-Sep-09 145 12
of Greater Mumbai
Replacement of Tansa Main Pipeline (section I) from Municipal Corporation of Greater Mumbai 2-Sep-09 406 45
Construction of ESIC Medical College at Patna from National Buildings Construction Corporation 13-Aug-09 523 24

Sharekhan ValueGuide 13 February 2010

STOCK IDEAS Pratibha Industries

FY2009 ORDER BOOK BREAK-UP even the Punjab state government has earmarked Rs4,400 crore
for 131 cities in Punjab to revamp the water supply and sewerage
8% 1% system throughout Punjab. All this is likely to open up a glut of
11% projects that Pratibha could bid for.
The government has proposed to develop a National Gas Grid
which would facilitate the transportation of gas across the country.
Thus, Pratibha with its HSAW pipe manufacturing capacity is likely
20% 60% to benefit from the same.
INVESTMENT CONCERNS
Water & Irrigation Urban infrastructure Surface Trasport Timely execution of projects
Saw Pipe Hydro Carbon The bi ggest challenge for the construction companies is the timely
execution of projects as they have a long gestation period and require
huge capital outlay. Hence, their execution capability plays a very
Strong impetus on irrigation and water-management important role. With Pratibha’s order book 4x its FY2009 revenues,
projects timely execution would remain the key to its success. Any delay would
lead to cost overruns and affect the profitability of the company.
The government is committed to improve the infrastructure of the
country and has earmarked substantial funds for growth of the Cost escalation risk
sector. Infrastructure development would continue to be a secular Cement and steel are the key raw materials for the construction
growth story in India and irrigation and water management projects companies. Though Pratibha has a price escalation clause in all its
(the focus areas of Pratibha) form a key component of the overall projects, but the same protects its margins only to a certain extent.
government spending on infrastructure development in the country. Any further increase in the prices of the raw materials would hurt
As per the estimates of the Planning Commission, about USD500 the operating profit margin of the company.
billion needs to be spent over the 11th Five-Year Plan period of
2007-08 to 2011-12 on building India’s infrastructure. A growth Interest rate risk
of 2.2 times in investments is expected in the key infrastructure Infrastructure projects are capital intensive. Thus, any increase in
sectors during 2007-08 to 2011-12 as compared to that over the interest rates would put pressure on the company’s margins.
previous five-year period. Shortage of skilled manpower
Pratibha’s expertise lies in areas such as water supply and irriga- The anticipated shortage of skilled manpower could also delay the
tion, and urban infrastructure which are likely to grow at a faster
rate compared with the overall infrastructure sector. The govern- project execution, going forward. In FY2009, the company did not
ment had allocated Rs49,700 crore for the phase I of the Jawaharlal face any problem with skilled manpower. Going forward, with the
Nehru National Urban Renewal Mission (JNNURM) scheme and anticipated growth in the industry, there could be again a shortage
is planning to launch the next phase of the project with about of skilled manpower, which could hinder Pratibha’s revenue growth.
Rs100,000 crore of planned investments. The allocation for the
JNNURM scheme continues to be on the rise. In the Budget 2010, Valuations and view
the government had increased the spending on the JNNURM scheme Pratibha enjoys superior operating profit margin (12-13%) and
by 87% to Rs12,900 crore. return ratios compared with its peers. Its sales and net profit have
In the 11th Five-Year Plan the government has increased the planned grown at a CAGR of 58% and 65% respectively over the last five
outlay in irrigation by 2.3x to Rs253,301 crore. The government years. Going forward, we expect its sales and profit after tax (PAT)
had initiated major schemes such as Accelerated Irrigation Benefit to grow at a CAGR of 37% and 33% respectively over FY2009-12
Programme (AIBP), Bharat Nirman and Restoration of Water Bodies led by healthy order inflows. Given its strong growth outlook and
to ensure that there is an adequate supply of water for irrigation in
relatively better return ratios, Pratibha is attractively valued at 6.7x
order to maximise the performance of the agricultural sector. In the
budget 2010, spending on AIBP was marked up by 75% over the FY2011 earnings as compared to its peers. We recommend a Buy
last year and in the Rajiv Gandhi Drinking Water Mission the spend- on the stock with a price target of Rs450 (price/earnings [P/E] mul-
ing has been raised from Rs4,680 crore to Rs5,850 crore. Recently, tiple of 8x its average earnings of FY2011E and FY2012E).

INFRASTRUCTURE—DEFICIT AND 11TH PLAN PHYSICAL TARGETS

Sector Deficit 11th Plan targets
Roads/Highways 65,590km of National Highway comprise only 2% of network; carry 6-lane 6,500km in Golden Quadrilateral; 4-lane 6,736km
40% of traffic; 12% 4-laned; 50% 2-laned; and 38% single-laned NS-EW; 4-lane 20,000km; 2-lane 20,000km; 1,000km Expressway
Power 13.8% peaking deficit; 9.6% energy shortage; 40% transmission Add 78,577MW; access to all rural households
and distribution losses; absence of competition
Irrigation 1,123BCM utilisable water resources; yet near crisis in per capita Develop 16mha major and minor works; 10.25mha Common
availability and storage; only 43% of net sown area irrigated Area Development; 2.18mha flood control
Ports Inadequate berths and rail/road connectivity New capacity: 485mn MT in major ports; 345mn MT in minor ports
Airports Inadequate runways, aircraft handling capacity, parking space Modernise 4 metro and 35 non-metro airports; 3 greenfield in NER;
and terminal buildings 7 other greenfield airports
Railways Old technology; saturated routes; slow speeds (freight: 8,132km new rail; 7,148km gauge conversion; modernise
22kmph; passengers: 50kmph); low payload to tare ratio (2.5) 22 stations; dedicated freight corridors
Telecom/IT Only 18% of market accessed; obsolete hardware; Reach 600mn subscribers and 200mn in rural
acute shortage of human resources areas; 20mn broadband; 40mn Internet
Source: Planning Commission consultation paper

February 2010 14 Sharekhan ValueGuide

Pratibha Industries STOCK IDEAS
PEER COMPARISON
Company CMP EPS (Rs) PE (x) EBDITA margin (%) RoE (%)
(Rs) FY2010 FY2011 FY2010 FY2011 FY2010 FY2011 FY2010 FY2011
Pratibha Industries 326 35 49 9.4 6.7 12.4 12.2 23.0 25.7
Unity Infra 595 57 71 10.4 8.4 12.7 12.7 17.1 17.1
Madhucon 183 8 10 23.0 17.9 12.3 12.6 10.5 12.2
BL Kashyap 447 24 32 18.6 13.8 8.5 8.8 9.4 12.7
Sadbhav 1,287 55 67 23.5 19.2 11.4 12.2 17.9 18.0
*Bloomberg consensus estimates

FINANCIALS
PROFIT & LOSS A/C RS (CR) BALANCE SHEET RS (CR)
Particulars FY08 FY09 FY10E FY11E FY12E Particulars FY08 FY09 FY10E FY11E FY12E
Net revenue 565.1 805.8 1125.0 1578.9 2083.3 Share capital 17 17 17 17 17
Operating expenses 499.1 714.2 985.5 1386.3 1833.3
Reserves & Surplus 167 208 262 340 442
Operating profit 66.0 91.6 139.5 192.6 250.0
Shareholders fund 184 225 279 357 459
Other income 1.4 11.5 2.3 2.4 2.1
Total debt 133 248 288 388 468
Depreciation 3.6 7.1 14.2 20.0 25.2
Interest 23.6 40.5 44.8 58.4 75.5 Differed tax liability 2 6 7 8 9
PBT 40.2 55.4 82.9 116.6 151.4 Total liabilities 318 479 574 753 936
Tax 5.9 10.7 24.9 35.0 45.4 Gross block 99 168 268.32 348 428
Reported PAT 34.3 44.7 58.0 81.6 106.0 Net fixed assets 92 154 240.19 300 355
EPS 20.5 26.8 34.8 48.9 63.5 Capital work in progress 32 61 30 30 30
Investments 85 0 0.09 0 0
CASH FLOW STATEMENT RS (CR) Gross current assets 438 562 717.06 992 1,291
Particulars FY08 FY09 FY10E FY11E FY12E Gross current liabilities 328 298 413.27 570 740
Operating profit before 64.7 92.7 117.6 161.0 207.9 Net current assets 110 264 303.79 422 551
working capital changes Miscellaneous expenditure 0 0 0 0 0
Change in working capital 82.7 -145.0 -72.9 -117.2 -133.3
Total assets 318 479 574 753 936
Net cash from operations 147.4 -52.4 44.8 43.8 74.6
Capital expenditure -77.9 -98.6 -69.3 -80.0 -80.0 KEY RATIOS (%)
Sale/Purchase of -82.5 88.6 - - - Particulars FY08 FY09 FY10E FY11E FY12E
investments
Sales growth (%) 88.1 42.6 39.6 40.4 31.9
Net cash from investing -160.4 -10.0 -69.3 -80.0 -80.0
PAT growth (%) 68.3 30.6 29.7 40.7 29.8
Increase in share capital 58.8 - - - -
EPS growth (%) 44.1 30.6 29.7 40.7 29.8
Increase in debt -3.5 115.6 40.0 100.0 80.0
EBIDTA margin (%) 11.7 11.4 12.4 12.2 12.0
Others -25.8 -38.0 -48.7 -62.3 -79.4
Net cash from financing 29.5 77.7 -8.7 37.7 0.6 PAT margin (%) 6.1 5.6 5.2 5.2 5.1
Net change in cash 16.5 15.3 -33.2 1.5 -4.8 RoCE (%) 19.7 19.5 17.0 18.5 18.8
RoNW (%) 24.6 21.9 23.0 25.7 26.0
ONE-YEAR FORWARD PE (X) Debt equity (X) 0.7 1.1 1.0 1.1 1.0
4 0 .0 Working capital days 48.4 99.1 98.7 99.7 100.7
3 5 .0
3 0 .0
2 5 .0
KEY VALUATIONS
2 0 .0
Particulars FY08 FY09 FY10E FY11E FY12E
1 5 .0
1 0 .0
PER (x) 15.9 12.2 9.4 6.7 5.1
5 .0
P/BV (x) 3.0 2.4 2.0 1.5 1.2
0 .0 EV/EBITDA (x) 8.1 7.9 5.7 4.6 3.9
Mar-06

Mar-07

Mar-08

Mar-09
Jun-06

Sep-06

Jun-07

Sep-07

Jun-08

Sep-08

Jun-09

Sep-09
Dec-06

Dec-07

Dec-08

Dec-09

The author doesn’t hold any investment in any of

the companies mentioned in the article.

Sharekhan ValueGuide 15 February 2010

 Stock
Update
3i Infotech 17 Ipca Laboratories 26
Allahabad Bank 17 ITC 26
Apollo Tyres 18 Jaiprakash Associates 27
Axis Bank 18 Lupin 27
Bajaj Finserv 19 Mahindra Lifespace Developers 28
Bank of Baroda 19 Marico 28
Bharat Heavy Electricals 20 Orbit Corporation 29
Bharti Airtel 20 Phillips Carbon Black 29
Cadila Healthcare 21 Piramal Healthcare 30
Crompton Greaves 21 Ratnamani Metals and Tubes 30
Deepak Fertilisers & Petrochemicals Corporation 22 Reliance Industries 31
Dhampur Sugar Mills 22 Shiv-Vani Oil & Gas Exploration Services 31
Godrej Consumer Products 23 Sintex Industries 32
HDFC Bank 23 State Bank of India 32
Hindustan Unilever 24 Tata Consultancy Services 33
ICICI Bank 24 Torrent Pharmaceuticals 33
IDBI Bank 25 Zensar Technologies 34
Infosys Technologies 25 Zydus Wellness 34

February 2010 16 Sharekhan ValueGuide

 STOCK UPDATE
3I INFOTECH
EMERGING STAR BUY; CMP: RS83 JANUARY 27, 2010
COMPANY DETAILS
Price target: Rs105
Results largely in line with estimates
Market cap: Rs1,400 cr RESULT HIGHLIGHTS
52 week high/low: Rs103/25
 3i Infotech’s Q3FY2010 results were broadly in line with our estimates. The adjusted
NSE volume (No of shares): 31 lakh net income grew by 3% qoq to Rs54.5 crore versus our estimate of Rs56 crore.
BSE code: 532628
 The revenue declined by 4.8% qoq to Rs596.2 crore.
NSE code: 3IINFOTECH
Sharekhan code: 3IINFOTECH  The OPM improved by 86 basis points qoq to 20.1%, which is above our expectation
Free float (No of shares): 12.9 cr
of 19.1%.
SHAREHOLDING PATTERN  The adjusted PAT grew by 3% qoq to Rs54.5 crore versus our estimate of Rs56 crore.
We have made adjustment for exceptional items related to penalty on exit from master
Public & Foreign
11%
service agreements (MSAs) with some of the state governments (Rs10.92 crore), depre-
Others
28%
ciation on write-back related to its kiosk business (Rs7 crore) and minority interest (-
Institutions
Rs10.4 crore).
25%
 The new deals wins have improved the management’s optimism in regard to business
Promoters
environment going forward. However, we highlight here that the company’s order
Non-promoter
24% corporate
book grew by a marginal 1.3% qoq Rs1,591 crore in the quarter.
12%
 We have fine-tuned our earnings EPS for FY2010E and FY2011E stands to Rs12 and
PRICE PERFORMANCE Rs14.3 respectively. We have also introduced our FY2012 estimates and expect an EPS
(%) 1m 3m 6m 12m of Rs15.5 for the year.
Absolute -6.9 -9.5 6.7 166.4  The company targets to reduce its current net debt to equity ratio to allay the concern
Relative to Sensex -3.7 -9.4 -2.7 36.1 related to its weak balance sheet position. We maintain our Buy recommendation and
price target of Rs105 on the stock. At the current market price, the stock is trading at
The author doesn’t hold any investment in any of 5.8x FY2011 earnings estimate and 5.4x FY2012 earnings estimate.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

ALLAHABAD BANK
CANNONBALL HOLD; CMP: RS136 JANUARY 25, 2010
COMPANY DETAILS
Price target: Rs144
Healthy core performance
Market cap: Rs6,075 cr RESULT HIGHLIGHTS
52 week high/low: Rs145/37
 Allahabad Bank has reported a net profit of Rs345.4 crore, down 6.5% y-o-y
NSE volume (No of shares): 14.7 lakh
BSE code: 532480  The NII for the quarter stood at Rs675.6 crore, up by 11.8% yoy and 12% qoq. The
growth was driven by a 13-bps q-o-q expansion in the reported NIM coupled with a
NSE code: ALBK
robust 8% advances growth on a sequential basis.
Sharekhan code: ALLBANK
Free float (No of shares): 20.0 cr  The reported NIM expanded by 13 bps qoq to 2.97% during the quarter, mainly
driven by a 40 bps improvement in the cost of funds.
SHAREHOLDING PATTERN
Public &  The non-interest income declined by 17% yoy to Rs339.5 crore, as the treasury income
others dropped by 54% yoy to Rs133.3 crore during the quarter.
16%
 The provisions for the quarter came in at Rs246.3 crore, up 139% yoy on a lower base.
Foreign
13% Promoter
 The advances grew by a strong 24% yoy while the deposits grew by 25.4% yoy.
56%  The asset quality of the bank deteriorated in absolute terms during the same quarter. In
MF & FI absolute terms, the GNPA increased by 7.2% qoq to Rs1,160.5 crore.
15%
 The CAR of the bank came in at 15% as at the end of Q3FY2010 and the same was
PRICE PERFORMANCE
largely in line with the CAR in the previous quarter.
(%) 1m 3m 6m 12m
Absolute 8.4 7.3 61.8 165.3
 At the CMP of Rs136, the stock trades at 4.6x its FY2011E EPS, 2.2x FY2011E PPP
per share and 1.1x FY2011E ABV per share. We maintain our Hold recommendation
Relative to Sensex 7.4 6.7 41.8 37.0
on the stock with a price target of Rs144.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 17 February 2010

STOCK UPDATE
APOLLO TYRES
APPLE GREEN BUY; CMP: RS53 JANUARY 29, 2010
COMPANY DETAILS
Price target: Rs66
Robust performance continues
Market cap: Rs2,667 cr RESULT HIGHLIGHTS
52 week high/low: Rs57/15
 Apollo Tyres’ Q3FY2010 performance was better than our expectation fuelled by a
NSE volume (No of shares): 34.4 lakh higher than expected top line and margins.
BSE code: 500877
NSE code: APOLLOTYRE
 The total income grew by a strong 46.5% year on year (yoy) to Rs1,323.3 crore mainly
aided by a tonnage volume growth of 47.5% yoy.
Sharekhan code: APOLLOTYRE
Free float (No of shares): 30.6 cr  Though the Q3 OPM expanded by a strong 970 basis points on a y-o-y basis, the same
SHAREHOLDING PATTERN declined by 90 basis points on a q-o-q basis to 15.5%. The margin expansion on a y-
o-y basis was mainly on account of decline in the raw material cost as percentage to
Public &
Others Foreign sales to 64.7% in Q3FY2010 from 75.2% in Q3FY2009. This led to a 289.6% y-o-y
19% 15%
growth in the operating profit to Rs205.1 crore.
Institutions  Consequently the reported net profit grew almost 20 fold to Rs102 crore as against
16%
Rs5.5 crore in Q3FY2009 (higher than our expectation of Rs73.1 crore).
Non-promoter
Promoters
Corporate
 Factoring in a better than earlier expected performance for the remaining part of
40%
10% FY2010, we have increased our stand-alone EPS estimate for FY2010 from Rs6.3 to
PRICE PERFORMANCE Rs7.6. However, our FY2011 stand-alone estimates stand marginally revised to Rs6.7.
(%) 1m 3m 6m 12m
We have also introduced our FY2012 estimate and expect the company to report an
EPS of Rs8.3 at the consolidated level.
Absolute 7.6 6.8 30.7 194.4
Relative to Sensex 14.5 6.5 22.4 65.1  At the current market price, the stock is trading at 7x its FY2011E and 6.3x FY2012E
consolidated earnings of Rs7.5 and Rs8.3 respectively. We maintain our Buy recom-
The author doesn’t hold any investment in any of mendation on the stock with a price target of Rs66.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

AXIS BANK
EMERGING STAR BUY; CMP: RS1,078 JANUARY 15, 2010
COMPANY DETAILS
Price target: Rs1,244
Upgraded to Buy
Market cap: Rs43,512 cr RESULT HIGHLIGHTS
52 week high/low: Rs1093/279
 Axis Bank’s net profit in Q3FY2010 increased by 31% yoy to Rs656 crore—ahead of
NSE volume (No of shares): 23.2 lakh our as well as street’s estimates.
BSE code: 532215
NSE code: AXISBANK
 The NII grew by 45.1% yoy and 17.3% qoq to Rs1,349.1 crore. The growth was on
account of reduction in the cost of funds to 4.12% in the quarter as against 6.2% in the
Sharekhan code: AXISBANK
same quarter of the last year.
Free float (No of shares): 24.7 cr
SHAREHOLDING PATTERN  The non-interest income increased by 35% yoy to Rs988.1 crore.
Public &  The provisioning expenses increased to Rs373.1 crore, as the bank continued to make
others
22% higher provisions on loan loss at Rs358 crore for the quarter. The provision coverage
Promoter ratio including technical write-off currently stands at 69.07%l.
39%
 The asset quality was largely stable on sequential basis. In relative terms the %GNPA
increased to 1.23% from 1.21% in the previous quarter.
Foreign
MF & FI  The advances grew by 12.5% yoy to Rs84,770 crore while the deposits grew by 7.7%
31%
8%
yoy to Rs113,853 crore.
PRICE PERFORMANCE
 The capital adequacy ratio of the bank improved to 16.8%.
(%) 1m 3m 6m 12m
Absolute 7.2 3.3 39.7 140.9
 At the CMP of Rs1,078, the stock trades at 14.1x 2011E EPS, 7.3x 2011E PPP and
2.4x 2011E BV. We are revising our price target to Rs1,244 and upgrade our recom-
Relative to Sensex 4.1 1.0 9.5 26.8
mendation from Hold to Buy.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 18 Sharekhan ValueGuide

 STOCK UPDATE
BAJAJ FINSERV
APPLE GREEN BUY; CMP: RS339 JANUARY 13, 2010
COMPANY DETAILS
Price target: Rs398
A strong all-round performance in Q3
Market cap: Rs4,905 cr RESULT HIGHLIGHTS
52 week high/low: Rs446/131
 In Q3FY2010 Bajaj FinServ delivered a strong all-round performance. The consoli-
NSE volume (No of shares): 86,280 dated net profit for Q3FY2010 stood at Rs34.86 crore as compared to Rs12.29 crore
BSE code: 532978 in the year-ago quarter.
NSE code: BAJAJFINSV  The total income for the quarter came in at Rs120 crore, up 40% yoy due to a strong
Sharekhan code: BAJAJFINSV performance across the three business segments.
Free float (No of shares): 6.6 cr
 The operating profit for Q3FY2010 registered a robust growth to reach Rs52.26
SHAREHOLDING PATTERN crore as compared to Rs16.66 crore recorded in the year-ago quarter.
Public &
others  Life insurance: The gross written premium grew by 14% yoy on the back of a healthy
28% growth in the new business premiums during the quarter. Due to stringent cost control
measures the loss for the quarter stood reduced to Rs2 crore vs the Rs22-crore loss
Promoter borne by the company in the year-ago quarter.
55%
Foreign  General insurance: The gross written premium for Q3FY2010 at Rs583 crore stood
11%
MF & FI more or less in line with that of the previous year. The profit in the general insurance
6% business grew by 71% to Rs29 crore owing to a favourable underwriting result coupled
PRICE PERFORMANCE with a strong investment income.
(%) 1m 3m 6m 12m  Auto finance: The deployment for the quarter grew by 97% yoy to Rs1,210 crore. The
Absolute 4.4 4.4 0.8 81.7
bottom line grew at a much faster rate as the net profit for the quarter stood at Rs27
crore in Q3FY2010 vs Rs11 crore during the year-ago quarter.
Relative to Sensex 2.5 1.8 -22.4 -6.2
 We value the company based on the sum-of-the-parts valuation method and maintain
The author doesn’t hold any investment in any of our Buy recommendation on the stock with a price target of Rs398.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

BANK OF BARODA
APPLE GREEN BUY; CMP: RS522 JANUARY 27, 2010
COMPANY DETAILS
Price target: Rs589
Results above expectations
Market cap: Rs19,015 cr RESULT HIGHLIGHTS
52 week high/low: Rs568/181
 For Q3FY2010, BoB has reported a bottom line of Rs832.5 crore, up by 17.5% yoy
NSE volume (No of shares): 6.8 lakh Importantly, the year ago quarter included one-time gain of Rs69 crore, excluding
BSE code: 532134 which the growth would have been even higher.
NSE code: BANKBARODA
 NII stood at Rs1,601.2 crore, up by a healthy 9.5% yoy and 15% qoq. The sequential
Sharekhan code: BOB
improvement in the NII growth was possible due to expansion in the reported NIM to
Free float (No of shares): 16.8 cr
2.95% coupled with a healthy 23.5% y-o-y growth in the advances.
SHAREHOLDING PATTERN
 The non-interest income dropped by 22.1% yoy to Rs659.7 crore though up by 11%
Public &
others on a sequential basis.
12%
 Provisions dropped sharply by 30.7% yoy to Rs242.5 crore in the quarter.
Foreign
15%  The asset quality deteriorated sequentially during the quarter. The GNPA increased by
Promoter
54% 16% qoq to Rs2,260.3 crore, as the bank booked non-performing assets (NPAs) of
MF & FI Rs212 crore from debt-waiver scheme (the deadline was December 2009) on a pruden-
19% tial basis. The provisioning coverage stood at strong 78.4%.
PRICE PERFORMANCE  The bank’s capital adequacy ratio stood at 14.65% as on December 31, 2009.
(%) 1m 3m 6m 12m
 At the current market price of Rs522, the stock trades at 6.0x FY2011E earnings per
Absolute 3.8 7.0 22.5 134.4 share (EPS), 3.2x FY2011E pre-provisioning profit (PPP) per share and 1.2x FY2011E
Relative to Sensex 7.4 7.1 11.8 19.7 book value (BV) per share. We maintain our Buy recommendation and price target on
the stock.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 19 February 2010

STOCK UPDATE
BHARAT HEAVY ELECTRICALS
APPLE GREEN BUY; CMP: RS2,297 JANUARY 21, 2010
COMPANY DETAILS
Price target: Rs2,568
Upgraded to Buy
Market cap: Rs112,437 cr RESULT HIGHLIGHTS
52 week high/low: Rs2550/1250
 Bharat Heavy Electricals Ltd (BHEL)’s Q3FY2010 net sales grew by 17.9% to Rs7,100.4
NSE volume (No of shares): 4.1 lakh crore primarily led by a 18.5% year-on-year (y-o-y) growth in the power division’s
BSE code: 500103 revenues.
NSE code: BHEL
 The operating profit margin (OPM) improved to 20.2% primarily due to lower-cost
Sharekhan code: BHEL
inventory and better operating efficiencies. However, the employee cost continued to
Free float (No of shares): 14.3 cr remain high on the back of provisions related to wage revision and performance-
SHAREHOLDING PATTERN related payments.
Others  Better operating profit led the net profit increase by 35.7% yoy to Rs1,072.6 crore .
Institutions
6%
11%  The order backlog increased to Rs134,000 crore at the end of Q3FY2010 as the order
intake was good at Rs15,953 crore due to super critical orders booked during the quarter.
Foreign
The orders from power sector constitute 84% of the company’s current order book.
16%
Promoters  The company has one of the best business models among our coverage universe, given
67% its strong revenues visibility and robust balance sheet. We maintain our earnings esti-
mates of Rs90.5 and Rs116.8 for FY2010E and FY2011E respectively. We are also
PRICE PERFORMANCE introducing our FY2012 estimates in this note and expect FY2012 earnings per share
(%) 1m 3m 6m 12m (EPS) at Rs133.8. At the current market price, the stock trades at 19.7x FY2011
Absolute 3.4 -2.9 5.7 72.8 expected EPS. At a target P/E multiple 22x for FY2011E, we maintain our price target
Relative to Sensex -1.1 -4.4 -8.6 -11.1 at Rs2,568. However, in view of the recent fall in the stock we are upgrading our
recommendation to Buy from Hold.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

BHARTI AIRTEL
APPLE GREEN HOLD; CMP: RS321 JANUARY 22, 2010
COMPANY DETAILS
Price target: Rs350
Results in line with expectations
Market cap: Rs121,996 cr RESULT HIGHLIGHTS
52 week high/low: Rs495/229  Bharti Airtel Ltd (BAL)’s Q3FY2010 results were in line with our expectations. The
NSE volume (No of shares): 91.8 lakh consolidated revenues declined by 0.7% sequentially to Rs9,772.2 crore.The net profit
BSE code: 532454 fell by 4.8% quarter on quarter (qoq) to Rs2,209.7 crore in line with our estimate of
NSE code: BHARTIARTL Rs2,214.7 crore.
Sharekhan code: BHARTI  The operating profit was down by 5.6% qoq to Rs3,911.2 crore led by a 6.5% sequen-
Free float (No of shares): 122.7 cr tial drop in the operating profit of the mobile business. The OPM contracted by 204
basis points qoq to 40%. Despite a 6.5% drop on the operating level, the sequential net
SHAREHOLDING PATTERN profit drop was arrested at 4.8% aided by forex gain of Rs148.6 crore
Public &
 ARPM declined by 8% qoq at Rs0.52 and despite festive season the MoU showed a flattish
Others Foreign
2%
to negative stance at 446 minutes in Q3FY2010 as against 450 minutes in Q2FY2010.
18%
 The revenues from the mobile segment declined by 1.7% on a sequential basis due to a
Institutions
8% q-o-q drop in the ARPM to Rs0.52, partially offset by a 6.8% q-o-q increase in the
8%
Non-promoter total MoU to 15,345 crore minutes. The ARPU for the quarter declined sequentially by
corporate 8.7% to Rs230 as against our estimate of Rs228.
Promoters
4%
68%  Given the intense competition-led pricing pressure on the mobile business, we are now
factoring in a decline in the spread per minute. Further, we have also mellowed down
PRICE PERFORMANCE our revenue growth for the non-mobile. Our revised EPS for FY2010 and FY2011
(%) 1m 3m 6m 12m stands at Rs24.1 and Rs22.8 respectively, and are introducing our FY2012 estimates
Absolute 4.0 -3.1 -22.9 10.9 and expect BAL to report FY2012 EPS at Rs23.3.
Relative to Sensex 1.2 -3.4 -32.2 -43.6  At the current price, the stock trades at 14.1x its FY2011 estimated earnings and 7.3x
EV/EBITDA. We maintain our near-term cautious view on the sector and maintain
The author doesn’t hold any investment in any of Hold recommendation on the stock with a price target of Rs350. 
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 20 Sharekhan ValueGuide

 STOCK UPDATE
CADILA HEALTHCARE
EMERGING STAR BUY; CMP: RS650 JANUARY 25, 2010
COMPANY DETAILS
Price target: Rs765
Price target revised to Rs765
Market cap: Rs8,863 cr RESULT HIGHLIGHTS
52 week high/low: Rs715/233
 The net sales increased by 32% yoy due: a) 67% y-o-y increase in the US and 31.6%
NSE volume (No of shares): 18,378 growth in the EU generics business arising from higher volumes in the existing prod-
BSE code: 532321 ucts and launch of blockbuster drug in EU; b) a 17.1% y-o-y increase in the domestic
NSE code: CADILAHC formulations business; and c) a contribution of Rs18.6 crore from the Hospira JV,
Sharekhan code: CADILAHEAL which partially offset a 14.3% y-o-y drop in the revenues from the Nycomed JV.
Free float (No of shares): 3.5 cr  The performance was driven by the legacy export formulation business that improved
SHAREHOLDING PATTERN by 45.2% yoy. The export business surprised us positively by increasing by 45.6% yoy
and 30.5% qoq. The share of exports in the total composition of sales increased from
Foreign
Public 5% Institutions
45.8% in Q2FY2010 to 50.8% in the quarter clearly reflecting the company’s ambi-
5% 14% tious targets for international dosage business in the developed markets.
Non-promoter
1%  The OPM expanded by 240bps to 22.5%, largely driven by a 200bps y-o-y dip in the
raw material cost. We anticipate a scale-up in the OPM going ahead with benefits
accruing from the high-margin international markets.
Promoter  The adjusted PAT increased by 75.8% yoy on account of a strong operating perfor-
75% mance. The 14.1% adjusted PAT margin during Q3FY2010 has been maintained
PRICE PERFORMANCE consistently over the last three quarters, which is indicative of a strong in-built growth.
(%) 1m 3m 6m 12m We estimate the adjusted PAT to post CAGR of 20% over FY2010-12E.
Absolute -3.2 19.5 67.9 167.6  At the CMP of Rs650, the stock is trading at 18.3x FY2010E and 15.3x FY2011E
Relative to Sensex -4.2 18.9 47.2 38.2 estimated earnings. We maintain Buy with a price target to Rs765 (18x FY2011
earnings).
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

CROMPTON GREAVES
APPLE GREEN HOLD; CMP: RS434 JANUARY 29, 2010
COMPANY DETAILS
Price target: Rs478
Price target revised to Rs478
Market cap: Rs15,908 cr RESULT HIGHLIGHTS
52 week high/low: Rs448/100  Crompton Greaves Ltd (CGL)’s Q3FY2010 standalone revenue went up by 13.3%
NSE volume (No of shares): 4.0 lakh year on year (yoy) to Rs1,223.8 crore. The growth was led by a 27.2% yoy growth in
BSE code: 500093 the consumer product division’s revenue. The industrial system division’s sales grew by
NSE code: CROMPGREAVE robust 19.6%. The power system division’s revenue was up by mere 4% as against our
Sharekhan code: CROMPTON
expectation of a 20% y-o-y growth.
Free float (No of shares): 20.1 cr  The operating profit margin (OPM) improved to 16.6% versus 12.9% in Q3FY2009
on account of better operating efficiencies. Boosted by a operating performance, the net
SHAREHOLDING PATTERN profit jumped by 59.8% yoy to Rs135.4 crore.
Others
17%  The consolidated net revenue went up by mere 4.5% to Rs2,246.4 crore, mainly on
Promoters account of a 4.4% y-o-y fall in its subsidiaries’ revenue. The OPM jumped to 14.2%
41% from 10.5% in Q3FY2009 on the back of better operating performance. Consequently,
Institutions the net profit of the group rose by whopping 62% yoy to Rs199.6 crore.
24%  Post M9FY2010 results, we have revised our earnings per share (EPS) estimates
Foreign for FY2010 and FY2011 to Rs22.1 (Rs19.2 earlier) and Rs24.8 (Rs21.9 earlier)
18% respectively.
PRICE PERFORMANCE  With its strong market positioning, the company is well poised to capture the strong
traction in demand for the power T&D products. Currently, CGL is trading at 17.5x
(%) 1m 3m 6m 12m
FY2011E earnings and 15.4x on FY2012 estimates. We have rolled over our target
Absolute 1.2 18.3 43.6 220.8 multiple of 18x to average of FY2011E and FY2012E EPS. We value CGL at a fair price
Relative to Sensex 7.7 18.0 34.4 79.9 of Rs478, which provides limited upside from the current level. Hence, we maintain our
Hold recommendation. 
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 21 February 2010

