STOCK BROKING LIMITED Institutional Equities - Research

INDIA DAILY
May 20, 2010

Indices %Change Banking Update

Indices 19-May-10 1mth 3mth 6mth
Sensex 16,408 (7) 1 (4) Rakesh Kumar
rakesh.kumar@karvy.com
Nifty 4,920 (7) 1 (3)
CNX Midcap 7,685 (4) 7 7
Banking 10,354 (4) 8 3
Telecom Update
Capital Goods 13,564 (4) 3 1
Healthcare 5,281 (1) 9 13
Harit Shah
IT 5,080 (6) (0) 7 harit.shah@karvy.com
NASDAQ 2,298 (9) 3 5
Dow Jones 10,444 (7) 1 0
DLF (Rs287)
Net Investment Market performer - Target Price: Rs297
Rs bn 18-May-10 17-May-10 MTD YTD
FII (11.61) (3.49) (0.4) (0.7) Bhuvan Yadav
Mutual Fund -0.44 -0.436 (9.3) (84.3) bhuvan.yadav@karvy.com
FII - F&O (9.8) (20.5) 90.3 343.0

Turnover
1,600 1,366
1,400 1,141
1,200
1,000
(Rsbn)

800 649 673

600
400 155 159
130 118 53
200 47 40 40
0
19-May-10 18-May-10 19-Feb-10 19-Nov-09
BSE NSE F&O

Commodity & Currency% Change

19-May-10 1mth 3mth 6mth
Crude (US$/barrel) 70.4 (16.0) (11.9) (11.6)
Gold (US$/Oz) 1,197.5 5.0 6.7 4.9
US$ 46.0 3.5 (1.0) (0.9)
Euro 56.1 (5.9) (10.4) (19.0)

Debt
% 19-May-10 1mth 3mth 6mth
RBI Repo 5.3 5.3 4.8 4.8
10 yr G-Sec yld 7.7 8.0 7.9 7.6
Spread 1 & 10 yr G-Sec 2.9 2.9 2.9 4.3
US 10 yr treasury 3.4 3.7 3.8 3.4
Surplus liquidity (Rs bn) (430) (288) (589) (850)

Karvy Institutional Equities • 2nd Floor, Regent Chambers, Nariman Point - Mumbai 400 021 • +91-22-2289 5000.

For Private Circulation only. FOR IMPORTANT INFORMATION ABOUT KARVYS’ RATING SYSTEM AND OTHER DISCLOSURES REFER TO THE END OF THIS MATERIAL.
Sector: Banking

Rakesh Kumar
STOCK BROKING LIMITED rakesh.kumar@karvy.com

Event: Amalgamation of Bank of Rajasthan with ICICI Bank

Bank of Rajasthan's (BoR) Board of Directors has given in-principle approval for an amalgamation
of its bank with ICICI Bank in a swap ratio of 25:118. Through the amalgamation ICICI Bank's
branch network would expand instantly by 463 to 2,204. BoR's balance sheet size is almost 4.85-
5.0% of ICICI Bank' balance sheet, therefore incremental impact on the ICICI Bank's balance sheet
would be insignificant; there are some concerns on BoR's asset quality and it could impact ICICI
Bank's profitability in medium term though marginally. On relative valuation parameters, the
proposed acquisition appears quite expensive when compared with the peers' valuation but on
price per branch perspective the acquisition is much cheaper compared to HDFC Bank-CBoP
transaction.
In accordance with the swap ratio, ICICI Bank values BoR at Rs189 per share or Rs30.4 bn (at 4.94x
BVPS and 5.2x adjusted BVPS FY10). Therefore, the proposed transaction would provide windfall
gains to BoR's shareholders at the expense of ICICI Bank's shareholders' losses. We estimate
BoR's intrinsic worth at Rs70-75 per share but the swap ratio reflects valuation of Rs189 per share,
therefore premium valuation of Rs18.5-19.2 bn or Rs165-170 per share of ICICI Bank. On price per
branch valuation parameter, ICICI Bank would pay close to Rs65.7 mn per branch compared to
Rs238 mn per branch of Centurion Bank given by HDFC Bank in February 2008.
Strong branch network in northern India: Bank of Rajasthan has strong presence in northern
India with almost 75% of its total branches; alone in Rajasthan state, the bank has close to 63% of
its total branches. Delhi, Haryana and Punjab contribute almost 4.3%, 3.0% and 2.6% of its total
branches. With concentrated presence in northern India (high per capita geographical zone), ICICI
Bank would be able to benefit in longer time horizon. There is possibility of some overlap of
branch presence in northern region.
Balance sheet growth stagnant in FY10: During nine months ended-December 09, BoR's balance
sheet growth remained muted; from end-march 09, the bank reported almost 1.8% growth to
Rs175 bn.
Profitability subdued: During Q3FY10, BoR reported 18.3% (Y/Y) decline to Rs899 mn and due to
much higher employees' expenses on account of wage revisions provisions of Rs439 mn. On
operating and net profit level the bank reported losses of Rs290 mn and Rs447 mn respectively.
Asset quality under control: In Q3FY10, BoR reported 55% (Y/Y) and 31% (Q/Q) increase in gross
NPAs; as on end-March 09, the bank had total restructured assets of worth Rs8.0 bn (10.3% of total
net advances). In percentage terms, the bank reported GNPA and NNPA of 2.84% and 1.05%
compared to 2.2% and 0.81% respectively. Excluding technical write-offs, the bank's provision
coverage remained at 64%.
Size of Bank of Rajasthan insignificant compared to ICICI Bank: As on end-March 09, BoR's
balance sheet size was close to 4.54% and 4.92% on end-December 09. As on end-FY09, BoR's
deposit size was just 6.96% of ICICI Bank's deposit book.

