July 27, 2011

Indian market Sensex Nifty BSE 100 BSE 200 CNX Midcap BSE Smallcap Developed market Dow Jones Nasdaq S&P 500 FTSE CAC DAX Hang Seng* Nikkei* S&P/ASX200*
* Markets are open

Last close 18,518 5,575 2,301 7,245 8,119 8,438 Last close 12,501 2,840 1,332 5,930 3,788 7,349 22,578 10,041 4,560

1 day (1.9) (1.9) (1.6) (1.6) (1.2) (0.8) 1 day (0.7) (0.1) (0.4) 0.1 (0.7) 0.1 0.0 (0.6) (0.3)

% change 3 mth (4.8) (4.4) (4.2) (4.0) (2.6) (5.2) % change 3 mth (1.5) (1.0) (1.7) (2.3) (6.9) (0.7) (5.5) 3.6 (6.4) % change 3 mth (7.6) (10.4) (4.0) (1.9) (1.3) (2.6) (0.2)

Recovering from the shock!
YTD (9.7) (9.1) (9.2) (9.0) (8.3) (12.7) YTD 8.0 7.1 5.9 0.5 (0.4) 6.3 (2.0) (1.8) (3.9)

To get into the best society nowadays, one has either to feed people, amuse people, or shock people - Oscar Wilde It's neither amusing nor interesting. It's a bit shocking. Some call the RBI's move a big leap of faith while many industries are moaning on their fate. Dr. D. Subbarao has upped the ante in the battle against inflation by jacking up rates by an aggressive 50 bps. What’s more, the central bank doesn’t seem to be lowering its guard either. It is ready to sacrifice a little bit of growth in the near term to improve long-term prospects. So, a further 25-50 bps hike is not ruled out. Let’s hope for some big relief on the inflation front. We expect a better start today and hopefully an improved close. The SGX Nifty futures in Singapore is pointing to a steady opening. Asian markets are slightly in the red though. US stocks extended losses amid no sign of a compromise between the Obama regime and the GOP. European markets finished mixed. Results will of course continue to pour in today as well. So, the action could largely be stock centric. Immediate support for the Nifty is seen at ~5550, below which selling pressure could aggravate and take it to ~5430. Sensex intra-day
19,000 18,900 18,800

Emerging market Shanghai Comp Brazil Bovespa Mexico Bolsa Kospi* Micex Taiwan* Straits*
* Markets are open

Last close 2,704 59,340 35,341 2,165 1,722 8,813 3,177

1 day 0.0 (1.1) (0.4) (0.2) (0.3) 0.2 (0.3)

YTD (3.7) (14.4) (8.3) 5.6 2.0 (1.8) (0.4)

Institutional activity (Rs cr) FIIs MFs FIIs Prov. MFs Prov. Commodities Crude (US$/bbl) Gold (US$/oz) Copper (US$/mt) Aluminium (US$/mt) Zinc (US$/mt) Advance/Decline stocks (Nos) Adv Dec Unch A/D ratio (x)*
*A/D excluding Unch

Cash 240 307 (178) 31 Last close 99.2 1,622 9,798 2,627 2,503 A 33 169 3 0.2

F&O 687 -

MTD 11,126 926

YTD 9,600 3,990

1 day (0.4) 0.2 1.7 1.3 2.5 B 729 1,443 84 0.5

% change 3 mth (12.0) 6.2 2.9 (4.0) 11.6 S 238 272 29 0.9

YTD 8.6 14.2 1.5 6.8 2.4 Total 1,000 1,887 117 0.5

18,700 18,600 18,500 18,400 18,300 18,200

Trade value (Rs cr) Cash NSE Cash BSE Total Cash Delivery (%) Derivatives Currency Rs/US$ Rs/EUR US$/GBP US$/EUR Yen/US$ Bond market 10yr Gsec Call rate Last close 44.19 63.99 1.64 1.45 77.87

12,297 2,853 15,150 41.5 233,748 1 day (0.5) 0.3 0.2 (0.1) (0.0) % change 3 mth 0.8 1.6 (1.2) (1.9) 5.5

% chg 7.1 (2.9) 5.0 50.5 YTD 1.2 (6.5) 5.2 8.4 4.2 Bps chg 0.04 0.35

9:00

10:05

11:10

12:15

13:20

14:25

15:30

ADR/GDR Dr. Reddys HDFC Bk ICICI Bk ITC Infosys Ranbaxy Reliance Wipro SBI Tata Motors Sterlite L&T Latest (US$) 35.3 36.3 47.1 4.5 63.2 12.4 39.5 12.4 112.5 22.0 15.2 40.0 Price % chg (0.4) (0.3) (2.1) (1.7) 0.5 (4.2) 0.0 (0.3) (1.4) (2.2) (1.9) (3.9) % Prem/Disc (1.1) 7.2 0.1 0.0 (0.4) 1.0 0.1 33.1 1.6 (0.0) 299.4 (0.6)

Last Close (%) 8.32 7.90

News
Corporate snippets  Comptroller and Auditor General of India rejected Reliance Industries’ claim that it was not given enough time to respond to observations relating to its KG-D6 gas field. (ET)  Hindustan Petroleum Corporation is planning to raise US$300mn in the second half of the current fiscal and has appointed Bank of Tokyo-Mitsubishi, State Bank of India and Sumitomo Mitsui Banking as advisors. (ET)  Cairn India has decided to seek shareholders’ nod on the government’s riders for approving the deal. (BS)  Tata Teleservices announced “unification” of two divisions offering services based on CDMA and GSM raising fears of job cuts. (ET)  Mahindra Aerospace and Mahindra Satyam signed a memorandum of understanding for a trade partnership with the Eurocopter Group. (BL)  Cox & Kings is in talks to acquire UK travel firm Holidaybreak, which provides residential outdoor education and adventure trips for school children. (ET)  Walt Disney Co plans to buy the rest of UTV Software Communications it does not own and delist the company in a deal potentially valued at US$454mn. (BS)  United Phosphorus has acquired 51% stake in the Brazilian firm DVA Agro Brazil for US$150mn. (ET)  Jindal Saw will invest US$600mn over the next two years to expand its capacity and buy stakes in firms based in the Middle East, the US and the European Union.(ET)  Tata Steel, JSW Steel and Jindal Steel and Power Ltd are three private players that SAIL has roped in to form a consortium to bid for Hajigak mines in Afghanistan. NMDC and RINL are the State-owned companies in the consortium. (BL)  The home affairs committee of the House of Commons of UK has asked HCL Technologies to provide information about its relationship with Rupert Murdoch's News International. (ET)  Everonn announced the launch of master resource centre in Chennai. (FE) Economy snippets  RBI raised the repo rate for the 11th time, by 50 basis points to 8%. The reverse repo was raised by the same amount to 7%. (BS)  The government is expected to soon appoint a highpower committee headed by the Cabinet Secretary for fast-track clearance of overseas asset buys by PSUs without going to Cabinet. (ET)  Government may decide on allowing more sugar exports after September. (ET)  The Commerce and Industry Ministry has restored the incentives on export of cotton and cotton yarn following a sharp fall in domestic and international prices of the commodities. (BL) Results table
Rs m BHEL Glenmark JSW Steel Maruti Shriram Transport Revenues 72,715 8,685 70,694 85,293 13,932 % yoy 10.2 26.8 51.0 2.6 12.9 PAT 8,155 2,101 5,783 5,492 3,473 % yoy 22.1 23.2 65.1 18.0 20.2

