Ups and Downs

The rise and fall of the Indian equity markets

Ups and downs are the part and parcel of life. We rise to fall and vice versa. Not all days are sunny. The
same analogy applies to the equity markets as well. Presently we are experiencing a bearish market.
But this is not the first time. Before this, several bull and bear phases have taken place. Of course, what
we saw during 2003-08 was an unprecedented bull rally India has ever experienced. But you must
remember the law of gravity. More the force you use to throw, the thing will fall with equal amount of
force. In other words, an unprecedented bull rally will follow an unprecedented bear phase too.

Technically we see a bearish phase after every 8 years of an uptrend. BSE Sensex witnessed them in
1985, 1992, 2000 and then recently in 2008. We found out that from its highs during each bull phase,
Sensex fell down by 55-60%. However it surged by 191% and 703% during the next bull phases from
the lows of the 8 year cycle during 1992- 2000 and 2000-2008. The 2000-08 rallies were one of its kind,
and if we are going to see the same sort of bull phase in the next cycle then will we see Sensex
touching 59,500 by 2016? You never know. But we are certain that the next rally will be unparalleled
too. It may be 34,000 or 59,500.

Rise in next
Year Fall from high boom High Low

1992 54.40% 191% 4467.32 as on April 22, 1992 2036.81 as on April 26, 1993

2000 56.20% 702.80% 5933.56 as on Feb 11, 2000 2600.12 as on Sept 21, 2001

2008 59.20% ? 20873.33 as on Jan 08, 2008 8509.56 as on Oct 27, 2008

Now let us take the stock of our portfolios. Who has lost what? We have carried out a detailed analysis
about the indices including sectoral indices and stocks they are comprised of. We found out that realty
and metal stocks are the biggest losers with 70 and 81% respectively since January 18, 2008. Sensex
and Nifty lost 48% in comparison BSE mid and small cap that lost 64-68%. Sectors that could weather
the storm included FMCG, Health Care and IT with 14-30% losses since January level. In last one
month sectors that have suffered the most were metal, energy and auto. Sectors that could buck the
falling trend included FMCG, IT, bankex and technology in the same period. During previous week,
however the most beaten down stocks recoiled. Sectors that made good come back during the previous
week were realty (9.4% up) and power (5.4% up).

Since January, sector wise stocks that annihilated by over 60% are as follows:

Sensex: JP, Tata Motors, Tata Steel, Rel Infra, Sterlite, DLF, Grasim, RCom, ICICI Bank and Hindaco
Auto: Amtek, Tata Motors, Bharat Forge, Escort, MRF, and Ashok Leyland
Bankex: Yes Bank, ICICI Bank, Karnataka Bank, Kotak Bank and Indusind Bank
CD: BPL, Videocon, Rajesh Exports, Gitanjali Gems and Blue Star
CG: Gammon Infra, Walchandnagar, Elecon, Suzlon, RIIL, Bharat Bijlee, Jyoti Struct, Kalpataru Power,
BEML, Havells, Usha Martin, Alstom Projects, Siemens, Praj, Bharat Elect, ABB and Punj Industries
FMCG: Pantaloon
HC: Wockhardt, Aurobindo, Opto Circuits, Bilcare and Sun Pharma
IT: NIIT, Aptech, Financial Tech, Moser Baer and Tech Mahindra
Metal: Jai Corp, Ispat, Welspun Gujarat, Jindal Steel & Power, JSW Steel, Gujarat NRE, SAIL, NMDC, Nalco
Oil & Gas: Aban, RNRL and Essar Oil
Deepak Tiwari Power: GVK Power, Lanco Infratech, Neyveli, GMR and Torrent Power
Research Analyst PSU: STC, Hind Copper, RCF, Dredging Corp, Central Bank, Bank of Maharashtra, Chennai Petro and
Vijaya Bank
deepakt@arthamoney.com Realty: Except Akruti all stocks annihilated by over 72%
Media & Tech: IOL Netcom, Adlabs, Teledata, HFCL, Dish TV, Deccan Chr, NDTV, Balaji Tele, Hexaware, Tanla
Solutions, UTV Software, HT Media and Jagaran Prakashan,
T: + 91 22 4063 3032