2
STOCK BROKING LIMITED

ICICI Bank vis-a-vis Bank of Rajasthan

Rs mn ICICI Bank BoR Size of BoR (compared to ICICI Bank)
Net Advances 2,183,108 77,807 3.56
Deposits 2,183,478 151,871 6.96
Networth 495,330 6,434 1.30
Total Asset 3,793,010 172,244 4.54
RWAs 3,564,630 94,355 2.65
No. of Branches 1,262 463 36.69
NII 83,666 3,852 4.60
Operating Profit 89,252 1,938 2.17
Net Profit 37,581 1,177 3.13
Gross NPAs 99,290 1,609 1.62
Source: Company and KSBL Research (All number as on end-March 2009)

Valuation much ahead the peers; but the transaction cheaper on value per branch parameter: On
relative valuation parameter, the swap ratio reflects much higher price to book and price to adjusted
book value; the proposed transaction would take place at 4.94x BVPS and 5.2x adjusted book
value FY10 compared to 3.1x and 3.5x of Axis Bank's FY10 book value and adjusted book value. We
estimate BoR's intrinsic worth at Rs70-75 per share but the swap ratio reflects valuation of Rs189
per share, therefore premium valuation of Rs18.5-19.2 bn.

Peer set relative valuation multiples

Price / BVPS Price / Adjusted BVPS
FY10 FY11 FY12 FY10 FY11 FY12
ICICI Bank 1.78 1.67 1.55 1.96 1.81 1.66
HDFC Bank 3.98 3.44 2.86 4.04 3.50 2.90
Axis Bank 3.05 2.64 2.23 3.47 3.02 2.54
Karur Vysya Bank 1.73 1.49 1.26 1.76 1.52 1.29
Bank of Rajasthan 4.94 5.18
Source: KSBL Research

Incremental impact on ICICI Bank's balance sheet would be insignificant: Since Bank of Rajasthan's
size is quite small (almost 4.54%) compared to ICICI Bank's therefore on balance sheet side there
would not be any significant impact, but ICICI Bank's profitability could be impacted due to BoR's
asset quality. If there is any sharp deterioration in BoR's asset quality post amalgamation, it could
impact ICICI Bank's profitability marginally.
Overall, ICICI Bank's total asset and bottomline would not be impacted much post BoR's acquisition,
though it could improve ICICI Bank's branch franchise and deposit base going forward.

3
Sector: Banking

Harit Shah
STOCK BROKING LIMITED harit.shah@karvy.com

Vodafone writes down value of Indian assets; a clear sign of

deteriorating market conditions
Vodafone Group, one of the world's largest mobile firms by subscribers has written down the value
of its Indian assets - Vodafone-Essar - by £ 2.3 bn (US$ 3.3 bn, Rs 152 bn), citing deteriorating market
conditions. The telco announced its full-year FY2010 results on Tuesday, May 18, 2010. It may be
recalled that Vodafone had acquired Hutchison Essar in February 2007. At the time, the former had
paid out a sum of US$ 10.9 bn for a 67% stake in the telco, thus gaining access to the fastest-growing
telecom market in the world. This valued the total firm at an enterprise value (EV) of US$ 18.8 bn,
thus implying an EV/subscriber of a significant US$ 770.
The impairment charge taken by Vodafone Group implies a write down of nearly 35%, suggesting
deteriorating market conditions and intense price competition. We believe the significant impairment
charge taken by the telco is an indirect admission that it had overpaid for the company in February
2007. Since then, market conditions have worsened considerably. A number of newer competitors
have entered the market and driven down prices through a combination of lower tariffs and free
minutes thus leading to hyper-competitive market conditions. For example, Bharti Airtel's revenues
per minute (RPMs) stood at Rs 1.19 in 3QFY07, while in 4QFY10, the latest quarter, RPMs were at just
47 paise.
This has led to a steep decline in telecom stocks in absolute terms as well as in terms of valuation
metrics, as can be seen from Exhibit 1. In 2007, Bharti traded at an EV/subscriber of US$ 959 while at
current prices the stock trades at an EV/subscriber of just US$ 171, a steep decline of 82%. Similar is
the case with Reliance Communications (RCOM), whose valuations have also fallen steeply from
2007 levels. The EV/subscriber valuations of all these companies have fallen by more than 80% since
2007 even as the respective subscriber bases have multiplies several times since (Vodafone-Essar
more than 4x, Bharti by 3.8x and RCOM by 3.3x).