Market Mantra

8 Market Mantra .4 76.50 with stop loss of Rs100.8 44.1 143.SpiderSoftwareIndia.0 7.Technicals dNifty price/volume NSE Nifty [N59901] 5688.45.4 10 Days MVG avg 120.7 20 Days MVG avg 118.4 27.Com Vol 16 Cr 5200 0 100 50.1 1.50.9 1.7) (1.8 Negative breakout Company name Tata Chemicals Cmc Ltd Infotech Ent Kalpataru Power Uco Bank Mrf Ltd Jaiprakash Assoc Nesco Ltd Colgate Palmoliv United Breweries CMP 370.3 1. Selling pressure could intensify in the counter below the levels of Rs119.8 998.3 1.4) (2.3 549.50 for an initial target of Rs114. Dly 10:N D 11:J F M A M J J Markets succumbed to selling pressure on Tuesday’s trading on account of RBI raising key rates by 50 bps.610 19.2 129. below which selling pressure could aggravate further till 5.700 in the opening trade.2 Prev NSEDely (%) 12. the stock had been moving in a symmetrical triangle formation since June 2011 with ascending trendline acting as a strong support on several occasions.2 403.6 166.550 levels.9 91.7 0.602.50. the stock has given an upside breakout.4 Price % chg (2.8 23.2 Price % chg (2. Support/Resistance levels Nifty Sensex Close 5.8 319.50. We recommend traders to sell Karnataka Bank August Futures below Rs119.5 22. This led to formation of ‘Bearish Engulfing line’ pattern on the candlestick in the Nifty after it tested levels of 5. below Rs119.8 174. Positive breakout Company name Tamil Nadu Newsp Kirloskar Brothe Bilcare Ltd Cairn India Niit Ltd Oberoi Realty Omaxe Ltd Everonn Educatio Jk Lakshmi Cemen Piramal Healthca CMP 121.4 14. we recommend traders to buy the stock above Rs102.8 404.8 649.5 146.25.2 640.5 136.9 237.1 56.7 150.2 661.0 0.2) (4.9 978.50): On the daily chart.9 0. Immediate support for Nifty is seen at 5.1) 3.172.5 1.6 55.0) (1.2 131.4 994.86% Price Avg3(S. Based on above mentioned technical evidences.3 402.1 1. the candlestick patterns formed in the recent past support the bears closing below its 50-DMA. Target Rs106.0 1. 5560. The stock is poised for further gains in the next few trading sessions.200.6 Karnataka Bank (SELL.7 318. Infact.5) 1.8 396.100.530 18. The upside breakout is well accompanied with decent volumes.3) (2.1 87. Target Rs114.7) (1.7) 20 Days MVG avg 378.1 171.518 Support 5.4 323.5 139. The undertone is reasonably strong and is likely to push price higher. 5574.8) (1.1 34.8 0.5 239.5 239.0 7.3 135.9 1.6 43.2) (2.2 139. the stock closed above the peak of its trading range yesterday.8 88.8 10 Days MVG avg 379. After consolidating in the range of Rs100-95 for last three weeks.3 78. However.50 for target of Rs106.00 Ruchi Soya Industries (BUY. above Rs102.5 129.1 138. the stock has given a downside breakdown after giving a close below the support of its ascending trendline.575 18.158.322.7 74.690 Abnormal change in delivery Stock Polaris Mindtree Rcf Orchidchem Radico NSEDely (%) 31.350 Resistance 5.430 levels.0 409.S.6 49. 5702. considered to be an important bullish signal. It is advisable to maintain a stop loss of Rs122 on all the short positions.6 Price % chg 1.1 64.50) 31 Log IRIS 6400 6200 6000 5800 5600 5400 Source : www.50.0 44.8 (2.9) (1.6 43.454.S.145.1) (2. 595110656 -1.15.85.50): On the daily charts.1 545.8 7.9 399.8 140.3 541.2 55.

6) (1.904 662 425 323 312 234 461 2.507 2.301 7.9) (0.2 (3.201 1.8 3.8 Vol % chg 25.8 (5.438 4.1) (1. Stocks recommended under this heading are not necessarily part of our fundamental buy or sell list.1) (54.1 0.1) (1.2 1.7 (5.802 175 323 682 1.1) 45.746 703 1.9) (1.7 109.446 2.120 1.825 1.558 8.141 1.856 655 420 319 309 228 456 2.6 Price % chg (6.643 2.9) (7.5 (3.1) 3.5) (9.1 % YTD chg 5.606 3.771 646 414 312 304 218 448 2.8 (0.022 89 2.168 510 492 1.021 Tata Power 1. Pivot levels are only broad indicators and not necessarily our view on the stock or index.396 6.130 77 175 270 106 1.2 Sector watch BSE Indices BSE Bankex BSE Realty BSE HC BSE Metals BSE Oil & Gas BSE Auto BSE IT BSE Power BSE FMCG BSE PSU BSE Cap Goods BSE CD BSE 200 BSE 500 BSE Mid Cap BSE Small Cap CNX 500 Last close 12.7) (5.929 2.8) (1.455 14.0 53.069 1.765 8.197 2.8 (9.4) (1.185 515 498 1.3 Price % chg 13.869 8.5) (1.1) (21.484 13. 226 222 216 228 232 235 TCS 1.299 7. These points can be critical support and resistance levels for that day.4) 7.6) (1.130.036 BPCL 665 672 679 Bharti 427 431 435 Cairn 325 329 333 Cipla 314 317 320 DLF 238 244 250 Gail 463 469 474 Grasim 2.287 1.9) 50 DMA 12.145 536 99 864 567 Supp 2 841 970 126 1.269 1.6) (0.6 1.2) (5.3 (11.802 201 1.694 2.0) 4.144 6.Technicals… Pivot table Company Pivot Res 1 Res 2 ABB 879 893 908 ACC 998 1.1) (0.180 15.547 SAIL 132 130 127 133 134 136 Sterlite 168 165 159 171 174 177 Sunpharma 516 504 486 522 534 545 Suzlon 53 52 50 53 54 55 Tata Com.4 4.2 (9.8 (7.1 102.362 9.245 7.778 718 1.236.765 194 1.8 6.051 1.1) (0.687 678 1.0 159.821 2.1) 3.0 2.407 2.395 2.2) (5.843 1.9) (1.169 Tata Motors 973 955 926 984 1.116 530 95 851 552 Top gainers Company Dcm Shriram Cons Alembic Ltd Ruchi Soya Indus Asian Star Co Shree Ram Urban Price (Rs) 53.2 (4.019 Ambuja Cem 130 132 133 BHEL 1.3) Volume Toppers Company Dalmia Bharat Su Dcm Shriram Cons Pidilite Inds Orient Paper Niit Tech Ltd Price (Rs) 19.2) 5.177 79 180 277 109 1.1) (30.131 1.2 1.8) Top losers Company Mastek Ltd Lanco Infratech Reliance Communi Indiabulls Real Gvk Power & Infr Price (Rs) 118.2) 2.178 1.988 2.5 (3. Market Mantra .505 1 day (2.213 2.837 1.1) % YTD chg (35. CMP (Rs) 875 995 130 1.785 198 1.2) 1.821 178 327 694 1.194 1.6) (1.0 101.2) 1.125 8.154 78 178 274 108 1.3 Price % chg 3.284 4.167 6.9 172.4 4.009 8.5 5.862 Hindalco 179 181 184 HUL 328 332 336 HDFC 698 710 722 ICICI Bank 1.790 5.626.780 172 319 666 993 87 2.9) (6.4) (70.5) (4.2) (6.331 Tata Steel 583 577 568 587 593 598 Unitech 34 34 32 35 36 36 Wipro 410 406 403 409 413 418 Zee 133 130 126 134 138 141 A pivot is a level at which the market direction changes for the day.718 2.0) (0.1) 8.3) (1.002 1.940 1.3) (2.435.4 1.5 4.6) (1.0 232.052.009 1.972 6.7 19.9) (15.0 13.804 2.155 1.5) (3.173 1.318 1.805 1.224 Nalco 79 80 81 NTPC 182 184 186 ONGC 278 281 284 Powergrid 109 110 112 PNB 1.485 Note: Ideas given under the ‘Technicals’ section are for intraday purpose or up to a period of three trading sessions.215 Ranbaxy 541 546 550 Rcom 103 106 108 Reliance 877 885 892 Reliance Infra 581 590 599 Reiance Power 117 116 114 118 119 121 Satyam 87 86 84 87 88 89 Siemens 943 936 929 943 950 957 SBI 2.4 4.8 3.5 (4.6 (65.2 64.300 1.014 8.340.658 13.6) Price % chg 1 week 1 mth 0.2) 1.345 2.218 6.0) (1.109 2.219 6.539 4.9 18.838 ITC 202 205 208 L&T 1.140 504 483 1.230 HCL Tech 515 521 526 HDFC Bank 501 507 513 Hero Honda 1.869 M&M 728 743 758 Maruti 1.040 90 2.166 540 102 872 576 Supp 1 860 984 128 1.4) (3.468 2.305 1.6 5.744 9.087 Idea 91 92 93 Infosys 2.9 23.145 1.