Nov 10, 2008 For Private Circulation only 1

The fall in the indices and stocks constituting them (in the order of maximum loss since Jan. ‘08)
Indices and BSE sectoral indices

% Change Current levels Since January Last one month Last one week
Realty 2342.82 -80.5% -17.6% 9.4%
Metal 5152.33 -70.1% -28.5% -8.4%
Smallcap 3900.1 -67.9% -17.0% -0.7%
CD 2094.87 -64.2% -12.0% -0.5%
Midcap 3355.38 -62.3% -16.3% 0.0%
Power 1777.57 -58.7% -12.6% 5.4%
CG 7635.41 -58.4% -13.2% 0.6%
Oil & Gas 6013.57 -52.3% -22.9% -8.1%
Bankex 5532.15 -51.4% -4.2% 2.7%
PSU 4965.8 -48.6% -14.3% 2.5%
Auto 2661.53 -48.3% -22.7% -3.1%
Nifty 2973 -47.9% -15.4% -2.3%
Sensex 9964.29 -47.6% -12.0% -3.6%
Technology 2085.84 -40.0% -7.9% -6.0%
IT 2670.54 -29.5% -1.1% -7.1%
HC 2937.11 -27.0% -12.2% 2.8%
FMCG 1968.7 -14.5% 1.1% 5.2%

20.0%
%age change
10.0%

0.0%

-10.0%

-20.0%

-30.0%

-40.0%

-50.0%

-60.0%

-70.0%

Since January Last one month Last one week

-80.0%

-90.0%
Auto
Midcap

CD

HC

PSU
IT
CG
Sensex

Nifty

Bankex

FMCG

Metal
Smallcap

Power
Oil & Gas

Realty

Technology

Nov 10, 2008 For Private Circulation only 2

Stocks constituting the BSE indices

Sensex
%age Change Current levels Since January Last one month Last one week
Jaiprakash Associates Ltd. 87.7 -79.1% -3.6% 7.7%
Tata Motors Ltd. 158.9 -76.8% -47.0% -16.8%
Tata Steel Ltd. 190.1 -75.7% -43.8% -15.6%
Reliance Infrastructure Ltd. 560.9 -73.6% -12.1% 4.8%
Sterlite Industries (India) Ltd. 246.15 -72.1% -15.9% -16.5%
D L F Ltd. 280.9 -72.1% -9.0% 11.0%
Grasim Industries Ltd. 1043.15 -68.8% -33.8% -5.3%
Reliance Communications Ltd. 228.15 -67.5% -24.1% -1.9%
I C I C I Bank Ltd. 431.25 -65.4% -4.9% 0.1%
Hindalco Industries Ltd. 60.45 -64.0% -33.4% -4.8%
Reliance Industries Ltd. 1217.85 -56.5% -26.2% -15.3%
Larsen & Toubro Ltd. 870.95 -55.7% -9.9% -2.4%
Mahindra & Mahindra Ltd. 372.25 -48.9% -22.7% -3.1%
Tata Power Co. Ltd. 737.35 -48.6% -8.4% 6.4%
A C C Ltd. 478.7 -44.6% -16.1% -6.4%
State Bank Of India 1249.25 -44.1% -5.5% 0.7%
Ranbaxy Laboratories Ltd. 218.4 -43.5% -21.8% 14.7%
Wipro Ltd. 260.45 -42.8% -7.8% -5.7%
Tata Consultancy Services Ltd. 524.55 -42.0% -4.0% -4.4%
Housing Development Finance Corpn. Ltd. 1700.5 -39.7% -10.0% -10.1%
Bharat Heavy Electricals Ltd. 1405.1 -39.0% -4.2% 4.8%
Oil & Natural Gas Corpn. Ltd. 741.6 -38.7% -23.0% 4.3%
N T P C Ltd. 151.2 -36.9% -13.7% 0.0%
H D F C Bank Ltd. 1088.55 -30.9% -1.5% 1.7%
Maruti Suzuki India Ltd. 597.65 -28.9% -13.2% -0.7%
Bharti Airtel Ltd. 650 -25.6% -11.3% -5.5%
Satyam Computer Services Ltd. 277.75 -25.5% 4.9% -7.4%
I T C Ltd. 174.8 -17.8% 5.6% 10.2%
Infosys Technologies Ltd. 1262.5 -13.8% 0.6% -8.4%
Hindustan Unilever Ltd. 249.3 16.4% 4.7% 4.8%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 3