Exhibit 1: Valuation comparison 2007 v/s current - Steep decline…

Company EV (Feb '07, EV (Current, EV/Sub. EV/Sub.
US$ bn) US$ bn) % chg (Feb '07, US$) (Current, US$) % chg
Vodafone-Essar 18.8 12.3 (34.5) 770 122 (84.2)
Bharti Airtel 32.3 21.8 (32.5) 959 171 (82.2)
RCOM 21.5 11.1 (48.3) 684 108 (84.2)
Source: Respective companies, C-line, KSBL Research

Exhibit 2:…even as subscriber base grows manifold

Company Subscriber base (Jan '07, mn) Subscriber base (March '10, mn) % chg
Vodafone-Essar 24.4 100.9 313.1
Bharti Airtel 33.7 127.6 278.3
RCOM 31.4 102.4 226.3
Source: Respective companies, Cellular Operators' Association of India (COAI), Association of Unified Telecom Service Providers
of India (AUSPI), KSBL Research

Implications for Indian telecom sector - No respite; maintain negative view

We believe this step by Vodafone to account for a diminution in the value of Vodafone-Essar is the
biggest sign yet that competitive pressures and regulatory risks in the Indian telecom market are
unlikely to subside anytime soon. The unfavourable rules suggested by TRAI for consolidation also
do not provide any hope of swift consolidation in the sector. Thus, we maintain our negative view
on the Indian telecom sector and believe there is no scope for any re-rating of telecom stocks.
4
STOCK BROKING LIMITED Bhuvan Yadav
bhuvan.yadav@karvy.com

DLF (Rs287) Market performer

Q4 FY10 Result Review Target Price: Rs297
DLF's Q4 FY10 Net profit was in line with our expectations coming at Rs. 4264 mn vs our estimates
of Rs. 4241 Mn . The Net profit for the quarter was up 151% YoY and down 8.1% QoQ in FY10 Q4.
Revenues came in at Rs. 19,944 mn vs our expectations of Rs. 20,903 mn, up 77% YoY and down -
1.6% QoQ. The EBIDTA were up 546.8% YoY and 18.6% QoQ. The EBIDTA margins came in at
50% suggesting slightly stronger than expected price recovery in the NCR real estate markets. We
continue to believe that QoQ comparisons are better than YoY comparisons of the company
performance and indicators of future prospects as the quarter last year was among the worst for
the sector due to credit crisis being at its peak and the break out of the Satyam scandal. Full year
FY10 vs FY09 profits were down 62% and sales 26% on expected lines.
As suggested in our results review and the company results there has been an up tick in sector
volumes and prices in the last 2 quarters. However, we will not be making any substantial changes
in our earning estimates or price targets since we continue to be cautious on our outlook for the
next few quarters. We believe that any secular rising trend is unlikely to emerge till end of FY12,
given the rate tightening back drop and stressed balance sheets of most listed developers. We
maintain our residential selling price for FY11 estimates at Rs. 3150 per sq ft and non-residential at
Rs. 6,950 sq ft. We believe that DLF's gross debt at Rs. 21, 6770 mn and net debt at Rs. 164210 mn
remains our key concern moving forward.
Valuations: Our NPV estimates for DLF are at Rs. 330 a share we value the company at 10%
discount to NPV at Rs. 297 a share. We have changed our rating on the stock from underperformer
to market performer due to the decline in the stock price.

Rs mn (Consolidated) 4QFY09 Q3 FY10 Q4 FY10 YoY% QoQ%

Net Sales 11,223 20,258 19,944 77.7 (1.6)
Cost 9,677 11,825 9,944 2.8 (15.9)
EBITDA 1,546 8,433 10,000 546.8 18.6
EBITDA Margin (%) 13.8 41.6 50.14
Other income 2,291 1,260 1,518 (33.8) 20.5
Interest 1,625 2,568 3,147 93.7 22.5
Depreciation 516 800 947.1 83.5 18.4
Profit Before Tax 1,695 6,325 7,424 338.0 17.4
Tax (2) 1,684 2361.9 - 40.3
Tax Rate (%) (0.1) 26.6 32
Net Profit 1,697 4,641 4,264 146.9 (9.7)