Mandakini P Bhagwati Mrs.0 0.0 0.3 0.5 3.0 0. Mandakini P Bhagwati Mrs.Deals Bulk deals Date 26/7/2011 26/7/2011 26/7/2011 26/7/2011 26/7/2011 Scrip name Monnet Ispat Ltd MindTree Limited MindTree Limited Monnet Ispat Monnet Ispat Client name Blackstone Management Partners Ashok Soota Coffee Day Resorts Pvt Ltd Blackstone Management Partners Swiss Finance Corporation Mauritius B/S B S B B S Qty ('000) 526 823 900 774 774 Avg price (Rs) 496 440 439 496 496 Deal size (Rs m) 260.0 383.0 12.2 9.0 55.2 11.1 420.0 5.7 0.9 9.0 0. Mandakini P Bhagwati Mrs.0 0.1 0.2 9.7 Insider trades Company name Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Envair Electrodyne Ltd Lupin Ltd Lupin Ltd Lupin Ltd Lupin Ltd Lupin Ltd Lupin Ltd Matra Realty Ltd Pondy Oxides & Chemicals Ltd Pondy Oxides & Chemicals Ltd Sharp Industries Ltd Sharp Industries Ltd Sterling Holiday Resorts India Ltd Sterling Holiday Resorts India Ltd Sterling Holiday Resorts India Ltd Surana Telecom And Power Ltd Emmbi Polyarns Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Bhagwati Autocast Ltd Acquirer Mrs.0 430.3 0.0 359.0 0.1 0.0 0.4 2.0 34.0 Holding after transaction (%) 9.1 0.0 0.0 0.0 0.1 0.2 485.0 0.8 114.2 11.2 9.0 0. Mandakini P Bhagwati Mrs.0 0.0 Prem/Disc (%) (0.7 384.0 0.0 12.9 FII’s trades Scrip name Union Bank Bank of Baroda PNB Pantaloon Volume ('000) 64.7 0.1 3. Mandakini P Bhagwati Mrs.0 0.0 0.0 0.2 0.0 0.2 9.2 1.1 0.1 0.0 0.1 0.0 3.0 0.2 1.1 Shares transactions (%) 0.0 12.0 1.0 0.1 420.1 0.4 36.6 0.4 55.0 0.0 394.8 0.0 40.2 9.2 430.1 0.1 Market Mantra .0 0.1 29.2 9.6 0.1 200.0 0.0 1. Mandakini P Bhagwati Reena P Bhagwati Reena P Bhagwati Reena P Bhagwati Reena P Bhagwati Reena P Bhagwati Shripad Mirashi Dhansukh M Gandhi Gautam Pareek Gautam Pareek Krishan Chandra Sharma Poonam Parwani Shaji George K Albula Investment Fund Ltd Manju Bansal Neelam Bansal Ashwin Sheth Ashwin Sheth M N Rangamani R Mohan Ramesh Ramanathan Vinita Surana Makrand Appalwar Mrs.1 0. Mandakini P Bhagwati Mrs.0 0.0 906.2 2.8 362.0 0.2 9.1 0.2 9.0 1175.4 0.0) 0.0 0. Mandakini P Bhagwati Mrs.0 0.0 0.1 6. Mandakini P Bhagwati Mrs.9 12.3 Price (Rs) 304.0 0.5 1.6 0.0 30.0 0.3 39.2 0.0 9. Mandakini P Bhagwati Reena P Bhagwati Transaction date 11/7/2011 12/7/2011 13/07/2011 14/07/2011 15/07/2011 11/7/2011 12/7/2011 13/07/2011 14/07/2011 15/07/2011 12/07/2011 15/07/2011 15/07/2011 15/07/2011 19/07/2011 1/0/1900 19/07/2011 13/07/2011 20/05/2010 06/01/2011 20/05/2010 06/01/2011 --14/07/2011 07/07/2011 08/07/2011 14/07/2011 20/04/2011 15/07/2011 05/07/2011 14/07/2011 11/7/2011 12/7/2011 13/07/2011 14/07/2011 15/07/2011 11/7/2011 B/S B B B B B B B B B B B S S S S S B B B S S B S B B B B B B B B B Qty ('000) 0.0 412.0 0.1 0.0 0.0 0.

Cash 240.4 22-Jul11 13.600 Put added 2.6 (18.6) 28.0) (40.1 1.41mn shares in Open Interest. MFs Prov.8) (2.0 7.3 12.600 Call shed 3.000 10.500 Nifty strikes open interest 16.000.000 0 5300 5400 5500 5600 5700 5800 5900 OI in Call ('000) Put Sector-wise OI 4 2 0 -2 -4 % Chg Real Estate Metals FMCG Textile Power Sugar IT Automobiles Market Mantra Total Stock Future Logistics Cement Capital goods & Infra Pharma Fertilizers Banking Oil & Gas Telecom Others Media . Strategies Long Voltas Aug Future in range of Rs144 – 145 for the Target price of Rs150 with a Stop loss placed at Rs142.1 FII derivative data (Rs cr) Index Futures Index Option Stock Futures Stock Options Buy 7.  Call open interest for July series shed 7.2 86. Nifty snapshot Near month price Near month Pre/Disc Mid month price Mid month Pre/Disc OI* (‘000) Volume (‘000) PCR (OI) PCR (Vol) Roll-over (%) Current 5.98.5 25-Jul-11 14.5 926.7) 68.56mn shares in open interest.22mn shares in open interest.000 and net maximum loss of Rs6.000 6.0 39.000 5.600.3 MTD 11.394 5.000.061 987 1. Lot size: 2000 Remarks: Net maximum profit of Rs12.772 171.48%.93 vs 0.0 0.307 24.  Maximum open interest in Puts for July series is at 5.  Nifty July 5.32mn shares in open interest.056 179 1.  Nifty put call ratio of open interest now stands at 1.090 4.525 40.924 159 1.2 306.125.081 160 0. decreased by 4.7) 7.4 85.3 25.7 (177.800 strike prices.153 13.5 F&O 687.000 and net maximum loss of Rs5.Derivatives Nifty volatility Index declined to 17.901 22.974 111.950 7.330) OI % chg 23 3 2 (3) Institutional activity (Rs cr) FII's MF's FIIs Prov.000 2.841 14.520 30.  Total Nifty futures shed 0.4 % Chg (2.3 54.5  Nifty open interest chart 900 750 600 450 300 150 0 29-Apr-11 26-May-11 22-Jun-11 19-Jul-11 5.590 15.0 0. Short SBI Aug Future in range of Rs2460– 2470 for the Target price of Rs2390 with a Stop loss placed at Rs2500.000 8.8) 31.000 4.34mn shares in Open Interest. Lot size: 125 Remarks: Net maximum profit of Rs10.943 521 694 4.9 (1.041 8.  Put open interest for July series added 3.341 255 Sell 8.  Maximum open interest in calls for July series is at 5.4 Value % chg 85.579 1.24 vs 1.91 from 18.2 54.714 531 861 3.9 0.000 4.910 (897) (14) Contracts 96.574 (0.466 115.220 (1.705 20.0) (104.989.237 269 Net (312) 1.  Nifty July 5.9 26.500 6.4 23.5) 5.000 12.  Nifty put call ratio of volume now stands at 0.2 3.4 YTD 9.000 OI & Vol (lacs) Nifty 6.087 6.306 4.500 strike prices.75.000 14.08.6  Overall market Index Future (Rs cr) Stock Future (Rs cr) Index Options (Rs cr) Stock Options (Rs cr) Index Future (Cont '000) Stock Future (Cont '000) Index Options (Cont '000) Stock Options (Cont '000) PCR (OI) PCR (VOI) 26-Jul11 26.308 47.2) (1.500 4.

0 533.0 7.8 1.4 42.1 2.5 19.2) (10.6 153.076.559.8 0.8 Volume ('000) 6.838.2 10.4 1.921.3 110.6 5.0 164.9 (3.2 7.5 171.1 111.5 36.5 (3.016.7 (1.8 11.0 3.1 4335.0 4.5 4.0 103.0 7.7) (1.5 % change 26.4) (12.4) (1.4 % change (2.0 (2.699.0) (60.905.141.6 11178.3 308.0 2.3) (9.0 1.1 (4.354.730.0 1.2) (0.0 869.073.9 88.0 452.853.8 (5.836.0 4.0 328.4 239.0 6.4 82.0 2.9 18.0 Volume ('000) 4.6 32.2 1903.0 7.2) (3.203.5) (46.9 71.0 13.564.0 5.2) CMP(Rs) 4.9 53.0 985.1) (16.7 1.632.779.3) 0.358.5) (10.3) (1.0 23.0) (23.3 14.6 1.748.110.0 107.0 4.0 10378.956.8) (29.0 386.3 49.0 2.6 13.4) 42.0 5.3 1.7) (28.3 152.8 9.1 0.5 (0.9) (14.6 399.6 1.696.0 947.5 % change 80.5 14.0 6.6 1.0 % change (2.Derivatives… Futures open interest gainers Scrip Ioc Ekc Bhel Indianb Sbin Cesc Lt Aban Hdil Ashokley Beml OI ('000) 4.2 13.4 2969.0 31.5) (51.8 718.0 1.0 Volume('000) 49810.0 30.3) (0.0 3.7) (0.441.8) (8.0 392.0 4.0 OI ('000) 6.5 1.9 726.936.3 1.8 117.0 4481.735.8 51.3 1.8 2.4 76.6 % change 13.1 123.311.1) (4.9 1.483.7) (8.1) 0.8 Prem/Disc (Rs) (0.1 2.0 2.6 27093.0 0.0 509.493.0 58.4) Volume ('000) 876.4) (7.041.1) (4.1 0.1 127.3) (1.0 % change 31.1) (4.0 21.0 20.482.0 756.3 10.8) (9.8) (2.600.5 % change (6.5 2.113.055.1 129.307.8 (1.2) 67.0 2.1 23.9 556.0 231.0 % change 20.580.1 0.020.1 2712.164.1) CMP(Rs) 12.1 10.7) (3.6 105.3 2.4 346.4 934.7 323.0 6579.0 42.5 7.0) 0.208.1 % change (1.0 386.2 8.0 3.0 1.2 5.9) (2.3 7.0) 2.0 1.5 (9.0 1.0 Futures open interest losers Scrip Educomp Chamblfert Federalbnk Petronet Suzlon Reliance Mediaworks Federalbnk M&M Gtl Dlf Patni Most active stock calls Scrip Sbin Reliance Reliance Sbin Ifci Sbin Sbin Bhel Dlf Icicibank Strike 2500 880 900 2550 48 2600 2450 2000 240 1100 OI ('000) 348.9) (9.1) (51.559.7 517.8 1.611.608.9) (20.798.0 4.9 157.1 3107.614.1 47.1 1108.660.7 14.852.6 67.0 1.2) (3.5 341.0 2.6 (42.3 8.4) (8.0 2.0 3.336.0 13.3 3.3 51.0 5776.8 (17.506.922.0 208.9 2.0 1.359.1) 0.2 2.3 18.390.727.0 854.2 Volume ('000) 3.0) (17.8 0.391.9) (20.9) (3.9 Axisbank 1300 *OI= Open Interest Market Mantra .0 525.8) (10.669.4) 17.6) (37.904.8 172.1) (1.3 (0.408.791.768.2 16.0 Most active nifty puts Strike 5600 5700 5500 5400 5600 5300 5500 5400 5700 5800 OI ('000) 7458.2 1.9 18.0 8.552.8) 1.6 220.6) (4.2 1.5 5.1 6562.0 (20.452.3) (3.0 19.0 1.4) (30.2 % change (30.271.8 0.0 1.843.976.931.8) 4.0 2295.9 2610.9 8.264.7) 0.9 3.6 66.436.5) 67.9 751.0 2.2 26883.3) (0.128.0 4.6 5.8 3.9) (2.1 109.3) CMP(Rs) 5.917.4 Most active stock puts Scrip Sbin Sbin Sbin Reliance Icicibank Reliance Rcom Bhartiartl Bhel Strike 2400 2450 2500 880 1050 860 100 420 1950 OI ('000) 371.904.169.2) (1.8 2.0 3.4) 2.153.7 (73.0 3.9 2.933.5 Volume('000) 47.7 92.0 365.3 5866.0 25.6) CMP (Rs) 369.998.0 9.5 1.2) Prem/Disc (Rs) (1.0 4.3 448.4) (0.5 448.6 10.845.0 52.0 533.3 18.040.0 2.7 CMP (Rs) 319.4) CMP(Rs) 43.0 0.0 2.4 74.1 6.5 4.1 27.974.3 76.0 16.1 22.5 77.433.7 86.6) Most active nifty calls Strike 5700 5600 5800 5500 5900 5700 5800 5600 5900 6000 OI ('000) 10.4 104.8 978.