STOCK UPDATE
DEEPAK FERTILISERS & PETROCHEMICALS CORPORATION
UGLY DUCKLING BUY; CMP: RS105 JANUARY 29, 2010
COMPANY DETAILS
Price target: Rs115
Price target revised to Rs115
Market cap: Rs926 cr RESULT HIGHLIGHTS
52 week high/low: Rs126/48  For Q3FY2010, Deepak Fertilisers & Petrochemicals Corporation Ltd (DFPCL) re-
NSE volume (No of shares): 2.0 lakh ported a net profit of Rs52.9 crore, up 136.2% year on year (yoy). However, the profit
BSE code: 500645 included a net gain of Rs25.7 crore on account of certain exceptional items during the
NSE code: DEEPAKFERT
quarter. Adjusting the post-tax impact of the exceptional gain, the net profit for the
quarter grew by 54.6% yoy to Rs34.9 crore.
Sharekhan code: DPKFERT
 DFPCL’s total income from contracted by 1.23% yoy to Rs366.8 crore but grew by
Free float (No of shares): 5.1 cr 3.4% on a sequential basis.
SHAREHOLDING PATTERN  The revenues from the chemical segment increased by 22.1% yoy to Rs213.4 crore
Public & backed by volumes (up 69% yoy) as well as price gain.
others  Despite higher volumes, the revenue from the fertiliser segment saw a dip of 19.3% yoy to
36% Promoter Rs157.6 crore on account of a fall in global prices of fertilizers, while its specialty mall for
43% interiors and exteriors, Ishanya, earned revenues of Rs3.3 crore, down 22.4% yoy
 The operating profit for the quarter grew by 32.4% yoy to Rs68.3 crore The OPM expanded
by 473 basis points (yoy) to 18.63% but contracted by 169 basis points sequentially.
Foreign
MF & FI  The profit before interest and tax (PBIT) of the chemical segment grew by 36.5% to
11%
10% Rs63.89 crore. The earnings before interest and tax (EBIT) margin for the chemical
PRICE PERFORMANCE segment came in at 29.9%, higher by approximately 316 basis points on a y-o-y basis.
It contracted sequentially by around 46 basis points.
(%) 1m 3m 6m 12m
 We have fine-tuned our earnings estimates for FY2010 to factor in the M9FY2010
Absolute -1.6 12.9 17.5 97.2 performance; for FY2011 and for FY2011 also included one quarter’s revenue from
Relative to Sensex 4.7 12.6 10.0 10.6 the expanded technical ammonium nitrate (TAN) plant. Our revised earnings per share
(EPS) estimates for FY2010 and FY2011 are Rs18 and Rs18.8 respectively. We main-
The author doesn’t hold any investment in any of tain our Buy recommendation on the stock with a target price of Rs115.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

DHAMPUR SUGAR MILLS

CANNONBALL BUY; CMP: RS151 JANUARY 12, 2010
COMPANY DETAILS
Price target: Rs191
Price target revised to Rs191
Market cap: Rs814 cr RESULT HIGHLIGHTS
52 week high/low: Rs159/20
 The Q1FY2010 results of Dhampur Sugar Mills (Dhampur) surpassed our as well as
NSE volume (No of shares): 7.5 lakh street’s estimates. The reported numbers were above our estimates on the back of higher-
BSE code: 500119 than-expected sales and profits of the cogeneration segment and the lower interest cost.
NSE code: DHAMPURSUG Despite sugar sales volume declining by 38.5% year on year (yoy), the sugar segment’s
Sharekhan code: DHAMPURSUG revenues grew by 17.4% yoy to Rs316 crore, as realisation surged by 78.8% yoy, which
Free float (No of shares): 3.1 cr is in line with our expectations. The 91.7% year-on-year (y-o-y) increase in the sales of the
SHAREHOLDING PATTERN cogeneration division on the back of higher volume and realisations yoy helped the
overall sales of the company to grow by 24% yoy to Rs332 crore in the quarter.
Others
29%  With sugar (also aided by gains from low cost inventory) and cogeneration divisions
Promoters
42%
registering hefty growth in their profitability and profits, the operating profit of the
company doubled yoy to Rs112 crore in the quarter. The lower y-o-y interest cost on
replacement of high-cost debt with low-cost debt from sugar development fund helped
Non promoter
the adjusted net profit to grow by 210.6% yoy to Rs57.8 crore, ahead of our estimate
corporates Institutions
16% 13%
of Rs41 crore.
PRICE PERFORMANCE  We remain positive on Dhampur in the wake of robust profits expected in the next
(%) 1m 3m 6m 12m couple of years that would help the company rake in hefty cash flows. While we main-
Absolute 15.9 54.9 178.4 449.5 tain our Buy recommendation on the stock, we roll forward our price target on FY2011
estimates (we maintain our target multiple of 6x) and raise our price target to Rs191.
Relative to Sensex 13.1 46.7 113.3 191.3
At the current market price of Rs151 the stock trades at 3.5x and 4.8x its FY2010E
The author doesn’t hold any investment in any of
and FY2011E earnings and EV/EBIDTA of 2.5x and 3.2x.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 22 Sharekhan ValueGuide

 STOCK UPDATE
GODREJ CONSUMER PRODUCTS
APPLE GREEN BUY; CMP: RS247 JANUARY 25, 2010
COMPANY DETAILS
Price target: Rs318
Price target revised to Rs318
Market cap: Rs6,353 cr RESULT HIGHLIGHTS
52 week high/low: Rs304/111
 While the stand-alone sales grew by 16% year on year (yoy), the international business
NSE volume (No of shares): 1.3 lakh clocked a strong revenue growth of 26% yoy during the quarter. GSL’s revenues stood
BSE code: 532424 at Rs120.9 crore in Q3FY2010. Overall, the consolidated net sales of GCPL grew by
NSE code: GODREJCP 53.1% yoy to Rs517.6 crore for the quarter.
Sharekhan code: GODRCON  With the raw material cost staying lower on a y-o-y basis and a 194-basis-point y-o-y
Free float (No of shares): 6.8 cr decline in the other expenses as a percentage of sales, the OPM expanded by 667 basis
points yoy to 19.7% during the quarter. Thus, the operating grew by 131.2% yoy to
SHAREHOLDING PATTERN
Rs102.2 crore.
Others  Thus, on the back of the strong operating performance, the adjusted net profit grew by
9%
112.5% yoy to Rs85.1 crore.
Institutions
18%  In view of the good momentum in organic growth in the domestic and international
markets, the likely expansion of the company’s entire domestic product portfolio on
acquisition of the remaining stake in GSL and the scope for a much higher scale of
Promoters business on the likely acquisition, we believe GCPL is one of the better plays in the
73% Indian FMCG)industry. However, increasing competitive activity especially in the soap
PRICE PERFORMANCE segment and the impact of the high food inflation on the spending from the lower strata
of population remain the key risks in the near term.
(%) 1m 3m 6m 12m
 We broadly maintain our estimates for FY2010 and FY2011, and introduce our
Absolute 0.2 -4.8 30.8 92.3
FY2012 estimates for GCPL in this note. At the current market price of Rs247 the
Relative to Sensex -0.8 -5.3 14.6 -0.7 stock trades at 22.3x and 18.4x FY2010E and FY2011E earnings respectively. We
maintain our Buy recommendation on the stock and revise our price target upwards to
The author doesn’t hold any investment in any of Rs318 as we roll .
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

HDFC BANK
EVERGREEN BUY; CMP: RS1,691 JANUARY 15, 2010
COMPANY DETAILS
Price target: Rs1,860
Consistent as ever
Market cap: Rs76,981 cr RESULT HIGHLIGHTS
52 week high/low: Rs1836/774
 HDFC Bank’s Q3FY2010 performance was largely in line with our expectations. The
NSE volume (No of shares): 8.4 lakh bank’s net profit grew by 31.6% yoy.
BSE code: 500180
 The NII for the quarter grew by 12.4% yoy to Rs2,223.9 crore. The NII growth was
NSE code: HDFCBANK largely driven by an improved credit growth as well as a sequential expansion in the
Sharekhan code: HDFCBANK reported NIM.
Free float (No of shares): 34.7 cr  The non-interest income declined by 9.2% yoy to Rs853 crore.
SHAREHOLDING PATTERN  Provisions declined by 16% yoy to Rs447.7 crore. Of the total provisions of Rs447.7
Promoter crore, a major chunk (Rs437.9 crore) was towards loan loss provisions. Consequently,
Public &
others
24% the provisioning coverage stood improved at 72.4% compared with 70.3% in the
38% previous quarter.
MF & FI  The asset quality of the bank improved on a sequential basis. The GNPA declined by
11% 3% qoq to Rs1974.1 crore. In relative terms, the %GNPA declined to 1.63% from
Foreign
1.76% in Q3FY2010.
27%  Advances grew by 21.1% yoy to Rs119,613 crore. Meanwhile, the deposits grew by a
PRICE PERFORMANCE muted 6.9% yoy to Rs154,789 crore.
(%) 1m 3m 6m 12m  The CAR stood at 18.3% compared with 15.7% during the previous quarter.
Absolute -4.2 -1.1 23.6 73.4  At the current market price of Rs1,691, HDFC Bank trades at 20.6x FY2011E earn-
ings per share (EPS), 10.5x FY2011E pre-provisioning profit (PPP) and 3.4x FY2011E
Relative to Sensex -6.9 -3.3 -3.1 -8.7
price-book value. We maintain our Buy recommendation on the stock with a price
The author doesn’t hold any investment in any of
target of Rs1,860. 
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 23 February 2010

STOCK UPDATE
HINDUSTAN UNILEVER
APPLE GREEN BUY; CMP: RS244 JANUARY 29, 2010
COMPANY DETAILS
Price target: Rs289
Upgraded to Buy
Market cap: Rs53,168 cr RESULT HIGHLIGHTS
52 week high/low: Rs306/211
 The highlight of the Q3FY10 was the sales volume growth that accelerated to 5%yoy
NSE volume (No of shares): 30.9 lakh from the subdued volume growth of a 1% growth yoy in Q2FY2010. Despite accelera-
BSE code: 500696 tion in the volume growth, the net sales grew by just 4.6% yoy to Rs4,504.3 crore, as
NSE code: HINDUNILVR price reduction/grammage increases undertaken in key categories resulted in lower
Sharekhan code: HLL value sales.
Free float (No of shares): 104.6 cr  Though the raw material cost remained lower on a y-o-y basis, the OPM stood flat at
SHAREHOLDING PATTERN 16.0%. This was because the company had raised its ad spend by a hefty 66% yoy to
support a slew of relaunches and had effected a general increase in its ad expenses to
Others bring in volume growth.
Non promoter 15%
coporates  Thus, the operating profit grew by just 3.7% yoy to Rs718.5 crore. This along with a higher
3% incidence of tax resulted in a flattish growth in the adjusted net profit to Rs602.9 crore.
Promoters  We believe that the recovery in volume growth will continue in the coming quarters and
53% drive the revenue growth going forward. The earnings will be driven essentially by the
Institutions moderate top line growth as the raw material benefits fade off going ahead. Thus, we
29% expect HUL’s bottom line to grow at a moderate CAGR of 14.2% over FY2010-12.
PRICE PERFORMANCE  Thus, though we roll forward our price target based on the average of FY2011E and
(%) 1m 3m 6m 12m FY2012E earnings, considering the risks and lower earnings growth traction, we reduce
Absolute -3.9 -7.8 -6.7 1.2 our target multiple from 25x to 23x and our revised price target stands at Rs 289. The
stock has corrected significantly in recent times and offers ~19% upside from the current
Relative to Sensex 2.3 -8.0 -12.7 -43.2 market price of Rs244. Therefore, we upgrade the stock to Buy. At the current market the
stock trades at 20.8x and 18.2x its FY2011E and FY2012E EPS respectively.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

ICICI BANK
APPLE GREEN BUY; CMP: RS853 JANUARY 21, 2010
COMPANY DETAILS
Price target: Rs1,026
Ready to shift gears
Market cap: Rs95,035 cr RESULT HIGHLIGHTS
52 week high/low: Rs984/253  ICICI Bank reported a net profit of Rs1,101 crore in Q3FY2010, indicating a decline
NSE volume (No of shares): 57.4 lakh of 13.4% yoy.
BSE code: 532174  The NII grew by 3.4% yoy as the bank continued to contract its advances book.
NSE code: ICICIBANK Meanwhile, the reported net interest margin (NIM) at 2.6% indicates a 10-basis-point
Sharekhan code: ICICIBANK expansion on a sequential basis.
Free float (No of shares): 111.4 cr  The non-interest income too registered a de-growth (down 33.5% yoy to Rs1,673
SHAREHOLDING PATTERN crore), driven by weak treasury performance and muted fee income growth
Public &  The bank continued its cost rationalisation efforts and managed to lower its operating
others expenses further by 21.4% yoy and 4.4% sequentially.
MF & FI
9%
25%
 The bank witnessed a 3% sequential decrease in its GNPA. The %GNPA stood at
4.84% vs 4.69% in the previous quarter, while the %NNPA stood at 2.43%.
 The advances dipped by 15.6% yoy and 6% qoq to Rs179,269 crore and the deposits
contracted by 5.5% yoy to Rs197,653 crore.
Foreign
66%  The bank’s CAR as on December 31, 2009 was 19.4%
PRICE PERFORMANCE  At the current market price of Rs853, ICICI Bank trades at 18x its FY2011E earnings
(%) 1m 3m 6m 12m per share (EPS), 9.1x FY2011E pre-provisioning profit (PPP) per share and 1.7x its
Absolute 8.5 -7.0 11.9 124.8 FY2011E stand-alone book value (BV) per share. We maintain Buy recommendation
on the stock with a price target at Rs1,026.
Relative to Sensex 3.7 -8.5 -3.2 15.6

The author doesn’t hold any investment in any of

the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 24 Sharekhan ValueGuide

 STOCK UPDATE
IDBI BANK
CANNONBALL BUY; CMP: RS134 JANUARY 18, 2010
COMPANY DETAILS
Price target: Rs169
Core performance improves, asset quality concerns remain
Market cap: Rs9,713 cr RESULT HIGHLIGHTS
52 week high/low: Rs140/39
 The reported NII came in at Rs718.7 crore, a 42.9% increase over the corresponding
NSE volume (No of shares): 67.4 lakh quarter of the last year.
BSE code: 500116
NSE code: IDBI  The non-interest income went up by 52.3% yoy to Rs425.6 crore
Sharekhan code: IDBI  The provisions for the quarter came in at Rs246.5 crore (up 71.8% yoy) as compared
Free float (No of shares): 34.3 cr with Rs143.5 crore in Q3FY2009.
SHAREHOLDING PATTERN
 The asset quality deteriorated during the quarter, as the GNPA grew by 25.7% qoq to
Public &
Rs2,317.5 crore. In relative terms too, the %GNPA as well as the % net non-perform-
others
20% ing assets deteriorated sequentially by 32 basis points to 2.07% and by 21 basis points
to 1.4% respectively.
Foreign
7% Promoter
53%
 During the quarter, the business growth of the bank remained healthy at 46.9%, led by
76.7% and 20.7% y-o-y growth in the deposits and advances respectively.
MF & FI
20%  The capital adequacy of the bank as on December 31, 2009 stood at 11.54%
PRICE PERFORMANCE  At the current market price of Rs134, the stock is trading at 7.1x its FY2011E EPS and
(%) 1m 3m 6m 12m 1.0x its FY2011E BV. We maintain our Buy recommendation and the price target of
Absolute 7.0 2.5 33.1 130.5 Rs169 on the stock.
Relative to Sensex 2.8 0.2 7.5 17.4

The author doesn’t hold any investment in any of

the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

INFOSYS TECHNOLOGIES
EVERGREEN HOLD; CMP: RS2,587 JANUARY 12, 2010
COMPANY DETAILS
Price target: Rs2,822
Price target revised to Rs2,822
Market cap: Rs148,342 cr RESULT HIGHLIGHTS
52 week high/low: Rs2629/1101
 Infosys Technologies (Infosys)’ Q3FY2010 results were well above our and the street’s
NSE volume (No of shares): 13 lakh expectations mainly on the account of a higher than anticipated volume growth. Infosys’
BSE code: 500209 management surprised positively with a strong upward revision in its FY2010 earn-
NSE code: INFOSYSTCH ings per share (EPS) guidance to Rs106.85 to Rs107.06, which is significantly higher
Sharekhan code: INFOSYS than our and the street’s expectations.
Free float (No of shares): 47.9 cr  In Q3FY2010 the consolidated revenues of Infosys grew by 2.8% sequentially to
SHAREHOLDING PATTERN Rs5,741 crore, which was above our estimate of Rs5,563 crore. The dollar term rev-
enues grew strongly by 6.8% quarter on quarter (qoq) to USD1,232 million and were
Public &
Others
significantly higher than the company’s guidance of USD1,155-1,165 million.
16%  The operating profit margin (OPM) improved by 90 basis points sequentially to 35.5%
during the quarter despite a salary hike. The net income grew by 2.8% sequentially to
Promoters
16% Foreign Rs1,582 crore in Q3FY2010 and was well above our expectation of Rs1,488 crore.
56%
Non-promoter  In terms of the guidance for Q4FY2010, the EPS is expected to decline by 7.4-6.6%
corporate Institutions sequentially to Rs25.62-25.83. The margins are also expected to be negatively affected
4% 8% by 150 basis points sequentially in Q4FY2010 on the back of the wage hike and the
PRICE PERFORMANCE appreciation of Indian Rupee against the US Dollar.
(%) 1m 3m 6m 12m  We have revised our EPS estimates to Rs107.7 and 119 for FY2010 and FY2011 respectively.
Absolute 1.2 14.8 45.3 109.5
We have also introduced our FY2012 estimates and expect EPS of Rs137.6 for the year.
Relative to Sensex -1.2 8.8 11.3 11.1  We maintain our Hold recommendation on the stock with a revised price target of
Rs2,822. At the current market price, the stock is trading at 21.7x its FY2011 and
The author doesn’t hold any investment in any of
18.8x its FY2012 earnings estimates.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 25 February 2010

STOCK UPDATE
IPCA LABORATORIES
UGLY DUCKLING BUY; CMP: RS1,204 JANUARY 22, 2010
COMPANY DETAILS
Price target: Rs1,470
Price target revised to Rs1,470
Market cap: Rs3,015 cr RESULT HIGHLIGHTS
52 week high/low: Rs1,299/285  Ipca has reported a strong performance for Q3FY2010 with a 26.3% increase in its net
NSE volume (No of shares): 65,697 sales, driven largely by a robust growth in the domestic formulation markets (up by
BSE code: 524494 37.5%) and sustained traction in the API exports (up by 32.8%). The revenues from
NSE code: IPCALAB the export formulations languished at 11.4% due to a decline in the branded formula-
tion segment (down 16%) and continuous challenge in the Russian/CIS market.
Sharekhan code: IPCA
Free float (No of shares): 1.4 cr
 The OPM stood at 22.8%, up 10bps yoy and marginally ahead of our estimate of
22%. The OPM remained firm largely on account of a change in the product and
SHAREHOLDING PATTERN market mixes (a higher share of high-volume, low-margin APIs).
Public Foreign  Driven by a strong operating performance, reported net profit grew by 151.3% to
12% 2% Rs58.3 crore, aided by a lower interest cost. The company incurred a forex loss of
Institutions Rs1.65 crore vs. a loss of Rs19.2 crore in Q3FY2009. On adjusting for the forex
34% impact, the adjusted PAT stood at Rs59.9 crore, ahead of our estimate of Rs45 crore.
 We are upgrading our estimates to factor in the strong growth posted by the company
in M9FY2010 across its API and formulation businesses. We estimate the revenues to
Promoter
47%
Non-promoter post a CAGR of 20% over FY2010-12. Our revised EPS estimates stand at Rs84.7 and
5% Rs97.9 for FY2010 and FY2011 respectively. We are also introducing our FY2012
PRICE PERFORMANCE numbers and forecast EPS of Rs117.6 for the year.
(%) 1m 3m 6m 12m  At the CMP of Rs1,204, Ipca is valued at 14.2x FY2010E earnings and 12.3x FY2011E
earnings. Although the stock has outperformed the market over the last few months,
Absolute 14.9 47.0 122.4 242.9
the valuations at these levels seem absolutely compelling when viewed in the context of
Relative to Sensex 11.8 46.5 95.6 74.4 the strong growth potential of the company. Based on the strong earnings visibility
from the export segment and the scale-up in the US business, we maintain Buy with a
The author doesn’t hold any investment in any of revised price target of Rs1,470.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

ITC
APPLE GREEN BUY; CMP: RS255 JANUARY 25, 2010
COMPANY DETAILS
Price target: Rs303
Upgraded to Buy
Market cap: Rs96,773 cr RESULT HIGHLIGHTS
52 week high/low: Rs271/156  ITC’s Q3FY2010 results were ahead of our as well as the street’s expectations on the
NSE volume (No of shares): 43 lakh back of a healthy performance by all its businesses. The net sales grew by 18.7% yoy of
BSE code: 500875 Rs4,580.2 crore.
NSE code: ITC  The decline in the losses of the non-cigarette FMCG business coupled with the higher
Sharekhan code: ITC margins in the agribusiness, and the paperboards, paper and packaging business re-
sulted in a 157-basis-point y-o-y improvement in the OPM. The operating profit grew
Free float (No of shares): 63.1 cr by 23.9% yoy to Rs1,707.6 crore.
SHAREHOLDING PATTERN  The other income stood at Rs159.1 crore as against Rs97.6 crore in Q3FY2009. Thus,
Others the healthy operating performance across the businesses along with the higher other
12% income resulted in a 26.7% y-o-y growth in the reported net profit to Rs1,144.2 crore.
Non-promoter  We believe the sustenance of a strong volume growth in the cigarette business, the
5% higher growth trajectory of the non-cigarette FMCG business, the improved prospects
of the hotel business and the sustenance of higher exports in the agribusiness would
Foreign &
help ITC’s revenue to grow at 15% compounded annual growth rate (CAGR) over
Institution FY2009-12. The lower losses in the non-cigarette FMCG business, improved profit-
83% ability in the hotel business and the sustenance of higher margins in the agribusiness,
and the paper, paperboard and packaging business, the bottom line is expected to
PRICE PERFORMANCE grow at a CAGR of 20.0% over FY2009-12.
(%) 1m 3m 6m 12m  At the current market price of Rs254.9 the stock trades at 23.7x its FY2010E EPS of
Absolute 1.2 0.5 14.3 48.6 Rs10.8 and 20.2x its FY2011E EPS of Rs12.6. We revise our price target upwards as
we roll forward our target price to Rs303 based on 22x average of our FY2011 and
Relative to Sensex 0.2 0.0 0.1 -23.3 FY2012 EPS estimates. In view of the significant correction in the stock price and the
potential upside of ~19% from the current levels, we upgrade our recommendation
The author doesn’t hold any investment in any of from Hold to Buy.x.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 26 Sharekhan ValueGuide

 STOCK UPDATE
JAIPRAKASH ASSOCIATES
UGLY DUCKLING HOLD; CMP: RS160 JANUARY 19, 2010
COMPANY DETAILS
Price target: Rs183
Price target revised to Rs183
Market cap: Rs33,950 cr RESULT HIGHLIGHTS
52 week high/low: Rs180/39  Jaiprakash Associates Ltd (JAL)’s Q3FY2010 earnings (after adjusting for a one-time
NSE volume (No of shares): 1.3 lakh exceptional expense related to employee stock options) were well ahead of our and
BSE code: 532532 street’s expectations. This was largely on account of higher than expected revenue as
NSE code: JPASSOCIAT well as margin growth in the construction and the real estate businesses of the com-
pany.
Sharekhan code: JPASSO
Free float (No of shares): 114.4 cr  The revenue more than doubled (up by 114% year on year [yoy]) to Rs2,852 crore on
good show by all the businesses. The construction division’s revenue, beating our
SHAREHOLDING PATTERN estimate, were up by stupendous 130.3% yoy to Rs1,643 crore and the cement division’s
Institutions revenue grew by 60.8% yoy to Rs948.3 crore. However, the showstopper for the
9% company was the real estate business, which saw its revenue growing up by whopping
Foreign Promoters
420% yoy to Rs345 crore.
26% 47%  The operating profit margin (OPM) expanded by 752 basis points yoy to 27.1% on
account of sharp improvement in the earnings before interest and tax (EBIT) margin of
Public & the construction division. The adjusted profit increased by 86.8% to Rs315 crore—
others well ahead of our expectations.
18%
 We have fine-tuned our earnings estimates upward to incorporate higher than ex-
PRICE PERFORMANCE pected Q3FY2010 performance. Consequently, we have revised our net profit esti-
(%) 1m 3m 6m 12m mates upward, and the earnings per share (EPS) for FY2010 and FY2011 on diluted
Absolute 10.7 -5.6 15.5 273.3 equity works out to Rs4.9 and Rs6.5 respectively. We continue to value the stock using
the sum-of-the parts (SOTP) valuation methodology and arrive at a value of Rs183 per
Relative to Sensex 4.9 -7.4 -3.9 94.9
share and maintain our Hold recommendation. At the current market price, the stock
is trading at 32.6x FY2010 earnings estimate and 24.8x FY2011 earnings estimate.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

LUPIN
APPLE GREEN BUY; CMP: RS1,420 JANUARY 29, 2010
COMPANY DETAILS
Price target: Rs1,602
Price target revised to Rs1,602
Market cap: Rs12,733 cr RESULT HIGHLIGHTS
52 week high/low: Rs1,564/549  Lupin’s performance in Q3FY2010 was encouraging & above expectations. The rev-
NSE volume (No of shares): 2.6 lakh= enues grew by 30.5% yoy to Rs1,255.4 crore driven by a strong traction across ad-
BSE code: 500257 vanced formulation sales (up 23.5% yoy), a healthy growth in the domestic formula-
NSE code: LUPIN tion business (up 18.5% yoy) and higher revenues from the Japanese market (up 13%
Sharekhan code: LUPLTD
yoy). The API segment also surprised positively (up 28.3% yoy).
 The OPM expanded by 360bps to 19.6% due to lower other expenditure (down by
Free float (No of shares): 4.7 cr
390 bps yoy). This led the operating profit to grow by 60% yoy to Rs246.4 crore.
SHAREHOLDING PATTERN Lupin continues to revamp its entire drug discovery programme and has invested
Public Foreign
~Rs93.9 crore in Q3FY2010.
10% 17%  With strong operating performance, the net profit grew by 37.9% yoy to Rs160.6
crore. However the tax growth was higher than expected.
Institutions
 Lupin is increasing its focus on the branded business in the USA—its largest geogra-
Promoter 24% phy. Lupin has guided for a top line growth of 25-30% for the next two years with the
47%
Non-
bottom line growth of ~40%. The strong guidance is on the back of strong growth
promoter expected in the USA, domestic formulation business and Japan.
2%
 Lupin is likely to witness a gradual improvement in the underlying fundamentals led by
PRICE PERFORMANCE an expanding US generics pipeline, niche/Para-IV opportunities in the US, strong per-
(%) 1m 3m 6m 12m
formance from Suprax, ramp-up in Antara revenues and traction in formulation rev-
enues from its European initiative. We expect Lupin to record 19% sales and 22%
Absolute -4.1 20.1 48.0 152.9 earnings CAGR for FY2010-12.
Relative to Sensex 2.1 19.8 38.5 41.8  At the CMP of Rs1,421, the stock trades at 15.1x FY2010E fully diluted earnings and
12.6x FY2011E fully diluted earnings. We maintain Buy with a revised price target of
The author doesn’t hold any investment in any of Rs1,602.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 27 February 2010

STOCK UPDATE
MAHINDRA LIFESPACE DEVELOPERS
VULTURE’S PICK BUY; CMP: RS398 JANUARY 21, 2010
COMPANY DETAILS
Price target: Rs497
Q3 numbers shine
Market cap: Rs1,626 cr RESULT HIGHLIGHTS
52 week high/low: Rs422/83  Mahindra Lifespace Developers (MLD) has reported a stellar stand-alone performance
NSE volume (No of shares): 69,727 for Q3FY2010 which is much ahead of our expectation. The Q3FY2010 stand-alone
BSE code: 532313 revenues grew by 95.7% year on year (yoy) to Rs108.9 crore, well above our expecta-
NSE code: MAHLIFE
tion of Rs71.6 crore.
Sharekhan code: MAHIGESCO  The pre-sales during the quarter were very strong and stood at Rs235 crore (as against
revenue recognised of Rs108.9 crore), which provides the revenue visibility for the
Free float (No of shares): 2.0 cr coming quarters. In terms of pricing, MLD has maintained the property prices at levels
SHAREHOLDING PATTERN seen six months ago.
FII  The operating profit margin (OPM) improved by 13.2 percentage points to 28%. In
18% our view, this could be due to better operating leverage during the quarter.
Promoters Institutions
 The projects under construction in the stand-alone property portfolio stand at 2 million
51% 15%
square feet (sq ft) spread over Mumbai, Pune, the national capital region (NCR) and Chennai.
Furthermore, the company is progressing well on MWC Chennai and MWC Jaipur.
Public &  We have fine-tuned our estimates to factor in the stellar stand-alone performance.
others
Consequently, we have revised our consolidated earnings estimates upward for FY2010
16%
and FY2011 to Rs32.9 per share and Rs39.5 per share respectively. In this note we are
PRICE PERFORMANCE also introducing our earnings estimate for FY2012 at Rs54.7.
(%) 1m 3m 6m 12m  We continue to like MLD due to its strong balance sheet (net debt-to-equity of 0.3x on a
Absolute 11.7 3.5 29.1 164.0 consolidated basis as on FY2009) that ensures timely execution of projects, quality
management and the progress in special economic zone (SEZ) business that shall ensure
Relative to Sensex 6.8 1.9 11.7 35.8 the earnings growth. We maintain our Buy recommendation on the stock with a price
target of Rs497. At the current market price, the stock is trading at 0.8x its net asset value
The author doesn’t hold any investment in any of (NAV), 9.5x FY2011 earnings estimate and 1.3x FY2011 price/book value (P/BV). 
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

MARICO
APPLE GREEN HOLD; CMP: RS98 JANUARY 28, 2010
COMPANY DETAILS
Price target: Rs110
Results in line with expectations
Market cap: Rs5,968 cr RESULT HIGHLIGHTS
52 week high/low: Rs113/56
 The key highlight of Marico’s Q3FY2010 result was sustenance of strong volume growth
NSE volume (No of shares): 3.5 lakh in its focus brands. Despite a strong 14%y-o-y growth in volumes, the net sales rose by
BSE code: 531642 only 7.8% yoy to Rs669.6 crore, as the price cuts/promotional add-ons implemented by
NSE code: MARICO the company to sustain a strong volume growth resulted in lower value sales.
Sharekhan code: MARICO
 A lower y-o-y raw material cost resulted in a 201-basis-point improvement in the OPM
Free float (No of shares): 22.2 cr
to 14.8%. The OPM expansion was however capped by higher spends towards adver-
SHAREHOLDING PATTERN tisement and promotional activities, and other expenses. Thus the operating profit
Others grew by 24.8% yoy to Rs98.8crore.
8%  Thus despite a higher single-digit growth in the top line, the adjusted net profit grew by
a strong 29.3% yoy to Rs65.7crore, in line with our estimat of Rs69.4 crore.
Institutions
29%  We broadly maintain our profit estimates for FY2010 and FY2011 despite marginally
Promoters tweaking down the sales to factor in the lower value growth on account of price defla-
63% tion as we factor in a marginally higher OPM for the company.
 Though we expect a good 20.3% CAGR in the adjusted net profit over FY2009-12,
PRICE PERFORMANCE the risks of a slowdown in the volume traction and the contraction in margin have
(%) 1m 3m 6m 12m increased significantly. Thus, while we are rolling forward our price target based on the
Absolute -6.4 1.5 11.6 65.8 average of FY2011 and FY2012 earnings, we are reducing the exit multiple from 22x
to 20x and accordingly our price target stands at Rs110. At the current market price of
Relative to Sensex -0.2 1.8 4.8 -9.5
Rs98.4 the stock trades at 19.7x and 16.5x its FY2011E and FY2012E earnings. We
The author doesn’t hold any investment in any of
maintain our Hold recommendation.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 28 Sharekhan ValueGuide

 STOCK UPDATE
ORBIT CORPORATION
UGLY DUCKLING BUY; CMP: RS291 JANUARY 28, 2010
COMPANY DETAILS
Price target: Rs393
Price target revised to Rs393
Market cap: Rs1,537 cr RESULT HIGHLIGHTS
52 week high/low: Rs356/39  Orbit Corporation (Orbit) has announced a stellar performance for Q3FY2010. Dur-
NSE volume (No of shares): 8.3 lakh ing the quarter its revenues grew by 209.9% to Rs149.6 crore whereas its earnings
BSE code: 532837 went up by over 10x to Rs32 crore, ahead of our as well as the street’s expectations.
NSE code: ORBITCORP The higher than expected earnings are on account of the write-back of tax to the tune
of Rs4.8 crore (as the company received minimum alternate tax [MAT] credit entitle-
Sharekhan code: ORBITCORP ment during the quarter).
Free float (No of shares): 3.1 cr  The key takeaway from the results was the sales volume of 172,606 square feet in
SHAREHOLDING PATTERN Q3FY2010—that is almost 1.75x that of 62,600 square feet sold in Q2FY2010. In
Institutions
fact, the fresh sales worth Rs207 crore were much higher than the recognised revenues
24%
of Rs149.6 crore during the quarter. Which provides better visibility for revenue recog-
Promoters nition (booking) in the coming quarters.
Foreign 41%  Recently the company raised Rs165 crore in Orbit Highcity Pvt. Ltd., its wholly owned
2% subsidiary. The funds would be used to develop township projects at Mandwa in the
Mumbai Metropolitan Region. This values Orbit High City at Rs1,043 crore. Conse-
Public & quently, the value of Orbit works out to Rs678 crore, which is Rs128 per share.
others
33%  We are upgrading our earnings estimates to incorporate the marked improvement in the
sales volume, the upcoming launches announced by the company and the improved
PRICE PERFORMANCE visibility of the Mandwa project (Orbit’s key pipeline project). Consequently, our revised
(%) 1m 3m 6m 12m earnings per share (EPS) estimates for FY2010 and FY2011 are being upgraded to Rs21
and Rs28 respectively. In this note we are also introducing our EPS estimate for FY2012
Absolute 4.8 29.0 70.3 630.4 at Rs35. We maintain our Buy recommendation on the stock with a revised price target
Relative to Sensex 11.7 29.3 60.1 298.8 of Rs393 (valued at price/earnings [PE] of 12.5x on the average of the FY2011 and
FY2012 EPS estimates). At the current market price, the stock is trading at 10.4x FY2011
The author doesn’t hold any investment in any of earnings estimate and 1.6x FY2011 price/book value (P/BV) estimate.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