DLF Rs mn FY07 FY08 FY09 FY10 FY11E

Reuters Code DLF.BO Net Sales 26,374 144,375 100,440 74,209 91,381
Market Cap. (Rs mn) 489,292 EBITDA 14,897 97,150 54,880 35,012 35,943
Market cap. (US$ mn) 10,971 Net Profit 19,350 78,223 46,291 17,300 25,148
Shares Outstanding (mn) 1705 EPS (Rs) 11.35 45.88 27.15 10.15 14.75
52-week High/Low (Rs) 520 / 124 EPS Growth (%) 370.64 304.26 (40.82) (62.63) 45.36
EBITDA margin (%) 56 67 55 47 39
PER (x) 25.29 6.26 10.57 28.28 19.46
Major Share Holders (%) P/BV (x) 13.73 2.44 1.93 1.84 1.70
Promoter/Majority 78.7 Price/sales (x) 18.55 3.39 4.87 6.59 5.35
FIIs 15.6 EV/EBITDA (x) 39.23 6.08 11.68 18.19 17.32
Banks / FIs 0.2 Dividend Yield (%) 0.82 1.63 0.76 0.36 0.51
Public 3.3 ROCE (%) 15.95 42.32 14.19 6.40 7.66
Others 2.3 ROE (%) 84.56 66.09 20.39 6.77 9.07
Source: Company & KSBL Research.
 STOCK BROKING LIMITED