6 11.1 0.6 64. Franklin Templeton India Dynamic PE Ratio Fund of Funds declares dividend.1 5.1 2.3 22. The quantum of declaration will be 100% of the distributable surplus.7 0.6 12.Series DI Kotak FMP Series 55 2-year #OE: Open Ended.3 5yr 148.2 36.240 3.1 (1. 2011.6 16. CE: Close Ended Open date 15-Jul 21-Jul 29-Jul 3-Aug 28-Jul Close date 27-Jul 1-Aug 2-Aug 6-Aug 9-Aug Type CE CE CE CE CE # Class Debt .0 ---- 2.208 1.Balanced (G) Debt – Money market DSP-BR Money Manager -RP (G) HDFC Cash Mgmt Fund – TA (G) Reliance Money Manager (G) Debt – Floating rate ICICI Pru Floating Rate -D (G) Kotak Floater LTP (G) Tata Floater Fund (G) 4. Edelweiss Absolute Return Fund declares dividend.7 NFO Update Fund name DWS FTF Series 87 Reliance Fixed Horizon Fund XX Series 23 SBI Debt Fund Series 90 Days-48 Birla Sun Life Fixed Term Plan .2 4.5 7.7 50. Disclaimer: Mutual Fund is subject to market risk.07).1 60. please read the offer document carefully before investing.4 75.4 89.0 2. Escorts Income Bond-D (Rs0.9 1wk 0.023 1. The record date is July 29th. The record date is July 28th.7 0. HDFC FMP 370(D) July 2010 (1) declares dividend. 2011. 1 per unit.1 0.8 7.4 47.18 per unit.20). respectively.3 7.3 2.0 48.783 NAV (Rs) 214.4 0.1 5.6 4.440 and Re.(G) HDFC Mid-Cap Opp Fund (G) IDFC Premier Fund (G) Equity – Tax saving Fidelity Tax Advantage (G) HDFC Tax Saver (G) ICICI Prudential Tax Plan (G) Hybrid DSP-BR Balanced Fund (G) HDFC Prudence Fund (G) Reliance RSF .FMP Debt .0) (1. 2011.6 7. 2011.000 Nil 1% before 1 year S&P Nifty Equity (87%).5 140.5 8. Cash (13%) 1.8 8.8) 6mth 3.1 50.302 3.3 -- 4.783cr Equity – diversified Growth & dividend Min investment Entry load Exit load Benchmark Asset allocation Expense ratio Invest Rs5.1 0.7 0. 2011.0 107.3 2yr 39.2 2.6 19.6 5.(G) Equity – Midcap DSP-BR Small & Mid Cap . The record date is July 29th. The record date is July 27th.9 0. The quantum of dividend will be Re.9 91.1 4.FMP Debt . The quantum of dividend has been fixed as Re.1 44.2 3.4 10.FMP Recent Actions       Escort Mutual Fund declares dividend in Escorts Income-DM (Rs0.9 56.3 13.4 4.1 13.4 8.6 0. Escorts Short Term Debt-D (Rs0.375 149.4 4.9 3.2 537 6.8 0.1 1.7 3.0 21.3 3mth (2.0 7.4 4.6 54.8 118.323 22.2 43.3 0. The record date is July 27th.1) 0. Market Mantra .3 4.9 3.0 1. The record date is August 1st.2 149.5 59. The quantum of declaration will be 100% of the distributable surplus.4 3yr 72.1 13.9 21.FMP Debt .991 5. 2011.9 6.6 16.114 1.8 0.8 19.297 1.9 Rs236/176 Rs3.9 1.9 8.2 2.4 36.0 3.7 20.8 22.1 0.1 0. 0.1 2.1 0.4 63.131 829 67.8 1.8 6.10) and Escorts Balanced-D (Rs0.4 72.0 134.508 3.1 86.6 -41.7 10.4) 0.7 0.1 0. Reliance Fixed Horizon Fund – XVIII – Series 10 and Reliance Fixed Horizon Fund – XIV – Series 2 declares dividend.9 221.2 742 6.7 1yr 7.7 2. Edelweiss Absolute Return Fund declares dividend.8 4.1 1. The quantum of dividend will be Re.3 2. 0.360.7 7.9 73.8 0.Mutual Funds Fund focus ICICI Prudential Dynamic Fund Fund manager Latest NAV NAV 52 high/low Latest AUM Class Options Sanjay Parekh Rs109.2 1.9 138.7 22.3 (0.10).381.1 2.2 8.842 1.6 6.8 34.6 3.1 4.1 4.FMP Debt .9 100.7 2.8 0.6) (0.2 73.4 -44.5 7.377 for Individuals & HUF and others.9 6.9 1.2 114.2 5.8 111.9 1mth 2. 0.5 Assets (Rs Cr) 10.4 12.119 18.4 238.8% (Absolute returns (in %) are based on previous close) Top Recommended Funds Equity – Diversified/Largecap HDFC Top 200 Fund (G) Fidelity Equity Fund (G) ICICI Prudential Dynamic .7 145.0 15.083 3.3 21.2) (0.1 13.0 109.1 0.1 0.6 0.7 3.5 67.

6 Top Sells Stock ABB Ashok Leyland DLF GSK Pharma NALCO Titan Industries United Breweries Sector Capital goods Automobiles Infrastructure Pharmaceuticals Metals Consumer durables Breweries Sector View Negative Neutral Negative Neutral Neutral Neutral Positive CMP (Rs) 875 53 234 2.778 718 219 168 583 M-Cap (Rs bn) 543.316 79 220 475 M-Cap (Rs bn) 185. Top Large-cap Buys Stock Axis Bank Bharti Airtel L&T M&M REC Sterlite Industries Tata Steel Sector Banking Telecom Infrastructure Automobiles NBFC Metals Metals Sector View Neutral Neutral Positive Positive Positive Neutral Neutral CMP (Rs) 1.8 440. Midcap Buys are based on absolute return expectations.7 120.8 559.9 Source: India Infoline Research Market Mantra .8 11.320 425 1.084.7 216.4 1.3 195.2 196.6 17.9 397.1 203.6 Source: India Infoline Research Best Mid-cap Buys Stock Glenmark Pharma Muthoot Finance OnMobile Radico Khaitan Source: India Infoline Research Sector Pharmaceuticals NBFC Telecom Breweries CMP (Rs) 338 182 98 133 M-Cap (Rs bn) 91.2 67.3 69. Reduce portfolio weight in stocks with Sell rating.5 564.612.House Recommendations House Recommendations The large cap Buys and Sells are relative outperformer and underperformer bets vis-à-vis the Nifty respectively.5 1.