PHILLIPS CARBON BLACK

CANNONBALL BUY; CMP: RS179 JANUARY 21, 2010
COMPANY DETAILS
Price target: Rs205
Price target revised to Rs205
Market cap: Rs505 cr RESULT HIGHLIGHTS
52 week high/low: Rs194/26
 Phillips Carbon Black Ltd (PCBL)’s Q3FY2010 performance was well above our ex-
NSE volume (No of shares): 50,110 pectation, mainly on the back of higher than expected revenues from the carbon black
BSE code: 506590 division and a lower than anticipated effective income tax rate.
NSE code: PHILIPCARB
 The total income from operations grew by 32.2% yoy to Rs347.4 crore mainly on
Sharekhan code: PHILCARB account of higher sales volume.
Free float (No of shares): 1.3 cr
 The company’s operating profit stood at Rs51.8 crore as compared to an operating
SHAREHOLDING PATTERN loss of Rs46.4 crore in Q3FY2009. Consequently, the net income stood at Rs33.6
crore as against a net loss of Rs46 crore in Q3FY2009 mainly on account of a strong
Public & Foreign
Others 6% Institutions operating performance.
18% 5%  In terms of outlook, the company’s management has indicated that with the gradual
Non-promoter
recovery in the global economy, the sales volumes in the export market are expected to
corporate
17%
pick up significantly (which was reflected in the strong growth in the exports volume in
Q3FY2010). However, the increase in the feedstock cost is likely to put pressure on the
Promoters contribution from the carbon black segment.
54%
 We have revised our FY2010 and FY2011 EPS estimates to Rs42 and Rs44.7 respectively
PRICE PERFORMANCE as we have increased our carbon black sales volume assumption We have also introduced
(%) 1m 3m 6m 12m our FY2012 estimates in this note and our EPS estimate for the year stands at Rs49.1.
Absolute 24.1 3.3 142.2 396.8  We have revised our price target to Rs205 and maintain our Buy recommendation on
Relative to Sensex 18.7 1.7 109.6 155.6 the stock. At the current market price, the stock trades at attractive valuations of 4x
FY2011 earnings estimate and 3.7x FY2011 EV/EBITDA.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 29 February 2010

STOCK UPDATE
PIRAMAL HEALTHCARE
APPLE GREEN BUY; CMP: RS355 JANUARY 21, 2010
COMPANY DETAILS
Price target: Rs473
Upgraded to Buy
Market cap: Rs7,420 cr RESULT HIGHLIGHTS
52 week high/low: Rs428/164  Piramal has delivered strong Q3FY2010 earnings on the bottom line front. The net
NSE volume (No of shares): 10.2 lakh profit surged by 127.5% to Rs136.2 crore largely due to creation of deferred tax
BSE code: 500302 reserve (on account of carry-forward losses of Huddersfield facility).
NSE code: PIRHEALTH  The top line grew by 9% yoy, driven by the branded formulation business (up 21.5%
Sharekhan code: NICHPI yoy) and the path lab business (up 18.2% yoy). However, the CMG business declined
Free float (No of shares): 10.6 cr by 18.4% yoy. The GCC business received a strong boost, growing by 163.4% yoy,
due to the acquisition of Minrad.
SHAREHOLDING PATTERN
 The OPM expanded by 40bps to 19.5% causing the reported operating profit to grow
Public
Foreign by 11% to Rs177.4 crore. However, witnessing a delay in the start of the early phase
11%
25% work to India, it has downgraded its EBITDA margin to 20% from 21-22%.
 The company has revised its capex of Rs1.8bn in FY2010 to Rs1.3bn (it will delay the
Institutions codeine manufacturing plant setup). Though the management has maintained its
9% FY2010 EPS guidance of Rs23.5-24, which we continue to believe is difficult to achieve
Promoter Non-promoter given the delay in the shift of early phase work to India and increase in the overall cost
49% 6% of sales due to the integration of Minrad, it has revised down its earnings guidance
from 16-17% earlier to 13-15% now.
PRICE PERFORMANCE  At the CMP of Rs355, the stock is discounting its FY2010E earnings by 16x and
(%) 1m 3m 6m 12m FY2011E earnings by 13.5x. We believe the company could fall short of meeting its
Absolute -7.1 -5.3 16.2 75.6 FY2010 guidance and this could lead to a risk of underperformance in the stock.
Relative to Sensex -11.2 -6.7 0.5 -9.7 However, the stock has fallen since we downgraded it to Hold & with traction expected
across the segments, we are upgrading our recommendation to Buy with a revised price
target of Rs473.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

RATNAMANI METALS AND TUBES

UGLY DUCKLING BUY; CMP: RS108 JANUARY 25, 2010
COMPANY DETAILS
Price target: Rs149
Price target revised to Rs149
Market cap: Rs486 cr RESULT HIGHLIGHTS
52 week high/low: Rs121/32
 Ratnamani Metals & Tubes Ltd (RMTL) disappointed as it reported steep decline in its
NSE volume (No of shares): 1.9 lakh volume in Q3FY2010 and the reason for the same was non-execution of the contracts by
BSE code: 520111 some of its clients. The company expects better Q4FY2010, as majority of these non-
NSE code: RATNAMANI executed orders are likely to be completed by March 2010 with some spillover to FY2011.
Sharekhan code: RATNMET  The company’s net sales dropped by 15.8% year on year to Rs160.5 crore.
Free float (No of shares): 1.9 cr
 The OPM improved sharply by 1,015 basis points yoy to 22%. Consequently, the
SHAREHOLDING PATTERN operating profit grew by a strong 56% yoy to Rs35.4 crore. Supported by strong
Others operational performance coupled with steep drop in interest expenses, the net income
37% increased strongly by 161.4% yoy to Rs17.4 crore.
Promoters  The order book position stood at Rs350 crore versus Rs455 crore on Q2FY2010.
59% The company expects its order book to improve going forward with new orders for the
Institutions stainless steel business likely to come from refinery projects (MRPL and Paradip) and
Foreign some orders for the carbon steel segment coming from GAIL.
2%
2%
 We maintain our FY2010 estimates but fine-tune the FY2011 estimates to factor in the
PRICE PERFORMANCE lower raw material cost and interest expenses. Consequently, our revised EPS estimate
(%) 1m 3m 6m 12m for FY2011 stands at Rs20.4. We are also introducing FY2012 estimates in this note
and expect FY2012 EPS at Rs23.4.
Absolute 12.9 9.6 46.6 139.1
Relative to Sensex 11.8 9.1 28.5 23.5  We have revised our price target to Rs149 and maintain our Buy recommendation on
the stock. At the current market price, the stock is attractively valued at a PE of 4.6x
The author doesn’t hold any investment in any of and an EV/EBITDA of 2.4x based on FY2012E earnings.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 30 Sharekhan ValueGuide

 STOCK UPDATE
RELIANCE INDUSTRIES
EVERGREEN HOLD; CMP: RS1,042 JANUARY 25, 2010
COMPANY DETAILS
Price target: Rs1,148
Price target revised to Rs1,148
Market cap: Rs340,645 cr RESULT HIGHLIGHTS
52 week high/low: Rs1245/553
 Reliance Industries Ltd (RIL)’s Q3FY2010 results were in line with our expectations
NSE volume (No of shares): 43 Lakh with net income increasing by 15.8% yoy to Rs4,008 crore, in line with our estimate of
BSE code: 500325 Rs4,011 crore for the quarter. The company reported a GRM of USD5.9 per barrel in
NSE code: RELIANCE Q3FY2010 versus USD6 per barrel in Q2FY2010; the same was above our and the
Sharekhan code: RIL street’s expectations of USD5.5 per barrel.
Free float (No of shares): 162.6 cr  We have revised our EPS estimate for FY2010 and FY2011 to incorporate to Rs52.1
SHAREHOLDING PATTERN and Rs73.5 respectively. We have also introduced our FY2012 earnings estimate in
Public & this note and expect EPS of Rs86.8 for the year.
Others Foreign
18% 21%  The benchmark Singapore Complex’ GRM has improved to USD4 per barrel in Janu-
ary 2010 from USD1.9 per barrel in Q3FY2010. We expect the light-heavy crude oil
Institutions
10%
price differential to normalise at USD2-3 per barrel. Further, RIL’s GRM would also
get the benefit of captive use of gas produced from the Krishna-Godavari (KG) D-6
Non-promoter block. We expect RIL’s petrochem margin to stabilise in the range of 14-15% in view of
corporate
Promoters
4%
the strong domestic demand environment.
47%

PRICE PERFORMANCE  RIL ramped up its gas production at the KG D-6 block (D1 and D3 fields) to 60
mmscmd in Q3FY2010. The company has said that the design capacity of the KG D-6
(%) 1m 3m 6m 12m
gas production facilities has achieved a flow rate of 80mmscmd.
Absolute 3.4 -1.3 7.3 86.6
 We have revised our price target to Rs1,148. We maintain our Hold recommendation
Relative to Sensex 2.4 -1.8 -6.0 -3.6
on the stock. At the current market price, the stock trades at a price/earnings ratio of
12x FY2012 earnings and an enterprise value (EV)/EBIDTA of 6.8x FY2012.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

SHIV-VANI OIL & GAS EXPLORATION SERVICES

UGLY DUCKLING BUY; CMP: RS355 JANUARY 28, 2010
COMPANY DETAILS
Price target: Rs433
A strong performance in Q3
Market cap: Rs1,560 cr RESULT HIGHLIGHTS
52 week high/low: Rs394/88
 Shiv-Vani Oil & Gas Exploration Services (Shiv-Vani)’ Q3FY2010 results were mar-
NSE volume (No of shares): 1.1 lakh ginally ahead of our expectations due to higher than expected revenue and operating
BSE code: 522175 profit margin (OPM).
NSE code: SHIV-VANI
 The net sales grew strongly by 69.5% yoy to Rs351.7 crore.
Sharekhan code: SHIVVANI
Free float (No of shares): 2.0 cr  The OPM improved by 282 basis points yoy to 44.5% due to better asset utilisation by
SHAREHOLDING PATTERN the company. The company’s operating profit increased by 81% yoy to Rs156.4 crore
Public &
in Q3FY2010. The adjusted profit after tax increased at a lower rate of 14.2% yoy to
Others
Foreign
Rs56.4 crore, which was marginally above our estimate of Rs54.3 crore. An increase in
5% the interest charge and depreciation expenses limited the growth in the adjusted PAT.
17%

Institutions  The company’s current order book of around Rs3,700 crore (though flat on a sequen-
8%
tial basis) is 4.2x its FY2009 revenues and increases its earnings visibility. Further, the
Promoters Non-promoter
54%
company is optimistic of winning new orders from ONGC and OIL.
corporate
16%  We have fine-tuned our EPS estimates to Rs49 and Rs57.9 for FY2010 and FY2011
PRICE PERFORMANCE respectively. We have also introduced our FY2012 estimates in this note and expect
(%) 1m 3m 6m 12m
EPS of RS65.6 for the year.
Absolute 4.2 10.8 8.4 241.3  At the current market price, the stock is available at 5.4x its FY2012E earnings and an
Relative to Sensex 11.1 11.2 1.8 86.4 enterprise value (EV)/earnings before interest, depreciation, tax and amortisation
(EBIDTA) of 5.1x. We maintain our Buy recommendation and price target of Rs433
The author doesn’t hold any investment in any of for the stock.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 31 February 2010

STOCK UPDATE
SINTEX INDUSTRIES
APPLE GREEN BUY; CMP: RS264 JANUARY 18, 2010
COMPANY DETAILS
Price target: Rs321
Price target revised to Rs321
Market cap: Rs3,603 cr RESULT HIGHLIGHTS
52 week high/low: Rs297/70
 Sintex Industries (Sintex)’ Q3FY2010 performance was below our expectations, mainly
NSE volume (No of shares): 6.2 lakh on account of lower than expected sales in the monolithic segment and margin dilution
BSE code: 502742 in the textile segment. The profit after tax (PAT) increased by 2.3% yoy.
NSE code: SINTEX  Subsidiaries, Bright Brothers reported strong performance with the revenue growing
Sharekhan code: SINTEX by 79.2% yoy (9.8% quarter on quarter [qoq], and has also commenced trial produc-
Free float (No of shares): 9.5 cr tion of electrical accessories at its Chennai plant. Likewise, Nief plast saw its revenue
SHAREHOLDING PATTERN grow at 14.6% yoy and 10.6% qoq.
 In terms of outlook, the management expects plastic segment to drive the growth in the
Others
Non-promoter 8%
near to medium term and has a pending order book of Rs1,700 crore from its mono-
Promoters
12% 30%
lithic business executable over 18-20 month period. It expects Q4FY2010 be the best
quarter for FY2010 for the monolithic segment with the revenue in the range of Rs340-
350 crore (as against Rs129 crore in Q3FY2010).
Institutions
22%  We have pared our earnings estimate for FY2010 and FY2011 to account for lower
Foreign than expected growth in the businesses. Our revised FY2010 and FY2011 earnings
28% per share (EPS) estimates now stand at Rs23.5 and Rs28.4 respectively. Further, we are
PRICE PERFORMANCE introducing our FY2012 estimates and expect Sintex’ EPS at Rs35.7 for FY2012.
(%) 1m 3m 6m 12m  We are rolling our valuation multiple from FY2011 to the average multiple of FY2011E
Absolute 6.7 5.2 33.2 72.6 and FY2012E. Consequently, we are revising our price target to Rs321, 10x of the
Relative to Sensex 2.5 2.9 7.7 -12.2 average FY2011E and FY2012E EPS of Rs32.1, and maintain our Buy recommenda-
tion. At the current market price, the stock is trading at 9.3x and 7.4x FY2011E and
The author doesn’t hold any investment in any of FY2012E earnings respectively.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

STATE BANK OF INDIA

APPLE GREEN HOLD; CMP: RS1,987 JANUARY 27, 2010
COMPANY DETAILS
Price target: Rs2,460
A weaker core performance in Q3
Market cap: Rs126,151 cr RESULT HIGHLIGHTS
52 week high/low: Rs2500/894
 For Q3FY2010 SBI reported a net profit of Rs2,479 crore. The NII grew by 9.7% yoy.
NSE volume (No of shares): 21.6 lakh
BSE code: 500112
 The NIM stood at 2.82%, indicating an expansion of 27 basis points sequentially,
with the interest on the income tax refund contributing approximately 15 basis points
NSE code: SBIN
(half of the NIM expansion qoq).
Sharekhan code: SBI
Free float (No of shares): 25.8 cr  The non-interest income growth was muted at 4.3% yoy.
SHAREHOLDING PATTERN  The provisions and contingencies jumped up sharply to Rs856.6 crore.
Public &  The advances grew by a strong 18.9% yoy to Rs598,918 crore while the deposits grew
others at a much slower pace of 11.3% yoy, implying an over 260-basis-point sequential
10%
Foreign expansion in the deployment rate.
15%
 The asset quality deteriorated sequentially on absolute and relative bases during the
Promoter quarter. At the gross level, the NPAs increased by 9% qoq to Rs18,861.2 crore and by
MF & FI 59% 14% qoq to Rs11,270.8 crore at the net level.
16%
 The CAR stood at 13.77% as on December 31, 2009
PRICE PERFORMANCE  At a consolidated level, the bottom line performance was not encouraging as it showed
(%) 1m 3m 6m 12m a drop of 8.4% yoy.
Absolute -5.7 -11.2 23.1 104.1
 At the CMP of Rs1,987, the stock trades at 10.8x FY2011E EPS, 5.1x FY2011E PPP,
Relative to Sensex -2.5 -11.1 12.4 4.2 1.7x FY2011E stand-alone BV and 1.4x F2011E consolidated BV. We maintain our
Hold recommendation and price target of Rs2,460 on the stock.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 32 Sharekhan ValueGuide

 STOCK UPDATE
TATA CONSULTANCY SERVICES
EVERGREEN HOLD; CMP: RS800 JANUARY 18, 2010
COMPANY DETAILS
Price target: Rs867
Price target revised to Rs867
Market cap: Rs156,499 cr RESULT HIGHLIGHTS
52 week high/low: Rs816/219
 Tata Consultancy Services (TCS)’s Q3FY2010 net income grew by 10.7% sequentially
NSE volume (No of shares): 29 lakh to Rs1,797 crore, well ahead of our and the street’s expectations. TCS management’s
BSE code: 532540 commentary was optimistic in regards to the demand environment and indicated that
NSE code: TCS its deal pipeline remains strong.
Sharekhan code: TCSCONS  The consolidated revenues grew by 2.9% sequentially to Rs7,650 crore. In dollar
Free float (No of shares): 50.3 cr terms, the revenues grew strongly by 6.3% sequentially to USD1,635 million during
SHAREHOLDING PATTERN the quarter.
Public & Foreign  The earnings before interest and tax (EBIT) margin improved by 103 basis points
Others 12% quarter on quarter (qoq). Consequently, the company’s net income grew by 10.7%
5% Institutions
8% qoq to Rs1,797 crore. A decline in the foreign exchange losses (Rs35 crore in Q3FY2010
Non-promoter versus Rs113 crore in Q2FY2010 also led to the increase in the net income during
corporate
1%
the quarter.
 We have increased our EPS estimates to Rs34.3 and Rs39 FY2010 and FY2011 re-
Promoters spectively. We have also introduced our FY2012 estimates in this note and expect EPS
74%
of Rs43.9 for the year.
PRICE PERFORMANCE
 We have revised our price target to Rs867. We maintain our Hold recommendation on
(%) 1m 3m 6m 12m the stock. However, we expect the stock to outperform its peers given the company’s
Absolute 12.9 36.4 88.4 216.2 superior earnings growth estimates for the next few quarters compared with its peers.
Relative to Sensex 8.5 33.4 52.2 61.0 At the current market price, the stock is trading at 20.5x its FY2011 and 18.2x its
FY2012 earnings estimates.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

TORRENT
ZYDUSPHARMACEUTICALS
WELLNESS
UGLY DUCKLING BUY; CMP: RS444 JANUARY 28, 2010
COMPANY DETAILS
Price target: Rs554
Price target revised to Rs554
Market cap: Rs3,752 cr RESULT HIGHLIGHTS
52 week high/low: Rs448/123  Torrent Q3FY2010 performance was broadly in line with our estimates. The adjusted
NSE volume (No of shares): 2.0 lakh PAT remained flat at Rs83 crore. The revenue growth (up 11%) at Rs480.1 crore was
BSE code: 500420 driven by strong growth across international businesses and steady traction in the
NSE code: TORNTPHARM domestic formulation business.
Sharekhan code: TORRPH  Torrent has identified domestic operations along with Brazil, US and Mexico geogra-
Free float (No of shares): 2.4 cr phies as its key growth drivers in the foreseeable future. In Q3FY2010, Torrent posted
robust sales growth in USA (up 239% on a lower base), Brazil (up 34.1%) and RoW
SHAREHOLDING PATTERN (up 17.1%) on the back of volume growth with robust growth (up 14.5%) in the
Foreign domestic formulation business.
7%
Public Institutions
7%
 Russia continued to crumble under pricing pressure and liquidity crunch (down 42.3%)
9%
Non-promoter
along with Heumann (down 17.7%). Given the fact that already 60% of the German
6% market is tender driven we think Germany will continue to be a challenging proposition
for Torrent in the foreseeable future. Torrent’s cautious approach in Russia also re-
stricts any growth at least in the next few quarters.
Promoter
71%  The OPM remained flat in Q3 at 22.8%. The 260bps improvement in the gross margin was
offset by the increasing staff cost (up by 200bps). With higher domestic formulation growth,
PRICE PERFORMANCE faster growth in Brazil, rising scale in RoW markets and focus on new products in other
(%) 1m 3m 6m 12m geographies like the USA, Torrent is well placed to expand its margins going ahead.
Absolute 5.0 34.1 120.1 231.2  We expect the revenue to show a CAGR of 13% over FY2010-12 and the adjusted
Relative to Sensex 11.9 34.5 106.9 80.8 earnings to exhibit a CAGR of 24% over the same period. At the CMP of Rs444,
Torrent is discounting its FY2010E earnings by 15.0x and its FY2011E earnings by
The author doesn’t hold any investment in any of 11.2x. We maintain Buy with a revised price target of Rs554.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 33 February 2010

STOCK UPDATE
ZENSAR TECHNOLOGIES
UGLY DUCKLING HOLD; CMP: RS294 JANUARY 27, 2010
COMPANY DETAILS
Price target: Rs351
Price target revised to Rs351
Market cap: Rs704 cr RESULT HIGHLIGHTS
52 week high/low: Rs353/66
 Zensar Technologies (Zensar)’ Q3FY2010 results were above our expectation mainly
NSE volume (No of shares): 79,567 on account of a higher than expected OPM.
BSE code: 504067
NSE code: ZENSARTECH  Zensar’s net sales declined by 4.6% sequentially to Rs239.7 crore during Q3FY2010
Sharekhan code: ZENSARTECH on account of negative currency fluctuations and lower working days.
Free float (No of shares): 1.1 cr  The OPM decreased marginally by 24 basis points qoq to 18.1% mainly due to cost
SHAREHOLDING PATTERN optimisation achieved through the right mix of skill sets. The net income dropped by
Public & 14.1% sequentially to Rs32.5 crore, which was above our expectation of Rs27.3 crore.
Others Foreign
18%
Lower operating profit and a steep decline in the other income resulted into decline in
23%
Institutions
net income.
2%
 We have revised our FY2010 and FY2011 EPS estimates upwards to Rs58.6 and
Non-promoter
corporate Rs63.7 for FY2010 and FY2011 respectively. We have also introduced our FY2012
Promoters
4% estimates in this note and expect and EPS of Rs71.4 for the year. We have used 2.2
53% crore of shares (post-buy-back) to arrive at our EPS estimates.
PRICE PERFORMANCE  In our view, there will be an overhang on the stock price on account of the risk pertain-
(%) 1m 3m 6m 12m ing to the promoters’ intention of selling shares or buying back of shares. Hence, we
Absolute -0.6 50.0 109.1 336.5 maintain our Hold recommendation on the stock with a revised price target of Rs351.
Relative to Sensex -2.8 50.1 90.8 122.9 At the current market price, the stock is trading at 4.6x FY2011 earnings estimate and
4.1x FY2012 earnings estimate.
The author doesn’t hold any investment in any of
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

ZYDUS WELLNESS
EMERGING STAR BUY; CMP: RS279 JANUARY 25, 2010
COMPANY DETAILS
Price target: Rs342
Upgraded to Buy
Market cap: Rs1,090 cr RESULT HIGHLIGHTS
52 week high/low: Rs301/52  Zydus Wellness’ Q3FY2010 results were above our expectations on the back of ro-
BSE volume (No of shares): 88,706 bust performance of all its brands—Sugar Free, Ever Yuth and Nutralite.
BSE code: 531335  The net sales grew by a strong 41.7% year on year (yoy) to Rs75.1 crore. While Sugar
Free maintained its strong leadership position with an 81% market share in the sharply
Sharekhan code: CARNUT
growing category, Nutralite registered a strong revenue growth on the back of overall
Free float (No of shares): 1.1 cr good demand that was further aided by shortage of butter in the market. Ever Yuth
SHAREHOLDING PATTERN continued the growth traction witnessed in H1FY2010.
Others  With benign raw material cost and a 208-basis-point y-o-ydecline in the other expenses
12% as percentage to sales, the operating margin jumped by 741 basis points yoy to 20.5%.
Institutions  Consequently, the operating profit went up by 93.7% yoy to Rs20.7 crore and the
16% adjusted net profit grew by a stellar 105.5% yoy to Rs14.3 crore
 To factor in the higher-than-earlier anticipated sales growth rates, the higher-than-
Promoters earlier expected margins on account of higher scale of operations and the tax benefits
72% to accrue from the new facility, we have revised our earnings estimates upwards. Con-
sequently, our EPS estimates for FY2010, FY2011 and FY2012 stand increased from
PRICE PERFORMANCE Rs9, Rs11.7 and Rs14.4 to Rs10.4, Rs15.5 and Rs22.5 respectively.
(%) 1m 3m 6m 12m  At the current market price of Rs279, the stock trades at 26.8x, 18x and 12.4x its
Absolute -1.7 42.1 124.0 281.4 FY2010E, FY2011E and FY2012E earnings respectively. In line with the upgrade in
Relative to Sensex -2.6 41.3 96.3 96.9 our earnings estimates, we are upgrading our price target to Rs342 at 18x average of
FY2011E and FY2012E EPS. We are also upgrading our recommendation on the
The author doesn’t hold any investment in any of stock from Hold to Buy.
the companies mentioned in the article. For further details, please visit the Research section of our website, sharekhan.com

February 2010 34 Sharekhan ValueGuide

 SHAREKHAN SPECIAL

SHAREKHAN SPECIAL OJCTOBER

ANUARY 06,
22, 2008
2010
Monthly economy review
Economy: Export growth turns positive  The yields on the government securities (G-Secs; ten-year) stood
 India’s trade deficit in November 2009 came in at USD9.7 bil- at 7.64% as on January 19, 2010, up by 7.4 basis points from
lion, declining on a year-on-year (y-o-y) basis but increasing on the previous month’s levels. The G-Sec yields for all other matu-
a month-on-month (m-o-m) basis. On a y-o-y basis, the trade rities fell on an m-o-m basis with the three-year and two-year
deficit fell by 21.4% whereas the sequential increase in the same yields falling by 31.3 basis points and 49.4 basis points respec-
stood at 10%. Notably, exports registered a y-o-y growth of tively while the one-year and five-year yields fell marginally.
18.2% in November 2009, after contracting for 13 consecutive Equity markets: FIIs remained net buyers
months. Meanwhile imports continued to contract albeit at a
 During the month-till-date (MTD) period of January 1-19, 2009
slower pace of 2.6% year on year (yoy).
the average daily volumes expanded in the cash segment but
 The Index of Industrial Production (IIP) for November 2009 contracted in the futures and options (F&O) segment.
registered a growth of 11.7% yoy, well above the consensus
 The total industry average assets under management (AUM;
estimate of 10% y-o-y growth. The growth in industrial output
equity + debt) declined by 1.6% mom during December 2009.
during November 2009 was broad based and spanned across
The net resources mobilised in equity schemes during the same
segments. The manufacturing segment posted the highest growth
period stood at a negative Rs2,464 crore as redemptions out-
at 12.7% yoy followed by the mining and electricity segments
paced resources raised through new and existing schemes.
with 10% and 3.3% y-o-y growth respectively.
 During December 2009 and the MTD period in January 2010
 The inflation rate for December 2009 came in at 7.31%, which
(January 01-19, 2010), the foreign institutional investors (FIIs)
stood in line with the consensus estimate of 7.32%. The infla-
remained net buyers while the domestic mutual funds (MFs)
tion rate for December 2009 indicates a 253-basis-point in-
remained net sellers.
crease from the November 2009 inflation rate of 4.78%, led
primarily by the rising prices of food products and articles. Insurance: Life insurance industry displays robust
 Globally, the macro economic data continues to point towards growth
signs of economic recovery with industrial production and ex-  The annual premium equivalent (APE) for the life insurance
ports showing signs of a revival. However, the looming threat industry increased by a strong 58.9% yoy during December
of rising inflation and high unemployment rates pose concerns 2009, after registering a growth of 22.4% yoy during the previ-
relating to the sustainability of growth especially after the phas- ous month.
ing out of the fiscal stimulus measures announced earlier (read
 In December 2009, the gross premium underwritten for the
more under “Global round-up”).
general insurance industry grew by 13.4% yoy, in line with
Banking: Credit offtake shows signs of revival the y-o-y growth seen in the previous month. The public sector
 The credit offtake (non-food) registered a growth of 14.3% players posted a healthy growth of 12.2% while the private
yoy (as on January 1, 2010), higher than the 12.7% y-o-y growth sector players registered a growth of 15.3% yoy, higher than
seen during the previous period (December 25, 2010). The de- the growth seen by the public sector players during the month.
posit growth continued to moderate during January 2010 as it Banking stocks outperform
fell to 17.6% yoy (as on January 1, 2010), lower compared
Since our last issue (Sharekhan Monthly Economy Review dated
with the 18% y-o-y increase seen as on December 25, 2009.
December21, 2009), the BSE Bankex has outperformed the broader
 The credit-deposit (CD) ratio remained more or less stable at market (the BSE Sensex). In absolute terms, the BSE Bankex has
69.7% (as on January 1, 2010), in line with that of the previous increased by 7% while the Sensex has grown by 5% (as on January
month. Meanwhile, the incremental CD ratio expanded to 20, 2010). The out performance is likely to have been driven by the
58.2% from 51.5% seen in the previous period (December 25, improving macro fundamentals of the domestic economy, espe-
2009). cially the revival in credit growth, which registered an increase of
 The money supply (M3) growth as on January 1, 2010 stood 14.3% (as on January 1, 2010). This, coupled with an easing up of
more or less in line with that of the previous period (December fears relating to an immediate hike in interest rates has led to im-
18, 2009) at 17.1% yoy. proved sentiments towards banking stocks.

For further details, please visit the Research section of our website, sharekhan.com

Sharekhan ValueGuide 35 February 2010

MUTUAL FUNDS

MUTUAL GAINS JANUARY 12, 2010

Sharekhan’s top equity fund picks
The year that had started with a whimper on weak global cues and turns, giving the returns earned in excess of the risk-free rate for
the Satyam fiasco ended with a bang, with the Indian stock market each unit of the risk taken. The Sharpe ratio is also indicative of the
reporting a whopping gain of ~80% for 2009. If we consider the consistency of the returns as it takes into account the volatility in
market’s recovery from its March 2009 bottom of 8160, the gain the returns as measured by the standard deviation.
appears even larger at an eye-popping ~113%. The gravity-defying
FAMA measures the returns generated through selectivity, ie the
move by the equity markets was driven by improving economic
returns generated because of the fund manager's ability to pick the
conditions and ample liquidity globally. Now as we are ringing in
right stocks. A higher value of net selectivity is always preferred as
the new year, there is a sense of excitement mixed with apprehen-
it reflects the stock picking ability of the fund manager.
sions in the air. Will the good run continue in 2010?
We have selected the top 10 schemes upon ranking on each of the
The Sharekhan research team believes that after the sharp fall of
above four parameters and then calculated the mean value of each
2008 and the sharper recovery of 2009, the market is in for con-
of the four parameters for the top 10 schemes. Thereafter, we have
solidation in 2010. For the better part of the year, the market is
calculated the percentage underperformance or over performance
expected to move in a broad range amidst heightened volatility in
of each scheme (relative performance) in each of the four param-
this year. Feeding the volatility will be a strong growth in the Indian
eters vis a vis their respective mean values.
economy and robust foreign fund inflows that shall strive to offset
the negatives of a widening fiscal deficit, a possible withdrawal of For our final selection of schemes, we have generated a total score
the fiscal stimulus measures, the soaring food prices and a likely for each scheme giving 30% weightage each to the relative perfor-
reversal of the interest rate cycle. mance as indicated by the one and two year returns, 30% weightage
to the relative performance as indicated by the Sharpe ratio and the
Despite the hurdles, we remain sanguine about the strong revival in
remaining 10% to the relative performance as indicated by the
the Indian economy. The lead indicators and the recent Index of
FAMA of the scheme.
Industrial Production figures indicate that the consumption de-
mand is looking up again. With the expected boom in consump- All the returns stated on next page, for less than one year are abso-
tion, the industrial investment cycle could return much earlier than lute and for more than one year, the returns are annualised.
anticipated previously.
Having said this, the key chink in Indian economy story is the fiscal AGGRESSIVE FUNDS
slippage. A continued fiscal profligacy will not only crowd out pri- MID-CAP CATEGORY
vate investments but also deter foreign inflows into the country. Scheme Name NAV Returns as on Dec 31, 09 (%)
Thus, the budget this year assumes great importance and equity 3 Months 1 Year 2 Years
markets at large would keenly watch for the government’s commit- Birla Sun Life Mid Cap 104.84 12.31 119.79 -4.39
ment and any roadmap that would be laid out for fiscal consolida- DSP BlackRock Small 14.75 13.47 119.06 -4.60
tion. and Midcap
HDFC Mid-Cap Opportunities 12.37 11.45 94.40 -2.91
Despite the revival of the decoupling theory, we believe that global IDFC Premier Equity 26.35 10.53 102.12 -2.68
events and economic conditions will continue to have a strong in- Reliance Growth 427.35 8.65 97.40 -4.81
fluence on the domestic equity markets. Globally, the questionable Indices
sustainability of the economic recovery cycle and the strategy re- BSE Sensex 17464.81 1.97 81.03 -7.21
lated to the exit of fiscal and monetary stimulus measures would OPPORTUNITIES CATEGORY
add to the volatility in the equity markets. Apart from this, the risk Scheme Name NAV Returns as on Dec 31, 09 (%)
of any unforeseen event and another dip in the developed econo- 3 Months 1 Year 2 Years
mies remain our key concerns for the equity markets. ICICI Prudential Discovery 40.35 9.17 134.32 3.18
ICICI Prudential 92.03 9.78 79.93 -0.33
We have identified the best equity-oriented schemes available in the
Dynamic Plan
market today based on the following three parameters: the past
IDFC Imperial Equity 17.76 1.67 66.90 -1.45
performance as indicated by the one and two year returns, the
Quantum Long-Term Equity 18.60 10.32 103.28 3.80
Sharpe ratio and Fama (net selectivity).
UTI Opportunities 24.07 5.62 97.62 0.35
The past performance is measured by the one- and -two year re- Indices
turns generated by the scheme. Sharpe indicates risk-adjusted re- BSE Sensex 17464.81 1.97 81.03 -7.21

February 2010 36 Sharekhan ValueGuide

 SECTOR UPDATE
EQUITY DIVERSIFIED/CONSERVATIVE FUNDS BALANCED FUNDS
Scheme Name NAV Returns as on Dec 31, 09 (%) Scheme Name NAV Returns as on Dec 31, 09 (%)
3 Months 1 Year 2 Years 3 Months 1 Year 2 Years
Baroda Pioneer Growth 49.90 3.53 90.90 0.22 Birla Sun Life 95 269.47 4.26 70.20 0.79
Birla Sun Life Frontline 79.78 6.87 90.45 -0.96 DSP BlackRock Balanced 59.57 6.72 64.98 1.16
HDFC Balanced 45.00 8.59 73.42 4.93
DSP BlackRock Top 100 91.12 5.09 77.13 -1.78
HDFC Prudence 174.26 8.11 84.84 3.44
HDFC Equity 231.01 9.06 105.57 1.70
Reliance RSF - Balanced 19.36 6.63 75.74 6.02
HDFC Top 200 180.46 5.06 94.46 3.09 Indices
Indices Crisil Balanced Fund Index 3249.32 2.13 48.65 -1.26
BSE Sensex 17464.81 1.97 81.03 -7.21 TAX PLANNING FUNDS
THEMATIC/EMERGING TREND FUNDS Scheme Name NAV Returns as on Dec 31, 09 (%)
Scheme Name NAV Returns as on Dec 31, 09 (%) 3 Months 1 Year 2 Years
Fidelity Tax Advantage 18.25 6.66 86.66 -3.48
3 Months 1 Year 2 Years
Franklin India Taxshield 178.12 8.28 78.81 -4.70
Birla Sun Life Dividend 69.35 7.17 89.74 2.67
HDFC Taxsaver 197.02 7.48 99.07 -1.79
Yield Plus
ICICI Prudential Taxplan 121.69 12.71 112.00 -3.44
ICICI Prudential Discovery 40.35 9.17 134.32 3.18
Religare Tax Plan 15.23 8.40 83.49 -3.75
Religare Contra 15.09 7.40 104.75 2.22
Indices
Templeton India Growth 106.97 8.53 104.70 0.15
BSE Sensex 17464.81 1.97 81.03 -7.2
UTI Dividend Yield 27.57 9.58 85.78 1.59
Every individual has a different investment requirement, which depends on his
Indices financial goals and risk-taking capacities. We at Sharekhan first understand the
individual’s investment objectives and risk-taking capacity, and then recom-
BSE Sensex 17464.81 1.97 81.03 -7.21 mend a suitable portfolio. So, we suggest that you get in touch with our Mutual
Fund Advisor before investing in the best funds.
The author doesn’t hold any investment in any of the companies mentioned in the article.