 Auto
%age Change Current levels Since January Last one month Last one week
Amtek Auto Ltd. 70.2 -81.5% -50.5% -3.0%
Tata Motors Ltd. 158.9 -76.8% -47.0% -16.8%
Bharat Forge Ltd. 101.6 -70.7% -38.6% -2.1%
Escorts Ltd. 39.55 -70.0% -16.5% 2.9%
M R F Ltd. 2022 -67.0% -20.7% -4.8%
Ashok Leyland Ltd. 16.7 -63.5% -31.4% -19.5%
Apollo Tyres Ltd. 25.75 -51.0% -24.0% 5.3%
Mahindra & Mahindra Ltd. 372.25 -48.9% -22.7% -3.1%
Exide Industries Ltd. 49.8 -36.2% -13.8% 3.6%
Cummins India Ltd. 226.95 -34.0% -17.2% 7.1%
Maruti Suzuki India Ltd. 597.65 -28.9% -13.2% -0.7%
Bosch Ltd. 3447.95 -24.7% -2.4% 5.2%
Hero Honda Motors Ltd. 753.7 9.0% -13.9% 3.9%
Bajaj Auto Ltd. 411.3 NA -24.2% -17.5%
Source: Prowess, Artha Money Research

Bankex
%age Change Current levels Since January Last one month Last one week
Yes Bank Ltd. 82.1 -66.9% -8.6% 5.7%
I C I C I Bank Ltd. 431.25 -65.4% -4.9% 0.1%
Karnataka Bank Ltd. 91.15 -64.3% -14.4% 8.0%
Kotak Mahindra Bank Ltd. 411.5 -63.6% -9.3% 11.3%
Indusind Bank Ltd. 44.7 -60.9% -7.5% 5.4%
Allahabad Bank 53.9 -57.1% -9.7% 4.7%
Federal Bank Ltd. 147.3 -56.1% -20.0% 5.3%
I D B I Bank Ltd. 65.1 -56.0% -6.1% 4.7%
Indian Overseas Bank 83.95 -54.0% -1.8% 6.9%
Oriental Bank Of Commerce 148.5 -48.6% -4.9% 13.9%
Axis Bank Ltd. 581 -47.8% -9.7% -3.5%
State Bank Of India 1249.25 -44.1% -5.5% 0.7%
Canara Bank 193.2 -39.2% 16.0% 15.3%
Bank Of Baroda 292.65 -33.1% 3.4% 17.9%
Bank Of India 271.7 -33.1% 0.4% 9.8%
H D F C Bank Ltd. 1088.55 -30.9% -1.5% 1.7%
Union Bank Of India 155.35 -23.1% 7.1% 14.0%
Punjab National Bank 496.3 -22.1% 1.4% 9.7%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 4

 Consumer Durables
%age Change Current levels Since January Last one month Last one week
B P L Ltd. 20.05 -85.3% -15.4% 2.6%
Videocon Industries Ltd. 126.75 -78.8% -20.8% 0.8%
Rajesh Exports Ltd. 30.5 -78.4% 28.7% 22.2%
Gitanjali Gems Ltd. 91.4 -75.2% -33.9% 11.9%
Blue Star Ltd. 193 -60.2% -23.8% 3.0%
Titan Industries Ltd. 916.9 -34.1% 2.9% -7.5%
Source: Prowess, Artha Money Research