8 61.0 (4.8) (14.2 (15.070) 15.8 1.397 19.361 1 STLT IB STRL. aided by outperformance in international zinc division Improved performance in copper business was aided by increase in sales of by-products BALCO’s aluminium business EBIT decreased 18. higher than our revised estimate of Rs94bn.244) (3.4 10.2% yoy to Rs98.34/unit in Q4 FY11 to Rs2.0) (%) 53.6 65 62.024 25.527 5.9 (31.930) 27.360 (3.Sterlite – BUY (Q1 FY12) Sector: Metals & Mining Sensex: CMP (Rs): Target price (Rs): Upside (%): 52 Week h/l (Rs): Market cap (Rscr) : 6m Avg vol (‘000Nos): No of o/s shares (mn): FV (Re): Bloomberg code: Reuters code: BSE code: NSE code: Prices as on 26 Jul. India Infoline Research Revenue of Rs98. 2011  18.7bn.059 (6.6bn was above our expectation of Rs94. PAT margin (%) Share price trend 140 120 100 80 60 40 20 0 Jul-10 Sterlite Sensex Nov-10 Mar-11 Jul-11 Extra ordinary items Reported PAT Ann.8 3. The impact of lower mined metal output in HZL was negated by higher content of silver in concentrate sales during the quarter.2bn Power business EBIT margins were under pressure due to high coal costs.137) 20.520) (1.583 28.915 18.703 (26.5 21.575 19.837) (15.9 (9.5 (325) 19.170) (1.772) (2.0 (8.675) (21.4% qoq on account of rising input costs Zinc domestic division EBIT outperformance was largely due to higher silver content in concentrate sales Contribution from international zinc assets to the company’s consolidated EBIDTA increased from Rs4. The outperformance was largely due to by-product sales in the standalone entity and strong contribution from the international zinc and lead assets.250 22.518 168 210 24.6 6.6bn.0 (9.0 10.2 69.2 (2.5 83.4 (3.3) 1.7 63.4 (7. Power division revenue was higher due to the full impact of the 600MW power plant under SEL which was commissioned in March.2  Result table (Rs m) Net sales Raw material costs Personnel costs Other overheads Operating profit OPM (%) Depreciation Interest Other income PBT Tax Effective tax rate (%) Other prov / minority etc Adjusted PAT Adj.9) 0. July 27. to sensex (%) Sterlite HZL Hindalco NALCO 1m 3.541) 10. EPS (Rs) Source: Company. above our expectation of Rs94.1) 40.3 67.4 (7) (16.9 196 / 149 56.8) (245) bps 19.041) 7.7bn.7 45.9 % qoq (1.5 23.0 35.0) (279) bps (86) (14.663) 17.1 (4.1 % yoy 65. Aluminium production during the quarter declined marginally on a qoq basis.416 30.135 12.685) 20.740) 8.184) (3.8      Shareholding pattern June '11 Promoters Institutions Non promoter corp hold Public & others Performance rel.442 16.2 (30) bps 61.6bn.8) Q1 FY11 59.6 281 bps 93.108) 30.1 (5.1 4. aided by outperformance in international zinc division Sterlite’s Q1 FY12 revenue jumped 65.7 (44) 16.2 21.561 (45.7) 8.409) 6.7 66.481) 16.254 33.050) 19.5 Q4 FY11 100.BO 500900 STER Q1 FY12 revenue jumped 65.1 16.2% yoy to Rs98.4) 1yr (7.8) (12.8 7.5) 3m (3.607 (45.850) (21. Power cost of production under SEL increased from Rs2.594 30.4bn to 5.0 19. maintain BUY with a 9-month price target of Rs210 Q1 FY12 98.043 3.200) (1. 2011 .287 (5.135 17.86/unit Zinc to drive earnings over the next two years.

000 9.634 2.9 2.000 3.2 1.5) (9.015 6.6 8.750 US$/ton Aluminium Zinc US$/ton 3.4 60.911 1.000 15.1 14.000 20.567 27.7 9.3 32.9 5.000 1.000 5.500 Source: Company.1 65.000 8.980 1.5) 175.9 1.000 4.6 21.4) (0.3 6.1) bps qoq 28 (223) 762 (725) 146 Q1 FY12 Q4 FY11 Sales Contribution (%) 51.382 31.7 7.9 (0.1 EBIT contribution (%) 9.7 21.000 25.840 6.000 7.5 21.000 10.594 18.126 866 6.1 34.156 8. India Infoline Research Quarterly operating profit trend Operating profit 35.3 57.000 5.000 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 1.953 18.9) 81.815 2.2 23.0 2.2 31.3) (18.4 52.5 4.000 0 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 0 Rs mn OPM % 40 30 20 10 Quarterly LME price trend Copper (L) 10.5 60.039 7.9 2.000 30.3 Q4 FY11 48.250 2.5 21.032 6.289 476 6.3) (2.146 1.583 2.7) (12.334 30.000 6.519 30.6 9.231 999 91.Sterlite – (Q1 FY12) Quarterly revenue trend 120 Rs bn 100 80 60 40 20 0 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Revenue qoq grow th % 40 30 20 10 0 (10) (20) Quarterly production trend 100 90 80 70 60 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Copper (L) tons Aluminium Zinc tons 220 200 180 160 140 120 100 80 60 (30) Source: Company.8 34. India Infoline Research Result Update 2 .8 % qoq (6.3 (4.4 1. India Infoline Research Segmental performance Q1 FY12 Sales (Rs m) Copper 45.1 Aluminium Zinc and lead Power Others Total EBIT (Rs m) Copper Aluminium Zinc and lead Power Others Total EBIT margins (%) Copper Aluminium Zinc and lead Power Total Source: Company.042 87.

The commissioning of the first unit of 300MW of 1. aluminium metal production increased 3. Copper production declined from 81.9% on account of lower metal prices.8bn). HZL EBIT boosted by higher silver content in lead concentrate sales HZL’s topline of Rs28.1% lower on a qoq basis on account of lower zinc prices and a decrease in mined metal output. Power costs per ton of refined metal too increased on a qoq basis due to the price hikes announced by Coal India Net zinc metal cost without royalty. EBIT for the aluminium division decreased 18. Metal production too was impacted during the quarter. In view of the final clearance not being granted for Niyamgiri mines. Tc/Rc margins during the quarter increased from 11.2USc/lb in Q4 FY11 to 13.200MW captive power plant at BALCO is progressing well and the company expects to sell the entire output from the power plant on a merchant basis.500 tons in Q4 FY11 to 74. Refined zinc metal sales remained flat on a qoq basis. The impact of lower metal sales and lower realization was lowered on account of higher product premiums. lower concentrate sales and rising power costs.089/ton in Q4 FY11 to US$2.Sterlite – (Q1 FY12) Aluminium business EBIT margins under pressure from rising input costs BALCO’s aluminium division during the quarter registered a decrease of 9.403 in Q1 FY12. Mined copper output increased marginally from 5. Alumina production continued to report strong volume growth. increasing 21.200MW is also delayed by a quarter and is now expected to be commissioned in Q2 FY12. Production is expected to be lower in Q2 and Q3 FY12 and the smelter is expected to return to normal operations by the end of Q3 FY12.000 tons in Q4 FY11 to 6. The lead smelter will feed HZL’s new 350 ton silver refinery and it expects the saleable silver production from this refinery by end Q2 FY12.5% qoq to 188.6bn on account of lower product premiums and jump in input costs. Aluminium cost of production increased sharply from US$1. the first metal tapping from the 325ktpa aluminium smelter project at BALCO which was expected to be in Q4 FY11 has been deferred to Q4 FY12. Sterlite’s share of loss from VAL.7% qoq to 112.4% qoq to Rs1. during the quarter jumped sharply on a qoq basis to US$874/ton from US$784/ton in Q4 FY11. EBIT during the quarter declined marginally by 2. The expansion in wind power generation capacity to 273MW is progressing well and is on schedule to be commissioned by Q2 FY12.1mtpa Lead smelter at Dariba has started and is expected to produce saleable lead by mid-Q2 FY12.000 tons from 184. Aluminium EBIT margins contracted by 223bps qoq to 21.1% qoq to Rs15. The construction of the captive power plant at Tuticorin is in progress and the first unit is scheduled for commissioning in Q4 FY12.4mtpa copper smelter expansion project at Tuticorin. OPM declined by 488bps to 55. Average LME aluminium prices were higher by 3.981/ton.000 tons during the quarter was lower on a qoq basis.5% on a qoq basis and also higher than our estimate of Rs41bn.3% qoq as the impact of lower volumes was offset by higher by-product revenue. whereas that of lead declined 15.556 in Q1 FY12. Mined metal output unexpectedly declined sharply by 18.846/ton in the previous quarter. The expansion projects under VAL have been deferred after the Government ordinance on Niyamigiri. is awaiting consent from the State Pollution Control Board.9bn (higher than our estimate of Rs14. The decline in mined metal output was due to an unplanned shutdown at Rampura Agucha mine.344/ton in Q4 FY11. Aluminium production of 61. As a result. Result Update 3 .325kg in Q4 FY11 to 40.9USc/lb. for Q4 FY11 increased sharply on a qoq basis from Rs800mn to Rs1. The commissioning of the 0.000 tons. concentrate sales during the quarter declined from 23.000 tons in Q1 FY12 from 108.6% on a qoq basis and 23% on a yoy basis.486 from Rs3. The outperformance in topline was boosted by higher sales of by-products. around 170 pots were impacted.533 tons in Q4 FY12 to 5.000 tons in Q4 FY11. Under VAL. Aluminium cost of production under VAL increased from US$2.418 tons in Q1 FY12. Silver sales declined from 44.2% qoq.5bn was 12. Stores and spares per ton of mined metal increased from Rs10.781/ton in Q4 FY11 to US$1.367 in Q4 FY11 to Rs12.1% in Q1 FY12. The 0. Operating profit decreased by 19. as an associate. Acid realizations increased on a qoq basis to Rs. Copper business EBIT was flat on qoq basis Revenue of Rs45bn from the copper division was lower by 6. Cost of aluminium metal production under VAL remained high due to high alumina and coal costs. Product premiums on both the metals increased on a qoq basis.000 tons in Q1 FY12 during the quarter due to lower concentrate grade and reduced plant availability on account of unscheduled maintenance shutdowns.7% qoq to 224. the construction of the 1.1bn. Due to a power outage at the Jharsuguda 0.908kg in Q1 FY12. However.5mtpa smelter in June ‘11.000 tons in Q4 FY11.7% qoq in topline on account of lower aluminium volumes and a decline in product premiums.