LIFE INSURANCE JANUARY 08, 2010

IRDA—Annual sector review
Highlights of annual report released by Insurance markets, the unit-linked insurance policies (ULIPs) remained
Regulatory and Development Authority (IRDA) the mainstay of the private players though incremental AUM
analysis suggests erosion in the share of ULIPs in total funds.
 FY2009 was a crucial year for the life insurance space consider-
ing the turmoil in the financial markets worldwide. In line, the  At the end of March 2009, all the life insurance players com-
annualised premium earnings (APE) for the life insurance in- plied with the regulatory requirement of achieving a solvency
dustry contracted by over 6% year on year (yoy) during this ratio of 1.5. Life Insurance Corporation (LIC) has reported the
period. In FY2010, there has been a recovery in the APE growth lowest solvency ratio of 1.54, though the same is above the
for the life insurers, who have reported a 6% growth in their regulatory requirement.
APE on an year-till-date (YTD) basis. However, over the same
period the number of policies sold has grown by 13% yoy,  During FY2009, life insurers had continued to expand their
presence across the country by setting up new office premises.
higher than the YTD APE growth, thus indicating a decline in
The total number of offices for the life insurers grew by 33%
the average ticket size.
yoy and the growth was led primarily by the private players.
 Over the year, LIC has gained significant market share taking Despite the growth in the office premises, the operating expense
its total market share to 44.4% in YTD FY2010 as compared ratio (OER) of the industry as a whole had witnessed a decline
to 37.7% seen in the year-ago period. Amongst the private of 152 basis points yoy to 10.1% in FY2009. However, players
players, SBI Life stands as the market leader followed by ICICI such as MNYL and Reliance Life continued to see an increase in
Prudential with a share of 16.6%. their OER as a result of significant branch expansion. The com-
mission expense ratio (CER) for the life insurance industry
 The assets under management (AUM) for the life insurance dropped by 30 basis points yoy to 7% in FY2009. The im-
industry grew by 16.3% during FY2009 with the LIC growing
provement in the CER was largely due to the performance of
largely in line with industry level. Though the private player’s
the private players as the CER for LIC was largely flat.
AUM growth rate more than halved during FY2009, it was still
For further details, please visit the Research section of our website, sharekhan.com
substantial at 24.2% yoy. Despite the turmoil in the capital
The author doesn’t hold any investment in any of the companies mentioned in the article.

Sharekhan ValueGuide 37 February 2010

February 2010 38 Sharekhan ValueGuide
 TRADER'S TECHNIQUES

SENSEX: BULLS CAUGHT BY HORNS

The Sensex posted a negative monthly close for January 2010, SENSEX
completing the rally with an engulfing bear candlestick pattern, 23000
22500
22000
21500
which suggests that the upward journey has ended. As per the 21000
20500
20000

Elliott wave theory, the market has completed wave A with a 5 wave 19500
19000
P 18500

decline, so it is likely to consolidate in wave B and then correct for 18000

17500
17000

the target of 12700 in wave C with reversal pegged at 17776. Over 16500
16000
15500
all, the Indian stock market has now gained its downside momen- 15000
14500

tum and every rise will be an opportunity to sell. 14000

13500
13000

12500

On the weekly chart, the index suggests weakness in the momen- 12000

11500

tum indicator KST, which has given a negative crossover and also 11000

10500
shows negative divergence. The index has slipped below its 20 weekly 10000

moving average (WMA) for the first time since March 2009 and is 9500

9000

right now retracing the rise from 7697 to 17776. It is expected to 8500

retrace 50% of the rise form October 2008 to January 2010 i.e. 8000

7500
12700. On the daily chart, the index has fallen in a 5-wave pattern
D 2007 M A M J J A S O N D 2008 M A M J J A S O N D 2009 M A M J J A S O N D 2010 M A M J J A S O N D 20
and the momentum indicator is trading below the zero line, which
suggests weakness for a short-term target of 15500. WEEKLY CHART
- NSE50 [NIFTY] (4,882.05, 4,951.15, 4,708.15, 4,712.90, -174.450)
5500
0.0%

The key resistance for the Sensex will be 20WMA i.e. 16600. On 5000

the contrary, if the market sustains above this average, the pullback 23.6%
4500

rally may extend to the maximum of 61.8% or 78.6% retracement 38.2%

i.e. 17000 and 17370 respectively. The index on the way down has 50.0%
4000

formed lower lows and lower tops while falling in a 5-wave fashion 61.8%
3500

with two negative weekly closes and is currently trading around the
lower Bollinger band on the daily chart. This indicates that a furi- 3000

ous move on the downside is now pending before the Indian equity
bellwether starts a new cycle on the upside.  2500

100.0%

KST (-1.28178) 40
30
20
10
0
-10
-20
-30
May Jun Jul Aug Sep Oct Nov Dec 2009 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Feb Mar Apr

GUARSEED: NO GREED FOR THE SEED

With the closing of the year 2009 the bulls seem to have run away from GUARSEED
guar seed. On the monthly chart (for December) the commodity had 3050
3000 200
Hanging 2950 150
formed a hanging man—a bearish candlestick pattern. And the pattern j Man 2900
2850
2800
100
50
0
was supported by volumes, which is an essential for the validation of the 2750
2700
2650
-50

2600
pattern. As a follow through of the pattern, guar seed fell sharply in the 2550
2500
3000
2900
2450
last month. Switching from bird’s eye view to worm’s eye view, the 2400
2350
2800

2700
2300
weekly chart reveals that the fall is taking place in a five wave fashion. 2250
2200
2600

2500 2500
Currently, guar seed is in wave 4 of the decline. However, as per the 2150
2100 2400
2050

principle of alternation, since wave 2 was a sharp one, the top of wave 4 2000
1950
2300

2235 2200

is already in place near 2500. Thus the commodity will now come down 1900
1850 2100
1800
to form wave 5. The target for wave 5 in accordance with the wave 1750
2000

1700
principle guidelines is nothing but equality with the wave 1 i.e. Rs2,235. 1650
1900

1600 1800
This will bring guar seed near its 50 daily exponential moving average 1550
1700
1500
(DEMA) as well as the channel equality. Bringing in another technical 1450
1600

tool, the weekly MACD, further strengthens the view. The weekly MACD 1400

1350 1500

is already in sell mode and as the commodity will head towards its target, 1400
30000

the indicator would come near the equilibrium line and would be set to 20000
10000
x100

commence a new cycle. 07 A M J J A S O N D 2008 A M J J A S O N D 2009 A M J J A S O N D 2010 A M J J A M J J A S O N D 2009 M A M J J A S O N D 2010 M A

Sharekhan ValueGuide 39 February 2010

TRADER'S TECHNIQUES

COPPER: MELTDOWN BEGINS

The start of the first quarter of the year 2010 has not been positive COPPER
for copper on the Multi Commodity Exchange (MCX), which has 420
410
MACD (12.8043)
20

posted record annual gains in the previous year. Technically, the MCX Copper (MONTHLY) 400
390
380
10
0

370 -10

metal has formed a bearing engulfing candlestick pattern on the 360

350
-20

-30
340

monthly chart—a bearish reversal sign. The lows have also been Q Engulfing Bear 330
320
-40

310

breached in the present month validating the bearish outlook. The 300
290
400

H
red metal has broken all key bullish trend lines clearly signaling a 280

270
0.0%

S
350

260

breakdown of the up trend. The momentum indicator MACD too 250

S
310
300
240
281
has triggered a sell signal on the weekly chart confirming the bear- 230

220
38.2%

ish reversal. We now expect the metal to retrace the entire rise from 210 50.0%
245 250

200

December 2008 to January 2010. In the near term, copper can take 190
61.8%

support of the 50 weekly exponential moving average (WEMA) at 180

170
200

Rs290 and can marginally breach it to test the important swing 160

support at Rs281. From there on a relief rally is expected up to 150

150
140

Rs310 where a head and shoulders (top reversal) pattern can be 130
100.0%

formed. The target for the pattern is pegged at Rs245, which is also M A M J J A S O N D 2009 M A M J J A S O N D 2010 M A M J J A A M J J A S O N D 2009 M A M J J A S O N D 2010 M A M J J

50% retracement of the one-year bull run. The metal is also consid-
ered to be a leading barometer for the economic trend, which again
points to a weak first half for the global economy. 

DERIVATIVE VIEW

The January series started on a optimistic note and made a 52-week Top five stock futures with the highest open interest in the current
high in both the Nifty and the Sensex in the early part of the series, series are:
but that optimism was short-lived and global factors coupled with STOCK FUTURES OPEN INTEREST (RS CRS)
a lot of events within the country dragged the Nifty sharply down
Reliance 1,617.7
to 4800. The January series finally closed with a loss of around
Tata Steel 1,440.4
6.5%. Roll-overs in this series were lower than that in the previous
SBIN 1,264.4
expiry in stock futures whereas the same were higher in Nifty fu-
ICICI Bank 1,130.5
tures, indicating a low-risk appetite among the market participants
at the current juncture and significant short roll-overs in the Febru- TATA Motors 1,038.7
ary series may lead to higher volatility with a downward bias. Top five stock options with the highest open interest in the current
series are:
On the option side we have seen that the implied volatility has taken
a sharp u-turn from a low of 18% to around 28-29%, indicating STOCK OPTIONS OPEN INTEREST (RS CRS)
volatility may rise in the days to come. The activity on the option Reliance 403.7
side remains on the higher side with 4,900-5,100 strike prices being SBIN 339.1
the most active on the call side and 4900-4700 the most active on NTPC 315.5
the put side. Option analysis indicates that 4730 should act as a TATA Steel 247.9
very good support level for the month whereas on the higher side ICICI Bank 232.8
5040 will act as a very good resistance and can be considered as a Strategy for the month:
trend reversal. We expect this month to be highly volatile with limited upside. One
can sell out of money call option with a strict stop loss at 5040 on
a closing basis. 

February 2010 40 Sharekhan ValueGuide

Sharekhan ValueGuide 41 February 2010
COMMODITIES CORNER

Chana update MASUR SPOT

6000
 23%
4950
CHANA SPOT 5000

3100 4000
2900 3800
3000
 15% 2600
2700
2500 2000

2300 1000
2100 2200
0
1900

Jul-06

Jul-07

Jul-08

Jul-09
Jan-06

Jan-07

Jan-08

Jan-09

Jan-10
Oct-05

Oct-06

Oct-07

Oct-08

Oct-09
Apr-06

Apr-07

Apr-08

Apr-09
1700
1500
Jul-08

Jul-09
Jan-08

Jan-09

Jan-10
Oct-08

Oct-09
Apr-08

Apr-09

YELLOW PEAS SPOT

2500
 38% 2281
CHANA APRIL FUTURE
2000
4000
3500 1500
3000 1406
2500 1000

2000
500
1500
1000 0
Jul-05

Jul-06

Jul-07

Jul-08

Jul-09
500
Jan-06

Jan-07

Jan-08

Jan-09

Jan-10
0
Oct-04

Oct-05

Oct-06

Oct-07

Oct-08

Oct-09
Apr-04

Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Sowing of pulses other than chana too has been well this year--
Falling in line with our view chana as well as other pulses has been thanks to sky-rocketing prices. Sowing of lentils is reported at 15.18
trading in a negative trajectory. The price correction has been led lakh hectare, higher than that of 14.66 lakh hectare in the last year.
stock limits imposed by the government, higher pulses acreage this Acreage of Urad at 7 lakh hectare is also higher than that of 5.5 lakh
Rabi season, higher supply of Kharif pulses mainly Tur and un- hectare in the last year. On the whole, Rabi pulses sowing this year
interrupted supply from overseas markets mainly from Canada stands at 136 lakh hectare, higher than 128 lakh hectare last year.
and Australia.
Fresh supply of tur
Current scenario
Harvesting of the new Tur crop has begun from the first week of
Chana crop this season
January. Tur has corrected following a higher crop size in India as
Sowing has ceased and fresh crop harvesting has begun in certain well in international markets. New Tur crop is currently quoting at
parts of central India. Acreage this year stands at 87 lakh hectare, Rs4,000 per quintal, lower than Rs5,900 in October 09. The crop
higher from 83 lakh hectare last year. Given the congenial weather size this year is forecast at 24.7 lakh tonne, slightly higher than the
in central India, we expect production this year to be around 75-77 last year’s 24 lakh tonne.
lakh tonne with the productivity improving by around 5-6 %. The
As a matter of fact, sowing of kharif crops too has seen a jump this
fresh supply would augment in March while peaking in April and
the days to come would see chana come under seasonal pressure. year; however, a major impact on prices was not noticed since crop
harvesting for the main kharif pulse Tur begins in January. Cumu-
Supply of Rabi pulses lative sowing of kharif pulses has been recorded at 98 lakh hectare,
SOWING IN RABI 2009-10 (ACREAGE IN LAKH HECTARES) higher than 93 lakh hectare sown in the last year.
2009-10 2008-09 A record sowing coupled with fresh imports from Canada and
Chana 86.75 82.31 Australia has weighed on prices. Prices of other pulses too is fore-
Masur 15.18 14.66
cast to be on a defensive note in the coming days. 
Urad 6.96 5.43
Moong 4.74 3.85
others 22.68 22.57
Total 136.31 128.82

February 2010 42 Sharekhan ValueGuide

Sharekhan ValueGuide 43 February 2010
 PREMIER IDEAS

PREMIER IDEAS
PRODUCT DETAILS (FOR JANUARY 2010)
Product Ticket Size No Of calls Profit / Loss (Rs) Profit/ Loss (%)

Smart Trades Ideas 500000 19 -2484 -0.50

Derivatives Idea 500000 2 -9851 -1.97

Nifty Ideas 300000 8 -4965 -1.66

SMART TRADES IDEAS

In this, ideas are generated based on the market’s pulse or the flavour of the season (the stock calls are not based on fundamental
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NIFTY IDEAS
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If you do not have time to monitor the market tick by tick, to shift through pages of research or to pour over complex charts, then
Premier Ideas are what you need.

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February 2010 44 Sharekhan ValueGuide

 SHAREKHAN EARNINGS GUIDE Prices as on February 05, 2010
Company Price Sales Net Profit EPS (%) EPS PE (x) ROCE (%) RONW (%) DPS Div
(Rs) Growth Yield
FY09 FY10E FY11E FY09 FY10E FY11E FY09 FY10E FY11E FY11/FY09 FY09 FY10E FY11E FY10E FY11E FY10E FY11E (Rs) (%)

Evergreen
HDFC 2,390.0 11,017.7 11,526.2 14,167.1 2,282.5 2,716.3 3,272.2 80.2 95.5 115.0 20% 29.8 25.0 20.8 - - 19.5 20.6 30.0 1.3
HDFC Bank 1,573.0 10,711.8 11,969.3 14,374.8 2,244.9 2,936.6 3,836.4 52.8 62.8 82.1 25% 29.8 25.0 19.2 - - 16.7 17.4 10.0 0.6
Infosys Tech 2,354.0 21,693.0 22,825.0 25,742.0 5,880.0 6,158.0 6,805.0 102.8 107.7 119.0 8% 22.9 21.9 19.8 35.2 32.9 27.4 25.0 23.5 1.0
Larsen & Toubro 1,425.0 40,187.0 43,501.6 56,485.3 3,776.0 4,720.5 5,720.3 48.6 62.9 78.6 27% 29.3 22.7 18.1 16.5 17.2 19.8 19.0 8.5 0.6
Reliance Ind 979.7 151,224.0 187,478.0 250,986.4 15,299.0 17,124.5 24,169.7 48.6 52.1 73.5 23% 20.1 18.8 13.3 10.1 12.4 12.4 14.9 6.5 0.7
TCS 722.9 27,813.0 30,186.0 33,416.0 5,172.0 6,706.0 7,640.0 26.4 34.3 39.0 22% 27.4 21.1 18.5 29.5 28.5 35.0 32.7 5.0 0.7
Apple Green
Aditya Birla Nuvo @ 828.8 4,786.2 5,026.4 5,477.6 137.4 209.6 260.4 14.5 18.5 22.9 26% 57.3 44.8 36.2 19.4 21.6 3.9 4.7 4.0 0.5
Apollo Tyres*** 52.4 4,984.1 7,853.9 9,068.8 139.2 425.3 378.7 2.8 8.4 7.5 64% 18.7 6.2 7.0 28.3 21.4 22.4 16.7 0.5 1.0
Bajaj Auto 1,698.0 8,776.2 11,921.0 14,475.0 820.7 1,754.0 1,866.0 56.7 121.3 129.0 51% 29.9 14.0 13.2 62.3 51.5 68.4 46.5 22.0 1.3
Bajaj Finserv 341.2 385.3 - - 71.3 - - 4.9 - - - 69.6 - - - - - - 1.0 0.3
Bajaj Holdings 551.1 221.6 - - 174.8 - - 21.8 - - - 25.3 - - - - - - 10.0 1.8
Bank of Baroda 560.0 7,881.1 8,631.4 10,814.6 2,227.2 2,832.2 3,161.0 60.9 77.5 86.5 19% 9.2 7.2 6.5 - - 20.2 19.3 9.0 1.6
Bank of India 335.0 8,550.8 8,391.8 10,235.5 3,007.3 1,816.5 2,556.7 57.2 34.5 48.6 -8% 5.9 9.7 6.9 - - 14.5 17.8 8.0 2.4
Bharat Electronics 1,950.6 4,583.6 5,441.9 6,094.8 823.2 936.4 1,001.0 102.9 117.1 125.1 10% 19.0 16.7 15.6 27.9 24.0 19.3 16.5 20.7 1.1
BHEL 2,300.0 26,234.2 33,543.9 41,860.1 3,138.2 4,431.5 5,716.0 64.1 90.5 116.8 35% 35.9 25.4 19.7 41.7 47.7 27.4 28.1 15.3 0.7
Bharti Airtel 298.0 36,961.5 40,635.7 42,803.7 8,469.9 9,157.1 8,673.6 22.3 24.1 22.8 1% 13.4 12.4 13.1 22.1 17.3 25.0 20.1 0.0 0.0
Corp Bank 428.0 2,798.2 3,276.3 3,822.6 892.7 1,068.8 1,187.4 62.2 74.5 82.8 15% 6.9 5.7 5.2 - - 20.1 19.2 12.5 2.9
Crompton Greaves 415.0 8,737.3 9,472.3 10,681.6 562.5 809.2 910.8 15.3 22.1 24.8 27% 27.0 18.8 16.7 42.5 40.6 32.2 27.7 2.0 0.5
Glenmark Pharma 253.0 2,116.0 2,454.8 2,929.1 312.2 340.2 449.4 12.5 12.5 16.5 15% 20.2 20.2 15.3 13.3 15.0 13.7 15.5 0.4 0.2
Godrej Consumer*** 250.0 1,393.0 2,119.5 2,484.5 173.3 341.7 414.2 6.7 11.1 13.4 41% 37.3 22.5 18.7 36.6 34.8 43.8 39.8 4.0 1.6
Grasim 2,565.0 10,804.0 12,427.7 12,660.5 1,648.0 2,426.7 2,111.4 179.8 264.7 230.3 13% 14.3 9.7 11.1 16.5 13.0 20.4 15.5 30.0 1.2
HCL Tech** 338.0 10,591.0 12,639.2 14,214.6 1,200.9 1,226.7 1,610.4 17.9 18.1 23.6 15% 18.9 18.6 14.3 33.2 38.0 21.7 24.4 9.0 2.7
HUL* 228.8 20,239.3 17,520.6 19,716.4 2,391.4 2,240.0 2,559.7 8.8 10.3 11.8 16% 26.0 22.2 19.4 124.0 111.5 98.9 95.6 7.5 3.3
ICICI Bank 796.0 15,970.3 15,873.6 18,040.4 3,758.1 4,122.7 5,265.5 33.8 37.0 47.3 18% 23.6 21.5 16.8 - - 8.1 9.8 11.0 1.4
Indian Hotel Co 87.3 2,686.1 2,705.2 3,281.7 12.5 195.7 287.5 0.6 2.7 4.0 158% 145.5 32.3 21.8 5.6 9.8 4.6 9.3 1.2 1.4
ITC 248.0 15,582.7 17,705.5 20,383.1 3,263.6 4,080.1 4,789.4 8.6 10.8 12.6 21% 28.8 23.0 19.7 36.6 36.7 27.2 27.0 3.7 1.5
Lupin 1,545.0 3,775.9 4,830.1 5,798.9 533.8 683.9 844.3 64.4 76.3 94.2 21% 24.0 20.2 16.4 24.9 25.7 29.0 27.4 12.5 0.8
M&M 972.0 13,094.1 17,895.0 21,336.0 772.9 1,918.1 2,148.4 30.6 68.5 76.8 58% 31.8 14.2 12.7 28.0 27.3 28.2 25.1 10.0 1.0
Marico 97.6 2,388.4 2,670.4 3,050.5 209.1 253.5 304.0 3.4 4.2 5.0 21% 28.7 23.2 19.5 41.0 42.3 46.0 39.1 0.7 0.7
Maruti Suzuki 1,352.0 20,455.4 28,099.0 31,967.0 1,202.0 2,491.0 2,725.0 41.6 86.2 94.3 51% 32.5 15.7 14.3 32.5 29.1 23.7 21.1 3.5 0.3
Nicholas Piramal 360.5 3,281.1 3,763.4 4,431.4 360.9 463.9 549.4 17.3 22.2 26.3 23% 20.8 16.2 13.7 19.5 22.7 27.9 26.4 4.2 1.2
Punj Lloyd 176.3 11,912.0 12,325.7 15,410.6 (216.3) 340.9 470.5 - 10.3 14.2 - - 17.2 12.4 13.7 13.8 12.1 14.4 0.3 0.2
SBI 1,897.5 33,563.9 38,158.8 45,870.5 9,121.2 10,210.8 11,634.8 143.7 160.8 183.3 13% 13.2 11.8 10.4 - - 16.5 16.6 29.0 1.5
Sintex Industries 248.9 3,063.9 3,239.7 3,710.7 329.8 318.8 384.2 24.3 23.5 28.4 8% 10.2 10.6 8.8 11.8 13.9 15.9 16.3 1.0 0.4
Tata Tea 932.3 4,874.1 5,759.7 6,655.5 338.4 388.0 444.7 54.9 62.8 71.9 14% 17.0 14.8 13.0 8.2 9.6 10.0 10.3 17.5 1.9
Wipro 642.0 25,699.6 27,526.4 30,959.3 3,899.9 4,683.8 5,340.7 26.6 32.0 36.4 17% 24.1 20.1 17.6 24.7 23.7 25.8 22.8 4.0 0.6
Emerging Star
3i Infotech 79.5 2,285.6 2,461.7 2,741.4 248.6 236.2 283.4 15.5 12.0 14.3 -4% 5.1 6.6 5.6 10.7 10.3 10.2 9.9 1.5 1.9
Allied Digital 211.9 552.1 693.7 808.6 74.5 104.2 125.0 20.6 22.2 26.6 14% 10.3 9.5 8.0 22.0 19.4 21.3 17.2 1.0 0.5
Alphageo India 196.8 63.9 90.0 100.0 6.0 12.5 12.9 11.6 24.3 25.2 47% 17.0 8.1 7.8 40.0 39.2 20.6 17.6 1.5 0.8
Axis Bank 1,037.0 6,583.1 9,030.7 10,411.1 1,815.4 2,543.9 3,084.1 50.6 63.2 76.6 23% 20.5 16.4 13.5 - - 18.5 17.9 10.0 1.0
Balrampur Chini 117.0 1,753.2 2,399.0 2,570.7 202.7 357.4 402.5 7.9 13.9 15.7 41% 14.8 8.4 7.5 22.8 23.6 28.1 25.1 3.0 2.6
Cadila Healthcare 677.5 2,927.5 3,744.1 4,309.0 327.3 484.7 578.3 24.0 35.5 42.4 33% 28.2 19.1 16.0 22.0 23.3 27.4 27.2 4.5 0.7
EMCO 88.5 996.3 1,144.0 1,363.6 58.5 61.6 81.9 9.9 10.5 12.6 12% 8.9 8.5 7.0 15.6 17.3 12.9 14.1 1.4 1.6
Greaves Cotton 273.0 1,037.1 1,222.3 1,506.1 56.0 107.6 139.6 11.2 22.0 28.6 60% 24.4 12.4 9.5 34.4 37.5 24.3 26.7 4.0 1.5
Max India 202.0 4,854.2 - - (306.7) - - -10.5 - - - -19.2 - - - - - - - -
*FY2009 is of 15 months ending March 2009 as company has changed reporting year from CY to FY **June ending company
#September ending company @Stand-alone financials
***RoE and RoCE are on stand-alone basis due to non availiability of consolidated balance sheet post recent acquisitions.

Sharekhan ValueGuide 45 February 2010

Company Price Sales Net Profit EPS (%) EPS PE (x) ROCE (%) RONW (%) DPS Div
(Rs) Growth Yield
FY09 FY10E FY11E FY09 FY10E FY11E FY09 FY10E FY11E FY11/FY09 FY09 FY10E FY11E FY10E FY11E FY10E FY11E (Rs) (%)

Network 18 Fincap 98.4 765.5 - - (188.0) - - - - - - - - - - - - - 0.0 0.0

Opto Circuits India 211.0 818.5 1,003.5 1,183.4 212.8 255.5 335.1 13.2 13.5 17.7 16% 16.0 15.6 11.9 21.8 22.9 21.1 23.0 4.0 1.9
Patels Airtemp 89.1 68.4 72.5 84.3 7.1 8.3 9.4 14.1 16.5 18.6 15% 6.3 5.4 4.8 44.2 39.0 27.4 24.0 1.5 1.7
Thermax 620.0 3,264.4 3,142.3 3,730.9 287.3 270.5 354.2 24.1 22.7 29.7 11% 25.7 27.3 20.9 47.8 46.5 27.3 26.6 5.0 0.8
Zydus Wellness 295.3 194.7 268.0 342.4 25.3 40.6 60.7 6.5 10.4 15.5 54% 45.4 28.4 19.0 72.0 65.2 47.9 48.5 1.5 0.5
Ugly Duckling
BASF 376.0 1,316.1 1,559.4 1,782.3 48.6 91.0 109.2 17.2 32.3 38.7 50% 21.8 11.6 9.7 34.8 35.5 22.9 23.0 7.0 1.9
Deepak Fert 105.0 1,404.0 1,343.3 1,613.1 152.1 159.0 165.8 16.9 18.0 18.8 6% 6.2 5.8 5.6 11.8 10.7 18.6 17.1 4.0 3.8
India Cements 111.6 3,430.0 3,748.5 3,888.6 485.1 345.3 208.0 17.2 12.3 7.4 -35% 6.5 9.1 15.1 12.5 7.9 10.5 6.0 2.0 1.8
Ipca Laboratories 1,170.0 1,292.6 1,556.9 1,871.7 100.8 212.0 245.1 40.3 84.7 97.9 56% 29.0 13.8 12.0 24.3 23.9 29.4 26.7 11.0 0.9
ISMT 53.0 1,300.3 1,197.9 1,584.8 56.2 75.1 130.5 3.8 5.1 8.9 52% 13.8 10.3 6.0 9.0 14.6 12.4 17.8 1.0 1.9
Jaiprakash Asso 125.4 5,764.2 9,960.7 13,589.9 842.0 1,043.8 1,373.9 4.0 4.9 6.5 27% 31.4 25.6 19.4 12.3 13.8 12.7 14.9 1.0 0.8
Mold Tek Tech 72.7 21.8 26.0 32.9 4.4 4.3 5.7 12.3 12.1 15.9 14% 5.9 6.0 4.6 19.2 21.4 21.6 22.9 2.0 2.8
Orbit Corporation 256.5 283.5 585.5 755.5 35.5 109.0 159.3 7.8 20.6 28.0 89% 32.8 12.5 9.2 15.2 19.2 16.1 17.4 0.0 0.0
Pratibha Ind 311.5 805.8 1,125.0 1,578.9 44.7 58.0 81.6 26.8 34.8 48.9 35% 11.6 9.0 6.4 17.0 18.5 23.0 25.7 2.0 0.6
PNB 853.7 9,950.5 11,836.9 13,828.7 3,090.9 3,778.6 4,486.7 98.0 119.8 142.3 21% 8.7 7.1 6.0 - - 26.0 25.4 20.0 2.3
Ratnamani Metals 104.3 955.2 836.0 980.7 95.9 77.4 91.8 21.3 17.2 20.4 -2% 4.9 6.1 5.1 25.1 25.1 24.0 22.6 1.4 1.3
Selan Exploration 399.7 99.9 82.4 101.2 46.6 31.4 39.0 32.6 19.6 24.3 -14% 12.3 20.4 16.4 28.4 27.9 21.0 21.0 0.0 0.0
Shiv-Vani Oil & Gas 362.0 871.3 1,248.1 1,338.5 192.7 214.9 254.1 43.9 49.0 57.9 15% 8.2 7.4 6.3 21.4 20.6 14.4 14.4 1.0 0.3