Capital Goods
%age Change Current levels Since January Last one month Last one week
Gammon India Ltd. 84.95 -86.1% -26.8% 7.2%
Walchandnagar Industries Ltd. 113.95 -85.7% -31.4% -8.0%
Elecon Engineering Co. Ltd. 47.25 -83.2% -30.4% 16.7%
Suzlon Energy Ltd. 70.7 -81.4% -37.8% 53.9%
Reliance Industrial Infrastructure Ltd. 428.6 -81.1% -1.9% 2.4%
Bharat Bijlee Ltd. 740.55 -78.4% -13.0% -4.1%
Jyoti Structures Ltd. 63.1 -76.6% -18.8% 6.2%
Lakshmi Machine Works Ltd. 695.45 -76.1% -7.6% 10.1%
Kalpataru Power Transmission Ltd. 419.3 -74.2% -40.3% -7.3%
B E M L Ltd. 418.5 -73.8% -25.3% -5.7%
Havells India Ltd. 170.05 -73.8% -30.4% -6.7%
Usha Martin Ltd. 32.3 -72.7% -33.0% -13.9%
Alstom Projects India Ltd. 258.55 -71.1% -16.0% 5.0%
Siemens Ltd. 295.6 -69.7% -9.8% 3.5%
Praj Industries Ltd. 72.15 -63.8% -18.2% 1.5%
Bharat Electronics Ltd. 662.05 -63.7% -17.5% 4.1%
A B B Ltd. 497.2 -63.5% -28.0% -11.4%
Punj Lloyd Ltd. 199 -60.3% -15.8% 2.3%
S K F India Ltd. 163.35 -59.3% -4.8% -4.6%
Thermax Ltd. 314.75 -57.0% -9.8% -3.9%
Areva T & D India Ltd. 178 -55.9% -24.1% -8.9%
Larsen & Toubro Ltd. 870.95 -55.7% -9.9% -2.4%
Crompton Greaves Ltd. 168.8 -53.2% -19.1% 0.2%
A I A Engineering Ltd. 153.25 -50.0% -27.6% -9.3%
Everest Kanto Cylinder Ltd. 182.3 -43.4% -20.0% -5.4%
Bharat Heavy Electricals Ltd. 1405.1 -39.0% -4.2% 4.8%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 5

 FMCG
%age Change Current levels Since January Last one month Last one week
Pantaloon Retail (India) Ltd. 237.5 -64.5% 13.4% 14.4%
Radico Khaitan Ltd. 60 -57.7% 0.1% -1.2%
Nirma Ltd. 90.5 -57.5% -14.3% 0.2%
United Spirits Ltd. 802.85 -56.5% -14.5% -13.2%
Tata Tea Ltd. 514.2 -33.8% -17.0% -2.3%
Britannia Industries Ltd. 1147 -26.0% -8.9% -2.6%
Dabur India Ltd. 85.85 -24.3% -1.0% 3.5%
Marico Ltd. 50.2 -23.1% -8.2% 1.0%
Gillette India Ltd. 764.65 -22.6% 8.3% 0.3%
Colgate-Palmolive (India) Ltd. 374.1 -18.4% 1.0% -3.4%
I T C Ltd. 174.8 -17.8% 5.6% 10.2%
Glaxosmithkline Consumer Healthcare Ltd. 556.95 -17.1% -4.8% -7.2%
Godrej Consumer Products Ltd. 108.65 -10.7% 0.9% 7.1%
Procter & Gamble Hygiene & Health Care Ltd. 737.1 -2.9% 6.1% -2.4%
Hindustan Unilever Ltd. 249.3 16.4% 4.7% 4.8%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 6

 Health Care
%age Change Current levels Since January Last one month Last one week
Wockhardt Ltd. 103.1 -74.7% -32.7% -4.3%
Aurobindo Pharma Ltd. 113.15 -72.4% -46.4% -13.0%
Opto Circuits (India) Ltd. 94.9 -66.1% -13.9% -0.8%
Bilcare Ltd. 450.1 -64.0% -11.1% -5.4%
Sun Pharma Advanced Research Co. Ltd. 48.9 -61.8% -32.2% -5.4%
Orchid Chemicals & Pharmaceuticals Ltd. 119.75 -59.1% -37.5% 10.9%
Matrix Laboratories Ltd. 87.85 -58.7% -15.7% 13.6%
Dishman Pharmaceuticals & Chemicals Ltd. 139.6 -57.7% -42.8% 7.1%
Biocon Ltd. 119.75 -53.8% -12.9% 18.3%
Ipca Laboratories Ltd. 397.4 -44.0% -23.1% 1.5%
Glenmark Pharmaceuticals Ltd. 306.15 -43.7% -14.2% -0.9%
Ranbaxy Laboratories Ltd. 218.4 -43.5% -21.8% 14.7%
Dr. Reddy'S Laboratories Ltd. 407.4 -39.6% -11.8% 1.0%
Piramal Healthcare Ltd. 215 -34.9% -22.4% -11.6%
Pfizer Ltd. 500.8 -29.0% -8.4% 2.9%
Divi'S Laboratories Ltd. 1257.9 -23.0% 8.2% 2.8%
Apollo Hospitals Enterprise Ltd. 402.85 -18.3% 1.0% -0.7%
Cipla Ltd. 184.35 -8.9% -11.2% 4.9%
Cadila Healthcare Ltd. 260 -5.8% -15.1% -4.2%
Glaxosmithkline Pharmaceuticals Ltd. 1063.7 5.5% -2.6% -3.2%
Sun Pharmaceutical Inds. Ltd. 1193 9.6% -12.7% 7.8%
Sterling Biotech Ltd. 179.45 11.7% 5.6% -0.7%
Lupin Ltd. 690.7 20.2% -4.6% -3.3%
Source: Prowess, Artha Money Research