285 24. Work on remaining two 600MW units at the 2.0 14. We maintain our BUY rating on the stock with a 9-month price target of Rs210.103 15.044 31.2 15.000 tons of mined and refined zinc in Q1 FY12. arbitration panel ruling for minority buyout did not go in company’s favor and no permission to expand Lanjigarh refinery have hindered the company’s performance.9 FY12E 408.2 17.3 13. maintain BUY Sterlite has significantly underperformed the market and its peers over the last one year due to the various regulatory hurdles the company has faced. This impact is negated by the upgrade in earnings of the international zinc business.2 0.652mn units higher than the 687mn units in Q4 FY11. Financial summary Y/e 31 Mar (Rs m) Revenues yoy growth (%) Operating profit OPM (%) Pre-exceptional PAT Reported PAT yoy growth (%) EPS (Rs) P/E (x) Price/Book (x) EV/EBITDA (x) Debt/Equity (x) RoE (%) RoCE (%) FY10 244.5 10. Work at the 2. We have lowered our power earnings factoring in higher coal prices.5 50.425 31.3 13.4bn and Rs2.1 83.200 34.494 5. respectively.3 0.293 32.7 24.034 83. Namibia in early December 2010 and then in February acquired the Black Mountain and Lisheen Mines.463 38.6 1.7 146.993 50. The stock is trading at 4x FY13E EV/EBIDTA.7bn. India Infoline Research Result Update 4 .400MW (4x600MW) Sterlite Energy Ltd (SEL) power project was capitalized during the quarter.7 FY13E 456.0 4.0 19.2bn.5 0. EBIT jumped 82% on a qoq basis to Rs866mn. The recently acquired zinc assets from Anglo American produced 80.34/unit to Rs2.7/unit. we believe much of the bad news appears discounted at the current price and the only lingering concern at the current moment is the unavailability of linkage coal for SEL and rising coal prices for its aluminium business.8 16.4 16.640MW power project at Talwandi Sabo is progressing as scheduled with the first unit targeting synchronization by Q4 FY13. However. environmental notice to suspend its existing copper smelter.7 6.044 66. Cost of production at SEL increased sharply from Rs2. Rs4. Average realizations too increased on a qoq basis from Rs3. Revenues and operating profit from zinc international for Q1 FY12 was Rs10. respectively against previous quarter’s Rs8.6 8.2 121. The delay in the commissioning of power plant and the availability of coal has added onto the downward pressure.86/unit on account of high coal costs.9 12.495 26. coal handling plant.4 60.4 14.4 8.0 0.6bn and 5.7 14. which is at a steep discount to its peers and is also below its historical multiples.718 24. Power division margins were under pressure on account of high coal costs Revenue from the power division jumped 176% qoq to Rs6.189/ton was slightly lower on a qoq basis and also lower than our estimate. COP of US$1.497 29.8 1. Power generation during the quarter was 1.7 80. lower than our estimate.1bn led by a sharp 140% increase in power volumes. The increase in power volumes was due to the commissioning of the 1st unit of 600MW under SEL by the end of Q4 FY11. We believe the focus would now shift to the strong earnings growth and would drive the stock performance over the next one year.2 FY11 304.9 Source: Company.2 5.034 25.400 MW Jharsuguda power plant is progressing well and the units are expected to be synchronized in Q3 and Q4 of FY12.7bn.3 1. The company met 30% of its requirement through linkage and the rest of the coal was bought through e-auctions. Piling has been completed and the construction of boiler foundation.8 66.2/unit in Q4 FY11 to Rs3.Sterlite – (Q1 FY12) Global zinc assets contribute Rs4.6 1.090 11. switchyard and other areas is in progress.4bn at operating level Sterlite completed the acquisition of Skorpion Zinc. Events ranging from denial of the Niyamigiri bauxite mines.9 41. The second unit of the 2.000 tons and 39.4 12. respectively. The Black Mountain mine delivered record mine production during this quarter.8 11. Earnings to take centre stage.

463 (1.2 36. Better realizations in the domestic market were lead by increased penetration of diesel vehicles.3 100.151 82.252     Result table (Rs m) Volumes Realisation (Rs) Net sales Material costs Purchases Personnel costs Other overheads Operating profit OPM (%) Depreciation Interest Other income PBT Tax Effective tax rate (%) Reported PAT PAT margin (%) Ann.0 Domestic Exports Total Source: Company.0 85.4) 50.526 Volumes Q1 FY11 242.7) (0.5 24.820) (3.3 6.9 18.4 76.7) 18.529 85.178 1. Volumes for the quarter were lower by 0.534) (10.0 3. Export volumes fell 24% yoy as sales to European countries were substantially lower.3) (9.3 1600 / 1087 34.417) (80) 1.2 6.097 10.678) 7.6 3.6 1.6) Contribution (%) Q1 FY12 Q1 FY11 89. 2011 .293 (63.5% (a fall of 8bps yoy and 46bps qoq) was better than our expectations owing to higher than expected realizations and lower other expenditure Net profit jumped 18% yoy against expectation of a decline as other income surged 80% on yoy basis Higher interest rates.6% yoy driven by 4% yoy rise in realizations.6%yoy driven by 4% yoy realization growth.Maruti Suzuki – MP (Q1 FY12) Sector: Automobiles Sensex: CMP (Rs): Target price (Rs): Upside (%): 52 Week h/l (Rs): Market cap (Rscr) : 6m Avg vol (‘000Nos): No of o/s shares (mn): FV (Rs): Bloomberg code: Reuters code: BSE code: NSE code: Prices as on 26 Jul.6% yoy and 18% on sequential basis owing to strike at Manesar plant OPM at 9.610) (8.0 Q4 FY11 343.809) (1.7 64.7 (16.6 3m (5.340 287.0 79bps 18.777) 27.430 (1.518 1.8) 2.7 11.288 100.252 6.2 (16. Domestic volumes were higher by 3.9 (28.002 6. EPS (Rs) Q1 FY12 281.9 (20.887 40.5 (2.425) (58) 1.9) 3.5) (15. Maruti Suzuki India Ltd (MSIL) reported net sales growth of 3. Rural sales accounted for more than 20% of the domestic volumes for MSIL.2% on yoy basis.1 10.2 18.683 30.6) 4.662) 10. Total volume breakup marketwise Q1 FY12 250.324 284.0) 2.526 295.324 yoy (%) 3.970) 26.8) (10)bps (16.315 (61.7 16.6 (2.8 (8)bps 0.496) (3.5 91.6 1yr (4.6 4.2 (23.4 % yoy (0.3 (27.3 2.9) 13.2 12.0 100.0 14.667) 20.4 % qoq (18.794) (8.199 8.599 6.922 (74.2) 16. India Infoline Research Mar-11 Jul-11 Net sales rise 4% yoy on higher realizations During Q1 FY12.3) (46)bps (18.1 11.1) (10. to sensex (%) Maruti M&M Tata Motors Ashok Ley 1m 3.967) (64) 1.347) (2.9) (19.BO 532500 MARUTI Net sales rise 3.032 426 289 5 MSIL IB MRTI.437 283. Volumes were lower by 0.421) (1.843 281.0 Q1 FY11 283.756) (1.6% on yoy basis and 18% on a sequential basis on account of the strike at Manesar plant. India Infoline Research July 27.8) Shareholding pattern June '11 Promoters Institutions Non promoter corp hold Public & others Performance rel.925 9.8 Share price trend Maruti 140 130 120 110 100 90 80 Jul-10 Nov-10 Sensex Source: Company.654 5.9) 79.1) (%) 54.266 (1.801 7.0 (2.144 9.4 5.438) 8.4 (2. rising competition and increasing input prices are major headwinds for near term earnings growth Maintain Market Performer with a 9-month target price of Rs1.493 6. 2011  18.9 (15.7 6.2 (9.1) 0.