BULK DEALS ON NSE - 19 May 2010

Symbol Scrip Name Client Name Buy/Sell Quantity Traded Price
BANG Bang Overseas Limited SAR AUTO PRODUCTS LIMITED BUY 68000 52.18
BIRLAPOWER Birla Power Solutions Ltd EDELWEISS ESTATES P LTD BUY 344656 2.5
GLORY Glory Polyfilms Limited RAJ FINVEST BUY 417963 17.54
JMCPROJECT JMC Projects (I) Ltd. VAJRADHAR LEASING & FINVEST PVT LTD BUY 112262 229.23
KOLTEPATIL Kolte - Patil Developers VIJAY JAMNADASVORA BUY 499202 63.43
KSL Kalyani Steels Limited MARWADI SHARES AND FINANCE LIMITED BUY 242495 99.03
LOTUSEYE Lotus Eye Care Hospital L PRUDENTIAL STOCK & SECURITIES LTD BUY 118700 33.25
MANDHANA Mandhana Indus. Ltd BP FINTRADE PRIVATE LIMITED BUY 246178 133.72
MANDHANA Mandhana Indus. Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. BUY 799740 134.84
MANDHANA Mandhana Indus. Ltd ECAP EQUITIES LIMITED BUY 10000 137.6
MANDHANA Mandhana Indus. Ltd GENUINE STOCK BROKERS PVT LTD BUY 377178 134.7
MANDHANA Mandhana Indus. Ltd INDRA KUMAR BAGRI BUY 193874 135.59
MANDHANA Mandhana Indus. Ltd LEENA INVESTMENTS CONSULTANCY LLP BUY 2271476 133
MANDHANA Mandhana Indus. Ltd MEHROTRA LAXMI NATH BUY 205000 133.59
MANDHANA Mandhana Indus. Ltd MEHROTRAVIVEK LAKSHMINATH BUY 635000 133.31
MANDHANA Mandhana Indus. Ltd SHAH JIGNA SANJEEV BUY 826136 134.23
MANDHANA Mandhana Indus. Ltd WINSURE TRADE INV. P. LTD BUY 246283 133.03
SREINTFIN SREI Infrastructure Finan CLSA (MAURITIUS) LIMITED BUY 860000 80.61
TALWALKARS Talwalkar Fitness Ltd ANKURKUMAR SURESHKUMAR MEHTA BUY 150767 171.97
TARAPUR Tarapur Transformers Ltd ADROIT FINANCIAL SERVICES PRIVATE LIMITED BUY 108440 51.28
TARAPUR Tarapur Transformers Ltd ALIVE CONSULTANTS ALIVE BUY 186885 51.56
TARAPUR Tarapur Transformers Ltd AMIT MANILAL GALA BUY 102410 51.1
TARAPUR Tarapur Transformers Ltd ANGEL GLOBAL CAPITAL PRIVATE LIMITED BUY 102177 51.39
TARAPUR Tarapur Transformers Ltd ARPITA ENTERPRISE BUY 98298 51.08
TARAPUR Tarapur Transformers Ltd C D INTEGRATED SERVICES LTD. BUY 98257 51.92
TARAPUR Tarapur Transformers Ltd CNB FINWIZ LIMITED BUY 126115 51.08
TARAPUR Tarapur Transformers Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. BUY 744581 51.34
TARAPUR Tarapur Transformers Ltd GENUINE STOCK BROKERS PVT LTD BUY 303670 51.53
TARAPUR Tarapur Transformers Ltd Golden Securities Ltd. BUY 177624 51.7
TARAPUR Tarapur Transformers Ltd KALASH SHARES & SECURITIES PRIVATE LIMITED BUY 144482 52.86
TARAPUR Tarapur Transformers Ltd KRIPA SECURITIES PRIVATE LIMITED BUY 160200 51.87
TARAPUR Tarapur Transformers Ltd MARWADI SHARES AND FINANCE LIMITED BUY 140014 51.85
TARAPUR Tarapur Transformers Ltd NAMAN SECURITIES & FINANCE PVT. LTD BUY 204263 51.21
TARAPUR Tarapur Transformers Ltd OM INVESTMENTS BUY 333871 51.51
TARAPUR Tarapur Transformers Ltd R.M. SHARE TRADING PVT LTD BUY 142625 51.45
TARAPUR Tarapur Transformers Ltd RISHABHKUMAR M JAIN HUF BUY 122567 51.67
TARAPUR Tarapur Transformers Ltd SANGEETA AGARWAL BUY 110260 51.69
TARAPUR Tarapur Transformers Ltd SUKETU PRAVINKUMARVASAVADA BUY 102184 51.61
TARAPUR Tarapur Transformers Ltd TRANSGLOBAL SECURITIES LTD. BUY 235814 51.53
TARAPUR Tarapur Transformers Ltd VAIBHAV DOSHI STOCKS AND COMMODITES PRIVATE LIMITEDBUY 161274 50.82
WINDSOR Windsor Machines Limited JHAVERI HITESH BUY 34001 57.01
ZANDUREALT Zandu Realty Limited AJAY ASSET MANAGEMENT PRIVATE LIMITED BUY 5189 3477.48
ZANDUREALT Zandu Realty Limited GENUINE STOCK BROKERS PVT LTD BUY 5078 3533.45
ZANDUREALT Zandu Realty Limited LPC SECURITIES LTD BUY 5340 3469.79
ZANDUREALT Zandu Realty Limited MARWADI SHARES AND FINANCE LIMITED BUY 10599 3464.12
ZANDUREALT Zandu Realty Limited PRISM IMPEX PVT LTD BUY 4300 3502.73
ZANDUREALT Zandu Realty Limited RADHIKA DIPAN MEHTA BUY 4406 3494.77
ZANDUREALT Zandu Realty Limited TRANSGLOBAL SECURITIES LTD. BUY 4429 3520.03
BIRLAPOWER Birla Power Solutions Ltd EDELWEISS ESTATES P LTD SELL 6661820 2.62
GLORY Glory Polyfilms Limited RAJ FINVEST SELL 398714 17.37
GLORY Glory Polyfilms Limited TOUCHSTONE FINVEST SERVICES PVT LTD SELL 217540 17.25
JMCPROJECT JMC Projects (I) Ltd. VAJRADHAR LEASING & FINVEST PVT LTD SELL 75000 231.09
KOLTEPATIL Kolte - Patil Developers VIJAY JAMNADASVORA SELL 498745 63.99
KSL Kalyani Steels Limited MARWADI SHARES AND FINANCE LIMITED SELL 242495 99.46
LOTUSEYE Lotus Eye Care Hospital L HARSHA RAJESHBHAI JHAVERI SELL 150000 33.25
LOTUSEYE Lotus Eye Care Hospital L JHAVERI TRADING AND INVESTMENT PVT LTD SELL 125000 33.25
LOTUSEYE Lotus Eye Care Hospital L PRUDENTIAL STOCK & SECURITIES LTD SELL 118700 33.06
MANDHANA Mandhana Indus. Ltd BNP PARIBAS ARBITRAGE SELL 347081 134.77
MANDHANA Mandhana Indus. Ltd BP FINTRADE PRIVATE LIMITED SELL 243665 133.49
MANDHANA Mandhana Indus. Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. SELL 799740 135.07
MANDHANA Mandhana Indus. Ltd ECAP EQUITIES LIMITED SELL 174000 133.21
MANDHANA Mandhana Indus. Ltd EMERGING INDIA FOCUS FUNDS SELL 397081 134.89
MANDHANA Mandhana Indus. Ltd GENUINE STOCK BROKERS PVT LTD SELL 377178 134.85
MANDHANA Mandhana Indus. Ltd INDRA KUMAR BAGRI SELL 213874 135.1
MANDHANA Mandhana Indus. Ltd LEENA INVESTMENTS CONSULTANCY LLP SELL 1244413 133.79
MANDHANA Mandhana Indus. Ltd MEHROTRA LAXMI NATH SELL 5000 133.06
MANDHANA Mandhana Indus. Ltd SHAH JIGNA SANJEEV SELL 826136 133.81
SURANAT&P Surana Telecom and Pow Lt VISHAL JAIN SELL 158500 46.8
TALWALKARS Talwalkar Fitness Ltd ANKURKUMAR SURESHKUMAR MEHTA SELL 150767 172.99
TARAPUR Tarapur Transformers Ltd ADROIT FINANCIAL SERVICES PRIVATE LIMITED SELL 108590 51.41
TARAPUR Tarapur Transformers Ltd ALIVE CONSULTANTS ALIVE SELL 186885 51.61
TARAPUR Tarapur Transformers Ltd AMIT MANILAL GALA SELL 102410 51.12
TARAPUR Tarapur Transformers Ltd ANGEL GLOBAL CAPITAL PRIVATE LIMITED SELL 110177 52.13
TARAPUR Tarapur Transformers Ltd ARPITA ENTERPRISE SELL 98298 51.1
TARAPUR Tarapur Transformers Ltd C D INTEGRATED SERVICES LTD. SELL 98257 51.98

