Market Outlook

India Research
February 9, 2012

Dealer’s Diary
The domestic markets are expected to open in the red tracking flat to negative opening in most of the Asian markets. Indian markets posted a volatile trading session and closed in green on Wednesday amidst optimism towards the developments in Greece’s debt restructuring deal. Globally, however U.S. and European stocks remained choppy and ended flat, as the markets waited for additional news from Greece. The Greek government, which is close to announce another round of spending cuts in order to secure bailout funds is also in negotiations with private creditors on a voluntary debt reduction. Indian investors, meanwhile, would keenly watch out for the domestic industrial production growth (Bloomberg estimate-3%) for the month of December, due to be released on Friday. Also initial jobless claims data of the U.S. for the previous week due to be released today will be on radar.

Domestic Indices BSE Sensex Nifty MID CAP SMALL CAP BSE HC BSE PSU BANKEX AUTO METAL OIL & GAS BSE IT Global Indices Dow Jones NASDAQ FTSE Nikkei Hang Seng Straits Times Shanghai Com

Chg (%)

(Pts)

(Close)

0.5 0.6 1.5 0.9 (0.1) 0.7 (0.1) 0.7 1.6 1.1 1.7
Chg (%)

84.9 17,707 33.0 88.3 60.2 (9.3) 54.7 67.4 96.2 99.1
(Pts)

5,368 6,161 6,812 6,394 7,619 9,566 8,863 5,997
(Close)

(15.4) 11,849 190.4 12,046

Markets Today
The trend deciding level for the day is 17,699 / 5,363 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,818 – 17,928 / 5,402 – 5,435 levels. However, if NIFTY trades below 17,699 / 5,363 levels for the first half-an-hour of trade then it may correct up to 17,588 – 17,469 / 5,330 – 5,292 levels.
Indices SENSEX NIFTY S2
17,469 5,292

0.0 0.4 (0.2) 1.1 1.5 0.8 2.4
Chg (%)

5.8 12,884 11.8 (14.3) 98.1 22.6 55.6
(Pts)

2,916 5,876 9,016 2,980 2,348
(Close)

319.3 21,018

S1
17,588 5,330

PIVOT
17,699 5,363

R1
17,818 5,402

R2
17,928 5,435

Indian ADRs Infosys Wipro ICICI Bank HDFC Bank

News Analysis
TCS establishes JV with Mitsubishi for Japanese market 3QFY2012 Result Reviews – ONGC, Bharti Airtel, Tech Mahindra, Bharat Forge, Orchid Chemicals, Alembic Pharmaceuticals. 3QFY2012 Result Previews – Tata Steel, Hindalco, Ambuja Cements, ACC, Apollo Tyres, Anant Raj, FAG Bearings, Dishman Pharmaceuticals.
Refer detailed news analysis on the following page

(0.5) (1.6) 0.1 0.2

(0.3) (0.2) 0.0 0.1
BSE

$55.7 $11.2 $37.7 $33.5
NSE 933 522 64

Advances / Declines Advances Declines

1,724 1,170 105

Net Inflows (February 07, 2012)
` cr FII MFs Purch
2,893 476

Sales
2,201 757

Net
692 (281)

MTD
6,998 (510)

YTD
18,079 (2,365)

Unchanged

Volumes (` cr) BSE

FII Derivatives (February 08, 2012)
` cr
Index Futures Stock Futures

3,630
17,128

Purch 2,096 1,758

Sales 1,912 2,322

Net 184 (564)

Open Interest 15,177 29,223

NSE

Gainers / Losers
Gainers Company
JSW Energy IFCI Manappuram Fin Reliance Cap Bank of India

Losers Company
Bharti Airtel Jet Air India Hindustan Copp Pantaloon Retail Voltas

Price (`)
59 35 49 405 368

chg (%)
10.9 9.6 8.4 8.2 7.9

Price (`)
354 331 296 188 97

chg (%)
(6.6) (3.0) (2.6) (2.6) (2.4)