7) 3.9 0.2 70.3 2.000 230.749 1.5 10.000 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q1 FY12 Trend in sales and operating profit/vehicle Sales (LHS) 120.2 12.2 100. Resultantly PAT growth was at 18% against our expectation of a decline.000 10.502 250.000 90.4 4.887 yoy (%) (4. India Infoline Research Result Update 2 .000 75.8% yoy but decreased 19% sequentially.000 270.8 68.906 170.8 1.6 1. Cost Analysis Material costs Purchases Personnel Costs Other overheads Total costs Q1 FY12 74.6 90.000 290.000 150.000 260.4 bps yoy (8) 66 15 (65) 8 Q4 FY11 74.000 30.6 2.000 170. Other expenditure as a percentage of net sales was down 65bps yoy and 67bps qoq.1 9.0 bps qoq 31 24 58 (67) 46 Source: Company.9 90.000 25.000 190. 4) lower ocean freight owing to fall in exports.8 0. 2) better cost management.000 5.000 15.000 - Source: Company.000 250.000 15.0 2.2) 0.000 60.000 45.521 2.000 230.090 30.000 Rs mn Realizations (RHS) 310.5 Q1 FY11 74.0 100. OPM for MSIL fell 8bps yoy and 46bps qoq.000 200.000 210. 3) lower ad spends. India Infoline Research Trend in volumes and realizations Volumes (LHS) 380.513 28.5 3.2 11.612 117 40.958 33.000 110.000 170.000 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q1 FY12 Rs mn OP/vehicle (RHS) 40.3 13.1 3. Operating profit for Q1 FY12 increased 2.Maruti Suzuki – (Q1 FY12) Domestic volume breakup – category wise Q1 FY12 6.000 320.000 350.000 20.0 0. India Infoline Research Lower other expenditure and better realizations result in higher than expected realizations During Q1 FY12.000 30.000 Rs/vehcile 35.3 5.7 21.613 171.2 Contribution (%) Q1 FY12 Q1 FY11 2.989 242. Margins were better than our expectations. Performance was better than our expectations as 1) realizations increased on the back of increased proportion of diesel vehicles to the total volumes (increased from 19% in Q4 FY11 to 21% in Q1 FY12).000 140.0 A1 A2 A3 A4 C MUV Domestic Total Source: Company.000 105.6 (49.5 90. Other income was higher by 80% on the back of higher yields on the cash balance and higher capital gains (Rs410mn v/s negligible in Q1 FY11).0 10.0 16.000 Rs/vehcile 290.683 Volumes Q1 FY11 6.

8 0. Rural sales have also started slowing down. majority of which will be spent on the Manesar plant  The current indirect Yen denominated imports are to the tune of 15% of the net sales.401 25.1 23. which will be launched in August 2011  Discounts have been higher on a yoy basis but have declined sequentially.6 2.300 10.254 8.886 (8.9 2.5 FY11E 370.4) 79.519 10. We expect a 7% and 9% growth in MSIL volumes in FY12 and FY13 respectively.9 22. The company aims to reduce this by 2-3% every year Maintain Market Performer rating The automobile space is witnessing multiple headwinds 1) rising interest rates.5 0. 2) increased prices of vehicles per se (12-15% increase in prices across product categories over the past one year).690 10.6 47. Financial summary Y/e 31 Mar (Rs m) Revenues yoy growth (%) Operating profit OPM (%) Reported PAT yoy growth (%) EPS (Rs) P/E (x) Price/Book (x) EV/EBITDA (x) Debt/Equity (x) RoE (%) RoCE (%) FY10 296.5 87.7 27.000 to 290.5 25.Maruti Suzuki – (Q1 FY12) Key takeaways from the conference call  Although footfalls have been rising but the conversion to sales has slowed down  The company has received 30.4 13. Going ahead the company expects the discounts to increase considering the rising level of competition  MSIL has hedged its Yen exposure for Q1 and Q2 FY12  Production capacity of diesel cars will increase from 250.644 9.4 0.975 104.0 36.2 14.1 16. India Infoline Research Result Update 3 .1 42.6 39. 3) rising fuel prices.9 86.4 9.5 2.3 12.000 over the next two months  The company is incurring a capex of Rs40bn in FY12. increasing competition is another threat. Margins would revive from Q2 FY12 as the volumes improve after the impact of strike and festive season approaches.825 10.000 bookings for the new Swift.6 31.8 Source: Company.230 41.4 FY13E 442.252.542 13.063 10.1 17.8 21.6 FY12E 400. For MSIL.3 24.1 8.0 96.8 7.9 8.5 13.2 1.6 0. We maintain our Market Performer rating with a revised 9-month price target of Rs1.1 15.8 22. This has lead to a marked slowdown in volume growth for the industry.9 19.

149) (624) 31.2 % yoy 341. Gas realizations remained flat on yoy basis at US$4.000 barrels of oil per day (bopd)  Realization for Rajasthan crude continues to be at 10-15% discount to Brent much in line with company’s guidance  OPM jumps 852bps yoy on account of benefits of operating leverage  Company is holding a postal ballot of all the shareholders to consider the conditions imposed by the GoI such as royalty being made cost recoverable and ending the arbitration on cess  These steps will erode Rajasthan field NPV by Rs45/share. PAT margin (%) Ann.5) (73.000boepd.5/tscf.2 (7.6) 868.7) (9. India Infoline Research Nov-10 Mar-11 Jul-11 Ramp up of Mangala field to its peak production rate drives 10fold jump in net revenues Cairn India recorded net sales of Rs37.2 14.866 (1. to sensex (%) Cairn ONGC Reliance Oil India 1m 2.3 2.472 77.2bn.3 372 / 285 61.3 10.1 (98.2 (36) bps (25.2 27.9/bbl in Q1 FY12 as compared to US$71.257) (875) 31.7 (13. During the quarter.9 3996 bps 866.1bn for Q1 FY12 against our expectations of Rs39.8) 3m (2. Average gross production from the Ravva field was at 37.Cairn India – MP (Q1 FY12) Sector: Oil & Gas Sensex: CMP (Rs): Target price (Rs): Downside (%): 52 Week h/l (Rs): Market cap (Rscr) : 6m Avg vol (‘000Nos): No of o/s shares (mn): FV (Rs): Bloomberg code: Reuters code: BSE code: NSE code: Prices as on 26 Jul.8) (7.042boepd in Q1 FY11.5 1.2) 10.4 Q4 FY11 36.266 73.902 10 CAIR IB CAIN.5 Q1 FY11 8. EPS (Rs) Q1 FY12 37.814 33.BO 532792 CAIRN  Net sales witness quantum jump as Mangala field achieves maintains its peak production rate of 125.5) (36.5 (3.527boepd in Q1 FY11.7) (2.4 (0.640boepd v/s 94.748 85.3 37.6 40.5) 2.4 % qoq 1.454 5.8 20.320 1. Maintain Market Performer rating with a revised 9-month target price of Rs293 Result table Shareholding pattern June '11 Promoters Institutions Non promoter corp hold Public & others Performance rel.9 618 bps 10.5 (41.518 323 293 9.7 (108.5 285.129boepd in Q4 FY11.8) (13.558 (980) 3.188) (227) 6.545 (89) (301) (4.5) 88. working interest sales volumes were at 99.3) 10.5) (7.6 Source: Company. Overall realizations for crude oil were at US$105.9 94.2) (%) 62.8 Share price trend Cairn 120 110 100 90 80 Jul-10 Sensex (Rs m) Net sales Inc/(dec) in stock Personnel costs Operating expense Admin expense Operating profit OPM (%) Depreciation Exploration w/off Interest Other income Extra ordinary items PBT Tax Effective tax rate (%) Adjusted PAT Adj.3 390.6 (98. 2011.6 852 bps 108.9) (4.660) (322) (493) 281 (413) 3.8 24.4) (1. July 27. Cambay basin produced 8. 18.6 (36.5) 13.643) (707) (393) 384 (464) 25.855boepd v/s 13.406 670 (189) (2.9) 1yr (6.127 (56) (191) (4.9 (4.8/bbl in Q1 FY11.0) (20. 2011 .2 2. Realizations for the Rajasthan field continued to be at an average discount of 10-15% of the average Brent price.382 85.2 1.175 (909) 3.052) 27. Production at the Mangala field is being maintained at the peak production rate of 125.0 (1.460) (187) (446) 528 (8) 28.4 11.8) (0.578 67.1) 628.819boepd v/s 37.4) 0.