SEAMEC^^ 200.5 268.6 456.0 247.5 88.2 283.2 81.8 26.0 83.5 24.1 -4% 7.7 2.4 8.3 63.2 13.4 46.4 12.2 0.0 -
Subros 43.9 694.4 889.2 1,055.7 13.9 26.7 34.9 2.2 4.4 5.8 62% 20.0 10.0 7.6 16.0 17.9 12.5 13.8 0.5 1.1
Sun Pharma 1,460.0 4,272.3 4,023.1 4,525.6 1,817.7 1,379.3 1,444.1 87.8 66.6 69.7 -11% 16.6 21.9 20.9 16.5 15.6 17.0 15.7 13.8 0.9
Torrent Pharma 466.5 1,630.7 1,929.5 2,176.5 234.3 250.2 334.5 27.7 29.6 39.5 19% 16.8 15.8 11.8 30.5 29.0 32.6 32.5 4.0 0.9
UltraTech Cement 930.0 6,383.1 7,120.7 7,019.2 977.0 1,106.6 826.1 78.5 88.9 66.4 -8% 11.8 10.5 14.0 29.6 20.8 24.0 15.4 5.0 0.5
Union Bank of India 240.0 5,296.1 6,210.6 7,623.7 1,726.6 1,926.7 2,302.3 34.2 38.1 45.6 15% 7.0 6.3 5.3 - - 24.2 23.5 5.0 2.1
United Phosphorus 153.6 4,931.7 5,415.6 6,248.0 472.7 536.5 707.4 11.0 11.7 16.6 23% 14.0 13.1 9.3 14.3 17.7 17.1 20.2 1.5 1.0
Zensar Tech 288.0 908.1 998.3 1,115.4 86.5 126.7 137.5 36.0 58.6 63.7 33% 8.0 4.9 4.5 34.5 29.4 35.6 28.2 3.8 1.3
Vulture’s Pick
Esab India^ 555.0 423.6 420.0 468.9 61.2 65.6 73.7 39.7 42.6 47.8 10% 14.0 13.0 11.6 64.7 58.2 37.9 34.5 15.5 2.8
Mahindra Lifespace 375.0 341.8 598.2 789.0 65.7 134.5 171.2 16.1 32.9 41.9 62% 23.3 11.4 8.9 14.6 16.1 13.4 14.8 2.5 0.7
Orient Paper 44.7 1,503.2 1,578.4 1,858.1 231.5 153.8 189.7 12.1 8.0 9.9 -9% 3.7 5.6 4.5 22.6 25.8 20.2 20.7 1.5 3.4
Tata Chemicals 284.7 12,257.7 9,637.5 10,714.4 1,051.8 715.8 800.3 43.2 29.4 32.8 -13% 6.6 9.7 8.7 13.4 14.1 13.4 13.7 9.0 3.2
Unity Infraprojects 560.0 1,130.8 1,481.5 1,933.5 69.7 84.4 105.3 52.1 57.0 71.1 17% 10.7 9.8 7.9 17.7 18.9 17.1 17.1 4.0 0.7
Cannonball
Allahabad Bank 132.1 3,300.6 3,963.7 4,776.4 768.6 1,222.4 1,299.4 17.2 27.4 29.1 30% 7.7 4.8 4.5 - - 20.5 19.6 3.0 2.3
Andhra Bank 97.2 2,392.3 3,223.2 3,831.5 653.0 1,056.5 1,218.5 13.5 21.8 25.1 36% 7.2 4.5 3.9 - - 26.5 25.8 4.5 4.6
Dhampur sugar 121.0 948.0 1,936.4 1,807.5 56.8 230.5 171.5 10.6 42.7 31.8 73% 11.4 2.8 3.8 24.8 19.8 38.6 22.2 1.5 1.2
IDBI Bank 115.0 2,715.8 4,647.3 5,773.7 858.5 1,110.2 1,374.3 11.8 15.3 19.0 27% 9.7 7.5 6.1 - - 13.7 14.7 2.5 2.2
Phillips Carbon 178.9 1,163.3 1,409.8 1,643.4 (64.8) 118.5 126.4 -24.1 42.0 44.7 - -7.4 4.3 4.0 28.0 27.0 35.3 27.3 0.0 -
Madras Cements 105.0 2,530.4 2,905.7 2,911.7 363.5 361.5 292.1 15.3 15.2 12.3 -10% 6.9 6.9 8.6 16.8 13.7 23.1 16.3 2.0 1.9
Shree Cement 2,000.0 2,715.0 3,613.1 3,914.9 602.7 926.6 667.3 173.0 266.0 191.5 5% 11.6 7.5 10.4 39.3 24.6 44.6 24.8 10.0 0.5
TFCI 25.9 42.7 47.7 58.5 25.3 24.9 32.0 3.1 3.1 4.0 14% 8.4 8.4 6.5 - - 8.5 10.4 1.0 3.9
^Year CY instead of FY # September ending company
^^Year FY instead of CY

Sharekhan ValueGuide 46 February 2010

 Remarks

Evergreen
HDFC  HDFC provides housing loans to individuals, corporates and developers. It has interests in banking, asset
management and insurance through its key subsidiaries. Three of these—HDFC Bank, HDFC Life Insurance and
HDFC Mutual Fund—are valued at Rs941 per share of HDFC. As these subsidiaries are growing faster than HDFC,
the value contributed by them would be significantly higher going forward.
HDFC Bank  HDFC Bank has merged Centurion Bank of Punjab with itself and the reported numbers for FY2009 represent the
financials of the merged entity. Relatively high margins (compared with its peers), strong branch network and better
asset quality make HDFC Bank a safe bet.
Infosys Tech  Infosys is India's premier IT and IT-enabled service company. It is one of the key beneficiaries of the strong trend of
offshore outsourcing. It is relatively better positioned to weather the tough business environment and also among
major beneficiaries of the revival in IT spending.
L&T  Larsen & Toubro, being the largest engineering and construction company in India, is a direct beneficiary of the strong
domestic infrastructure boom. Strong potential from its international business, its sound execution track record,
bulging order book and strong performance of subsidiaries further reinforce our faith in it. There also lies great growth
potential in some of its new initiatives.
Reliance Ind  RIL holds great promise in E&P business with the start of gas production from KG basin in April 2009 and that of
crude oil in September 2008. We expect the GRM to remain low due to narrowing down of light-heavy crude price
differential and declining middle distillate crack spread. However, RIL is likely to fetch premium over Singapore
Complex’ GRM due to its superior refinery complexity. Petrochem margins of the company have improved with the
uptake in the domestic demand and higher price realisation in the domestic market. We expect these levels of petrochem
margins to sustain in the medium term.
TCS  TCS pioneered the IT services outsourcing business from India and is the largest IT service firm in the country. It is
a leader in most service offerings and is in the process of further consolidating its leadership position through the
inorganic route and large deals.
Apple Green
Aditya Birla Nuvo  We believe the value businesses of the company (insulators, textiles, fertilisers, carbon black and rayon) have started
witnessing increased efficiency as reflected in sharp improvement in their operating margins, while the growth
businesses (retail, BPO, life insurance and financial services) are showing improved revenue visibility and gaining
strong market share. We believe strong internal cash flows from value businesses coupled with promoter funding
coming in would meet the funding requirement of the growth businesses.
Apollo Tyres  Apollo Tyres is the market leader in truck and bus tyre segments with a 28% market share. Strong demand in OEM
as well as replacement segment coupled with a lower raw material cost on a year-on-year basis will lead to a three-
fold jump in its FY2010 net profit. In the long term, the company is likely to benefit from acquisitions made in overseas
markets and capacity expansion in domestic business.
Bajaj Auto  Bajaj Auto is a leading two-wheeler automobile company. It is moving up the value chain by concentrating on the
executive and premium motorcycle segments. The success of the new launches will drive most of the growth for the
company during the year and help the company to regain its lost market share in the 125cc+ segment.
Bajaj Finserv  Bajaj Finserv is the only pure insurance play available in the market currently. It is one of the top three players in the
fast growing life insurance segment and also has a sizable presence in the general insurance segment.
Bajaj Holdings  Bajaj Holdings is the holding company of the Bajaj group, having a 30% stake each in Bajaj Auto and Bajaj Finserv.
The two-wheeler sales are expected to improve going forward with new product launches. The insurance business
makes it one of the largest players in the insurance space.
Bank of Baroda  With a wide network of over 2,900 branches across the country, BoB has a stronghold in the western and eastern parts
of India. The bank has laid out aggressive plans to grow supplementary businesses including insurance and on-line
broking, which should boost its fee income. We expect its earnings to post a CAGR of 19% over FY2009-11E.
Bank of India  BoI has a wide network of branches across the country and abroad along with a diversified product & services
portfolio, as well as steady asset growth. However the sharp deterioration in asset quality may pose some concerns
going ahead. As a result we have downgraded our recommendation on the stock to reduce.
Bharti Airtel  Bharti Airtel is leading the wireless telephony revolution and has emerged as the largest mobile operator in the country.
The company maintains its strong subscriber addition, however with the intensifying tariff war the ARPU has come
under pressure. The company maintains its market leadership and remains our top pick in the sector.
BEL  BEL, a public sector unit that manufactures electronic, communication and defence equipment, is benefiting from
enhanced capital expenditure outlay under the Union Budget to strengthen and modernise country’s security system.
The overall growth in the company’s revenues is also expected to be aided by civilian and export orders. We are positive
on BEL’s full-year estimates and long-term prospects.

Sharekhan ValueGuide 47 February 2010

 Remarks

BHEL  India's biggest power equipment manufacturer will be the prime beneficiary of the four-fold increase in the investments
being made in the domestic power sector. The current order book of Rs1,34,000 crore stands at around 4.8x its
FY2009 revenues and we expect the company to maintain the strong growth momentum.

Corp Bank  Corporation Bank has one of the highest Tier-I CAR among its peers. This leaves ample scope for the bank to leverage
the balance sheet without diluting the equity, quite unlike the other state-owned banks. The bank is most aggressive
on technology implementation with all its branches under Core Banking Solution, covering 100% business of the
bank, giving it a competitive edge over its peers.

Crompton Greaves  TThe outlook for Crompton Greaves' key businesses of industrial and power systems is buoyant. A consolidated
order book of close to Rs6,200 crore generates clear earnings visibility. The synergy from the acquisition of Pauwels,
GTV and Microsol will drive the company’s consolidated earnings.

Glenmark Pharma  Through the successful development and out-licensing of three molecules in a short span of six years, Glenmark has
become India's best play on research-led innovation. It has built a pipeline of 13 molecules and has managed to clinch
four out-licensing deals worth $734 million. Its core business has seen stupendous success due to its focus on niche
specialties and brand building. Out-licensing deals of its key molecules would provide further impetus to the earnings.

GCPL  Godrej Consumer Products Ltd (GCPL) is a major player in toilet soap, hair colour and liquid detergent segments.
The recent acquisition of 49% stake in Godrej Sara Lee has expanded the company’s product portfolio to aerosols
and household insecticides and has improved the growth prospects and business model tremendously. While we
expect good sales growth to sustain on the back of gains in the market share, benign raw material cost will further
aid strong growth in the bottom line. Also likely acquisitions in the near term could act as trigger for the stock.

Grasim  Post restructuring of its cement business Grasim would become a holding company for cement business and would be
left with just VSF and chemical division. At consolidated level the move will not result in any material change in earnings
estimates. On the other hand due to revival in demand for VSF, Grasim is planning to add another 80,000 tonne capacity
by FY2013 with an investment of Rs1,000 crore.

HCL Tech  HCL Tech is one of the leading Indian IT service vendors. It has outperformed its peers in terms of better financial
performance in the past few quarters on the back of ramp up in business from large deals bagged earlier. However,
we see risk to the company’s earnings due to upfront free transition cost on the recent deals, margin dilution from
Axon acquisition and huge unrecognised forex loss sitting on its balance sheet.

HUL  HUL is India's largest fast moving consumer good (FMCG) company. With sales volumes and market share under
severe pressure the company has shifted its focus from profitability to regain volumes. The company has implemented
corrective measures, which will improve the volumes in the coming quarters. In the long term HUL will be one of the
key beneficiaries of the Indian consumerism story.
ICICI Bank  ICICI Bank is India's second largest bank. With strong positioning in retail segment, it enjoys healthy growth in both
loans and fee income. However, deteriorating asset quality is a cause for concern. Its various subsidiaries add ~Rs177
to the overall valuation. Moreover, the bank offers substantial value unlocking opportunities with the expected listing
of its subsidiaries like ICICI Securities and ICICI Prudential Life Insurance.
Indian Hotels Co  Indian Hotels is the largest hotelier in India with a vast portfolio of hotel properties around the globe. Over the long term
the company would benefit from increase in tourism and corporate travels in India. Also, a turnaround in profitability
of its overseas properties would boost its earnings. The occupancies in the domestic business have revived as the macro
economic environment has improved. This will be followed by increase in room rates going ahead, which augurs well
for the company.
ITC  ITC has a strategy of effectively utilising the excess cash generated from its cash cow, the cigarette business, to
strengthen and enhance it’s other non-cigarette businesses. This would nurture the growth of these businesses some
of which are at nascent stage. As ITC gains leadership position in each of these businesses, we expect its valuations
to improve further, reducing the gap between its valuation and that of HUL.
Lupin  The leading pharma company is set to take off in the export market by targeting the US market (primarily for
branded formulations) while maintaining its dominance in the anti-TB segment globally. Further, with an expanded
field force and therapy focused marketing division, its branded formulation business in the domestic market has
been performing better than the industry. Its ongoing R&D activities are also expected to yield sweet fruits going
forward.
M&M  M&M is a leading maker of tractors and utility vehicles in India. New product launches are likely to drive its growth
going forward in the automobile segment, while the company has consolidated well in the tractor segment with the
acquisition of Punjab Tractors. Further, its investments with world majors in passenger cars and commercial vehicles
have helped it diversify into various automobile segments, while the value of its subsidiaries adds to its sum-of-the-
parts valuation.

Sharekhan ValueGuide 48 February 2010

 Remarks

Marico  Marico is India's leading FMCG company. Its core brands, Parachute and Saffola, have a strong footing in the market.
It intends to play on the broader beauty and health platform. It follows a three-pronged strategy that shall ensure
its growth in the long term. The strategy hinges on expansion of existing brands, launch of new product categories
and growth through acquisitions. Thus while Marico has entered new categories like health foods and Kaya clinics,
it has also expanded its presence in markets such as UAE and South Africa through acquisitions.
Maruti Suzuki  Maruti Suzuki is India's largest small car maker. The company is the only pure passenger car play in the domestic market
and has been outperforming the industry consistently. With new launches and strong existing product basket, the
company continues to outperform the market growth rate. Suzuki has identified India as a manufacturing hub for small
cars for its worldwide markets.
Piramal Health  The pharma major is ready to gain from the ramp-up in its contract manufacturing deals with MNCs. Further, the
acquisition of Minrad would boost its critical care business segment. However, a subdued CRAMS outlook and
pressure on margins on account of integration of Minrad could lead to risk of underperformance.

Punj Lloyd  Punj Lloyd is the second largest EPC player in the country (the first being Larsen & Toubro) with a global presence.
In FY2007, PLL acquired SEC and Simon Carves, which helped it plug gaps in the services offered by it. The average
order size and execution capability of PLL has also increased significantly making it the only player capable of
competing with Larsen & Toubro. However, in recent times the profitability has come under severe pressure due to
cost overruns in some of its subsidiaries’ projects and rising working capital requirement.

SBI  Despite being the largest bank of India, SBI is growing at a high rate which is commendable. Its loan growth is likely
to remain healthy at ~20% with improving core operating performance and stable net interest margins. Successful
merger of associate banks could provide further upside for the parent bank. The asset quality of the bank would remain
a key monitorable.

Sintex Industries  A key player in the plastic specialties space, Sintex Industries has a diverse business model with presence in construction,
prefabs, custom molding and textiles business. Being a pioneer in monolithic construction technique, it is witnessing
strong traction in order inflow for this division. Given the need for affordable housing, we expect its order book to
remain buyout in the future. Present in exciting growth businesses, its revenue and profits are expected to post CAGR
of 11.8% and 13.7% respectively over FY2009-12E.

Tata Tea  Over the past two years, Tata Tea has transformed itself from just a commodity (tea) seller to a branded tea maker.
It has acquired management control of Mount Everest Mineral water, owner of the Himalayan brand and plans to
enter RTD beverage segment through launch of TION in the domestic market. This makes the company a complete
beverage company having presence in the entire vertical: tea, coffee, Fruit drinks and water. However its valuation
is much cheaper than that of its peers.

Wipro  Wipro is one of the leading Indian IT service companies. The company has shown strong performance in recent
quarters. However, Wipro’s key user industries (telecom OEM and technology) remains muted due to change in the
management at client level and reduction in discretionary spending. But its performance is likely to improve in coming
quarters.
Emerging Star
3i Infotech  3i Infotech offers software products and solutions to the BFSI sector. The growth momentum is expected to continue
due to a healthy order book. Moreover, the recent fund-raising exercise has allayed concerns related to relatively-high
financial leverage on its balance sheet.
Allied Digital  The company is a leading player in the fast-growing remote infrastructure management service. It is believed to be
close to signing a pact with one of the leading PC server manufacturers to offer its services as bundled offering to its
OEM clientele. This coupled with a sustainable margin will cause its earnings to grow at a CAGR of over 29.6% during
FY2009-11.
Alphageo  Alphageo provides seismic survey and other related support services to oil exploration & production companies in
India. The recent order wins and a healthy pipeline of orders have considerably improved the company's revenue
growth visibility.
Axis Bank  Over the last few years, Axis Bank (UTI Bank) has grown its balance sheet aggressively. Notably, the bank has
maintained a delicate balance between aggressive balance sheet growth and profitability. Besides the core banking
business, the bank plans to foray into asset management business under a joint venture with Banque Privee. We expect
the quality of its earnings to improve as the proportion of fee income goes up.
Balrampur Chini  Balrampur Chini is the second largest sugar producer in the country and has an integrated business model with
distillery and power co-generation facilities. The Indian sugar cycle is witnessing a strong uptrend with production
deficit leading to a sharp jump in sugar prices. We expect Balrampur Chini’s profits to grow at a hefty CAGR of 41%
over FY2008-11 driven by sugar prices.

Sharekhan ValueGuide 49 February 2010

 Remarks

Cadila  Cadila's improving performance in the US generic and French market, along with the steady progress in the CRAMS
space, enriches its growth visibility. With key subsidiaries turning profitable, Cadila is all set to harvest the fruits of
its long-term investments.
EMCO  A leading player in the transformer space Emco is also fast emerging as an end-to-end player in the power T&D space.
The company has a strong order book of Rs1,500 crore. Furthermore, its new business initiatives (coal mining) could
be value accretive in the future.
Greaves Cotton  Greaves Cotton is a midsize and well-diversified engineering company. The Company’s core competencies are in Diesel/
Petrol engines, Power Gensets, Agro engines & pumpsets (Engines segment) and Construction Equipment
(Infrastructure equipment segment). The engine business accounts for ~85% of the company’s revenue, while the rest
comes from infrastructure equipment. With strong growth in sales of automotive engines and expected revival in the
construction equipment sales we expect the company to post a robust CAGR of 60% in profits over FY2009-11.
Max India  Max India is a unique investment opportunity providing direct exposure to two sunrise industries of insurance and
healthcare services. Max New York Life, its life insurance subsidiary, is among the leading private sector players, has
gained the critical mass and enjoys some of the best operating parameters in the industry. With insurance penetration
picking up in India and the company expanding its distribution network steadily, we expect to see a healthy growth
in the company’s APE going ahead.
Network 18  Network 18, the holding company of the TV18 group, owns the best media properties through its holdings in TV18
and IBN 18. While TV18 owns business channels CNBC and Awaaz, and Internet properties such as moneycontrol.com;
IBN 18 controls CNN-IBN and IBN-7. IBN 18’s Hindi GEC Colors is the no. 1 channel in the genre, via its tie-up
with Viacom. It also operates a home shopping network inclusive of a dedicated home shopping channel. We expect
Network 18 to create value through its holdings.
Opto Circuits  A leading player in manufacturing medical equipment like sensors and patient monitors, Opto has diversified into
the invasive space where it supplies stents for medical use. Lower cost base and attractive pricing strategies have enabled
Opto's stents to gain acceptance globally. Steady growth in the non-invasive segment and increasing acceptance of
DIOR, a revolutionary cardiac balloon, in Europe would drive Opto's growth. Further, Criticare acquisition will
enable Opto to diversify into gas monitoring systems and strengthen its position in the USA.
Patels Airtemp  Patels Airtemp, a manufacturer of heat transfer technology products, would benefit immensely from the strong boom
in its user industries, particularly oil and gas, refineries and power. It currently has a strong order book of Rs50 crore
while the order inflow is expected to remain steady in the next two years too.
Thermax  The company’s energy and environment businesses are set to benefit from the continuing rise in India Inc's capex.
Its order book stands at Rs5,612 crore, which is 1.7x its FY2009 consolidated revenues. We are positive on its possible
entry into super-critical boilers and its robust order inflow outlook from the power sector.
Zydus Wellness  Zydus Wellness owns three high growth brands, Nutralite, Sugar free and Ever Yuth in the niche health and wellness
segment. The company focuses on rampant growth by increasing the distribution of existing products, scaling up
the existing product portfolio through variants and new product launches leveraging the three brands. Also, the tax
benefit from the new facility would aid in a strong bottom line growth in the coming years. Thus, we expect the
company’s profit to register a strong CAGR of 50% over FY2009-12E.

Ugly Duckling
BASF India  BASF India is set to benefit from the changing demographics and the resulting consumption boom in India. The company
is building a 9,000TPA engineering plastics compounding plant at its existing Thane facility. The company is likely to
benefit from the new capacity addition that would help it cater to the demand from user industries like automobile,
construction, white goods, home furnishing and paper.
Deepak Fert  DFPCL manufactures and supplies industrial chemicals and ANP fertilisers. With the chemical prices stabilising, the
revenue and margin of the company is expected to expand in the future. Its new technical ammonium nitrate (TAN)
plant is on schedule and expected to commence operations by November 2010. We believe, this will contribute
significantly to the company’s top line as well as bottom line going forward.
India Cements  On the back of a modified capex plan, India Cements has joined the league of top five cement players with a capacity
of 14MMT at the end of June 2009 and that of 16MMT by FY2010. The capacity addition will lead to volume growth
and drive the earnings. The company is also setting up a 100MW captive power plant, which is expected to come on-
stream by March 2011. However, we expect the OPM and profitability to contract in FY2011 due to severe pressure
on cement realisation in southern India.
Ipca Lab  A well-known name in the domestic formulation space, Ipca has successfully capitalised on its inherent strength in
producing low-cost APIs to tap export markets. The company's ongoing efforts in the branded promotional business
in emerging economies, revival in the UK operations, pan-European initiatives and a significant scale-up in the US
business will drive its formulation exports.

Sharekhan ValueGuide 50 February 2010

 Remarks

ISMT  A leading maker of seamless tubes in India, ISMT is likely to benefit from improving demand in its traditional user
industries like automobile and mining. It would also gain from efforts taken to expand its product offerings and
increasing the size of addressable market by penetrating into energy and oil exploration sectors. It is also set to gain
from lower power cost with its captive power plant coming into operations in H2FY2011. We expect the profit to
grow at a CAGR of 50% over FY10E-12E.
Jaiprakash Asso  Jaiprakash Associates, India's leading cement and construction company, is all set to reap the benefits of India's
infrastructure spending. The company has also monetised very well on the real estate properties of Yamuna
Expressway. Moreover, the marked improvement in macro environment has improved accessibility to capital and
thus eased the concerns of liquidity to some extent. However, higher leverage could act as drag on the valuation.
Mold Tek Tech  Mold-Tek Technologies is aggressively scaling up the knowledge process outsourcing business. The company is also
likely to expand into the infrastructure vertical apart from high-rise building verticals.
Orbit Corp  Given its unique business model, Orbit is expected to cash in the massive re-development opportunities in southern and
central Mumbai. The company has shown marked pick-up in volume in the recent past. Further, it plans to launch atleast
one project every quarter which would ensure steady cash flow going ahead.
PNB  PNB has one of the best deposit mixes in the banking space with low-cost deposits constituting around 39% of its
total deposits. A strong liability franchise and technology focus will help the bank boost its core lending operations
and fee income related businesses.
Pratibha Ind  Pratibha Industries is a dominant player in the water & irrigation and urban infrastructure segments. The backward
integration into manufacturing of HSAW pipes has enabled it to bid for pipeline related projects at very competitive
prices. It has also diversified into other high-margin areas like power and oil & gas and has an order book of Rs3,500
crore which is 4x its FY2009 revenues. With the government giving huge impetus on these segments, we expect the
PAT to post a CAGR of 33% over FY2009-12.
Ratnamani Metals  Ratnamani Metals and Tubes is the largest stainless steel tubes and pipes maker in India. Inspite of the challenging
business environment due to increasing competition, we believe the stock is attractively valued at a discount of ~40%
to the average of large pipe players due to lower scale of operations. We believe with the increasing order backlog of
the EPC contractors, the order inflow visibility is set to improve going forward.
Selan Exploration  Selan is an oil exploration & production company with five oil fields in the oil rich Cambay Basin off Gujarat. The
initiatives taken to develop and monetise the oil reserves in its Bakrol and Lohar oil fields are likely to significantly
ramp up the production capacity and lead to re-rating of the stock.
SEAMEC  With a fleet of four MSVs, SEAMEC is a key beneficiary of higher rates for MSVs on account of surge in oil exploration
spends. However, under utilisation of assets with two vessels going for dry-docking in 2010 would be a key issue.
Shiv-vani  The company is the largest onshore oil exploration service provider in the domestic market. Its strong order book of
Rs3,700 crore, 4.2x its FY2009 revenues, provides great visibility to its earnings over the next three to four years. The
earnings are estimated to show a CAGR of 15.8% during FY2010-12E.
Subros  Subros is the largest integrated manufacturer of automobile air conditioning systems in India. It is expected to be the
prime beneficiary of the buoyancy in the passenger car segment led by its key clients Maruti Suzuki, Tata Motors and
Mahindra & Mahindra.
Sun Pharma  With stronghold in domestic formulation market, Sun Pharma has become an aggressive participant in the Para IV patent
challenge space. Having already garnered four exclusivity opportunities in the USA, any further news flow on Para IV
challenges and Taro acquisition would drive the stock. However, the recent FDA action on Caraco significantly
compounds the near-term growth outlook for the base US business.
Torrent Pharma  A well-known name in the domestic formulation market, Torrent has been investing in expanding its international
presence. With the investment phase now over, Torrent should start gaining from its international operations in
Russia and Brazil. The impending turnaround of its German acquisition, Heumann, will also drive the profitability
of the company.
UltraTech Cement  Post restructuring of cement business of Grasim, UltraTech will emerge as India’s largest cement company with ~49
million tonne cement capacity. Despite expectation of subdued cement prices in future, UltraTech’s OPM is expected
to improve in FY2010E. 4.9MTPA capacity expansion in Andhra Pradesh and savings accruing from new captive
power plants will improve the company’s cost efficiency.
United Phos  A leading global producer of crop protection products, intermediates, specialty chemicals and other industrial
chemicals, United Phosphorus has presence across value-added agricultural inputs ranging from seeds to crop
protection products and post-harvest activities. We expect the bottom line to grow at a CAGR of 20.4% during
FY2009-12E. A diversified product portfolio, a strong distribution network and presence across geographies make
United Phosphorus a good investment play in the agro-chemical space.
UBI  Union Bank has a strong branch network and an all-India presence. The net NPAs are below 1%, indicating strong
asset quality along with a healthy asset growth. With strong return ratios and stable performance in terms of various
operating parameters, the bank is a good investment play.

Sharekhan ValueGuide 51 February 2010

 Remarks

Zensar  Zensar, promoted by the RPG group, has effectively utilised the inorganic route to gain critical mass in the fast growing
enterprise solutions segment and extend its presence in newer markets.

Vultures’s Pick

Esab India  ESAB India is a leading manufacturer of electrodes and welding equipment. A change in the positioning of its products
from low-margin, high-volume products to quality and high-margin products would further boost its profitability.

Mahindra Lifespace  The company owns Chennai SEZ, making it the only private sector player in the country to have an operational SEZ.
Leveraging its rich expertise, the company is planning to develop one more SEZ, in Jaipur. We also expect significant
improvement in the margins primarily due to higher revenue contribution from Chennai's non-processing area and
better realisation for Jaipur SEZ processing area. Consequently, we expect the company's net income to grow at a
CAGR of 51.7% over FY2009-12.

Orient Paper  Orient Paper is in the process of increasing its capacity from 3.4 million tonne to 5 million tonne. The 50MW captive
power plant and cement plant at Devapur is delayed by a quarter and now expected to come on stream by Q4FY2010.
The new capacities are expected to drive the earnings of the company.

Tata Chemicals  With a combined capacity of 5.5MMTPA Tata Chemicals is the second largest soda ash producer in the world. By
acquiring controlling stake in Rallis India, Tata Chemicals has increased its presence in the agri-business. The company
is all set to expand its agri-business portfolio with the introduction of specialty fertilisers and setting up a green field
urea plant. The regulatory changes in the fertiliser industry would also benefit the company.

Unity Infra  With a well-diversified order book, Unity Infrastructure is expected to be the key beneficiary of the government's thrust
on infrastructure spending. Its order book remains strong at Rs3,770 crore, 3.3x its FY2009 revenues. We expect
its top line to post a CAGR of 26% on the back of a strong order book during FY2009-12. Further, it plans to enter
new segments like power and road BOT projects.
Cannonball

Allahabad Bank  Allahabad Bank with a wide network of over 2,200 branches across the country has a strong hold in the northern and
eastern parts of India. With an average RoE of ~17% during FY2009-11E, the bank is available at an attractive valuation.
Andhra Bank  Andhra Bank, with a wide network of over 1,200 branches across the country, has a strong presence in south India
specially in Andhra Pradesh. With an average RoE of ~19% during FY2009-11E, the bank is available at attractive
valuation.
Dhampur Sugar  DSL is the fifth largest sugar producer in India with integrated facilities and it is going to be a key beneficiary of the current
upturn in the sugar cycle. We expect DSL’s profits to quadruple in FY2010 (end of September 2010) due to higher profits
from its sugar business led by higher sugar realisation and refining & sale of low-cost raw sugar.
IDBI Bank  IDBI Bank is one of leading public sector banks of India. The bank is expected to improve its core performance significantly,
which is likely to reflect in the form of better margins and return ratios. Furthermore, the much-expected capital assistance
from the government would fuel business growth going forward. Moreover, a huge investment portfolio adds substantial
value to the bank.
Madras Cement  Madras Cement, one of the most cost-efficient cement producers in India, will benefit from capacity addition carried
out by it ahead of its peers in the southern region. The 3 million tonne expansion will provide the much-needed volume
growth in the future. However, poor regional demand and much higher pressure on realisation due to upcoming
capacities will see the company post de-growth in FY2011 earnings estimates.
Phillips Carbon  Phillips Carbon Black Ltd, a leading carbon black manufacturer in India, is one of the key beneficiaries of the revival
seen in the domestic tyre industry. The company also generates substantial revenue from the sale of surplus power
in the open market after meeting its captive demand. The surplus power sale is likely to be a major positive impact
on its earnings. Consequently, we expect the company to report significant improvement in its financial performance
over the next two years.
Shree Cement  Shree Cement's 1-million-tonne seventh clinker line has come on stream in March 2009. The cement grinding capacity
of the company now stands at 9.1 million tonne and is expected to be 12MMT by the end of FY2010. Further more
the company is also setting up 300 MW of power plant entirely for the merchant sale and expected to come on stream
by FY2012. Thus, the volume growth in the cement division and additional revenue through sale of surplus power
capacity will drive the earnings of the company.
TFCI  TFCI provides financial assistance to the hotel and tourism sector. As TFCI is exposed to only this sector, its
performance is inextricably linked to the prospects of this sector. This was largely responsible for TFCI's earlier
financial problems. However, things are now looking very promising for TFCI with improved asset quality and strong
loan demand due to significant expansion plans lined up by the hotel and tourism sector. We expect TFCI's earnings
to grow at a CAGR of over 14% over FY2009-11E.

Sharekhan ValueGuide 52 February 2010

 ProTech—Managed Futures A/c
(Investing based on price movements)

A trend begins

I am sure it’s been a long wait and it should now pay off. The net asset value (NAV) of Nifty-Thrifty (NT)
has been flat for the last few months after the 15% drawdown seen in August last year and we have been
patiently waiting for the next 15%+ move in the index when it can make a meaningful difference to our
portfolios. The index has been in a small range and moved in single-day jumps. If the moves were slow
within a small range then too the system would have captured them but a less than 5% move with one to
two movements from one end to the other make it hard for the trend following systems to catch up. Starting
January 2010, for the first time it looks like the range of the market is starting to widen albeit on the down
side. With this I would expect clearer trends in the coming months which we can now profit from and see
NAV growth.

This has been the longest non-trending Nifty Thrifty NAV

period that the market has seen in a long
25000 30.00
time. When the markets are allowed to
20000 25.00
move in their own momentum they will
20.00
15000
mostly remain trending as mass psychology
15.00
is at play. This year's non-trending 10000
10.00
behaviour may have to do with external 5000 5.00
factors, but such events are never perpetual.
0 0.00
I believe now that is behind us. The returns
02/06
05/06
08/06
11/06
02/07
05/07
08/07
11/07
02/08
05/08
08/08
11/08
02/09
05/09
08/09
11/09

for this month were small, but this should

be a beginning as we enter the last quarter
of the financial year. We hope to keep up
our track record of ending every financial year in green. As stated in the earlier months, drawdowns are
ideal opportunities to invest or top up into NT. Think of it like a stock and buy on dips.

For more details or to open an account, contact our customer service department.

Call Anuj Doshi on 098207 76014

Also refer ProTech—Managed Futures A/c performance sheet

We will be more than delighted to answer all your queries regarding Sharekhan Portfolio Management Services.