Information Technology
%age Change Current levels Since January Last one month Last one week
N I I T Ltd. 28.8 -78.1% -14.9% -15.5%
Aptech Ltd. 87.8 -72.3% -13.3% 0.9%
Financial Technologies (India) Ltd. 684.1 -71.0% -10.4% 9.3%
Moser Baer India Ltd. 77.2 -69.6% -24.7% -1.8%
Tech Mahindra Ltd. 325.2 -64.1% -29.6% -3.4%
Oracle Financial Services Software Ltd. 595.35 -57.0% 5.4% -1.0%
Rolta India Ltd. 165 -52.1% 1.9% -13.5%
Patni Computer Systems Ltd. 139.05 -46.6% -13.1% 0.6%
Wipro Ltd. 260.45 -42.8% -7.8% -5.7%
Tata Consultancy Services Ltd. 524.55 -42.0% -4.0% -4.4%
Mphasis Ltd. 163.7 -40.0% 4.1% 0.4%
H C L Technologies Ltd. 165.35 -37.8% -12.6% -5.2%
Satyam Computer Services Ltd. 277.75 -25.5% 4.9% -7.4%
Infosys Technologies Ltd. 1262.5 -13.8% 0.6% -8.4%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 7

 Metal
%age Change Current levels Since January Last one month Last one week
Jai Corp Ltd. 158.05 -85.1% -21.3% 5.4%
Ispat Industries Ltd. 12.35 -79.6% -17.7% 0.2%
Tata Steel Ltd. 190.1 -75.7% -43.8% -15.6%
Welspun-Gujarat Stahl Rohren Ltd. 120.7 -75.6% -32.6% -7.3%
Jindal Steel & Power Ltd. 737.6 -74.3% -22.1% -8.7%
J S W Steel Ltd. 285.35 -74.0% -2.5% -8.5%
Sterlite Industries (India) Ltd. 246.15 -72.1% -15.9% -16.5%
Gujarat N R E Coke Ltd. 30.75 -69.0% 11.3% -6.8%
Hindalco Industries Ltd. 60.45 -64.0% -33.4% -4.8%
Steel Authority Of India Ltd. 84.45 -63.9% -27.3% -6.3%
N M D C Ltd. 155.9 -62.5% -17.9% 3.2%
National Aluminium Co. Ltd. 165.75 -62.1% -55.7% 12.5%
Jindal Saw Ltd. 397.4 -59.2% -2.9% -1.2%
Hindustan Zinc Ltd. 315.3 -55.8% -2.4% -0.8%
Sesa Goa Ltd. 79.9 -50.3% -17.9% -4.0%
Source: Prowess, Artha Money Research