Please refer to important disclosures at the end of this report

Sebi Registration No: INB 010996539

1

Market Outlook | India Research

TCS establishes JV with Mitsubishi for Japanese market
TCS has announced a 60:40 JV with Japan’s Mitsubishi Corp. to serve clients in the East Asian region. The companies will invest US$5mn to set up a delivery center in Japan. The JV company will offer a full service suite of IT, BPO and infrastructure services to Japanese corporations. TCS said that this JV comes against the backdrop of a strong yen, the globalization of supply chains and a growing trend toward overseas mergers and acquisitions, all of which act as catalysts for the increasing globalization of Japanese companies. This has brought heightened interest in the role of global IT services to link domestic and overseas operations. The JV is important for TCS as the company derives only ~1% of its revenue from Japanese markets and 7% from the Asia Pacific region. This is a good opportunity for TCS in which it can leverage a partner like Mitsubishi and get an entry into the world's third largest economy and provide software services there. This will be positive in the sense that the market share of TCS in Japan will rise as a result of the partnership with Mitsubishi and the company will also have a presence across all geographies. We maintain our Accumulate rating on the stock with a target price of `1,262.

3QFY2012 - Result Reviews
ONGC
ONGC’s 3QFY2012 profitability declined on account of increased subsidy burden. The company’s top line decreased by 2.5% yoy at `18,124cr. ONGC’s crude oil net realization declined by 30.9% yoy to US$44.8/bbl on account of higher subsidy burden. The company shared a subsidy burden of `12,536cr in 3QFY2012 vs. `4,222cr of subsidy shared in 3QFY2011and `5,713cr in 2QFY2012. Oil sales volumes decreased by 4.0% yoy to 5.6mn tonnes, while gas sales volumes decreased by 1.4% yoy to 5.0bcm during 3QFY2012. EBITDA margin slipped by 1,183bp yoy to 61.0% and EBITDA decreased by 23.6% yoy to `11,051cr. The company’s depreciation and amortization expenses increased by 24.5% yoy to `4,532cr due to higher dry well write-offs. The company reported one-time gain of `3,142cr related to royalty reimbursed by Cairn India (initially paid by ONGC for August 2009-September 2011). Excluding this one-time gain, adjusted net profit decreased by 49.2% yoy to `3,599cr. Reported net profit decreased by 4.8% yoy to `6,741cr. For FY2013, ONGC has given oil and gas production guidance of 28.8mn tonnes (+4.0% yoy) and 27bcm (+7.0% yoy). The stock is under review currently.

Bharti Airtel
Bharti Airtel (Bharti) reported a mixed performance for 3QFY2012, with revenue coming in-line with our as well as street expectations, while it disappointed on the operating and profitability fronts due to higher depreciation and amortization expenses. Bharti’s consolidated revenue stood at `18,477cr, up 6.9% qoq. Revenue from mobile services for India came in at `10,176cr, up 4.0% qoq on the back of a 3.2% qoq increase in average revenue per minute (ARPM) to
February 9, 2012

2

Market Outlook | India Research

`0.45/min. However, MOU declined by 1.0% qoq due to slow traffic growth. Revenue of mobile India business was also impacted because of the slight decline in VAS share (even when 3G services are launched in all the circles and this was seasonally a strong quarter for telecom companies), which decreased to 14.3% in 3QFY2012 from 14.5% in 2QFY2012. All this led to 2.2% qoq growth in ARPU to `187/month. Zain Africa’s revenue stood at `5,358cr, up 16.7% qoq, aided by addition of 2.5mn subscribers, taking its total subscriber base to 50.9mn and a 0.1% qoq increase in ARPM to US¢5.7/min. However, MOU declined by 2.5% qoq to 125min, which led to a 2.3% qoq fall in ARPU to US$7.1/month. EBITDA margin of mobile India as well as Africa business increased by 0.18bp and 0.47bp qoq to 33.8% and 26.7%, respectively. However, EBITDA margin of all the other business segments declined sharply, which led to a 141bp qoq decline in Bharti’s consolidated EBITDA margin to 32.2%. PAT came in at `1,011cr, down 1.5% qoq, negatively impacted by higher depreciation cost of `3,585cr in 3QFY2012 vs. `3,184cr in 2QFY2012 and higher tax rates. Net profit stood at `1,011cr, down 1.5% qoq, negatively impacted by higher depreciation cost of `3,585cr in 3QFY2012 vs. `3,184cr in 2QFY2012 and higher tax rate of 35.2% vs. 32.4% in 2QFY2012. We maintain our Neutral rating on the stock.