Mail- [email protected] l Website - http://www.sharekhan.com/Services/services_technicalpms.aspx

 Sharekhan Partners
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Reddy, 9866615862; Mr. Srinath Bompalli, 9959745451; Mr. Srisailam Kolupula, 9866358540; Mr. Patha Rajesham, 9246374320; Mr. Emmadi Santhosh Kumar, 9949960904; Mr. Jena Manoj
Kumar, 9866138135; Mr. Sravan Kumar Gopanaboina, 9966003063; Mr. O Prahalladha Reddy, 9885172259.  Kadapa—Mr. Syed Tajuddin Baba, 241244.  Karimnagar—Mr.Vemula Akkanna,
2253777; Mr. Krishna Gaddam, 9642256780.  Kuchipudi—Mr. Chinda Ashoka Raju, 252006; Kurnool—Mr.O.Prabhakar Reddy, 276485;  Khammam—Mr. Srikanth Sudigali, 211000; Mr.
Rama Rao Gajendrula, 231051;  Mahabubnagar—Mr. Kassa shiva Kumar, 220175;  Mandapeta—Ms. Sarojini Kaki, 233553;  Metpalli—Mr. Ramu Akula, 226820;  Nalagonda—Praveen
Kumar Reddy M, 9885582718;  Ongole—Mr. D. Harikrishna, 650234.  Piler—Mr. Bandi Venkatramana, 9246565152.  Railway Kodur—Mr. Sumanth Kumar Dollu, 9492571477.  Rajamundry—
Mr.Maridiyya Yajjavarapu, 2434180;  Ranga Reddy—Mr. Bairi Venkat Reddy, 24244242;  Secunderabad—Mr.Thumeti Jagadeesh Kumar, 9849274284; Mr. G Vinaya Chandran, 27861304;
Mr. Venugopal Shankar Bodhuna, 27071546; Mr.G.Gopala Krishna, 32423129;  Shadnagar—Vuppu karthik, 9885508180;  Siddipet—Mr. Praveen Kumar Poloju, 9985087304;  Vijaywada—
Mr. Shyam / Mr Narendra Kumar, 2550713 / 2554811; Mr. Maganti Rajyalakshmi, 9440180390; Mr. Devadasu Puttagunta, 9848185778;  Visakhapatnam—Mr. V. Vankatram, 2505642/
2505643; Mr. Praveen Yarra, 6467679; Mr. Gopichand Lingamaneni, 2798844;  Vizianagaram—Mr. Pachigolla Arun Kumar, 232282;  Warangal—Mr.Satish Kumar Athirajula, 9959860898;
 West Godavari—Mr. I Pardha Saradhi, 252250; ARUNACHAL PRADESH  Ms. Taru Phugang—2350807. ASSAM  Duliaganj—Ms. Sabera Sahin, 9854155175;  Guwahati—Ms. Bhairabi
Barkataky , 2203138-39; Mr. Ratan Kumar, 9706012853;  Moranhat—Mr. Ankush Kumar Agarwalla, 9864452262. BIHAR Arrah—Mr. Kamal Das/ Ms. Gunjita Das, 9835217505;  Arwal—Mr.
Arun Kumar Singh, 9835455978;  Begusarai—Mr. Dinanath Jha, 237307;  Bettiah —Mr. Niraj Chowdhary, 241512;  Bhagalpur—Mr. Rajesh Ranjan / Mr. Sanjeev Ranjan, 2409556;
 Biharsharif—Mr.Rajiv Kumar, 233232;  Darbanga—Mr. Bijay Mohan, 9334022554; Mrs. Narayani Agrawal, 220058; Dumraon—Mr. Jeetendra Kumar Prasad, 222947;  Gaya—Mr.Shashi
Bhushan Kumar, 2220298;  Harnaut—Mr. Santosh K Kumar, 276213;  Motihari—Mr. Anil Kumar, 239398; Mr. Sandeep Kumar Upadhyay, 233404;  Muzzaffarpur—Mr. Manoj Lohia, 2269982;
 Nawada—Mr. Saroj Kumar, 324140.  Narkatiaganj—Mr. Sushil Agrawal, 242269;  Patna—Mr. Ajay Kumar, 2222649; Mr. Manish Kumar, 2281714; Mr. Vivek Anand, 2266230; Ms. Renu
Bairoliya, 2238428; Mr. Alok Kumar, 2227101; Mr. Krishna Rungta, 2213112; Mr.Satyendra Kumar Singh, 2224389; Mr. Rajesh Choudhary, 2616104; Mr. Vidyanand Singh, 2207887; Mr. Ranjay
Kumar Sinha, 9835232766; Mr. Romit Kumar, 2274960; Mr. Amit Kumar, 2928017; Mr Dhiraj kumar singh, 3256359; Mr. Rakesh Kumar, 9334358800; Mr. Santosh Abhay, 9006020439.  Raxual—
Mr. Vikash Agarwal, 225023.  Sitamarhi—Mr. Prabhat Kumar Goenka, 252400;  Siwan—Mr.Pankaj Kumar Verma, 228587. CHATTISGARH  Ambikapur—Mr. Bir Bhadra Pratap Singh, 224382;
 Balod—Mr. Dinesh Tapariya, 222416;  Baloda Bazar—Mrs. Suvarna Chawla, 222322.  Bhilai—Mr. Rajeev Shah, 4051262.  Bilaspur—Mr. Deepak Verma, 255055;  Dhamtari—Smt.Sarita
Nankani, 237922;  Durg—Mr. Prashant Yadav, 2329968; Mr. Amit Shukla, 2320924; Mr. Baljeet Kaur, 2325744;  Korba—Mr. Nalin Shah/Mr. Deepak shah/Mr. Kiran Jit Rajpal/Mrs. Maya Agrawal/
Mrs. Komal Agrawal, 9425532513;  Raipur—Mr. Premchand Jain / Mr. Pukhraj R Bardia, 4033229; Ms. Deepika Baid, 255530; Mr. Anand Shukla, 9826677009.  Rajnandgoan—Mr. Pramod
Agrawal, 404115. GOA  Margao—Mr. Suresh Fernandes, 3235892; Ms Judith Kalpana De Almeida, 2736607;  Alto-Porvorim—Mr. Sunil Kumar Kamta Singh, 2416584;  Panaji—Mr. Praveen
Vishnu Shamain / Mr. Shirish Jagdish Sardesai, 6653231; GUJARAT  Ahmedabad—Mrs. Asha Tejas Patel / Mr. Tejas Patel, 69465183; Mr. Ibrarul Haque Mohd Akhtar., 26826115; Mr. Tejas Amin,
30021096; Ms. Falguni Asim Mehta, 26440394; Mrs. Daxa Vimal Patel, 26464013; Mrs. Paulomi Sanjay Golaskar, 40035001; Mrs. Kuntal Vijay Modi, 26850577; Mr Vivek Ganesh Prajapati,
27450641; Mr. Sanjay Basantram Gidwani, 30218341; Mr. Sanjay Balubhai Savaliya, 9879958715; Mr. Usha Satish Ailani, 22171064/30224497; Mr. Shivbhadra Zala, 27532131; Mr. Harish Mohan
patel/Mr. Tejash Girish Shah, 22814835; Mr. Rashmikant Natwarlal Shah, 9924917277; Mr. Tejas Narendrapuri Goswami/Mrs. Ritaben Chavda, 30172030; Mr. Samir Avnitbhai Shah, 9374656818;
Mrs. Monita Dharmendra Somaiya., 66614014; Mr. Parag Mahendrakumar panchal, 40068205; Mr.Niraj Shah, 26303637; Mr. Mitesh Rameshchandra Shah., 25633579; Mr. Harsh Mukesh Shah,
27641266; Mr.Parag Arvindbhai Dave, 9998941719; Mr. Naresh patel, 9979972783; Mr. Ramesh Natwarlal Shah, 22819442; Mr. Samir patel/Ms. Kamini patel/Mr. Hiren patel/Mr. Ambalal Patel,
9909912806; Mr. Alpeshkumar Punjabhai patel, 9879530810; Mr. Alkesh Vinodbhai Chokshi, 30160222; Mr. Navinchandra Fulchand Ravani, 22730237; Mr. Jitendrabhai Mohanbhai patel,
25834410; Mr. Pravindan Shambhudan Gadhavi, 9825852658; Mr. Shaikh Mohd Saajid, 9328134301; Mrs. Vaisakhi Pratik Shah, 9998143855; Mr. Nirav Kalgiben Shah, 40062774; Mr. Rajesh
Thakkar/Mr. Ketan Chandubhai Barot/Saurabh Ravindrabhai Bhatt, 9558805465; Mrs. Sejal Amit Shah, 079-26632439; Mr. Ankit Upendra Shah, 40066059; Mr. Brijesh Ashwinkumar Shah,
26643081; Mr. Laxmikant D Kapadia, 9998307727; Ms. Prinsa Christina, 25855298; Mr. Niraj Lalbhai Patel, 66660141; Mr. Manish Rameshbhai Patel, 9825077084; Mr. Paresh Kanjibhai
Thakkar, 9723115663; Mr. Jitendra Ganpatbhai Patel/Mrs. Pallavi Pradyuman Kantawala/Mr. Sureshkumar Harilal Shah, 26303177; Mr. Shreyaskumar Kiritkumar Dixit, 66060141;  Anand—
Mr. Jignesh Thakorbhai Ray, 655706; Mr. Virenkumar Dipakkumar Desai, 278707;  Anaval—Mr. Dharmishtha Girishbhai Parmar, 252232;  Anjar—Mr. Denish Vasantbhai Manek, 240311;
 Ankleshwar—Mr. Jaydeepsinh B. Borasia, 270237; Mrs. Nilam Mayank Patel, 227120; Mrs. Kairshma Chintan Mehta, 9825567080; Mr.Nilesh Bavishi, 9824131209; Mr. Mehulkumar Dineshchandra
Patel, 9824733942.  Bagasara—Mrs.Rupaben Bharatbhai Chandarana, 9426227527;  Banaskantha—Mr. Pasheriya Noormohmed H, 9898950520;  Bardoli—Ms. Punita Gadariya,
325688;  Becharaji—Mr. Vipulkumar Sheth, 286001;  Borsad—Mrs. Tejal Vijaykumar Shah, 223913;  Bharuch—Mr. Nehal Anilbhai Patel / Mr. Pinakin Janmejay Mahant, 226322; Mr.
Sasikumar Manjanath Velaydhan, 288742; Mr. Arpan Kishorchandra Parikh, 9979476697; Mrs.Nishaben Vipulbhai Patel, 240502; Mrs. Minaxiben Kamlesh parmar, 240632; Mr. Zubin Rohinton
Jambusarwala, 226243; Mr. Krunal Bhagvatbhai Jadhav, 9824477744; Mrs. Daxa Sanjay Patel, 246056.  Bhavnagar—Mr. Nrusinh Bansidas Tilavat, 2227051; Mr. Dhaval Jagdishbhai
Thadesar, 2429844;  Bhuj—Mr. Rakesh patel, 9879320507; Mrs. Lopa Jignesh Vasa, 645229; Mr. Pradipsinh Jadeja, 9925171191; Mr.Pranay Manojbhai Sompura, 9428898278;  Billimora—
Mr. Piyush Gandhi, 286100; Mr. Bhavin Patel, 285097;  Botad—Mr. Tushar Kalathiya, 242799;  Dahod—Mr. Mahendra Vadilal Kadia, 2386743; Mr. Jignesh N Kabrawala, 242876; Ms. Nikitaben
P Mamnani, 248869;  Deesa—Mr Vinaykumar Agrawal, 9824252715;  Dhasa—Mr. Ghanshyam V Padhariya, 233400;  Dholka—Mr. Firoz Ahmed Abdul Karim Mansuri, 221919;  Dhrangadhara—
Mr. Vipulkumar lalitchandra Halani, 9825922024;  Gandhidham— Mr. Sunil Rupchand Virwani, 229447; Mr. Manish Tribhovan Mirani, 230401; Mr. Tinu Dhirajlal Gandhi, 232174;  Gandhinagar—
Mr. Urvish Shah, 30583058; Mr. Vivek Anilgiri Goswami, 9879977100; Mr. Ajay Chandubhai Patel, ;9427054721; Mr. Tushar Hansrajbhai Thakkar, 9327359389; Mr. Hiteshkumar Hasmukhbhai
Patel, 9824090471; Mr. Janak R Barot, 9904532197;  Godhara—Ms. Jayshri Haren Shah / Mr. Bhavin Patel, 249791; Mr. Kiran D Pathak, 249793;  Gozaria—Mr Sandipkumar Yogeshbhai Patel,
9998219439;  Halol—Mr. Ketan patel, 223863; Ms. Hetal Bhupendrabhai Shah, 236655;  Hansot—Mr. Dhaval Natvarlal Patel, 262278;  Himatnagar—Mr. Atulkumar Haribhai Patel, 244573;
Mrs. Nurjhabanu Mamon, 240796;  Idar—Ms. Rathod Jyotikaben Dilipsinh, 251052;  Jagdalpur—Mr. Akshay Deshmukh, 9993666999;  Jamnagar—Mr. Bhavesh K Kataria / Mr. Hitendra
K Kataria, 2713306; Mr. Jyotiraja Sodha, 2665053; Mr. Kalpesh Kundalia, 9879225375; Mr. Naishdh Chandarana, 2677710;  Jetpur—Mr. Tejashkumar Vrujlal Kotak, 2651108.  Junagadh—
Mr. Manish Padaliya/Mr. Dipak Fadalu/Mr. Bhavesh Bhalani, 9824204462; Mr. Nitin Mansukhbhai Savaliya, 2650824; Mr. Siddharth Gopaldas Lathigara, 9824350452; Mr. Mehul Jentilal
Zinzuvadiya/Mr. Mukesh Ashokbhai Pritmani, 9998777799; Mr. Rajesh Chimanbhai Shilu, 2573938.  Kadi—Ms. Linaben Nilpesh Patel, 244466; Mr. Mayur Dilipkumar Barot, 4263109;  Kalol—
Mr. Hitesh Shah, 236555; Mr. Giriraj Vitthalbhai Makwana, 9898935749;  Kapadwanj—Mr. Dinesh Mafatlal parekh, 253210;  Kathlal—Mr. Ketankumar Patel, 243192.  Kera—Mr. Mansukh
Bhimji Khetani/Mr. Kerai Vishram Ravji, 9428281998.  Keshod—Mr. Nilesh Savjibhai Kotadia, 233680; Mr. Divyesh Kotadia, 233479.  Khedbrahma—Mr. Himmatkumar M Vaishnav, 221942;
 Kosamba—Mrs. Priti Ajitsingh Atodaria, 232817;  Lunavda—Mr. Jayantibhai Hirabhai Patel / Mr. Iqbal Ahmed Mansur, 250163.  Limdi—Mr. Jasmin Medhia, 237277;  Madhapar—Mr. Ashish
Harji Madhaparia, 9978298009;  Mahudha—Mr. Dipenkumar Mukeshkumar Patel, 9427855281.  Mandvi—Mr. Suresh Vishanji Patel, 222728.  Mehsana—Mr.Patel Lalitkumar Hargovanbhai,
290701; Mr. Mehulkumar Dashrathbhai Patel, 231480; Mr. Bhaveshkumar Babulal Dave, 9925042521; Ms. Ramilaben B Patel, 251251; Mr. Tejas H Shah, 9824407204; Mr. Dineshbhai Kevabhai
Prajapati, 9429307807;  Mithapur—Mr. Sanjaykumar Vallabhdas Gokani, 223222;  Modasa—Mr. Jayram Chandrakant Soni, 244095; Mr. Shahinbabu Mohammedsajid Sheth, 9978768848;
 Morbi—Mrs. Smita Pravin Vajaria,223579;  Mundra—Mr. Suresh Vishanji Patel, 9879032211; Nadiad—Mr. Ganpat Ramji Parmar, 9427077389; Mr. Vishal Mahendrabhai Patel, 9879488088;
Mr. Robin Niranjanbhai Patel, 9898704101;  Nakhatrana—Mrs. Alpa Gopalbhai Bhatt, 221738;  Navsari—Mrs. Rikita Keyur Patel, 272426; Mrs. Dhamshania Jyotsna Gopal, 9825630800;
 Okha—Mr. Priteshkumar Parsotam Savjani, 9228262495;  Padra—Mr. Mukesh Nandlal Thakkar, 224664;  Palanpur—Mr. Vinodkumar Somalal Thakkar, 250451; Mrs. Anuben B Desai,
250251;  Patan—Mr. Shripal D. Shah, 325759; Mrs. Manali Ritesh Gandhi, 9898495005.  Petlad—Mr.Jeetendra Mohanbhai Relani, 9824590848;  Prantij—Mr. Viral Patel, 231585;
 Porbandar—Ms. Archana S Badiani, 2245551; Mr. Vishal Motivaras, 2241271  Rajkot—Mr. Ketan Masrani / Mr. Mihir, 2227687; Mr. Mihir Pravinbhai Jivrajani, 2440664; Mr. Vishal Jaysukh Shah,
2226496; Mr. Narendra hasmukhlal shah, 2572800; Mr. Anand Manilal Shah, 3015616;  Sihor—Mr. Jaydeepsinh Anirudhsinh Gohil, 222750;  Sidhpur—Mr. Jigneshkumar S Joshi, 9427675858;
 Silvassa—Mr. Faisal Anisahmed Siddique, 3294958; Surat—Mr. Shailesh Ambalia, 2453070; Mr. Gaurang Parvadia, 3257809; Mr. Shreyas Shroff, 2474400; Mr. Shailesh Kusumchand
Jhaveri, 2598898; Ms. Krutika Amit Mehta, 9825831781; Mr. Biren Chhatrapati, 3926645 ; Mr. Devraj Shambhubhai Baldha, 2632524; Ms. Rakhi Jignesh Surti, 2276182; Ms. Khatijabibi Ismail
Alloo, 9879524676; Mr. Nitin Shanti Parmar, 6543562; Mr. Amit Mehta, 9925207088; Mr. Jayesh P Madhani/Mr. Babulal madhani, 2492733; Mr.Dipak Hasmukhlal Majithiya, 2532013; Mr. Jayesh
Dhirajlal Vaghasiya, 9913072701; Mrs. Lataben Dharmeshkumar Khatri, 273332; Mr. Samir Jashvantray Dhrangdhariya, 2548443; Mr. Jayeshkumar Jagmohanbhai patel, 9427423015; Mr.
Nilesh Khimjibhai Ajudiya, 9925533815; Mr. Amit Changanlal Chauhan, 9909242324; Mr. Pravin Murlidhar Tahiliani, 9974045892; Mr. Parshvakumar Ashokbhai Jhaveri, 2593100; Mr. Ashish
Shantilal Baid, 3019393; Mr. Ashokkumar Bhikhumal Singhal, 2781444.  Surendranagar—Mr. Himanshu Chandulal Thakkar, 221477;  Unjha—Mr. Namik H Bhatt, 252099; Mr. Hemant P Patel,
240666;  Upleta—Mr. Saurabh Suresh Parmar, 9998932963;  Vadodara—Mr. Ashish Vishwanath Rana, 6454622; Mr. Durgesh D. Babariya, 6531799; Mr. Mohit Sadarangani, 3253689;
Mr.Tirthank J. Rindani/ Ritu T, 2353684; Mr.Jaydeep Ranchhodbhai Shah, 2353336; Mr. Viresh Chandrakant Thakkar, 0265 - 2233457; Mr. Bharatbhai Patel, 2711647/; Mr. Rohit Sarabhai Gandhi,
2464012; Mr. Sandip Dinesh Patil, 6454514; Mr. Tejas Shah / Mr. ZAKIR TINWALA, 2783040; Mr. Naimish S. Tiwari, 3919543; Mr. Minesh Hasmukhlal Shah, 3916182; Mr. Anish Vipin Salat, 2351548;
Mrs. Amita Arun Mehta, 2661784; Mr. Imranbeg Mahmadbeg Mirza, 2416633; Mr. Jayesh Dave, 2634326; Mr. Vishesh ray, 6640776; Mr. Harish Babu Shetty, 9925142692; Mrs. Toral Rupeshkumar
Patel, 9998979227; Mr.Sajid Tareq Shaikh, 9898463462; Mr. Vinod Ratilal Patel, 2283487; Mr. Yogendra B Jayswal, 304394; Mr. Ketankumar Kishorebhai Thaker, 9426765022; Mr. Siddharthsinh
Ashoksinh Mahida, 9879296583; Mr. Vishal Narendrabhai Parikh, 2314908; Mr. Dinesh Kumar Sharma, 2354220; Mr. Viren S Shah, 6451974; Mr. Gaurang Chandrakant shah, 6537415; Mr. Viresh
Chandrakant Thakkar, 9998816142; Mr. Laukik Jitendra Tripathi, 9824630526; Mr. Nimit R Desai, 9898714398.  Vadtal—Mr. Mishankkumar Vasantbhai patel, 2589572;  Vadtal—Mr. Arpan
Parikh, 9979476697;  Valsad—Mr.Kaushal C. Gandhi, 243636; Mr. Amin Ramju Sameja, 253720;  Veraval—Mr. Prakashbhai Jayantlal Jogia, 9228395847;  Vapi—Mr. Ravindra Baburao
Khare, 9825208866.  Visavadar—Mr. Paresh Ramniklal Nathwani/Mr. Yagneshbhai Dineshbhai Sadrani, 9375934409;  Visnagar—Mr.Patel Bharat Haribhai /Mr.Nareshbhai Girdharbhai,
220028; Mr. Govind Maganlal Patel, 223294. HARYANA  Ambala—Mrs.Aruna Yadav, 2691014; Mr. Ajit Singh Dogra, 2670375; Mr. Priyank Jain, 2443020;  Baghanki—Mr. Satya Prakash,
4238405;  Bahadurgarh—Mr. Vijay Dandeva, 65474625;  Faridabad—Mr. Subhas Chand Jain / Mr. Anilkumar Jain, 4004191; Mrs. Madhu Mangla/Mrs. Sarika Pandhi, 4037370; Mr. Dheeraj
Kant, 9911798871;  Fatehabad—Mr. Parmender Malik, 9416499086;  Gurgaon—Mrs. Harsha Mangla, 3222911; Mr. Raj Kumar, 3242549; Mr.Rakesh Kumar Gupta, 4236484; Mr. Nikhil Dangi,
3270581;  Hansi—Mrs. Sheetal Chaudhary/Mr. Ram Singh Goyat, 2315125; Mr. Narender Prajapati, 3071516.  Hisar—Mr. Dipender Malik, 9416926662;  Jagadhri—Mr. Deepak Tuli, 236254;
 Karnal—Mr. Manish Aggarwal, 4032675; Mrs. Sarika Jindal/Mr. Naveen Kumar, 245665.  Khanna—Mr.Rajeev Garg, 503591;  Kundli—Mr. Dinesh Kumar Bansal, 2372073;  Ladwa—
Mr.Rohit Kumar, 9896485864;  Panipat—Mr. Anup Sharma, 292133;  Rewari—Mr.Akhilesh Kaushik, 224633;  Rohtak—Mr. Pawan Kumar, 299634; Mr. Azad Singh, 9255476147.  Samalkha—
Mr. Ashok Kumar, 6499793.  Sonipat—Mr Sanjeev Gupta, 2243898; Mr.Ravinder Suresh Kumar, 6452238.  Yamunanagar—Mr. Sanjeev Kumar/Mrs. Megha Sharma, 9896920899. HIMACHAL
PRADESH  Chamba—Mr. Vijay Abrol, 223567.  Hamirpur—Ms.Promila Devi, 224066. JAMMU & KASHMIR  Jammu—Mr. Ajay Kapoor, 2574145; Ms. Laxie Kapoor / Mr. Ajay Kapoor, 21073341;
Mr. Ajay Kapoor, 2107722/6421; Mr. Ajay Kapoor, 9419193526;  Kathua—Mr. Rakesh Kumar, 232577.  Pulwama—Mr. Irshad Mushtaq Zarqoop, 2485730;  Srinagar—Mr. Irshad Mushtaq
Zarqoop, 2485730.  Udhampur—Mr. Ajay Kapoor, 202458/59. JHARKHAND  Bokaro Steel City—Mr. Mihir Kumar Jha, 231087;  Chakulia—Mr. Prabhat Kumar Lodha, 233393;  Dhanbad—
Mr. Dhiraj, 2301714; Mr. Kalicaran Paul, 9334350164;  Jamshedpur—Mr.P.Srinivas Rao, 2321686; Mr. Dilip Agarwal, 2320019; Mr.Dilip Kumar Agarwal, 2423015; Mr. Dinesh Ahuja, 2290640; Mrs.
Jayshree Vyas, 9304973177; Mr. Navin Kumar Thaker, 275191; Mr. Sunil Kumar Singh, 2441182;  Pakur—Mr. Tripurari Kumar Pandey, 9334922789.  Ramgarh—Mr. Rajeev Murarka, 230710;
 Ranchi—Mr. Pravin Murarka. / Mr. Rajiv Murarka, 2208205; Mr. Subinoy Banerjee, 3295162; Mr. Rajeev Murarka, 2242684;  Sahibganj—Mr. Naiyarul Islam, 278911. KARNATAKA  Athani—
Mr. Raju Doulat Atpadikar, 292020.  Bailhongal—Mr. Dayanand Irappa Paralshetti/Mr. Manjuanth Satish Amte/Mr. Babu Basavanneppa Yadalli/Mr. Manjunath Basalingayya Hiremath/
Mr.Girish Shrikant Pattar, 9844157502.  Bangalore—Mr. Raghupathi Bhai, 41674396; Mr. B. G. Anirudh., 26560931; Mr. Naveen Talreja, 41234042; Mr. Nagendra Gupta Prashanth, 26522725;
 Sharekhan Partners
Mr. Malar Anand, 23548398 ; Mr. Malar Anand, 41757016 ; Mr. Chandrashekhar B., 22274353; Mr. Kishore Srinivasa Murthy, 41285784; Mr. Siddarame Gowda, 57731320; Ms. Lakshmi Jayaram,
41247101; Ms.Lakshmi S. Sundar, 41279779; Mr. Pankaj Bafna / Bhavesh Mehta, 23445136; Mr. Vinod Mahajan, 32002235; Mr. Aswin Babu, 26791414; Mr. Subbiah Ganesh Valliappa, 04622552199;
Mr. Vamana Prabhu R, 41744272; Mr. Varun Pratap Singh Chauhan, 41643756; Mr. Govardhan Lakshminarayan Thapsi, 41526047; Mr. Naveen kumar S U, 23147609; Mr.Garikehalli Bettegowda,
41426224; Mrs. Naina Patawari, 23218144 ; Mr.Vinod Kumar Mahajan, 9448411212; Mrs.Srivanitha Subbarao, 23465807; Mr.Dayananda Shayana, 9886377371;Mr. Purushotham Channd
Gowda, 9845187119; Mr. Jonak Gupta, 64531562/63; Mrs. Meera Srinivasan, 26545701; Mr. T P Ravi, 23461990; Mr. Ravindra Prasad Krishnamurthy/Mr. Ajay Nagaraj, 9980012307; Mr. Bharath
Rajathadripura Narasimhaswamy, 40975568 ; Mr. Trilok Hebbur Gopalkrishna Gupta, 9740322996; Mr. Prakash A Bijali, 9845652421; Mr. Nidhin Vijayan Nabiar, 65791130; Mr. Dayananda Ariyur
Mahadevaiah, 26764738; Mr. T K Krishnakanth, 9901065308; Mrs. Veena Vinayak, 9886796237; Mr. Ranjeet Menon/Mrs.Rajeswary Menon/Ms. Julie Thomas, 9880360360; Mr. Sanjeev A,
25583721; Ramkrishna Securities, 9739996412;  Bellary—Mr. Prashant Kumar H, 272209;  Belgaum—Mr. Sameer / Mr. Chandrakant Anvekar, 2427077; Mr. Prashanth Munkur Mangaraj,
23126852.  Chintamani—Mr. Vinod Mahajan/Mr. Gopinath N A, 9343801223/9886063855.  Davangere—Mr. Raju Chilukuri, 234446; Mr. Giriprasad M K, 254288;  Dharwad—Mr. Avinash
Mehta, 2747808;  Gadag—Mr. Vivek H Kulkarni, 656946;  Gulbarga—Mr Jaganathreddy Girareddy Sherikar, 9886444521;  Hubli—Ms. Nanda Virupax Umarani, 4256666; Mrs. Bharti
Shrinivasa Bhat, 2237773; Mr. Prashant Gudisagar, 9916014139;  Karwar—Mr. Uttam Maruti Pavaskar, 229108;  Kolar—Ms. Sumar M R, 286535.  Kundapur—Mr. Vittaldas Prabhu, 234855.
 Malleshwaram—Mr. M.I.S. Iyengar, 23565041;  Mangalore—Mr. Pradeep Rao / Mr. Girish Revankar, 2441318; Mr. Shrikrishna Bhat, 6513561;  Manipal—Mr. P Gurudas Shenoy, 2574505.
 Moodbidri—Mr. Syed Nayaz, 9742352890.  Mysore—Mr. Dinesh Bhansali / Mr. Vijayraj, 4262374;  Sagar—Mr. H. V. Ramamurthy, 220055;  Sankeshwar—Mr. Ningappa Guruappa
Irannavar, 272815;  Shimoga—Mr. Pankaj Baid, 9880598895.  Sira—Mr. Nagesh T V, 9008561777.  Sirsi—Mr. Santosh Sharma, 266204;  Tumkur—Mr.K.N.Sreenivas, 9448693868; Mrs.
K N Hema, 2254299.  Udupi—Mr. Anantha Nayak, 2584663;  Vijaynagar—Mr. Gnaneshwara N / Mr. Ramamurthy B, 41515376. KERALA  Alleppey—Mr. Ajith kumar R.N., 2263636;
 Calicut—Mr. Jijeesh kumar .P.G, 2741962; Mr. Vasudevan M. P., 2377006; Mr. K Mahesh Kumar, 6453221; Mr.Remmy Padmanabhan Palolickal, 2369379; Mr. Viswajith Puliyathadath, 3292761;
 Chalakudy—Mr N.K.Shiju, 2706898;  Changaramkulam—Ms. Raiza Mohamed, 9744096530.  Ernakulam—Mr. P V Santosh Kumar, 353875; Mr Sinil U S, 4062606; Mr. Cherian Manamel
Ninan, 353432/3258973; Mrs. Leena George, 4038398;  Irinialakuda—Mr. Pradeep Thommana Devassy, 9946242003.  Kannur—Mr. Jose Joseph, 2701250;  Kasaragod—
Mr. Krishna Kishore, 225748;  Kochi—Mr. Cherian M. Ninan / Philp, 2369280; Mrs. Noby.P.Kuriakose, 2376676;  Kodungallur—Mr. Arun David Poruthukkaran Rappai, 2810147.  Kollam—
Mr. Soosamma Pathrose, 2399500; Mr. Shibu Raghavan, 2503244; Mr. Midhun S, 2749946.  Kothamangalam—Ms. Sainudeen K M, 9544123080;  Kottayam—Mr.Ajith V.Karthikeyan,
9447888880;  Mannarkkad—Mr. Junhas K P, 223467;  Manjapra—Mr. Baby John, 9656784749;  Ottapalam—Mr. Sunil Kumar P K, 2243146;  Pala—Mr. Mathews Joseph, 221028;
 Palakkad—Mr. Suresh Babu, 2356507;  Pavaratty—Mr. Abhilash Ramanathan, 2645372;  Perinthalmanna—Mr. Narayanan Purayannur, 396839;  Thalassery—Mr.P.Govindan Kutty,
2327150;  Thiruvalla—Mr. Jacob Varkey, 2631046;  Thrissur—Mr. T R Gangadharan, 2605877; Mr. Shinto Sunny, 2426683; Mr. K Venugopal, 2402475; Ms. Smitha Sadanandan, 9895977407;
 Thodupuzha—Mr. Venugopal M S, 2220756;  Tirur—Mr. Surendran Patatil, 2125167;  Trivandrum—Jose Varghese, 2445455; MADHYA PRADESH  Balaghat—Mr. Manish Burade, 247341;
 Betul— Mr. Vivek Agrawal, 233233.  Bhind—Mr. Ved Prakash Singh, 9301568011.  Bhopal—Mr.Sanjay Chauhan, 4287788; Mr. Mayank Naryani, 4224358; Mr. Praveen Patidar, 9826023107;
Mrs. Anju Jain, 4236046.  Burhanpur—Mr. Ravindra R Aswani, 400185; Mr. Dushyant Arora, 401006; Mr. Syed Asif, 400092;  Chhindwara—Mr. Sanket Chouksey, 236104  Chhatarpur—Mr.
Kuldeep Agrawal, 244210.  Dewas—Mr. Kushal Pisal, 9827240089.  Dhar—Mr. Nilesh Prakash Jain, 9981877638;  Gwalior—Mr. Mayank Khandelwal, 4029490;  Ichhawar—Mr. Manish
Kumar, 274556.  Indore—Mr. Hemant Mulchandani, 2543755; Mr. Vikas Sethia / Mr. Yogesh Gachkeshwar, 3013043, Mr. Praveen Kumar Agrawal, 9302107163; Mr. Ankush Shrimal, 9993788875;
Mr. Pravin Premnarayan Patidar, 4062469; Mr. Neeraj Saraf; 6562996.  Jabalpur—Mrs.Rolly Bardia / Mr. Saurabh Bardia, 4007775; Mr.Ashish Kumar Jain, Mr.Vivek Kumar Tamrakar, Mr.Vittal
Rao Pottey, 4035112;  Katni—Mr. Amit Jain, 401892;  Khandwa—Mr.Dilip Kumar Thadhani, 2221210;  Malanjkhand—Mr. Rajendra Nema, 257810;  Morena—Mr.Naval Agrawal, 250003;
 Nagda—Mr. Pavan Banka, 246320;  Neemuch—Mr. Kapil Balani, 225891;  Ratlam— Mr. Dhirendra Bhartiya / Mr. Ritesh Bafna, 400558;  Rewa—Mr.Rajneesh Gupta, 253417; Mr. Praveer
Singh, 232671.  Satna— Mr. Kuldeep Jaiswal, 224747; Mr.Ajay Sukhdani, 416844;  Seoni—Mr.Mukesh Garhewal, 222601;  Singrauli—Mr.Tejinder Singh, 267606.  Ujjain—Mr.Gaurav Surya,
2520708. MAHARASHTRA  Ahmednagar—Mr. Amit Sampatlal Khabiya, 2411667; Mr. Dattatraya Maruti Gabhale, 223341; Mr. Suresh Tathe, 2544004/ 2347015; Mrs. Vijaya Sushil Mutha,
2323163; Mr. Yogesh Prakash Supekar/Mrs. Manisha Dnyaneshwar Kale, 2322334; Mr.Shrenik Sureshlal Bhalgat, 230110; Mr. Ashutosh Vijaykumar Sonar, 2470800/2470464; Mr. Satiskumar
Walke/ Mr. Deepak Dhadiwal/ Mr. Sunil Adsul, 2411005; Mr. Shivaji Kondiba Bandgar, 9922843177; Mrs. Monika Ravindra Kusalkar, 2550235; Mr. Mukund Suresh Borade, 6611011;  Akkalkot—
Mr. Ravindra Arjun Chavan, 9850832115; Mr. Ganesh Prakash Surana, 2342871.  Akluj—Mr. Rajendra Murlidhar Mogali, 225652; Ms. Manali Gandhi, 225620.
 Amalner—Mr. Satish Khanderia, 224089;  Ambejogai—Mr. Sachin Bembade, 243043.  Amgaon—Mr. Sanjay Chandrakumar Agrawal, 225999.  Amravati—Mr. Himanshu Surendra
Bhuyar, 9970094242.  Aurangabad—Mr. Kishor Soni, 2361240; Mr. Anand Kuril, 2363822; Mr. Jitendra Tejmal Burad, 2340800; Mr. Nilesh Kankaria, 6502601; Mr. Arif Akber Patel , 2471469.
 Baramati—Mr. Kiran Sampatrao Sawant, 9822567641;  Barshi—Mr. Prashant Vijay Thakkar, 229137;  Bhandara —Mr. Amit Jayant Kavishwar / Shrikant Kale, 4560261; Mr. Jayesh C
Vanerkar, 250498 ;  Bhilwadi—Mr. Abhijeet Jaypal Walvekar, 237272.  Bhusawal—Mr. Milind Vasant Chaudhari, 202312.  Boisar—Mr. Imran N. Gilani, 324474.  Chandrapur—Mr. Harsh
Ajaykumar Mittal, 252760.  Chinchwad—Mr.Sujay Sudhakar Kulkarni, 27614332; Mr. Prashant Shinde / Mr. Atul Deshmukh, 65103510; Mrs. Sanjana Mahadeo Magar, 46701141.  Dahiwadi—
Mr. Poornanand Ajitanand Jadhav, 220508.  Dhamangaon—Mr. Vivek Subhasrao Thakare, 251091.  Dhule—Mr. Jagdish Agarwal, 237576; Mr. Nitin Gokuldas Ahuja, 9657136680;  Gondia—
Mr. Nimit Patel, 235113;  Hinganghat—Mr. Mitesh M Joshi, 329200;  Ichalkaranji—Mr. Nilesh Kulkarni, 2439955;  Jalgaon—Mrs Mangala Kesharlal Bhadade, 2239346; Mr. Sachin Yewale,
9373550560;  Jalna—Mr. Gaurav Ramniwas Kabra/Mr. Nitin Badrinarayan Agrawal, 9422216092.  Jaysingpur—Mr. Shrenik Ashokkumar Mangave, 229766.  Karad—Mr. Aniruddha
Madhav Dhopate, 222338;  Khapoli—Mr. Mukund Bembade, 262442.  Kirloskarwadi—Mr. Prashant Jayprakash Hake, 223324.  Kolhapur—Mr. Ajay Anant Kulkarni, 6681138; Mr. Arvind
Savant, 2621998; Mr. Kamlesh Tarachand Oswal, 2541001; Mr. Shripad Vijay Deshpande, 2536609.  Latur—Mr.Mane Sudhir Vishwanathrao, 251053; Mr. Ramesh Deshmukh, 253510.
 Mahad—Mr. Nadeem Nizamuddin Juwle, 223238/9.  Mahud—Ms. Sangita Pandurang Kadam, 246933.  Maindargi—Mr. Ravindra Mahadev Butte, 255037.  Malegaon—Mr. Sanjay
Agrawal / Mr. Vijay Agrawal, 329750.  Nagpur—Mr. Amit Jayant Kavishwar / Ashok Narayan Alkari, 2222325; Mr. Hermahendrasingh Gulabrai Hura, 3256272; Mr. Ajit Pendharkar, 3255866;
Mr. Radheshyam Taori, 2722360 ; Mr.Atul Gopalrao Saraf, 6455320; Mr. Pankaj Bhavnani, 2766033 ; Mr. Sanjay Jain, 2733 858 ; Mr. Pramod Kumar Bagdi, 2723487 ; Mr. Sushil Parakh, 2525584;
Mr. Samit Thakkar, 6617009 ; Mr. Vishal Asnani, 6615385; Mr. Anand Shandejamikar / Mr Gopal M. Wankhede, 5603583; Mr. Amit Jayant Kavishwar / Banarasi Agrawal, 9860608943; Mr. Amit
Jayant Kavishwar, 9860608943; Mr. Amit Jayant Kavishwar / Shridhar Tungar, 3956408; Mr. Chandmal Surana, 9326945155; Mrs. Dipika Yogesh raja, 2778910; Mr.Monik Satish Gangar.,2737237;
Mr.Kapil Suresh Thakkar, 2764021; Mr. Pradeep Santosh Dingwaney, 9325099504.  Nanded—Mr. Mahesh Shrichand Wadhwa, 242053;  Nandurbar—Mr. Dhruv Rameshchandra Agrawal,
250633.  Miraj—Mr. Amol Satyaling Mhetre, 2221341; Mr. Shaktimayee Sanjeeb Panda, 9970544999;  Nashik—Ms. Vinita Sandeep Sinkar, 2506117; Mr. Pramod Vasant Kakad, 2454104;
Mr. Chandan Hemnani, 3201539; Mr. Suyog Khandve, 2597942; Mr. Kailas Puranik, 2534138; Mr. Santosh Laxman Kothule, 2524195; Mr. Sachin Kulkarni, 2570983; Mr. Rohit Raman sagore,
2581951; Mr. Chetan S Pingale, 6610996; Mrs. Neelam Nemichand Jain, 3012727; Mr. Mustafa Dilawar Mansuri, 9373888897; Mrs. Anjali Manoj Kushwaha, 9225108173; Mr. Sagar B Pardeshi,
9225108631; Mr. Nilesh Fakirrao Bankar, 9922011015.  Omerga—Mr. Yelikar Shafik Rajak/Pandit Santosh Bibhishan, 250101.  Palghar—Mr. Girish Tilwani, 251684;  Palus—Mr. Prashant
Hake, 228343.  Pandharpur—Mr.Manoj Mohan Puranik, 3290925.  Parbhani—Mr. Mahesh Khake, 9422113882.  Parli Vaijnath—Mr. Vineesh Maroo, 225024.  Parner—Mr. Jitendra
Shamrao Kale, 221392.  Phaltan—Mr. Ram Chandradas Gunani, 222449;  Pimpalner—Mr.Vinod B. Kuwar, 224288;  Pune—Mr. Vashu Balani, 27414751; Mr. Gopal Harsule, 30223599 ; Mr.Nitin
Chandrakant Kulkarni, 227922; Mr.Balvir Baldevraj Chawla, 46703108; Mr. M. Ramachandran, 27030823; Mr. Mahendra Rasiklal Luniya, 26823659; Mr. Amit Ashok Ghatol / Mr. Saurabh Ghatol,
25510838; Mr. Kalera Sanjay Vashulal, 26452442; Mr. Suhas Bhalchandra Chatane, 26990406; Mr. Ketan Ashok Shah, 26331485; Mr. Samir Nandkumar Harnol, 27272858; Mr. Anil Tabib,
9822015488; Mr. Sachin Eknath Tapkir, 25280038; Mr. Aazam Shamsuddin Sayed, 40090314; Mr. Krishna Gowda, 26633344; Mr. Arun Sooryakant Gandhi, 65251693; Mr. Krishnamachari
Iyengar, 24361136; Ms. Aarti ashok Mohire, 26056233; Mr Manish Ashok borkar, 9730021671; Mr. Bhushan Ratnakar Mahajan, 254520604; (1)Mr.Aditya Jayant Kopardekar.(2)Mr. Rupesh
Subhashchandra Paliwal.; Mr. Rajendra Mukund Mahajani/Mrs Suvarna Rajendra Mahajani/Mr. Nikhil rajendra Mahajani , 25431604/5/6, 25431610; Mr. Yogesh Prakash Pingle, 66021317; Ms.
Vaishali J Bagelikar, 30220845; Mr. Jignesh Kanani / Mr. Yograj Patel, 24215821; Mrs. Aditi Abhijit Kulkarni, 26055242; Mr. Ketan Ashok Shah, 9860045140; Mr. Nitin Baban Bhosale, 66021301;
Mr. Ketan Ravindra Renukar, 9370910555; Mrs. Gauri Pravin Kolhatkar, 9922500525; Mrs. Varsha Sanjay Yadav, 66021301; Mrs. Priya Sandeep Edake, 66021301; Mr. Pawan Kumar Goenka/
Ms. Rajeshree Goenka/Ms. Asma Shafi Moosa/Mr. Rajiv Raman Gangwani, 40077761;Ms. Priyanka Firodiya, 24478180; Mr. Nadimahmed Nisarahmed Shaikh, 9764553130.  Rahata—
Mr. Atul Sahebrao Shinde, 242163.  Rahuri—Mr. Jagannath Warkhede, 9271553457.  Ris—Mr. Jayaram Shravan Kokane, 250264.  Ratnagiri—Mr Bharat Premji Patel, 227244.  Roha—
Mr. Pramod Anant Mhaskar, 9271101382.  Sahada—Mr. Naresh Lalchand Jain, 223529;  Sangamner—Mrs. Ujwala Chandrakant parakh, 221614;  Sangli—Mr. Rajesh Shah, 2326159;
Mr. Chaitanya Mahadev Kulkarni, 9890691319; Mrs. Priyadarshani Kulbhushan Patil, 6957033.  Saswad—Mr. Sachin Mahadev Mhetre, 223429.  Satara—Mr. Sachin Sadashiv Divakar,
234286; Mr. Jaywant Shrirang Kadam/ Mr. Umesh Pandurang Kadam, 248588; Mr. Sadashiv Ramhari Bagal, 232080.  Sindhudurga—Mr. Vinayak parab, 6456012;  Sinnar—Mr. Rahul
Ratnakar Gujarathi, 220412;  Solapur—Mr. Amit Suresh Dhupad, 3290925.  Talegaon—Mrs. Sharmila Hrushikesh Ranadive, 645104.  Udgir—Mr. Narsan Reddy, 258711.  Umbraj—Mrs.
Shital Sagar Mahamuni, 651696.  Varangaon—Mr. Yashwant Shambhudayal Chaurasiya, 263894.  Wai—Mr. Pisal Ganesh Uttamrao, 227534;  Yeola—Mr.Nilesh P. Shrishrimal, 268137.
MEGHALAYA  Shillong—Mr. Ravinder Singh, 9774082005; MIZORAM  Aizawl—Mr. Laldintluanga Sailo, 232778. NEW DELHI  New Delhi—Mr. Tarun Bansal, 23288539; Mr. Balender Singh