Oil & Gas

%age Change Current levels Since January Last one month Last one week
Aban Offshore Ltd. 970.15 -77.9% -10.3% 9.9%
Reliance Natural Resources Ltd. 51.7 -74.9% -13.5% -3.8%
Essar Oil Ltd. 82.15 -69.7% -33.6% -9.5%
Reliance Petroleum Ltd. 85.2 -59.2% -30.3% -6.6%
Reliance Industries Ltd. 1217.85 -56.5% -26.2% -15.3%
Indian Oil Corpn. Ltd. 367.35 -39.5% -0.4% 4.6%
Oil & Natural Gas Corpn. Ltd. 741.6 -38.7% -23.0% 4.3%
Cairn India Ltd. 143.3 -35.7% -16.1% 3.2%
G A I L (India) Ltd. 213.9 -32.6% -13.5% -3.9%
Hindustan Petroleum Corpn. Ltd. 219.25 -29.5% 2.6% 6.6%
Bharat Petroleum Corpn. Ltd. 332.15 -23.5% -2.5% 9.6%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 8

 Power
%age Change Current levels Since January Last one month Last one week
Suzlon Energy Ltd. 70.7 -81.4% -37.8% 53.9%
G V K Power & Infrastructure Ltd. 18.19 -76.9% 9.9% 51.2%
Reliance Infrastructure Ltd. 560.9 -73.6% -12.1% 4.8%
Lanco Infratech Ltd. 168.95 -72.6% 0.1% 22.6%
Neyveli Lignite Corpn. Ltd. 64.45 -69.9% -14.1% 8.3%
Siemens Ltd. 295.6 -69.7% -9.8% 3.5%
G M R Infrastructure Ltd. 67.5 -66.9% -4.9% 29.6%
A B B Ltd. 497.2 -63.5% -28.0% -11.4%
Torrent Power Ltd. 75.35 -61.1% -7.0% 5.5%
Crompton Greaves Ltd. 168.8 -53.2% -19.1% 0.2%
Tata Power Co. Ltd. 737.35 -48.6% -8.4% 6.4%
Power Grid Corpn. Of India Ltd. 75.3 -43.4% -16.4% 4.5%
Bharat Heavy Electricals Ltd. 1405.1 -39.0% -4.2% 4.8%
N T P C Ltd. 151.2 -36.9% -13.7% 0.0%
Reliance Power Ltd. 117.2 NA -14.8% 7.8%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 9

PSU
%age Change Current levels Since January Last one month Last one week
State Trading Corpn. Of India Ltd. 123.75 -78.3% -21.6% 4.4%
Hindustan Copper Ltd. 100.3 -78.0% -19.1% -0.4%
B E M L Ltd. 418.5 -73.8% -25.3% -5.7%
Rashtriya Chemicals & Fertilizers Ltd. 32.85 -73.5% -10.6% -1.1%
Dredging Corpn. Of India Ltd. 247.85 -73.4% -34.0% 7.7%
Central Bank Of India 38 -70.8% -13.8% -0.7%
Neyveli Lignite Corpn. Ltd. 64.45 -69.9% -14.1% 8.3%
Bank Of Maharashtra 25.25 -68.6% -9.2% -4.5%
Chennai Petroleum Corpn. Ltd. 127.8 -64.7% -27.9% -2.5%
Steel Authority Of India Ltd. 84.45 -63.9% -27.3% -6.3%
Bharat Electronics Ltd. 662.05 -63.7% -17.5% 4.1%
Vijaya Bank 28.25 -63.0% -19.6% 6.0%
N M D C Ltd. 155.9 -62.5% -17.9% 3.2%
National Aluminium Co. Ltd. 165.75 -62.1% -55.7% 12.5%
Engineers India Ltd. 393.4 -59.4% -15.8% -5.1%
Jammu & Kashmir Bank Ltd. 337.85 -59.2% -18.2% -12.2%
Mahanagar Telephone Nigam Ltd. 70.1 -58.8% -1.1% 1.7%
Dena Bank 32.2 -58.6% -6.9% 3.4%
Uco Bank 30.1 -57.6% 0.0% -2.1%
Allahabad Bank 53.9 -57.1% -9.7% 4.7%
I D B I Bank Ltd. 65.1 -56.0% -6.1% 4.7%
M M T C Ltd. 13655.25 -55.0% -18.1% -2.9%
Shipping Corpn. Of India Ltd. 86.1 -54.1% -0.8% -0.8%
Indian Overseas Bank 83.95 -54.0% -1.8% 6.9%
Bongaigaon Refinery & Petrochemicals Ltd. 39.1 -53.5% -9.4% 2.4%
Andhra Bank 50.5 -52.5% -4.8% 9.3%
Power Finance Corpn. Ltd. 110.95 -52.2% -0.1% 1.5%
Syndicate Bank 54.55 -50.4% -6.2% 5.5%
Oriental Bank Of Commerce 148.5 -48.6% -4.9% 13.9%
Corporation Bank 214.45 -48.0% -8.0% 1.6%
State Bank Of India 1249.25 -44.1% -5.5% 0.7%
Power Grid Corpn. Of India Ltd. 75.3 -43.4% -16.4% 4.5%
Indian Oil Corpn. Ltd. 367.35 -39.5% -0.4% 4.6%
Canara Bank 193.2 -39.2% 16.0% 15.3%
Bharat Heavy Electricals Ltd. 1405.1 -39.0% -4.2% 4.8%
Oil & Natural Gas Corpn. Ltd. 741.6 -38.7% -23.0% 4.3%
N T P C Ltd. 151.2 -36.9% -13.7% 0.0%
Indian Bank 136.2 -34.1% 7.8% -0.5%
Bank Of Baroda 292.65 -33.1% 3.4% 17.9%
Bank Of India 271.7 -33.1% 0.4% 9.8%
G A I L (India) Ltd. 213.9 -32.6% -13.5% -3.9%
Hindustan Petroleum Corpn. Ltd. 219.25 -29.5% 2.6% 6.6%

