Market Watch

Outlook: Market to give a negative and trade volatile, support likely at lower levels around 6180
07.01.2008 (Monday)

Market Outlook: Key share indices are seen opening down and trade seen volatile, tracking the fall in US and
MARKET WATCH

Asian markets. Wall Street witnessed a 2-4% drop after weaker-than-expected December jobs report fuelled
concern the world's largest economy is headed for a recession.

--Reliance Power eyes acquiring Dabhol power plant

--Planning Commission moots spectrum management group
--BSNL plans separate telecom tower co, to lease out 40,000 towers
--Orient Paper plans foray into cement business
--HDFC Bank to enter investment banking

INDICATORS (previous session)

* Institutional net buy/(sale) in mln rupees, Jan 3: FIIs 7,251, MFs 4,900
* Sensex 20686.89, up 341.69 points; Nifty 6274.30, up 95.75 points
* Other markets: Crude: $97.91/bbl; rupee: 39.33; gold: $856.74/ounce; 10-yr yld: 7.70%

Nifty is likely to find support at 6180, 6130 levels, resistance seen at 6295, 6390.

US Mkts: The markets tumbled after the government reported lower than expected job growth in December.
Non-farm payrolls grew by 18,000 and the unemployment rate surged to 5 percent, its highest point in more than
two years. Treasuries rose, sending short-dated yields to three-year lows, as grim jobs data prompted investors to
increase bets on a rate cut by Fed.

--DJIA: 12,800.18 Fri, down 256.54 points, or 1.96% vs Thurs.

--NASDAQ: 2,505 Fri, down 98.03 points, or 3.77% vs Thurs.

ASIA: Asian markets were tumble today. Hong Kong's Hang Seng plunged 2.62%o r 720.60 points at
26,799.09. Taiwan's Taiwan Weighted tumbled 3.29% or 270.19 points at 7,950.91. Japan's Nikkei slipped 1%
or 147.29 points at 14,544.12. Singapore's Straits Times dropped 2.33% or 80.14 points at 3,357.65. South
Korea's Seoul Composite was down 1.90% or 35.46 points at 1,828.44.

Opportunity Calls: Buy L&T (SL 4180), Jyoti Structure (SL 280), Siemens (SL 1924), Sterlite Ind (SL 1924)

WEEKLY OUTLOOK
* Auto: To track broad market, Tata Motors in limelight
* Banks: Volatile on wide valuations
* Cement: Sideways with negative bias
* Oil: Marketing cos shares up further
* Pharma: Mid-cap shares in limelight
* Steel: Slack on growing input costs
* Tech: Subdued ahead of Oct-Dec results

Peerless Securities Ltd. Peerless Mansion1, Indra Narayan Biswas <Tel: (033) 22131407.Extn-11
Chowringhee Square, 2nd Floor, Kolkata- 69 indranarayan@peerlesssec.com

For Private Circulation Only

Market Watch
Securities in ban period for trade date January 07, 2008:

The derivative contracts in the below mentioned securities have crossed 95% of the market-wide position limit and
are currently in the ban period. It is hereby informed that all clients/ members shall trade in the derivative contracts
of said securities only to decrease their positions through offsetting positions.

Sr. No. Symbol

1 APTECHT
2 ARVINDMILL
3 BONGAIREFN
4 ESSAROIL
5 HINDOILEXP
6 HOTELEELA
7 IVRPRIME
8 JPHYDRO
9 NAGARFERT
10 RAJESHEXPO
11 TTML

F&O cues:

• Futures Open Interest up by Rs 2,646 crore, Options Open Interest up by Rs 1,772 crore
• Nifty Futures add 9 lakh shares in OI; at 10-point discount
• Nifty Open Interest Put-Call ratio at 1.40 Vs 1.36
• Nifty Puts add 14.5 lakh shares in Open Interest
• Nifty Calls add 7.4 lakh shares in Open Interest
• Nifty 6200 Put adds 8.5 lakh shares in Open Interest
• Nifty 6500 Call adds 2.3 lakh shares in Open Interest
• Nifty 6400 Call adds 1.7 lakh shares in Open Interest

Stocks in news:

• Results today:
ABG Shipyard, Bilpower and Kohinoor Broadcasting
• Board meetings:
Crazy Infotech on GDR / FCCB issue & stock split
• Reliance Power sets sight on Dabhol, to scale up its generation capacity
• Ethanol may get declared goods tag, will lead to lower uniform state levy of 4%, center may pare excise
duty on fuel-additive - ET
• Canara Bank looking for an acquisition in FY08
• FIs pick up 10% in Peninsula Land for Rs 525 cr - ET
• Subprime crisis to hit SBI, ICICI BK, BoB and BoI’s profits, Banks are likely to book loses on credit
derivatives - BS
• Daimler Chrysler to buy 26% in Sutlej Motors, to jointly develop busses - BS
• Oil PSUs IOC, HPCL, BPCL have informed department of Public Enterprise that they have no immediate
plans to issue bonus shares - FE
Peerless Securities Ltd. Peerless Mansion1, Indra Narayan Biswas <Tel: (033) 22131407.Extn-11
Chowringhee Square, 2nd Floor, Kolkata- 69 indranarayan@peerlesssec.com

For Private Circulation Only

Market Watch
• RIL, ONGC in talks for sharing of rigs - BL
• 4 private sector winners for the Ganga-Expressway in UP to be announced on Jan 14
• Jet finalises sale of 5% of promoters’ equity - BL
• SAIL scouting for new iron ore mines - BL
• Hind Zinc hikes zinc price by 3.6%
• IOC’s Paradip, Haldia pipeline to go onstream in 6 weeks - BS
• NSE F&O curb update
New in curb: Hotel Leela, Nagar Fert, TTML
Already in curb: Aptech, Arvind Mills, Bongaigaon, Essar Oil, HOEL, IVR Prime, JP Hydro, Rajesh
Exports
Out of curb: Parsvnath
• RBI allows FIIs to buy shares of Zee News as their holding goes below threshold limit
• FIIs need RBI nod to buy further shares of Info Edge as their holding reaches 22% limit
• Adani Enterprises board approves QIP issue up to Rs 3000 cr
• Uttam Galva Steels board approves GDR / ADR / FCCB issue up to $150 m
• Dewan Housing board approves:
QIB issue up to Rs 200 cr
Issue of 19 lakh convertible warrants to promoters
Increasing FII investment limit up to 40%
• Cranes Software board approves acquisition of US-based Engineering Technology Associates for Rs 72 cr
• Kohinoor Broadcasting board meet to consider:
Takeover / merger of Tagore Theatres with itself
Opening subsidiary in London for launch of TV channel
• Moody's Puts Tata Motors On Review For Possible Downgrade
• M&M Says
No Objection To Renault-Nissan's Multiple Alliances
Renault-Nissan Alliances Should Not Conflict With Existing JV
• Exclusive: Tata Steel says:
To Start Work At Kalinganagar, Orissa In Next 3 Months
Looking For Partners For Gopalpur SEZ; To Invest Rs 250 Cr
Looking To Start 1.5 Lk t Colour Coating Galvanising Plant In Gopalpur SEZ
To Commission 7 Mtpa Expansion In June '08
Combined Turnover Of Tata Steel & Corus To Be $25 Bn In FY08
Looking At Indonesia, Brazil For More Iron Ore Mines
Expect Rev From Flat Stl Prod To Go Up Due To Tata Rs 1 Lk Car
To Supply Bearings, Tubes For Chassis & Other Parts Of Rs 1Lk Car
All existing non-Indian mining JVs to be used for Corus; looking at Liberia, Brazil for additional mining
resources: Tata Steel

Fund Action:

Marg Const
Merill Lynch Capital Markets Espana 5.17 lakh shares at Rs 574.6/sh (2.8% stake)
The Indiaman Fund Mauritius sells 5 lakh shares at Rs 575/sh (2.7% stake)
Merrill Lynch buys 1.40 lakh shares at Rs 606.79/sh on 31st Dec
Macquarie Bank buys 1.35 lakh shares at Rs 517/sh (0.7% stake) on 23rd Dec

Peerless Securities Ltd. Peerless Mansion1, Indra Narayan Biswas <Tel: (033) 22131407.Extn-11
Chowringhee Square, 2nd Floor, Kolkata- 69 indranarayan@peerlesssec.com

For Private Circulation Only

Market Watch
Gremac Infra
Mirae Asset Investment Management buys 3.76 lakh shares at Rs 436.4/sh (2.5% stake)