Tech Mahindra
Tech Mahindra reported muted set of 3QFY2012 results. Dollar revenue came in at US$288.7mn, down 2.5% qoq due to a 0.5% qoq decline in volume and ~2.0% qoq negative cross-currency impact. Dollar revenue from BT declined by 7.8% qoq and revenue from non-BT grew by just 0.6% qoq. In rupee terms, revenue came in at `1,445cr, up 8.4% qoq, largely aided by qoq rupee depreciation. EBITDA margin grew by 90bp qoq (lower than margin expansion reported by peers) to 16.2% because of depreciating rupee, which absorbed the negative impact of onsite wage hike given. PAT, including share from Satyam, came in at `276cr. Overall results were weak. The only growth driver for the company is the non-BT business, as BT is retendering its contracts. The stock is currently under review.

Bharat Forge
For 3QFY2012, Bharat Forge (BHFC) reported an in-line 21.1% yoy (3.4% qoq) jump in its standalone revenue to `941cr, driven by a 15.3% yoy (1.3% qoq) jump in domestic revenue and 29.2% yoy (7.6% qoq) jump in exports revenue. While volume in tonnage terms increased by 15.2% yoy (3.1% qoq) to 55,412MT on strong export demand, average net realization grew by 6% yoy (1.45% qoq), led by higher contribution from the non-auto segment. Strong growth in the CV segment and non-auto segment in the Europe and U.S. benefitted the company’s exports performance. On the operating front, margin improved by 38bp yoy (99bp qoq) to 24.7%, owing to better product-mix and decline in raw-material expenses. Net profit grew by 24.9% yoy (down 3% qoq) to `103cr, led by strong operating performance. However, growth was restricted on account of forex loss of `16.1cr. The stock rating is currently under review.

February 9, 2012

3

Market Outlook | India Research

Orchid Chemicals
For 3QFY2012, Orchid Chemicals’ net sales came in at `482.1cr, growth of 4.2% yoy. During 3QFY2012, API sales rose to `353.3cr as compared to `329.7cr in 3QFY2011. While sales were lower than expected, OPM came in at 23.7%, just in-line with our expectation of 24%. However, higher interest expense during the period led to lower-than-expected net profit. Net profit before exceptional items declined by almost 22.1% during the period. We maintain our Buy recommendation; however, the target price is under review.

Alembic Pharmaceuticals
For 3QFY2012, Alembic Pharmaceuticals’ net sales came in at `383cr, up 15.0% yoy. During the quarter, exports rose by 45.4% yoy to `165.6cr. While sales were just in-line with our estimate, OPMs came in at 18%, higher than our expectation of 14%. Net profit for the quarter came in at `442.3cr. We maintain our Buy recommendation on the stock with a target price of `77.

3QFY2012 - Result Previews
Tata Steel
Tata Steel is slated to report its consolidated 3QFY2012 results. We expect the company’s net sales to increase by 6.5% yoy to `30,992cr, mainly on account of higher steel prices. However, EBITDA margin is expected to contract by 276bp yoy to 9.0% on account of higher raw-material costs (mainly in its European operations). Net profit is expected to decrease by 35.1% yoy to `729cr. We maintain our Buy rating on the stock with a target price of `510.

Hindalco
Hindalco's fully owned subsidiary, Novelis reported loss at the net level for the seasonally weak 3QFY2012. The company’s net sales decreased by 4.0% yoy to US$2.5bn due to lower volumes as well as aluminium price. Shipments of aluminum rolled products decreased by 9.4% yoy to 648kt, primarily due to destocking in Europe on the back of economic uncertainty and weakness in the electronics business in Asia. Adjusted EBITDA decreased by 10.5% yoy to US$213mn on account of higher costs and lower volumes. Also, EBITDA/tonne declined by 1.0% yoy to US$312 during the quarter. Novelis reported net loss of US$12mn compared to a loss of US$46mn in 3QFY2011. The company is witnessing recovery in demand during 4QFY2012; it remains on track to achieve EBITDA of ~US$1bn during FY2012.

February 9, 2012

4

Market Outlook | India Research

Hindalco is slated to report its 3QFY2012 results. We expect the company’s standalone net sales to decrease by 0.1% yoy to `5,909cr. EBITDA margin is expected to contract by 155bp yoy to 10.0% on account of rise in costs of key inputs (primarily coal). Net profit is expected to increase by 4.3% yoy to `480cr. We keep our rating and target price under review.