6
 STOCK BROKING LIMITED

Symbol Scrip Name Client Name Buy/Sell Quantity Traded Price

TARAPUR Tarapur Transformers Ltd CNB FINWIZ LIMITED SELL 126115 51.1
TARAPUR Tarapur Transformers Ltd CROSSEAS CAPITAL SERVICES PVT. LTD. SELL 744581 51.62
TARAPUR Tarapur Transformers Ltd GENUINE STOCK BROKERS PVT LTD SELL 303670 51.63
TARAPUR Tarapur Transformers Ltd Golden Securities Ltd. SELL 177624 51.42
TARAPUR Tarapur Transformers Ltd KALASH SHARES & SECURITIES PRIVATE LIMITED SELL 144482 52.93
TARAPUR Tarapur Transformers Ltd KRIPA SECURITIES PRIVATE LIMITED SELL 160200 51.24
TARAPUR Tarapur Transformers Ltd MARWADI SHARES AND FINANCE LIMITED SELL 140014 51.89
TARAPUR Tarapur Transformers Ltd NAMAN SECURITIES & FINANCE PVT. LTD SELL 204263 51.33
TARAPUR Tarapur Transformers Ltd OM INVESTMENTS SELL 333871 51.58
TARAPUR Tarapur Transformers Ltd R.M. SHARE TRADING PVT LTD SELL 142625 51.53
TARAPUR Tarapur Transformers Ltd RISHABHKUMAR M JAIN HUF SELL 122567 51.72
TARAPUR Tarapur Transformers Ltd SANGEETA AGARWAL SELL 103282 51.82
TARAPUR Tarapur Transformers Ltd SUKETU PRAVINKUMARVASAVADA SELL 102184 51.66
TARAPUR Tarapur Transformers Ltd TRANSGLOBAL SECURITIES LTD. SELL 237314 51.68
TARAPUR Tarapur Transformers Ltd VAIBHAV DOSHI STOCKS AND COMMODITES PRIVATE LIMITEDSELL 161274 51.34
WINDSOR Windsor Machines Limited JHAVERI HITESH SELL 67721 56.91
ZANDUREALT Zandu Realty Limited AJAY ASSET MANAGEMENT PRIVATE LIMITED SELL 6239 3456.06
ZANDUREALT Zandu Realty Limited GENUINE STOCK BROKERS PVT LTD SELL 5078 3537.16
ZANDUREALT Zandu Realty Limited LPC SECURITIES LTD SELL 5290 3475.81
ZANDUREALT Zandu Realty Limited MARWADI SHARES AND FINANCE LIMITED SELL 10599 3470.19
ZANDUREALT Zandu Realty Limited RADHIKA DIPAN MEHTA SELL 4406 3501.62
ZANDUREALT Zandu Realty Limited TRANSGLOBAL SECURITIES LTD. SELL 4429 3520.29