Monnet Ispat
Deutsche Securities Mauritius buys 3.37 lakh shares at Rs 650.7/sh
Swiss Finance Corp Mau sells 2.78 lakh shares at Rs 653/sh
Macquarie Bank sells 2.3 lakh shares at Rs 523.7/sh on Dec 18th

Lupin
Blackstone Asia Advisors Llc sells 5 lakh shares at Rs 615/sh (0.6% STAKE)

Orchid Chem
Bear Sterns buys 5.75 lakh shares at Rs 304.8/sh
Macquarie Bank buys 45 lakh shares at Rs 250/sh (6.8% stake) on 27th Dec
Gazal Industrial Holdings sells 45 lakh shares at Rs 250/sh (6.8% stake) (Reduces stake from 17% to 10.2%) on
27th Dec

Usher Agro
Nirmal N Kotecha buys 5 lakh shares at Rs 150/sh (2.8% stake)

Graphite India
Bear Sterns buys 8 lakh shares at Rs 91.3/sh (0.5% stake)
UBS Securities Asia sells 11 lakh shares at Rs 90.7/sh (0.7% stake)

RK Forgings
Mahanivesh India buys 1.15 lakh shares at Rs 262/sh
The Indiaman Fund Mauritius sells 1.15 lakh shares at Rs 262/sh

Micro Technologies
Goldman Sachs Investments Mauritius sells 1.08 lakhshares at Rs 345.9/sh

ISMT
Indian Seamless Enterprises buys 16 lakh shares at Rs 129/sh
Klapa Investments sells 16 lakh shares at Rs 129/sh

Gallantt Metal
Lexi Export buys 15.8 lakh shares at Rs 45/sh
Gauri Shankar Agrawal And Company Huf sells 9 lakh shares at Rs 45/sh
Jailakshmi Solvents sells 6.8 lakh shares at Rs 45/sh

Archies
Aatman Construction & Dev buys 40 thousand shares at Rs 172.6/sh

Gokaldas Exports
Jai Corp buys 2 lakh shares at Rs 268/sh (0.6% stake)
ABN Amro Bank sells 2 lakh shares at Rs 268/sh (0.6% stake)
Peerless Securities Ltd. Peerless Mansion1, Indra Narayan Biswas <Tel: (033) 22131407.Extn-11
Chowringhee Square, 2nd Floor, Kolkata- 69 indranarayan@peerlesssec.com

For Private Circulation Only

Market Watch
Shiv-Vani Oil & Gas Explo
Lloyd George Investment Mngmt (Bermuda) buys 3.71 lakh shares at Rs 630/sh

Subhash Proj
Templeton MF-Prima Fund buys 4.84 lakh shares at Rs 550.3/sh (1.6% stake)
Reliance Capital Growth Fund sells 4.12 lakh shares at Rs 550.5/sh (1.3% stake)

Zicom Electronic Security

Citigroup Global Markets Mauritius buys 3.18 lakh shares at Rs 247/sh
GKK Capital Markets buys 69 thousand shares at Rs 242.45/sh
RNA Builders (N.G) buys 67 thousand shares at Rs 245/sh
GKK Capital Markets Private sells 3 lakh shares at Rs 247/sh

Ipca Laboratories
TATA AIG Life Insurance Life Equity Fund sells 1.29 lakh shares at Rs 670.2/sh

STI India
Bear Sterns sells 3.44 lakh shares at Rs 34.1/sh

Voltamp Transformers
Vinamra Universal Traders buys 60 thousand shares at Rs 1800/sh
Lehman Brothers Asia sells 60 thousand shares at Rs 1800/sh

Ankit Metal
Mavi Investment Fund buys 5 lakh shares at Rs 95/sh

Sujana Tower
Blackstone Asia Advisors The India Fund sells 2.91 lakh shares at Rs 193.2/sh

Pochiraju Ind
Mavi Investment Fund sells 1 lakh shares at Rs 53.3/sh

Tyche Periph
RNA Builders buys 2.5 lakh shares at Rs 102/sh

DISCLAIMER: Equity market investments entail high risk. Investors are therefore advised to take into account their risk-appetite before investing.
The company and its employees will not be liable for any loss arising from this report. The author(s) do not have any exposure in the scrips recomm-
ended in the report.

Peerless Securities Ltd. Peerless Mansion1, Indra Narayan Biswas <Tel: (033) 22131407.Extn-11
Chowringhee Square, 2nd Floor, Kolkata- 69 indranarayan@peerlesssec.com

For Private Circulation Only