Ambuja Cements
Ambuja Cements is expected to announce its 4QCY2011 results. On the top-line front, the company is expected to post strong growth of 23.2% yoy to `2,204cr. Strong performance on the top-line front is expected to be driven by higher yoy realization growth (13.7%) and 8.4% yoy growth in dispatches. OPM is expected to increase by 104bp yoy to 21.2%. The company’s bottom line is expected to grow by 10.9% yoy to `286cr. We maintain our Neutral view on the stock.

ACC
ACC is slated to announce its 4QCY2011 results. The company is expected to post top-line growth of 18.7% yoy to `2,325cr, primarily on account of improvement in realization by 14.3%yoy. However, cost pressures are expected to outweigh realization growth and OPM is expected to contract marginally by 6bp yoy to 17.3%. The company’s bottom line is expected to decline by 14.5% yoy to `219cr. We maintain our Neutral view on the stock.

Apollo Tyres
Apollo Tyres is slated to announce its 3QFY2012 results. On a consolidated basis, we expect the company to report a strong 22% yoy increase in revenue to `2,900cr. Sequentially, EBITDA margin is expected to improve by 50bp to 8.5%, led by a sequential decline in raw-material prices. However, net profit is estimated to remain flat on a qoq basis to `79cr. The stock rating is under review.

Anant Raj Industries
Anant Raj Industries is expected to announce its 3QFY2012 results. We expect the company’s net sales to increase by 3.1% yoy to `128cr. EBITDA margin is expected to contract by 316bp yoy to 58.9% on account of higher input costs. Net profit is expected to decline marginally by 0.5% yoy to `50cr. We maintain our Accumulate rating on the stock with a target price of `78.

FAG Bearings – 4QCY2011
FAG Bearings is set to announce its 4QCY2011 results. We expect the company to deliver healthy 17% yoy growth in revenue to `307cr. On the operating front, we expect FAG to post a 100bp yoy contraction in operating profit margin to 18.8%. However, net profit is expected to increase by healthy 14% yoy to `39cr. The stock rating is under review.

February 9, 2012

5

Market Outlook | India Research

Dishman Pharmaceuticals
For 3QFY2012, we expect, Dishman Pharmaceuticals to post net sales of `305cr, up 5% yoy. OPM is expected to come in at in 17.9% vis-à-vis 23.1% in 3QFY2011. Consequently, net profit is expected to come in at `19.8cr, down 30.5% yoy. We maintain our Buy recommendation on the stock with a target price of `77.

Quarterly Bloomberg Brokers’ Consensus Estimates
HPCL Ltd - (09/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 42,218 (340) (0.8) (638) 3Q FY11 y-o-y (%) 33,903 780 2.3 211 (403) 25 (144) 2Q FY12 q-o-q (%) 37,030 (2,870) (7.7) (3,364) (81) 14 (88)

ACC Ltd - Consolidated (09/02/2012)
Particulars (` cr) Net sales Net profit 3Q FY12E 2,481 247 3Q FY11 y-o-y (%) 2,092 249 19 (1) 2Q FY12 q-o-q (%) 2,283 159 9 55

Adani Enterprise Ltd - Consolidated (09/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 9,632 1,407 14.6 615 3Q FY11 y-o-y (%) 5,640 940 16.7 474 30 71 50 2Q FY12 q-o-q (%) 10,079 1,398 13.9 663 (7) (4) 1

Ambuja Cement Ltd – (09/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 2,277 514 22.6 314 3Q FY11 y-o-y (%) 1,788 354 19.8 258 22 27 45 2Q FY12 q-o-q (%) 1,805 319 17.7 171 83 26 61

Hindalco Industries Ltd – (09/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 6,618 706 10.7 438 3Q FY11 y-o-y (%) 5,918 740 12.5 460 (5) 12 (5) 2Q FY12 q-o-q (%) 6,220 669 10.8 503 (13) 6 5

February 9, 2012

6

Market Outlook | India Research

Cummins India Ltd – (09/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 1,039 159 15.3 125 3Q FY11 y-o-y (%) 958 180 18.7 139 (10) 8 (12) 2Q FY12 q-o-q (%) 1,070 176 16.4 129 (3) (3) (10)

Tata Steel Ltd – Consolidated (09/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 30,427 2,338 7.7 334 3Q FY11 y-o-y (%) 28,606 3,425 12.0 1,003 (67) 6 (32) 2Q FY12 q-o-q (%) 32,507 2,750 8.5 212 57 (6) (15)