Negi, 40590739; Mr. Sunil Rana/ Mr. Jitendra Chawla, 42334416; Mr.Sunil Gambhir, 22373717; Mr. Kamalpreet Singh Ahuja, 42502527; Mr. Lucky Mehra / Mr. Pradeep Kumar, 25525087; Mr. Sudhir
Kumar, 65544151; Ms. Anita Mittal, 45588396/397; Mr. Vikash Jha, 9910600557; Mr. Rajiv Mehta, 30888835; Saurabh Shukla, 55186037 ; Mr.Sharad Jagnani, 27021170; Suneel Kumar, 32922811;
Mr.Suresh Chandra Agrawal, 32412089; Mr.Vijayant Verma, 32924702; Mr.Vimal Goel, 55857952; Mr. Arun Jain, 26931704; Mr. Manish Jain, 9312196489; Mr Narendra Singh Uniyal/Mrs. Rekha
Uniyal, 64608810; Mrs.Vineeta Agrawal/Sanjeev Agrawal, 29944010-17; Mr. Tilak raj, 47563277; Mr.Hemant Kumar, Mrs.Archana Rani, 9810996998; Mr.Raman Kumar Jha, 45579306; Mrs.Sangeeta
Sharma, 45049603; Mr. Mukesh Sharma., 47057628; Mr. Ashish Mangal, 22543633; Mr. Vivek Jain/ Mr. Sanjay Jain, 9210300005; Mr. Vinay Kumar Gupta, 29990172; Mr. Syed Mohd Sajid,
26989105; Mr. Sunil Kumar Yadav, 9810560594; Mr. Ijesh Bedi, 27831055; Ms. Sudershana Rathee, 9999442977; Mr. Prabhakar Pandey, 9810948228; Mr. Gourav Aggarwal , 26535294; Mr.
Dhananjay, 9654104100; Mr. Deepak Sethi, 65062126; Mr. Amit Arora, 32412089  Narela—Mr. Mahavir Singh, 20461351; ORISSA  Angul—Mr. Deepak Roshan, 260224;  Bhubaneshwar—
Mr. Ashok K Tripathy / Vaibhavi Bandekar / Ms Saroj Kr Mishra / Sonia Mohanty, 2536821; Mr. Bhabani Shankar Mishra, 2534046; Ms.Bandana Behera, 9437022622; Mr. Ripti Ranjan Dash,
9861438939; Mr. Larens Kumar Nanda, 9937761040; Mr. Avaya Kumar Bariki/Mr. Pradeep Kumar Biswal, 2384894;  Baripada—Mr. Rajib Kumar Acharya, 253000;  Bargarh—Mr. Saroj Kumar
Dash, 230538  Bolangir—Mr. Sanjay Kumar Pradhan, 234139;  Cuttack—Mr. Narayan Venkat Rao, 9937194628;  Dhenkanal—Mr. Jayaram Soni, 224930;  Puri—Mr. Trigmansu Sekhar
Patra, 236538;  Sambalpur—Mr. Ghana Shyam Dash, 2410508. PUNJAB  Amritsar—Mr. Manpreet Singh, 2507011; Mr. Rishi Sehgal, 2552500.  Chandigarh—Mr. Yuvraj Gupta, 4614441;
Mr. Baljit kaur, 9814192955.  Derabassi—Mr. Deepak Kumar, 9416192099.  Fazilka—Mr.Sunil Kumar, 261112;  Firozpur—Mr. Narinder Khurana, 503694;  Jalandhar—Mr. Gurpreet Singh
Chugh, 5055201.  Ludhiana—Mr. Deepak Kumar Chhabra, 2740084; Mr. Harsh Arora, 4637221.  Mohali—Mr. Vinod jain, 6579011; Mr. Rajiv Kohli, 6576251  Nawanshahar—Mr. Kuldip Ram,
226266.  Pathankot—Mr. Shiv Kumar Malhotra, 2256475; Mr.Vijay Abrol, 5100110;  Tanda—Mr. Harwant Singh, 222416; RAJASTHAN  Abu Road—Mr.Sanjay Agarwal, 222610.  Alwar—Mr.
Kushal Sacheti / Mr. Sanjay Sacheti, 2360880; Mr. Ravindra Kumar, 270819;  Beawer—Ms. Mamta Chauhan / Mr. Rajendra Chauhan, 257141;  Banswara—Mr. Rishi Bhardwaj, 9829295943;
 Barmer—Mr. Sunil Kumar Singhvi, 9461216434.  Bhilwara—Mr. Shailendra Bapna, 238233; Mr. Atul Goyal, 247868;  Bhinmal—Mr. Sanjay Jain / Ms. Babita Jain, 220050.  Bikaner—Mr.
Raj Kumar Duggar, 2522539; Mr. Rajesh Surana, 2273223.  Dausa—Mr. Jagdish Prasad Swarnkar,220369.  Dungarpur—Mr.Bhaveen Shrimal, 233944;  Falna—Mr. Mahendra Parihar,
222082.  Jaipur—Mr. Sachin Singal, 5114137; Mr. Rohan Sharma, 2297230; Mr.Gaurav Kabra, 4078014; Mr. Praveen Kumar Bangrawa, 6507631; Mr.Sunil Kumar Bhageria, 2569629; Mr. Vishal
Jhalani, 9829008001; Mr. Pradeep Kumar Sharma, 2230749; Mr. Rohit Bhargava, 2741669; Mr. Prashant Matolia, 2224891; Mr. Pradeep Jain, 2564260; Mr. Sumit Ghiya, 4036882;  Jodhpur—
Mr. Pankaj Abani, 9314048002; Mr.Laxminarayan Panchariya, 9784777850; Mr.Krishan Joshi, 9414560318; Mr. Mahaveer Sharma, 2633676; Mr.Gajendra Rathi, 3254385; Mrs. Sapna Choudhary/
Mr. Nikhil Saran, 2631266.  Kankroli—Mr. Kunal Jain, 329330;  Kishangarh—Mr. Abhishek Rathi, 326755;  Kota—Mr. Unnat Goyal, 2366807; Mr. Avinash K Soni, 9925643085;  Pali—Mr.
Amar Chand Sancheti, 510050;  Phulera—Mrs.Santra Kumawat, 244237.  Pindwara—Mr. Alkesh Kumar Luhar, 9983009917;  Rajsamand—Mr. Govind Paliwal, 9829880086; Mr. Madan
 Sharekhan Partners
Singh Sisodiya, 230218.  Rani—Mr. Mahendra Parihar, 236583;  Sagwada—Ms. Vaishali Sargia, 251639.  Sanchore—Mr. Manoj Kumar Maheshwari, 9414610822.  Sikar—Mr. Mahesh
Kumar Saini, 9351373029; Mr. Ram Lakhan Gupta, 252466;  Sirohi—Mr.Praveen Kumar Jain, 220136; Mr.Mahendra Parihar, 222670;  Sri Ganganagar—Mr. Mukesh Singal, 2475510;
 Sumerpur—Mr. Bharat Kumar, 252971;  Udaipur—Mr. Ananth Acharya, 2426945; Mr. Narendra Harkawat , 9414238892; Mr. Mohit Chhatwani, 3294713; SIKKIM  Gangtok—Mr.Mahendra
Mohan Marda, 9332336624. TAMIL NADU  Arni—Mr. Vinoth Kumar Nithya, 9443437183.  Bhavani—Mr. Somu Dhanasekar, 261119;  Chennai—Mr. Prasad, 23451091; Mr. Prasad, 26564812;
Mr. R. karunakaran, 5874625; Mr. Shanmugharaj Gnanaselvi, 43530850; Mrs. Hemamalini Chandrashekhar / S.R.Chandrasekaran, 24328413; Mr. Kesarichand Sethia, 25386019; Mr. Kanaga
Sabapathy, 9444356660; Mr. Panchatcharam perumal, 9444072219; Ms. Rekha Mohanasundaram, 42645417 ; Mr. Suresh Paramanand Jangid, 42759942; Mr. Chandramohan Rajamani,
9841070827; Ms. Anuradha Thirumalaivasan, 45526060.  Chidambaram—Mr. K R Ramesh, 9942610000.  Coimbatore—Mr. Madanlal R Tukrel, 4370411; Mr. R. Palaniswamy / Mr. P.S. Senthil
Kumar, 4216406; Mr. Prabhu N D, 4387508.  Dharapuram—Mr. Durairaj M, 9944522044;  Cuddalore—Mr.Jayraman Ganesh, 236927; Mr. Subakkar Padmanaban, 228938.  Devakottai—
Mr. SP Manojkumar, 270496.  Dharmapuri—Mr.Vengiyagounder Selvakumar, 221893; Mr.Sundaramoorthi Anbalagan, 267257;  Dindigul—Mr R Senthil Kumar, 6533227;  Erode—Mr. G K
Guru, 230327; Mr. Ramarathinam Manivasagam, 9865617488; Mrs. R Revathi, 2253534; Mr. Balakrishnan Ragunandhan/ Mr. Cinnusamy Kalaivani, 2264264;  Hosur—Mrs. Shobha
Srinivasan Sathyanarayanan, 22224.  Kallakurichi—Mr. Ranganathan Ashok Khumaar, 225188.  Kanchipuram—Mr. K S Saravanan, 47203561; Mr. Kanthapadi Ramachandran Ravi,
27236439.  Karaikal—Mr. A Paul daniel Gnanaraj, 221288.  Karaikudi—Ms. Vallippan Chitra, 329253;  Karumathampatty—Ms. K. Parvathavarthini, 4218005;  Karur—Mr. Mohanraj
Karuppanan, 241471; Mr.Subramani Bharathiraju, 646204;  Kovilpatti—Mr. Muthiah Pillai Subramani, 229607;  Krishnagiri—Mr. M Thirumurugan, 238911.  Kumbakonam—Mr. Suresh
S, 2425576.  Madurai—Mr. I Baskar, 4370069; Mr. Nagarajan Murugesan, 4347294; Mr. Mugunthan Bhalakumar, 2389100; Mr. SP Swaminathan, 4288888; Mrs. Meenakshi Sundaram K,
4288888;  Mayiladuthurai—Mr. T Saravana Kumar, 225858;  Nagapattinam—Mrs.Parvathi, 9443588864; Mr. Jayanthi P, 247953.  Palladam—Mr. S Krishna Kumar, 291613.  Pondicherry—
Mr. Ariyaputhri Selvakumaran, 2281133;  Rajapalayam—Mr. Ranjithkumar Thangamuniyandi, 231602.  Rasipuram—Mr. M Ganapathy, 220088.  Salem—Mr. Vivekanandan Venkatesh,
6546542; Mrs. Revathi R, 2441523;  Sankari—Mr. S.P.Karthik Keyan, 242838.  Sankari—Mr. S.P.Karthik Keyan, 242838;  Thanjavur—Mr. Shanmugam Madhavan, 235263; Mr. S Engels,
253000.  Thiruchengode—Mr Ramasamy Arunachalam, 280899.  Tirunelveli—Mr. N. Kameswaron, 2320544.  Tirupur—Mr. B. Jagan, 4322356; Ms. R Kalpana, 9994491555.  Trichy—
Mr. Mothi Padmanaban, 2700997, Mr.Krishnasamy Sivakumar, 262310; Mr. Balaji Nandakumar, 9444132552; Mr. A Austin Christopher, 9952226677.  Tuticroin—Mr. G Jasper GNANA Martin /
Mr. S Aravinth Narayanan, 2345744;  Tirupur—Mr. Subramaniam Muralimohan, 4325073;  Udumalpet—Mr. R Sampath, 225323;  Vaniyambadi—Mr. K.Uvaiz Ahmed /Mr. C.Md.Faisa,
9366114017.  Velachery—Mr. Gnan Guru N, 9824154282;  Vellakovil—Mr. K. G. Lokessh, 303222;  Villupuram—Mr.Krishnasamy Srinivasan, 229755; TRIPURA  Agartala—Mrs. Sukla Ghosh,
2314095;  Belonia—Mr. Ashesh Saha, 224295;  Teliamura—Mr. Debabrata Majumder, 262436.  Udaipur—Mr.Biplap Majumder, 227021. UTTAR PRADESH  Agra—Mrs.Kalpana Gupta,
9219618594;  Aligarh—Mr. Tarun Kumar/ Mr. Neeraj Gupta, 9759008438.  Allahabad—Mr. Ravi Agrawal, 2500462; Mr. Santosh Kumar Maurya, 9839246766; Mr. Prakash prasad, 9935592332;
Mr. Rajendra Kumar Jain, 9616844438; Mr. Anurag Kumar Kesarwani, 9838600951;  Ambedkar Nagar—Mr. Sandeep Tripathi, 245145;  Bahraich—Mr. H. P. Srivastav, 228284; Mr.Ashish
Jaiswal, 9792230922;  Balrampur—Mr. K. N. Gupta, 220533; Mr.Shailesh Kumar Srivastava, 9792230922.  Barabanki—Mrs. Rachna Subodh Jain, 9935023187.  Bareilly—Mr.Ajay Kumar
Mathur, 9837085599; Mr. Neeraj Chand, 9719546492; Mr.Hemant Kumar Dass, 9259061490; Mr. Mohd Mazhar, 2520688; Mr. Mohit Khandelwal, 2585085.  Bhadohi—Mr.Fazlur Rahman,
300091;  Bijnore—Mr. Satendra Kumar Malik, 9837267091.  Deoria—Mr. Pramod Kumar Agrawal, 9415661860;  Farrukhabad—Mr. Amber Tiwari, 234074;  Fatehpur—Mr. Vishnu Kanti,
227939;  Ghaziabad—Mr. Anil Kumar Duhan, 9810965469; Mr. Vijay Sadana, 4103618; Mr.Rajesh Goswami, 2750356; Mr. Shashank Sharma, 4107838.  Gonda—Mr. Kameshwar Gupta / Mr.
Hanumant Srivastav, 223150; Mr. Raman Srivastava, 9838813443.  Gorakhpur—Mrs. Lalita Jaiswal, 9935144041; Mr. Sameer Ahmad Khan, 9838745314.  Hapur—Mrs. Urmila Gupta,
971921558.  Hardoi—Mr. Akash Singh, 9984201900.  Jaunpur—Mr. Durgesh Kumar Dubey, 266637.  Jhansi—Mr. Tarun Gandhi, 2446751;  Kanpur—Mr. Lalit Singhal, 2307045; Mr. Girish
Chandra Tandon, 3252613; Mr. Jai Prakash Saxena, 570090; Mrs.Priyanka Agrawal, 2654110; Mr. Suresh Kumar Verma, 9415495959; Mr. Akshat Nagwanshi, 9369296145;  Khurja—Mr. Yogesh
Kumar Agarwal/Mr. Ashok Kumar Sharma, 9927228949  Lakhimpur—Mr. Sanjeev Bajpai, 259681;  Lalitpur—Mr. Pankaj Arora / Mr. Sanjay Sabharwal, 274397;  Lucknow—Mr. Anupam Atal,
2287000 ; Mr. Kuldeep Darbari, 2257721; Mr. Manish Gupta, 2201626; Mr. Prashant Kishore Khuntia, 3234465; Mr. Mukesh Kushwaha, 4063065; Mr. Neeraj Verma / Mr Mukesh Varma, 2326680;
Mr. Ravi Prakash Agarwal, 9335264490; Ms. Seema Sarraf, 4024880; Mr. Shakeel Ahmed Khan, 2288888; Ms. Sneh Lata Kushwaha, 4008277; Mr. Shariq Nafees, 2623000; Mr. Mohd Faizal,
4025529; Ms. Seema Gupta, 4045902; Ms. Rachna Agarwal, 2461053; Mr. Naresh Kumar Rastogi, 9415082954; Mr. Amit Kumar Singh, 9336835379;
Mr. Mehdi Sarwar Alam, 9838374376; Mr. Mahendra Kumar, 4025838 ; Mrs.Rekha Dixit, 9415061134; Mrs.Pratiksha Singh, 2739518; Mr. Vijai Bajpai, 2422342; Mrs. Veena Saluja, 4073892;
Mr. Ravindra Nath Agarwal, 2745847; Mrs. Nisha Kapoor, 2995587; Mrs. Namita Nigam, 9839125533;  Mankapur—Mr. Manish Tripathy / Mr. Kameshwar Gupta / Mr. Hanumant Srivastav,
231500.  Mau—Ms. Shradha Khandelwal, 2227323.  Meerut—MR. Kuldeep Chaudhary, 2630059; Mr. Naveen Bansal, 2663312;  Mirzapur—Mr. Devesh Giri, 9721439806;  Muradabad—
Mr. Akash Garg, 2435047; Mr. Mustizab Malik, 2520688.  Muzaffarnagar—Mr. Amit Jain, 3292715.  Najibabad—Mr. Pavan Kumar Agrawal, 230448;  Nanpara—Mr. Prashant Vaibhav,
234645;  Noida—Mr.Niraj Kumar Singh, 9891187886; Mr. Sumit Saxena, 2482765.  Orai—Mr. Sanjay Kumar Agarwal, 252569;  Pilibhit—Mr. Anoop Kumar Agarwal, 9412554791;
 Pratapgarh—Mr.Vishnu Kumar Patidar, 221027;  Raibareli— Mr. Abhishek Sinha, 9336007387.  Renukoot— Mr. Ravi Kant Pal, 254265.  Saharanpur—Mr. Parveen kapoor, 2713565.
 Saraswasti—Mr. Surendra Singh, 9792230922;  Shahjahanpur—Mr. Amit Yadav, 228102;  Sitapur—Mr. Sanjeev Kapoor/Mrs. Neeru Sahni, 9415084966;  Sultanpur—Mr. Ishwari Kumar
Dwivedi, 9415156412.  Utraulla—Mr. Phoolchand Dwivedi, 253277/78.  Varanasi—Mr. Lalji Choube, 2507621; Mr. Raj Gaurav Rai, 2312087; Mr. Ravi Seth, 2227716. UTTARANCHAL  Dehradun—
Mr. Ashish Sethi/Mrs. Garima Sethi, 6545914; Babita, 2710327; Mr. Saurabh Thapliyal, 2520185; Mr. Nilesh Agarwal, 432083;  Haldwani—Mr. Rajendra Pant, 9837776832;  Nainital—Mr.
Sawan Kumar Verma, 255976.  Ramnagar—Mr. Sanjay Agrawal, 251697.  Roorkee—Mr. Pravej Alam, 321013.  Rudrapur—Mr. Vishal Garg, 9927072515.  Tehri Garhwal—Mr. Bhupendra
Singh Chauhan, 9927072515. Sitarganj—Mr. Yogesh Kumar Agarwal, 254370. WEST BENGAL  Amta—Mr. Radhashyam Mahata, 265467;  Asansol—Mr. MD Shahnawaz Alam, 3203895/
96.  Bakhrahat—Mr. Gadadhar Roy, 9830398245.  Bankura—Mr. Somsubhra Datta, 257350;  Barasat—Mr.Sibdas Ray, 9331834313;  Barrackpore—Mr. Ratan Lal Ghosh, 2592-8564;
 Bongaon—Mr. Laxman Gosh, 240685;  Burdwan—Mr.Prodosh Sanyal/Mr.Shekhar Maity, 3208259; Mr. Ravi Agarwal, 2442548; Mr. Arnab Das, 255525;  Cooch Behar—Mr. Pranajeet Bhowmik,
9933038888; Mr. Mohan Roy/Mr. Malay Sarkar, 255243;  Dalhousie—Mr. Sumit Adhikari, 9733648892;  Durgapur—Ms. Jayanta Chakraborty, 2565989.  Gangarampur—Mr. Ranada Prasad
Das/Mr. Farman Ali sarkar/Mr. Khurshed Alam sarkar, 255472;  Hooghly—Mr. Pulak Gosh, 26946012;  Howrah—Mr. Snehashis Ray / Mr. Somen, 26784207; Praveen Tewari, 32510718; Mr. Kumar
Chattopadhyay, 9830895322; Mrs. Atashi Chakraborty, 26406238;  Ichapur—Mr. Robins Kumar Shaw, 32584190;  Kalyani—Mr. Arnab Majumder, 9434955026.  Kolkata—Mr. Manik De,
24215624; Mr. Deepak Kanoria, 32501523; Mr. Sibdas Tapadar / Mr. Suchanda Chudhary, 033 - 5514 1949 / 2578 9022 / 2578 8516 / 3259 8572; Mr. Sujit Deb, 03523 - 256838; Mr. Kailash Todi, 26550436
/ 26550739 / 26553761/ 55206376; Mr. Ravi K. Agarwal, 22131373 /74 ; Mr. Tapas Chakraborty, 9830388328; Mr. Mahfuzur Rahaman, 9433876837; Susamoy Chatterjee, 22365539; Mr.Deepchand
Jaiswal /Mr.Biswajit Banerjee /Mr.Gyanchand Jaiswal, 22259458; Mr. Somnath roy, 69449636 ; Mr. Aranya Nath, 0343-3205197; Mr. Rahul Sheth, 24747629; Mr. Tapas Kumar dey, 9836109681; Mr.
Partha Sarathi Chakraborti., 24196100; Mr. Bisakh sen, 9831138881; Mr.Shyamal Banik, 9333730175; Mr. Irfan taufique, 22290945; Mr. Ankit nevatia, 9831012456; Mr. Ashish Kumar Agarwal,
30221852; Ms. Neeta Magon, 22893546; Mr. Subhash Soni, 22693089; Mr. Subhasish Ghoshal, 9874193375; Mr. Pradip Kumar Chakrabarti, 9831206938; Mr. Vishal Kedia/Mrs. Mrinal Kedia,
22688460  Krishnagar—Mr.Subashis Biswas, 255545.  Madhyamgram—Mrs. Sulata Biswas, 25268895.  Makardah—Mrs. Amita Paul, 28770893.  Malda—Mr. Siddique Hossain/Mr. MD
Nazmul Islam/Ms. Asim Bari, 9832047726  Midnapore—Mr.Giriraj Bhutra, 273385;  Paradeep—Mr. Rajan Kumar Tarai, 9556297448;  Purulia—Mr. Praveen kumar choudhary, 9933457177.
 Raiganj—Mr. Prabin Kumar Kalyani/Mr. Basanta Sethia, 253897.  Sibsagar—Mr. Sontosh Kumar Borthakur, 9435500272.  Siliguri—Mr. Nitin Agarwal, 2503404.  Sodepur—Mr. Apurba
kanchan Dutta, 9231923053.
MUMBAI  Andheri—Mr. Abhinav Angirish, 26343322; Mr. Abhijit Periwal, 2673 3643; Mr. Manoj Lalwani, 26351629; Mr. Hitesh Mehta, 66921338; Mr. Ravindra Lal Jagasia, 26392584; Mr. Dipesh
Chadva, 40794242; Mr. Jigar Thakkar, 67770014; Mr. Govind Pathak, 65217353; Mr. Etica Wealth Management Pvt Ltd, 9867742732;  Babulnath—Mr. Dipen Shah / Mr. Ashish Shah, 23610772.
 Bandra—Ms. Sonia Raju Kanal, 9867777261;  Bhandup—Mr. Delvin M. Rajan, 25947699; Mr.Dipak Pisal, 25955632; Mr. Swapnil Rawool, 9833016555; Mr. Ashish Ramsarup Budhiraja,
69563565; Mr. Anil Kotlapure, 9892137800; Mr. Jitesh Vasant Patil, 9930344005.  Bhayander—Mrs. Varsha Navneet Rathore, 28150382, Mr. Gaurav I Jain, 28195017.  Borivali—Mrs.Vidula
S.Lele, 24225424; Mrs. Hiral Viral Desai, 28070636;  C P Tank—Mr. Sanjay Jain, 67521100;  Charni Road—Mr. Rajal Rashmikant Kanani, 30015270;  Cuffe Parade—Mr. Hem Tejuja, 40595959;
 Dadar—Mr. Lekhendra Trilokchand Parmar, 24366602; Mr. Varun Ajit Deshmukh, 24374110;  Dahisar—Mr. Jagdish V. Gada, 28282306; Mr. Pradeep K. Sawant, 28973622; Mr.Mahesh V. Rege,
28919132; Mrs. Prachi Chetan Chikhale, 24455622;  Fort—Mr. Nikhil Shah, 22871500; Mr. Premal Sanghvi,66632921; Ms. Salome Shah, 22666039; Mr. Rajiv Sheth, 22722781; Mr. Somen
Sangani, 22070427; Mr. Sachin Morakhia, 22659327; Ashok C Shah, 9322595178; Mr. Vijay Kumar, 22656569; Mr. Hardik Rajendra Mandvia, 64409094; Mr. Mohsin Rahimuddin Shaikh/Mr. Ahmed
Ali, 9821448908; Mr. Manish Negandhi, 9820257549; Mr. Mehul Shah, 66105604; Mr. Bhavin Haresh Zaveri, 22022901-09.  Ghatkopar—Ms. Monisha Mehta / Mr. Gaurav Shah, 25100068;
Mr. Santosh Dhondu Kodere, 9221920277; Mr. Pomesh Hirachand Momaya / Mr. Naresh N Agarwal, 9821070423; Mr. Pramod Jayantilal Shah/ Mr. Nikesh Praful Shah/ Ms. Priyanka Nareshkumar
Joshi, 25006262.  Girgaum—Mr.Narendra Khushalraj Kothari/Sachin Bharat Dodhiwala/Mrs. Charulata Hemant Shah, 23800734;  Goregaon—Mr. Kamal Keshar Kanwal, 9819509264;
 Jogaswari—Mr.Atif Ashfaq, 26788181;  Kalbadevi—Mr. Hemant Shah / Mr.Bharat Dodhiwala, 22013789; Mr. Shekhar Natwarlal Davda / Ms. Charu Shekhar Davda / Mr. Gaurav Shekhar Davda,
23521109; Mr. Sunil Kumar Tater, 9320055223.  Kandivali—Ms. Payal Gulabdas Lal, 28651242; Mr. Sunny Sharma, 28680093; Mr. Pratik Shah, 28019804; Mr. Jatin K Mistry, 9987635128;
 Khetwadi—Mr.Nayan Savani, 23809380.  Kurla—Mr. Muzaffar Kazi, 26500116; Mr. Santosh Mahadev Patil, 9833447399.  Mahalaxmi—Mr. Tarun Birani, 32439684;  Mahim—Mr.
Prashant Marathe/Mr. Girish Marathe/Mr. Chetan Chikale, 24320267;  Malad—Mr. Dilip Shah, 65267143; Ms. Indu Mahendra Purohit, 28806704; Mr. Shyam Sunder Kabra, 28773221; Mr.
Bhandarkar, 28030661; Mr. Neelkamal Mehta, 28017707; Ms. Nidhi Verma, 28010406; Mr. Praveen Nathulal Jain, 9833636035; Mr. Mahesh Mohan Todankar, 24384536;  Masjid Bunder—
Mr. Lata Metha /Rajubhai Metha, 23444590; Mr. Mohanlal Sukhija, 23427814; Mr. Manish Vakil, 23462690; Mrs. Fatema Mustan Lakdawala, 23432455; Mr.Sachin Himat Doshi, 40239751;
 Matunga—Mr. Hardik Chandrakant thakkar, 9867303989; Mr. Arjun Tapan Mukherjee, 65139230; Mr. Sanket Vinay Thakar, 24101414;  Mazgaon—Mr. Bhavik Jogesh Thakkar, 23772121;
 Mira Road— Ms. Naina Miyani / Mr. Chetan Miyani, 2813 1522; Mr. Balu Govind Waghmare, 9967097105.  Mulund—Mr. Winson Martin D'Sa, 20320724; Ms. Rekha Bhagwan Jadhav, 21637711;
Mr. Tejinderpal Singh Wahi, 25691033; Mr. Shambhu Sharan Singh, 25688194; Mr. Manish Laheri Thakker, 9930171719.  Nalasopara—Mr. Richard J. Almeida, 2404133;  Napanse Rd—Mrs.
Jayashree S. Sardesai, 23680608;  Prabhadevi—Mr. Nikhil Ajit Doshi, 24307805;  Powai— Mrs. Asha Kumari Delvin, 25779207  Santacruz—Mr. Bapu Ashruba Sonwane, 2617007;  Sion—
Mr. Kantilal Talakshi Shah, 66661424;  Vile Parle—Mr. Vasant Amin, 32416941; Mr. Naveen Kaul/ Mrs. Renu Ashok ahuja, 9819878343. Mr. Nitin Bhalchandra Desai, 26149218; Ms. Rupal Bhatt,
26100031; Mr. Krunal Abhubhai Desai, 26245289; Mr. Dipesh Jayantilal Shah, 26490853; Ms.Ekta Choudhary, 26711392. THANE  Thane—Mr. Balbhadra Mulshankar Joshi, 67934377; Mr.
Sanjay Yewale, 25375135; Mr. Sandeepan Marutirao Reddy, 25471720; Mr. Abhijit Joshi / Mrs.Akshata Joshi, 9224567541; Mr. Yogeshwar Vashishtha, 67257917; Mr. Deepak shinde, 25832504;
Mr. Amol Lahu Kamble, 25372161; Mrs. Twinkle Sinha/ Mr. Pramod Kumar Mishra, 25372161; Mr. Ratish Ravindra Nagwekar, 25854775 ; Mr.Mohammed Idris., 25429478; Mr.Momin Faizan Mohd
Ishaque, 227311; Mr. Hitendra Ramesh Gupte, 25431072; Ms. Poonam Jagdish nenwani, 25980251; Mr. Ashok Thool, 2529936; Mrs. Janhavi Ramchandra Surpur, 21720128; Mr. Pradeep
Ramchandra Shinde, 25304858;  Badlapur—Mrs.Swati Dileep Patwa, 2692841; Mr. Mahesh Laxman Khamitkar, 6449952.  Dombivali—Mr. Prakash V Gor/Mr. Dilesh, 2862895; Mr. Kishor
Ladulal Gokhru, 2482882; Mr. Shankar Chaugule, 2442475; Mr. Harish Bhanushali, 9224767616;Mr. Ganesh Ramdas Ghanwat, 9773666182; Mr. Bhaulik Ashok Sanghvi, 9920309834; Mrs. Dipti
Harish Bhanushali, 9221548869;  Kalyan—Mr. Mahek naresh Gala, 9833675106; Mrs. Rhuta Shirish Shukla, 2211062; Mr. Arvind Kumar Tiwari, 6536920.  Vasai —Mrs. Heena Rushit Dave,
6455037/38; Mr. Manoj Kurup, 9821224306.  Virar—Mr. Nasaruddin Abdulmalik Damania, 9923241118; Mr. Damjibhai Patel, 9221270777;  Ulhasnagar—Mrs. Latika S. Dudani, 2570700. NAVI
MUMBAI  Airoli—Mr. Manohara.M.Shetty, 32171212.  Belapur—Ms. Seema Sonu Tandel, 27580801;  Kamothe—Mr. Prashant M, 65220933;  Khargar—Mr. Manohar Krishnan Nair,
32694049; Ms. Manisha M Shelke, 27742699; Mr. Rajesh Vazirani, 27745680;  Koparkhairane—Mr.Ganesh Jadhav, 27545425;  Nerul—Mr. Bipin / Nisha Gupata, 32599995; Mr. Mahesh A
Pansare, 27707929; Mr.Rajesh Kanayalal Vazirani, 27700002; Mr. Suhas Shivaji Pandhare., 9960339092.  Panvel—Ms. Supriya K. Bhandurge / Mr. Dhanesh Bhandurge, 64522685; Mr.
Sanjay Uttamlal Panchal, 24716294.
Agra
Sharekhan Branches Bhavnagar Gorakhpur
F-3, First Floor, Friends Trade Center, Nehru Nagar, Gangotri Plaza, Plot No-8A 3 rd Floor, Opp Dakshinamurti Shop No. 17, M. P. Building, Above TNG Show Room, Golghar,
Opp.Anjana Cinema, M.G.Marg, Agra-282 002. School, Bhavnagar, Gujarat - 364 001.Tel: (0278) 2573938. Gorakhpur-273 001. Tel: (0551) 2202645/ 2202683
Tel: (0562) 4032060. Bhubaneshwar Guwahati
Ahmedabad - Maninagar A/B-2nd Floor, 501/1741, Centre Point, Unit No.3, Kharvel House No-60, Chandra Prabha Barua Lane, Pub Sarania,
208, Rajvi Complex, Opp Rambaug Police Station, Maninagar, Nagar, Bhubaneshwar-751 001. Tel: (0674) 6534373. Guwahati-781003.
Ahmedabad-380 008. Tel: (079) 65410102 / 65410829 Bhilai
Ahmedabad - Navrangpura 216, 1st Floor, Khichariya Complex, Nehru Nagar chowk, Guntur
201/202, Dynamic House, Near Vijay Cross Road, Bhilai (C.G.) 490006 Tel: (0788) 4092512 / 4092672. D.No.5-87-89, 2nd Lane, Beside HDFC Bank, Lakshmipuram
Navrangpura, Ahmedabad-380009. Tel: (079) 66060141to 52 Main Road, Guntur - 522 007. Tel: (0863) 6452334.
Bhiwandi
Ahmedabad - Sattelite Office no 1&2, Presidency Plaza, Khadipar Road, Nr Shivaji Gurgoan
406, Shivalik Corporate Park, Shyamal Cross Road Sattelite, Chowk, Bhiwandi- 421 302. Tel: (02522) 645690 to 96. GF 10, JMD Regent Square, DLF Phase- II, Opp Sahara Mall,
Ahmedabad-380 015.Tel: (079) 6525 48 08-13 Bhopal Gurgaon Road, Gurgaon-122001. Tel: (0124) 4104555 - 57.
Ahmedabad - Paldi Shop No. 114,115 & 116, 1st Flr, Plot No. 2, Akansha Parisar, Gurgoan-II
302, Gangandeep Complex, Opp Bank of India, Paldi Cross Zone-1, M.P. Nagar, Bhopal-11. Tel: (0755) 42916004262200. SCF 89, 1st Floor, Sector 14, Urban Estate,
Road, Paldi, Ahmedabad-380 007. Tel: (079) 40094411-15. Bhuj Gurgoan - 122 001. Tel: (0124) 4115431/32.
Ahmednagar 1st Floor, RTO Relocation, Opp Fire brigade Station, Bhuj,
Shop No 1 & 2, Kaware Complex, Vasant Talkies Road, Kutch-370 001. Tel: (02832) 229463/229473/229483 Gwalior
Ahmednagar-414 001. Tel: 0241-6611011 to 20. Portion No.3, 1st Floor, Parimal Complex, Opp Kotchar
Calicut
Ajmer Petrol Pump, Gwalior -474 009. Tel: (0751) 4097500.
3rd Floor, 6/1002 J, City Mall, Opp. YMCA,
195/11, Rajhonda, Kutchery Road, Ajmer-305 001. Kannur Road, Calicut – 673001.Tel: (0495) 6450307/308. Hyderabad
Tel: (0145) 6100919 / 6100920 / 2422665. Chandigarh 7-1-22/3/1-5/C, Afzia Towers, 1st Floor, Begumpet,
Allahabad Hyderabad-500016 Tel: (040) 66827469-70 (D) 4020354.
SCO : 185, 1st Floor, Sector 38-C, Chandigarh-160036
1st Floor, Shop No.14 & 15, Vashishti Vinayak Tower, (Punjab). Tel (0172) 4643000/ 4643001/ 4647024. Hyderabad - Himayat Nagar
Nr Yatrik Hotel, Tashkant Marg, Civil Lines, Allahabad-211 003. 202, Skill Spectrum, Beside TTD Kalyana Mandapam, Opp.
Tel: (0532) 2260848, 2260849, 2260850. Chennai - Anna Nagar
New No 91 , Old No 106, D Block, Chintamani, Anna Nagar Universal Bakers, 3-6-367 to 369, Himayatnagar Main Road,
Ambala Hyderabad – 500029. Tel: (040) 42406245 to 248.
167/18, 1st Floor, Adjoining Airtel Office, Rai Market, (E), Chennai-2. Tel: (044) 45501100 / 50 / 45501268 / 69.
Ambala Cantt - 133001. Tel: (0171) 6450284to 87. Chennai - Chetpet Hyderabad - Dilsukhnagar
Amravati G-2, Salzburg Square, 107-Harrington Road, Chetpet, 2-41, Chaitanya Chambers, Chaitanya Puri, Dilsukhnagar,
Tank Plaza, Above Union Bank. Rajkamal Squre. Chennai-600031. Tel: (044) 28362800 / 2900 / 28363160. Hyderabad, A.P. - 500 060. Tel: (040) 66805615/16/17/18/19.
Amravati -444 601. Tel: (0721) 6451282/83. Chennai - Parrys Indore
Amritsar Begum Isphani Complex, No 44 Armenian Street, Parrys,
5 Deep Complex, 1st floor , Opp Doaba Automobiles , Court Chennai - 600001. Tel: (044) 64552951 / 52/ 53 / 54 102-104, Darshan Mall, 15/2 Race Course Rd,
Indore - 452 001. Tel: (0731) 4205520 to 24
Road, Amritsar - 143001. Tel: (0183) 6451903 / 904 / 905. Chennai - Purasawalkam
Anand F-13, Dr Rajivi Tower, 231/28 Purasawalkam High Road, Opp Indore - Vijay Nagar
F/5, Prarthana Vihar Complex, Near Panchal Hall, Vidyanagar Gangadeeshwar Temple Tank, Chennai - 7.
Tel: 42176004 to 9. R 11 - 12, Metro Tower, AB Road, Vijay Nagar, Indore, M.P. -
Road, Anand, Gujarat-388 001. Tel: (02692) 245615 to 16 / 452010. Tel: (0731) 3062469/70/71/72/73//74
655022. Chennai - Mylapore
Anand - Vidyanagar Old No. 21 New No. 35, 3rd Floor, EVS Towers, Dr. Radhakrishnan Jaipur
1st Floor, P.M.Chamber, Mota Bazar, Vallabh Vidyanagar, Salai, Mylapore, Chennai-600004. Tel: (044) 43009001- 06. Flat No 401/402, 4th Floor, Green House, Ashok Marg,
Anand, Gujarat - 388120. Tel: (02692) 655015 to 17. C-scheme, Jaipur-302001. Tel: (0141) 4078000, 2378019.
Coimbatore
Ankleshwar Vignesvar Cresta, 2nd Block, 3rd Flr, 1095 - Avinashi Road, Jalgaon
F-1, F-2 & F-3, 1st Floor, Shree Narmada Arcade, Opp HDFC P N Palayam, Coimbatore -641037. Ground Floor, Ramdayal Plaza, Near Kiran Tea, Navi Peth,
Bank, Ankleshwar - 393002. Tel: (02646) 227120/21. Tel: (0422) 2213434/2214282. Jalgaon - 425001. Tel: (0257) 2239461.
Bangalore - Advisory Dehradun Jamnagar
#2307, Swanlines Building, 12th Main Road, Jayanagar 3rd 4/5, Avantika Commercial Complex, 2nd Floor, Limda Lane
Block East, Bangalore - 560011. Tel: (080) 42876666. 58, Rajpur Road, Opp. Hotel Madhuban, Corner, Jamnagar -361 001. Tel: (0288) 2676818/2671559.
Dehradun-248001. Tel: (0135) 2740 190 to 94.
Bangalore - Gandhinagar Jamshedpur
Brigade Majestic, 201 A Block,25 Kalidasa Marg, 1st Main Erode UG, 2&3 Shreeji Arcade, 76B, Pennar Road, Sakchi,
Road, Gandhinagar, Bangalore -9. Tel: (080) 40921538/39. Akhil Plaza, Block No.1, T.S.No.121, Perundurai Road, Opp Jamshedpur-831001. Tel: (0657) 2442000 / 01 / 02 / 03 .
Banglore- Church Street Padmam Restaurant, Erode - 638011. Tel: (0424) 2241000/
2241005. Jodhpur
G-34, Brigade Gardens, 19, Churuch Street, Bangalore - A-3, 1st Floor, Olympic Tower, Station Road,
560001. Tel: (080) 41480330/41480333 Erode - Gobichettipalayam
Jodhpur-342001. Tel: (0291) 2635600/6450835/836
Bangalore - Malleshwaram Chamundeswari Agencies Bldg, 279, Cutchery Street,
Sathy Main Road, Gobichettipalayam-638 452. Junagadh
No 311, 2nd Floor, 2nd Main, Between 15th and 16th Cross,
Tel: (04285) 229013/14/15. 6/7/8, 2nd Floor, Raiji Nagar, Motibaug Raod,
Sampige Road, Malleshwaram, Bangalore-3.
Faizabad Junagadh-362001. Tel: (0285) 2674020 / 2674021.
Tel: (080) 40894444/40894401 .
Bangalore - Marathalli Mehramat Plaza, 4099, Civil Lines, Near Pushpraj Guest Kanpur
Unit no. 201 / B, 2nd Floor, Sigma Arcade -II, Marathalli, House, Rly Station Road, Faizabad-224001. Tel: (05278) 515 & 516, Kan Chambers, 14/113, Civil Lines, Kanpur -1.
Bangalore – 560037 Tel: (080) 42063278 / 79 / 80 /81 222604-222519. Tel: (0512) 2333007-012.
Bangalore - Electronic City Faridabad Kalyan
2nd Floor, Shop No. 5, Shopping Complex Road, Electronic SCF 56, 1st Floor, Near Rebock Showroom, Sector 15, Main Shop No. 9,10,11,Navjyoti Darshan Apt., Near Purnima Talkies,
City, Bangalore-560100. Tel: (080) 65395261 to 66 Market, Faridabad-121007. Tel: (0129) 2220825/26. Murbad Road, Kalyan(W), Pin: 421304. Tel: (0251) 2211342.
Bangalore - Banashankari Gandhidham Kannur
No.77 1st Floor, N.R.Towers, 100Ft Ring Road, Bhanashankari, Plot No.147, Sector 1 A, Near Big Byte Resturant, Ramananda Compound,1st Floor, TPN 264 A, N.H 17, Talap,
3rd Stage, 5th Block, Bangalore-560 085. Tel: (080) Gandhidham –370201. Tel: (02836) 323113 / 323114. Kannur - 670002, Kerala. Tel: (0497) 6451515 / 6451616.
26421481 to 85 Gandhinagar Kukatpally
Bangalore - BTM GF/04, Infocity-Super Mall-2, Infocity, CH-0 Circle, H.No. 215, MIG - 1, 3rd Floor, Kphb Colony, Kukatpally Village,
No: 736/C, 7th Cross, 11th Main Mico Layout, BTM 2nd Stage, Gandhinagar-382 009. Tel: (079) 64512663. Hyderabad - 500072. Tel. (040) 66907250-54.
Bangalore-76. Tel: (080) 653952 70 to 75 / 420560 31 to 34 Ghaziabad Kochi
Bangalore - Jayanagar J-3 II Floor, RDC, Raj Nagar, Near New Ghaziabad Railway Chicago Plaza, 1st Floor, Rajaji Road, Ernakulam,
#2307, Swanlines Building, 12th Main Road, Jayanagar 3rd Station, Ghaziabad - 201001.Tel: (0120) 4154003,4154358. Kochi-682 035. Tel: (0484) 2368411/12/13/17
Block East, Bangalore - 560011. Tel: (080) 42876666. Goa-Mapusa Kolhapur
Bardoli Shop No. 4, 3rd Floor, Commnunidade Ghar, Angod, No 5, 3rd Flr, Ayodha Tower, Bldg No 1,511 / KH -1/2, Dabholkar
303/304, Millenium Mall, Opp.Sardar Vallabhbhai Patel Musium, Mapusa - 403 507. Tel: (0832) 2910052 / 51/53/54. Corner, Station Rd, Kolhapur-1. Tel: (0231) 6687063-66.
Station Road, Bardoli-394 003. Tel: (02622) 657229.
Goa-Panaji Kolkata (Advisory I)
Bareilly F49/F50, 1st Floor, 'B' Block, Alfran Plaza, M.G. Road, Kankaria Estate, 1st floor, 6-Little Russell Street,
148, Civil Lines, Bareilly-243 001. Tel: (0581) 2510922 / 925. Panaji, Goa - 403001. Tel: (0832) 2421460. Kolkata - 700 071. Tel: (033) 22830055 / 22805555.
Bharuch Goa-Vasco
221-227, 2nd Floor, Dream Land Plaza, Opp Nagar Palika, Kolkata - Durgapur
Shop No 4, Gabmar Apt, Gr Flr Swatantra Path , Vasco, 111/95, Nachal Road, Benachity, Dist Burdwan, Durgapur,
Station Road, Bharuch - 392 001. Tel: (02642) 244998/99. Goa -2.Tel: (0832) 2510 175 / 2511 823 Kolkata - 713 213. Tel: (0343) 6452701 /02/03.