Nov 10, 2008 For Private Circulation only 10

 Bharat Petroleum Corpn. Ltd. 332.15 -23.5% -2.5% 9.6%
Union Bank Of India 155.35 -23.1% 7.1% 14.0%
Punjab National Bank 496.3 -22.1% 1.4% 9.7%
Container Corpn. Of India Ltd. 687.7 -11.6% -13.2% 7.9%
Rural Electrification Corpn. Ltd. 66.4 NA -5.4% -1.6%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 11

 Realty
%age Change Current levels Since January Last one month Last one week
Orbit Corporation Ltd. 74.7 -92.1% -38.3% 5.7%
Unitech Ltd. 50.8 -89.3% -46.2% 3.7%
Parsvnath Developers Ltd. 47.4 -88.5% -34.4% 4.8%
Sobha Developers Ltd. 105.8 -88.1% -8.6% -7.4%
Housing Development & Infrastructure Ltd. 116.95 -87.9% 2.9% -15.5%
Phoenix Mills Ltd. 58.6 -86.9% -51.1% 11.5%
Omaxe Ltd. 63.6 -85.0% -21.6% 4.9%
Ansal Properties & Infrastructure Ltd. 47.2 -84.9% -34.0% 1.2%
Anant Raj Inds. Ltd. 55.7 -84.4% -40.9% 14.0%
Peninsula Land Ltd. 25 -80.7% -25.7% 6.4%
Mahindra Lifespace Developers Ltd. 189.4 -76.4% -26.1% 0.8%
Indiabulls Real Estate Ltd. 157.15 -76.1% 32.6% 23.7%
D L F Ltd. 280.9 -72.1% -9.0% 11.0%
Akruti City Ltd. 649.8 -49.7% -6.3% -5.6%
Source: Prowess, Artha Money Research