Source: NSE

7
 STOCK BROKING LIMITED

BULK DEALS ON BSE - 19 May 2010

Symbol Scrip Name Client Name Buy/Sell Quantity Traded Price
500057 Aditya Birla Chem MAYUR MANGALDAS KOTHARI B 200000 88.25
500057 Aditya Birla Chem ULKA MAYUR KOTHARI S 206500 88.24
533026 Chemcel Bio ACME FURNITURE PRIVATE LIMITE B 186000 9.74
533026 Chemcel Bio SUNIL BHANDARI B 186024 9.7
533026 Chemcel Bio KAMLESH NAHAR B 152740 9.22
533026 Chemcel Bio ACME FURNITURE PRIVATE LIMITE S 186000 9.7
533026 Chemcel Bio SUNIL BHANDARI S 180647 9.74
533026 Chemcel Bio KAMLESH NAHAR S 138790 9.19
530495 Chhattisgarh Inds PRISM IMPEX PRIVATE LIMITED B 100000 7.17
530495 Chhattisgarh Inds IMAGINE TRADING COMPANY PRIVATE LIMITED S 111811 7.17
530755 Coral News INDER PAL DOGRA B 33900 8.37
532542 Crew Bos SETU SECURITIES PVT LTD B 70000 83
532542 Crew Bos CHETAN R.SHAH S 70000 83
531270 Dazzel Conf KAMLESH NAHAR B 38613 32.29
517973 DMC Intl NORTH INDIA SECURITIES PRIVATE LIMITED B 176000 15.74
517973 DMC Intl BHARAT GUPTA B 111913 15.59
517973 DMC Intl BHARAT GUPTA S 111813 15.66
532671 Henkel India SHARAD SHAH B 1403782 54.07
531979 Hind Aluminium DIPAK K SHAH B 44122 53.02
530519 Interface Fin RAMANA KUMARI MANDAVA S 236091 0.31
523712 JMG Corp BANARAS BEAD LEASING AND FINANCE PVT LTD B 500000 4.75
523712 JMG Corp BIG BANG ENTERPRISES PVT LTD S 500000 4.75
500235 Kalyani Steel MARWADI SHARES AND FINANCE LTD. B 239256 99.04
500235 Kalyani Steel JMP SECURITIES PVT LTD B 221494 101.92
500235 Kalyani Steel MARWADI SHARES AND FINANCE LTD. S 239256 98.98
500235 Kalyani Steel JMP SECURITIES PVT LTD S 238401 102.08
530547 KEN Fin Serv BHUPENDRA DEVICHARAN KASHYAP S 22300 82
530547 KEN Fin Serv DHARAMVEER MOHANLAL REWAR S 15700 82
531602 Koffee Break MAHENDRA KUMAR KHEDIA B 850000 2.35
509011 Livingroom Life VSL SECURITIES PVT LTD B 15000 45.75
509011 Livingroom Life ANISHA ASHISH CHATURMOHTA S 14959 45.75
532998 Lotus Eye Care BHARAT SECURITIES PVT LTD B 118264 33.05
532998 Lotus Eye Care BHARAT SECURITIES PVT LTD S 118264 32.81
532998 Lotus Eye Care HARSHA RAJESHBHAI JHAVERI S 175000 33.25
532998 Lotus Eye Care JHAVERI TRADING AND S 126134 33.25
500267 Majestic Auto SHIVALIK SECURITIES LTD. B 172687 93.01
533204 MANDHANA GENUINE STOCK BROKERS PVT. LTD. B 334612 134.84
533204 MANDHANA SMART EQUITY BROKERS PRIVATE LIMITED B 197303 134.77
533204 MANDHANA CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 798645 135.04
533204 MANDHANA INTELLIVATE CAPITAL VENTURES LIMITED B 905549 133.09
533204 MANDHANA LEENA INVESTMENT CONSULTANCY LLP B 615723 133.2
533204 MANDHANA OPG SECURITIES P LTD B 1005230 135.14
533204 MANDHANA NAVEEN TAPARIA B 202986 134.03
533204 MANDHANA LAXMI NATH MEHROTRA B 400000 133.7
533204 MANDHANA GENUINE STOCK BROKERS PVT. LTD. S 334612 134.76
533204 MANDHANA SMART EQUITY BROKERS PRIVATE LIMITED S 197303 134.51
533204 MANDHANA CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 798645 135
533204 MANDHANA INTELLIVATE CAPITAL VENTURES LIMITED S 705549 133.77
533204 MANDHANA OPG SECURITIES P LTD S 1005230 134.87
533204 MANDHANA NAVEEN TAPARIA S 202986 133.74
533204 MANDHANA INDIA MAX INVESTMENT FUND LIMITED S 248236 133.2
590111 MASTER PARVATHANENI MOUNISHA B 41881 31.5
590111 MASTER PERLA T N V A R SUDARSAN B 72013 31.97
590111 MASTER VENKATA BADRINARAYANAMMA GOLLAPUDI B 42000 31.84
590111 MASTER PARVATHANENI MOUNISHA S 41881 31.84
590111 MASTER DEVAIANH MONDI S 37426 31.52
590060 MK Exim NISHIL KANTILAL MALDE B 21200 50
590060 MK Exim PARAGNAVINCHANDRASHETH S 16800 50
523160 Morganite Cruc RAJENDRA KANTILAL SHAH B 18380 239.17
523820 Neo Corp PAWANSUT TIE UP PRIVATE LIMITED S 60385 52.36
531496 Omkar Overseas SHRENI SHARES PRIVATE LTD B 29279 63.5
531496 Omkar Overseas NIRAV J SHAH (HUF) B 40000 64.32
531496 Omkar Overseas PRANALI COMMODITIES PVT.LTD S 25000 63.9
531496 Omkar Overseas RESHMA NAYANKUMAR SHAH S 33695 65.49
530923 Passari Cellu APURVA COMMODITIES PRIVATE LIMITED B 53500 53.4
530923 Passari Cellu SUNITA KOTHARI S 53500 53.39
517417 Patels Airtmp REENA JAIN B 26000 124.5
530047 Rai Saheb Rekh NILU SANJAY PODDAR S 25250 129.3
512359 Rotam Comm KAPILABEN RASIKLAL PANDYA S 7744 76.99
511144 Saya Housing NAWAL KISHOR AGARWAL B 20000 2.85
531645 Southern Ispat VIMAL JITENDRABHAI DALAL B 56500 21.14
522296 SS Forgings BRIJESHKUMAR PARSOTTAMBHAI UKANI B 60000 6.55
522296 SS Forgings HITESH K PATEL S 60200 6.55
526133 Supertex Inds AMAR KANAIYALAL CHAUHAN B 600000 3.91
526133 Supertex Inds SUPER INFINCON PVT LTD B 3261394 4.33