A-206, Phoenix House, 2nd Floor, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013.
Kollam
Sharekhan Branches
Pune - Nigdi Wardha
First Floor, A. Narayanan Shopping Complex, Kadappakada, ABC Plaza (Agarwal Complex), 2nd Flr, Plot No 6, Sector No Radhe Complex, 2nd Flr, Indira Mkt Road, Above Akola
Kollam - 691008. Tel: (0474) 2769120 to 25. 25, Bhel Chowk, Pradhikaran, Nigdi, Pune-44. Urban Bank, Wardha-442001. Tel: (07152) 645023 to 26.
Lucknow Tel: (020) 66300690-97. Mumbai - Andheri
2/159, Vivek Khand, Gomti Nagar, Lucknow - 226 010. B/204, Kotia Nirman, 2nd Floor, Next to Fun Republic
Tel: (0522) 4009832 to 33. Pondicherry
312/10, Vallar Salai,Vengata Nagar, Saram Revenue Village, Cinema,New Link Road, Andheri (W), Mumbai - 400 053.
Lucknow - Hazratganj Tel: 6675 0755 / 6675 0758 / 6675 0760 / 6675 0763.
Pondicherry - 605001. Tel: (0413) 4304904 to 09.
1st Floor, Marie Gold, 4,Shahnajaf Road, Hazaratganj,
Lucknow-226 001. Tel: (0522) 4010342,4010343. Raipur Mumbai - Borivali
"Ridhi House", 27/218, New Shanti Nagar, Raipur Shankar Ashish Bldg, 1st Floor, R.S.Marg, Chandavarkar
Lucknow - Rajajipuram
(Chattisgarh)-492007. Tel: (0771) 4217777, 4281172, Cross Road lane, Near ICICI Bank,Borivali (W), Mumbai-
Neeru Enclave, Jal Sansthan Crossing, CP, 7/201, Sector - 7, 400 092. Tel: (022) 65131221/65131222.
Raja Ji Puram, Lucknow - 226017. Tel: (0522) 2418996 /97. 4001004.
Ludhiana Rajkot Mumbai - Bhayander
SCO 145 1st Flr Feroze Gandhi Market, Near Ludhiana Stock 102/103, Hem Arcade, Opp Vivekanand Statue, Dr Yagnik Road, Shop No.20 & 21, Walchand Complex, Opp. Porwal School,
Exchange, Ludhiana -141001. Tel: (0161) 6547349 / 459 /469. Rajkot-360001 Tel: (0281) 2482483/84/85. Bhayander (W),Mumbai- 101. Tel: (022 ) 2804 1083/84/85
Madurai Rohtak Mumbai - Ghatkopar
Saran Centre, A-2, 1st Floor, 19, Gokhale Road, Ashoka Plaza, 1st Floor, Above ICICI Bank, Delhi Road, Rohtak - 202, Sai Plaza, 2nd Floor, Junction of Jawahar Road &
Chinnachokikulam, Madurai-625 002. Tel: (0452) 4288888. 124001. Tel - 09017058383. R. B. Mehta Marg, Ghatkopar (E), Mumbai 400 077.
Mangalore Tel: (022) 2510 8844 / 2510 8833.
C-1, 1st Floor, Presidium Commercial Complex, Anand Shetty Salem
Circle, Attavar, Mangalore - 575001. Tel: (0824) 6451503-4. Sri Ganesh Tower, 561, 2nd Floor, Saradha College Main Road, Mumbai - Goregaon
Salem - 636 007. Tel: (0427) 6454864 / 65/ 66. 301, 3rd floor, Plot No.343, Above ICICI Bank, S. V. Road,
Meerut
105, Om Plaza, Begum Bridge Road, Meerut-250001 (U.P.) Sangli Jawahar Nagar, Goregaon (West), Mumbai - 400 062.
Tel: (0121) 4028354/55. Tel (022) 67418570.
Ranjit's Empire, Office No-36,37,38, 2nd Floor, CS No.517 , Opp.
Mehsana Zillaparishad, Sangli-416416. Mumbai - Kandivali
14-15, 1st Floor, Prabhu Complex, Near Rajkamal Petrol Satara 10, Om Sai Ratna Rajul, Corner of Patel Nagar, M G Road,
Pump, Mehsana - 384002. Tel: (02762) 248980/249012. Kandivali (W), Mumbai-67. Tel: (022) 28090509/589.
First Floor, Shree Balaji Prestige, Powai Naka, Satara,
Mysore Maharashtra – 415001. Tel: (02162) 239824. Mumbai - Kandivali (Thakur Village)
Shop No.3, Mythri Arcade (Next to Saraswathi Theatre), Shop No 37, EMP-6, Jupitar CHS Ltd,Evershine Milleniam
Kantharaj Urs Road, Chamaraja Mohalla, Saraswati Puram, Siliguri
Mysore-570 009. Tel: (0821) 6451601 / 6451602 2nd Floor, Ganeshayan Bldg,112,Sevoke Road, Beside Paradise, Thakur Village, Kandivali (E), Mumbai- 400 101.
Nadiad Sunflower Shopping Mall, Siliguri-734001. Mumbai - Khar
201/202, City Point Complex, Near Parash Cinema,Santram Tel: (0353) 6453475 -79. 703, Prem Sagar Building , 1st Flr, 3 A Linking Road, Khar
Road, Nadiad - 387001. Tel: (0268) 2550555. Secunderabad (W), Mumbai - 400 052 Tel: (022) 65135333, 65133972-76.
Nagpur (C A) Marrideep Bldg, 1st Floor, 12-5-4, Vijayapuri, Mumbai - Lower Parel
409/412, Heera Plaza, Near Telephone Exchange Square, Opp St Annes College, Tarnaka, Secunderabad-500 017. "C" Phoenix House, 4th Floor, Senapati Bapat Marg,
Central Avenue, Nagpur-440 008. Tel: (0712) 2731922/23. Tel: (040) 64533871 to 75. Lower Parel, Mumbai-400 013. Tel: (022) 6618 9300.
Nagpur - Dharampeth
Plot No. 79, 1st Floor, Universal Annex, Dharampeth Surat Mumbai - Malad
Extension, Opposite New Wockhardt Hospital, Shivaji Nagar, M-1 to 6,Jolly Plaza, Mezzanine Floor, Athwa Gate, 502, Rishikesh Apartment, Opp to N L High School,
Nagpur – 440010. Tel: (0712) 6610752 to 58. Surat - 395 001. Tel: (0261) 6560310 to 6560314. S.V.Road, Malad (W), Mumbai- 64. Tel: (022) 6513 3969.
Navsari Surat - Advisory Mumbai - Matunga
1-Nirmal Complex, 1st Floor, Station Road, Sayaji Road, 419, Jolly Plaza, Athwagate, Surat-1. Tel: (0261) 6646841-45. Flat No 4B, Gr. Floor, Ashwin Villa, Telang Road, Matunga
Navsari - 396 445. Tel: (02637) 652300/652400/248888. (E), Mumbai - 400019. Tel: (022) 6513 9230/31/32
Thrissur
Nashik - College Road Pooma Complex, M G Road, Thrissur-1. Tel: (0487) 2446971-73.
5 SK Open Mall, Yeolekar Mala, Near BYK College, Mumbai - Mulund
College Road, Nashik-422 005. Tel: (0253) 6610975 to 978. Trichy - Cantonment Shop No. 1, Hetal Building, Gr Flr, Opp.Punjab National Bank,
Nashik Road F-1, Achyuta, 111-Bharatidasan Salai, Cantonment, Trichy- Zaver Road, Mulund (West), Mumbai -80.
1 st floor, Pratik Arcade, Bytco Point.Opp MSEB Office, 620001 (Tamilnadu). Tel: (0431) 4000705 / 2412810 Tel: (022) 2565 6805-10.
Nashik-Pune Road, Nashik Road, Maharashtra - 422 101. Tirupur Shop No. 2, New Krishna Dham, Veena Nagar, L.B.S.
New Delhi - Bharakhamba Road Ram Arcade, No 27, Muncif Court Street, Marg, Mulund (West), Mumbai - 400080.
903 & 903A, Kanchenjunga Bldg., 18-Bharakhamba Road, Tirupur- 641 601. Tel: (0421) 6454316 to 20. Tel: (022) 4024 1501-6
New Delhi-110001. Trivandrum
New Delhi - Pusa Road Mumbai - Opera House
Laxmi Bldg, 1st Floor, T.C.No.26/430, Vanrose Road, Gogate Mansion, Gr Floor, 89-Jagannath Shankar Seth
18/1 A, Ground Floor, Opposite City Hospital, Pusa Road, Trivandrum - 695 039. Tel: (0471) 6450657 / 58 / 59.
New Delhi -110005. Tel: (011) 45117000. Road, Girgaum, Opera House, Mumbai-4.
Udaipur Tel: (022) 6610 5671-75.
New Delhi - Lajpat Nagar
A95 B, II nd Floor, Lajpat Nagar –II, New Delhi - 110024. 17 C, Kutumb Apt, Opp. ICICI Bank, Madhuban, Udaipur-313001. Mumbai - Thane
Tel: (011) 46590373-376. Tel: (0294) 6454647 2nd Floor, Gulmohar Tower, Mahatma Phule Road,
New Delhi - Pitampura Vadodara Opp.A.K.Joshi High School. Naupada, Thane - 400 602.
411/412, Aagarwal Cyber Plaza, Netaji Subhash Place, 6-8/12, Sakar Complex, 1st Flr, Opp ABS Tower, Haribhakti Tel: (022) 2537 2158 to 61/ 2539 7778 - 9.
Pitampura, New Delhi - 110 034. Tel: (011) 47567000. Extension, Vadodara-390 015. Tel: (0265) 6649261-70. Mumbai - Stock Exchange (Rotunda)
New Delhi - Vasant Vihar Vadodara - Manjalpur 1st floor, Hamam House, Hamam Street, Fort, Mumbai
E-20, Basant Lok Community Center,Vasant Vihar, 1st Floor, Rutukalsh Complex, Tulsidham Char Rasta, 400 023. Mumbai-23. Tel: (022) 6610 5600 to 15
New Delhi -110057. Tel: (011) 26155086/7/9. Manjalpur, Vadodara - 390 011. Tel: (0265) 2647970-71.
New Delhi - Mayur Vihar Mumbai - Vashi
Shri Durga Ji shooping complex, Pocket II, Mayur Vihar, Vapi Persipolis Bldg., 108, 1st floor, Opp. St. Lawrence School,
Phase I New Delhi -110091. Tel: (011) 43067091- 96. Royal Fortune, D-101, E-101, 1st Floor, Vapi-Daman Road, Sector-17, Navi Mumbai-400703. Tel: (022)27882979-82.
New Delhi - Rajouri Garden Vapi - 396 191. Tel: (0260) 6452931 to 36
Mumbai - Vile Parle
A - 29, 2nd Floor, Ring Road, Rajouri Garden, Varachha - Surat 7-Alka CHS, Ground Floor, Dadabhai Road, Vile Parle (W),
New Delhi - 110027. Tel: (011) 45608923 to 27. G-20/21, Rajhans Point, Varachha Main Road, Varachha Road, Mumbai - 400056. Tel: (022) 26253010/11/12/13
Noida Surat-395006. Tel: (0261) 6453499.
P-12A, 3rd Floor, BHS Liberty, Sector-18, Noida - 201 301. Varanasi PCG Branch
Tel: (0120) 4646200. 2nd Floor, Banaras TVS Bldg., D-58/12, A-7, Sigra,
Palakkad Varanasi - 221 010 (UP). Tel: 0542 - 222 1073 / 81 / 83. PCG - Kolkata
1st Floor, Shree Laxmi Vilas Buildings, Kankaria Estate, 2nd Floor, 6-Little Russell Street,
G. B. Road, Palakkad- 678 014. Tel: (0491) 6450179 / 6450188. Vellore Kolkata - 700 071. Tel: (033) 22830055
20/B, First East Main Road, Land Mark Bldg, 2nd Floor,
Patiala Gandhi Nagar, Vellore-632006 Tel: (0416) 6454306 - 310.
SCO- 135, Chotti Baradari, Patiala -147 001 (PUNJAB) Sharekhan Representative Office
Vijaywada
Tel: (0175) 6622200 /01/02/03/04/05. Centurian Plaza, D. No: 40-1-129, 2nd Floor, Old Coolex Abudhabi
Pulgaon Building, M. G. Road, Vijaywada - 520 010. No:201-A Al Ain Jewellery Building (Sahara Abudhabi),
Khurana Complex, Near Balaji Hotel, Nachangoan Road, Tel: (0866) 6619992/6629993. Liwa Street, Abu Dhabi, UAE. Tel: 971-4-3963889.
Pulgaon - 442 302. Dubai
Vizag
Pune - F C Road 10-1-35/B, 3rd Flr, Parvathaneni House, Val Tair Uplands, 213, Nasir Lootah Bldg, Khalid Bin Walid Street (Bank
301, Millenium Plaza, 3rd Floor, Opp Fergusson College Vishakhapatman - 530003. Tel: (0891) 6673000/6671744. Street), P.O. Box: 120457, Dubai, U A E. Tel: 971-4-3963889
main Gate, Shivaji Nagar, Pune-4. Tel: (020) 66021301 - 06. Direct : 971-4-3963869.
Sharekhan ValueGuide 51 February 2010
February 2010 52 Sharekhan ValueGuide