On a sequential basis OPM fell by 32bps. The construction work is ongoing on the remaining 80km Salaya to Bhogat section of the pipeline including the Bhogat terminal and marine facility. Further. 2011. 2011. This was primarily on account of multi-fold jump in volumes as Rajasthan production commenced from September 2010. the transaction between Cairn Energy and Vedanta has been approved by the GoI subject to certain conditions. the grant of consent for all the NELP and preNELP blocks is also subject to the condition that necessary security clearance is accorded by Ministry of Home Affairs to Vedanta Resources Plc to acquire the shareholding. This is expected to be completed during H2 CY12. one producer and three observation wells are drilled. completed and hooked up to the facilities. and (iii) Vedanta Resources Plc to obtain such other necessary approvals as required from regulatory bodies such as SEBI. in the Mangala field. which was on account of higher administration expenses. 2011.. Source: CCEA website Result Update 2 . and in respect of Pre-NELP block in Rajasthan. the conditions are similar to what it was mentioned as per a release by CCEA on June 30. The water injection phase commenced in December 2010 and continues to perform as per expectations. and (v) CIL and its subsidiary to withdraw the Cess arbitration case. A total of 33 Bhagyam development wells have been drilled to date.000bopd Construction of Train Four has been on track and commissioning is expected in Q4 CY11 to take MPT nameplate capacity to 205. subject to GoI approval. Company is currently assessing higher production potential and design optimisation of Aishwariya field. However. Work on the development of the Bhagyam field is ongoing with the construction work nearing completion for the initial phase.000bopd by end CY11. The field is currently producing 250bopd and the oil is being trucked to the MPT for sale through the pipeline. The Company has also received a requisition from Cairn UK Holdings Limited on 21 July. plan to commence production in H2 CY12. 2011 under Section 169 of The Companies Act. 64 wells are producing and 25 injector wells are injecting water into the reservoirs      Current capacity is up to 150. consisting of four injectors. (iv) cost recovery of royalty by ONGC to be agreed to by CIL and its subsidiaries and Vedanta Resources Plc as per the provisions of the PSC.000bopd at the Mangala field. etc. the Cairn India Board has decided to hold a postal ballot of all the shareholders to consider the conditions imposed by the GoI. A pilot hydraulic fracturing programme to test the potential of the Barmer Hill Formation is planned subject to GoI approval. Company expects to end FY11 with a production rate of 175. Production is expected to commence in Q4 CY11 and achieve the currently approved plateau rate of 40. According to the management. subject to JV and GoI approval    Postal ballot for approval to make royalty cost recoverable As per a letter dated 26 July.Cairn India – (Q1 FY12) OPM rises 852bps yoy on higher production During Q1 FY12. (ii) Vedanta Resources Plc providing the performance and financial guarantees as required. Extract from the release on CCEA website The Cabinet Committee on Economic Affairs considered the recommendation of the GOM constituted to examine the transaction and approved the proposal to grant consent to the sale of majority shareholding by Cairn Energy Plc in Cairn India Limited (CIL) to Vedanta Resources Plc in respect of (i) Seven (7) PSCs under NELP. (ii) Three (3) PSCs under pre-NELP subject to the conditions that (i) CIL and its subsidiaries to obtain No Objection Certificates from its partner. of which 96 are complete. In line with the objective of monetising the EOR potential. Based on the abovementioned requisition. Currently. the first phase of the EOR pilot. to convene an extraordinary general meeting of the Company to consider the conditions imposed by the GoI. The EOR pilot is on track with the start of the trial polymer injection run in one well in July 2011. Key takeaways from the conference call  A total of 148 Mangala development wells have been drilled. 1956. Cairn reported five-fold yoy jump in operating profit and 852bps yoy surge in OPM.000bopd Production commenced from the Saraswati oil field on 29 May. the ramp up would depend on government approvals.

Cairn India – (Q1 FY12) Maintain Market Performer rating but reduce target price If the results of postal ballot goes in favour of the CCEA conditions.916mn. These changes have lead to a downward revision in our target price to Rs293/share. We are factoring the conditions in our estimates by making the royalty cost recoverable and cess would continue at Rs2. if the royalty is made cost recoverable it would lead to a decline in the revenues and profit after tax for Q1 FY12 by Rs12.630/ton. we believe the NPV of the Rajasthan field could fall by Rs45/share. As per the management. We have raised our crude oil price estimates. We maintain our Market Performer rating. Result Update 3 .

0 8.0 10.0 9.0) 0 May-10 May-11 Mar-10 5.000 11.Economy GDP growth (Quarterly) 14.0 7.0 6.0 ` 15.000 9.0 2.0 M3 (LHS) (Rs bn) M3 yoy % (RHS) (%) 25.5 4.000 4.0 14.5 May-10 May-11 Mar-10 Aug-09 Oct-09 Jan-10 Sep-10 Oct-10 Dec-09 Dec-10 Feb-11 Apr-11 Jul-10 Jul-11 (%) 10 Yr Gsecs 1 Yr Gsecs M3 growth 70.000 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Mar-11 5.0 (2.0 CRR.0 Inflation 12.0 10.000 25.000 60.5 6.0) Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 (%) G-Secs yield 9.5 (%) CRR Repo IIP and Six key infra industry growth 12 10 8 6 4 IIP growth Six key infra ind growth (%) 16.0 0.000 10.0 0.0 6.5 4.0 5.0 8.000 35.0) Apr-09 Apr-10 Aug-09 Dec-09 Aug-10 Dec-10 Apr-11 Market Mantra .000 30.0 4.0 7. Repo 8.0 2.000 6.5 3.000 5.0 GDP Growth % (RHS) 13.000 13.5 7.000 45.000 8.0 6.5 5.5 6.000 Sep-10 Nov-10 Feb-11 Dec-10 Jun-11 Apr-11 Jul-10 0.000 40.0 12.5 7.0 4.000 50.0 Oct-09 Aug-09 Feb-10 Sep-10 Oct-10 Feb-11 Dec-09 Dec-10 Apr-11 Jul-10 Jul-11 2 (4.000 12.5 8.000 65.0 5.0 GDP (LHS) (Rs bn) (%) 11.000 7.0 10.0 20.0 (2.0 4.000 55.

0 90.000 5.000 150 350 550 750 950 0 (650) (450) (250) (50) Mar-06 Sep-06 Mar-07 Sep-07 May-09 Sep-09 (US$ mn) Nov-09 Jan-10 Mar-10 (US$ bn) (Rs bn) Economy… Market Mantra Fiscal deficit Jul-09 Sep-09 Nov-09 Jan-10 Mar-08 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Trade deficit (Quarterly) Mar-10 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 10 15 20 0 5 150 200 250 300 350 (5) (10) 100.000 4.0 20.000 2.0 40.0 70.10 15 20 25 30 35 40 45 0 5 FDI 1.0 50.0 80.0 Jul-09 Sep-09 Oct-09 Dec-09 Jan-10 Mar-10 May-10 Jun-10 Aug-10 Oct-10 Nov-10 Jan-11 Feb-11 Apr-11 Jun-11 (US$ bn) INR/USD INR/GBP INR/EURO INR/100 Yen 30.0 60.000 3.0 Jun-09 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 (US$ bn) Jul-09 Sep-09 Nov-09 RBI forex reserves Jan-10 Currency movement Mar-10 May-10 Jun-10 Aug-10 Oct-10 Current account deficit (Quarterly) Nov-10 Jan-11 Mar-11 May-11 Jul-11 .

US change in nonfarm payrolls 18k vs 54k . HUL.US initial jobless claims 405k vs 418k . Balrampur Chini. REC.Godrej Cons. Mindtree. LIC Hous.US MBA mortgage application -5.US MBA mortgage application -5. IFCI. Biocon. CESC Emami – Aug 13 MOIL – Aug 05 Blue: Economic data. Noida Toll. Infotech Ent.Infosys .US consumer confidence 59. Cadila. ING Vysya Bk . TCS.8% vs -1. July 25 July 26 .Essar Ship July 11 July 12 .8% vs -3. Dishman. Sesa Goa. Hero Honda.1% . Bajaj Holdings. GDL.India May IIP data 5. Marico. Albk . Siemens. Suzlon. IDFC.EKC.2% vs 9.5% Repo Rate 8% vs 7.US ADP employment change 157k vs 38k July 08 .Guj NRE Coke. Jet Air.US import price index yoy -0. Rallis India. Cairn India.1% vs -5. ONGC. Exide July 21 . SKF India.Mastek.1% .7b July 13 . BOI. Lupin.06% .2% vs 0.RBI policy meet Reverse Repo 7% vs 6.US house price index mom 0. KPIT. Titan.44% vs 9.24B .76% vs -7. Goa Carbon.US new home sales mom -1% vs -2. Bajaj Elect. Union Bk. APIL. Goa Carbon.BASF. NIIT Tech .Dabur.Asian Paints. HCL Tech. Motherson Sumi.US existing home sales mom -0. GHCL. Gail.2% .2% vs -2.5% vs 0. NDTV.HDFC. Black: results Market Mantra . Zee July 22 July 23 .2b vs -$43. Srei Infra .5% . DCB. BHEL.Axis Bk. Yes Bk. Godrej Prop. Oil India .2% . Praj Ind.US unemployment rate 9. Hind Zinc. Ultratech Cem.US factory orders 0.US empire manufac -3. Voltas. Sterlite. Tata Sponge July 16 . Ispat Ind.Wipro. BOB.79% . HCC.US initial jobless claims 418k vs 428k .US June IIP data 0. Hexaware.HT Media July 18 July 19 .US trade balance -$50. Bajaj Finance July 14 . JSW Steel.6% vs 3. Sun Pharma.6% .4% vs 0. Dr Reddy. Pidilite. Tata Elxsi. Colgate.8% .3% .3i Infotech. SJVN July 15 . PFC. Thermax. Shriram Trans. IRB Infra. Can Bk.US MBA mortgage application 15.5% vs -5.6% vs 6.7% July 07 .Building permits mom% July 20 . Cairn.1% .Bajaj Finserve. Grasim.US initial jobless claims .US pending home sales yoy July 29 .1%% . Info Edge. Marico. OBC . NTPC.Event Calender Monday Tuesday Wednesday Thursday Friday Saturday July 04 July 05 . DB Corp. Opto Circuit.US GDP qoq July 30 .2% July 06 .Bajaj Auto.8% .US consumer price index yoy 3.Ambuja Cem. Crompton Greaves.5 . Dish Tv.US MBA mortgage application .ICICI Bk.US housing starts mom% . Petronet Lng. Maruti.India June inflation data yoy% 9.US consumer credit $5.07B VS $6. Patni. Ashok Ley. M&M Fin. Chambal Fert. Titan. NMDC. Glenmark July 27 .HDFC Bk. IndusInd Bank July 09 . RIL. ITC .US durable goods order July 28 .US initial jobless claims 418k vs 405kl . TVS Mot.5 vs 58.

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