8
 STOCK BROKING LIMITED

Symbol Scrip Name Client Name Buy/Sell Quantity Traded Price

526133 Supertex Inds AMAR KANAIYALAL CHAUHAN S 600000 3.91
526133 Supertex Inds ARCHI STEEL WIRES PVT.LTD. S 560000 4.28
526133 Supertex Inds VIJAYKUMAR KASHMIRILAL PUNJABI S 500022 3.95
526133 Supertex Inds SUPER INFINCON PVT LTD S 3278792 4.27
523722 Svam Software SL GUPTA AND CO. B 87039 2.62
532890 Take Solutions RELIANCE CAPITALTRUSTEE CO LTD AC REGULARSAVINGFUND-EQUITYOPTION B 800000 22.85
532890 Take Solutions DSP BLACKROCK INVESTMENT MANAGERS PVT LTD B 3500000 22.85
532890 Take Solutions PASSPORT INDIA INVESTMENTS MAURITIUS LIMITED S 5790924 22.86
533203 TARAPUR TRA GENUINE STOCK BROKERS PVT. LTD. B 285086 51.38
533203 TARAPUR TRA SMART EQUITY BROKERS PRIVATE LIMITED B 262480 51.86
533203 TARAPUR TRA TRANSGLOBAL SECURITIES LTD. B 176147 51.61
533203 TARAPUR TRA CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 747137 51.39
533203 TARAPUR TRA OPG SECURITIES P LTD B 360407 51.68
533203 TARAPUR TRA ANGEL INFIN PRIVATE LIMITED B 108320 51.99
533203 TARAPUR TRA R M SHARES TRADING PRIVATE LIMITED B 116819 51.35
533203 TARAPUR TRA RKSV SECURITIES INDIA PRIVATE LIMITED B 167685 52.89
533203 TARAPUR TRA ATUL CHANDRAKANT SHAH B 100000 50
533203 TARAPUR TRA NAVEEN TAPARIA B 144364 51.45
533203 TARAPUR TRA SAHARVYAPAR PRIVATE LIMITED B 374626 50.57
533203 TARAPUR TRA GENUINE STOCK BROKERS PVT. LTD. S 285086 51.4
533203 TARAPUR TRA SMART EQUITY BROKERS PRIVATE LIMITED S 262480 51.78
533203 TARAPUR TRA TRANSGLOBAL SECURITIES LTD. S 175647 51.6
533203 TARAPUR TRA CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 747137 51.18
533203 TARAPUR TRA OPG SECURITIES P LTD S 360407 51.86
533203 TARAPUR TRA ANGEL INFIN PRIVATE LIMITED S 108320 51.17
533203 TARAPUR TRA R M SHARES TRADING PRIVATE LIMITED S 116819 51.31
533203 TARAPUR TRA RKSV SECURITIES INDIA PRIVATE LIMITED S 167685 52.39
533203 TARAPUR TRA ATUL CHANDRAKANT SHAH S 100000 52.6
533203 TARAPUR TRA NAVEEN TAPARIA S 144364 51.67
533203 TARAPUR TRA SAHARVYAPAR PRIVATE LIMITED S 374626 50.27
516072 Vishnu Chem BALRAM CHAINRAI S 72208 69.28
531249 Well Pack Papers AMAR PREMCHAND WALMIKI B 417416 34.33
531249 Well Pack Papers AMAR PREMCHAND WALMIKI S 417416 35.49
522029 Windsor Mach HITESH SHASHIKANT JHAVERI S 77519 57.4
506720 Zandu Rlty GENUINE STOCK BROKERS PVT. LTD. B 5175 3508.86
506720 Zandu Rlty SMART EQUITY BROKERS PRIVATE LIMITED B 11005 3480.77
506720 Zandu Rlty MARWADI SHARES AND FINANCE LTD. B 5801 3459.76
506720 Zandu Rlty OPG SECURITIES P LTD B 13035 3471.99
506720 Zandu Rlty RKSV SECURITIES INDIA PRIVATE LIMITED B 5516 3353.3
506720 Zandu Rlty GENUINE STOCK BROKERS PVT. LTD. S 5175 3515.67
506720 Zandu Rlty SMART EQUITY BROKERS PRIVATE LIMITED S 11005 3487.83
506720 Zandu Rlty MARWADI SHARES AND FINANCE LTD. S 5801 3458.38
506720 Zandu Rlty OPG SECURITIES P LTD S 13035 3477.52
506720 Zandu Rlty RKSV SECURITIES INDIA PRIVATE LIMITED S 5516 3383.06
513693 KIC Metaliks PUNJAB NATIONAL BANK S 55000 107.03

Source: BSE

9
Research Desk (Tel: 91-22-22895000)
Hemindra Hazari Head of Research hemindra.hazari@karvy.com

Institutional Sales (Tel: 91-22-22895000)

N Subramaniam Head of Institutional Sales n.subramaniam@karvy.com

Stock Ratings Absolute Returns Stock Ratings Absolute Returns

Buy : > 25% Market Performer : 0 - 15%
Out Performer : 16 - 25% Under Performer : < 0% - (25%)
Sell : > (25%)

Disclaimer
The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and up on sources that we
consider reliable. We, however, do not vouch for the accuracy or the completeness thereof.This material is for personal information and we are not responsible for any loss incurred
based upon it.
The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment
objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please
note that neither Karvy nor any person connected with any associated companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document.
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