Media & Technology

%age Change Current levels Since January Last one month Last one week
I O L Netcom Ltd. 33.65 -92.9% -41.0% 3.9%
Adlabs Films Ltd. 183.1 -87.3% -27.7% -1.0%
Teledata Informatics Ltd. 6.75 -87.0% -10.4% -5.5%
Himachal Futuristic Communications Ltd. 7.96 -80.3% -11.8% 0.4%
Dish T V India Ltd. 16.97 -79.5% -13.6% 9.0%
Deccan Chronicle Holdings Ltd. 45.25 -78.5% -33.3% 3.5%
N I I T Ltd. 28.8 -78.1% -14.9% -15.5%
New Delhi Television Ltd. 98.1 -78.0% -32.5% -6.4%
Balaji Telefilms Ltd. 66.9 -77.7% -46.0% -10.0%
Hexaware Technologies Ltd. 20.4 -73.2% -30.1% 2.0%
Aptech Ltd. 87.8 -72.3% -13.3% 0.9%
Tanla Solutions Ltd. 93.45 -72.3% -31.0% -6.1%
Financial Technologies (India) Ltd. 684.1 -71.0% -10.4% 9.3%
U T V Software Communications Ltd. 266.4 -70.8% -61.1% -40.4%
H T Media Ltd. 69.25 -69.4% -28.9% -11.7%
Reliance Communications Ltd. 228.15 -67.5% -24.1% -1.9%
Jagran Prakashan Ltd. 50.8 -64.7% -21.5% -6.0%
Mahanagar Telephone Nigam Ltd. 70.1 -58.8% -1.1% 1.7%
Oracle Financial Services Software Ltd. 595.35 -57.0% 5.4% -1.0%
Sun T V Network Ltd. 158.15 -56.8% -10.4% 5.9%
Ibn18 Broadcast Ltd. 100.9 -52.0% 6.7% 4.2%
Zee Entertainment Enterprises Ltd. 142.15 -50.9% -19.6% -6.6%
Zee News Ltd. 36.7 -47.3% 4.6% -5.2%

Nov 10, 2008 For Private Circulation only 12

 Patni Computer Systems Ltd. 139.05 -46.6% -13.1% 0.6%
Wipro Ltd. 260.45 -42.8% -7.8% -5.7%
Tata Consultancy Services Ltd. 524.55 -42.0% -4.0% -4.4%
Mphasis Ltd. 163.7 -40.0% 4.1% 0.4%
H C L Technologies Ltd. 165.35 -37.8% -12.6% -5.2%
Bharti Airtel Ltd. 650 -25.6% -11.3% -5.5%
Satyam Computer Services Ltd. 277.75 -25.5% 4.9% -7.4%
Tata Communications Ltd. 491.35 -23.4% 6.5% -9.4%
G T L Ltd. 198.6 -21.7% 24.9% 1.6%
Infosys Technologies Ltd. 1262.5 -13.8% 0.6% -8.4%
Source: Prowess, Artha Money Research

Nov 10, 2008 For Private Circulation only 13

 Sensex during 1990-94 Sensex during 1994-2000
7000
5000

4500 6000

4000
5000
3500

3000 4000

2500
3000
2000

1500 2000

1000
1000
500

0 0

15-Jul-95

15-Jul-96

15-Jul-97

15-Jul-98

15-Jul-99

15-Jul-00
15-Nov-94
15-Mar-95

15-Nov-95
15-Mar-96

15-Nov-96
15-Mar-97

15-Nov-97
15-Mar-98

15-Nov-98
15-Mar-99

15-Nov-99
15-Mar-00

15-Nov-00
2-Jan-90
2-Apr-90
2-Jul-90
2-Oct-90
2-Jan-91
2-Apr-91
2-Jul-91
2-Oct-91
2-Jan-92
2-Apr-92
2-Jul-92
2-Oct-92
2-Jan-93
2-Apr-93
2-Jul-93
2-Oct-93
2-Jan-94
2-Apr-94
2-Jul-94
2-Oct-94

Sensex during 2001-03 Sensex during 2003-08

7000 25000

6000
20000

5000

15000
4000

3000
10000

2000

5000
1000

0 0
1-May-04
1-Sep-04
1-Jan-05
1-May-05
1-Sep-05
1-Jan-06
1-May-06
1-Sep-06
1-Jan-07
1-May-07
1-Sep-07
1-Jan-08
1-May-08
1-Sep-08
31-Dec-03
1-Jan-01

1-May-01
1-Jul-01
1-Sep-01
1-Nov-01
1-Jan-02

1-May-02
1-Jul-02
1-Sep-02
1-Nov-02
1-Jan-03

1-May-03
1-Jul-03
1-Sep-03
1-Nov-03
1-Mar-01

1-Mar-02

1-Mar-03

Disclaimer: This document has been prepared by Arthaeon Financial Services and is meant for sole use by the recipient and not for circulation. This document is not to
be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information
contained herein is from sources believed to be reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. Arthaeon Financial
Services and/or its affiliates or employees shall not be liable for loss or damage that may arise from any error in this document. Arthaeon Financial Services may have
from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other
services for, any company mentioned in this document.

Nov 10, 2008 For Private Circulation only 14