BPCL Ltd – (10/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 48,753 (79) (0.2) (692) 3Q FY11 y-o-y (%) 36,665 749 2.0 187 (470) 33 (111) 2Q FY12 q-o-q (%) 42,282 (2,695) (6.4) (3,229) (79) 15 (97)

DLF Ltd – Consolidated (10/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 2,536 1,162 45.8 422 3Q FY11 y-o-y (%) 2,480 1,178 47.5 466 (9) 2 (1) 2Q FY12 q-o-q (%) 2,532 1,173 46.3 372 13 0 (1)

Essar Oil Ltd – (10/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 12,638 308 2.4 (125) 3Q FY11 y-o-y (%) 12,233 797 6.5 273 (146) 3 (61) 2Q FY12 q-o-q (%) 12,939 544 4.2 (166) (25) (2) (43)

Rcom Ltd – Consolidated (10/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 5,195 1,639 31.5 218 3Q FY11 y-o-y (%) 5,004 1,668 33.3 480 (55) 4 (2) 2Q FY12 q-o-q (%) 4,689 1,357 28.9 252 (14) 11 21

February 9, 2012

7

Market Outlook | India Research

Tata Chemicals Ltd – Consolidated (10/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 3,140 551 17.5 190 3Q FY11 y-o-y (%) 2,860 441 15.4 165 16 10 25 2Q FY12 q-o-q (%) 3,540 674 19.0 275 (31) (11) (18)

Tata Power Ltd – Consolidated (10/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 6,197 1,421 22.9 514 3Q FY11 y-o-y (%) 4,413 1,055 23.9 442 16 40 35 2Q FY12 q-o-q (%) 6,248 1,385 22.2 (1,219) (142) (1) 3

Unitech Ltd – Consolidated (10/02/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 3Q FY12E 982 171 17.4 107 3Q FY11 y-o-y (%) 660 209 31.6 111 (4) 49 (18) 2Q FY12 q-o-q (%) 626 138 22.0 92 16 57 24

IDFC Ltd – (10/02/2012)
Particulars (` cr) Net profit 3Q FY12E 381 3Q FY11 y-o-y (%) 321 18 2Q FY12 q-o-q (%) 524 (27)

Shriram Transport Company Ltd – (10/02/2012)
Particulars (` cr) Net profit 3Q FY12E 320 3Q FY11 y-o-y (%) 301 6 2Q FY12 q-o-q (%) 299 7

Suzlon Energy Ltd – (11/02/2012)
Particulars (` cr) Net sales Net profit 3Q FY12E 5,232 (47) 3Q FY11 y-o-y (%) 4,433 (254) 18 (81) 2Q FY12 q-o-q (%) 5,071 48 3 (198)

February 9, 2012

8

Market Outlook | India Research

Economic and Political News
Direct tax mop up to miss `5.3 lakh cr budget target Exports from SEZs grow 17% in April-December 2011 IT, ITeS revenue crosses US$100bn milestone: Nasscom Indian IT export revenue expected to grow by 11-14% and domestic revenue by 13-16% for FY2013: Nasscom January 2012 car sales rise by 7.2%

Corporate News
Bharti seeing benefits from India call price hike Ceat to set up a 65 MT/day manufacturing facility in Bangladesh RIL in talks with airlines for fuel supply Tata Power explores prospects overseas Thomas Cook starts stake sale in Indian arm

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

Results Calendar
09/02/2012 10/02/2012 11/02/2012 13/02/2012 14/02/2012 Adani Enterp., Tata Steel, Hindalco, Ambuja Cements, ACC, HPCL, Cummins India, GSPL, Page Industries, Apollo Tyres, FAG Bearings, Dishman Pharma, JK Tyre DLF, Tata Power Co., BPCL, IDFC, Rcom, Shriram Trans., Essar Oil, Sun TV Network, Reliance Capital, Unitech, Britannia, Aurobindo Pharma Suzlon Energy, Consolidated Co Coal India, St Bk of India, IOC, Sun Pharma, SAIL, Cipla, Reliance Infra., Tata Chemicals, Motherson Sumi, CESC, Punj Lloyd, Amara Raja Batteries Tata Motors, Nestle, Reliance Power, Jaiprakash Asso., HDIL, Monnet Ispat, Graphite India, Simplex Infra, IVRCL Infra, Madhucon Proj, Indoco Remedies

February 9, 2012

9

Market Outlook | India Research

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

February 9, 2012

10